TCRAP_Public/100511.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, May 11, 2010, Vol. 13, No. 091

                            Headlines



A U S T R A L I A

CONNECTOR MOTORWAYS: Transurban Buys Lane Cove Tunnel for AU$630M
EASYFIND: Court Orders Wind Up; BDO Australia Named as Liquidator
HARWOOD RESOURCES: In Liquidation; Workers to Receive Benefits


H O N G  K O N G

APPSTREET TECHNOLOGIES: Final Meetings Slated for June 10
CHATSWOOD TRADING: Commences Wind-Up Proceedings
CLEARWATER CAPITAL: Moody's Takes Various Rating Actions on Notes
ENZER ELECTRONICS: Inability to Pay Debts Prompts Wind-Up
FANTASIA HOLDINGS: Moody's Affirms 'B1' Corporate Family Rating

GRANDWAY GARMENT: Creditors' Proofs of Debt Due June 8
GREATWIN INVESTMENT: Members' Final Meeting Set for June 7
GILLETTE HK: Members' Final General Meeting Set for June 7
HEMISPHERE VENTURES: Placed Under Voluntary Wind-Up Proceedings
HK TRANSPORTATION: Placed Under Voluntary Wind-Up Proceedings

KATUN (HONG KONG): Members' Final Meeting Set for June 7
MASTER WEALTHY: Creditors' Proofs of Debt Due June 7


I N D I A

ANJALI HOTELS: CRISIL Assigns Junk Ratings on INR53.20 Mil. Loan
ATHARVA EDUCATIONAL: Delay in Loan Payment Cues CRISIL 'D' Ratings
B. S. SEA: ICRA Assigns 'LBB' Rating on INR9.0MM Term Loan
HARISONS STEEL: ICRA Assigns 'LBB-' Rating on INR65MM Term Loan
LOKRAJ SAINI: CRISIL Assigns 'BB-' Rating on INR135MM Cash Credit

MAHASEMAM TRUST: ICRA Places 'LBB+' Rating on INR500MM Term Loans
MANGALAGIRI TEXTILE: ICRA Rates INR200MM Term Loan at 'LBB-'
MONICA GARMENTS: ICRA Assigns 'LBB' Rating on INR34.3MM Loan
NAMO ALLOYS: ICRA Reaffirms 'LBB' Rating on INR150MM Bank Debts
NAVYUG ENTERPRISES: Fitch Assigns 'B-' National Long-Term Rating

OCEAN BUNKERS: CRISIL Puts 'B' Ratings on Various Bank Facilities
SELVEL ADVERTISING: ICRA Puts 'LBB+' Rating on INR37.8M Term Loan
SHRI GOVINDARAJA: ICRA Rates INR2.0 Million Term Loans 'LB'
VENUS GARMENTS: CRISIL Reaffirms 'C' Ratings on Term Loan


I N D O N E S I A

GARUDA INDONESIA: Fined IDR187-Bil. Over Alleged Price-Fixing
INTERNATIONAL NICKEL: Posts US$76.2 Million Net Income in Q1 2010


J A P A N

KANSAI URBAN: Moody's Reviews 'D' Bank Financial Strength Rating
JAPAN AIRLINES: To Keep Flying International Routes in Asia


K O R E A

KUMHO ASIANA: KDB To Set Up Equity Fund For Daewoo Purchase


M A L A Y S I A

EVERMASTER GROUP: Files Application For Judicial Review
HO HUP: Submits Financial Statements; Avoids Suspension of Shares


N E W  Z E A L A N D

BLUE CHIP: GE Likely to Appeal Court's Ruling Over Bartle Case
WAIMATE TIMBER: Waimate Council Loses NZ$400,000 on Plant Sale


S I N G A P O R E

ACS INNOVATIONS: Creditors Get 0.54% Recovery on Claims
ARGOS STEEL: Creditors' Meetings Set for May 17
CHINA PRINTING: Court to Hear Wind-Up Petition on May 14
EE CHENG: Court to Hear Wind-Up Petition on May 21
IMPERIAL CONSTRUCTION: Court Enters Wind-Up Order

LO-BALL MANAGEMENT: Court to Hear Wind-Up Petition on May 14
TOP SCAN: Court to Hear Wind-Up Petition on May 21
PICKET & RAIL: Court to Hear Wind-Up Petition on May 21
RADAR MAX: Court to Hear Wind-Up Petition on May 21
SEO FRAGRANCE: Court to Hear Wind-Up Petition on May 14

SOLVATORS INC: Court Enters Wind-Up Order
TEDJO ENGINEERING: Court Enters Wind-Up Order
VALUEZY PTE: Court to Hear Wind-Up Petition on May 14


T A I W A N

AU OPTRONICS: Plans to Set Up LCD Assembly Plant in Shandong


X X X X X X X X

* BOND PRICING: For the Week May 3 to May 7, 2010




                         - - - - -


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


CONNECTOR MOTORWAYS: Transurban Buys Lane Cove Tunnel for AU$630M
-----------------------------------------------------------------
The Lane Cove Tunnel has been sold to Transurban Group for
AU$630.5 million -- less than half what it cost to build -- just
months after the former operator, Connector Motorways, was placed
in receivership, The Sydney Morning Herald reports.

The report relates Transurban said it had bought the 3.6-kilometre
tunnel, subject to RTA approval, for AU$630.5 million.

According to the Herald, the company said the deal includes the
tunnel's assets and the 27-year toll concession.

Connector Motorways -- http://www.connectormotorways.com.au/--
owns and operates Sydney's Lane Cove Tunnel and Military Road
E-Ramps.  The tunnel opened in March 2007.

Connector Motorways was placed in receivership in January 2010.
Martin Madden and David Merryweather of KordaMentha were appointed
receivers and managers to Connector by the security trustee, BTA
Institutional Services Australia Ltd.


EASYFIND: Court Orders Wind Up; BDO Australia Named as Liquidator
-----------------------------------------------------------------
Mark Bode at Sunshine Coast Daily reports that Caloundra-based
online business directory EasyFind was placed under external
administration on April 23 and will now be liquidated.

The report says the deputy commissioner of taxation was listed as
the plaintiff in the application to wind up the company, which was
lodged in the Federal Court of Australia in Brisbane.

The court appointed BDO Australia as the liquidator, the report
notes.

According to the Daily, it is unknown at this stage how much
EasyFind, which was registered on April 1, 2005, owes the Taxation
Office.  However, the Taxation Office typically initiates legal
action only when the amount owed to it is substantial and long
overdue.


HARWOOD RESOURCES: In Liquidation; Workers to Receive Benefits
--------------------------------------------------------------
Ewin Hannan at The Australian reports that timber workers at
Harwood Resources will receive hundreds of thousands of dollars in
outstanding entitlements after their union took legal action to
force their former employer into liquidation.

According to the report, union officials said they believed the
Federal Court victory was the first time a union had successfully
liquidated a company in order to secure entitlements for
employees.

The Australian states that the Federal Court decision to grant the
union application to place the company in liquidation means the 11
employees will have access to payments from the federal
government's general entitlements scheme.

Some of the employees had worked at the hardwood mill for more
than 30 years, with their union estimating they were owed $400,000
in entitlements and about $90,000 in superannuation, according to
The Australian.

The report, citing Construction Forestry Mining and Energy Union's
forestry and furnishing products division, says the division hoped
workers would receive about AU$250,000 from the federal scheme.

Craig Smith, the division's NSW secretary, said the decision was a
welcome result for the employees, some of whom remained out of
work.

The Australian recalls that employees of Harwood Resources in the
southern NSW town of Tumut were sacked in April last year after
the company effectively ran out of money to pay the workers.
Following a union blockade and occupation of the site, The
Australian relates, an agreement was reached to put the company
into administration.


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


APPSTREET TECHNOLOGIES: Final Meetings Slated for June 10
---------------------------------------------------------
Members and creditors of Appstreet Technologies Limited will hold
their final meetings on June 10, 2010, at 11:00 a.m., and
11:30 a.m., respectively at the office of Grant Thornton, 6th
Floor, Sunning Plaza, 10 Hysan Avenue, Causeway Bay, in Hong Kong.

