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                     A S I A   P A C I F I C

           Friday, May 7, 2010, Vol. 13, No. 089

                            Headlines



C H I N A

KAISA GROUP: Moody's Affirms Corporate Family Rating at 'B1'


H O N G  K O N G

ALOHA COFFEE: Contributories and Creditors to Meet on May 19
AVAN DESIGN: Creditors' Proofs of Debt Due May 17
CHOI FOOK: Creditors and Contributories to Meet on May 14
FEALTY COMPANY: Creditors and Contributories to Meet on May 14
H3C HOLDINGS: S&P Raises Corporate Credit Rating to 'A' From 'BB-'

ITACS (HK): Creditors' Proofs of Debt Due May 31
METZLER INTERNATIONAL: Creditors Get 5.9% Recovery on Claims
PROFIT HARBOUR: Members' Final Meeting Set for June 4
RYOBOU INTERNATIONAL: Creditors' Proofs of Debt Due May 24
SHANGHAI YUYUAN: Placed Under Voluntary Wind-Up Proceedings

SHELL BITUMEN: Creditors' Proofs of Debt Due May 31
SKY BLUE: Members and Creditors' Final Meetings Set for May 20
SIHC TECHNOLOGY: Members' Final Meeting Set for May 31
SUN FAIR: Members' Final Meeting Set for May 31
SUNVILLE INVESTMENT: Creditors' Proofs of Debt Due May 14

SYMMETRICOM HK: Members' Final Meeting Set for May 31
SYSCO RESOURCES: Members' Final Meeting Set for May 31
WATFIELD TECHNOLOGY: Court to Hear Wind-Up Petition on May 19
WINSON HANDTAPS: Creditors and Contributories to Meet on May 14
WINSON TRADING: Creditors and Contributories to Meet on May 14

YOSHIMO INVESTMENT: Members' Final General Meeting Set for June 4


I N D I A

BVSR PRP ROAD: CRISIL Assigns 'BB' Rating on INR346 Mil. Term Loan
BVSR PAM ROAD: CRISIL Places 'BB' Ratings on INR245MM Term Loan
DAMODAR DEVELOPERS: CRISIL Puts 'B+' Rating on INR250M Cash Credit
GARGO MOTORS: Delays in Loan Repayment Cue CRISIL 'C' Ratings
HINDUSTAN MOTORS: Not Seeking BIFR Help Amid Net Worth Erosion

JAGRUTHI EDUCATIONAL: CRISIL Assigns 'B+' Ratings on Various Debts
JENIL STEEL: ICRA Rates INR60 Mil. Fund-Based Bank Debts at 'LBB+'
JET AIRWAYS: Seeks More Time to Pay Purchased BKC Land
MARVEL HOME: CRISIL Rates INR95.00 Million Term Loan at 'C'
ORISSA TELEVISION: ICRA Places 'LBB+' Rating on Various Bank Debts

P. K. & CO: ICRA Places 'LB+' Rating on INR50 Mil. Long Term Loan
PRIYADARSHINI SAHAKARI: CRISIL Puts 'B+' Rating on INR130M LT Loan
SEMINDIA SYSTEMS: CRISIL Puts 'B+' Rating on INR400M Bank Debts
STP LIMITED: CRISIL Reaffirms 'B' Rating on INR90 Mil. Cash Credit
TALBROS ENGINEERING: ICRA Reaffirms 'LBB+' Rating on INR230M Loans

TANEJA IRON: ICRA Assigns 'LB' Rating on INR12.7MM Term Loan
TATA MOTORS: Finance Arm to Raise INR1-Bil. Via Short-Term Debt
TATA STEEL: Corus Appoints Citibank as Adviser on TCP Sale
TATA STEEL: Corus Still In Talks to Find Buyer for Teeside Plant
ULTIMATE FASHION: CRISIL Assigns 'B+' Rating on INR25.6MM LT Loan

UNISOURCE PAPERS: Low Profitability Cues ICRA 'LBB-' Ratings


J A P A N

LEHMAN BROTHERS: LBI Trustee Wants City-YUWA as Special Counsel


K O R E A

DAEWOO MOTOR: Lays Off 50% of Auto Sales Staff
GENERAL MOTORS: Faces Lawsuit Over Capital Increase in Daewoo
HYNIX SEMICONDUCTOR: To Issue KRW557.9BB Convertible Bonds
SSANGYONG MOTOR: Will Receive Preliminary Bid For Stake Sale


M A L A Y S I A

ARK RESOURCES: Auditors Raise Going Concern Doubt
RAMUNIA HOLDINGS: Unit's Restraining Order Extended Until August 7
WONDERFUL WIRE: Total Default Reaches MYR82.49 Mil. as of April 30


N E W  Z E A L A N D

9999 GOLD: Securities Commission Issues Warning On Offers
SOUTH CANTERBURY: Set to Get NZ$15.5 Million Cash Infusion
ST LAURENCE FINANCE: SecCom Warns Investors Over Debenture Offers


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


KAISA GROUP: Moody's Affirms Corporate Family Rating at 'B1'
------------------------------------------------------------
Moody's Investors Service has affirmed Kaisa Group Holdings Ltd's
B1 corporate family and B2 senior unsecured bond ratings with a
stable outlook following the successful closing of the company's
US$350 million bond issuance.  The bond rating's provisional
status has also been removed.

Kaisa's B1 corporate family rating reflects its competitive
position and development track record, with nine residential
projects in Shenzhen.  Its competitive, low-land-cost business
model for redevelopment projects predominantly in the Guangdong
Province will gradually add to the company's earnings and cash
flow.

At the same time its rating is limited by its fast-track expansion
beyond Shenzhen, which has resulted in relatively high debt
leverage and volatile profit margin.  In addition, its narrow
funding sources and banking relationships further constrain the
rating.

Moody's last rating action on Kaisa occurred on April 12, 2010,
when Moody's assigned a first-time B1 corporate family rating on
the company and a provisional (P)B2 bond rating on its proposed
US$ senior unsecured notes.

Kaisa Group Holdings Ltd is a Shenzhen-based property developer,
established in 1999 and listed on the Hong Kong Stock Exchange in
December 2009.  It has 33 projects under development in the Pearl
River Delta, Yangtze River Delta, Bohai Rim, and West China.


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


ALOHA COFFEE: Contributories and Creditors to Meet on May 19
------------------------------------------------------------
Contributories and creditors of Aloha Coffee Company Limited will
hold their first meetings on May 19, 2010, at 2:30 p.m., and 3:30
p.m., respectively at Room 2009-10, Nan Fung Tower, 173 Des Voeux
Road Central, in Hong Kong.

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


AVAN DESIGN: Creditors' Proofs of Debt Due May 17
-------------------------------------------------
Creditors of Avan Design & Consulting Company Limited, which is in
compulsory liquidation, are required to file their proofs of debt
by May 17, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

          E T O'Connell
          10th Floor, Queensway
          Government Offices
          66 Queensway, Hong Kong


CHOI FOOK: Creditors and Contributories to Meet on May 14
---------------------------------------------------------
Creditors and contributories of Choi Fook Group Company Ltd will
hold their first meetings on May 14, 2010, at 4:00 p.m., and 4:30
p.m., respectively at Room 203, Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.

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


FEALTY COMPANY: Creditors and Contributories to Meet on May 14
--------------------------------------------------------------
Creditors and contributories of Fealty Company Ltd will hold their
first meetings on May 14, 2010, at 2:30 p.m., and 3:00 p.m.,
respectively at Room 203, Duke of Windsor Social Service Building,
15 Hennessy Road, Wanchai, in Hong Kong.

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


H3C HOLDINGS: S&P Raises Corporate Credit Rating to 'A' From 'BB-'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on H3C Holdings Ltd. to 'A' from
'BB-'.  S&P also removed the rating from CreditWatch, where it had
been placed with positive implications on Nov. 13, 2009.  The
outlook was stable.  S&P then withdrew the rating at the company's
request.  At the same time, S&P withdrew its 'BB+' bank loan
rating after H3C repaid its US$430 million senior secured credit
facility.

"S&P raised the rating on H3C following Hewlett-Packard Co.'s
(A/Stable/A-1) completion of its acquisition of H3C's parent, 3Com
Corp. (not rated).  In S&P's view, H3C has a strategically
important role to play in helping HP expand its enterprise
networking business," said Standard & Poor's credit analyst Joe
Poon.  "HP has a track record of integrating and retaining its
acquisitions as well as repaying or guaranteeing the outstanding
debt of the companies it has acquired; it tends to centralize
borrowings at the parent level.  Following the acquisition, H3C is
now a wholly owned subsidiary of HP, and S&P views it as
operationally, strategically, and financially integrated with HP."

H3C is a leading supplier of data networking equipment.  The
company provides a full line of enterprise data networking
products, which include local area network switches, routers, and
Internet protocol storage, as well as network security and Voice
over Internet protocol equipment.


ITACS (HK): Creditors' Proofs of Debt Due May 31
------------------------------------------------
Itacs (HK) 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 20, 2010.

The company's liquidators are:

         Wong Poh Weng
         Wong Tak Man Stephen
         29/F., Caroline Centre
         Lee Gardens Two
         28 Yung Ping Road
         Hong Kong


METZLER INTERNATIONAL: Creditors Get 5.9% Recovery on Claims
------------------------------------------------------------
Metzler International (Asia) Limited, which is in liquidation,
will pay the second interim dividend to its creditors today,
May 7, 2010.

The company will pay 0.5% for ordinary claims.

The company's liquidators are:

         Desmond Chung Seng Chiong
         Roderick John Sutton
         The Hong Kong Club Building, 14/F
         3A Chater Road
         Central, Hong Kong


PROFIT HARBOUR: Members' Final Meeting Set for June 4
-----------------------------------------------------
Members of Profit Harbour Limited will hold their final meeting on
June 4, 2010, at 9:30 a.m., at the 27/F Alexandra House, 18 Chater
Road, Central, in Hong Kong.

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


RYOBOU INTERNATIONAL: Creditors' Proofs of Debt Due May 24
----------------------------------------------------------
Creditors of Ryobou International Limited, which is in members'
voluntary liquidation, are required 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


SHANGHAI YUYUAN: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on April 16, 2010,
members of Shanghai Yuyuan Mart Co. (H.K.) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Pan Donghui
         Room 808, ICBC Tower
         3 Garden Road
         Central, Hong Kong


SHELL BITUMEN: Creditors' Proofs of Debt Due May 31
---------------------------------------------------
Shell Bitumen (Luzhou) Holding 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 19, 2010.

