TCRAP_Public/100514.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, May 14, 2010, Vol. 13, No. 094

                            Headlines



A U S T R A L I A

FLETCHERS FREIGHTERS: Creditors Opt to Liquidate Business
FMG RESOURCES: Moody's Gives Stable Outlook on 'B2' Rating
TRANSURBAN GROUP: Canadian Funds Unlikely to Lift AU$7.2BB Bid


C H I N A

CHINA CONSTRUCTION: Vice President Fan Yifei Steps Down


H O N G  K O N G

JOYE INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
LILLY HK: Members' Final Meeting Set for June 8
LILLY HK FINANCE: Members' Final Meeting Set for June 8
MIYANO MACHINERY: Members' Final Meeting Set for June 11
OFFSET HKG: Commences Wind-Up Proceedings

ORIENTAL SUN: Creditors' Proofs of Debt Due June 4
PASS FOUNDATION: Court to Hear Wind-Up Petition on June 9
PEREGRINE CAPITAL: Members and Creditors' Meetings Set for June 4
PFL PACIFIC: Members' Final Meeting Set for June 7
PFL PACIFIC NETWORK: Members' Final Meeting Set for June 7

RISESOFT LIMITED: Creditors' Proofs of Debt Due June 7
SANBORN FINANCE: Creditors' Proofs of Debt Due June 11
UNISON PACIFIC: Members' Final Meeting Set for June 7
VILLA KING: Court to Hear Wind-Up Petition on June 23
WASAKI (FAR EAST): Seng and Lo Step Down as Liquidators

WELL LIGHT: Members' Final General Meeting Set for June 8
WINCASE HOLDINGS: Commences Wind-Up Proceedings
YOGA YOGA: Chan Kin Hang Danvil Appointed as Liquidator


I N D I A

AIR INDIA: Crew Members Agitation Likely to Affect Flights
AIR INDIA: Gets $475-Mil. Loan From Standard Chartered
AIR INDIA: To Hire Cato Purnell for Branding Makeover
BOTHRA METALS: CRISIL Lifts Ratings on Various Debts to 'B'
CHENNAI ELEVATED: ICRA Rates INR16.10 Bil. LT Loans

GHARANA FOODS: ICRA Rates INR150MM Fund Based Limits at 'LBB'
M.V. FOOD: ICRA Assigns 'LBB' Rating on INR89 Mil. Bank Debts
MICA INDUSTRIES: ICRA Assigns 'LBB' Rating on INR125MM Bank Debts
NATIONAL CONSTRUCTION: CRISIL Lifts Rating on INR50M Debt to 'B+'
PERSANG ALLOY: CRISIL Cuts Ratings on INR40 Mil. Loan to 'C'

SARVOTTAM ROLLING: CRISIL Reaffirms 'BB-' Rating on Term Loan


I N D O N E S I A

INDOSAT PALAPA: Moody's Assigns 'Ba1' Rating on Senior Bonds
INDOSAT PALAPA: S&P Assigns 'BB' Rating on Proposed Senior Notes


J A P A N

AIFUL CORP: Posts JPY295.1-Bil. Net Loss in Year Ended March 31
HITACHI LTD: Posts JPY106.9 Billion Net Loss For 2009
JVC KENWOOD: To Slash 1,000 Jobs; To Raise Capital by JPY20 Bil.
PROPERST CO: Files for Bankruptcy Protection in Japan
* JAPAN: April Corporate Bankruptcies Fall 13.2%

* S&P Puts Ratings on Nine Tranches From Seven Japanese CDO Deals


K O R E A

SSANGYONG MOTOR: Narrows Q1 Loss to KRW25.7BB on Rising Sales


M A L A Y S I A

CIMB INVESTMENT: Moody's Changes Rating Outlook to Positive
NAM FATT: Defaults on MYR40 Million Outstanding Islamic Notes


P H I L I P P I N E S

* Moody's Sees Good Impact of Aquino Victory on Philippine Gov't


S I N G A P O R E

SINO-ENVIRONMENT: Court Names Ernst & Young as Judicial Managers


T A I W A N

ASUSTEK COMPUTER: Cuts Q2 Revenue Forecast on Weak Euro Currency


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


FLETCHERS FREIGHTERS: Creditors Opt to Liquidate Business
---------------------------------------------------------
ABC News reports that Fletchers Freighters' creditors have voted
to liquidate the business.  According to ABC News, administrator
Sam Davies said there will be no money left to pay creditors.

The report relates Mr. Davies said the 100 or so local employees
in the South Australian Riverland who are being made redundant
will seek support from the Federal Government.

Mr. Davies said no viable restructuring option was put forward and
there were no offers to buy the transport business, which operated
across several states, according to ABC News.

"It leaves me with little alternative following the creditors'
resolution other than to shut the business down," Mr. Davies told
ABC News.

Founded in 1948, Fletchers Freighters --
http://www.fletchersfreighters.com.au/-- has a fleet of about 80
linehaul prime movers and depots in Adelaide, Melbourne, Sydney
and Brisbane.

Fletchers Freighters went into voluntary administration on
March 28, ahead of potential restructuring or trade sale of
the business.  Sam Davies and Rob Kirman of McGrathNicol were
appointed voluntary administrators of the company.


FMG RESOURCES: Moody's Gives Stable Outlook on 'B2' Rating
----------------------------------------------------------
Moody's Investors Service has revised the outlook on the B2 senior
secured rating of FMG Resources (August 2006) Pty Ltd -- the
financing arm of the Fortescue Metals Group -- to stable from
negative.

"The change in outlook to stable reflects the stability evident in
FMG's production, following its steady improvement in the last 12
months, as well as the improved prospects for cash flow generation
in the next 12-18 months, given the robust recovery in the iron
ore market," says Spencer Ng, a Moody's Analyst.

"At the current production run-rate, Moody's expect FMG's
financial performance in FY 2010 to support a higher rating than
B2, with Funds from Operations / Debt expected to exceed 25%."

"However, the rating is constrained by the slower than originally
expected ramp-up to its 55 million tonnes per annum target and its
short operating history," says Ng, adding "Furthermore, plans to
further expand its operations in the Pilbara region over time
raises some uncertainty about free cash flow generation in coming
years".  The impact of such plans will be assessed based on the
expected scale, complexity of work involved, and final funding
structure.

Current ore shipment is running at an annualized rate of
37-38 million tons, with cash operating costs running at around
US$30/ton.  These factors, combined with the strong iron ore price
environment, will strengthen FMG's credit metrics in FY2011.  The
rating is likely to benefit further if such trend is maintained
and if any planned expansion is pursued in a prudent manner.

At the same time, Moody's is concerned about the adverse medium-
term credit implications from the introduction of the proposed 40%
Resource Super Profits Tax announced by the Australian Government
on May 2.

But, as the tax will not become effective until FY 2013, and given
the preliminary nature of information at this stage, its precise
credit implications will become clearer when the final structure
is approved.  At the current time, the uncertainty of the planned
tax is incorporated in the B2 rating, and may constrain any
potential rating upgrade in the future.

The B2 rating could be upgraded as FMG establishes greater track
record of stable production, and as it get closer to achieving 55
mtpa without any material change to its operating risk profile.
This assumes that any planned capacity expansion beyond 55 mtpa is
pursued in a manner that does not materially weaken credit
metrics.

The rating is not likely to be downgraded in the near term unless
there is a material deterioration in FMG's operating profile
and/or it pursues an aggressive expansion plan that would weaken
its financial profile (as indicated by Interest Coverage below 3 -
3.5 times) and substantially raise execution challenges.

The last rating action was on September 1, 2009 when the ratings
of FMG Resources (August 2006) Pty Ltd was downgraded from B1 to
B2 with a negative outlook.

Fortescue Metals Group, based in Perth, is an iron ore producer
engaged in the exploration and mining of iron ore for export,
mainly to China.


TRANSURBAN GROUP: Canadian Funds Unlikely to Lift AU$7.2BB Bid
--------------------------------------------------------------
Canada Pension Plan Investment Board and Ontario Teachers' Pension
Plan are unlikely to raise their rejected AU$7.2 billion bid for
Transurban Group, Nichola Saminather and Robert Fenner at
Bloomberg News reports, citing analysts at Macquarie Group Ltd.,
Royal Bank of Scotland Group Plc and Southern Cross Equities Ltd.