At the meeting, Wong Kwok Man and Alan C W Tang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CHATSWOOD TRADING: Commences Wind-Up Proceedings
------------------------------------------------
Members of Chatswood Trading Limited, on April 29, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          8th Floor, Gloucester Tower
          The Landmark
          15 Queen's Road Central
          Hong Kong


CLEARWATER CAPITAL: Moody's Takes Various Rating Actions on Notes
-----------------------------------------------------------------
Moody's Investors Service has announced these rating actions on
notes issued by Clearwater Capital Partners CLO I Pte Ltd:

  -- US$13,140,000 Class E Senior Secured Deferrable Floating-Rate
     Notes due 2014, Upgraded to Baa2; previously on December 19,
     2006 Definitive Rating Assigned Ba2.

  -- US$4,380,000 Class F Senior Secured Deferrable Floating-Rate
     Notes due 2014, Upgraded to B2; previously on December 19,
     2006 Definitive Rating Assigned B3.

This transaction is a static cash collateralized loan obligation
backed by a portfolio of distressed corporate loans and high-yield
bonds mostly domiciled in Asia.

According to Moody's, the rating actions on the notes are a result
of the further de-levering of the transaction following the full
redemption of Class A to D notes.  In particular, the Class E
notes have received a total of US$8.17 million in principal
payments in the two most recent payment dates, accounting for 62%
of the Class E's initial principal balance.  Moody's notes that
the positive impact from such de-levering more than offsets the
increase in defaulted amounts since the last rating action.  In
addition, the credit profile of the underlying portfolio of
performing assets has been relatively stable.

The portfolio of performing assets is dominated by two debts whose
ratings are derived from credit estimates.  The most concentrated
is a loan issued by a telecommunication company in the
Philippines, accounting for 47.8% of the portfolio's par amount.
An Indonesian company in the Beverage, Food and Tobacco industry
accounts for another 42.8% of the portfolio's par amount.  Moody's
performed a number of sensitivity analyses, including
consideration of applying various stress tests on this
concentrated pool of credit estimates.

In addition, Moody's notes that some defaulted loans have amended
repayment schedules.  If they repay according to the new repayment
schedules, Class E will be paid down substantially in the upcoming
payment date in July 2010.  Otherwise, Class E's amortization
schedule will be more dependent on the portfolio of performing
assets.

On March 20, 2009, Moody's upgraded Class B to Class D notes,
primarily as a result of significant de-levering of the capital
structure as well as the application of revised and updated key
modelling assumptions.


ENZER ELECTRONICS: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------------
Members of Enzer Electronics (HK) Company Limited on April 23,
2010, resolved to voluntarily wind up the company's operations due
to its inability to pay debts when it fall due.

The company's liquidator is:

         Madam Law Wai Fong
         29H, Tower 6
         Tung Chung Crescent
         No. 2 Mei Tung Street
         Tung Chung, Hong Kong


FANTASIA HOLDINGS: Moody's Affirms 'B1' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed Fantasia Holdings Group Co
Ltd's B1 corporate family and B2 senior unsecured bond ratings
with a stable outlook following the successful closing of the
company's US$120 million bond issuance.  The bond rating's
provisional status has also been removed.

"Fantasia's B1 corporate family rating reflects its established
niche business model, which balances the development of commercial
and residential properties while also minimizing performance
volatility stemming from the negative impact of regulatory
measures on the residential sector," says Peter Choy, a Moody's
VP/Senior Credit Officer.

"The rating additionally reflects the company's good track record
of solid execution and disciplined financial management," says
Choy.

At the same time, Fantasia's rating is constrained by the
execution risk associated with its rapid expansion plans, as well
as its geographical concentration in Chengdu.  The scale of its
land bank is consistent with single B-rated peers.

Moody's last rating action on Fantasia occurred on April 28, 2010,
when Moody's assigned it first-time B1 corporate family and
provisional (P)B2 bond ratings on its proposed US$ senior
unsecured notes.

Fantasia Holdings Group Co Ltd is a property developer established
in 1996 and listed on the Hong Kong Stock Exchange in November
2009.  As of March 31, 2010, it had a land bank of 5.75 million
square meters of gross floor area, mainly in Chengdu and Shenzhen.
It develops high-end office buildings and residential properties
targeting medium-sized enterprises and affluent individuals.


GRANDWAY GARMENT: Creditors' Proofs of Debt Due June 8
------------------------------------------------------
Creditors of Grandway Garment Limited, which is in voluntary
liquidation, are required to file their proofs of debt by June 8,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

          Wong Kam Chiu
          21/F, Fee Tat Commercial Centre
          No. 613 Nathan Road
          Kowloon, Hong Kong


GREATWIN INVESTMENT: Members' Final Meeting Set for June 7
---------------------------------------------------------
Members of Greatwin Investment Limited will hold their final
general meeting on June 11, 2010, at 10:45 a.m., at Room 1601,
Wing on Centre, 11 Connaught Road Central in Hong Kong.

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


GILLETTE HK: Members' Final General Meeting Set for June 7
----------------------------------------------------------
Members of Gillette Hong Kong Limited will hold their final
general meeting on June 8, 2010, at 11:00 a.m., at 20/F, Prince's
Building, Central, in Hong Kong.

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


HEMISPHERE VENTURES: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------------
At an extraordinary general meeting held on April 28, 2010,
members of Hemisphere Ventures Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Eliza Suk Ying Wu
         8th Floor, Henley Building
         5 Quuen's Road Central
         Hong Kong


HK TRANSPORTATION: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on April 22, 2010,
members of Hong Kong Transportation and Logistics Company Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Kishore Kundanmal Sakhari
         8th Floor, Henley Building
         5 Queen's Road Central
         Hong Kong


KATUN (HONG KONG): Members' Final Meeting Set for June 7
---------------------------------------------------------
Members of Katun (Hong Kong) Limited will hold their final general
meeting on June 7, 2010, at 10:00 a.m., at the offices of FTI
Consulting (Asia) Ltd, 1008 Shui On Centre, 6-8 Harbour Road,
Wanchai in Hong Kong.

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


MASTER WEALTHY: Creditors' Proofs of Debt Due June 7
-------------------------------------------------------
Creditors of Master Wealthy Limited, which is in voluntary
liquidation, are required to file their proofs of debt by June 7,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

          Guy Robert Corneille Deltombe
          2790 Chemin Du Groote
          Vrouwe, 59670 Cassel
          France


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ANJALI HOTELS: CRISIL Assigns Junk Ratings on INR53.20 Mil. Loan
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Anjali Hotels Pvt Ltd's
bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR53.20 Million Long-Term Loan      D (Assigned)
   INR15.00 Million Cash Credit         D (Assigned)
   INR5.00 Million Bank Guarantee       P5 (Assigned)

The ratings reflect the delay by AHPL in the repayment of its term
loan obligations; the delay has been because of weak liquidity.

Set up in 1971 as part of the CGH Earth group of hotels, AHPL
provides in-flight catering services.  The company was part of the
CGH group's Hotels and Allied Traders Pvt Ltd till 2007.  The
company acquired a flight kitchen in Calicut (Kerala) from the Saj
group in 2009-10 (refers to financial year, April 1 to March 31)
for INR130 million, funded through INR96 million of term debt and
through internal accruals.

AHPL reported a profit after tax (PAT) of INR17 million on net
sales of INR178 million for 2008-09, against a PAT of INR20
million on net sales of INR128 million for 2007-08.


ATHARVA EDUCATIONAL: Delay in Loan Payment Cues CRISIL 'D' Ratings
------------------------------------------------------------------
CRISIL has assigned its 'D' rating to Atharva Educational Trust
bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR121.9 Million Rupee Term Loan      D (Assigned)
   INR28.1 Million Proposed Long-Term    D (Assigned)
                   Bank Loan Facility

The rating reflects delay by Atharva in servicing its term loan;
the delay has been caused by Atharva's weak liquidity.

Atharva, set up in 1998, runs multiple educational institutes in
Mumbai.  The institutes offer various professional courses such as
engineering, information technology, management education, hotel
management, and fashion designing courses.  The trust is planning
to increase the variety of courses offered by it and its student
intake in the coming years.

Atharva reported a profit after tax (PAT) of INR52.1 million on
net sales of INR161.3 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR64.0 million on
net sales of INR138.8 million for 2007-08.


B. S. SEA: ICRA Assigns 'LBB' Rating on INR9.0MM Term Loan
----------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR9.0 million term loans
of B. S. Sea Foods Limited.  The outlook on the long term rating
is stable.  ICRA has also assigned an A4 rating to INR100 million
fund based bank limits of BSSF that are entirely interchangeable
between Export packing Credit and Foreign Bill
Purchase/Negotiation.

