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        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

           Monday, May 17, 2010, Vol. 13, No. 095

                            Headlines



A U S T R A L I A

GRIFFIN COAL: Administrators to Disclose List of Buyers in August
ROYAL BANK: NAB Starts Due Diligence on RBS Retail Branches


C H I N A

FORD MOTOR: Seeks to End Tie-up with Mazda & Changan


H O N G  K O N G

ABB ASIA: Seng and Lo Step Down as Liquidators
ASIA CHALLENGE: Creditors' Proofs of Debt Due June 4
ASSOCIATED AIR: Creditors' Proofs of Debt Due June 14
BASF RESINS: Members' Final Meeting Set for June 17
BEST PALACE: Placed Under Voluntary Wind-Up Proceedings

C.W.K.F.A KAI: Creditors' Proofs of Debt Due June 14
KAWAMURA CO: Creditors' Meeting Set for May 24
MPCT SOLUTIONS: Creditors' Meeting Set for May 24
VITREA COMPANY: Members and Creditors' Meetings Set for May 31
YAU SHING: Members and Creditors' Meetings Set for May 31


I N D I A

AIR INDIA: Express Cabin Crew Withdraws Strike Call
AIR INDIA: Set to Join Star Alliance in March 2011
CHANDRA ELECTRONIC: ICRA Rates INR63 Mil. FB Limits at 'LBB-'
CHENNAI RADHA: CRISIL Reaffirms 'BB+' Ratings on INR195M Term Loan
DAVINDER EXPORTS: CRISIL Puts 'B+' Rating on INR154M Debt

DEE DEVELOPMENT: CRISIL Upgrades Rating on INR703.9M Term Loan
LOKNETE HONOURABLE: CRISIL Rates INR187.4MM Term Loan at 'D'
MILKRAFT DAIRYTECH: CRISIL Rates INR55 Mil. Cash Credit at 'B+'
NAVEEN COTTON: CRISIL Reaffirms 'P4' Ratings on Short Term Loans
PRABHAT DAIRY: CRISIL Lifts Ratings on Various Bank Debts to 'B+'

RELIABLE PAPER: CRISIL Reaffirms 'D' Rating on INR460MM Term Loan
SHUBHLAXMI CASTING: ICRA Assigns 'LB' Rating on INR60MM Bank Debts


J A P A N

AOZORA BANK: Cancels Planned Merger With Shinsei Bank
SHINSEI BANK: Cancels Planned Merger With Aozora Bank
* JAPAN: Sovereign Debt May Rise to 250% of GDP by 2015, IMF Says


K O R E A

SSANGYONG MOTOR: SAIC Sells 539,665 Ssangyong Shares


M A L A Y S I A

AYER MOLEK: Plan Submission Deadline Extended Until November 18
DXN HOLDINGS: Zafali Files Wind-up Petition Against DXN Unit
OCI BHD: Sets Extraordinary Meeting on May 31


N E W  Z E A L A N D

VIADUCT CAPITAL: Placed in Receivership; Owes NZ$7.8 Million


P H I L I P P I N E S

BENGUET CORP: Plans to Appeal Decision Over Kingking Rights
PHILIPPINE AIRLINES: Seeks Funding Sources to Pay US$46-Mln Debt


S I N G A P O R E

ALPS SERVICES: Creditors' Proofs of Debt Due June 14
EGO'S KTV: Court to Hear Wind-Up Petition on June 4
DEVATHASAN NEUROLOGY: Creditors' Proofs of Debt Due June 11
INTERNATIONAL ENERGY: Creditors' Proofs of Debt Due June 15
IPACS TECHNOLOGY: Creditors' Proofs of Debt Due June 7

MPCT SOLUTIONS: Creditors' Meetings Set for May 24
QUANTUMCLEAN ASIA: Court Enters Wind-Up Order
STARWELL INTERNATIONAL: Creditors' Proofs of Debt Due June 14
WALNUT PTE: Creditors' Proofs of Debt Due June 13
ZYGO SINGAPORE: Creditors' Proofs of Debt Due June 14


T A I W A N

AMERICAN INT'L: Taiwan May Conclude Nan Shan Sale Review in July


V I E T N A M

DOT VN: Begins Commercialization of Vietnamese Internet Portal
DOT VN: Taps CCG to Assist on Shareholder Communications




                         - - - - -


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


GRIFFIN COAL: Administrators to Disclose List of Buyers in August
-----------------------------------------------------------------
Griffin Coal Mining Co.'s administrators are planning to have a
shortlist of potential buyers by early August and are using the
company's export potential through the West Australian port of
Kwinana as a key selling point, The Australian reports.

According to the report, administrator Brian McMaster of
KordaMentha addressed Griffin bondholders in Hong Kong last week
and was due to update Griffin's big New York bondholders,
Clearwater Capital and Harbinger Capital, on Friday night.

Speaking from the U.S., Mr. McMaster said interested parties would
be granted access to a data room in about a month and a shortlist
should be ready by early August, The Australian relates.

"We've distributed 80 confidentiality agreements and there are
another 80 parties Macquarie and UBS have identified, so we're
expecting around 150 confidentiality agreements to come in," The
Australian quoted Mr. McMaster as saying.

He also said administrators were in talks with Fremantle Ports to
secure more coal export capacity at Kwinana, south of Perth, the
report notes.

Meanwhile, The Australian says Mr. McMaster denied a report that
KordaMentha might cut Griffin's workforce by half next month
because a major customer, BHP Billiton's Worsley alumina plant,
was in discussion with Wesfarmers' Premier Coal and looking to
switch buyers.

                          About Griffin Coal

Based in Australia, The Griffin Coal Mining Company Pty Ltd --
http://www.griffincoal.com.au/-- is engaged in coal mining and
processing.  Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth.  The Company is
producing more than three million tons of coal per year.  Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham
Mine.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
January 4, 2010, Griffin Coal Mining Co. appointed Kordamentha as
Administrator.  The coal supplier defaulted on an interest payment
in December 2009 to bondholders owed US$475 million and also
missed a payment to Australia's tax authority.


ROYAL BANK: NAB Starts Due Diligence on RBS Retail Branches
-----------------------------------------------------------
Scott Murdoch at The Australian reports that National Australia
Bank Ltd. is starting due diligence on the potential purchase of
318 Royal Bank of Scotland Group Plc's retail branches.

According to the report, the RBS Group has set a mid-June deadline
for final bidders, which are likely to be NAB and Banco Santander.
The deal is expected to be closed by the end of the year, the
report says.

The Australian reports that the size of the NAB bid has not been
finalized, and there is speculation that the bank might have to
carry out an equity capital raising if its offer is successful.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed of its entire
interest in Global Voice Group Ltd.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 29,
2010, Standard & Poor's Ratings Services said that it lowered its
ratings on "may pay" Tier 1 securities issued or guaranteed by The
Royal Bank of Scotland Group PLC (A/Stable/A-1) to 'C' from 'CC'.
At the same time, the rating on the RBSG-related security issued
by Argon Capital PLC was similarly lowered to 'C' from 'CC'.  The
counterparty credit ratings and stand-alone credit profiles of
RBSG and subsidiaries, and the ratings on other debt securities
issued by these entities, are unaffected.