Bloomberg relates the funds and Sydney-based fund manager CP2 Ltd.
on Wednesday sweetened their bid to AU$5.57 a share, about 28%
more than the closing share price before an original November
offer.  Analysts said the three funds are unlikely to increase
that further or make a hostile takeover, Bloomberg notes.

"They want to leave some money on the table for their own
shareholders," Bloomberg quoted Sanjay Magotra, a Sydney-based
infrastructure analyst at Southern Cross, as saying.  Sanjay rates
the stock as "reduce."  "The Canadians and CP2 don't have to
return with a revised offer because they're long-term investors
and they can sit on the sidelines for 12 months, a year, two
years, till it drifts back to where it creates a return."

The three funds, which already own a combined 42.4% of the
company, are vying for control of assets including the Pocahontas
895 in Virginia and four Sydney toll roads to deliver steady
earnings to their members, according to Bloomberg News.
Upon rejecting their proposal, Bloomberg relates, Transurban said
it would go ahead with an AU$542.3 million share sale to help fund
its purchase of the Sydney Lane Cove Tunnel to extend its Sydney
road network.

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2010, The Sydney Morning Herald said that 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.

Transurban said it had bought the 3.6-kilometre tunnel, subject to
RTA approval, for AU$630.5 million.  The deal includes the
tunnel's assets and the 27-year toll concession.

Transurban on Wednesday raised about AU$410 million at AU$4.60 a
share from the institutional component of the equity sale,
Bloomberg says.

                      About Transurban Group

Melbourne, Australia-based Transurban Group (ASX:TCL)--
http://www.transurban.com.au/-- is engaged in the operation of
CityLink, Hills M2 and the Pocahontas Parkway, provision of the
tolling and customer management system for the Westlink M7
Motorway project, tendering for participation in and/or
acquisition of other toll roads, development of electronic
tolling and other intelligent transport systems for
implementation in both domestic and international markets, and
identification and development of infrastructure projects. The
company also has a controlling interest in the Sydney Roads Group.

                           *     *     *

Transurban Group incurred net losses of AU$152.18 million,
AU$105.34 million and AU$16.13 million for the years ended
June 30, 2007, through 2009.


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


CHINA CONSTRUCTION: Vice President Fan Yifei Steps Down
-------------------------------------------------------
China Construction Bank Corp.'s Executive Vice President Fan Yifei
has resigned due to a change of job, Xinhua News Agency reports.

Xinhua, citing CCB in a statement filed to the Hong Kong Stock
Exchange, says that during his 28-year tenure, Fan held various
positions in CCB including general manager of the planning and
finance department, assistant president and executive vice
president.

The news agency relates the statement did not release any more
details about Fan's new position or organization.

                     About China Construction

Beijing-based China Construction Bank Corporation (HKG:0939) --
http://www.ccb.com/-- operates in three business segments:
corporate banking, personal banking and treasury business.  Its
corporate banking products and services include corporate loans,
trade financing, deposit taking activities, agency services,
consulting and advisory services, cash management services,
remittance and settlement services, custody services, and
guarantee services.  The Company's personal banking products and
services comprise personal loans, deposit taking activities, card
business, personal wealth management services, remittance services
and securities agency services.  The Bank operates principally in
Mainland China with branches located in 31 provinces, autonomous
regions and municipalities directly under the central government,
and two subsidiaries located in the Bohai Rim.  It also has bank
branch operations in Hong Kong, Singapore, Frankfurt,
Johannesburg, Tokyo and Seoul, and subsidiaries operating in
Hong Kong.

                           *     *     *

China Construction Bank continues to carry Moody's Investors
Service's 'D-' bank financial strength rating.  Moody's Bank
Financial Strength Ratings represent Moody's opinion of a bank's
intrinsic safety and soundness and, as such, exclude certain
external credit risks and credit support elements that are
addressed by Moody's Bank Deposit Ratings.


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


JOYE INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on April 26, 2010,
creditors of Joye International Co. Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Wang Poey Foon Angela
         14th Floor South China Building
         1-3 Wyndham Street
         Central, Hong Kong


LILLY HK: Members' Final Meeting Set for June 8
-----------------------------------------------
Members of Lilly HK Finance I Limited will hold their final
meeting on June 8, 2010, at 10:00 a.m., at Level 28, Three Pacific
Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


LILLY HK FINANCE: Members' Final Meeting Set for June 8
-------------------------------------------------------
Members of Lilly HK Finance II Limited will hold their final
general meeting on June 8, 2010, at 10:00 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MIYANO MACHINERY: Members' Final Meeting Set for June 11
--------------------------------------------------------
Members of Miyano Machinery Asia Co., Limited will hold their
final general meeting on June 11, 2010, at 10:00 a.m., at 36
Sumiyoshi, Ueda-Shi, Nagano-Ken, 386-0002, in Japan.

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


OFFSET HKG: Commences Wind-Up Proceedings
-----------------------------------------
Members of Offset HKG Limited, on April 30, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Chan Chak Ming
         Room 2101, St. George's Building
         2 Ice House Street
         Central, Hong Kong


ORIENTAL SUN: Creditors' Proofs of Debt Due June 4
--------------------------------------------------
Oriental Sun International Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by June 4, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 30, 2010.

The company's liquidator is:

         Wong Pong Kwok Ivan
         Unit 1110, Lippo Sun Plaza
         28 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


PASS FOUNDATION: Court to Hear Wind-Up Petition on June 9
---------------------------------------------------------
A petition to wind up the operations of Pass Foundation Limited
will be heard before the High Court of Hong Kong on June 9, 2010,
at 9:30 a.m.

Lee Ka Yin filed the petition against the company on April 12,
2010.


PEREGRINE CAPITAL: Members and Creditors' Meetings Set for June 4
-----------------------------------------------------------------
Members and creditors of Peregrine Capital Limited will hold their
annual meetings on June 4, 2010, at 9:30 a.m., and 10:00 a.m.,
respectively at 20th Floor, Prince's Building, 10 Chater Road,
Central, in Hong Kong.

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


PFL PACIFIC: Members' Final Meeting Set for June 7
--------------------------------------------------
Members of PFL Pacific Container Lines Limited will hold their
final general meeting on June 7, 2010, at 10:00 a.m., at 23rd
Floor, Billion Plaza, 8 Cheung Yue Street, Cheung Sha Wan, in
Kowloon.

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


PFL PACIFIC NETWORK: Members' Final Meeting Set for June 7
----------------------------------------------------------
Members of PFL Pacific Network Forwarding (China) Limited will
hold their final general meeting on June 7, 2010, at 10:00 a.m.,
at 23rd Floor, Billion Plaza, 8 Cheung Yue Street, Cheung Sha Wan,
in Kowloon.

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


RISESOFT LIMITED: Creditors' Proofs of Debt Due June 7
------------------------------------------------------
Risesoft Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by June 7,
2010, to be included in the company's dividend distribution.

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

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62th Floor, One Island East
         18 Westlands Road
         Island East, Hong Kong


SANBORN FINANCE: Creditors' Proofs of Debt Due June 11
------------------------------------------------------
Creditors of Sanborn Finance Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 11, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Ho Mei Ngan
         Low Fung Ping
         Rooms 904-908, 9/F
         Kai Tak Commercial Building
         317-319 Des Voeux Road
         Central, Hong Kong


UNISON PACIFIC: Members' Final Meeting Set for June 7
-----------------------------------------------------
Members of Unison Pacific (Asia) Limited will hold their final
meeting on June 7, 2010, at 10:00 a.m., at 8th Floor, Gloucester
Tower, The Landmark, 15 Queen's Road Central, in Hong Kong.

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


VILLA KING: Court to Hear Wind-Up Petition on June 23
-----------------------------------------------------
A petition to wind up the operations of Villa King Enterprises
Limited will be heard before the High Court of Hong Kong on
June 23, 2010, at 9:30 a.m.

Wing Lung Bank Limited filed the petition against the company on
April 19, 2010.