The ratings take into account the fragmented nature of the
industry with low entry barriers leading to low operating
profitability, significant competition in the export market from
other countries, and vulnerability of BSSF's produce, i.e. sea
fish and fish maws, to disease outbreaks.  The ratings also
factor in the company's relatively small scale of operations,
client concentration risk and low return on capital employed.
ICRA notes that BSSF's profitability is susceptible to changes in
Government policies towards exports benefits (DEPB rates) and as
well as movements in foreign currency exchange rates.  The ratings
also factor in the experience of the promoters in the sea fish
export business, high sales growth achieved over the years,
moderate gearing levels and re-commencement of operation at one of
the processing plant by BSSF in FY 2009, which is expected to
favorably impact the revenues of the company going forward.

B. S. Sea Foods Pvt. Ltd. was incorporated in 1992.  The company
is involved in the processing & export of fish and fish maws and
is currently managed by Mr. Sudhir Ranjan Das.  The company owns
two fish processing plants, at Madhyamgram and Barasat in West
Bengal. After processing, the company exports its products to
China, USA, Vietnam and a few other countries.

During FY 2009, BSSF reported a net profit of INR3.07 million on
net sales of INR 469.05 million. During the first 9 months of
FY2010, the company posted a net profit (provisional) of
INR5.39 million on net sales (provisional) of INR 530.68 million.


HARISONS STEEL: ICRA Assigns 'LBB-' Rating on INR65MM Term Loan
---------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR65 million term loans
and the INR180 million fund-based bank facilities of Harisons
Steel Private Limited.  The outlook on the long-term ratings
outstanding is stable.  ICRA has also assigned an A4 rating to the
INR50 million non-fund based bank facilities of HSPL.

The assigned ratings take into account the cyclicality inherent in
the stainless steel industry and the sensitivity of HSPL to raw
material price fluctuations, both of which are likely to keep its
cash flows volatile; the company's leveraged capital structure and
depressed coverage indicators; its working capital intensive
nature of operations; thin profitability on account of high raw
material costs and high dependence on select customers, leading to
significant sales concentration risks. The ratings, nevertheless,
positively factor in the significant experience of the promoters
in the steel business; strong revenue growth of the company
supported by higher realizations and favorable demand outlook for
stainless steel (SS) products in the near-to-medium term.

Established in 1999, HSPL is promoted by the Fulwadhya family and
is engaged in the manufacture of SS billets.  Its manufacturing
facility is located at Wada in the Thane district of Maharashtra
and the installed capacity is 30,000 MTPA.  Apart from
manufacturing SS billets, the company also sells downstream
products like SS round bars and wire rods by getting it
manufactured from other rolling mills on conversion basis.

In 2008-09, HSPL reported a net profit of INR 2.9 million on the
back of net sales of INR 1.52 billion.  In the first nine months
of 2009-10, the company posted an operating profit of INR32.7
million on the back of net sales of INR1.26 billion.


LOKRAJ SAINI: CRISIL Assigns 'BB-' Rating on INR135MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Lokraj Saini
Constructions' bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR135.00 Million Cash Credit        BB-/Stable (Assigned)
   INR30.00 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect LSC's weak financial risk profile, marked by
small net worth, high gearing and weak debt protection metrics,
and exposure to risks related to large working capital
requirements, small scale of operations, and regional
concentration in revenue profile.  These weaknesses are partially
offset by the benefits that the firm derives from its promoters'
experience in the construction business and its healthy order
book.

Outlook: Stable

CRISIL believes that LSC's financial risk profile will remain weak
over the medium term, driven by large working capital
requirements.  However, the firm's business risk profile is
expected to improve, driven by a healthy order book, and supported
by its promoters' industry experience.  The outlook may be revised
to 'Positive' if LSC's financial risk profile improves
significantly, driven by higher cash accruals or fresh equity
infusion.  Conversely, the outlook may be revised to 'Negative' in
case of significant pressure on the firm's liquidity because of
large incremental working capital requirements, or substantial
debt-funded capital expenditure.

                        About Lokraj Saini

Set up in 1987 as a proprietorship firm by Mr. Lokraj Saini, LSC
was reconstituted as a partnership firm in April 2008 with Mr.
Saini and Mrs. Kaushlya Devi as partners.  The firm undertakes the
construction of roads, bridges, and other infrastructure
development projects largely in Himachal Pradesh (HP), and mainly
for government departments such as HP Public Works Department and
the National Highway division in HP.

LSC is expected to report a profit before tax (PBT) of INR16
million on net sales of INR392.4 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PBT of
INR13.8 million on net sales of INR368.8 million for 2008-09.


MAHASEMAM TRUST: ICRA Places 'LBB+' Rating on INR500MM Term Loans
-----------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR500 million term loans
of Mahasemam Trust.  The outlook on the long term rating is
stable.  The rating reflects MT's weak capital structure, its
small and restricted geographic scale of operations, the risks
associated with unsecured lending business to marginal credit
profiled of borrowers,  and  its limited financial flexibility.
The rating takes into account the limitations arising from an
operating agreement MT has with its group company SMILE as per
which MT has restrictions on incremental lending and its
expansion plans.  Furthermore the rating factors in the limited
likelihood of MT's access to external equity on account of its
status as a trust, which restricts payment of dividend to
investors; therefore as MT is entirely dependent on internal
capital generation its ability to bring down its leveraging levels
from high level of 10.1 times as on March 2009 is constrained.
The rating also considers the constrained earnings profile on
account of its  high cost of operations, the operational risk
arising out of cash handling  and  MT's high level of geographical
concentration in select districts of Tamil Nadu where competitive
pressures from established MFI's is high.  While acceptance of
public deposits by a Trust is currently unregulated, any
restrictions on mobilizing public deposits in the future could
impact MT's funding profile significantly.  However, the assigned
rating favorably takes into account of the goodwill and brand
loyalty enjoyed by the Trust on account of philanthropic
activities by the promoter and other group entities and the
reasonable track record of the Trust of more than 10 years in MFI
activities, although on a limited scale in Tamil Nadu.

Mahasemam Trust is a public charitable trust founded by Dr. N.
Sethuraman in July, 1999 with primary aim of eradicating poverty
and improving the social status and self esteem of poor women. The
trust started its operations with 300 women members under the Self
help Group (SHG) Model, and later adopted the Joint Liability
Group (JLG) model of Grameen Bank of Bangladesh.  Being a
Trust, MT found it difficult to attract equity investors and avail
debt funding from banks and others.  To overcome this bottleneck,
SMILE Microfinance Ltd (SMILE) was formed as a non-deposit
accepting NBFC based Chennai. Bulk of the funding business was
transferred to SMILE while the non-financial services and a small
share of financing business were retained with MT.  As on
December 2009, MT, along with SMILE, had 0.29 million members
across 13 districts of Tamil Nadu.  Until December 2009, the
microfinance operations of MT were carried out through two
different entities; MT and SMILE Ltd.  The members were formed and
trained by MT, but financed by either MT of SMILE Ltd based on the
availability of funds.  This had resulted in an operating model
whereby, all operating costs are accounted to MT and the upfront
interest (fee income) of 7% of loan amount is also retained by MT
to compensate for the operating costs.

In December 2009, SMILE entered into a private equity agreement
with Developing World Markets (DWM), a US based Fund which invests
mainly in micro finance institutions, to infuse INR 50 cr equity
for 66.6% post-equity economic stake in the company.  The entry of
private equity investor into SMILE has necessitated the
demarcation of SMILE and MT. SMILE had entered into an operating
agreement with MT, through which it provides terms of operations
between SMILE and MT.  The operations of SMILE and MT have been
split in December 2009, whereby MT has retained 16 branches while
the remaining branches have been transferred to SMILE.  The
operations of MT are also limited only to four districts of TN.
Currently MT has 31,223 active borrowers in the 16 branches owned
by it apart from old members in other branches.

For the nine months ending December 2009, MT reported a PAT of
INR10.3 million on a total asset base of INR683 million vis-a-vis
PAT of INR11.1 million on an asset base of INR471 million in
fiscal 2009


MANGALAGIRI TEXTILE: ICRA Rates INR200MM Term Loan at 'LBB-'
------------------------------------------------------------
ICRA has assigned 'LBB-' rating to INR200 million term loan and
INR45.0 million fund based facilities of Mangalagiri Textile Mills
Pvt. Ltd.  The outlook on the long-term rating is Stable.