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


FORD MOTOR: Seeks to End Tie-up with Mazda & Changan
----------------------------------------------------
According to Reuters, two sources said Thursday Ford Motor and its
China venture partners, Mazda Motor Corp. and Chongqing Changan
Automobile Co., are seeking Chinese government approval to end
their three-way tie up.   The sources with direct knowledge of the
scheme told Reuters Ford and Mazda both plan to set up their own
separate joint ventures with Changan, a move which will give the
automakers more leeway to design their own China strategies.

Reuters relates Ford is set to own half of its new two-way venture
with Changan, the sources said, while the Mazda-Changan tie-up
will probably also be a 50-50 JV.

"They have submitted a joint proposal to the Chinese government to
split up the partnership.  Ford's new JV with Changan will be
based in Chongqing, while Mazda's venture will be based in
Nanjing," one of the sources told Reuters.  That source told
Reuters it was unclear when the government was expected to make a
decision.

Reuters notes Mazda's ties with Ford have weakened since Ford
reduced its controlling one-third stake in Mazda to 13% in 2008
to free up cash.  Ford currently owns about 11% of Mazda, Japan's
No. 5 automaker.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The Company provides financial
services through Ford Motor Credit Company.

At December 31, 2009, the Company had US$194.850 billion in total
assets against US$201.365 billion in total liabilities.  Total
deficit attributable to Ford Motor at December 31, 2009, was
US$7.820 billion.

On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.

In March 2010, Moody's Investors Service raised Ford's Corporate
Family Rating (CFR) and Probability of Default Rating (PDR) to B2
from B3, secured credit facility to Ba2 from Ba3, senior unsecured
debt to B3 from Caa1, trust preferred to Caa1 from Caa2, and
Speculative Grade Liquidity rating to SGL-2 from SGL-3. Also
raised is Ford Credit's senior debt rating to B1 from B2.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.  Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.


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


ABB ASIA: Seng and Lo Step Down as Liquidators
----------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
ABB Asia Pacific Services Limited on April 30, 2010.


ASIA CHALLENGE: Creditors' Proofs of Debt Due June 4
----------------------------------------------------
Asia Challenge 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 May 3, 2010.

The company's liquidator is:

         Chow Chan Lum Charles
         1902 MassMutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong


ASSOCIATED AIR: Creditors' Proofs of Debt Due June 14
-----------------------------------------------------
Creditors of Associated Air Freight Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 14, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 3, 2010.

The company's liquidator is:

         Wang Wenqi
         13/F, Pico Tower
         66 Gloucester Road
         Wanchai, Hong Kong


BASF RESINS: Members' Final Meeting Set for June 17
---------------------------------------------------
Members of BASF Resins Company Limited will hold their final
meeting on June 17, 2010, at 11:30 a.m., at 19/F., Queen's Place,
74 Queen's Road Central, in Hong Kong.

At the meeting, Ng Wai Yan and Ha Man Kit Marcus, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


BEST PALACE: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on May 3, 2010, members
of Best Palace Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Tsang Chung Ying
         Flat 2407, Block A
         Kai Tin Building
         59 Kai Tin Road, Lam Tin
         Kowloon, Hong Kong


C.W.K.F.A KAI: Creditors' Proofs of Debt Due June 14
----------------------------------------------------
Creditors of C.W.K.F.A Kai Ming Kindergarten Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 14, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 10, 2010.

The company's liquidators are:

         Li Kwok On
         Gilbert Washington Hoosang
         10/F., Chun Wo Commercial Centre
         23-29 Wing Wo Street
         Central, Hong Kong


KAWAMURA CO: Creditors' Meeting Set for May 24
----------------------------------------------
Creditors of Kawamura Co., Limited will hold a meeting on May 24,
2010, at 9:30 a.m., at Room 1005, Allied Kajima Building, 138
Gloucester Road, Wanchai, in Hong Kong.

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


MPCT SOLUTIONS: Creditors' Meeting Set for May 24
-------------------------------------------------
Creditors of MPCT Solutions Limited will hold their meeting on
May 24, 2010, at 10:30 a.m., for the purposes provided for in
Sections 199, 241, 242, 243, 244, 251, 255A and 283 of the
Companies Ordinance.

The meeting will be held at the office of Borrelli Walsh Limited
on Level 17, Tower 1, Admiralty Centre, 18 Harcourt Road, in Hong
Kong.


VITREA COMPANY: Members and Creditors' Meetings Set for May 31
--------------------------------------------------------------
Members and creditors of Vitrea Company Limited (Trading as Tat
Shing Hong Century AV Centre) will hold their annual meetings on
May 31, 2010, at 4:00 p.m., and 4:15 p.m., respectively at Room
202, Duke of Windsor Social Service Building, 15 Hennessy Road,
Wanchai, in Hong Kong.

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


YAU SHING: Members and Creditors' Meetings Set for May 31
---------------------------------------------------------
Members and creditors of Yau Shing AV Centre Limited will hold
their annual meetings on May 31, 2010, at 3:00 p.m., and 3:15
p.m., respectively at Room 202, Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.

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


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


AIR INDIA: Express Cabin Crew Withdraws Strike Call
---------------------------------------------------
The cabin crew members of Air India's low cost subsidiary Air
India Express have withdrawn their strike call, according to a
report by indianexpress.com.

As reported by the Troubled Company Reporter-Asia Pacific on
May 10, 2010, the Hindustan Times said that about 400 Air India
Express cabin crew members have threatened to go on an indefinite
strike due to the company's decision not to renew their contracts.
The Aviation Industry Employees Guild, the union representing the
crew, said the airline plans to outsource cabin crew services to a
private agency.

"The management has said that it is withdrawing the private agency
it had retained to recruit trained cabin crew. We have decided to
withdraw our call for strike," the report quoted George Abraham,
general secretary of AIEG, as saying.

The report relates an Air India spokesperson, however, could not
confirm if the management had sent a letter to the union agreeing
to withdraw the services of the private agency.  The airline did
not confirm if the contracts of the crew would be extended to five
years, the report notes.

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: Set to Join Star Alliance in March 2011
--------------------------------------------------
The Economic Times reports that Air India chairman Arvind Jadhav
said the carrier has set March 2011 as the outer deadline to join
the Star Alliance, the world's largest commercial pact among
carriers.

This is the first time since an invitation was extended in Beijing
in late 2007 that the Indian carrier has set a specific time frame
to become a member of Star Alliance, which now has 27 members with
Brazil's TAM Airlines formally joining it Friday.

"We are targeting December internally, but will officially join in
the first quarter of 2011," Mr. Jadhav said on the margins of an
event to induct TAM into the Star Alliance network, even as he
acknowledged that Jet Airways was in talks to join the pact.

Air India was invited by Lufthansa, the driving force of the pact,
to join the alliance in late 2007 in Beijing.  But a delayed
software integration after the merger of Indian Airlines into Air
India pushed the carrier's plans to join the pact earlier.

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.


CHANDRA ELECTRONIC: ICRA Rates INR63 Mil. FB Limits at 'LBB-'
-------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to INR63.00 million fund based
limits of Chandra Electronic Appliances Pvt Ltd.  The rating
carries a stable outlook.