The company's liquidators are:

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


SKY BLUE: Members and Creditors' Final Meetings Set for May 20
--------------------------------------------------------------
Members and creditors of Sky Blue Management Limited will hold
their final meetings on May 20, 2010, at 3:30 p.m., and 4:00 p.m.,
respectively at Room 1613, 16/F., Tai Yau Building, 181 Johnston
Road, Wanchai, in Hong Kong.

At the meeting, Chung Cheuk Ming and Lui Tin Nang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SIHC TECHNOLOGY: Members' Final Meeting Set for May 31
------------------------------------------------------
Members of SIHC Technology Co., Limited will hold their final
meeting on May 31, 2010, at 10:00 a.m., at the Room 509, Bank of
America Tower, 12 Harcourt Road, Central, in Hong Kong.

At the meeting, Hue Yat Lun Sansom, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SUN FAIR: Members' Final Meeting Set for May 31
-----------------------------------------------
Members of Sun Fair Electric Wire & Cable Company Limited will
hold their final general meeting on May 31, 2010, at 10:30 a.m.,
at Rooms 1901-2, Park-In Commercial Centre, 56 Dundas Street, in
Kowloon.

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


SUNVILLE INVESTMENT: Creditors' Proofs of Debt Due May 14
---------------------------------------------------------
Creditors of Sunville Investment Company Limited, which is in
compulsory liquidation, are required to file their proofs of debt
by May 14, 2010, to be included in the company's dividend
distribution.

The company's liquidators are Kong Chi How Johnson and Lo Siu Ki.


SYMMETRICOM HK: Members' Final Meeting Set for May 31
-----------------------------------------------------
Members of Symmetricom Hong Kong Limited will hold their final
meeting on May 31, 2010, at 10:00 a.m., at the Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia Seng Sze Ka Mee and Cheng Pik Yuk, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SYSCO RESOURCES: Members' Final Meeting Set for May 31
------------------------------------------------------
Members of Sysco Resources Hong Kong Limited will hold their final
meeting on May 31, 2010, at 10:00 a.m., at 7th Floor, Alexandra
House, 18 Chater Road, Central, in Hong Kong.

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


WATFIELD TECHNOLOGY: Court to Hear Wind-Up Petition on May 19
-------------------------------------------------------------
A petition to wind up the operations of Watfield Technology
Limited will be heard before the High Court of Hong Kong on
May 19, 2010, at 9:30 a.m.

Kenworth Engineering Limited filed the petition against the
company on March 15, 2010.

The Petitioner's solicitors are:

          Tsang & Lee
          Room 901, 9th Floor
          Harcourt House
          39 Gloucester Road
          Wanchai, Hong Kong


WINSON HANDTAPS: Creditors and Contributories to Meet on May 14
---------------------------------------------------------------
Creditors and contributories of Winson Handtaps Company Limited
will hold their first meetings on May 14, 2010, at 3:00 p.m., and
4:30 p.m., respectively at Room 501, The Boys' & Girls' Clubs
Association of Hong Kong, No. 3 Lockhart Road, Wanchai, in Hong
Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


WINSON TRADING: Creditors and Contributories to Meet on May 14
--------------------------------------------------------------
Creditors and contributories of Winson Trading (H.K.) Company
Limited will hold their first meetings on May 14, 2010, at 3:30
p.m., and 4:45 p.m., respectively at Room 501, The Boys' & Girls'
Clubs Association of Hong Kong, No. 3 Lockhart Road, Wanchai, in
Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


YOSHIMO INVESTMENT: Members' Final General Meeting Set for June 4
-----------------------------------------------------------------
Members of Yoshimo Investment Limited will hold their final
general meeting on June 4, 2010, at 2:35 p.m., at the Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


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


BVSR PRP ROAD: CRISIL Assigns 'BB' Rating on INR346 Mil. Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to BVSR PRP Road
Projects Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR346.00 Million Term Loan*      BB/Stable (Assigned)
   INR14.00 Million Bank Guarantee   P4+ (Assigned)

   * Includes proposed amount of INR13.00 million

The ratings reflect BPRP's exposure to risks related to the
aggressive funding structure and repayment schedule of its road
improvement project for the Pulivendula-Ramireddypalli-Palagiri
road in Kadapa (Andhra Pradesh) and to time and cost overruns in
the project, the project being in initial stages of
implementation.  These rating weaknesses are partially offset by
the benefits that BPRP derives from its promoters' experience in
the construction industry, and the annuity nature of the build,
operate, and transfer (BOT) project.

Outlook: Stable

CRISIL believes that BPRP will gain from the experience of its
promoters and the low technical complexities involved in the
project as well as the fixed-time-and-cost nature of BPRP's
engineering, procurement, and construction (EPC) contract with
BVSR Construction Pvt Ltd.  The outlook may be revised to
'Positive' if BPRP completes the project on schedule and is able
to meet its debt repayment obligations on time. Conversely, the
outlook may be revised to 'Negative' if there are delays in
project completion, or if there is inadequate support from BCPL in
case the funds with BPRP are inadequate to meet the repayment
obligations

                          About BVSR PRP

BPRP is a special-purpose vehicle, promoted by BCPL to design,
rehabilitate, upgrade to two-lane carriageway, operate, and
maintain the Pulivendula-Ramireddypalli-Palagiri road in Kadapa.
The total length of the road under improvement is 23.86
kilometres.

The project was awarded to BPRP by Roads and Buildings Department
of Andhra Pradesh on an annuity basis.  RDB has entered into a 10-
year concession agreement, including 18 months of construction
period, with BPRP as concessionaire for the implementation,
operation, and maintenance of the project.


BVSR PAM ROAD: CRISIL Places 'BB' Ratings on INR245MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to BVSR PAM Road
Projects Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR245.00 Million Term Loan       BB/Stable (Assigned)
   INR10.00 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect BPAM's exposure to risks related to the
aggressive funding structure and repayment schedule of its road
improvement project for the Pulivendula-Ambakapalli-Murarichintala
road, in Kadapa (Andhra Pradesh), and to time and cost overruns in
the project, the project being in initial stages of
implementation.  These rating weaknesses are partially offset by
the benefits that BPAM derives from its promoters' experience in
the construction industry, and the annuity nature of the build,
operate, and transfer (BOT) project.

Outlook: Stable

CRISIL believes that BPAM will gain from the experience of its
promoters and the low technical complexities in the project as
well as the fixed-time-and-cost nature of BPAM's engineering,
procurement, and construction (EPC) contract with BVSR
Construction Pvt Ltd.  The outlook may be revised to 'Positive' if
BPAM completes the project on schedule and is able to meet its
debt repayment obligations on time.  Conversely, the outlook may
be revised to 'Negative' if there are delays in project
completion, or if there is inadequate support from BCPL in case
the funds with BPAM are inadequate to meet the repayment
obligations.

                       About BVSR PAM Road

BPAM is a special-purpose vehicle promoted by BCPL to design,
rehabilitate, upgrade to two-lane carriageway, operate, and
maintain the Pulivendula-Ambakapalli-Murarichintala road in
Kadapa.  The total length of the road undergoing improvement is
10.80 kilometres.

The project was awarded to BPAM by Roads and Buildings Department
(RBD) of Andhra Pradesh on an annuity basis. RBD has entered into
a 10-year concession agreement, including 18 months of
construction period, with BPAM as concessionaire for the
implementation, operation, and maintenance of the project.


DAMODAR DEVELOPERS: CRISIL Puts 'B+' Rating on INR250M Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Damodar Developers
Private Limited's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR250.00 Million Cash Credit    B+/Stable (Assigned)
   INR35.00 Million Standby Line    B+/Stable (Assigned)
                       of Credit

The rating reflects DDPL's constrained financial risk profile,
exposure to risks related to large working capital requirements,
and susceptibility to unfavorable regulatory changes in the
distillery industry.  These rating weaknesses are partially offset
by DDPL's established position in the distillery industry with
good operating capabilities.

Outlook: Stable

CRISIL believes that DDPL will maintain its revenue growth and
profitability, backed by its healthy market position in West
Bengal and its high operating efficiencies, over the medium term.
The outlook may be revised to 'Positive' if there is significant
capital infusion in the company, or it contracts less-than-
expected debt to fund its proposed capital expenditure (capex).
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates because of more-
than-expected debt contracted for capex.

                      About Damodar Developers

DDPL was incorporated in 2002 as an authorized distributor for
Shaw Wallace & Co Ltd in West Bengal.  After United Spirits Ltd
(USL) acquired Shaw Wallace & Co Ltd in 2005, DDPL was appointed
the authorized distributor for USL in Kolkata, and was
subsequently appointed as USL's distributor for entire West
Bengal.

DDPL reported a profit after tax (PAT) of INR7 million on
operating income of INR1071 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR6
million on operating income of INR992 million for 2007-08.


GARGO MOTORS: Delays in Loan Repayment Cue CRISIL 'C' Ratings
-------------------------------------------------------------
CRISIL has assigned its 'C' rating to Gargo Motors' cash credit
facility.

   Facilities                        Ratings
   ----------                        -------
   INR65.0 Million Cash Credit       C (Assigned)

The rating reflects instances of delays in repayment of unrated
facilities of Gargo, its modest scale of operations, and weak
financial risk profile marked by low net worth, high gearing and
weak debt protection measures.  These rating weaknesses are
partially offset by the benefits that Gargo derives from its
established relationship with its principal, Tata Motors Ltd (TML,
CRISIL rated 'A+/Stable/P1+').

Set up in 1996 by Mr. Kamakhya Borthakur, Gargo, a proprietorship
firm, is an authorized dealer of TML's commercial vehicles; Gargo
has six showrooms and two stockyards in Assam.  The firm sells
several variants of commercial vehicles including pick-ups, medium
to heavy commercial vehicles, light commercial vehicles, and buses
manufactured by TML.  Mr. Kamakhya Borthakur has also promoted
Gargo Motors Ltd (CRISIL rated 'B+/Stable'), which is authorized
dealer of TML's passenger vehicles.

Gargo reported a profit after tax (PAT) of INR10.5 million on net
sales of INR685.3 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR6.4 million on net sales
of INR836.4 million for 2007-08.


