TCRAP_Public/100520.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

           Thursday, May 20, 2010, Vol. 13, No. 098

                            Headlines



A U S T R A L I A

CLIVE PEETERS: Appoints McGrathNicol as Voluntary Administrator
GLENHURST CORP: Reaches Settlement Deal on Class Action Suit
WESTPOINT GROUP: ASIC Settles Class Action Suit Against Glenhurst
* AUSTRALIA: Fitch Says Energy & Utilities Sector Faces Challenges


H O N G  K O N G

CHONG FU: Members and Creditors' Meetings Set for June 21
CITYCELL BATTERY: Members and Creditors' Meetings Set for June 21
EVER-COLD REFRIGERATION: Meetings Slated for June 21
FULLYWAY TECHNOLOGY: Meetings Slated for June 21
GLOBAL SUCCESS: Creditors' Meeting Set for June 10

GOLDEN CHOICE: Creditors' Meeting Set for June 10
GRANDARY DEVELOPMENT: Members' Final Meeting Set for June 15
GREAT TIME: Commences Wind-Up Proceedings
GREAT TIME: Creditors' Meeting Set for June 9
H3C HOLDINGS: Moody's Withdraws Ba2 Ratings on Secured Loan

HELPFUL OFFSET: Members and Creditors' Meetings Set for June 21
HESON ENTERPRISE: Members and Creditors' Meetings Set for June 21
INNOVATIONS WORLDWIDE: Creditors' Proofs of Debt Due June 14
JUNHALE LIMITED: Members and Creditors' Meetings Set for June 21
MANNING INTERNATIONAL: Members' Final Meeting Set for June 17


I N D I A

AIR INDIA: Board Presents Turnaround Plan to Finance Minister
CORAL REWINDING: CRISIL Raises Bank Facilities' Rating to 'BB-'
DSM SOFT: CRISIL Reaffirms 'D' Ratings on INR21.8MM LT Loan
DEEDI MOTORS: CRISIL Rates INR86.9MM Cash Credit Facility at 'BB-'
ETA TECHNOPARK: CRISIL Cuts Rating on INR2.1B Term Loan to 'D(so)'

HD FIRE: CRISIL Puts 'BB+' Rating on INR30MM Cash Credit Facility
INDUS WESTSIDE: CRISIL Rates INR172.5MM LT Loans at 'D'
RABIN SINGHA: Low Net Worth Prompts CRISIL 'BB-' Ratings
SANYA AUTOMOBILES: CRISIL Reaffirms Bank Facilities' 'BB-' Ratings
SHANTHI FORTUNE: CRISIL Assigns 'B-' Ratings on Various Bank Debts

SHREE RAJ-RAJESHWARI: CRISIL Rates INR100MM Cash Credit at 'B'
TATA STEEL: In Joint Venture Talks With SAIL
T K PRECISION: CRISIL Assigns 'BB-' Rating on INR98.2MM Term Loan


J A P A N

AURELIUS LIMITED: Downgrades US$100MM Senior Certs to Caa3
JLOC XXXI: Cl. D Trust Certs on Review for Possible Downgrade
SHINSEI BANK: Fitch: Merger Cancellation Has No Immediate Impact
SHINSEI BANK: S&P Cuts Rating on Pref. Securities to 'B+'


K O R E A

SSANGYONG MOTOR: Union Leaves Decision on Wages to Management


N E W  Z E A L A N D

BRIDGECORP LTD: Directors Face Fraud Charges From SFO
CENTRAL NORTH: Receivers Seek NZ$127.5M Repayment From IRD
RURAL PORTFOLIO: Receivers Sell NZ Farming Stakes for NZ$4.1MM
SOUTH CANTERBURY: Recovers NZ$202 Million in Outstanding Loans


P A K I S T A N

ALLIED BANK: Moody's Assigns D- Bank Financial Strength Rating


S I N G A P O R E

GLOLBALFOUNDRIES SINGAPORE: Moody's Upgrades Bond Ratings to Ba3


T A I W A N

AU OPTRONICS: Gets More LCD Orders in Second Half of 2010




                         - - - - -


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


CLIVE PEETERS: Appoints McGrathNicol as Voluntary Administrator
---------------------------------------------------------------
Clive Peeters Limited has been placed in voluntary administration.
Colin Nicol, Keith Crawford and Matthew Caddy of McGrathNicol were
appointed voluntary administrators of Clive Peeters and its
controlled entities by a resolution of its Board of Directors on
May 19, 2010.

Messrs. Nicol, Crawford and Caddy are conducting an urgent
appraisal of the company's affairs to investigate the
circumstances leading to their appointment and to determine
whether the underlying business can be preserved so that all
relevant options including a Deed of Company Arrangement or sale
of business can be fully explored.

"We are mindful that many stakeholders will be affected by the
appointment of voluntary administrators to Clive Peeters,
including employees, suppliers and other creditors, customers,
lessors and shareholders.  It is hoped that the business can be
stabilized and can continue to trade in one form or another beyond
this administration.  In the circumstances, this would represent
the best outcome for all parties," Mr. Nicol said.

The Herald Sun reports that Clive Peeters had said it was in
negotiations with NAB to roll over its long-term debt "and for the
potential increase of its short-term overdraft facility."  "Its
objective is to conclude new facility arrangements by June 30,
2010," the company said.