The ratings takes into account the modest scale of operations,
which results in limited economies of scale, relatively low value
additive nature of the business and high competitive pressures in
the consumer electronic distribution business.  These factors have
resulted in modest operating margins and this is unlikely to
change significantly in the medium term.  Further, in spite of
modest growth in sales high working capital intensity of
operations has resulted in limited cash generation from operations
(as measured by net cash accruals adjusted for working capital
changes).  Further high working capital intensity compounded by
thin margins have resulted in high gearing of 4.73 times as on
March 31, 2009.  However the ratings draw comfort from the long
experience of promoters and strong relationship with its client
base.  These factors have resulted in stable growth in its sales,
which is likely to be sustained given the positive demand outlook
for consumer electronic goods.

Chandra Electronic Appliances Pvt Ltd was started in the year 1991
by Mr Lalit Dhokha with the objective of engaging into electronic
goods distribution business.  Over the years the group has
diversified its business presence in real estate, event
management, advertising etc.  Distribution of electronic goods
however remains the core business of the group.  The company
currently has distribution rights for consumer electronic brands
like Sony, LG, Samsung in around 11 district's of Rajasthan.  The
company has a 150 member dealer network spread over 11 districts
of Rajasthan.


CHENNAI RADHA: CRISIL Reaffirms 'BB+' Ratings on INR195M Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chennai Radha
Engineering Works Pvt Ltd continue to reflect Chennai Radha's
stretched liquidity because of its working-capital-intensive
operations, and customer concentration in its revenue profile.
These weaknesses are partially offset by Chennai Radha's
established presence in the bulk-material handling business,
moderate financial risk profile, and expertise in technical
operations.

   Facilities                             Ratings
   ----------                             -------
   INR195.00 Million Long-Term Loan       BB+/Stable (Reaffirmed)
   INR100.00 Million Cash Credit Limits   BB+/Stable (Reaffirmed)
   INR100.00 Million Letter of Credit     P4+ (Reaffirmed)
                               Limits
   INR250.00 Million Bank Guarantee       P4+ (Reaffirmed)
                          Limits
Outlook: Stable

CRISIL believes that Chennai Radha will maintain its stable
business risk profile over the medium term, backed by its
established relationships with clients and healthy order book.
The outlook could be revised to 'Positive' if the company
significantly improves its working capital management, ensuring
moderate liquidity.  Conversely, the outlook could be revised to
'Negative' if the company undertakes a larger-than-expected debt-
funded capital expenditure program, or if there is a significant
decline in its order book position, thereby deteriorating its
financial risk profile.

                        About Chennai Radha

Chennai Radha was established as a proprietorship firm, Radha
Engineering Works, in 1985; it was reconstituted as a private
limited company in 2005.  Chennai Radha undertakes operations and
maintenance of bulk-material handling systems, dealing mainly in
coal and ash handling for thermal power stations and captive power
plants.  The company also undertakes turnkey projects for design,
erection, and testing of bulk-material handling systems, and has
completed two such projects till date.  It manufactures customer-
specific equipment for electricity boards and captive power
plants.  It also sells equipment procured from other
manufacturers.  During 2009-10 (refers to financial year, April 1
to March 31), Chennai Radha set up three windmills, each of 250
kilowatts, in Tirupur (Tamil Nadu) at a cost of INR60 million.
The company has entered into a 20-year power purchase agreement
with Tamil Nadu Electricity Board for the output generated from
these windmills.

Chennai Radha reported a profit after tax (PAT) of INR51 million
on net revenues of INR1.08 billion for 2008-09, against a PAT of
INR36 million on net revenues of INR815 million for 2007-08.


DAVINDER EXPORTS: CRISIL Puts 'B+' Rating on INR154M Debt
---------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Davinder
Exports' bank facilities.

   Facilities                                 Ratings
   ----------                                 -------
   INR154.0 Million Export Packing Credit^    B+/Stable (Assigned)
   INR20.0 Million Letter of Credit           P4 (Assigned)

   ^Includes sub limit of INR30.0 Million for Cash Credit &
    INR100.0 Million for FBP

The ratings reflect DE's weak financial risk profile marked by
high gearing, weak debt protection metrics and small net worth,
small scale of operations, and customer and geographical
concentration in revenue profile.  These rating weaknesses are
partially offset by DE's promoters' experience in the garments
export business and strong customer base.

Outlook: Stable

CRISIL believes that DE will continue to benefit from its
established customer base over the medium term.  However, DE's
financial risk profile is likely to remain weak over the medium
term because of its large working capital requirements. The
outlook may be revised to 'Positive' if DE's financial risk
profile, particularly cash accruals, improve, most likely because
of more-than-expected profitability. Conversely, the outlook may
be revised to 'Negative' if there is more-than-expected increase
in DE's working capital requirements, leading to further
deterioration in its financial risk profile.

                      About Davinder Exports

Set up in 1997 by Mr. Baldev Singh, DE manufactures collared and
polo-neck t-shirts for export to the Middle East.  About 85% of
the firm's revenues come from exports.  The firm's plant in
Ludhiana (Punjab) has garmenting capacity of 20,000 pieces per
day.  Knitting and processing work is however being outsourced to
its group company Davinder Sandhu Impex Ltd.

DE reported a profit after tax (PAT) of INR5.0 million on net
sales of INR431 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3.8 million on net sales
of INR370 million for 2007-08.


DEE DEVELOPMENT: CRISIL Upgrades Rating on INR703.9M Term Loan
--------------------------------------------------------------
CRISIL has upgraded the rating on the bank facilities of Dee
Development Engineers Ltd to 'B+/Stable/P4' from 'D/P5'.

   Facilities                                Ratings
   ----------                                -------
   INR331.1 Million Cash Credit Limit        B+/Stable (Upgraded
     (Enhanced from INR190.0 Million)                   from D)

   INR120.0 Million Export Packing Credit*   B+/Stable (Upgraded
   (Enhanced from INR80.0 Million)                      from D)

   INR703.9 Million Term Loan                B+/Stable (Upgraded
   (Enhanced from INR115.0 Million)                     from D)

   INR155.0 Million Bank Guarantee           P4 (Upgraded from P5)
   (Enhanced from INR125.0 Million)

   INR110.0 Million Letter of Credit         P4 (Upgraded from P5)
   (Enhanced from INR90.0 Million)

   *Interchangeable with Cash Credit

The upgrade is driven by the track record of timely payment of
debt installments since November 2009; it also factors in the
initiatives taken by DDEL's management to ensure timeliness in
debt installment payment in the future.

CRISIL's ratings also reflect DDEL's average financial risk
profile, on account of large debt-funded capital expenditure
(capex) and working-capital-intensive operations, and exposure to
risks related to the limited size of the spools and pipe fittings
market and intense competition from unorganized players in the
piping systems and pipe fittings industry.  These rating
weaknesses are partially offset by DDEL's established market
position, healthy growth prospects for the end-user industries,
strong growth in operating income and cash accruals due to above-
average operating efficiency.

Outlook: Stable

CRISIL believes that DDEL will maintain its established position
in the domestic as well as exports market for spools.  The outlook
may be revised to 'Positive' if DDEL strengthens its liquidity
through better management of its working capital requirements and
also reports higher margins from the recently modernized facility,
which is expected to have higher operating efficiency.
Conversely, more-than-expected capital expenditure, which would
exhaust the company's surplus liquidity over the near term, may
result in a revision in outlook to 'Negative'.