HINDUSTAN MOTORS: Not Seeking BIFR Help Amid Net Worth Erosion
--------------------------------------------------------------
Nikhil Gulati at Dow Jones Newswires reports that Hindustan Motors
Ltd. chief financial officer Yogesh Goenka said Tuesday the
company isn't seeking any assistance from the federal government
yet.

Yogesh Goenka told Dow Jones Newswires that the company is merely
reporting the matter to the Board for Industrial & Financial
Reconstruction under statutory norms.

Various media reports said Hindustan Motors has reported a 50%
erosion in peak net worth, resulting from accumulated losses
totaling INR1.32 billion.  The company has also said that it would
shortly report to BIFR following this erosion of net worth.

However, Dow Jones relates, the BIFR would take over the company,
advising it on steps to turn its fortunes around, only when its
net worth becomes zero.  But in Hindustan Motors' case, its "net
worth has eroded but it is still positive," Mr. Goenka told Dow
Jones Newswires.

Mr. Goenka said Hindustan Motors will "come out with a detailed
revival plan shortly," according to Dow Jones.

The company posted a loss of INR428.5 million ($9.6 million) in
the year ended March, compared with INR377.8 million a year
earlier.  Hindustan Motors has accumulated losses of INR1.32
billion and had a net worth of INR1.64 billion at the end of
March.

                       About Hindustan Motors

Hindustan Motors Limited -- http://www.hindmotor.com/-- is an
India-based Company engaged in the manufacture of automobiles and
components namely, castings, forgings and stampings.  The Company
operates in two segments: automobiles, which consist of
manufacture and sale of passenger cars, utility vehicles, and
components and accessories; other segment comprises of remote
service division engaged in engineering services.  The Company
focuses in Ambassador range of cars and utility vehicles,
Mitsubishi range of products, which include Lancer, Cedia, Pajero,
Montero and Outlander.  Its subsidiaries include Hindustan Motor
Finance Corporation Limited, HM Export Limited and Hindustan
Motors Limited, USA.


JAGRUTHI EDUCATIONAL: CRISIL Assigns 'B+' Ratings on Various Debts
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Jagruthi Educational
& Welfare Society bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR75.0 Million Term Loan            B+/Stable (Assigned)
   INR5.0 Million Proposed Long-Term    B+/Stable (Assigned)
                  Bank Loan Facility

The rating reflects JEWS's exposure to risks related to its large
ongoing debt-funded capital expenditure (capex), nascent stage of
operations, and intense competition from other educational
institutions in Hyderabad (Andhra Pradesh).  These rating
weaknesses are partially offset by the benefits that JEWS derives
from its promoters' strong track record in the education sector,
and the healthy demand prospects for engineering and management
courses.

Outlook: Stable

CRISIL believes that JEWS will continue to benefit from its
promoters' established track record and the healthy demand outlook
for engineering and management courses in and around Hyderabad.
The outlook may be revised to 'Positive' if JEWS establishes a
track record of healthy cash accruals on the back of its ability
to attract students for its courses.  Conversely, the outlook may
be revised to 'Negative' in case of delays in the execution of
JEWS's ongoing project or significantly lower-than-expected demand
for its courses, adversely impacting the society's debt servicing
ability.

                         About the Society

JEWS was registered in 1997 under the Societies Registration Act,
1860, with the objective of imparting quality education in
technical and management areas to students from rural and backward
areas.  The society started operations in 2008; it offers graduate
and post-graduate courses in engineering and management.  The
society is affiliated to Jawaharlal Nehru Technological
University, and its courses are approved by the All India Council
for Technical Education.  Dr. Srinivas Reddy is the president and
Dr. Venkateshwara Rao is the general secretary of the society.

JEWS reported net surplus of INR1.48 million on gross receipts of
INR9.45 million for 2008-09 (refers to financial year, April 1 to
March 31).


JENIL STEEL: ICRA Rates INR60 Mil. Fund-Based Bank Debts at 'LBB+'
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR60 million fund-based
bank facilities of Jenil Steel Pvt. Ltd.  The outlook on the long-
term rating is "stable".  ICRA has also assigned an 'A4+' rating
to the INR70 million non-fund based bank facilities of JSPL.

The assigned ratings take into account the highly fragmented
nature of the steel trading business of JSPL, as characterized by
intense competition which results in weak operating and net
profitability; the price risk borne by the company on account of
its business requirement of maintaining a steel inventory, given
the cyclicality inherent in the steel industry; moderately
aggressive gearing and exposure to currency risk related to un-
hedged imports.  Nevertheless, the ratings factors in positively
the experience of the promoters in the steel trading business; the
company's procurement capability based on its established
relationship with large domestic suppliers; low utilization of
bank limits providing financial flexibility; established market
position leading to repeat orders and diverse customer base which
reduces sales concentration risk.

Incorporated in 2002, JSPL is engaged in trading of a wide variety
of steel long products like wire rods, rounds, rebars etc. JSPL is
an authorized dealer for leading domestic steel suppliers in the
long steel products segment.  The company also imports material
from China and Ukraine.  Its warehousing facilities are located at
Kalamboli in Navi Mumbai and Panvel in Raigad district of
Maharashtra.

Recent Results

In FY 09, JSPL made a net profit of INR14.2 million on the back of
net sales of INR1.4 billion.  As per provisional results for FY10,
JSPL recorded a profit before tax (PBT) of INR29.7 million on the
back of net sales of INR1.68 billion.


JET AIRWAYS: Seeks More Time to Pay Purchased BKC Land
------------------------------------------------------
Jet Airways has asked the Mumbai Metropolitan Region Development
Authority for six more months to pay for the 1.47-acre Bandra-
Kurla Complex plot it bought for INR826 crore in 2008, The Press
Trust of India reports.

The news agency says Jet Airways has till date paid only the INR10
crore for the land on which it wants to build its headquarters.

"They have approached us seeking more time to pay for this land,"
a MMRDA official told PTI here.  "It (the request) is under
process," the official said.

Last September, PTI relates, MMRDA chief Ratnakar Gaikwad had said
that the airline had been given time until September 30, 2009, to
cough up 50% of the land cost.

The carrier had planned to raise $200 million (about INR900
crore), but there has been no movement forward, PTI notes.

                      About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- provides air transportation.  The geographic segments of the
company are domestic and international.  The company has a
frequent flyer program named Jet Privilege wherein the passengers
who uses the services of the airline become services of the
airline become members of Jet Privilege and accumulates miles to
their credit.  The company's subsidiaries include Jet Lite (India)
Limited, Jetair Private Limited, Jet Airways LLC, Trans
Continental e Services Private Limited, Jet Enterprises Private
Limited, Jet Airways of India Inc., India Jetairways Pty Limited
and Jet Airways Europe Services N.V.  On April 20, 2007, the
company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


MARVEL HOME: CRISIL Rates INR95.00 Million Term Loan at 'C'
-----------------------------------------------------------
CRISIL has assigned its 'C' rating to Marvel Home Constructions
Pvt Ltd's term loan facility.

   Facilities                       Ratings
   ----------                       -------
   INR95.00 Million Term Loan       C (Assigned)

The rating reflects MHCPL's exposure to risks related to the
implementation of its ongoing Marvel Motia Homes project, its weak
financial risk profile marked by low net worth and high gearing,
concentration of its revenues in a single project, and its
vulnerability to risks and cyclicality inherent in the Indian real
estate industry.  These rating weaknesses are partially offset by
the benefits that MHCPL derives from the moderate track record of
its promoters in the construction industry.

Incorporated in 2002 as Greh Pravesh Estate Services Pvt Ltd, the
company's name was changed to its present one on October 2005.
MHCPL had only a land bank and no operations until 2008.  In 2008,
the present promoters, Mr. Sanjeev Garg and associates, acquired a
majority stake in MHCPL and started the construction of the Marvel
Motia Homes project under the company.  The project is a
residential complex of 3.5-room (bedrooms, hall, and kitchen)
flats in Ludhiana (Punjab).  The complex will comprise of 48 fully
furnished flats with an area of 1592 square feet (sq ft) each
(super built-up area of 1800 sq ft) spread over eight six-storied
buildings.  The total saleable area is 76,437.84 sq ft. The total
project cost is estimated at around INR220 million.

MHCPL is expected to report revenues only upon full completion of
the project, which is expected in 2011-12 (refers to financial
year, April 1 to March 31).


ORISSA TELEVISION: ICRA Places 'LBB+' Rating on Various Bank Debts
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR87.5 million, term
loans and the INR50.0 million, long-term, fund-based bank
facilities of Orissa Television Limited.  The outlook on the
rating is stable.

The assigned rating takes into account OTL's strong promoters and
management team; distribution benefits and savings on carriage
fees derived by virtue of the dominance of ground distribution of
its group company, Ortel Communications Limited (Ortel); limited
competition from Oriya language channels; and improving margins.
The rating is, however, constrained by the small scale of
operations of the company; its stretched financial profile as
characterized by low profitability and moderate gearing levels;
competitive pressures it faces from the Hindi general
entertainment channels (GECs); and the debt-funded capital
expenditure plans which could further weaken the financial profile
unless supported by adequate equity infusion.

Orissa Television Limited, a company promoted by the Pandas of the
IMFA (Indian Metals and Ferro Alloys Limited) group, was
incorporated on April 1, 2005. OTL is into the business of
providing broadcasting services, and currently operates three
Oriya language channels  ? OTV, a news and current affairs (NCA)
channel; Tarang, a general entertainment channel (GEC); and Tarang
Music, a music channel. Prior to the incorporation of OTL, OTV was
incepted as a cable channel in 1997, primarily to be distributed
on Ortel Communications Limited's (a group company) own network.
Subsequently, the channel was converted to a satellite channel
with effect from December 2, 2006 as a news, current affairs and
entertainment channel.  The OTL management, later, decided to
shift the entertainment programs to a new channel, Tarang, and
made OTV a 24*7 NCA channel.  Tarang, was launched on November 6,
2006, while Tarang Music was launched on April 1, 2009. While OTV
is an encrypted free-to-air (FTA) channel, both Tarang and Tarang
Music are pay channels.

For the 12 months ending March 31, 2009, OTL reported profit after
tax of INR4.6 million on revenues of INR144.6 million.


P. K. & CO: ICRA Places 'LB+' Rating on INR50 Mil. Long Term Loan
-----------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR50.0 million long term
fund based bank limits and INR300.0 million non-fund based bank
limits of P. K. & Co.