The assigned rating is constrained by the project execution risks,
typically associated with the greenfield projects as MTMPL is
still in project implementation stage.  Post completion, MTMPL
will remain exposed to risks arising out of commoditized nature of
grey cotton yarn and intense competition arising out of fragmented
nature of the industry thereby resulting in limited pricing power.

While the project has successfully achieved the financial closure
and is scheduled for commissioning in July 2010, it has been
already delayed by 6 months. A significant portion of the project
cost is being funded through debt and hence any delays in
commencement of commercial operations or inadequate utilization of
production capacities can adversely affect the debt servicing
ability.  ICRA also notes that in absence of power backup
facilities, the operations of the company would be dependent on
the availability of the regular power supply in the state which
had been facing power shortages in the past.

The rating however, favorably factors in the promoters'
significant experience in yarn trading, location advantage on
account of proximity to a major cotton growing area, low power
tariffs in the state and fiscal incentives offered by the state
government which helps in improving operating profitability and
provides competitive advantage to the spinning mills in the state.
ICRA notes that the demand for spun yarn has improved post the
slowdown witnessed during 2008-09 which has resulted in improved
realizations for the yarn manufacturers.

                     About Mangalagiri Textile

MTMPL was incorporated in March 2006 and is setting up a cotton
yarn spinning mill in Guntur district of Andhra Pradesh.  In the
phase I of the project, the company is installing 15,600 spindles
which are expected to get operational by July 2010.  The total
installed capacity would be increased to ~36,800 spindles under
the phase II of the project during 2011-12.  The total project
cost for phase I is estimated to be -INR 320.0 million which is
being funded through INR 200.0 million of term loans and
INR120.0 million of equity.


MONICA GARMENTS: ICRA Assigns 'LBB' Rating on INR34.3MM Loan
------------------------------------------------------------
ICRA has assigned the long term rating of 'LBB' to INR34.3 million
term loan of Monica Garments.  ICRA has also assigned the short
term rating of A4 to the fund based facilities of INR35.0 million.
The outlook on the long term rating is stable.

ICRA has assigned LBB- rating to INR 200.0 million term loan and
INR 45.0 million fund based facilities of Mangalagiri Textile

The assigned ratings are constrained by weak financial profile of
the company due to aggressive capital structure and stretched
coverage indicators, modest scale of operations and low pricing
power with high dependence on a few customers.  ICRA however,
draws comfort from the promoters' extensive experience in the same
line of business and improved outlook for garment exports to US &
Europe.

Monica Garments is a partnership firm and was established in 1990.
Mr. Anil Varma & Mr. Virendra Rawat are 50-50 partners in the
company.  The company manufactures garments mainly for the
women segment and caters to mid price customer segment.  The
company remains a fully export oriented company with majority of
products sold in European and US markets.  The company runs
three manufacturing facilities; two in Okhla (Delhi) and one in
Noida and the total manufacturing capacity is around 5,000 units
per annum.

Recent Results

The company has reported a PAT of around INR 1.6 million on an
operating income of around INR 129.4 million during FY09.


NAMO ALLOYS: ICRA Reaffirms 'LBB' Rating on INR150MM Bank Debts
---------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating to the INR150 million fund
based limits of Namo Alloys Pvt. Ltd.  ICRA has also reaffirmed
'A4' rating to the INR225 million fund based limits of NAPL.

The ratings take into account risks arising out of the modest
scale of operations in its core business of manufacture of
aluminium and zinc alloys which results in limited economies of
scale, intensely competitive nature of the industry, high customer
and sectoral concentration risk.  These factors have led to a weak
financial profile characterized by high gearing, low profitability
and low debt protection indicators.  However, the ratings draw
comfort from NAPL's experienced management and its long track
record in the aluminum and zinc alloys business.  Moreover, the
ratings take into consideration steps taken by the company to
augment its profitability and diversify its product portfolio
namely venture into manufacturing of auto-components.

Namo Alloys Pvt. Limited, a private limited company, promoted by
Mr. Anand Jain and his family members, is engaged in manufacturing
of aluminium and zinc based alloys.  NAPL's production facilities
are located in Faridabad (Haryana), and have a capacity to
manufacture 17,000 tons per annum of aluminum and zinc based
alloys.  The promoters have a number of group companies --
Akshay Aluminium Alloys and Vardhman Sales agency operating in the
same line of business.  In FY09, NAPL posted a profit after tax
(PAT) of INR0.59 million on a turnover of INR1.04 billion.


NAVYUG ENTERPRISES: Fitch Assigns 'B-' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has assigned Navyug Enterprises Pvt. Ltd. a National
Long-term Rating of 'B-(ind)'.  The Outlook is Stable.  The agency
has also assigned a National Rating of 'B-(ind)' to its term loan
limits aggregating INR163.6 million.  At the same time, the agency
has assigned a rating of 'F4(ind)' to its short-term fund and non-
fund based limits aggregating INR96.5 million.

The ratings assigned to NEPL reflect its limited ability to
withstand commodity price fluctuations and cope with adverse
currency movements.  The ratings are further constrained due to
the fact that the company exports more than 90% of its products to
one country, Bangladesh, thereby exposing it to geographical
concentration risk.  The agency also notes that over the years
(FY06-FY09) revenue volumes have been very volatile and margins
have been low (net profit ratio was less than one during FY06-
FY09), leading to a weak business risk profile.

The performance of the company remains affected by the
government's policies over the foreign trade of agro commodities.
The Government of India's ban on non-basmati rice exports, led to
a 64% dip in revenues during FY09 to INR366.28 million as compared
to revenues of INR1022.53 million during the previous financial
year.  NEPL's FY09 EBITA level was also at a loss of -3.67%
compared to 1.63% in FY08.

However, NEPL benefits from its promoters' long experience in the
export business and the consequent long-term relationships with
buyers in Bangladesh.

Positive rating factors for NEPL will be sustained positive EBIDTA
margins, coupled with interest coverage of more than 1.1x and net
leverage of below 10x.

NEPL was incorporated in 1993 by Mr. P.K.Saha to engage in the
business of exporting and trading various kinds of agro
commodities.  NEPL reported net revenues of INR366.28 million in
FY09 and negative operating EBIDTA of INR-13.44 million, compared
to net revenues of INR1022.53 million and positive EBIDTA of
INR16.64 million in FY08.  During the past four years (FY06-FY09),
EBIDTA margins were in the range of -3.67% and 2.90%.


OCEAN BUNKERS: CRISIL Puts 'B' Ratings on Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Ocean Bunkers Pvt
Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR64.5 Million Rupee Term Loan      B/Stable (Assigned)
   INR5.0 Million Cash Credit           B/Stable (Assigned)

The rating reflects OBPL's weak financial risk profile, marked by
a small net worth and high gearing, and exposure to intense
competition from large number of local players in the marine
vessel hiring and bunkering services segments.  These rating
weaknesses are partially offset by the benefits that OBPL derives
from its extensive management experience in the marine vessel
hiring and bunkering services segments.

Outlook: Stable

CRISIL believes that OBPL will continue to benefit from its
management experience and its service offering in the marine
vessel hiring and bunkering services segments, over the medium
term.  The outlook may be revised to 'Positive' in case of
substantial equity infusion resulting in significant improvement
in OBPL's financial risk profile, or if it achieves sustained high
revenue growth while maintaining its profitability. Conversely,
the rating outlook may be revised to 'Negative' if there is
decline in OBPL's operating profitability, or if the company
undertakes larger-than-expected debt-funded capital expenditure,
thereby adversely affecting its financial risk profile.

                        About Ocean Bunkers

Set up as a partnership firm in 2003, by Mr. Dilip Mody and Mr.
Prakash Sadhwani, OBPL (formerly, Ocean Marine Transport Company)
was reconstituted as a private limited company in April 2009.
OBPL is involved in barging and bunkering services, providing
marine vessels on hire for transport of cargo and fuel at various
ports in India.  The company has two inner anchorages and one sea-
going barge at present; it plans to procure another sea-going
barge over the medium term.

OBPL reported a net loss of INR2.9 million on net sales of INR24.8
million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax (PAT) of INR1.91 million on
net sales of INR26.4 million for 2007-08.