                       About Dee Development

DDEL was incorporated in 1988, primarily for designing steam and
other process piping.  The company diversified into the
manufacture and supply of piping systems and pipe fittings.  DDEL
operates from its recently set up plant at Tatarpur (Haryana),
which has capacity of 10,000 tonnes per annum (tpa) of spools and
pipe fittings.  DDEL's main product, spools, accounts for around
80 per cent of its revenues; the remainder comes from the sales of
pipe fittings.  Spools are pipes that are fitted with various
equipments such as elbows, tees, reducers, caps crosses, and stub
ends.  In February 2009, DDEL commissioned its 8-megawatt bio-
mass-based power plant in Abohar (Punjab).

DDEL reported a profit after tax (PAT) of INR79.5 million on net
sales of INR1.5 billion for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR123.8 million on net
sales of INR1.5 billion for 2007-08.


LOKNETE HONOURABLE: CRISIL Rates INR187.4MM Term Loan at 'D'
------------------------------------------------------------
CRISIL has assigned its 'D' rating to Loknete Honourable
Hanmantrao Patil Charitable Trust rupee term loan facility.  The
rating reflects delay by Loknete in servicing its term loan; the
delay has been caused by Loknete's weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR187.4 Million Rupee Term Loan       D (Assigned)

Loknete, set up in 1994, runs multiple educational institutes such
as primary and secondary schools, degree and diploma engineering
college, and arts and commerce colleges in Vita, Sangli
(Maharashtra).  While the schools are affiliated to the Central
Board of Secondary Education, the colleges are affiliated to
Shivaji University.  The engineering college is approved by All
India Council for Technical Education.  The trust also offers
boarding accommodation to around 480 students.

Loknete reported a net loss of INR5.0 million on net sales of
INR27.6 million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss of INR1.1 million on net sales of
INR13.5 million for 2007-08.


MILKRAFT DAIRYTECH: CRISIL Rates INR55 Mil. Cash Credit at 'B+'
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Milkraft Dairytech Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR55.0 Million Cash Credit         B+/Stable (Assigned)

The rating reflects Milkraft's below-average financial risk
profile marked by small net worth, high gearing, and weak debt
protection metrics, and exposure to risks related to adverse
changes in government regulations, and to epidemic-related and
environmental factors.  These rating weaknesses are partially
offset by the benefits that Milkraft derives from its promoters'
experience in the milk-trading business, and its established
relationships with milk suppliers and distributors.

Outlook: Stable

CRISIL believes that Milkraft will continue to benefit over the
medium term from its promoters' experience in the milk-trading
business and its established relationships with milk suppliers and
distributors.  The outlook may be revised to 'Positive' in case of
a significant increase in the company's volumes and revenues,
along with improvement in its cash accruals and debt protection
metrics.  Conversely, the outlook may be revised to 'Negative' in
case the company generates less-than-expected net cash accruals,
or reports a significant increase in gearing.

                      About Milkraft Dairytech

Milkraft, part of the Dwarka group of companies, and was
originally set up as a proprietorship concern, Milkraft Dairy
Tech, by Mr. Mithilesh Rajput in 2001.  The firm was reconstituted
as a private limited company with the present name in
October 2009.  The company trades in processed milk in Navi Mumbai
(Maharashtra).  It is undertaking backward integration by
acquiring a factory in Jalna (Maharashtra) and installing bulk
milk coolers in the vicinity of the factory.

Milkraft reported a profit after tax (PAT) of INR1.5 million on
net sales of INR315.4 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR1 million on net
sales of INR220.4 million for 2007-08.


NAVEEN COTTON: CRISIL Reaffirms 'P4' Ratings on Short Term Loans
----------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Naveen Cotton Mill Pvt Ltd to 'B-/Stable' from 'C', while
reaffirming its short-term rating at 'P4'.

   Facilities                                Ratings
   ----------                                -------
   INR200.0 Million Long-Term Loan           B-/Stable (Upgraded
                                                        from 'C')

   INR78.7 Million Cash Credit Limits        B-/Stable (Upgraded
                                                        from 'C')
   INR10.0 Million Standby Line of Credit    P4 (Reaffirmed)
   INR1.3 Million Letter of Credit Limits    P4 (Reaffirmed)
   INR29.7 Million Bank Guarantee Limits     P4 (Reaffirmed)

The upgrade follows the improvement in Naveen Cotton's liquidity
following a revival in the textile industry.  The company is
expected to post cash accruals that will be sufficient to service
its maturing debt obligations over the medium term. Naveen
Cotton's repayment of debt has been timely over the past 12
months, despite inadequate cash accruals. The upgrade also factors
in CRISIL's expectation that Naveen Cotton will post healthy sales
growth and improved profitability, with the revival in the textile
industry.

However, the ratings also reflect Naveen Cotton's weak financial
risk profile, marked by high gearing, small net worth, and poor
debt-protection metrics, and its exposure to risks related to
volatility in raw material prices and fragmentation in the textile
industry. These weaknesses are partially offset by the extensive
experience of the company's promoters, and its sound customer
relationships.

Outlook: Stable

CRISIL believes that Naveen Cotton will maintain its credit risk
profile over the medium term, supported by high capacity
utilization and its long-standing customer relationships.  The
outlook may be revised to 'Positive' if the company's capital
structure improves significantly on the back of increased cash
accruals, and if it can maintain high double digit operating
profitability.  Conversely, the outlook may be revised to
'Negative' if Naveen Cotton undertakes a large, debt-funded
capital expenditure program, or if its cash accruals decline
significantly.

                        About Naveen Cotton

Naveen Cotton was promoted by Mr. R Anandh in 2005 in Tirupur
(Tamil Nadu).  The company manufactures low-count cotton yarn of
20s, 25s, and 30s counts.  The company's present installed
capacity is 14,000 spindles.

For 2008-09 (refers to financial year, April 1 to March 31),
Naveen Cotton reported a net loss of INR27 million on net sales of
INR291 million, against INR3 million and INR99 million,
respectively, for the previous year.


PRABHAT DAIRY: CRISIL Lifts Ratings on Various Bank Debts to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on Prabhat Dairy Pvt Ltd's bank
facilities to 'B+/Stable' from 'C'.

   Facilities                       Ratings
   ----------                       -------
   INR88.9 Million Term Loan        B+/Stable (Upgraded from 'C')
   INR50.0 Million Cash Credit      B+/Stable (Upgraded from 'C')
   INR5.0 Million Line of Credit    B+/Stable (Upgraded from 'C')

The upgrade reflects timely servicing of debt by Prabhat over the
seven months through March 2010.  Prabhat's liquidity has improved
following the increase in cash accruals post stabilization of the
capacity expansion in 2009-10 (refers to financial year, April 1
to March 31).  The upgrade also reflects CRISIL's belief that
Prabhat's ongoing capacity expansion project will stabilize over
the medium term, resulting in adequate incremental cash flows,
thereby enabling the company to service its debt in a timely
manner over the medium term.

The ratings reflect Prabhat's limited track record of timely debt
repayment, small scale of operations with limited geographical
diversity, and exposure to government regulations and epidemic-
related factors.  These weaknesses are partially offset by the
company's established procurement and distribution network, and
moderate financial risk profile marked by strong debt protection
metrics and a healthy capital structure.

Outlook: Stable

CRISIL believes that Prabhat will continue to benefit from its
established relationships with suppliers and distributors in
Ahmednagar (Maharashtra).  The outlook may be revised to
'Positive' if the company commissions its capacity expansion
project without any time and cost overrun. Conversely, the outlook
may be revised to 'Negative' if Prabhat's credit risk profile
deteriorates due to larger-than-expected debt-funded capital
expenditure or less-than-expected off-take post its proposed
capacity expansion.