The rating has considered the recent delays in interest servicing
by PKC, the highly competitive nature of the construction industry
wherein business is procured on an L1 based contract awarding
system,  which results in low profitability, the modest size of
PKC's operation and high client and geographical concentration
risks.  Moreover, the ratings are further affected by the higher
working capital intensity which is primarily due to high level of
debtors in the current year which has affected the liquidity of
the firm.  This apart, the rating also takes into account the
over-utilization of working capital limits during the recent past
which is largely attributed to delayed payments from its
customers.  The rating however takes into account the long track
record of the firm in the construction business and steady flow of
orders from its established clientele including state and central
government entities.  The ratings also consider the positive
outlook for the construction business, given the large number of
projects expected in the North East.

M/s P. K. & Co., incorporated in 1992 as a partnership firm in
Guwahati, is in the business of civil construction and engineering
works. The firm is promoted by Mr. Sajan Kumar Agarwala, Mr.
Mahabir Prasad Agarwala, Mr. Shyam Sundar Agarwala, Mr. Pawan
Kumar Agarwala and North East Cashews Private Ltd, a company
promoted by one of the partners in PKC.  During 2008-09, PKC
reported a net profit of INR32.7 million on net sales of INR556.3
million.


PRIYADARSHINI SAHAKARI: CRISIL Puts 'B+' Rating on INR130M LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Priyadarshini
Sahakari Soot Girni Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR130.0 Million Long-Term Loan   B+/Stable (Assigned)
   INR80.0 Million Cash Credit       B+/Stable (Assigned)
   INR20.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect the funding risks PSSGL faces, the company's
limited track record of operations, and the vulnerability of its
operating margins to volatility in cotton prices.  These rating
weaknesses are partially offset by the expected improvement in
PSSGL's operating efficiencies, because of its increasing
capacities.

Outlook: Stable

CRISIL believes that PSSGL will continue to benefit from the
experience of its management and its improving operating
efficiencies over the medium term.  The outlook may be revised to
'Positive' if PSSGL's operations stabilize following the timely
completion of its project, resulting in increased and stable
revenues, and if the company generates profits consistently over
the medium term.  Conversely, the outlook may be revised to
'Negative' if there is delay in the completion of the company's
project, resulting in lower-than-expected profitability and
revenues, constraining its financial risk profile.

                    About Priyadarshini Sahakari

PSSGL is a trust established in 1991 in Yavatmal (Maharashtra) to
assist the development of the small-scale cotton yarn
manufacturing industry in the region.  It was formed as a joint
initiative of the Government of Maharashtra and the textile
ministry. PSSGL manufactures cotton yarn.

PSSGL reported a net loss of INR41.6 million on net sales of
INR184 million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss of INR17.9 million on net sales of
INR4.4 million for 2007-08.


SEMINDIA SYSTEMS: CRISIL Puts 'B+' Rating on INR400M Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to SemIndia Systems
Private Limited's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR400.00 Million Cash Credit Limit    B+/Stable (Assigned)
   INR500.00 Million Letter of Credit     P4 (Assigned)
   INR100.00 Million Bank Guarantee       P4 (Assigned)

The ratings reflect SISPL's exposure to risks related to customer
and supplier concentration and weak financial risk profile, marked
by large working capital requirements.  These rating weaknesses
are partially offset by the SISPL's stable revenues from key
customers.

Outlook: Stable

CRISIL believes that SISPL will continue to benefit from stable
demand for its products and established relationships with
customers over the medium term.  The outlook may be revised to
'Positive' if SISPL's business volumes and profitability improve,
and it diversifies its revenue profile.  Conversely, any large
debt-funded capital expenditure program, lower realizations, or
delays in realization of receivables could result in the outlook
being revised to 'Negative'.

                      About SemIndia Systems

Set up in 2007, SISPL manufactures electronic products such as
digital subscriber line modems. Located in Bengaluru, SISPL was
set up by Mr. Vinod Agarwal. Subsequently, Mr. Prathap (Bob)
Kondomoori, MD of Sandalwood Capital Partners, a venture capital
funding company, took over as MD of SISPL.  SISPL is a wholly
owned subsidiary of SemIndia Mauritius.  SISPL plans to cater to
microchip enabled products such as set-top boxes, internet
protocol televisions and Wi-Max equipment that drive high-speed
internet.

SISPL reported a profit after tax (PAT) of INR46.4 million on net
sales of INR1.04 billion for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR8.5 million on net sales
of INR1.05 billion for 2007-08.


STP LIMITED: CRISIL Reaffirms 'B' Rating on INR90 Mil. Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of STP Ltd continue to
reflect STP's weak financial risk profile marked by volatile
operating margins, and its small scale of operations in the
corrosion protection products industry. These rating weaknesses
are partially offset by the company's moderate business profile.

   Facilities                         Ratings
   ----------                         -------
   INR90 Million Cash Credit          B/Stable (Reaffirmed)
   INR50 Million Letter of Credit     P4 (Reaffirmed)
   INR20 Million Bank Guarantee       P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that STP will maintain its existing credit risk
profile over the medium term on the back of support from the
Turner Morrison group (of which STP is a part), and its low term
debt levels.  The outlook may be revised to 'Positive' if STP
reports substantial growth in business volumes and profitability,
while maintaining a healthy capital structure.  Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile weakens on account of losses or low profitability, or
if it contracts large debt to fund capital expenditure.

                           About STP Ltd

STP, part of the Turner Morrison group, has four business
verticals: coal tar products, corrosion protection products,
construction additives, and civil construction.  It has
manufacturing facilities at Goa (for construction chemicals),
Chennai (bituminous products), and Jamshedpur (coal tar products).
Its customers include the Indian Railways, and companies such as
Oil and Natural Gas Corporation Ltd, Reliance Industries Ltd,
Indian Oil Corporation Ltd, and Larsen & Toubro Ltd.

STP reported a provisional profit after tax (PAT) of INR16.8
million on net sales of INR923.8 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR2.7
million on net sales of INR720.1 million for 2008-09.


TALBROS ENGINEERING: ICRA Reaffirms 'LBB+' Rating on INR230M Loans
------------------------------------------------------------------
ICRA has reaffirmed the 'LBB+/ A4+'ratings for the INR230 million
bank facilities of Talbros Engineering Limited.  The long-term
rating has been assigned a "Stable" outlook.

The rating reaffirmation takes into account TEL's steady share of
business over the years with various domestic and overseas
customers including M&M, Spicer India Limited and Tractors and
Farm Equipment Limited (TAFE) etc.  The rating also takes into
account the company's integrated manufacturing set-up encompassing
forging and machining and its in-house die manufacturing
capability.  However, in view of TEL's planned capex over the
medium term, its financial risk profile is expected to remain
moderate.  The ratings are also constrained by TEL's moderate
scale of operations, lack of product diversification, high working
capital intensity and moderate financial risk profile.  TEL
has a long track record of operations being engaged in the
manufacture of Rear Axle Shafts; however, considering that the
product finds application in a relatively small segment of
vehicles, the market potential is limited.  The company's working
capital intensity is high on account of high inventory levels,
which also exposes it to the risk of inventory loss in the event
of fluctuating steel prices.

Recent Results

In nine months 2009-10, TEL's Net Sales at INR462 million reported
a decline of 4% over the corresponding previous period.  The
company's profit before depreciation, interest and tax at INR37
million reported a decline of 17% in nine months 2009-10 over the
corresponding previous period.  TEL's Profit after Tax (PAT)
increased from INR5 million in nine months 2008-09 to INR8 million
in nine months 2009-10.

                      About Talbros Engineering

Talbros Engineering Limited, originally a part of Talbros
Automotive Components Limited was hived off into a separate
company in 1996.  TEL is engaged in the manufacture of automotive
Rear Axle Shafts and other Splined Shafts and forgings having
application in Commercial Vehicles, Utility Vehicles (UVs) and
Tractors.  Currently, TEL has a manufacturing capacity of around
800,000 Axle Shafts per annum with its facilities located at
Faridabad and Hathin (both in Haryana).  The company manufactures
and sells its products to domestic Original Equipment
Manufacturers (OEMs), Tier-1 suppliers of auto components,
Overseas Customers and to the Replacement Market.

In 2008-09, TEL's Net Sales at INR617 million reported a growth of
2% over the previous year. The company's operating profit before
depreciation, interest and tax at INR53 million reported a growth
of 4% in 2008-09 over the previous year.  TEL's PAT increased from
INR6 million in 2007-08 to INR7 million in 2008-09.


TANEJA IRON: ICRA Assigns 'LB' Rating on INR12.7MM Term Loan
------------------------------------------------------------
ICRA has assigned 'LB' rating in long term to the INR12.7 million
term loan, INR54.9 million fund based limits, and INR22.4 million
unallocated limits of Taneja Iron & Steel Co Ltd.  ICRA has also
assigned 'A4' rating in short term to the INR10.0 million non-fund
based limits of TISCL.

ICRA's ratings of TISCL take into account its modest scale,
limited operational track record and modest debt protection
indicators.  Further, the rating is also constrained by
irregularity in payment of interest in the past, vulnerability to
adverse movement in raw material prices and high competitive
intensity of the industry. However, the rating derives comfort
from the experience of promoters in the business and positive
demand outlook for automobile sector which is a major consumer of
TISCL's products.

TISCL is an Indore based steel manufacturer operating in the
spring steel segment.  The company was incorporated in August 2006
by Mr. Manoj K. Taneja.  In the financial year ending March 31,
2009 TISCL registered an operating income (OI) of INR192.9 million
on which it earned a profit after tax (PAT) of INR0.2 million.


TATA MOTORS: Finance Arm to Raise INR1-Bil. Via Short-Term Debt
---------------------------------------------------------------
Tata Motors Finance Ltd. aims to raise INR1 billion via short-term
debt, Khushita Vasant at Dow Jones Newswires reports, citing a
person familiar with the matter.

The vehicle financing arm of Tata Motors Ltd is selling INR500
million of three-month commercial paper and INR500 million of
four-month commercial paper, the person told Dow Jones Newswires,
asking not to be named.

The person said the three-month paper pays a yield of 4.60% and
the four-month paper has been priced at 4.80%, Dow Jones reports.
Both issues will be privately placed, Dow Jones' source added.

                         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.


TATA STEEL: Corus Appoints Citibank as Adviser on TCP Sale
----------------------------------------------------------
The Press of India reports that Corus, Tata Steel's European unit,
has appointed Citibank to advice it on the sale of its Teesside
Cast Product (TCP) mills in Redcar, UK.