SELVEL ADVERTISING: ICRA Puts 'LBB+' Rating on INR37.8M Term Loan
-----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR37.8 million term
loans and INR10.0 million non fund based limits of Selvel
Advertising Private Limited.  The outlook on the assigned rating
is stable.  SAPL's non fund based limits are entirely inter-
changeable between long term and short term.  ICRA has also
assigned an A4+ rating to the INR122.2 million short term fund
based limits of SAPL.

The ratings take into account the moderate financial risk profile
of SAPL characterized by an increasing but conservative capital
structure and low level of operating profitability.  SAPL has
significant financial exposures in its wholly-owned subsidiaries
and other group companies with weaker financial profiles, which
adversely impacts SAPL's financial position.  The company has also
extended financial support, by way of loans and advances, to the
wholly-owned subsidiaries of its holding company, which affect its
profitability as reflected in low return on capital employed
(ROCE) levels.  Intense competition in the business from both
organized and unorganized players and cyclicality inherent in the
business because of its close linkages with the advertisement
spending of the corporate sector are also factored into the
assigned ratings.  The ratings however consider SAPL's track
record in the outdoor advertising business, an established
position in the Eastern region, particularly in Kolkata, and a
wide client base ranging from the corporate to Government
entities.  ICRA also notes that the group is diversifying
geographically through a company named One Ad Display Pvt. Ltd.
(OADPL) in regions like Mumbai, Delhi and Bangalore. Long-term
nature of contracts entered into by SAPL with the various
authorities and established relationship with owners of the
buildings who provide space to erect hoardings provide long-term
availability of these advertising sites.  Moreover, location of
these sites at key places also improves SAPL's competitive
position.

Incorporated in 1970, SAPL is a wholly own subsidiary of Kolkata
based Rusi & Zarin Gimi Family Holding Private Limited.  SAPL has
four wholly owned subsidiaries namely Selvel Transit Advertising
Pvt. Ltd., Selvel Outdoor Services Pvt. Ltd., Tristar Advertising
Pvt. Ltd. and Premier Publicity Pvt. Ltd. which are in the outdoor
advertising business and have their operational presence only in
Kolkata.  SAPL's marketing network includes 15 branches located in
different cities in Eastern India.

SAPL has reported a net profit (PAT) of INR16.3 million on an
operating income of INR506.3 million in FY 2009.


SHRI GOVINDARAJA: ICRA Rates INR2.0 Million Term Loans 'LB'
-----------------------------------------------------------
ICRA has assigned 'LB' rating to the INR2 billion term loans and
INR350 million fund based facilities of Shri Govindaraja Textiles
Private Limited.

The assigned ratings take in to account the company's highly
leveraged capital structure and limited financial flexibility
arising from significant debt-funded capital expenditure. The
rating also reflects SGTPL's weak coverage indicators and losses
in FY 08 and FY09.  The assigned rating also take into account the
promoter's experience in the spinning industry, reputation of the
larger Shri Jayavilas group and the location advantage of Unit I
in Cuddapah with respect to raw material procurement and the low
power cost in Andhra Pradesh.

Shri Govindaraja Textiles Pvt Ltd was incorporated in 1999 and is
part of the larger Sri Jayavilas group.  The company is closely
held by the promoters and the promoters' family.

The company has two manufacturing units in Cuddapah, Andhra
Pradesh (Unit I) and Aruppukottai, TamilNadu (Unit II).  Unit I in
Cuddapah was started in 2008 with a capacity of 50400 spindles.
Unit II in Aruppukottai was started in first quarter of FY10 with
an initial capacity of 18000 spindles.  Another 32400 spindles are
proposed to be installed in Unit II to bring the total capacity to
50400 spindles by first quarter of FY11.  The company manufactures
combed yarn ranging from 50 to 80 counts, which enables relatively
higher realizations as compared to coarser counts.


VENUS GARMENTS: CRISIL Reaffirms 'C' Ratings on Term Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Venus Garments (India)
Ltd continue to be driven by the significant realized losses on
its existing derivative contracts entered during 2007-08 (refers
to financial year, April 1 to March 31); the company is expected
to continue making losses on these contracts over the next two
years.

   Facilities                                      Ratings
   ----------                                      -------
   INR363.8 Million Term Loan                      C (Reaffirmed)

   INR290.0 Million Export Packing Credit (EPC)
     /Packing Credit in Foreign Currency (PCFC)    P4 (Reaffirmed)

   INR80.0 Million Standby Line of Credit          P4 (Reaffirmed)
                               (EPC/PCFC)

   INR110.0 Million Bank Guarantee and Letter      P4 (Reaffirmed)
                                    of Credit

The ratings also factor in the company's weak financial risk
profile marked by negative net worth and weak debt protection
measures and exposure to risks related to customer concentration
in its revenue profile and volatility in foreign exchange rates.
These rating weaknesses are partially offset by the industry
experience of Venus Garments' promoters, their stable business
relationships with global retailers, and the company's comfortable
operating efficiencies.

                        About Venus Garments

Set up in 1999, by Mr. Anil Jain, Venus Garments manufactures and
exports readymade garments. It has eight production units: six in
Ludhiana (Punjab) and two in Tirupur (Tamil Nadu).  The firm's
products include polo shirts, T-shirts, jogging suits, sweat
shirts, thermal wear, and sweaters.  More than 90 per cent of its
products are exported, primarily to the US, Mexico, and Canada.
The firm also owns around 50 factory outlets in North India, where
it sells export rejects.  In 2007-08, Venus Garments' promoters
incorporated UVW & Products Ltd to open retail stores to sell
products of Venus Garments in the domestic market.

For 2008-09, Venus Garments reported a net loss of INR76 million
(including derivative loss of INR156 million) on net sales of
INR1.46 billion against a profit after tax of INR38 million on net
sales of INR1.88 billion for the preceding year.


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


GARUDA INDONESIA: Fined IDR187-Bil. Over Alleged Price-Fixing
-------------------------------------------------------------
Jakarta Globe reports that PT Garuda Indonesia has denied engaging
in price-fixing after the country's business regulator ruled it
had colluded with other airlines in illegally inflating prices.

The Globe relates that the Business Competition Supervisory
Commission (KPPU) last week fined nine local airlines, including
Garuda, a total of IDR585 billion (US$64 million) for forming a
cartel to fix fuel surcharges and pass on the costs to passengers.

According to the report, Garuda spokesman Pudjobroto said the
airline was considering an appeal of its IDR187 billion fine.

The other carriers sanctioned included PT Sriwijaya Air, PT
Mandala Airlines, PT Merpati Nusantara Airlines and PT Lion
Mentari Airlines.

As reported in the Troubled Company Reporter-Asia Pacific on
August 13, 2009, Garuda Indonesia expects to raise as much as
US$400 million from its much-awaited Initial Public Offering in
June this year.  The expected launch, however, is based on a
positive outlook of the market condition, vis-a-vis investor
sentiment.

On May 29, 2009, the TCR-AP reported that Garuda Indonesia reached
a debt restructuring agreement with several of its creditors to
pay its debts.  Restructuring the airline's debt into a manageable
package is a major prerequisite for holding its initial public
offering.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


INTERNATIONAL NICKEL: Posts US$76.2 Million Net Income in Q1 2010
-----------------------------------------------------------------
PT International Nickel Indonesia Tbk announced unaudited results
for the first quarter 2010.

PTI recorded net earnings of US$76.2 million in the first quarter
of 2010 (US$0.008 per share), an increase of 27.2% compared to the
US$60.0 million (US$0.006 per share) achieved in the fourth
quarter of 2009.  EBITDA totalled US$121.7 million in the first
quarter of 2010, compared to US$106.1 million in the fourth
quarter of 2009.   The increase in EBITDA and net earnings in the
first quarter of 2010 compared to the fourth quarter of 2009 was
mainly impacted by higher deliveries and higher average realized
prices.

Sales revenue was US$255.6 million for the three months ended
March 31, 2010, an increase of 8.9% compared to US$234.8 million
in the fourth quarter of 2009.  This was mainly due to higher
deliveries of nickel in matte combined with higher net average
realized prices.  In the first quarter of 2010, deliveries
totalled 18,021 metric tons compared to 17,095 metric tons in the
fourth quarter of 2009.  The Company recorded an average realized
price for nickel in matte of US$14,182 per metric ton during the
first quarter of 2010, compared to US$13,733 per metric ton in the
fourth quarter of 2009.