The Herald Sun, citing Clive Peeters' latest available accounts,
discloses that the company owed National Australia Bank about
AU$38 million as of December 31.  As at December 31, 2009, the
company had total liabilities of AU$160 million, with
AU$113 million owed to trade creditors including suppliers.

Clive Peeters recorded a 57% slump in profits for the half-year to
December, to AU$424,000, and predicted it would lose AU$4.5
million in the three months ended March 31, 2010, according to The
Herald Sun.

                         About Clive Peeters

Clive Peeters Limited is a retailer of electrical appliances.  The
Company is engaged in the retailing of electrical and gas
appliances, bathroomware and computer products.  Clive Peeters
Limited's product range includes cooking and laundry appliances,
heating and cooling solutions, home entertainment equipment,
computers and small electrical goods.  The Company operates under
two brands, trading as Clive Peeters in Victoria, Queensland, New
South Wales and Tasmania, and trading as Rick Hart in Western
Australia.  The Company's subsidiaries include Clive Peeters
Wholesale Pty Ltd, Clive Peeters Kitchens and Bathrooms Pty Ltd,
Clive Peeters Home Entertainment (Brisbane) Pty Ltd, R H Fan Unit
Trust, Watercell Pty Ltd, Hi Fi Corporation (WA) Pty Ltd, NTFQ Pty
Ltd and Rick Hart Holdings Pty Ltd.


GLENHURST CORP: Reaches Settlement Deal on Class Action Suit
------------------------------------------------------------
The Australian Securities & Investments Commission has reached an
agreement to settle its actions against Glenhurst Corporation Pty
Ltd and its insurer, QBE Insurance (Australia) Ltd for
AU$2.5 million.  The settlement is subject to the approval of the
Court.

The class action, initiated against Glenhurst in the Federal Court
in August 2008, seeks compensation for Glenhurst clients who
invested in certain financial products issued by various companies
within the failed Westpoint Group on the advice of Glenhurst (or
its representatives).  The claim alleges that Glenhurst in
providing such advice was negligent, engaged in misleading and
deceptive conduct, and acted in breach of conditions of its
Australian financial services licenses.

In June 2009, ASIC initiated an action against QBE in the
Victorian Supreme Court seeking an indemnity under the terms of
Glenhurst's professional indemnity insurance policy, in respect of
the claims made in the class action.

The settlement approval application results from the global
mediation initiated by ASIC to resolve the litigation commenced by
it seeking compensation on behalf of Westpoint investors.  It is
the fifth settlement ASIC has reached following settlements with
Masu Financial Management Pty Ltd, Professional Investment
Services Pty Ltd, Bongiorno Financial Advisors Pty Ltd & Bongiorno
Financial Advisors (Aust) Ltd and State Trustees Ltd.

The settlement with Glenhurst and QBE, if approved by the Court,
will result in compensation being paid by Glenhurst to eligible
investors (Group Members).

Following ASIC's application to seek Court approval of the
settlement, the Court made orders on May 18, 2010.  The Court gave
ASIC approval to communicate with Group Members, providing details
of the compensation they will likely receive and advising them of
their right to object to the settlement.  The Court will hear
submissions for and against the approval of the settlement on
June 24, 2010.

If the Court does approve the settlement, it is anticipated that
the Liquidators of Glenhurst will, following payment by QBE and
allowing for a period for any appeals, distribute compensation to
Group Members in September this year.

                       About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.

                      About Glenhurst Corp.

Glenhurst Corporation was an independently owned licensed
financial services firm in Australia.  The company offers
superannuation, insurance and investment options.

Glenhurst Corp. was put into liquidation in January 2008, after
being placed in administration on December 14, 2007.  Glenhurst's
administrators, CJL Partners, told the Australian Securities &
Investments Commission that they had advanced the process and had
become the group's liquidators.


WESTPOINT GROUP: ASIC Settles Class Action Suit Against Glenhurst
-----------------------------------------------------------------
The Australian Securities & Investments Commission has reached an
agreement to settle its actions against Glenhurst Corporation Pty
Ltd and its insurer, QBE Insurance (Australia) Ltd for
AU$2.5 million.  The settlement is subject to the approval of the
Court.

The class action, initiated against Glenhurst in the Federal Court
in August 2008, seeks compensation for Glenhurst clients who
invested in certain financial products issued by various companies
within the failed Westpoint Group on the advice of Glenhurst (or
its representatives).  The claim alleges that Glenhurst in
providing such advice was negligent, engaged in misleading and
deceptive conduct, and acted in breach of conditions of its
Australian financial services licenses.

In June 2009, ASIC initiated an action against QBE in the
Victorian Supreme Court seeking an indemnity under the terms of
Glenhurst's professional indemnity insurance policy, in respect of
the claims made in the class action.

The settlement approval application results from the global
mediation initiated by ASIC to resolve the litigation commenced by
it seeking compensation on behalf of Westpoint investors.  It is
the fifth settlement ASIC has reached following settlements with
Masu Financial Management Pty Ltd, Professional Investment
Services Pty Ltd, Bongiorno Financial Advisors Pty Ltd & Bongiorno
Financial Advisors (Aust) Ltd and State Trustees Ltd.

The settlement with Glenhurst and QBE, if approved by the Court,
will result in compensation being paid by Glenhurst to eligible
investors (Group Members).

Following ASIC's application to seek Court approval of the
settlement, the Court made orders on May 18, 2010.  The Court gave
ASIC approval to communicate with Group Members, providing details
of the compensation they will likely receive and advising them of
their right to object to the settlement.  The Court will hear
submissions for and against the approval of the settlement on
June 24, 2010.