"Yes.  We have appointed Citibank," Corus spokesperson Bob Jones
told PTI.

According to PTI, a leading British trade union had approached
Prime Minister Gordon Brown to intervene and save 1,600 jobs at
the mills and said that it would also speak to Tata Steel Chairman
Ratan Tata directly seeking answers whether the company is serious
about selling the TCP mills.

                          About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                           *     *     *

Tata Steel Ltd. continues to carry a Ba3 corporate family rating
from Moody's Investors Service with stable outlook.  The rating
was downgraded by Moody's from Ba2 in June 2009.


TATA STEEL: Corus Still In Talks to Find Buyer for Teeside Plant
----------------------------------------------------------------
Peter Marsh at The Financial Times reports that Kirby Adams, chief
executive of Corus, has hit back at union criticism of his
management style.

"I am a straight shooter, I don't sugar coat and I might irritate
some people," the FT quoted Mr. Adams as saying.  "If this is what
some people might call 'adversarial' then it seems to me that this
could be a compliment."

The FT relates Mr. Adams has been involved with a long-running row
with Michael Leahy, general secretary of the Community steel
union, mainly over the decision by Corus to close partly its
Teesside factory, throwing into jeopardy 1,700 jobs.

Mr. Leahy told the FT that Mr. Adams had an "over-adversarial
style", did not understand the normal processes for handling
relationships between businesses and unions in Europe and had
presided over the "worst period" for industrial relations at the
steelmaker for 45 years.

                             Solution

According to the FT, Mr. Adams said Corus, owned by Tata Steel of
India, was in contact with "a few businesses that have made
serious inquiries" over a deal for the site.

Mr. Adams, as cited by the FT, said "We are making a serious
effort to find a long-term solution for the Teesside plant and for
anyone to suggest otherwise is not true."

The FT recalls Corus shut down parts of the Teesside plant this
year after an Italian-led consortium pulled out of a deal to
acquire the site.

The FT notes Mr. Adams said it was difficult for Corus to be
"fully transparent" on what it was doing when it was involved with
delicate negotiations with potential bidders.

                        About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                          *     *     *

Tata Steel Ltd. continues to carry a Ba3 corporate family rating
from Moody's Investors Service with stable outlook.  The rating
was downgraded by Moody's from Ba2 in June 2009.


ULTIMATE FASHION: CRISIL Assigns 'B+' Rating on INR25.6MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Ultimate Fashion
Maker Ltd bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR25.6 Million Long-Term Loan      B+/Stable (Assigned)
   INR5.0 Million Proposed Long-Term   B+/Stable (Assigned)
                  Bank Loan Facility
   INR75.0 Million Packing Credit      P4 (Assigned)
   INR20.0 Million Bill Discounting    P4 (Assigned)
   INR10.0 Million Letter of Credit    P4 (Assigned)
                    & Bank Guarantee

The ratings reflect UFML's below-average financial risk profile,
marked by small net worth, and weak debt protection measures, and
the company's exposure to risks related to high degree of
financial support to associate companies, and large working
capital requirements.  These rating weaknesses are partially
offset by UFML's strong business risk profile supported by its
promoters' long-standing experience and established relationships
with customers.

Outlook: Stable

CRISIL expects UFML to benefit from its promoters' industry
experience and established customer base. The outlook may be
revised to 'Negative' in case the company's cash accruals decline
owing to economic slowdown or increased competition in the leather
goods industry, or the company undertakes any large, debt-funded
capital expenditure, impacting its capital structure. Conversely,
the outlook may be revised to 'Positive' in case of an improvement
in UFML's revenues and operating margin, and/or there is an
improvement in its overall liquidity position.

                      About Ultimate Fashion

UFML was incorporated in 1997 as a closely held public company by
Mr. Gajinder Singh (managing director) and Mr. Nirmohan Singh
(director).  It manufactures and exports leather jackets and
purses, and has a capacity of one lakh pieces per annum. The
company exports its product to various European countries such as
Germany, France, Italy, Spain, the UK, and to the US.

UFML reported a profit after tax (PAT) of INR0.95 million on net
sales of INR347.4 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR1.3 million on net sales
of INR271.7 million for 2007-08.


UNISOURCE PAPERS: Low Profitability Cues ICRA 'LBB-' Ratings
------------------------------------------------------------
ICRA has re-affirmed an 'A4' and 'LBB-' rating to the
INR80.30 million working capital facilities of Unisource Papers
Pvt Ltd.  The outlook assigned to the long term rating is
"Stable".

The rating affirmation continues to reflect the weak financial
profile of the company characterized by low profitability and
coverage indicators, leveraged capital structure following high
fund based utilization levels and marginal fund flow from
operations.  The ratings also incorporate the  relatively  small
size of UPPL's  operations  limiting  economies  of  scale  and
intense competition faced in the business due to the presence of
several unorganized players in the industry.

The rating is further constrained by low degree of awareness
amongst customers, mainly corrugators, about quality aspects of
paper, which is the value proposition of the UPPL and
vulnerability of the margins to raw material price fluctuations
and foreign exchange fluctuations due to large raw material
imports.  However, the ratings reflect promoter's long track
record in the business of trading and processing paper and its
reputed and diversified customer and supplier profile at present.

Incorporated in 2006, UPPL was promoted by Mr. Aurora and is
engaged in the business of processing paper.  The company has a
registered office in Mumbai and a processing unit in Pune.
UPPL recorded a net loss of INR19.50 million on an operating
income of INR64.60 million for the year ending March 31, 2009, and
net profit of INR1.50 million on an operating income of
INR93 million as per the unaudited figures for quarter ended
December 2009.


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


LEHMAN BROTHERS: LBI Trustee Wants City-YUWA as Special Counsel
---------------------------------------------------------------
James Giddens, trustee for Lehman Brothers Inc., seeks court
approval to employ City-Yuwa Partners as his special counsel
effective August 10, 2009.

Mr. Giddens seeks the services of Tokyo-based City-Yuwa in
connection with the settlement of debit and credit obligations
between LBI and Lehman Brothers Japan Inc., the recovery of debts
owed by LBJ, among other things.

City-Yuwa will be paid for its services on an hourly basis and
will be reimbursed for its expenses.  The hourly rates and the
firm's professionals who are tasked to provide the services are:

  Professionals            Hourly Rates
  -------------            ------------
  Masaaki Sawano              JPY50,000
  Kiyoshi Asada               JPY33,000
  Rei Funabashi               JPY15,000

The rates may be subject to adjustment on January 1, 2011,
according to Mr. Giddens, who also requests that fees and
expenses incurred by the firm be paid as administrative expenses
of LBI's estate.

In a declaration, Mr. Sawano, Esq., at City-Yuwa, assures the
Court that his firm does not have connection with or interest in
LBI and that it does not have interest adverse to LBI's creditors
and stockholders.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


DAEWOO MOTOR: Lays Off 50% of Auto Sales Staff
----------------------------------------------
The Chosun Ilbo reports that Daewoo Motor Sales has announced a
drastic self-rescue plan that involves the laying off of 50% of
sales staff.  The company earlier this week put some 300 of its
590 auto sales staff on three month's leave without pay, the
report says.

"According to the restructuring demands of our creditors, we have
decided to implement a large-scale layoff at our car sales
division, whose operations were impacted by the split from GM
Daewoo," Chosun Ilbo quoted a Daewoo Motor Sales as saying.

"It's three month's leave without pay, but technically it's a
layoff notice," the spokesman said.  "After the first round of
layoffs at the auto sales division, workers in other departments
will have to be let go as well."

Chosun Ilbo relates the company has divisions specializing in
construction, vehicle sales including buses and trucks, sales of
imported cars and a financing wing, which employ a total of 1,400
workers.

Meanwhile, Chosun Ilbo reports that Daewoo Motor Sales has sought
a court injunction preventing GM Daewoo from selling cars through
other outlets, saying its decision to sever ties was unfair.  The
report says the company hopes to revive itself by regaining the
right to sell GM Daewoo cars and operating as a sales agent for
Ssangyong Motor as well, but it is uncertain whether that could
generate sufficient revenue.

As reported in the Troubled Company Reporter-Asia Pacific on
April 28, 2010, Dow Jones Newswires said creditors of Daewoo Motor
Sales Corp. have reversed their decision to let the company go
bankrupt.

According to Yonhap News Agency, creditors including Korea
Development Bank decided to help Daewoo Motor Sales settle
KRW17.66 billion notes held by Daewoo Bus Corp. and Tata Daewoo
Commercial Vehicle Co.

Dow Jones noted that KDB and other financial creditors in mid-
April put Daewoo Motor Sales under a debt-workout plan.  As part
of that, Dow Jones said, debt-payment obligations to financial
institutions were frozen until July 13, but commercial bills still
had to be paid.

The workout program for Daewoo Motor Sales, which owes KRW2.2
trillion to financial institutions, came after GM Daewoo in March
pulled the plug on its partnership with the debt-laden company,
Dow Jones noted.

                         About Daewoo Motor

Daewoo Motor Sales Corporation is a Korea-based company engaged in
the marketing of automobiles.  The Company operates its business
under two segments: automobile marketing and construction.  Its
automobile marketing segment sells Daewoo buses and Tata Daewoo
trucks, as well as other imported automobiles such as Volkswagen
and Audi through its subsidiaries.  The Company's construction
segment constructs and engineers residential buildings, commercial
buildings and other plants.  It is also engaged in the
distribution and exportation of pre-owned cars, as well as
provision of after-market services. The Company announced that its
GMDAT auto sale business has been closed, effective March 10,
2010, as the supplier GMDAT refused to continue supplying
automobiles.


GENERAL MOTORS: Faces Lawsuit Over Capital Increase in Daewoo
-------------------------------------------------------------
The Korea Development Bank has threatened to take General Motors
to court over a capital increase at its South Korean subsidiary GM
Daewoo, The Korea Times reports.

"We sent documents, which expressed our views on GM Daewoo's
capital increase to the headquarters of GM recently.  We said the
capital increase should be cancelled as the process is illegal," a
spokesman of KDB told The Korea Times.

According to the report, KDB plans to file a lawsuit against GM
with the International Chamber of Commerce (ICC) Commission on
Arbitration, if GM does not accept KDB's appeal.