                         About Prabhat Dairy

Incorporated in 1998, Prabhat is promoted by Mr. Sarang Nirmal,
Mr. Kishore Nirmal, and Mr. Arvind Nirmal. The company processes
and sells milk and milk products.  The dairy products marketed by
the company include toned milk, raw chilled milk, sterilised
condensed milk, milk powder, lassi, butter, and ghee.  Its
production unit at Shrirampur (Maharashtra) has a milk processing
capacity of 0.25 million litres per day (lpd) of milk.  The
company is planning to increase its processing capacities by
another 0.15 million lpd by June 2010.  It is also setting up a
cogeneration plant which will be used to meet the increasing
electricity requirements of its growing business.

For 2008-09, Prabhat reported a profit after tax (PAT) of INR10
million on net sales of INR1097 million, against a PAT of INR12.5
million on net sales of INR878 million for 2007-08.


RELIABLE PAPER: CRISIL Reaffirms 'D' Rating on INR460MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Reliable Paper (India)
Ltd (Reliable Paper, part of the Reliable group), continues to
reflect the delays by Reliable Paper in servicing its term loan
repayment obligations; the delay has been driven by the company's
weak liquidity and delays in project implementation.

   Facilities                         Ratings
   ----------                         -------
   INR150.0 Million Cash Credit       D (Reaffirmed)
   INR460.0 Million Term Loan         D (Reaffirmed)
   INR20.0 Million Letter of Credit   P5 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Reliable Paper, Prime Industries Ltd
(Prime Industries), Opel Paper Mills Ltd (Opel Paper) and
Speciality Papers Ltd (Speciality Papers) -- collectively referred
to as the Reliable group -- because Reliable Paper, Prime
Industries and Opel Paper are expected to be merged with
Speciality Papers over the medium term. The key reason for the
merger is the consolidation of the group's operations in order to
bring about operational and financial synergies.

                          About the Group

Reliable Paper, set up in 1974 by Mr. Mekan J Gala, mainly trades
in paper and paper products.  The company is an authorized
distributor of Ballarpur Industries Ltd. Reliable Paper's plant in
Bardoli (Gujarat), has a manufacturing capacity of 6,000 tonnes of
tissue-grade paper per annum.  Reliable Paper is undertaking a
large debt-funded capital expenditure program of INR800 million
for setting up a paper mill which will increase its manufacturing
capacity to 45,000 tonnes per annum (tpa) from the existing
capacity.  The project was expected to commence operations by
June 2009; however there were some delays and the new capacity
would be operational from July 2010.

Speciality Papers was a sick unit and was acquired by the
promoters in 1998.  The promoters were able to turn around the
company by revamping its product mix and focusing on exports. The
company's plant in Vapi (Gujarat) has capacity of manufacturing
9,350 tpa of machine-glazed specialty paper.

Opel Paper Mill manufactures coated paper and its plant in Vapi
has a capacity of 3,000 tpa.  Prime Industries is engaged in the
conversion and packaging of jumbo rolls.  Its products are sold
under the Lincoln brand.

Reliable Paper reported a net loss of INR2.1 million on net sales
of INR2.2 billion for 2008-09 (refers to financial year, April 1
to March 31) against a profit after tax of INR33.3 million on net
sales of INR1.7 billion for 2007-08.


SHUBHLAXMI CASTING: ICRA Assigns 'LB' Rating on INR60MM Bank Debts
------------------------------------------------------------------
ICRA has assigned 'LB' ratings to the INR60 million fund based
limits, INR22.80 term loan facilities and A4 rating to the
INR20 million non fund based bank facilities of Shubhlaxmi Casting
Pvt Ltd.

The rating factors in the high gearing levels of 2.74 times as on
March 31, 2009 and negative cash flows in the past, which have
resulted in stretched liquidity as reflected by delays in meeting
principal obligations in the past and full utilization of bank
limits.  The assigned rating also reflects SCPL relatively modest
scale of operations, which results in limited economies of scale,
and intensely competitive nature of the steel ingots business in
which SCPL is operating.  However the rating derives support from
the promoter's long experience in this business and established
relations with its customers.  Also the company's recent foray
into alloy ingots manufacturing is expected to boast margins since
the value add is relatively higher and the degree of competition
is also relatively low when compared against mild steel ingots.

Shubhlaxmi Castings which earlier known as Shubhlaxmi ship
breakers was started in 2005 with the objective of engaging in
ship breaking activities.  In 2007 the promoters decided to shift
their business activity into trading of metal scrap and also
established an induction furnace for manufacturing of steel ingots
and renamed the company as Shubhlaxmi castings to match the
business profile.  Currently the company is manufacturing M.S
Ingots through its 30000 MT per annum induction furnace and also
doing trading in iron & steel scrap.  The company is part of
Agarwal group, having business interest in ship breaking,
manufacturing of MS Ingot, Alloys Ingot, Ms CTD bar, MS angle, MS
round bar, MS TMT bar and dealing in iron & steel metal scrap.


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


AOZORA BANK: Cancels Planned Merger With Shinsei Bank
-----------------------------------------------------
Shinsei Bank and Aozora Bank have cancelled their merger plan that
that would have created Japan's sixth-largest bank.  The Financial
Times reports that the two banks on Friday said that instead of
merging their operations, as agreed in June 2009, they would
establish a business alliance.

According to Bloomberg News, Shinsei and smaller Aozora,
controlled by Cerberus Capital Management LP, are scrapping the
plan after a recovery in credit markets made it easier for the
banks to raise funds.  Bloomberg says the two banks posted
combined losses of $4.2 billion in the year ended March 2009, from
soured loans and investments in the U.S. and Europe.

Reuters, meanwhile, reports that Shinsei Bank on Friday forecast a
return to profit for the current financial year after posting a
combined $3 billion in losses over the past two years.  Shinsei
also said President Masamoto Yashiro would resign, Reuters
reports.

Reuters relates Shinsei said it expects a net profit of
JPY12.5 billion ($135 million) for the year ending in March 2011,
compared with a net loss of JPY140.2 billion in the year ended
March 31, 2010.

Mr. Yashiro, who will be replaced by Shigeki Toma, a director at
Isuzu Motors, said Shinsei wants to raise capital during the
current year to March 2011 though it would not be a large amount,
Reuters notes.

                         About Shinsei Bank

Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 29, 2010, Standard & Poor's Ratings Services lowered the
debt rating on the preferred securities issued by Shinsei to 'BB-'
from 'BBB-', and placed it on CreditWatch with negative
implications.

                         About Aozora Bank

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Moody's Investors Service confirmed Aozora Bank,
Ltd.'s ratings.  The outlook for all ratings is stable.  The
ratings affected are its D+ bank financial strength rating, Ba1
baseline credit assessment, and Baa1 long-term deposit rating and
senior unsecured debt rating.  At the same time, Moody's has
affirmed the bank's Prime-2 short-term deposit rating.  This
rating action concludes the review for further possible downgrade
initiated on February 12, 2009.


SHINSEI BANK: Cancels Planned Merger With Aozora Bank
-----------------------------------------------------
Shinsei Bank and Aozora Bank have cancelled their merger plan that
that would have created Japan's sixth-largest bank.  The Financial
Times reports that the two banks on Friday said that instead of
merging their operations, as agreed in June 2009, they would
establish a business alliance.