If the Court does approve the settlement, it is anticipated that
the Liquidators of Glenhurst will, following payment by QBE and
allowing for a period for any appeals, distribute compensation to
Group Members in September this year.

                      About Glenhurst Corp.

Glenhurst Corporation was an independently owned licensed
financial services firm in Australia.  The company offers
superannuation, insurance and investment options.

Glenhurst Corp. was put into liquidation in January 2008, after
being placed in administration on December 14, 2007.  Glenhurst's
administrators, CJL Partners, told the Australian Securities &
Investments Commission that they had advanced the process and had
become the group's liquidators.

                       About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


* AUSTRALIA: Fitch Says Energy & Utilities Sector Faces Challenges
------------------------------------------------------------------
Fitch Ratings said in its report entitled "Australian Energy &
Utilities - The Challenges of Change", that the Australian energy
and utilities sector faces many challenges ahead.  These include
the finalization of the New South Wales (NSW) electricity
privatization program, increased diversification in electricity
generation due to climate change obligations, the significant
expansion of liquefied natural gas (LNG) capacity, and in
particular, the development of an coal seam gas (CSG) industry in
Queensland.

"Delays in the finalization of commercial arrangements, including
co-insurance proposals, may threaten the timetable for the
privatization of the NSW electricity assets," said Sajal Kishore,
Director in Fitch's energy & utilities team.  "The government's
proposed transaction close date of end June 2010 appears very
challenging," adds Mr. Kishore.

In "Australian Energy & Utilities - The Challenges of Change",
release, Fitch analyses the issues facing the NSW government's
proposed privatization of its electricity assets.  In particular,
Fitch analyses the impact of the Australian Competition and
Consumer Committee's (ACCC) draft decision on the proposed co-
insurance arrangements, and its impact on the timing and sale
proceeds.

The report also provides an update on climate change policy,
including the proposed delay of the Carbon Pollution Reduction
Scheme (CPRS), and discusses the impact of the proposed changes to
the national Renewable Energy Target (RET) scheme.

Finally, the report also considers the recent developments in the
establishment of a CSG-to-LNG industry in Queensland, with Fitch
taking into consideration: the impact of supply and demand for
natural gas; LNG sales agreements; and the key factors affecting
the future of the industry.

"With a number of CSG-to-LNG developments set to achieve a final
investment decision, 2010 will be a significant year for the
evolving gas industry.  However, consolidation would not come as a
surprise, and projects which have secured long-term sales
agreements will be in the box seat," adds Mr. Kishore.


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


CHONG FU: Members and Creditors' Meetings Set for June 21
---------------------------------------------------------
Members and creditors of Chong Fu Catering Company Limited will
hold their meetings on June 21, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at Room 5, 4/F., South Tower, 41 Salisbury Road, YMCA
of Hong Kong, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Chan Kin Hang Danvil, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CITYCELL BATTERY: Members and Creditors' Meetings Set for June 21
-----------------------------------------------------------------
Members and creditors of Citycell Battery Company Limited will
hold their meetings on June 21, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at Room 5, 4/F., South Tower, 41 Salisbury Road, YMCA
of Hong Kong, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Chan Kin Hang Danvil, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


EVER-COLD REFRIGERATION: Meetings Slated for June 21
----------------------------------------------------
Members and creditors of Ever-Cold Refrigeration Trading Company
Limited will hold their meetings on June 21, 2010, at 3:00 p.m.,
and 3:30 p.m., respectively at Room 5, 4/F., South Tower, 41
Salisbury Road, YMCA of Hong Kong, Tsimshatsui, Kowloon, in Hong
Kong.

At the meeting, Chan Kin Hang Danvil, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FULLYWAY TECHNOLOGY: Meetings Slated for June 21
------------------------------------------------
Members and creditors of Fullyway Technology Limited will hold
their meetings on June 21, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at Room 5, 4/F., South Tower, 41 Salisbury Road, YMCA
of Hong Kong, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Chan Kin Hang Danvil, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GLOBAL SUCCESS: Creditors' Meeting Set for June 10
--------------------------------------------------
Creditors of Global Success Asia Group Limited will hold their
meeting on June 10, 2010, at 2:30 p.m., for the purposes provided
for in Sections 241, 242, 243, and 244 of the Companies Ordinance.

The meeting will be held at Room 1601-1602, 16/F., One Hysan
Avenue, Causeway Bay, in Hong Kong.


GOLDEN CHOICE: Creditors' Meeting Set for June 10
-------------------------------------------------
Creditors of Golden Choice Investment (Group) Limited will hold
their meeting on June 10, 2010, at 3:30 p.m., for the purposes
provided for in Sections 241, 242, 243, and 244 of the Companies
Ordinance.

The meeting will be held at Room 1601-1602, 16/F., One Hysan
Avenue, Causeway Bay, in Hong Kong.


GRANDARY DEVELOPMENT: Members' Final Meeting Set for June 15
------------------------------------------------------------
Members of Grandary Development Limited will hold their final
general meeting on June 15, 2010, at 10:00 a.m., at 21/F., Fee Tat
Commercial Centre, No. 613 Nathan Road, Kowloon, in Hong Kong.