The Korea Times relates KDB said that the lender's right to its
stake suffered as the result of GM increasing capital in October
2009 without any outside consideration.  The report notes KDB also
said GM did not properly discuss the amount of the capital
increase at a directors or shareholders meeting.

"As GM increased the capital by KRW250 billion at the time, KDB's
portion dropped to 17% from 28%.  Due to the change, KDB lost
leverage to counterbalance GM's management," the report quoted a
bank representative as saying

GM Daewoo has been in talks with KDB since February to receive
about KRW1 trillion in new loans after using up a $2 billion
credit line.  The negotiations have faltered on GM's refusal to
put up part of its stake in GM Daewoo as collateral.

GM currently controls 70.12% of GM Daewoo after the capital
increase, while KDB has a 17.20% stake.

                       About General Motors

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

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

At December 31, 2009, GM had total assets of US$136.295 billion
against total liabilities of US$107.340 billion.  At December 31,
2009, total equity was US$21.249 million.

                   About Motors Liquidation

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

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

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


HYNIX SEMICONDUCTOR: To Issue KRW557.9BB Convertible Bonds
----------------------------------------------------------
Hynix Semiconductor Inc. said Thursday it plans to sell
KRW557.9 billion (US$500 million) worth of convertible bonds in
Europe and other overseas markets sometime this year, Yonhap News
Agency reports.

The news agency says the five-year bond sale is aimed at securing
operational fees and expanding its production capacity.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2010, Moody's Investors Service changed to stable from
negative the outlook for Hynix Semiconductor Inc's B1 corporate
family and senior unsecured bond ratings.  The rating action has
been prompted by the sharp rebound in the company's operating
performance and improved liquidity profile.

Standard & Poor's Ratings Services, on Nov. 17, 2009, revised to
stable from negative the outlook on its long-term corporate credit
rating on Hynix Semiconductor Inc. following the recovery of the
DRAM market and the company's profitability.  At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate and 'B'
senior unsecured debt ratings on Hynix.


SSANGYONG MOTOR: Will Receive Preliminary Bid For Stake Sale
------------------------------------------------------------
Ssangyong Motor Co. is planning to open a bid next week to sell a
majority of its stake, Yonhap News Agency reports, citing an
industry source.

Yonhap's sources said that Ssangyong will receive preliminary bids
by the end of this month and a preferred bidder will be selected
in August.  Potential bidders include SM Group and Mahindra &
Mahindra Ltd.

Ssangyong is expected to make formal announcement on the stake
sale on Monday, Yonhap notes.

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
===============


ARK RESOURCES: Auditors Raise Going Concern Doubt
-------------------------------------------------
Ark Resources Bhd said that PKF Chartered Accountants, the
Company's External Auditors, have qualified their report for the
Audited Financial Statements of the Company for the financial year
ended December 31, 2009.

PKF said in a report that the Group's and the Company's current
liabilities exceeded their current assets by MYR109.8 million and
MYR90.4 million, respectively.  The Group's and the Company's
balance sheet as at December 31, 2009, showed deficit in
shareholders' fund of MYR109.5 million and MYR90.2 million,
respectively.

"These factors raise substantial doubt that the Group and the
Company will be able to continue as going concerns," PFK said in
its report.

A full-text copy of Messrs PKF?s Report is available at no charge
at http://ResearchArchives.com/t/s?6189

                        About ARK Resources

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

                          *     *     *

On April 24, 2006, ARK Resources Berhad was classified as an
affected listed issuer under the Bourse's Practice Note 17/2005.
It was, therefore, required to submit and implement a plan to
regularize its financial condition category.


RAMUNIA HOLDINGS: Unit's Restraining Order Extended Until August 7
------------------------------------------------------------------
Kenanga Investment Bank Berhad, on behalf of the Board of
Directors of Ramunia Holdings Berhad, disclosed that the High
Court of Malaya in Johor Darul Takzim had on April 29, 2010,
granted an Order extending the Restraining Order to restrain all
further proceedings, and any and all actions or proceedings
against Ramunia Fabricators Sdn Bhd, a wholly owned subsidiary of
the Company until August 7, 2010.

Based in Kuala Lumpur, Malaysia, Ramunia Holdings Berhad is
engaged in investment holding and provision of management
services.  Its wholly owned subsidiaries include Ramunia
Fabricators Sdn. Bhd., which is engaged in fabrication of offshore
oil and gas related structure and other related civil works;
Ramunia International Holdings Ltd., which is engaged in offshore
investment holding; Ramunia International Services Ltd., which is
engaged in upstream activities of the oil and gas industry;
Ramunia Optima Sdn. Bhd., which is engaged asset owning company,
specifically holding ownership of marine vessels; Globe World
Realty Sdn. Bhd., which is engaged in yard development and
management of the Company's fabrication yards; Ramunia Training
Services Sdn. Bhd., which is provision of training and related
services, and O & G Works Sdn. Bhd., which is engaged in provision
of management and administration services.

                           *     *    *

Ramunia Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad.

The Company triggered the PN 17/2005 listing since auditors have
expressed a modified opinion with emphasis on the company's going
concern status in the latest audited accounts for the financial
year ended October 31, 2009, and the company's shareholders equity
on a consolidated basis is equal to or less than 50% of the issued
and paid-up capital of the company.


WONDERFUL WIRE: Total Default Reaches MYR82.49 Mil. as of April 30
------------------------------------------------------------------
Wonderful Wire & Cable Berhad disclosed that, together with its
subsidiary, WWC Oil & Gas (Malaysia) Sdn. Bhd, the company's total
default reached MYR82,496,421.93 as of April 30, 2010, which
comprises of:

Wonderful Wire's loans:

                                              Principal & Interest
    Lender                Facility            Outstanding (MYR)
    -------               --------            --------------------
CIMB Bank Berhad          Short Term Advance      11,511,250.17
                          Overdraft                2,585,084.22

CIMB Factor Lease Berhad  Leasing                  4,486,328.52

Malayan Banking Berhad    Term Loan               34,101,047.77
                          Overdraft                5,796,388.34

RHB Islamic Bank Berhad   Term Financing          21,260,553.51
                          Revolving Credit         2,375,847.58

Bank Muamalat Malaysia    Hire Purchase Car Loan      16,393.00

Orix Rentec (M)           Rental of office
Sdn. Bhd.                 equipment                   66,144.00

Affin Bank Berhad         Hire Purchase Car Loan       3,993.00

Public Bank Berhad        Hire Purchase Car Loan      17,108.00
                                                   -------------
                                         Total:   82,220,138.11

WWC Oil & Gas (Malaysia) Sdn. Bhd.'s loan:

                                              Principal & Interest
    Lender                    Facility          Outstanding (MYR)
    -------                   --------        --------------------
  CIMB Factor Lease Bhd.      Leasing                276,283.82

                       About Wonderful Wire

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.


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


9999 GOLD: Securities Commission Issues Warning On Offers
---------------------------------------------------------
The Securities Commission has warned the public to be wary of a
company called 9999 Gold Mining Corporation.  The Commission said
this company may be offering securities to members of the public
in New Zealand.

The provisions of the Securities Act 1978 prohibit companies that
offer securities to members of the public in New Zealand from
allotting those securities unless investors have received a copy
of the investment statement prior to subscription and the company
has registered a prospectus.  9999 Gold Mining Corporation does
not have a registered prospectus or investment statement for its
offer.

In addition, Gold Mining Corporation is forecasting a 100% return
on investments.

In the Commission's experience the only people who profit from any
offer promising unusually high rates of return are the people who
organize and promote them.

The Commission urged anyone considering this offer to seek
professional advice.


SOUTH CANTERBURY: Set to Get NZ$15.5 Million Cash Infusion
----------------------------------------------------------
Radio New Zealand reports that South Island businessman George
Kerr is set to inject a further NZ$15.5 million into South
Canterbury Finance.  Mr. Kerr has already invested NZ$22 million
into the finance company and there's an option for this to
increase to NZ$37.5 million, the report says.

According to the report, the details of the transaction are close
to being finalized and are due to be announced shortly.

Radio New Zealand states that the cash injection comes at a
crucial time for the company as credit rating agency Standard and
Poor's on Thursday warned it may downgrade South Canterbury's BB
rating by a notch or more if it fails to increase its cash balance
to at least NZ$150 million by the end of May.

South Canterbury Finance chief executive Sandy Maier said he is
talking with Mr. Kerr about further investment but nothing has so
far been agreed, the report adds.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.  Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 4, 2010, Standard & Poor's Ratings Services lowered its
long-term rating on New Zealand finance company, South Canterbury
Finance Ltd. to 'BB' from 'BB+', and affirmed the 'B' short-term
rating.  At the same time, the 'BB' long-term rating was placed on
CreditWatch with negative implications.


ST LAURENCE FINANCE: SecCom Warns Investors Over Debenture Offers
-----------------------------------------------------------------
The Securities Commission is warning debenture holders in
St Laurence Finance to be wary of an unsolicited offer by Stock
and Share Trading Company Pty Ltd to buy their debentures for 8c
in the dollar.

The commission on Thursday urged debenture holders to seek
professional advice before making a decision about the offer.

"It is very difficult to accurately assess the value of a finance
company's debentures when it is in moratorium or receivership.  As
these debentures are not trading on any organized market there is
no market price for investors to compare the offer against," the
commission said in a statement.

The commission said they should be especially wary when an
unsolicited offer is for well below face-value.

"Such an offer does not mean that 8c in the dollar is the true
value of the securities," Commission Chairman Jane Diplock said.

"Offers sometimes try to exploit doubts about the value of
debentures, so it's important that investors get advice from a
reputable financial adviser before coming to a decision."

The commission noted that while it is not illegal to offer to buy
securities below their face value, such offers must not be
misleading or deceptive.

                       About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

St. Laurence Limited has been placed into receivership, owing
9,000 investors NZ$245 million.  The company's trustee, Perpetual
Trust, on April 29, 2010, appointed Barry Jordan and David Vance
of Deloitte as receivers of St. Laurence and some of its
subsidiaries.

The receivership does not include the companies which are the
managers of The National Property Trust, Irongate Property Limited
and its proportionate ownership schemes and syndicates.