The Petitioner's solicitors are:

          Li, Kwok & Law
          Units 1204-6, Man Yee Building
          68 Des Voeux Road
          Central, Hong Kong


WASAKI (FAR EAST): Seng and Lo Step Down as Liquidators
-------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Wasaki (Far East) Investment Limited on May 1, 2010.


WELL LIGHT: Members' Final General Meeting Set for June 8
---------------------------------------------------------
Members of Well Light Development Limited will hold their final
general meeting on June 8, 2010, at 11:00 a.m., at 15th Floor,
Euro Trade Centre, 21-23 Des Voeux Road, Central, in Hong Kong.

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


WINCASE HOLDINGS: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Wincase Holdings Limited, on April 27, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Lui Wan Ho
         To Chi Man
         17th Floor, Kam Sang Building
         255 Des Voeux Road
         Central, Sheung Wan
         Hong Kong


YOGA YOGA: Chan Kin Hang Danvil Appointed as Liquidator
-------------------------------------------------------
Chan Kin Hang Danvil on April 26, 2010, was appointed as
liquidator of Yoga Yoga International Limited.

The liquidator may be reached at:

         Chan Kin Hang Danvil
         Ginza Square, Room 2301, 23/F
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


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


AIR INDIA: Crew Members Agitation Likely to Affect Flights
----------------------------------------------------------
The All Indian Cabin Crew Association, comprising more than 2,000
Air India Ltd's cabin crew members, on Wednesday directed its
members not to work beyond permitted duty hours, the Hindustan
Times reports.

The Hindustan Times says the union alleged that the national
carrier made the crew work beyond the work shifts permitted by the
Directorate General of Civil Aviation (DGCA) on 21 flights
operated from India to the US via Cairo in the past few weeks.

"AICCA has been the most co-operative trade union.  We operated 53
special flights during the Haj season last year but the management
has failed to appreciate the efforts.  Therefore, we have decided
to withdraw our support," the report quoted Sanjay Lazar, general
secretary, AICC, as saying.

According to the report, the union's move follows Air India's
decision to ground 27 crew members who allegedly delayed a Delhi-
Toronto flight via Cairo on April 20 by 16 hours for reporting
late on duty.

The AICCA managing committee also criticized the management for
other pending issues such as promotions, wage arrears and bar
sales incentives, the report notes.

The Hindustan Times adds that the union Chairman Bharat Kumar Raut
will hold a meeting on Sunday to decide the course of action.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Co. of India Ltd was seeking
INR14,000 crore in equity infusion, soft loans and grants to cope
up with mounting losses.  NACIL is the holding company formed
after the merger of erstwhile Indian Airlines and Air India in
2007.

The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding cash due to excess capacity,
lower yield, a drop in passenger numbers, an increase in fuel
prices and the effects of the global slowdown.  The carrier
incurred net losses of INR2,226.16 crore in 2007-08 and INR5,548
crore in 2008-09.

In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.

The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months, and has been segregated
under operational efficiency, product improvement, organization
building and financial restructuring, the Business Standard said.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.


AIR INDIA: Gets $475-Mil. Loan From Standard Chartered
------------------------------------------------------
National carrier Air India has gotten a $475 million bridge loan
from Standard Chartered Bank for procurement of three Boeing 777
aircraft, The Economic Times reports.  The interest rate that Air
India will be paying on the loan is 375 basis points over libor,
the report says.

An Air India official told ET that this will be a short term
arrangement as the management is seeking a 'letter of comfort'
from the government of India.  Through this, the airline will
convert this short term debt into a long term one through a
'refinanced loan' as that will help the airline in bringing down
the interest cost, the report notes.

The Economic Times says Air India got the first delivery of the
Boeing 777-300 ER on April 30 while the next two deliveries are
scheduled for end of May and July.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Co. of India Ltd. was seeking
INR14,000 crore in equity infusion, soft loans and grants to cope
up with mounting losses.  NACIL is the holding company formed
after the merger of erstwhile Indian Airlines and Air India in
2007.

The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding cash due to excess capacity,
lower yield, a drop in passenger numbers, an increase in fuel
prices and the effects of the global slowdown.  The carrier
incurred net losses of INR2,226.16 crore in 2007-08 and INR5,548
crore in 2008-09.

In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.

The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months, and has been segregated
under operational efficiency, product improvement, organization
building and financial restructuring, the Business Standard said.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.


AIR INDIA: To Hire Cato Purnell for Branding Makeover
-----------------------------------------------------
National carrier Air India plans to hire international consulting
firm Cato Purnell Partners to give it a branding makeover for the
October Commonwealth Games and help promote it together with the
soon-to-be opened international terminal at the Delhi airport,
livemint.com reports, citing two airline officials.

"We have lost out.  It was high time we attained mileage out of
it.  Our intention is to get a firm which has experience in
sports, airlines and airports branding globally," livemint.com
quoted the airline official as saying.

According to the report, the proposal is still under
consideration.  The second Air India official said the hiring of
the agency, which may cost as much as US$1.6 million, has to be
approved by the newly constituted board of the national carrier,
livemint.com relates.  If hired, the report notes, the consultant
would be charged with preparing a broad strategy on how to
leverage the airline's brand identity, put up signages and outdoor
billboards and design the uniform of flight crew, among other
tasks.

The report says Air India also:

   -- wants to co-brand itself with the under-construction
      Terminal T3 at the Indira Gandhi International Airport
      in New Delhi, which is being expanded to meet Commonwealth
      Games traffic; and

   -- plans to start a dedicated lounge at the new terminal
      which it wants to turn into its Indian hub.

Air India signed on in October as the official airline partner of
the New Delhi Commonwealth Games, according to livemint.com.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Co. of India Ltd was seeking
INR14,000 crore in equity infusion, soft loans and grants to cope
up with mounting losses.  NACIL is the holding company formed
after the merger of erstwhile Indian Airlines and Air India in
2007.

The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding cash due to excess capacity,
lower yield, a drop in passenger numbers, an increase in fuel
prices and the effects of the global slowdown.  The carrier
incurred net losses of INR2,226.16 crore in 2007-08 and INR5,548
crore in 2008-09.

In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.

The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months, and has been segregated
under operational efficiency, product improvement, organization
building and financial restructuring, the Business Standard said.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.


BOTHRA METALS: CRISIL Lifts Ratings on Various Debts to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Bothra Metals and Alloys Pvt Ltd to 'B/Stable' from 'C'; the
rating on the company's short-term facility has been reaffirmed at
'P4'.

   Facilities                         Ratings
   ----------                         -------
   INR80.0 Million Cash Credit*       B/Stable (Upgraded from 'C')
   INR14.7 Million Term Loan          B/Stable (Upgraded from 'C')
   INR30.3 Million Proposed LT        B/Stable (Upgraded from 'C')
             Bank Loan Facility
   INR25.0 Million Letter of Credit** P4 (Reaffirmed)

   * Interchangeable with buyers' credit up to a maximum of
     INR20 million

   **Fully interchangeable with buyers' credit

The upgrade reflects the improvement in Bothra's liquidity
position following the enhancement in its cash credit limits; its
cash credit facility has not been overdrawn in the 12 months
through March 2010.  The upgrade also factors in the company's
healthy performance in 2009-10 (refers to financial year, April 1
to March 31), resulting in strong cash accruals. CRISIL believes
that Bothra will be able to maintain its liquidity on the back of
steady cash accruals.

However, the ratings also reflect Bothra's weak financial risk
profile marked by a small net worth, small scale of operations,
and limited pricing power.  These weaknesses are partially offset
by the benefits that Bothra derives from the extensive industry
experience of its promoters.

Outlook: Stable

CRISIL believes that Bothra will maintain its credit risk profile
on the back of its established relationships with customers and
suppliers, and steady cash accruals.  The outlook may be revised
to 'Positive' in case the company significantly increases its
scale of operations while maintaining profitability, or if it
increases its net worth, most likely through fresh equity
infusion.  Conversely, the outlook may be revised to 'Negative' if
Bothra undertakes any large, debt-funded capital expenditure
program, or in case of deterioration in its liquidity.

                        About Bothra Metals

Incorporated in 2001, Bothra trades in aluminium scrap, and
manufactures aluminium extrusions.  It is promoted by members of
the Bothra family.  The company began operations as a trading
concern, and started manufacturing operations in 2007-08.  Its
manufacturing unit at Sirmaur (Himachal Pradesh) has a production
capacity of around 450 tonnes per month of ingots, ladders, and
window frames.