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


GREAT TIME: Commences Wind-Up Proceedings
-----------------------------------------
Members of Great Time Electronics Co., Limited, on May 14, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidators are:

         Tse Ka Yee Patrick
         Room 204, 2/F., Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


GREAT TIME: Creditors' Meeting Set for June 9
---------------------------------------------
Creditors of Great Time Electronics Co., Limited will hold their
meeting on June 9, 2010, at 2:30 p.m., for the purposes provided
for in Sections 241, 242, 243, 244, and 255A of the Companies
Ordinance.

The meeting will be held at Room 204, 2/F., Malaysia Building,
50 Gloucester Road, Wanchai, in Hong Kong.


H3C HOLDINGS: Moody's Withdraws Ba2 Ratings on Secured Loan
-----------------------------------------------------------
Moody's Investors Service withdrawn H3C Holdings Ltd's Ba2
corporate family and secured loan ratings after its full repayment
of the loans.

The last rating action for H3C was taken on May 25, 2007, when
Moody's assigned Ba2 corporate family and secured loan ratings to
the company with a stable outlook.

H3C's rating was assigned by evaluating factors we believe are
relevant to the credit profile of the issuer, as i) the business
risk and competitive position of the company versus others within
its industry; ii) the capital structure and financial risk of the
company; iii) the projected performance of the company over the
near to intermediate term; and iv) management's track record and
tolerance for risk.

These attributes were compared against other issuers both within
and outside of H3C's core industry; H3C's rating is believed to be
comparable to those of other issuers of similar credit risk.

Headquartered in Hong Kong, H3C Holdings Ltd is a global supplier
of IP networking products and solutions. Its offering includes
routers, ethernet switches, wireless LAN, security, Voice/Video
over IP products, SOHO products and network management systems.
H3C is now a wholly owned subsidiary of Hewlett-Packard Company.


HELPFUL OFFSET: Members and Creditors' Meetings Set for June 21
---------------------------------------------------------------
Members and creditors of Helpful Offset Printing Company Limited
will hold their meetings on June 21, 2010, at 3:00 p.m., and 3:30
p.m., respectively at Room 5, 4/F., South Tower, 41 Salisbury
Road, YMCA of Hong Kong, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Chan Kin Hang Danvil, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HESON ENTERPRISE: Members and Creditors' Meetings Set for June 21
-----------------------------------------------------------------
Members and creditors of Heson Enterprise Limited will hold their
meetings on June 21, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at Room 5, 4/F., South Tower, 41 Salisbury Road, YMCA
of Hong Kong, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Chan Kin Hang Danvil, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


INNOVATIONS WORLDWIDE: Creditors' Proofs of Debt Due June 14
------------------------------------------------------------
Creditors of Innovations Worldwide 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's liquidator is:

         Wong Teck Meng
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


JUNHALE LIMITED: Members and Creditors' Meetings Set for June 21
----------------------------------------------------------------
Members and creditors of Junhale Limited will hold their meetings
on June 21, 2010, at 3:00 p.m., and 3:30 p.m., respectively at
Room 5, 4/F., South Tower, 41 Salisbury Road, YMCA of Hong Kong,
Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Chan Kin Hang Danvil, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MANNING INTERNATIONAL: Members' Final Meeting Set for June 17
-------------------------------------------------------------
Members of Manning International Limited will hold their final
meeting on June 17, 2010, at 11:00 a.m., at Unit 1603-1606, 16th
Floor, Alliance Building, No. 130-136 Connaught Road Central,
Sheung Wan, in Hong Kong.

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


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I N D I A
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AIR INDIA: Board Presents Turnaround Plan to Finance Minister
-------------------------------------------------------------
The Economic Times reports that the new board members of Air India
met with the finance minister with a new turnaround plan.  The
report says the meeting was the board's first meeting with Pranab
Mukherjee since its appointment in March.

The new board members include Anand Mahindra, Amit Mitra, Harsh
Neotia & Fali Major.

The report, citing unnamed sources, says the board highlighted
four factors that are essential to revive the airline.  The four
factors are cost reduction, revenue generation, load factor
improvement and fleet optimization.

The board was hoping that the new turnaround plan will get the
finance minister's approval as that would be critical to more
financial commitment from the government of India, the Economic
Times 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.


CORAL REWINDING: CRISIL Raises Bank Facilities' Rating to 'BB-'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Coral
Rewinding India Pvt Ltd to 'BB-/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                    Ratings
   ----------                    -------
   INR24 Million Cash Credit     BB-/Stable (Upgraded from
                                             'B+/Stable')

   INR62.5 Million LT Loan       BB-/Stable (Upgraded from
                                             'B+/Stable')

   INR10 Million Bank Guarantee  P4+ (Upgraded from 'P4')

The upgrade reflects Coral Rewinding's strong operational
performance in 2008-09 (refers to financial year, April 1 to
March 31) and 2009-10, which is expected to continue over the
medium term.  The company is expected to report healthy year-on-
year revenue growth of around 30%, with an operating margin of
around 25%, for 2009-10.  CRISIL also believes that Coral
Rewinding will be able to maintain its business and financial risk
profiles over the medium term.

However, the ratings also reflect Coral Rewinding's small scale of
operations in the coil rewinding business, low net worth, and
exposure to fluctuations in copper prices.  These weaknesses are
partially offset by the company's established market position in
the coil rewinding business, and its moderate financial risk
profile, marked by healthy debt protection metrics and an average
gearing.