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


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

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


AUSTRALIA

ADVANCE HEAL-NEW       AHGN              16.93         -8.23
AUSTAR UNITED          AUN              568.69       -325.83
AUSTRAILIAN Z-PP       AZCCA             77.74         -2.57
AUSTRALIAN ZIRC        AZC               77.74         -2.57
AUTRON CORP LTD        AAT               32.50        -13.46
AUTRON CORP LTD        AAT               32.50        -13.46
BCD RESOURCES OP       BCO               22.09        -61.19
BCD RESOURCES-PP       BCOCC             22.09        -61.19
BIRON APPAREL LT       BIC               19.71         -2.22
CENTRO PROPERTIE       CNP           14,784.56       -461.11
CHALLENGER INF-A       CIF            2,307.01       -104.58
CHEMEQ LTD             CMQ               25.19        -24.25
CITY PACIFIC LTD       CIY              171.50         -6.38
D2 MARKETING LTD       DTO               16.70         -4.04
ELLECT HOLDINGS        EHG               18.25        -15.49
HEALTH CORP LTD        HEA               13.85         -0.97
HYRO LTD               HYO               11.59         -4.73
IVANHOE AUST LTD       IVA               49.44         -6.51
JAMES HARDIE NV        JHXCC          2,130.90       -131.10
JAMES HARDIE-CDI       JHX            2,130.90       -131.10
MAC COMM INFR-CD       MCGCD          8,104.42       -103.34
ORION GOLD NL          ORN               12.37        -24.99
POWERLAN LTD           PWR               30.84         -5.94
RESIDUAL ASSC-EE       RAGXF            597.33       -126.96
SCIGEN LTD-CUFS        SIE               71.22        -25.69
SHELL VILLAGES A       SVC               13.47         -1.66
VERTICON GROUP         VGP               15.07        -29.20


CHINA

BAO LONG ORIENTA       600988            11.60         -7.44
CHANGAN INFO-A         600706            19.27         -7.62
CHENGDE DALU -B        200160            26.76         -5.73
CHENGDU UNION-A        693               41.39        -12.35
CHINA KEJIAN-A         35                84.21       -182.60
DATONG CEMENT-A        673               21.25         -1.54
DONGGUAN FANGD-A       600656            22.26        -59.02
DONGXIN ELECTR-A       600691            13.53        -19.38
GAOXIN ZHANGTO-A       2075             110.44        -39.93
GUANGMING GRP -A       587               46.25        -38.70
GUANGXIA YINCH-A       557               30.99        -29.72
HAINAN ZHUXIN-A        600515           123.22         -2.37
HEBEI BAOSHUO -A       600155           110.09       -387.99
HEBEI JINNIU C-A       600722           227.88       -230.19
HISENSE KELON -H       921              618.47       -107.13
HISENSE KELON-A        921              618.47       -107.13
HUASU HOLDINGS-A       509               86.39         -3.82
HUDA TECHNOLOG-A       600892            21.39         -2.55
HUNAN ANPLAS CO        156               51.58        -70.84
JINCHENG PAPER-A       820              250.82         -5.71
JINHUA GROUP-A         818              335.97        -31.40
LIAOYUAN DEHENG        600699           121.62        -29.14
MUDAN AUTOMOBI-H       8188              30.41         -1.10
NINGBO YIDONG-H        8249              42.61        -30.79
QINGHAI SUNSHI-A       600381            68.98        -25.40
SHAANXI QINLIN-A       600217           233.70        -34.38
SHANG BROAD-A          600608            74.98        -19.72
SHANG HONGSHENG        600817            15.44       -457.23
SHANGHAI WORLDBE       600757           153.10       -190.22
SHENZ CHINA BI-A       17                24.86       -272.59
SHENZ CHINA BI-B       200017            24.86       -272.59
SHENZHEN DAWNC-A       863               27.19       -150.84
SHENZHEN KONDA-A       48               118.96         -0.71
SHENZHEN SHENX-A       34                23.81       -118.24
SHENZHEN ZERO-A        7                 50.66         -9.39
SHIJIAZHUANG D-A       958              225.44        -69.75
SICHUAN DIRECT-A       757              108.20       -130.38
SUNTEK TECHNOL-A       600728            62.08        -15.09
TAIYUAN TIANLO-A       600234            51.10        -25.99
TIANJIN MARINE         600751            78.09        -63.86
TIANJIN MARINE-B       900938            78.09        -63.86
TIBET SUMMIT I-A       600338            87.44         -0.85
TOPSUN SCIENCE-A       600771           170.01       -152.79
WINOWNER GROUP C       600681            10.58        -71.05
WUHAN BOILER-B         200770           286.45       -140.07
WUHAN GUOYAO-A         600421            11.05        -23.63
WUHAN LINUO SOLA       600885            80.33         -0.50
XIAMEN OVERSEA-A       600870           288.01       -142.19
YANBIAN SHIXIA-A       600462           205.51        -13.20
YIBIN PAPER IN-A       600793           113.93         -0.74
YUEYANG HENGLI-A       622               38.14        -14.95
YUNNAN MALONG-A        600792           143.63        -36.68
ZHANGJIAJIE TO-A       430               45.95         -4.59
ZHONGCHANG MAR-A       600242            19.68         -1.33


HONG KONG

ASIA TELEMEDIA L       376               16.62         -5.37
CHAOYUE GROUP LT       147               42.69       -127.80
CHINA E-LEARNING       8055              12.20        -30.48
CHINA GOLDEN DEV       162              255.15         -4.51
CROSBY CAPITAL         8088              21.11        -10.50
DRAGONLOTT ENTER       8078              39.23         -5.35
EGANAGOLDPFEIL         48               557.89       -132.86
FULBOND HLDGS          1041              80.19        -59.51
JACKIN INTL HLDG       630               50.53         -1.92
JIAN EPAYMENT          8165              15.39         -1.17
KING STONE ENERG       663              483.80        -64.12
MELCOLOT LTD           8198              65.62        -25.95
MITSUMARU EAST K       2358              21.23         -9.04
NEW CITY CHINA         456              112.20        -14.59
NGAI LIK INDL          332              132.82         -4.76
PAC PLYWOOD            767               68.66        -12.31
PALADIN LTD            495              155.31        -10.91
PALADIN LTD -PRE       642              155.31        -10.91
PCCW LTD               8              5,801.75       -261.18
PROVIEW INTL HLD       334              314.87       -294.85
SINO RESOURCES G       223               33.92        -58.77


INDONESIA

ASIA PACIFIC           POLY             482.03       -831.23
BANK EKSEKUTIF         BEKS             150.38         -4.93
ERATEX DJAJA           ERTX              10.05        -15.29
JAKARTA KYOEI ST       JKSW              28.00        -39.75
KARWELL INDONESI       KARW              10.75         -9.36
MULIA INDUSTRIND       MLIA             341.62       -371.31
PANASIA FILAMENT       PAFI              48.90         -3.97
PANCA WIRATAMA         PWSI              28.98        -35.49
PRIMARINDO ASIA        BIMA              10.01        -21.31
STEADY SAFE TBK        SAFE              12.26         -7.55
SURABAYA AGUNG         SAIP             254.61        -85.54
TIFICO FIBER           TFCO             185.70        -16.67
UNITEX TBK             UNTX              15.15        -14.59


INDIA

ALCOBEX METALS         AML               16.59        -21.47
ASHIMA LTD             ASHM              59.92        -47.15
BALAJI DISTILLER       BLD               51.16        -38.38
BELLARY STEELS         BSAL             451.68       -108.50
BHAGHEERATHA ENG       BGEL              22.65        -28.20
CAMBRIDGE SOLUTI       CAMB             156.75        -46.79
CFL CAPITAL FIN        CEATF             14.31        -40.04
COMPUTERSKILL          CPS               14.90         -7.56
CORE HEALTHCARE        CPAR             185.36       -241.91
DCM FINANCIAL SE       DCMFS             16.54        -10.99
DIGJAM LTD             DGJM              98.77        -14.62
DISH TV INDIA          DITV             422.08       -127.61
DUNCANS INDUS          DAI              116.96       -183.24
GANESH BENZOPLST       GBP               43.99        -24.57
GEM SPINNERS LTD       GEMS              15.23         -0.11
GLOBAL BOARDS          GLB               25.15         -0.79
GSL INDIA LTD          GSL               37.04        -42.34
GSL NOVA PETROCH       GSLN              44.39         -0.93
GUJARAT SIDHEE         GSCL              59.44         -0.66
HARYANA STEEL          HYSA              10.83         -5.91
HENKEL INDIA LTD       HNKL             102.05        -10.24
HFCL INFOTEL LTD       HFCL             151.65        -85.81
HIMACHAL FUTURIS       HMFC             406.63       -210.98
HINDUSTAN PHOTO        HPHT              68.94     -1,147.18
HINDUSTAN SYNTEX       HSYN              12.68         -1.79
HMT LTD                HMT              139.31       -277.69
ICDS                   ICDS              13.30         -6.17
INDIA FOILS LTD        IF                22.01         -2.04
INFOMEDIA 18 LTD       INF18             35.80         -1.94
INTEGRAT FINANCE       IFC               45.56        -43.27
ITI LTD                ITI            1,116.21         -0.80
JCT ELECTRONICS        JCTE             122.54        -50.00
JD ORGOCHEM LTD        JDO               10.46         -1.60
JENSON & NIC LTD       JN                15.93        -74.33
JIK INDUS LTD          KFS               20.63         -5.62
JK SYNTHETICS          JKS               13.51         -3.03
JOG ENGINEERING        VMJ               50.08        -10.08
KALYANPUR CEMENT       KCEM              32.04        -26.76
KERALA AYURVEDA        KRAP              13.41         -0.59
KINGFISHER AIR         KAIR           1,458.64       -418.91
LLOYDS FINANCE         LYDF              27.68         -8.64
LLOYDS STEEL IND       LYDS             358.94        -83.14
MILLENNIUM BEER        MLB               36.39         -3.20
MILTON PLASTICS        MILT              18.31        -40.44
NATH PULP & PAP        NPPM              13.59        -39.13
NICCO UCO ALLIAN       NICU              28.84        -56.77
ORIENT PRESS LTD       OP                16.70         -0.09
PANCHMAHAL STEEL       PMS               51.02         -0.33
PANYAM CEMENTS         PYC               38.84         -0.64
PARASRAMPUR SYN        PPS              111.97       -317.11
PAREKH PLATINUM        PKPL              61.08        -88.85
PEACOCK INDS LTD       PCOK              11.40        -14.40
PIRAMAL LIFE SC        PLSL              32.05         -3.73
POLAR INDS LTD         PLI               11.61        -22.28
RAMA PHOSPHATES        RMPH              34.07         -1.19
RATHI ISPAT LTD        RTIS              44.56         -3.93
RELIGARE TECHNOV       RTCL              44.13         -1.46
RENOWNED AUTO PR       RAP               14.12         -1.25
ROLLATAINERS LTD       RLT               22.97        -22.24
ROYAL CUSHION          RCVP              20.22        -62.97
SCOOTERS INDIA         SCTR              13.29         -0.58
SHALIMAR WIRES         SWRI              24.49        -49.90
SHAMKEN COTSYN         SHC               23.13         -6.17
SHAMKEN MULTIFAB       SHM               60.55        -13.26
SHAMKEN SPINNERS       SSP               42.18        -16.76
SHREE RAMA MULTI       SRMT              63.73        -52.93
SIDDHARTHA TUBES       SDT               70.93        -12.09
SIL BUSINESS ENT       SILB              12.46        -19.96
SOUTHERN PETROCH       SPET           1,543.61        -35.61
SPICEJET LTD           SJET             147.98        -84.65
STERLING HOL RES       SLHR              52.91         -0.63
STI INDIA LTD          STIB              28.05         -8.04
TAMILNADU TELE         TNT               10.26         -4.14
TATA TELESERVICE       TTLS             793.63        -74.64
TRIUMPH INTL           OXIF              58.46        -14.18
TRIVENI GLASS          TRSG              24.39         -8.90
UNIWORTH LTD           WW               145.71       -114.87
USHA INDIA LTD         USHA              12.06        -54.51
VENTURA TEXTILES       VRTL              14.25         -0.33
WINDSOR MACHINES       WML               14.50        -28.14
WIRE AND WIRELES       WNW              102.42        -37.06