Bothra reported a profit after tax (PAT) of INR5.4 million on net
sales of INR438.9 million for 2008-09, against a PAT of INR8.4
million on net sales of INR504.3 million for 2007-08.


CHENNAI ELEVATED: ICRA Rates INR16.10 Bil. LT Loans
---------------------------------------------------
ICRA has assigned 'LBB+' rating to INR16.10 billion long-term loan
of Chennai Elevated Tollway Limited.  The rating carries a stable
outlook.

The rating reflects the experience of the promoter, who is also
the Engineering, Procurement and Construction (EPC) contractor for
the project; and importance of the route as it is being
constructed to provide smooth movement of the commercial traffic
to and from Chennai Port, which is the third largest Port in
India.  The rating also factors in the low funding risks as entire
debt has been tied-up and significant portion of equity has also
been contributed.  The rating is however constrained by the
execution risks inherent in a typical infrastructure project,
possibility of time and cost overruns on account of delay in
obtaining approvals/clearances from National Coastal Zone (NCZ)
and pending land acquisition.  The rating also takes into
consideration CETL's exposure to traffic risks and its
susceptibility to adverse interest rate movements given that the
variable interest rate for the term loan is linked to BPLR
(Benchmark Prime Lending Rate) of the lead bank i.e. Union Bank of
India. Going forward, the company's ability to complete the
project within the scheduled time and cost would be the
key rating sensitivity factor.

Chennai Elevated Tollway Limited is a Special Purpose Vehicle
(SPV) incorporated in September 2009 and is 100% subsidiary of
Soma Enterprise Limited (SEL).  The SPV is involved in the
construction of an elevated highway from Gate no. 10 of Chennai
Port to Maduravoyal Junction on National Highway (NH) 4 and its
operation and maintenance on BOT (Toll) basis.  It also involves
upgrading/widening and strengthening of the existing roads near
the entry/exit ramp and further development of Koyambedu
Interchange.  The project has been awarded by National Highway
Authority of India (NHAI) on BOT basis with a concession period of
15 years commencing from November 2009.  The commercial operation
date of the project is November 2012.

The proposed Project road is envisaged for the smooth movement of
the commercial traffic to and from Chennai Port to all other parts
of the country. The total project cost has been estimated at INR
21.48 billion, which will be funded by equity of INR2.69 billion,
a grant of INR2.69 billion from NHAI and debt of INR16.10 billion,
giving a debt-equity ratio of 2.99:1.


GHARANA FOODS: ICRA Rates INR150MM Fund Based Limits at 'LBB'
-------------------------------------------------------------
ICRA has assigned a 'LBB' rating to the INR150 million fund based
limits of Gharana Foods Limited.  The long term rating has a
stable outlook.

The rating derives comfort from GFL's long track record in the
flour milling business, positive demand outlook for the flour
milling products in the country and synergies arising out of GFL's
acquisition by promoters of M.V. Food Industries Limited -- a
company with a similar business profile as GFL.  The ratings are
however constrained by the low value additive and highly
competitive nature of the industry due to presence of numerous
players, which have resulted in modest revenues and profitability
for the company in the past.  Given the underlying nature of the
business, this situation is unlikely to change in the medium term.
Moreover, the company's margins remain susceptible to any
variation in the raw material price (wheat), which forms a large
constituent of the overall cost for the company.

Gharana Foods Limited, established in 1955, is a private limited
company operating a 700 tons per day flour mill in Varanasi (Uttar
Pradesh).GFL is engaged in production and sale of flour milling
products ? atta, maida, suji, and bran.  The company's
manufacturing unit is located in Varanasi, which lies on the
Eastern border of Uttar Pradesh.  Low wheat availability in nearby
states has resulted in GFL selling its products primarily in
Bihar, West Bengal and Jharkhand.  Furthermore, carriers which
bring coal to Varanasi's coal mandi and are on their way back are
utilized for transporting GFL's milling products at relatively low
costs.  In 2009, GFL was acquired by M.V. Foods Industries Ltd.,
which is operating a 300 tons per day flour mill in Varanasi and
is promoted by Gupta family and Mr. Tulsyan


M.V. FOOD: ICRA Assigns 'LBB' Rating on INR89 Mil. Bank Debts
-------------------------------------------------------------
ICRA has assigned a 'LBB' rating to the INR89 million fund based
limits of M.V. Food Industries Limited.  The long term rating has
been assigned a stable outlook.

The rating derives comfort from the MVFIL's long track record in
the flour milling business, its experienced promoters and positive
demand outlook for the flour milling products in the country.  The
ratings are however constrained by the low value additive and
highly competitive nature of the industry due to presence of
numerous players, which have resulted in modest revenues and
profitability for the company in the past. Given the underlying
nature of the business, this situation is unlikely to change in
the medium term. Moreover, the company's margins remain
susceptible to any variation in the raw material price (wheat),
which forms a large constituent of the overall cost for the
company.

M.V. Food Industries Limited is a private limited company
operating a 700 tons per day flour mill in Varanasi (Uttar
Pradesh).  MVFIL is promoted by Gupta Family and is engaged in
production and sale of flour milling products -- atta, maida,
suji, and bran.  The company's manufacturing unit is located in
Varanasi, which lies on the Eastern border of Uttar Pradesh.  MFIL
sells its products primarily in Bihar, West Bengal and Jharkhand.


MICA INDUSTRIES: ICRA Assigns 'LBB' Rating on INR125MM Bank Debts
-----------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR125.0 million fund based
(Cash Credit) and INR65.0 million term loan limits of Mica
Industries Limited.  The outlook for the rating is stable. ICRA
has also assigned an A4 rating to INR130.0 million of fund based
limits (SBP) and INR150.0 million non-fund based (Letter of
Credit) limits of MIL.

The ratings are constrained by MIL's modest scale of operations,
low value addition, intense competition resulting from fragmented
nature of the industry and high client concentration risk.  The
ratings are further constrained by the stretched financial profile
of the company as reflected by high working capital intensity of
operations, high gearing at 2.22 X as on March 31, 2009 and modest
debt coverage indicators.  In assigning the rating, ICRA has taken
cognizance of MIL's proposed foray in manufacture of aluminum
foils.  ICRA notes that though this project will significantly add
to the top line of the company, it will also put further strain on
the company's capital structure.  The ratings, however, draw
comfort from the company's established position and experience in
the industry, reputed clientele, gradual diversification in the
revenue stream through addition of more products and favorable
demand prospects in the long term. Going forward, the company's
ability to scale up its operations, improve its profitability
through economies of scale and manage its capital structure
remains key rating sensitivities.

Mica Industries Limited is a closely held limited company based in
New Delhi. The company is primarily engaged in the production of
G.I. Wires & Strips. MIL was promoted by Mr. V.N. Gupta along
with his sons Mr. Vinay Gupta and Mr. Vikas Goel, having a
background in the trading business.  The company is certified by
the Bureau of Indian Standards IS: 3975:1999 and is also ISO 9001
certified.  MIL's registered office is located in New Delhi.  MIL
has two manufacturing plants  in Bhiwadi  (District Alwar)
Rajasthan having a combined manufacturing capacity of over 50,000
tpa.  For the financial year ending March  31, 2009, the company
reported an operating income of INR1.02 billion with a net profit
of INR11.2 million, as compared to an operating income of INR974.4
million in FY08 and net profit of INR14.2 million in the same
period.


NATIONAL CONSTRUCTION: CRISIL Lifts Rating on INR50M Debt to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on National Construction Company's
long-term bank facility to 'B+/Stable' from 'B/Stable', while
reaffirming its short-term rating at 'P4'.

   Facilities                             Ratings
   ----------                             -------
   INR50.0 Million Cash Credit Limit      B+/Stable (Upgraded from
                                                     'B/Stable')

   INR120.0 Million Bank Guarantee        P4 (Reaffirmed)

The upgrade reflects NCC's improved financial risk profile backed
by strong cash accruals and equity infusion, and healthy revenue
growth of around 150% year-on-year in 2009-10 (refers to financial
year, April 1 to March 31).  CRISIL believes that NCC will
maintain a moderate revenue growth and report strong cash accruals
over the medium term, backed by its healthy order book.