Outlook: Stable

CRISIL believes that Coral Rewinding will continue to benefit from
its established market position and long track record in the coil
rewinding industry.  The outlook may be revised to 'Positive' if
the company scales up its operations, while maintaining its
financial risk profile, particularly profitability and debt
protection metrics.  Conversely, the outlook may be revised to
'Negative' if Coral Rewinding's profit margins decline steeply, or
if the company undertakes a large, debt-funded capital expenditure
programme, leading to deterioration in its capital structure and
debt protection metrics.

                       About Coral Rewinding

Coral Rewinding was originally set up in 1979 by Mr. P Rajarajan
in Erode (Tamil Nadu) as a sole proprietorship firm; the firm was
reconstituted as a closely held private limited company in 2006.
Coral Rewinding provides coil rewinding services for motors and
generators used by paper and sugar mills and cement plants; it is
also an authorized service centre for products manufactured by
Kirloskar Electric Company Ltd, Siemens Ltd, and Bharat Bijlee
Ltd.

Coral Rewinding reported a profit after tax (PAT) of
INR5.93 million on net sales of INR93.47 million for 2008-09,
against a PAT of INR5.67 million on net sales of INR84.05 million
for 2007-08.


DSM SOFT: CRISIL Reaffirms 'D' Ratings on INR21.8MM LT Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of DSM Soft Pvt Ltd
continue to reflect continuing delays by DSM in servicing its term
loan obligations, and the fact that the company's working capital
facilities have remained overdrawn for more than 30 consecutive
days, because of its weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR10.0 Million Cash Credit Facility   D (Reaffirmed)
   INR21.8 Million Long-Term Loan         D (Reaffirmed)
   INR60.0 Million Working Capital        D (Reaffirmed)
                       Demand Loan
   INR43.2 Million Proposed LT Bank       D (Reaffirmed)
                      Loan Facility
   INR5.0 Million Bank Guarantee          P5 (Reaffirmed)
   INR30.0 Million Packing Credit         P5 (Reaffirmed)

Incorporated in 1991, DSM provides information technology (IT)
services in the field of engineering data conversion and
geographic information systems.  It has a wholly owned subsidiary,
DSM Geodata Ltd in UK, which was taken over in 2002 to penetrate
the European market.

For 2008-09 (refers to financial year, April 1 to March 31), DSM
reported a net loss of INR147 million on net sales of INR153
million, against a profit after tax of INR9 million on net sales
of INR238 million for the previous year.


DEEDI MOTORS: CRISIL Rates INR86.9MM Cash Credit Facility at 'BB-'
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Deedi Motors Pvt
Ltd's cash credit facility.

   Facilities                       Ratings
   ----------                       -------
   INR86.90 Million Cash Credit     BB-/Stable (Assigned)

The rating reflects DMPL's below-average financial risk profile,
marked by a small net worth and high gearing, and its exposure to
risks related to intense competition in the automobile dealership
market.  These rating weaknesses are partially offset by DMPL's
promoters' experience in the automobile dealership market in
Thiruvananthapuram (Kerala), and its diversity in revenues.

Outlook: Stable

CRISIL believes that DMPL will maintain its moderate business risk
profile on the back of its established position in the automobile
dealership market.  The outlook may be revised to 'Positive' in
case of a substantial increase in DMPL's sales volumes, and
significant improvement in its cash accruals and capital
structure.  Conversely, the outlook may be revised to 'Negative'
if DMPL's market share in its territories declines sharply,
significantly impacting its accruals, or if the company undertakes
a large, debt-funded capital expenditure programme, or extends
more-than-expected support to associate entities, leading to
deterioration in its financial risk profile.

                         About Deedi Motors

Set up in 2007 by Mr. T C Paul, DMPL is an authorized dealer of
General Motors India Pvt Ltd (GM).  The company deals in passenger
cars of all segments, sells spares and accessories, and services
vehicles.  It has four showrooms in Kerala for the sale of
vehicles (Thiruvananthapuram, Kollam, Pathanamthitta, and
Thiruvalla), and three service centres (Thiruvananthapuram,
Kollam, and Pathanamthitta).  The promoters also have interests in
the dealership of Bajaj Auto Ltd's (rated 'AAA/FAAA/Stable/P1+' by
CRISIL) two-wheelers since 1984 under Deedi Automobiles, a
partnership concern.

DMPL reported a net loss of INR10 million on net sales of
INR645 million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss of INR14 million on net sales of
INR354 million for 2007-08.


ETA TECHNOPARK: CRISIL Cuts Rating on INR2.1B Term Loan to 'D(so)'
------------------------------------------------------------------
CRISIL has downgraded its rating on ETA Technopark Ltd's bank
facilities to 'D(so)' from 'BB+(so)/Watch with Negative
Implications'.

   Facilities                 Ratings
   ----------                 -------
   INR2.1 Billion Term Loan   D(so) (Downgraded from BB+(so)/
                                     Watch With Negative
                                     Implications)

   INR0.60 Billion Cash       D(so) (Downgraded from BB+(so)/
                 Credit              Watch With Negative
                                     Implications)

The rating downgrade reflects default by the company and the
guarantor (ETA LLC) in the company's debt repayment obligations on
the term loan.

ETA Technopark, promoted by the ETA group, is setting up an
information technology special economic zone off Old Mahabalipuram
Road in Chennai; the campus is spread over 26.36 acres. The
project has a leasable area of 1.2 million square feet. The
company has indicated that it may increase the scale of its
project if the commercial real estate demand scenario improves.