According to Bloomberg News, Shinsei and smaller Aozora,
controlled by Cerberus Capital Management LP, are scrapping the
plan after a recovery in credit markets made it easier for the
banks to raise funds.  Bloomberg says the two banks posted
combined losses of $4.2 billion in the year ended March 2009, from
soured loans and investments in the U.S. and Europe.

Reuters, meanwhile, reports that Shinsei Bank on Friday forecast a
return to profit for the current financial year after posting a
combined $3 billion in losses over the past two years.  Shinsei
also said President Masamoto Yashiro would resign, Reuters
reports.

Reuters relates Shinsei said it expects a net profit of
JPY12.5 billion ($135 million) for the year ending in March 2011,
compared with a net loss of JPY140.2 billion in the year ended
March 31, 2010.

Mr. Yashiro, who will be replaced by Shigeki Toma, a director at
Isuzu Motors, said Shinsei wants to raise capital during the
current year to March 2011 though it would not be a large amount,
Reuters notes.

                         About Aozora Bank

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Moody's Investors Service confirmed Aozora Bank,
Ltd.'s ratings.  The outlook for all ratings is stable.  The
ratings affected are its D+ bank financial strength rating, Ba1
baseline credit assessment, and Baa1 long-term deposit rating and
senior unsecured debt rating.  At the same time, Moody's has
affirmed the bank's Prime-2 short-term deposit rating.  This
rating action concludes the review for further possible downgrade
initiated on February 12, 2009.

                         About Shinsei Bank

Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 29, 2010, Standard & Poor's Ratings Services lowered the
debt rating on the preferred securities issued by Shinsei to 'BB-'
from 'BBB-', and placed it on CreditWatch with negative
implications.


* JAPAN: Sovereign Debt May Rise to 250% of GDP by 2015, IMF Says
-----------------------------------------------------------------
Bloomberg News, citing forecast by the International Monetary
Fund, reports that Japan's sovereign debt may rise to 250% of
gross domestic product by 2015 from 227.1%.

The IMF said doubling the consumption tax to 10% would increase
Japan's government revenue by 2.6%, Bloomberg adds.


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


SSANGYONG MOTOR: SAIC Sells 539,665 Ssangyong Shares
----------------------------------------------------
Shanghai Automotive Industry Corp. has unloaded shares in
Ssangyong Motor Co. in the last three weeks, bringing its stake in
the cash-strapped automaker to 9.95%, Yonhap News Agency reports.
SAIC was formerly the largest stake owner of Ssangyong Motor Co.

The news agency relates Ssangyong said China-based SAIC sold a
total of 539,665 shares in the Korean automaker on the Seoul
bourse between April 26 and May 12.  Before the stake sale, Yonhap
says, the Chinese company held a 11.44% stake in the company.

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 over the next three years.


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


AYER MOLEK: Plan Submission Deadline Extended Until November 18
---------------------------------------------------------------
Bursa Securities Malaysia has granted The Ayer Molek Rubber
Company Berhad a further extension of time of eight months from
March 18, 2010 to November 18, 2010 for the Company to announce
and submit its Regularization Plan.

Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.

                           *     *     *

The Ayer Molek Rubber Company Berhad has been classified an
Amended Practice Note 17 company based on the criteria set by the
Bursa Malaysia Securities Bhd after it triggered Paragraph 8.16A
of the Listing Requirements.

MIMB Investment Bank Berhad said that the bourse has granted a
conditional approval to AMolek for its application seeking a
waiver from meeting the minimum issued and paid-up capital of
MYR60 million as required under Paragraph 8.16A of the Listing
Requirements of Bursa Securities.


DXN HOLDINGS: Zafali Files Wind-up Petition Against DXN Unit
------------------------------------------------------------
DXN Holdings Berhad disclosed in a regulatory filing that Zafali
Enterprise has filed a winding up petition to the High Court of
Malaya in Penang against DXN Marketing Sdn. Bhd., a wholly owned
subsidiary of DXN.

Zafali Enterprise asserts a MYR200,000 claim together with
interest at a rate of 8% per annum calculated from June 11, 2000,
until date of full settlement, together with court cost of
MYR7,312 pursuant to the Judgment obtained on December 3, 2009, in
Alor Setar Sessions Court Summons No : 52-211-00.

Zafali Enterprise is a terminated stockist of DMSB.  On April 5,
2000, DMSB filed a summons against Zafali at the Alor Setar
Sessions of MYR102,282.27 together with 8% interest per annum from
August 10, 1999, for the default of payment due to the goods sold
and delivered.  Zafali thereafter filed a counter claim for
MYR200,000 as damages by reason of wrongful termination as a
stockist.

On December 3, 2009, the Alor Setar Sessions Court dismissed
DMSB's claims and allowed Zafali's counter claim without having
Zapali to provide any evidence in relation to the counter claim
amount.

An appeal was immediately filed by DMSB on December 14, 2009, and
the High Court of Alor Setar gave the appeal no as 12B-166-2009.
However, the said appeal is pending to be heard as the sessions
court judge has yet to provide the grounds of judgment.

On March 10, 2010, Zafali sent a demand letter to DMSB for the
payment of MYR207,312.  DMSB denied to pay the demand amount and
on March 13, 2010, filed an application for stay of execution and
certificate of urgency for the purpose of suspending the execution
of the judgment by Zapali.  In addition, DMSB on March 31, 2010,
deposited an equivalent amount of MYR207,312 with a fixed deposit
account with United Overseas Bank for an evidence of its ability
to pay the amount.

The Alor Setar Sessions Court has fixed the hearing for DMSB's
application for stay of execution on May 16, 2010.

DMSB has appointed its solicitor for the hearing of the stay of
execution fixed on May 16, 2010, and is also trying to negotiate
with the Petitioner for an amicable settlement arrangement.

                         About DXN Holdings

DXN Holdings Berhad is a Malaysia-based investment holding and
provision of management services company.  The Company operates in
five business segments: multi-level marketing, which is engaged in
the manufacture and sale of health supplements, and other products
on a multi-level marketing basis; property development, which is
engaged in housing developing and contracting; energy, which is
engaged in the manufacture and sale of biodiesel, and other
incidental products; investment holding, which is engaged in
investment holding and provision of management services, and
others, which is engaged in travel agency and tour operation,
information technology consultancy and advisory wholesale and
retail of stationeries, household items, gifts and accessories.
On February 29, 2008, the Company's wholly owned subsidiary, DXN
Land Sdn. Bhd. acquired Bio Synergy Engineering Sdn. Bhd.


OCI BHD: Sets Extraordinary Meeting on May 31
---------------------------------------------
OCI Berhad will have an Extraordinary General meeting on May 31,
2010, at 10:00 a.m.  The meeting will be held at Concord Hotel
Shah Alam, No 3 Jalan Tengku Ampuan Zabedah C9/C, 40100 Shah Alam,
in Selangor Darul Ehsan.

At the meeting, shareholders will be asked to pass this
resolution:

   * disposal of one parcel of industrial land with office
     and ancillary buildings and factory held under leasehold
     located in Selangor to Ultimate Print Sdn Bhd for a total
     cash consideration of MYR12 million subject to and in
     accordance with the terms and conditions of the conditional
     Sale and Purchase Agreement dated Nov. 5, 2009, entered
     into between OCI Bhd and Ulrimate Print Sdn Bhd.