"Production of nickel in matte in the first quarter of 2010
increased 16.3% to 19,811 metric tons from 17,029 metric tons in
the fourth quarter of 2009, when we carried out a regular
maintenance shutdown.  This increase was mainly due to higher
actual throughput ? aided by the rescheduling of a roof repair to
one of our electric furnaces that moved to the second
quarter of 2010 from the first quarter.  The furnace shutdown was
started on April 5, 2010 and repairs were completed on time on
April 19, 2010.  The furnace is now running at full capacity."
said Tony Wenas, PTI's President Director.

Production was 1,790 metric tons more than the deliveries in the
first quarter 2010 due to the shipment schedule.  This resulted in
higher nickel in matte inventories, which may offset the
impact in second quarter 2010 production due to maintenance
shutdown.

"Our earnings in the first quarter of 2010 were driven by higher
nickel in matte deliveries and increased average selling prices,
as compared to the fourth quarter of 2009.  In addition, the
Company achieved a structural operating cost reduction that
improved its cost of production per unit.  An example of this is a
reduction in fixed costs in the area of supplies and contracts
and services," said Tony Wenas.

The Company's total cost of goods sold in the first quarter of
2010 increased to US$150.4 million from US$142.2 million in the
fourth quarter of 2009, primarily due to higher deliveries.  The
cost of goods sold per metric ton delivered in the first quarter
was consistent with the fourth quarter of 2009 despite an increase
in consumables prices and fuel usage.  This is primarily a result
of cost reductions in other areas.   PTI consumed 32,000
kilolitres of diesel fuel at an average cost of US$0.59 per litre
in the first quarter of 2010 compared to 24,700 kilolitres at an
average cost of US$0.56 per litre in the fourth quarter of 2009.
In addition, the Company used 741,831 barrels of HSFO at an
average cost of US$76.03 per barrel compared to 605,706 barrels at
an average cost of US$69.81 per barrel in the fourth quarter of
2009.  The increase in fuel usage was primarily due to the fact
that the Company was operating in water conservation mode by
operating the thermal generators.  PTI has operated in water
conservation mode since the beginning of 2010 because of lower
precipitation levels in the fourth quarter of 2009.

"More recently, the water level in our main catchment area has
improved to its maximum level supported by heavy rainfall and we
had to spill water to avoid flooding of the areas surrounding the
lakes. Management of the Company is now maximizing the use of
hydro generated power and minimizing the use of thermal power
which is consistent with our objective of operating in an energy-
efficient manner while maintaining production output,"
noted Mr. Wenas.

Work has continued to build the Karebbe hydroelectric power
generating plant at a total cost of US$410 million.  All
fabrication packages are progressing as planned and construction
works have been 20% completed.  The Karebbe project is expected to
come on stream in the second half of 2011.  The project will
produce enough hydroelectric energy to displace all existing oil
and diesel use to feed the electric furnaces at the Sorowako
facility and is the main initiative in PTI's energy cost reduction
program.

As at March 31, 2010, the company has drawn US$150 million of the
US$300 million loan facility provided by a group of Japanese
banks, with the support of Nippon Export and Investment Insurance
to fund the Karebbe hydroelectric project.  These resources have
enhanced the company's cash position to face the significant
disbursements made under the investments on our Karebbe
hydroelectric project.  The final drawdown may be done in the next
two years, from the signing date of the facility, to fund the
completion of the Karebbe project.

"We are looking at increasing our production capacity under our
Production Optimization Project.  The Company is in the middle of
several studies on how to further optimize the operation of our
facilities in Sorowako, primarily by eliminating bottlenecks in
the current process. We are reviewing our business to identify
areas for efficiency and productivity improvements, including
enhancing process stability and equipment reliability. This
ongoing optimization project sets the stage for further production
increases" said Tony Wenas.

In the first quarter of 2010, cash provided by operating
activities, but before capital expenditures, was US$99.9 million.
Cash used for capital expenditures in the first quarter of
2010 was US$33.0 million in line with the US$33.3 million spent in
the fourth quarter of 2009.  There was a net cash inflow of
US$65.7 million in the first quarter of 2010 compared to a cash
inflow of US$91.4 million in the fourth quarter of 2009 which was
mainly driven by US$150 million of loan withdrawal.  The Company
plans to spend US$257.7 million on capital expenditures in 2010,
which consists of US$112.1 million for sustaining capital,
US$141.3 million for growth capital, and US$4.3 million for
health, safety and environment.

                           About PT Inco

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi.  Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.

                         *     *     *

As of May 10, 2010, the company carried Standard and Poor's
Ratings Service's "BB-" long-term foreign and local issuer
credit ratings.


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


KANSAI URBAN: Moody's Reviews 'D' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade its ratings on Kansai Urban Banking Corporation.

The affected ratings are listed below:

  -- D bank financial strength ratings
  -- Aa2 long-term credit / deposits ratings
  -- Aa3 senior subordinated debts ratings
  -- A1 junior subordinated debts ratings

The bank's Prime-1 short-term deposits ratings are unaffected.

The review has been prompted by Moody's growing concern over
KUBC's ability to transform its business model into one that can
generate enough recurring profit to absorb credit expenses.

Moody's is also concerned about the bank's ability to build up its
capital without relying on support from its parent, Sumitomo
Mitsui Banking Corporation (Aa2 long-term deposit ratings).

On April 30, 2010, KUBC lowered its earnings forecast for FYE
3/2010 to a consolidated net loss of JPY24.1 billion, as opposed
to the net profit of JPY 2.5 billion that it had previously
forecast.

The projected loss corresponds to some 20% of the bank's
consolidated Tier 1 capital at end-December 2009 (before the
merger with Biwako Bank), when KUBC's consolidated Tier 1 ratio
was 5.79%.

According to KUBC, this significant loss is due primarily to an
increase in credit expenses of JPY60 billion, up from
JPY27 billion that it had previously forecast.

The increase in credit expenses is attributable two factors:
1) the bank's worsening loan quality, due to stagnating economic
conditions and (2) the deterioration in the value of pledged
collateral due to the decline in real estate values in Japan.

Moody's review will focus on two factors.

The first is KUBC's BFSR -- its baseline credit assessment --
particularly 1) the prospect of rising credit expenses for FYE
3/2011 relative to Moody's stress scenario and 2) the bank's
ability to transform its business model to one that will allow it
to achieve more stable profits in a challenging environment and
rebuild its weakened capital base.

The second is the support of parent SMBC, which is a critical
factor in KUBC's deposit rating.  Despite KUBC's announcement of
such a substantial loss, Moody's see no sign at this point that
SMBC will provide KUBC any capital assistance.

Thus, even though the bank's capital ratio (approximately 9%) is
still way above the minimum required of a regional bank (4%), a
downward review of its BFSR warrants a re-assessment of this
support factor.

Moody's last rating action on KUBC was taken on March 17, 2009,
when the bank's ratings and outlooks were affirmed.

Kansai Urban Banking Corporation, headquartered in Osaka, is a
consolidated subsidiary bank of Sumitomo Mitsui Banking
Corporation.


JAPAN AIRLINES: To Keep Flying International Routes in Asia
-----------------------------------------------------------
Chris Cooper at Bloomberg News reports that Japan Airlines Corp.
president Masaru Onishi said Monday the carrier aims to continue
flying international routes in Asia.

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


KUMHO ASIANA: KDB To Set Up Equity Fund For Daewoo Purchase
-----------------------------------------------------------
State-owned Korea Development Bank will set up a private equity
fund this month to complete the takeover of Daewoo Engineering &
Construction Co., a construction unit owned by the Kumho Asiana
Group, by as early as July, Yonhap News Agency reports.

According to the news agency, KDB plans to complete a due
diligence on Daewoo Engineering this week and establish the fund
pool to buy a controlling 50% plus one share in the builder.

Yonhap states that the state lender will invite new financial
investors to chip in to the private equity fund but will exclude
companies who had expressed an interest in buying the builder --
TR America, POSCO and STX Group -- because of their previous
interest withdrawal or insufficient capital.

The bank plans to complete the purchase of Daewoo Engineering in
July or August, in which it will pay a total of KRW2.9 trillion
(US$2.5 billion) or KRW18,000 per share, Yonhap notes.