ETA Technopark reported a profit after tax (PAT) of INR65.1
million on net sales of INR258.8 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR7.6
million on net sales of INR69.6 million for 2007-08.


HD FIRE: CRISIL Puts 'BB+' Rating on INR30MM Cash Credit Facility
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to HD Fire
Protect Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR30.0 Million Cash Credit      BB+/Stable (Assigned)
   INR10.0 Million Bill Purchase    P4+ (Assigned)
            Discounting Facility
   INR7.5 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect HD Fire Protect's small scale of operations
and susceptibility to cyclical trends in the economy.  These
rating weaknesses are partially offset by HD Fire Protect's
satisfactory financial risk profile, marked by healthy debt
protection metrics and sound operational efficiency.

Outlook: Stable

CRISIL believes that HD Fire Protect will maintain its financial
risk profile backed by comfortable debt protection metrics.  The
outlook may be revised to 'Positive' in case the company
demonstrates higher-than-expected growth in its revenues along
with healthy profitability, on a sustained basis. Conversely, the
outlook may be revised to 'Negative' in case HD Fire Protect
undertakes any large, debt-funded capital expenditure programme,
leading to deterioration in its capital structure.

                           About HD Fire

HD Fire Protect was incorporated in 1997 under the name of DH Fire
Protect Pvt Ltd; the name was changed in 2005 and the company also
acquired the promoters' erstwhile partnership concern, HD Fire
Protect Company.  HD Fire Protect manufactures foam- and water-
based fire protection equipment, such as deluge valves, alarm
valves, monitors, spray nozzles, and sprinklers. The company has
two plants located in Jalgaon and Thane (both in Maharashtra) with
capacities of 240 tonnes per annum of non-ferrous castings.

HD Fire Protect reported a profit after tax (PAT) of
INR13.3 million on net sales of INR278.5 million for 2008-09
(refers to financial year, April 1 to March 31), against a PAT of
INR11.5 million on net sales of INR284.3 million for 2007-08.


INDUS WESTSIDE: CRISIL Rates INR172.5MM LT Loans at 'D'
-------------------------------------------------------
CRISIL has assigned its 'D' rating to the term loan facility of
Indus Westside Healthcare Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR172.5 Million Long-Term Loans      D (Assigned)

The rating reflects delays by IWHPL in servicing its interest
obligations on term loans because of stretched liquidity and a
weak financial profile, with operations having commenced only in
January 2010.  CRISIL also expects IWHPL will continue to report
losses in the near to medium term, due to initial stage of
business, with operations yet to stabilize.  The ratings also
factor in IWHPL's exposure to risks related to the intensely
competitive healthcare market in Bengaluru.  These weaknesses are
somewhat offset by the moderate growth prospects for the company's
hospital, backed by the wide variety of medical services that it
offers and the adequate experience of the company's promoters.

                       About Indus Westside

IWHPL was incorporated in 2007 and operates a 200 bed tertiary
care multi speciality hospital in the west of Bengaluru. The
hospital, called Indus Westside Hospital, commenced commercial
operations in January 2010.  IWHPL has been promoted by a group of
19 persons (of which 15 are from the medical profession and four
are from a business background) led by Dr. Ashok Jain, the current
Chairman and Managing Director of the company.  Dr. Jain is a
Paediatrician, with about 15 years of clinical experience and
about 5 years of senior management experience in the healthcare
industry.

The hospital was initially expected to start operations in October
2009. However, the project got delayed and was commissioned in
January 2010 at a cost of about INR360 million (funded through a
debt:equity ratio of 1:1), excluding land, which is owned by the
CR Jain Charitable Trust; Dr. Jain and his family members are the
Trustees of the Trust.


RABIN SINGHA: Low Net Worth Prompts CRISIL 'BB-' Ratings
--------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Rabin Singha
Heavy Earth Movers Company Pvt Ltd's bank facilities.

   Facilities                 Ratings
   ----------                 -------
   INR95 Million Cash Credit      BB-/Stable (Assigned)
   INR15 Million Term Loan        BB-/Stable (Assigned)
   INR80 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect RHEMCO's small scale of operations, low net
worth, weak financial risk profile, marked by weak debt protection
metrics, and exposure to risks related to segmental and
geographical concentration in its revenue profile. These rating
weaknesses are partially offset by the benefits that RHEMCO
derives from its comfortable order book.

Outlook: Stable

CRISIL believes that RHEMCO will benefit from the growth prospects
of the civil construction industry.  The outlook may be revised to
'Positive' if RHEMCO strengthens its business risk profile through
increased segmental and geographical diversity, while maintaining
its operating margins.  Conversely, any large additional debt-
funded capital expenditure or acquisition programme, leading to
deterioration in the company's financial risk profile, may lead to
a revision in the outlook to 'Negative'.

                        About Rabin Singha

Set up as a proprietorship firm in 1985 by Mr. Rabin Singha,
RHEMCO was subsequently reconstituted as a private company in
1990. Since inception, RHEMCO has undertaken infrastructure-
related construction activities particularly earthwork and civil
construction.  The company specializes in border fencing
activities in the North East, construction of airport hangars,
construction of ash ponds for thermal power plants, and railway
embankments.

RHEMCO reported a profit after tax (PAT) of INR5 million on net
sales of INR477 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR3 million on net sales of
INR349 million for 2007-08.