However, the ratings also reflect NCC's average financial risk
profile marked by high gearing, a moderate net worth, and modest
debt protection metrics, exposure to inherent risks in its tender-
based business, and exposure to intense market competition. These
weaknesses are partially offset by the firm's established position
in mining projects, marked by a healthy order book.

Outlook: Stable

CRISIL believes that NCC will maintain its business risk profile
over the medium term, backed by its healthy order book; the firm's
financial risk profile is expected to remain average because of
its high gearing.  The outlook may be revised to 'Positive' if the
firm's financial risk profile is enhanced by improvement in its
capital structure.  Conversely, the outlook may be revised to
'Negative' if NCC's financial flexibility gets constrained by
less-than-expected cash accruals, most likely because of delay in
payments by customers.

                     About National Construction

NCC was formed in 1984 as a partnership firm by Mr. Khimji Patel
and Mr. Bhikhalal Patel.  The firm takes up contracts for open-
cast mining projects involving the removal of overburden in coal
mines and mineral excavation. NCC owns more than 200 heavy earth-
moving machines including 160 dumpers, 32 excavators, 12
bulldozers, and 3 front-end loaders.  NCC is an approved AA-class
contractor for the Government of Gujarat and an A-class contractor
for the Indian Railways.

NCC reported a provisional profit after tax (PAT) of INR84 million
on net sales of INR1431 million for 2009-10, against a PAT of
INR27 million on net sales of INR585 million for 2008-09.


PERSANG ALLOY: CRISIL Cuts Ratings on INR40 Mil. Loan to 'C'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Persang Alloy Industries Pvt Ltd to 'C' from 'B-/Stable'.
CRISIL has also reaffirmed its 'P4' rating to PAIPL's short term
facility.

   Facilities                              Ratings
   ----------                              -------
   INR44.50 Million Cash Credit Limit*     C (Downgraded from
                                              'B-/Stable')
   INR40.00 Million Term Loan              C (Downgraded from
                                              'B-/Stable')
   INR0.50 Million Bank Guarantee          P4 (Reaffirmed)
   INR40.00 Million Letter of Credit       P4 (Reaffirmed)

   *Interchangeable with bill discounting, export packing
    credit, and stock limit

The downgrade reflects CRISIL's belief that PAIPL will face
liquidity pressures in 2010-11 (refers to financial year, April 1
to March 31), as the company is not expected to generate
sufficient cash accruals to repay its debt obligation of
INR20 million maturing during the year.  The downgrade also
factors in CRISIL's expectation that PAIPL's aggressive debt-
funded capital expenditure (capex) plans will put further pressure
on its liquidity.

The rating reflects PAIPL's weak financial risk profile marked by
weak liquidity, small net worth, and aggressive gearing; small
scale of operations; and exposure to risks related to its large
capex plan in comparison with its current net worth.  These
weaknesses are partially offset by the benefits that PAIPL derives
from the extensive experience of its promoters, and its well-
diversified product portfolio and customer base.

                        About Persang Alloy

PAIPL, established in 1991 as a partnership firm based in Vadodara
(Gujarat), was reconstituted as a private limited company in
February 2007.  It manufactures solder products such as tin-
predominant solder; lead-predominant solder sticks, wires, foils,
and fluxes; and flux-cored solder wire. PAIPL had also set up a
facility to manufacture solder paste through a technological
collaboration with Shenmao Technology Inc, Taiwan. The company
derives around 40% of its revenues from the electronics industry,
and 30% each from the electrical and automobile industries.

PAIPL is in advance stages of talks with OM Metals to form a joint
venture (JV), Persang OM Metals Ltd, in which PAIPL will hold 60
per cent stake, and OM Metals 40%.  The JV would be a backward
integration project and the final product would be sold only to OM
Metals and PAIPL.  The total cost of the project is estimated at
around INR150 million, which is proposed to be funded in a debt-
to-equity ratio of 3.75:1.0.  The project would be implemented in
two phases, and the first phase is expected to be completed in
2010-11.

For 2009-10, PAIPL is expected to report a profit after tax (PAT)
of INR5.6 million on net sales of INR324 million, against a loss
of INR2.5 million on net sales of INR296.3 million for 2008-09.


SARVOTTAM ROLLING: CRISIL Reaffirms 'BB-' Rating on Term Loan
-------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Sarvottam Rolling
Mills Pvt Ltd continues to reflect SRMPL's small scale of
operations and below-average financial risk profile, and its
exposure to intense competition and volatility in raw material
prices.  These weaknesses are partially offset by the benefits
that SRMPL derives from its established position in the local
thermo-mechanically treated (TMT) bars market, backed by the long-
standing presence of its promoters in the industry.

   Facilities                       Ratings
   ----------                       -------
   INR110.0 Million Cash Credit     BB-/Stable (Reaffirmed)
   INR35.0 Million Term Loan        BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SRMPL will maintain a stable business risk
profile over the medium term, backed by moderate capacity
utilization.  Its financial risk profile, though, may remain weak
over the near to medium term owing to large working capital
requirements and debt-funded capital expenditure (capex).  The
outlook may be revised to 'Positive' if SRMPL's profitability and
cash accruals improve substantially, or in case of an improvement
in its capital structure, most likely through equity infusion.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in the company's profitability, or if it undertakes a
large, debt-funded capex program, leading to deterioration in its
debt protection measures.

                     About Sarvottam Rolling

SRMPL was acquired by the present management, headed by Mr. Anil
Kumar Jain, in 2007.  The company began commercial production
under the present management in November 2007, with 2008-09
(refers to financial year, April 1 to March 31) being the first
full year of commercial production.  The company manufactures TMT
bars under the Paras brand at its facility at Muzaffarnagar (Uttar
Pradesh), and has capacity to manufacture 60,000 tonnes per annum
(tpa) of bars.  In April 2010, the company set up a furnace with a
24,000-tpa capacity for manufacturing ingots, which will be
consumed in-house.

For 2008-09, SRMPL reported a profit after tax of INR42.6 million
on net sales of INR894 million, against INR1.4 million and INR181
million, respectively, for the previous year.


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


INDOSAT PALAPA: Moody's Assigns 'Ba1' Rating on Senior Bonds
------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba1 rating
to the proposed 10-year, US$ senior unsecured bonds to be issued
by Indosat Palapa Company BV and guaranteed by PT Indosat Tbk.  At
the same time, Moody's has affirmed Indosat's Ba1 corporate family
and senior unsecured ratings.  The outlook for the ratings remains
negative.

The bond proceeds will be used towards refinancing Indosat's
US$235 million guaranteed notes, due November 2010, and the
company's US$109 million guaranteed notes, due in 2012.  Moody's
expects to affirm the bond rating and remove it from provisional
status following the closing of the proposed note issue and a
review of the final terms.

"The prospective issuance will improve Indosat's liquidity profile
by alleviating some of the company's short-term refinancing risk,
which will escalate later this year," says Laura Acres, a Moody's
VP -- Senior Credit Officer.

Nevertheless, in Moody's view, Indosat's liquidity profile will
remain weak, given the significant amount of debt maturing over
the next 12 months, as well as the company's budgeted capital
expenditures, which together will continue to drive the company's
free cash flow into negative territory.

"Although the proposed bond will alleviate liquidity pressures, it
is Moody's view that Indosat's financial flexibility will remain
limited," says Acres, also Lead Analyst for Indosat, adding that,
"the company may have to refinance existing lines as well as
secure additional debt financing to fund capex, which will erode
its headroom under financial covenants."

Indosat's Ba1 rating is supported by the company's established
market position as Indonesia's second-largest cellular operator
(in revenue and number of subscribers) and by the expectation of
moderate growth in the cellular market and an improving macro-
environment.

The Ba1 rating also factors a one-notch uplift based on the
expectation of support from majority shareholder Qatar Telecom
(A1/under review for possible downgrade).

Indosat's negative outlook underscores Moody's view that the
company's credit profile will remain weakly positioned for the
rating level in the medium term due to material refinancing and
capex requirements which reduce its headroom under financial
covenants, and pressure its liquidity position.