As reported in the Troubled Company Reporter-Asia Pacific on
August 6, 2009, The Korea Herald said Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  Bloomberg said
creditors including Shinhan Bank may force the company to repay
KRW3.9 trillion (US$3.2 billion) by June if they exercise an
option to sell Daewoo Engineering shares they hold back to Kumho
Asiana.

The creditors decided on December 30 to put two other ailing units
-- Kumho Industrial Co. and Kumho Tire Co. -- under a debt
rescheduling program.  Meanwhile, the group's other two units --
Korea Kumho Petrochemical Co. and Asiana Airlines Inc. -- will
have to improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.

Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap reported.

According to Bloomberg data, the group's net debt was KRW2.21
trillion as of September 30, 2009 -- more than double the KRW998.5
billion it had at the end of 2005 before Kumho Asiana bought 72%
of Daewoo Engineering for KRW6.43 trillion.  Kumho Tire's net debt
stood at KRW1.71 trillion at the end of September 2009.

                        About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


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


EVERMASTER GROUP: Files Application For Judicial Review
-------------------------------------------------------
Evermaster Group Berhad, with the written consent of the Receiver
and Manager, filed Application for Judicial Review No. JRK 25-21
of 2010-11 in the High Court in Sabah and Sarawak at Kota Kinabalu
on May 7, 2010.

The High Court in Sabah and Sarawak at Kota Kinabalu will hear the
Company's Ex-Parte Application for Judicial Review No. JRK 25-21
of 2010-11 today, May 11, 2010, at 9:00 a.m. for relief:

   a. That leave be granted to the Applicant to apply for an
      Order of Certiorari pursuant to Order 53 Rules 2(1) and
      3(1) and (2) of the Rules of the High Court 1980 to quash
      all proceedings on the decision of the Respondent to
      dismiss the Applicant's appeal and to de-list and remove
      the securities of the Applicant from the Official List of
      Bursa Securities on May 12, 2010, conveyed vide Bursa
      Malaysia Berhad's letter dated April 30, 2010, bearing
      reference no. CSC/196/2010; and

   b. That all proceedings on the decision of the Respondent to
      dismiss the Applicant's appeal and to de-list and remove
      the securities of the Applicant from the Official List of
      Bursa Securities on May 12, 2010, conveyed vide Bursa
      Malaysia Berhad's letter dated April 30, 2010, bearing
      reference no. CSC/196/2010 be stayed pursuant to Order 53
      Rule 3(5) of the Rules of the High Court 1980.

                      About Evermaster Group

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

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

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


HO HUP: Submits Financial Statements; Avoids Suspension of Shares
-----------------------------------------------------------------
Ho Hup Construction Co Bhd said it has submitted its outstanding
annual audited financial statements for the financial year ended
December 31, 2009 for public release.

Ho Hup said in a filing with Bursa Malaysia on May 7 that there
would be no suspension of trading in the company's shares after
complying with the bourse rules and regulations.

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

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


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


BLUE CHIP: GE Likely to Appeal Court's Ruling Over Bartle Case
--------------------------------------------------------------
The New Zealand Herald reports that finance company GE is likely
to appeal a court decision that its loans to two retired Blue Chip
investors are "oppressive".

The Court of Appeal ruled last week in favor of Whangarei couple
Bruce and Judy Bartle, who face losing their home after GE lent
them more than it was worth to invest in Blue Chip.

Various reports say the plea is seen as a trial case for several
elderly investors who fear losing their homes because of trades
with the failed Blue Chip firm.

The Herald recalls that the Bartles, on an income of NZ$22,000 a
year, ended up borrowing NZ$630,000 against their NZ$400,000 home
and an Auckland investment unit that ultimately sold for just
NZ$250,000.  They had believed that apart from an initial loan of
NZ$137,000 Blue Chip would take care of any additional funding.

"We declare that the loan agreements at issue in this case are
oppressive within the meaning of the Credit Contracts and Consumer
Finance Act 2003," the judgment released on May 6 said.

According to the Herald, GE argued it was the "innocent" lender
because it had no association with Blue Chip and the loans were
arranged through an intermediary company.  But the court said a
retired couple buying an investment apartment funded entirely by
mortgages over their home and the apartment "should at least have
put GE on inquiry".

An appeal of a second case brought by barrister Paul Dale on
behalf of Blue Chip investors has yet to be heard, the report
says.

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division is
engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.


WAIMATE TIMBER: Waimate Council Loses NZ$400,000 on Plant Sale
--------------------------------------------------------------
The Timaru Herald reports that the Waimate District Council has
lost almost NZ$400,000 after the receiver's sale of Waimate Timber
Processing to a mystery buyer.

The report says Waimate District Council chief executive Tony
Alden confirmed it had signed a release allowing the sale to
proceed and would not get any of the money owed to it.

The Timaru Herald relates that receivers BDO refused to confirm
the sale.  Joint receiver Colin Gower had no comment to make,
apart from saying his second report would likely be out in June,
the report notes.

Opened in 2003, the Waimate Timber Processing, which operates
under the name of Hunter Hills Lumber, was put into receivership
by ANZ National Bank last October.

WTP owed more than NZ$10 million -? around NZ$7.8 million to
secured creditors, including NZ$560,000 to Hunter Hills Lumber and
the council's debt.  The Inland Revenue Department, a preferential
creditor, was owed NZ$336,513, while unsecured creditors,
including many South Canterbury businesses, were owed NZ$1.87
million.


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


ACS INNOVATIONS: Creditors Get 0.54% Recovery on Claims
-------------------------------------------------------
ACS Innovations International Pte Ltd will declare a dividend to
unsecured creditors on May 14, 2010.

The company will pay 0.54% to the received claims.

The company's liquidator is:

         Bob Yap Cheng Ghee
         c/o KPMG LLP
         16 Raffles Quay #22-00
         Hong Kong Building
         Singapore 048581


ARGOS STEEL: Creditors' Meetings Set for May 17
-----------------------------------------------
Argos Steel Structure (S) Pte Ltd, which is in liquidation, will
hold a meeting for its creditors on May 17, 2010, at 4:00 p.m., at
Marina Bay Room, ERC Institute, #17-01 Robinson Centre, 61
Robinson Road, Singapore 068893.

Agenda of the meeting includes:

   a. To receive and to consider the liquidator?s Status Report;

   b. To approve the Liquidator's proposed 1st & final billing for
      his fees and disbursements;

   c. To approve that a first and final dividend of 3.8% be paid
      to unsecured creditors for every Singapore dollar of the
      admitted amount of their unsecured claim that has been
      admitted by the Liquidator (subject to the approval of the
      Liquidator?s fees and disbursements which ranks ahead for
      payment before the said dividend payment); and

   d. to approve that the Liquidator proceeds to apply to Court
      for orders to seek his discharge and release, for the
      dissolution of the Company and inter alia, for an order to
      destroy the books and records of the Company in  his
      possession upon lodgement of such Order of Court with the
      Accounting & Corporate Regulatory Authority ("ACRA").

The company's liquidator is:

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


CHINA PRINTING: Court to Hear Wind-Up Petition on May 14
--------------------------------------------------------
A petition to wind up the operations of China Printing & Dyeing
Holding Limited will be heard before the High Court of Singapore
on May 14, 2010, at 10:00 a.m.

KPMG Advisory Services Pte Ltd filed the petition against the
company on April 26, 2010.

The Judicial Managers solicitors are:

         WongPartnership LLP
         One George Street #20-01
         Singapore 049145


EE CHENG: Court to Hear Wind-Up Petition on May 21
--------------------------------------------------
A petition to wind up the operations of EE Cheng Metal-Works Pte
Ltd will be heard before the High Court of Singapore on May 21,
2010, at 10:00 a.m.

Oversea-Chinese Banking Corporation Limited filed the petition
against the company on April 28, 2010.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         9 Battery Road, #25-01
         Straits Trading Building
         Singapore 049910


IMPERIAL CONSTRUCTION: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on April 30, 2010, to
wind up the operations of Imperial Construction (Private) Limited.

Hock Hin Leong Timber Trading (Pte) Ltd filed the petition against
the company.

The company's liquidator is:

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


LO-BALL MANAGEMENT: Court to Hear Wind-Up Petition on May 14
------------------------------------------------------------
A petition to wind up the operations of Lo-Ball Management Pte Ltd
will be heard before the High Court of Singapore on May 14, 2010,
at 10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company on April 30, 2010.