SANYA AUTOMOBILES: CRISIL Reaffirms Bank Facilities' 'BB-' Ratings
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Sanya Automobiles Pvt
Ltd continues to reflect Sanya Automobiles' low return on capital
employed, and below average financial risk profile marked by high
gearing due to working-capital-intensive nature of operations and
small capital base.  These weaknesses are partially offset by the
company's well-established presence as a dealer of Tata Motors Ltd
(Tata Motors, rated 'A+/Stable/P1+' by CRISIL) in Delhi, with
three showrooms and two workshops.

   Facilities                              Ratings
   ----------                              -------
   INR202.5 Million Cash Credit            BB-/Stable
   (Enhanced from INR152.5 Million)

   INR97.5 Million Overdraft Facility      BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sanya Automobiles will maintain its business
risk profile, supported by its well-equipped workshops,
relationships with institutional customers, and promoters'
experience in the automobile dealership business.  The firm's
financial risk profile is, however, expected to remain below
average because of low profitability, resulting in weak debt
protection measures.  A significant improvement in the net worth,
including through equity infusion, resulting in an improved
capital structure, may result in the outlook being revised to
'Positive'.  Conversely, a decline in profitability or an increase
in gearing will result in the outlook being revised to 'Negative'.

                      About Sanya Automobiles

Sanya Automobiles became a dealer for Tata Motors in 2001.  The
company has three showrooms and two workshops in New Delhi:
showrooms at Defence Colony, Okhla, and Mayapuri; workshops at
Okhla and Mayapuri.

For 2008-09 (refers to financial year, April 1 to March 31), Sanya
Automobiles reported a profit after tax (PAT) of INR2.7 million on
net sales of INR1255.5 million, as against a PAT of INR2.1 million
on net sales of INR1129.3 million in 2007-08.


SHANTHI FORTUNE: CRISIL Assigns 'B-' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to Shanthi
Fortune (India) Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR437.90 Million Long Term Loan      B-/Negative (Assigned)
   INR940.70 Million Cash Credit*        B-/Negative (Assigned)
   INR923.50 Million Working Capital     B-/Negative (Assigned)
                        Demand Loan
   INR128.10 Million Letter of Credit    P4 (Assigned)

   *Includes proposed limit of 274.50 million

The ratings reflect Shanthi's weak financial risk profile marked
by losses incurred in the past, and vulnerability of margins to
risks inherent in the poultry industry.  These rating weaknesses
are partially offset by the benefits that Shanthi derives from its
promoters' experience in the poultry industry.

Outlook: Negative

CRISIL believes that Shanthi's liquidity will remain weak over the
medium term, given its large debt repayment obligations and small
cash accruals.  The ratings may be downgraded if Shanthi's sales
volumes or realisations decline steeply, or if the company
undertakes a large, debt-funded capital expenditure programme, or
faces delays in infusion of equity.  Conversely, the outlook may
be revised to 'Stable' in case of a significant and sustained
improvement in the company's capital structure and profitability.

                            About Shanthi

Shanthi, set up in August 2005, rears and markets poultry, and
manufactures poultry feed.  In October 2005, the management merged
the other group entities Ashwin Poultry Farms (India) Pvt Ltd
(Ashwin Poultry), and Shanthi Enterprises, a proprietorship firm,
with itself.  Both Ashwin Poultry and Shanthi Enterprises were
into manufacture of poultry feed and poultry-related operations.

During 2008-09 (refers to financial year, April 1 to March 31),
Shanthi incurred operating losses because of failure of the breed
of the parent birds, resulting in restructuring of its term loans
and working capital facilities.

The poultry operations are fully integrated, with all the
infrastructure facilities including breeder farms, hatcheries,
broiler farms, and feed mills.  These facilities are located
across Tamil Nadu, Andhra Pradesh, Karnataka, and West Bengal. The
facilities are either owned, leased, or under contract farming
(outsourced to the farmers).

Shanthi reported a provisional profit after tax (PAT) of about
INR20 million on net sales of INR1.6 billion for 2009-10, against
a net loss of INR1.4 billion on net sales of INR3.2 billion for
2008-09.


SHREE RAJ-RAJESHWARI: CRISIL Rates INR100MM Cash Credit at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'B/Negative' rating to the bank facilities
of Shree Raj-Rajeshwari Pap-Chem Industries Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR100.00 Million Cash Credit*    B/Negative (Assigned)
   INR50.00 Million Term Loan        B/Negative (Assigned)

   *Includes a proposed limit of INR40.0 Million.

The rating reflects Shree Raj's weak financial risk profile, and
exposure to risks related to small scale of operations, regional
presence, cyclicality in the paper industry, and volatility in
waste paper prices and foreign exchange rates.  These rating
weaknesses are partially offset by the benefits that Shree Raj
derives from its promoters' experience in the paper business.

Outlook: Negative

CRISIL believes that Shree Raj will remain exposed to liquidity
pressures over the medium term because of its large working
capital requirements.  Also, the company will remain critically
dependent on the sanction of the proposed enhancement in working
capital limits.  The ratings may be downgraded if there are
significant delays in the approval of increase in working capital
limits and in disbursement of the same, leading to further strain
on liquidity.  Conversely, the outlook may be revised to 'Stable'
if Shree Raj's liquidity improves, backed by enhanced working
capital limits, fresh equity infusion, or higher-than-expected
cash accruals.

                           About Sree Raj

Set up in 1997 by the Shah family, Sree Raj manufactures kraft
paper from waste paper.  The company's sole plant, with an
installed capacity of 90 tonnes per day, is located in Nashik,
Maharashtra. Shree Raj mainly manufactures paper of 100 to 250
grammage per square metre and markets its products primarily in
Gujarat and Maharashtra.