The ratings outlook could stabilize if Indosat can improve its
operating performance and rebalance its capital structure such
that adjusted debt/EBITDA remains below 3.0x.

Further downward pressure on the rating could result from an
ongoing deterioration in Indosat's credit metrics, such that the
company is unable to afford itself adequate headroom under
financial covenants, in particular the company's 3.5x debt/EBITDA
covenant.  In addition, the ratings could be downgraded if the
company is unlikely to improve its operating profile or lower debt
leverage, as measured by adjusted debt/EBITDA, to less than 3.0x.

The last rating action with respect to Indosat was taken on
March 10, 2010, when the outlook on the ratings was changed to
negative.

Indosat is a fully integrated telecommunications network and
services provider in Indonesia.  The company is the second-largest
cellular operator in the country, as well as its leading provider
of international call services.  It also provides multi-media,
data communications, and internet services.  Indosat is 65%-owned
by Qatar Telecom.


INDOSAT PALAPA: S&P Assigns 'BB' Rating on Proposed Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
issue rating to the proposed senior unsecured notes due 2020 to be
issued by Indosat Palapa Company B.V.  The notes will be
irrevocably and unconditionally guaranteed by Indonesian telecom
company PT Indosat Tbk.  At the same time, S&P affirmed the 'BB'
long-term corporate credit rating and the 'axBBB-' ASEAN scale
rating on Indosat.  The outlook on the corporate credit rating is
stable.  S&P also affirmed the 'BB' issue rating on the senior
unsecured notes issued by Indosat International Finance Company
B.V. and Indosat Finance Company B.V., and guaranteed by Indosat.

S&P affirmed the ratings to reflect S&P's expectation that Indosat
will be able to sustain the improvement in its operating
performance, which would help the company to maintain its cash
flow protection measures.  The affirmation also reflects the
support that S&P expects Indosat to receive from its parent Qatar
Telecom Q.S.C. (A-/Stable/A-2).

"Indosat's operating performance has improved in the past two
quarters because of the reduction in price-based competition in
the cellular market and the new management's revised strategy.
The new management aims to increase revenue growth and EBITDA from
operations by focusing on the quality of service, branding,
higher-value subscribers, and operating efficiency," said Standard
Poor's credit analyst Manuel Guerena.

S&P expects Indosat's financial metrics to stabilize after having
deteriorated over the past four years.  In S&P's opinion, Indosat
will be able to offset the higher debt stemming from increased
capital expenditure because of a sustained improvement in its
operating performance.

The rating also factors in likely support from Qtel, which
currently owns a 65% stake in Indosat.  Qtel is the incumbent
fixed-line and mobile telecommunications operator in the State of
Qatar.

S&P views Indosat's liquidity and financial flexibility as
sufficient to cover about Indonesian rupiah (IDR) 4.3 trillion in
debt and IDR5.3 trillion in procurement payables due in one year.
S&P expects the company to remain compliant with its financial
covenants, whose calculations are based on the definitions stated
in the debt instruments and loan agreements.

The proceeds of the proposed notes issuance are expected to be
used for refinancing the existing senior unsecured guaranteed
notes and any other existing indebtedness.

The stable outlook reflects S&P's expectation that the company
will maintain its improved operating performance and current cash
flow protection measures.  It also reflects the likely support
from parent Qtel.


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


AIFUL CORP: Posts JPY295.1-Bil. Net Loss in Year Ended March 31
---------------------------------------------------------------
Finbarr Flynn at Bloomberg News reports that Aiful Corp. posted
its first annual loss since 2007.  Citing Aiful's statement to the
Tokyo Stock Exchange, Bloomberg relates the lender posted
JPY295.1 billion loss for the 12 months ended March 31, compares
with a profit of JPY4.25 billion a year earlier.  Bloomberg says
the company forecast a JPY2.8 billion profit for the current
fiscal year.

                            About Aiful

Aiful Corporation (TYO:8515) -- http://www.ir-aiful.com/-- is
a Japan-based financial service provider.  The company is
engaged in the provision of small-lot uncollateralized loan for
individual consumers, business loan for individuals, as well as
mortgage collateral and credit card services, in addition to the
collection and management of debts.  Other business activities
the Company is involved in include the development, investment
and nurture of venture companies, as well as the leasing of real
estates.  Headquartered in Kyoto, the Company has 29 subsidiaries
and two associated companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 31, 2010, Standard & Poor's Ratings Services revised to
'CCC' from 'CCC-' its long-term counterparty rating on Aiful
Corp., following its review of Aiful's restructuring plan and its
new repayment terms after the company rescheduled debt repayments
worth JPY280 billion under the alternative dispute resolution
(ADR) process.  S&P also removed the ratings from CreditWatch with
positive implications.  The outlook is stable.  At the same time,
S&P affirmed its 'C' short-term counterparty rating on the company
and its 'CCC-' rating on Aiful's senior unsecured bonds.  S&P
subsequently withdrew its senior unsecured bond rating on Aiful
due to information challenges associated with tracking market
repurchases in a timely manner.

The TCR-AP reported on March 29, 2010, that Moody's Investors
Service confirmed the Caa1 long-term senior unsecured debt,
unsecured medium term note, and issuer ratings of Aiful
Corporation.  The outlook for all the ratings is negative.


HITACHI LTD: Posts JPY106.9 Billion Net Loss For 2009
-----------------------------------------------------
Hitachi Ltd. posted a net loss of JPY106.9 billion on
JPY8.9 trillion of revenue for the fiscal year ended March 31,
2010, compared with a net loss of JPY787.3 billion on
JPY10 trillion of revenue for 2008.

The Company's balance sheet as of March 31, 2010, showed
JPY8.95 trillion in assets, JPY6.69 trillion of debts, and
JPY2.26 trillion of stockholders' equity.

A full-text copy of the Company's consolidated financial statement
is available for free at http://ResearchArchives.com/t/s?61f5

A full-text copy of the Company's balance sheet is available for
free at http://ResearchArchives.com/t/s?61f4

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- develops a
diversified product mix ranging from electricity generation
systems to consumer products and electronic devices.  The Company
has seven segments: Information & Telecommunication Systems,
Electronic Devices, Power & Industrial Systems, Digital Media &
Consumer Products, High Functional Materials & Components,
Logistics, Services & Others and financial services.  In April
2008, Hitachi acquired a majority ownership interest in M-Tech
Information Technology, Inc.  In April 2008, Hitachi, Ltd.
established a wholly owned subsidiary, Hitachi Information &
Telecommunication Systems Global Holding Corporation. In March
2008, Hitachi Consulting, the global consulting company of
Hitachi, acquired JMN Associates.  On March 16, 2009, the Company
made Hitachi Koki Co., Ltd. a subsidiary via share purchase.  On
March 18, 2009, the Company made Hitachi Kokusai Electronic Inc. a
subsidiary via share purchase.

                           *     *     *

For the 2008 fiscal year ended March 31, 2009, Hitachi incurred a
third annual loss of JPY788 billion.  For the year ended March 31,
2008, Hitachi posted a net loss of JPY58.12 billion, compared with
a net loss of JPY32.79 billion for year ended March 31, 2007.


JVC KENWOOD: To Slash 1,000 Jobs; To Raise Capital by JPY20 Bil.
----------------------------------------------------------------
Bloomberg News, citing the Yomiuri newspaper, reports that JVC
Kenwood Holdings Inc. will cut 1,000 jobs, or 20% of its
workforce, by the end of October.  Bloomberg relates the company
will take a charge of JPY13 billion ($140 million) as a result.

The Yomiuri reported that JVC Kenwood will also increase capital
by JPY20 billion and sell land in Yokohama City, near Tokyo,
according to Bloomberg.

JVC Kenwood Holdings, Inc. (TYO:6632)-- http://www.jk-holdings.com
-- is a Japan-based holding company.  JVC Kenwood Holdings focuses
on car and home electronics and wireless systems.  The Company has
134 subsidiaries and 11 associated companies.  JVC Kenwood sells
TVs via Victor Co. of Japan Ltd.


PROPERST CO: Files for Bankruptcy Protection in Japan
-----------------------------------------------------
Tak Kumakura at Bloomberg News reports that Properst Co. filed for
bankruptcy protection with JPY55.4 billion ($599 million) in
liabilities.  Bloomberg says the company will maintain its stock
listing on the Jasdaq market.