The Petitioner's solicitors are:

         Robert Wang & Woo LLC
         9 Temasek Boulevard #41-01
         Suntec Tower 2
         Singapore 038989


TOP SCAN: Court to Hear Wind-Up Petition on May 21
--------------------------------------------------
A petition to wind up the operations of Top Scan Marine &
Engineering Pte Ltd will be heard before the High Court of
Singapore on May 21, 2010, at 10:00 a.m.

NTUC Income Insurance Cooperative Limited filed the petition
against the company on April 28, 2010.

The Petitioner's solicitors are:

         M/s Lawrence Chua & Partners
         33 Kreta Ayer Road
         Singapore 088999


PICKET & RAIL: Court to Hear Wind-Up Petition on May 21
-------------------------------------------------------
A petition to wind up the operations of Picket & Rail Asia Pacific
Pte Ltd will be heard before the High Court of Singapore on
May 21, 2010, at 10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited as Trustee
of Suntec Real Estate Investment trust filed the petition against
the company on April 27, 2010.

The Petitioner's solicitors are:

         Kelvin Chia Partnership
         6 Temasek Boulevard
         29th Floor, Suntec Tower Four
         Singapore 038986


RADAR MAX: Court to Hear Wind-Up Petition on May 21
---------------------------------------------------
A petition to wind up the operations of Radar Max Pte Ltd will be
heard before the High Court of Singapore on May 21, 2010, at 10:00
a.m.

Singapore Telecommunications Limited filed the petition against
the company on April 23, 2010.

The Petitioner's solicitors are:

         Messrs Lim & Lim
         8 Wilkie Road #04-09
         Wilkie Edge
         Singapore 228095


SEO FRAGRANCE: Court to Hear Wind-Up Petition on May 14
-------------------------------------------------------
A petition to wind up the operations of Seo Fragrance & Flavours
Pte Ltd will be heard before the High Court of Singapore on
May 14, 2010, at 10:00 a.m.

National Starch Pte Ltd filed the petition against the company on
April 20, 2010.

The Petitioner's solicitors are:

         NLC Law Asia LLP
         8 Robinson Road #10-00
         ASO Building
         Singapore 048544


SOLVATORS INC: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on April 23, 2010, to
wind up the operations of Solvators Inc Pte Ltd.

Northstar Marine Pte Ltd filed the petition against the company.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


TEDJO ENGINEERING: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on April 30, 2010, to
wind up the operations of Tedjo Engineering Pte Ltd.

The company's liquidators are:

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


VALUEZY PTE: Court to Hear Wind-Up Petition on May 14
-----------------------------------------------------
A petition to wind up the operations of Valuezy Pte Ltd will be
heard before the High Court of Singapore on May 14, 2010, at
10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company on April 30, 2010.

The Petitioner's solicitors are:

         Robert Wang & Woo LLC
         9 Temasek Boulevard #41-01
         Suntec Tower 2
         Singapore 038989


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


AU OPTRONICS: Plans to Set Up LCD Assembly Plant in Shandong
------------------------------------------------------------
China Post reports that AU Optronics plans to set up a joint
venture with Chinese home appliance giant Haier Group to make
inroads into northern China.

The Post relates AU Optronics said it has agreed with Haier Group
to establish a liquid crystal display (LCD) TV panel assembly
plant in Qingdao, Shandong province.  The joint venture will cost
US$7 million (NT$221.7 million), with Haier paying 70% and AU
Optronics 30%, the report notes.

Hsiao said the company expects the Qingdao plant will begin
operation in the second half of this year.

                         About AU Optronics

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

                           *     *     *

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


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


* BOND PRICING: For the Week May 3 to May 7, 2010
-------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.05
AINSWORTH GAME           8.00    12/31/2011   AUD       0.86
AMP GROUP FINANC         9.80    04/01/2019   NZD       1.00
ANTARES ENERGY          10.00    10/31/2013   AUD       2.00
AUROX RESOURCES          7.00    06/30/2010   AUD       0.92
BECTON PROP GR           9.50    06/30/2010   AUD       0.40
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.16
CHINA CENTURY           12.00    09/30/2010   AUD       0.75
COM BK AUSTRALIA         5.00    10/15/2019   AUD      69.08
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.41
GRIFFIN COAL MIN         9.50    12/01/2016   USD      65.00
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.17
JPM AU ENF NOM 1         3.50    06/30/2010   USD       7.00
MINERALS CORP           10.50    09/30/2011   AUD       0.29
NEW S WALES TREA         1.00    09/02/2019   AUD      64.22
PRAECO P/L               7.13    07/28/2020   AUD      72.26
RESOLUTE MINING         12.00    12/31/2012   AUD       1.11
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.60



  CHINA
  -----

SHANG ZHANGJIANG         5.90    12/0902014   CNY      58.30


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      38.50


  INDIA
  -----

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


  INDONESIA
  ---------

MOBILE-8 TELECOM        12.37    06/15/2017   IDR      58.00
TRUBA JAYA              11.75    07/08/2010   IDR      66.50

  JAPAN
  -----

AIFUL CORP               1.20    01/26/2012   JPY      73.52
AIFUL CORP               1.99    03/23/2012   JPY      70.83
AIFUL CORP               1.22    04/20/2012   JPY      69.81
AIFUL CORP               1.63    11/22/2012   JPY      61.74
AIFUL CORP               1.74    05/28/2013   JPY      55.83
AIFUL CORP               1.99    10/19/2015   JPY      44.60
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      59.06
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      58.45
KIRAYAKA HOLDING         2.59    03/22/2016   JPY      68.94
NIS GROUP                8.06    06/20/2012   USD      39.00
TAKEFUJI CORP            9.20    04/15/2011   USD      70.62
TAKEFUJI CORP            9.20    04/15/2011   USD      70.62
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.40


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.06
CRESENDO CORP B          3.75    01/11/2016   MYR       0.81
DUTALAND BHD             4.00    04/11/2013   MYR       0.32
DUTALAND BHD             4.00    04/11/2013   MYR       0.75
EASTERN & ORIENT         8.00    07/25/2011   MYR       0.90
EASTERN & ORIENT         8.00    11/16/2019   MYR       0.94
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.23
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.51
MALAKOFF CORP BH         9.00    04/30/2057   MYR      74.25
MITHRIL BHD              3.00    04/05/2012   MYR       0.67
NAM FATT CORP            2.00    06/24/2011   MYR       0.65
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.19
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.51
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.22
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.62
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       1.21
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.03
SCOMI GROUP              4.00    03/19/2013   MYR       0.10
TRADEWINDS PLANT         2.00    02/08/2012   MYR       0.62
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       0.98
WAH SEONG CORP           3.00    05/21/2012   MYR       1.60
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.31
YTL CEMENT BHD           5.00    11/10/2015   MYR       1.95


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

ALLIED FARMERS           9.60    11/15/2011   NZD      49.07
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      20.50
CONTACT ENERGY           8.00    05/15/2014   NZD       1.02
FLETCHER BUI             8.50    03/15/2015   NZD       8.00
FLETCHER BUI             7.55    03/15/2011   NZD       6.90
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.11
INFRASTR & UTIL          8.50    09/15/2013   NZD       8.50
INFRATIL LTD             8.50    11/15/2015   NZD      12.50
INFRATIL LTD            10.18    12/29/2049   NZD      67.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.35
MANUKAU CITY             6.15    09/15/2013   NZD       1.01
MANUKAU CITY             6.90    09/15/2015   NZD       1.02
MARAC FINANCE           10.50    07/15/2013   NZD       0.91
SKY NETWORK TV           4.01    10/16/2016   NZD      59.13
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.01
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.44
ST LAURENCE PROP         9.25    07/15/2010   NZD      72.38
ST LAURENCE PROP         9.25    05/15/2011   NZD      39.66
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.05
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.55
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.00
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.45


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      36.00
SENGKANG MALL            8.00    11/20/2012   SGD       0.50
SENGKANG MALL            4.88    11/20/2012   SGD       0.50
UNITED ENG LTD           1.00    03/03/2014   SGD       1.55
WBL CORPORATION          2.50    06/10/2014   SGD       1.80


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

DAEWOO MTR SALES         6.55    03/17/2011   KRW      69.29
DAEWOO MTR SALES         5.88    06/21/2012   KRW      60.15
ILKYUNG CO               6.00    09/07/2012   KRW      68.83

SRI LANKA
---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      70.98


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      70.70


                         *********

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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