                          About OCI Berhad

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world.  On January 24, 2006, the Company disposed off its entire
51% equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer as the auditors have
expressed a modified opinion with emphasis on the company's
going concern in the company's audited financial statements for
the financial year ended June 30, 2006 and the shareholders'
equity of the company on a consolidated basis as at June 30,
2006, represented 40.8% of the issued and paid-up capital of the
company.


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


VIADUCT CAPITAL: Placed in Receivership; Owes NZ$7.8 Million
------------------------------------------------------------
Viaduct Capital Ltd. has been placed into receivership with debts
of NZ$7.8 million.  Prince and Partners Trustee Company Limited on
May 13 appointed Iain McLennan and Boris van Delden from McDonald
Vague as receivers of Viaduct Capital.

Colin Wilson of Prince and Partners Trustee Company Limited said
the action is "to protect the interests of investors through an
orderly realization of the company's assets."

Viaduct Capital has $7.8 million of secured debentures held by
approximately 110 investors.  Viaduct said in a statement posted
in its Web site that NZ$7.3 million is covered by the Government
Guarantee, with the balance of NZ$500,000 unguaranteed.

Viaduct Capital Ltd. is a New Zealand-based finance company.


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


BENGUET CORP: Plans to Appeal Decision Over Kingking Rights
-----------------------------------------------------------
Benguet Corp. said it was preparing to appeal the decision of the
Department of Environment and Natural Resources stripping it of
the right to operate Kingking copper-gold project in Mindanao.

"Benguet Corp. received a letter from the DENR dated April 29
denying due course [to Benguet Corp.'s] Request for
Reconsideration of the Jan. 15 order. Benguet Corp. is preparing
its appeal," the company said in a disclosure to the local bourse
yesterday.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2010, BusinessWorld Online said Benguet Corp. lost its
right to complete the Kingking copper-gold project in Southern
Mindanao given the lack of project development in the past 12
years.

"This department remains unsatisfied with [Benguet's] efforts to
complete the mineral exploration activities in the contract area,"
the report cited the Environment department as saying in a letter
to Benguet and partner Nationwide Development Corp. (Nadecor)
dated Jan. 15.

The TCR-AP, citing Philippine Daily Inquirer, reported on Feb. 26,
2010, said Benguet Corp. filed an injunction case against its
partner, Nationwide Development Corp., in the Kingking gold
project.

The Inquirer noted Benguet Corp. said the issue of cancellation of
the operating agreement between the two companies "is a judicial
question that should be brought to the regular court, instead of
[an] arbitration case."

Raymond H. Ricafort, Nadecor's financial consultant, told Business
World Online that the arbitration request Nadecor filed earlier in
February was in line with the agreement that both companies had
signed.

According to the BusinessWorld, Nadecor wants arbitration to
facilitate the termination of its three-decade-old operating
agreement with the Romualdez firm, which the former claims has
been unable to fulfill its obligations.

Kingking, located in Pantukan town, Compostela Valley, has
reserves of about 353 million metric tons (MT) of ore containing
0.385% copper grade and 0.439 grams of gold per MT.  It is one of
the priority mining projects of the government, which is aiming to
raise $11 billion in mining investments by 2013.

                        About Benguet Corp.

Benguet Corporation (PSE:BC) -- http://www.benguetcorp.com/-- is
engaged in chromite and gold mining and production, exploration,
research and development, and water projects.  The Company
explores for mines, produces and markets gold, refractory
chromite, nickel laterite ore, limestone and aggregates, and
through its subsidiaries, provides eco-tourism, engineering and
construction, reforestation, trucking and warehousing services,
sells industrial equipment and supplies, develops water resources
and real estate projects.

                           *     *     *

Jaime F. Del Rosario at Sycip Gorres Velayo and Co. raised
significant doubt on Benguet Corporation's ability to continue as
a going concern saying that the group has incurred cumulative
losses of PHP4.8 billion and PHP4.3 billion in 2008 and 2007,
respectively, which resulted to a capital deficiency of PHP1.6
billion and PHP1.3 billion as of December 31, 2008, and 2007,
respectively.  The Group's current liabilities exceeded its
current assets by PHP3.8 billion and PHP3.1 billion as of Dec. 31,
2008 and 2007, respectively.  In addition, the Group was unable to
pay its maturing bank loans and related interests of PHP3.6
billion and PHP3.1 billion as of December 31, 2008 and 2007,
respectively.


PHILIPPINE AIRLINES: Seeks Funding Sources to Pay US$46-Mln Debt
----------------------------------------------------------------
National carrier Philippine Airlines is seeking funding sources to
settle US$46 million worth of maturing debt next month, Jeremiah
F. de Guzman at The Manila Standard Today reports.

The Manila Standard, citing PAL president Jaime Bautista, relates
that the carrier would pay $46 million worth of principal debt due
on June 7.  The airline is also paying $10 million in principal
debt every month, the report notes.

"Past settlements were paid in cash," the Manila Standard quoted
Mr. Bautista as saying.  Fundings for next month's debt payment
remained a problem for the cash-strapped airline, Mr. Bautista
added.

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

PAL was supposed to spin off its three non-core units: inflight
catering services; airport services, including ground handling,
cargo handling and ramp handling; and call center reservations by
May 31.  But the Department of Labor and Employment early in May
ordered PAL's management to recall all the notices of termination
it issued to an estimated 3,500 after PAL Employees Association
filed a notice of strike.

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

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

                      About Philippine Airlines

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


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


ALPS SERVICES: Creditors' Proofs of Debt Due June 14
----------------------------------------------------
Creditors of ALPS Services Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by June 14,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Lau Chin Huat
         C/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


EGO'S KTV: Court to Hear Wind-Up Petition on June 4
---------------------------------------------------
A petition to wind up the operations of Ego's KTV Entertainment
Pte Ltd will be heard before the High Court of Singapore on
June 4, 2010, at 10:00 a.m.

Ong Chiew Yen filed the petition against the company on May 6,
2010.

The Petitioner's solicitor is:

         WongPartnership LLP
         One George Street, #20-01
         Singapore 049145


DEVATHASAN NEUROLOGY: Creditors' Proofs of Debt Due June 11
-----------------------------------------------------------
Devathasan Neurology Practice Pte Ltd, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by June 11, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Wee Hui Pheng
         c/o M/s Wee Hui Pheng & Co.,
         1 Coleman Street #06-11, The Adelphi
         Singapore 179803


INTERNATIONAL ENERGY: Creditors' Proofs of Debt Due June 15
-----------------------------------------------------------
International Energy Minerals Material Pte Ltd, which is in
voluntary liquidation, requires its creditors to file their proofs
of debt by June 15, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Wee Hui Pheng
         c/o M/s Wee Hui Pheng & Co.,
         1 Coleman Street #06-11, The Adelphi
         Singapore 179803


IPACS TECHNOLOGY: Creditors' Proofs of Debt Due June 7
------------------------------------------------------
IPACS Technology Pte Ltd, which is in creditors' 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's liquidators are:

         Ong Yew Huat
         Seshadri Rajagopalan
         c/o One Raffles Quay
         North Tower, Level 18
         Singapore 048583


MPCT SOLUTIONS: Creditors' Meetings Set for May 24
--------------------------------------------------
MPCT Solutions Pte Ltd will hold a meeting for its creditors on
May 24, 2010, at 11:30 a.m., at the office of Borrelli Walsh
Limited of Level 17, Tower 1, Admiralty Centre, 18 Harcourt Road,
in Hong Kong.