Based in Japan, Properst Co.,Ltd. (JSD:3236) -- is mainly engaged
in the real estate business.  The Company operates in three
business segments.  The Real Estate Development segment is engaged
in the planning, development and sale of design condominiums
mainly in the metropolitan areas.  The Asset Activation segment is
engaged in the land redevelopment business, as well as the real
estate renovation business, which includes renovation and
conversion of real estate.  The Leasing and Others segment is
engaged in the sale agency business and the real estate planning
business.  The Company has 10 consolidated subsidiaries and one
associated company.


* JAPAN: April Corporate Bankruptcies Fall 13.2%
------------------------------------------------
Japanese corporate bankruptcies in April fell 13.2% from a year
earlier and total debt hit a 35-year low, as a recovery in the
economy and government credit guarantees helped small businesses,
Reuters reports, citing research firm Tokyo Shoko Research.

Tokyo Shoko data showed that the number of bankruptcies dropped
for a ninth straight month to 1,154 cases and total debt involved
plunged 48.3% to JPY270 billion, the lowest since August 1975,
Reuters reports.  Compared with the previous month, Reuter notes,
the number of bankruptcies slid 12.2% and the amount of bankruptcy
debt fell 13.2%.


* S&P Puts Ratings on Nine Tranches From Seven Japanese CDO Deals
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on nine
tranches relating to seven Japanese synthetic CDO transactions on
CreditWatch with positive implications.  At the same time, S&P
placed its ratings on one tranche relating to one Japanese
synthetic CDO transactions on CreditWatch with negative
implications.

The nine tranches placed on CreditWatch positive had SROC
(synthetic rated overcollateralization) levels that rose above
100% at higher ratings than the current ratings during April's
month-end run.  Also, the one tranche placed on CreditWatch
negative had SROC levels that fell below 100% during April's
month-end run.

For the transactions that S&P ran on version 5.1, S&P applied the
top obligor and industry test SROCs, in addition to the Monte
Carlo default simulation results.

The tranches listed below that have been placed on CreditWatch are
intended to be reviewed in accordance with the updated CDO
criteria by the end of this month.

                           Ratings List
                    Corsair (Jersey) No. 2 Ltd.
              Fixed rate credit-linked loan series 58

              To                From    Issue Amount
              --                ----    ------------
              CCC+/Watch Pos    CCC+    JPY3.0 bil.

                          Eirles Two Ltd.
                 TAPAS 2004-4 credit default swap

            To                  From      Issue Amount
            --                  ----      ------------
            BB-srp/Watch Neg    BB-srp    JPY4.0 bil.

                    Momentum CDO (Europe) Ltd.
     Secured credit-linked notes Louvre II CDO series 2005-2

      Class       To             From           Issue Amount
      -----       --             ----           ------------
      AX          B-/Watch Pos   B-             JPY700.0 mil.
      BF          B-/Watch Pos   B-             JPY1.5 bil.
      BX          B-/Watch Pos   B-             JPY2.2 bil.

      Secured credit-linked loan Louvre CDO II series 2005-3

               To             From      Issue Amount
               --             ----      ------------
               B-/Watch Pos   B-        JPY3.0 bil.

             SONATA floating rate notes series 2006-11

       Class      To               From       Issue Amount
       -----      --               ----       ------------
       AF         CCC/Watch Pos    CCC        $6.0mil.

                   Omega Capital Investments PLC
              Class A-1 series 11 secured 1.5% notes

               To             From     Issue Amount
               --             ----     ------------
               B/Watch Pos    B        JPY2.2 bil.

                       Signum Vanguard Ltd.
       Class A secured fixed rate credit-linked loan 2005-3

               To             From     Issue Amount
               --             ----     ------------
               BB/Watch Pos   BB       JPY4.0 bil.

     Secured floating rate credit-linked notes series 2006-03

               To             From     Issue Amount
               --             ----     ------------
               CCC+/Watch Pos CCC+     $10.0 mil.


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


SSANGYONG MOTOR: Narrows Q1 Loss to KRW25.7BB on Rising Sales
-------------------------------------------------------------
Yonhap News Agency reports that Ssangyong Motor Co. narrowed its
first-quarter loss to KRW25.7 billion (US$22.7 million) from
KRW265.6 billion for the same period last year.

The news agency says first-quarter operating loss also narrowed to
KRW12.3 billion, compared with a loss of KRW125.6 billion.  Sales
jumped 71% to KRW399.7 billion.

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


CIMB INVESTMENT: Moody's Changes Rating Outlook to Positive
-----------------------------------------------------------
Moody's Investors Service has revised the outlook for CIMB
Investment Bank Berhad's local currency and foreign currency long-
term/short-term issuer ratings of Baa1/P-2 to positive from
stable.

"The change in outlook reflects the improving capability of CIMB
Bank Berhad (A3/P-1/D+) -- CIMB's larger sister company, and with
which it is closely integrated -- to provide it with support, if
needed," says John Tham, a Moody's Vice-President and Senior
Credit Officer.

The outlook for CIMB Bank's bank financial strength rating of D+
is positive.

CIMB and CIMB Bank are the key investment and commercial banking
subsidiaries of CIMB Group Holdings Berhad.

CIMB Bank is also the holdco's largest subsidiary, and through
which -- as indicated -- Moody's expects any support, if needed,
to be extended to CIMB.

Currently, CIMB's issuer ratings incorporate very high support
from the holdco, and which translates into multiple-notch rating
uplift from its stand-alone credit profile.

Moody's notes that the holdco's actual ability to provide support
to CIMB is due to CIMB Bank's financial strength (BFSR of D+) and
the likely availability of systemic support from the Malaysian
authorities, in case of need.

"Therefore, an upgrade of CIMB Bank's BFSR would also mean that
Moody's saw an increase in the holdco's support capability," adds
Tham.

Moody's notes that CIMB's capital level is now modest -- when
viewed against the volatile nature of its earnings -- due to
capital payments to its parent since a group reorganization in
2006.

However, Moody's also recognizes that the bulk of CIMB's financial
risks are currently shouldered by the larger and more systemically
important CIMB Bank, and acknowledges -- as indicated -- the
likelihood of support, if needed.

The last rating action on CIMB was taken on July 20, 2009, when
its issuer ratings of A3/P-1 were lowered to Baa1/P-2 primarily as
a result of the change in the systemic support assumption.

Headquartered in Kuala Lumpur, Malaysia, CIMB Investment Bank
reported total assets of MYR7.8 billion as at December 31, 2009.


NAM FATT: Defaults on MYR40 Million Outstanding Islamic Notes
-------------------------------------------------------------
Nam Fatt Corporation Berhad said that it is unable to redeem/repay
an outstanding Islamic Commercial Papers of MYR40 million due on
May 12, 2010.  The Notes was issued pursuant to an Islamic
Commercial Papers/Islamic Medium Term Notes Programme of up to
MYR250 million between Nam Fatt, HwangDBS Investment Bank Berhad
(formerly known as Hwang-DBS Securities Berhad and OSK Investment
Bank Berhad (formerly known as OSK Securities Berhad).

The Company said it does not have sufficient funds to redeem/repay
the outstanding Notes.

Nam Fatt said the legal implication of the default is that
Malaysian Trustees Berhad may and, if so directed by the
Noteholders by way of an Extraordinary Resolution, declare that
the Notes are immediately due and payable at their respective face
amount together with all charges thereon until the date of full
settlement.  The total face amount of all outstanding ICP is
MYR130 million including the Notes.

Such default has an impact on the business, financial and
operational aspects of the Company and its subsidiaries as certain
existing contracts have been terminated.  The Company is proposing
a scheme of compromise to its creditors under Section 176 of the
Companies Act, 1965.

The Company's directors said such default will constitute an event
of default under different agreements for indebtedness (cross
default) under the Nam Fatt Group.  To date, the total credit
facilities granted to the Nam Fatt Group is approximately
MYR537.916 million and the Directors will require legal advice to
determine the extent of such cross default and will make the
relevant announcement once such advice is obtained.