JAPAN

ARDEPRO                8925             310.82       -253.28
COMMERCIAL RE          8866             296.85         -0.35
COSMOS INITIA CO       8844           1,652.69       -564.01
DON CO LTD             8216             147.78        -20.12
FLIGHT SYS CONSU       3753              14.88         -1.07
HARAKOSAN CO           8894             225.69        -62.68
ICHITAN CO LTD         5645              99.16         -4.38
JIPANGU HOLDINGS       2684              15.05         -8.38
L CREATE CO LTD        3247              42.34         -9.15
LAWSON ENTMEDIA        2416              71.17        -85.64
LCA HOLDINGS COR       4798              49.52         -2.24
MORISHITA CO LTD       3594             170.16         -6.92
PROPERST CO LTD        3236             303.29       -415.76
RAYTEX CORP            6672              61.49         -3.49
SAIKAYA CO LTD         8254             375.83        -72.59
SHINWA OX CORP         2654              61.39        -12.95
TERRANETZ CO LTD       2140              11.63         -4.29


KOREA

AJU MEDIA SOL-PF       44775             13.82         -1.25
DAHUI CO LTD           55250            186.00         -1.50
DAISHIN INFO           20180            740.50       -158.45
KEYSTONE GLOBAL        12170             10.61         -0.74
KUKDONG CORP           5320              51.19         -1.39
KUMHO INDUS-PFD        2995           5,837.32       -967.28
KUMHO INDUSTRIAL       2990           5,837.32       -967.28
ORICOM INC             10470             82.65        -40.04
ROCKET ELEC-PFD        425               68.58         -2.14
ROCKET ELECTRIC        420               68.58         -2.14
SAMT CO LTD            31330            303.86        -77.57
SOLAR & TECH CO        30390             11.47         -0.59
TAESAN LCD CO          36210            296.83        -91.03
TONG YANG MAGIC        23020            355.15        -25.77
YOUILENSYS CORP        38720            166.70        -12.34


MALAYSIA

AXIS INCORPORATI       AXIS              37.88        -80.60
HO HUP CONSTR CO       HO                73.63         -4.31
LCL CORP BHD           LCL               78.28        -72.28
LIMAHSOON BHD          LIMA              26.52         -1.56
MANGOTONE GROUP        MTON              12.44         -9.21
OILCORP BHD            OILC             152.96        -35.28
POLY TOWER VENTU       PTV               58.06         -5.45
SINOTOP HOLDING        SNHB              22.80         -0.41
WONDERFUL WIRE         WW                11.70        -16.48
WWE HOLDINGS BHD       WWE               66.24         -1.88


NEW ZEALAND

DOMINION FINANCE       DFH              258.90        -55.31


PHILIPPINES

APEX MINING 'B'        APXB              45.84        -20.95
APEX MINING-A          APX               45.84        -20.95
BENGUET CORP 'B'       BCB               75.49        -37.05
BENGUET CORP-A         BC                75.49        -37.05
CYBER BAY CORP         CYBR              12.93        -79.23
EAST ASIA POWER        PWR               50.80       -139.42
FIL ESTATE CORP        FC                37.29        -11.36
FILSYN CORP A          FYN               22.00        -10.28
FILSYN CORP. B         FYNB              22.00        -10.28
GOTESCO LAND-A         GO                18.68        -10.86
GOTESCO LAND-B         GOB               18.68        -10.86
MRC ALLIED INC         MRC               13.04         -3.68
PICOP RESOURCES        PCP              105.66        -23.33
PRIME ORION PHIL       POPI              90.35         -5.12
STENIEL MFG            STN               28.67         -1.48
UNIVERSAL RIGHTF       UP                45.12        -13.48
UNIWIDE HOLDINGS       UW                52.80        -56.18
VICTORIAS MILL         VMC              178.06        -36.66


SINGAPORE

ADV SYSTEMS AUTO       ASA               11.69        -13.16
ADVANCE SCT LTD        ASCT              16.05        -43.84
FALMAC LTD             FAL               10.12         -6.80
HL GLOBAL ENTERP       HLGE              92.82        -11.57
INFORMATICS EDU        INFO              24.56         -0.01
JURONG TECH IND        JTL               98.76       -227.28
LINDETEVES-JACOB       LJ               151.66        -86.53
SUNMOON FOOD COM       SMOON             14.65        -13.74
TIGER AIRWAYS          TGR              122.90        -71.92
TT INTERNATIONAL       TTI              287.51        -38.28
WESTECH ELECTRON       WTE               20.26        -13.94


THAILAND

ABICO HLDGS-F          ABICO/F           15.28         -4.40
ABICO HOLDINGS         ABICO             15.28         -4.40
ABICO HOLD-NVDR        ABICO-R           15.28         -4.40
ASCON CONSTR-NVD       ASCON-R           59.78         -3.37
ASCON CONSTRUCT        ASCON             59.78         -3.37
ASCON CONSTRU-FO       ASCON/F           59.78         -3.37
BANGKOK RUBBER         BRC               90.30        -65.13
BANGKOK RUBBER-F       BRC/F             90.30        -65.13
BANGKOK RUB-NVDR       BRC-R             90.30        -65.13
CIRCUIT ELEC PCL       CIRKIT            17.39        -88.00
CIRCUIT ELEC-FRN       CIRKIT/F          17.39        -88.00
CIRCUIT ELE-NVDR       CIRKIT-R          17.39        -88.00
DATAMAT PCL            DTM               12.69         -6.13
DATAMAT PCL-NVDR       DTM-R             12.69         -6.13
DATAMAT PLC-F          DTM/F             12.69         -6.13
ITV PCL                ITV               33.88        -90.93
ITV PCL-FOREIGN        ITV/F             33.88        -90.93
ITV PCL-NVDR           ITV-R             33.88        -90.93
K-TECH CONSTRUCT       KTECH             39.74        -33.07
K-TECH CONSTRUCT       KTECH/F           39.74        -33.07
K-TECH CONTRU-R        KTECH-R           39.74        -33.07
KUANG PEI SAN          POMPUI            17.70        -12.74
KUANG PEI SAN-F        POMPUI/F          17.70        -12.74
KUANG PEI-NVDR         POMPUI-R          17.70        -12.74
PATKOL PCL             PATKL             52.89        -30.64
PATKOL PCL-FORGN       PATKL/F           52.89        -30.64
PATKOL PCL-NVDR        PATKL-R           52.89        -30.64
PICNIC CORPORATI       PICNI            162.04        -79.86
PICNIC CORPORATI       PICNI/F          162.04        -79.86
PICNIC CORPORATI       PICNI-R          162.04        -79.86
PONGSAAP PCL           PSAAP             25.95         -6.20
PONGSAAP PCL           PSAAP/F           25.95         -6.20
PONGSAAP PCL-NVD       PSAAP-R           25.95         -6.20
SAFARI WORLD PUB       SAFARI           103.18        -17.83
SAFARI WORLD-FOR       SAFARI/F         103.18        -17.83
SAFARI WORL-NVDR       SAFARI-R         103.18        -17.83
SAHAMITR PRESS-F       SMPC/F            21.99         -4.01
SAHAMITR PRESSUR       SMPC              21.99         -4.01
SAHAMITR PR-NVDR       SMPC-R            21.99         -4.01
SUNWOOD INDS PCL       SUN               19.86        -13.03
SUNWOOD INDS-F         SUN/F             19.86        -13.03
SUNWOOD INDS-NVD       SUN-R             19.86        -13.03
THAI-DENMARK PCL       DMARK             15.72        -10.10
THAI-DENMARK-F         DMARK/F           15.72        -10.10
THAI-DENMARK-NVD       DMARK-R           15.72        -10.10
TRANG SEAFOOD          TRS               12.09         -2.26
TRANG SEAFOOD-F        TRS/F             12.09         -2.26
TRANG SFD-NVDR         TRS-R             12.09         -2.26
UNIVERSAL S-NVDR       USC-R            105.34        -33.13
UNIVERSAL STARCH       USC              105.34        -33.13
UNIVERSAL STAR-F       USC/F            105.34        -33.13


TAIWAN

CHIEN TAI CEMENT       1107             202.45        -22.41
HELIX TECH-EC          2479T             23.39        -24.12
HELIX TECH-EC IS       2479U             23.39        -24.12
HELIX TECHNOL-EC       2479S             23.39        -24.12
TAIWAN KOL-E CRT       1606U            507.21       -147.14
TAIWAN KOLIN-EN        1606V            507.21       -147.14
TAIWAN KOLIN-ENT       1606W            507.21       -147.14
VERTEX PREC-ENTL       5318T             43.04         -2.31
VERTEX PRECISION       5318              43.04         -2.31
YEU TYAN MACHINE       8702              39.57       -271.07


                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine T. Fernandez, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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