Agenda of the meeting includes:

   a. receiving a statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. appointing liquidator(s);

   c. appointing a committee of inspection of not more than 5
      members, if thought fit;

   d. resolving that the books, records and documents of the
      Company and those of the liquidator(s) may be disposed of
      upon the dissolution of the Company pursuant to Section
      320(3) of the Companies Act, Cap. 50; and

   c. discuss other business.


QUANTUMCLEAN ASIA: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on May 7, 2010, to
wind up the operations of Quantumclean Asia (S) Pte Ltd.

Quantum Global Technologies, LLC filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


STARWELL INTERNATIONAL: Creditors' Proofs of Debt Due June 14
-------------------------------------------------------------
Starwell International Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by June 14, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Eu Chee Wei David
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


WALNUT PTE: Creditors' Proofs of Debt Due June 13
-------------------------------------------------
Walnut Pte Ltd, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by June 13,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Aaron Loh Cheng Lee
         c/o One Raffles Quay
         North Tower, Level 18
         Singapore 048583


ZYGO SINGAPORE: Creditors' Proofs of Debt Due June 14
-----------------------------------------------------
Creditors of Zygo Singapore Inspection Systems Pte Ltd, which is
in members' voluntary liquidation, are required to file their
proofs of debt by June 14, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Eu Chee Wei David
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


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


AMERICAN INT'L: Taiwan May Conclude Nan Shan Sale Review in July
----------------------------------------------------------------
The China Post reports that a top economic official in Taiwan said
the Investment Commission is expected to complete the review of a
Hong Kong-based consortium's application to acquire Nan Shan Life
Insurance Co., American International Group's Taiwan unit, by
July.

The consortium of Primus Financial Holdings Ltd. and China
Strategic Holdings Ltd. agreed in October to buy Nan Shan Life for
US$2.15 billion.

The Post recalls the group officially submitted an application
with the Investment Commission to complete the sale last November,
but it was returned because of insufficient information on the
company's shareholder structure.

According to the Post, the group filed a new application in
January but related government agencies -- the Financial
Supervisory Commission, the Council of Labor Affairs and the
Consumer Protection Commission -- did not begin reviewing the
application until March 11, after a report on the application was
given at the Legislative Yuan.

                            About AIG

Based in New York, American International Group, Inc., is an
international insurance organization with operations in more than
130 countries and jurisdictions.  AIG companies serve commercial,
institutional, and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer.  In
addition, AIG companies provide life insurance and retirement
services around the world.  AIG common stock is listed on the New
York Stock Exchange, as well as the stock exchanges in Ireland and
Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  In September
2008, the Federal Reserve Bank created an $85 billion credit
facility to enable AIG to meet increased collateral obligations
consequent to the ratings downgrade, in exchange for the issuance
of a stock warrant to the Fed for 79.9% of the equity of AIG.  The
credit facility was eventually increased to as much as $182.5
billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


=============
V I E T N A M
=============


DOT VN: Begins Commercialization of Vietnamese Internet Portal
--------------------------------------------------------------
Dot VN, Inc., said that the Vietnamese's Information Super Portal
http://www.Info.VNhas been licensed by Vietnam's Ministry of
Information and Communication to begin to provide a variety of
services, including online advertising and paid content.  Dot VN
and its partners have designed Info.VN to be the ultimate Internet
portal that will aggregate and organize everything that the
Vietnamese Internet has to offer, serving as the principal online
resource for the Vietnamese people.  "Info.VN" successfully
completed its beta test phase.

The launch of Info.VN will allow Dot VN to move forward with its
plans to introduce additional functionality and services to the
site, including daily news, business directories, newswire
services, e-commerce, games, free e-mail, web hosting, a smart
search engine, branded social networking, and cutting edge
advertising solutions.  News feeds are currently available from
numerous media sources and video content is expected to be added
soon.

Info.VN is built for individual and business users both in Vietnam
and around the world as a main hub for news, entertainment and
information available in one central and easy to navigate Web
site.  The Web site is available in both Vietnamese and English,
making access easier for non-Vietnamese speaking users.  VNNIC is
working with Dot VN to provide technical assistance and co-
marketing support for the site.  By leveraging the existing
traffic from the domain registry monetization program, Dot VN
expects to initially serve up to 1.1 million Internet users a day.

                           About Dot VN

Dot VN, Inc. -- http://www.DotVN.com/-- provides innovative
Internet and telecommunication services for Vietnam.  The Company
was awarded an "exclusive long term contract" by the Vietnamese
government to register ".vn" (Vietnam) domains and commercialize
Parking Page Marketing/Online Advertising worldwide via the
Internet.  Also, Dot VN has exclusive rights to distribute and
commercialize Micro-Modular Data CentersTM solutions and Gigabit
Ethernet Wireless applications to Vietnam and Southeast Asia
region.

At January 31, 2010, the Company's balance sheet showed
$2.5 million in total assets and $10.0 million in total
liabilities for a $7.5 million stockholders' deficit.

Chang G. Park, CPA, in its March 17, 2010 report, said the
Company's losses from operations raise substantial doubt about its
ability to continue as a going concern.


DOT VN: Taps CCG to Assist on Shareholder Communications
--------------------------------------------------------
Dot VN, Inc., on April 20 retained CCG Investor Relations, an
investor relations and strategic advisory firm, to assist the
company's shareholder communications.

Thomas Johnson, Dot VN CEO, commented, "CCG brings a strong and
well respected team with a proven track record of enhancing
shareholder value which will be instrumental as we communicate the
significant milestones we hope to achieve throughout 2010.  We
believe that by leveraging CCG's extensive investor relations
expertise, we will not only raise our profile within the
investment community, but more importantly, improve investors'
understanding of our growth strategy and business model."

                   About CCG Investor Relations

CCG Investor Relations -- http://www.ccgir.com/and
http://www.ccgirasia.com/-- is a global investor relations and
strategic communications consulting firm.  In business for more
than 30 years, the agency provides a complete range of investor
communications, counseling, and IT and data solutions through our
global network to more than 300 clients across multiple capital
markets.  CCG has been awarded a number of industry honors for its
handling of complex investor relations and crisis communications
matters.  The agency's corporate headquarters is in Los Angeles
with additional offices in New York, Beijing, Shanghai, Hongkong,
Frankfurt, Sao Paulo and Tel Aviv.

                           About Dot VN

Dot VN, Inc. -- http://www.DotVN.com/-- provides innovative
Internet and telecommunication services for Vietnam.  The Company
was awarded an "exclusive long term contract" by the Vietnamese
government to register ".vn" (Vietnam) domains and commercialize
Parking Page Marketing/Online Advertising worldwide via the
Internet.  Also, Dot VN has exclusive rights to distribute and
commercialize Micro-Modular Data CentersTM solutions and Gigabit
Ethernet Wireless applications to Vietnam and Southeast Asia
region.

At January 31, 2010, the Company's balance sheet showed
$2.5 million in total assets and $10.0 million in total
liabilities for a $7.5 million stockholders' deficit.

Chang G. Park, CPA, in its March 17, 2010 report, said the
Company's losses from operations raise substantial doubt about its
ability to continue as a going concern.


                         *********

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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