Following the Company?s announcement pursuant to Practice Note 1
on March 15, 2010, the Directors' opinion that the Company will
not be able to pay all its debts as and when they fall due over
the next 12 months remain unchanged.

                          About Nam Fatt

Nam Fatt Corporation Berhad is a Malaysia-based company. The
principal activities of the Company consist of investment holding
and construction of bridges, heavy concrete foundations, roads,
factory complexes and other similar construction activities. The
Company operates in four business segments: engineering and
construction, property, leisure, and manufacturing. The Company's
subsidiaries include Nam Fatt Fabricators Sdn. Bhd., which is
engaged in the construction of bridges, heavy concrete
foundations, roads, factory complexes and similar construction
activities; Agenda Istimewa Sdn Bhd, which is engaged in property
development; P & N Construction Sdn. Bhd. which is engaged in the
business of general contractors; Nam Fatt Marketing Sdn. Bhd.,
which is a sales distributor and marketing agent, and Maddusalat
Berhad, which is the owner and developer of golf resort and its
recreational amenities, property developer, and property manager.

                           *     *     *

Nam Fatt Corporation Berhad has been classified as an Affected
Listed Issuer under Practice Note 17 of the Listing Requirements
of Bursa Malaysia Securities Berhad.

The Company has triggered Paragraph 2.1(f) of the Practice Note 17
of the Main Market Listing Requirement of Bursa Malaysia following
failure to meet its principal and interest payment of
MYR13,225,037.39 due and payable on March 15, 2010, in respect of
the Asset Sale Agreement dated December 4, 2007, between Bank
Kerjasama Rakyat Malaysia Berhad and Nam Fatt.


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


* Moody's Sees Good Impact of Aquino Victory on Philippine Gov't
----------------------------------------------------------------
Moody's Investors Service says that the apparent unambiguous
victory of Benigno "Noynoy" Aquino III in the Philippine
presidential elections this week sets a favorable tone for the
country's credit fundamentals.

"A clear-cut triumph would remove the undercurrents of political
illegitimacy that had accompanied the incumbent administration of
Gloria Arroyo and had hamstrung its policy agenda," says Christian
de Guzman, a Moody's Assistant Vice President and Analyst.

"Indeed, the success of the first fully automated polls in Asia on
Monday is at this time of greater relevance than the result
itself, implying a strong mandate to govern for the victor," says
de Guzman.

"Meanwhile, the outcome of the race for the vice presidency --
still unclear at this stage -- may ultimately not have as much an
effect on the Philippine's credit fundamentals as the caliber of
the next cabinet and economic policy team, especially the
candidate for finance secretary," adds de Guzman.

But, given that Aquino's election platform of "transformational
leadership" was heavy on rhetoric, but light on substance, his
administration will need to quickly remove any ambiguity over its
economic and fiscal policies to further shore up the government's
credit fundamentals.

Moody's notes that the government still has a relative large
amount of debt and also, the agency considers that the
affordability of government debt remains vulnerable to interest
rate, exchange rate, and confidence shocks.

Moody's currently has a stable outlook on the Philippines'
sovereign rating and had said on March 29 that the prospects for
the economy remain good, but there were a number of crucial
challenges, such as a dearth of investment spending relative to
its rating and regional peers.

Last year's upgrade of the sovereign rating was prompted by the
country's strong external payments position and stability in the
banking sector.  These factors are expected to continue to provide
support to the Philippines' rating this year and next year.

"But, looking ahead, Moody's concerns continue to center on
whether the new administration can arrest the trend slippage
evident in revenue performance, and which has been exacerbated by
the downturn in macroeconomic conditions during the global crisis,
the stalled state of reform, and the passage of revenue-eroding
measures," says de Guzman.

"And while the budget deficit projection of around 3.9% of GDP
this year, according to Moody's estimates, is not necessarily a
negative development, signs that the new administration has the
will and the means to get back on a path of gradual fiscal
consolidation would be a positive credit development," says de
Guzman.

The last rating action on Philippines was taken on July 23, 2009,
when Moody's raised the Government of Philippines' ratings to Ba3
from B1 with a stable outlook.


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


SINO-ENVIRONMENT: Court Names Ernst & Young as Judicial Managers
----------------------------------------------------------------
The High Court of Singapore has appointed Seshadri Rajagopalan and
Angela Ee of Ernst & Young Solutions LLP as the interim judicial
managers of the Sino-Environment Technology Group.

With the appointment of the interim judicial managers, Ernst &
Young's appointment as financial advisor of the company has
ceased.

Sino-Environment also said that the company's application to be
placed under judicial management is scheduled to be heard at the
High Court of Singapore on June 4, 2010.

ChannelNews Asia reports that Sino-Environment's new chief
executive officer Sam Chong Keen informed shareholders last week
that the firm is unable to facilitate the cash audit which
PricewaterhouseCoopers (PwC) was commissioned to conduct earlier
this year.

ChannelNews Asia relates that despite actively locating the
missing information and documents required for the audit, the new
board said the resignations of a considerable number of employees
in the Chinese subsidiaries of the company have delayed the
process.

According to the report, the company's troubles began last year
when its former chief executive officer Sun Jiang Rong pledged his
shares in the firm to secure financing for his personal loans.

The company was also in technical default on bonds worth
SG$149 million, ChannelNews Asia adds.

                       About Sino-Environment

Headquartered in Singapore, Sino-Environment Technology Group
Limited (SIN:Y62) -- http://www.sino-env.com/-- is an investment
holding company.  The Company operates under four segments:
industrial waste gas treatment, management and recovery of
volatile organic compounds (VOC), in particular toluene,
industrial and municipal waste water treatment and management,
dust elimination and industrial waste gas treatment and management
of sulphur dioxide and oxidized forms of nitrogen. The Company
designs, fabricates, installs and commissions its VOC Automatic
Recycling Device.  It undertakes the design, assembly,
installation, testing and commissioning of various equipment
relating to industrial waste water treatment.  It manufactures and
installs industrial dust-elimination facilities for independent
power plants and heavy industries like steel mills.  Its
subsidiaries include Sino-Environment Clean Power Technology Pte.
Ltd., Fujian Thumb Environmental Facilities Co., Ltd., Thumb Env-
Tech Group (Fujian) Co., Ltd. and Fujian Weidong EPT Co., Ltd.


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


ASUSTEK COMPUTER: Cuts Q2 Revenue Forecast on Weak Euro Currency
----------------------------------------------------------------
Reuters reports that Asustek Computer Inc. has cut its second-
quarter revenue forecast, citing the effect of a weak euro on
overseas revenue.

Reuters relates President Jerry Shen said Asustek's second-quarter
revenue is likely to be about the same as that of the first
quarter, compared with a previous forecast of flat to up to 10
percent growth.

"At present, the currency is a big problem," Reuters cited
Mr. Shen as saying on the sidelines of a news conference where
Asustek introduced a new line of notebook PCs.  "Everybody in this
industry is facing the same problem.  For the third quarter, it
might not be as strong as it was in the past years," he said,
without giving any forecasts.

ASUSTeK Computer Inc. -- http://www.asus.com.tw/-- is principally
engaged in the provision of computers, communications and consumer
electronics solutions.  The Company offers desktop motherboards,
server motherboards, three-dimension graphics display cards, audio
cards, laptops, servers, smart personal digital assistant mobile
phones, liquid crystal displays, LCD televisions, broadband
communication products, compact disc read-only memory drives,
digital versatile disc drives, disc carving machines and Eee
personal computers, among others.  The Company distributes its
products in domestic market and to overseas markets, including the
United States, Canada, Asia Pacific, Europe and Africa.

                           *     *     *

Asustek Computer continues to carry Fitch Ratings 'BB+' long-term
foreign currency issuer default ratings.


===============
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
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               44.13        -69.23
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               27.13       -150.10
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              103.79       -134.42
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
GLOBAL FLEX HLDG       471               38.50         -8.34
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
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
UNITEX TBK             UNTX              15.15        -14.59


INDIA

ALCOBEX METALS         AML               16.59        -21.47
ARTSON ENGR            ART               15.63         -1.61
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           1,069.83       -154.99
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
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
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              13.30        -83.83
EAST ASIA POWER        PWR               42.01       -159.00
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.


                            *********


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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