Shree Raj reported a profit after tax (PAT) of INR4.5 million on
net sales of INR427.6 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR3.6 million on net
sales of INR367.7 million for 2007-08.


TATA STEEL: In Joint Venture Talks With SAIL
--------------------------------------------
Tata Steel Ltd is in talks with Steel Authority of India Ltd
(SAIL) to set up a joint venture to produce steel.

The Hindu Business Line quoted S. K. Roongta, Chairman of SAIL, as
saying that discussion is at a preliminary level and nothing has
been finalized as yet in regard to the details of the project such
as capacity, investment, technology and the location of the plant.

Mr. Roongta said ArcelorMittal had also evinced interest in
joining hands with SAIL for a joint venture to produce steel but
the details were still being worked out, according to the report.

                          About Tata Steel

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2010, Fitch affirmed the Foreign Currency Issuer Default
Rating of 'BB+' and the National Long-term rating of 'AA(ind)' of
Tata Steel Limited.  Simultaneously, Fitch also affirmed the
Foreign Currency IDR of Tata Steel UK at 'B+'.  The Outlook on all
the ratings continues to be Negative.


T K PRECISION: CRISIL Assigns 'BB-' Rating on INR98.2MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to T K
Precision Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR20.0 Million Overdraft Facility    BB-/Stable (Assigned)
   INR98.2 Million Term Loan             BB-/Stable (Assigned)
   INR15.0 Million Letter of Credit      P4+ (Assigned)

The ratings reflect TKP's improving but moderate financial risk
profile and weak bargaining power with customers.  These rating
weaknesses are partially offset by the benefits that TKP derives
from its established relationships with key customers.

Outlook: Stable

CRISIL believes that TKP will maintain its presence in the
automotive spring's businesses, over the medium term.  The
company's financial risk profile is expected to remain moderate
over the medium term backed by high gearing and moderate debt
protection metrics.  The outlook may be revised to 'Positive' if
the company's net worth and capital structure improve
substantially, led by fresh equity infusions and improvement in
profitability.  Conversely, the outlook may be revised to
'Negative' if TKP's financial risk profile deteriorates
significantly because of higher borrowings for capital expenditure
and working capital requirements.

                         About T K Precision

TKP was incorporated in January 2007 by Mr. Ashish Taneja and
Mr. Rakesh Kapoor with an objective to take over business of the
proprietorship firm Helical Springs.  HS was managed by
Mr. Lulla and his family members and was engaged in manufacturing
of springs mainly for Hero Honda Motors Ltd.  TKP has facilities
located at Manesar (Gurgaon, Haryana) and Chennai, Tamil Nadu.
The company has recently undertaken initiatives to enhance its
product profile by supplying springs to the passenger car segment.
The company has a capacity to convert around 2000 tonnes of steel
per annum in to springs.

TKP reported a net loss of INR0.6 million on net sales of INR214.5
million for 2008-09 (refers to financial year, April 1 to
March 31), as against a profit after tax (PAT) of INR5.1 million
on net sales of INR119.2 million for 2007-08.


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


AURELIUS LIMITED: Downgrades US$100MM Senior Certs to Caa3
----------------------------------------------------------
Moody's Investors Service disclosed these rating actions:

- Transaction: Aurelius Limited - Credit Default Swap Referencing
   a Pool of Structured Finance Securities

- US$100M Senior Certificate, Downgraded to Caa3; previously on
   November 11, 2009 Downgraded to Caa2

This transaction is a credit default swap between Credit Suisse
International and Aurelius Limited (the protection seller) that
references structured finance securities backed by US assets: RMBS
(56.6%), CDOs (17.9%), ABS (12.4%), and ABS CDOs (13.1%). The
majority of the reference pool is of 2003 (22.9%) and 2004 (68.8%)
vintage.

The rating action reflects the deterioration in the credit quality
of the portfolio in accordance with recent rating actions on the
assets.

The average credit rating in the pool has deteriorated, as
measured by an increase in the weighted average rating factor, or
WARF.  The manager reported WARF has increased from 1,604 at the
last rating action in November 2009, to 1,727 in April 2010.

Two of the assets have been declared credit events, although final
prices have not yet been determined.

For reference, in April 2010, the ratings on approximately
US$ 139 million (38.2%) of pre-2005 RMBS in the portfolio were
placed under review for possible downgrade, as a result of Moody's
updated expected loss projections for certain RMBS.

The current rating action was prompted in part by the placement
under review for downgrade of the subprime, Alt-A and Option-ARM
RMBS transactions in the portfolio.

Moody's explained that in arriving at the rating action noted
above, the ratings of subprime, Alt-A and Option-ARM RMBS which
are currently on review for possible downgrade were stressed. For
purposes of monitoring its ratings of SF CDOs with exposure to
pre-2005 vintage RMBS, Moody's considered the various factors
indicating continued negative performance that were described in
Moody's press releases dated April 8th for subprime, April 12th
for Option-ARM and April 13th for Alt-A. Such seasoned deals will
have varying stress based on RMBS asset type.

For pre-2005 Alt-A, Aaa rated securities were stressed by four
notches, Aa rated securities by six notches, and A or Baa rated
securities by nine notches. Pre-2005 Option-ARM securities
currently rated Aaa were stressed by two notches, Aa and A by six
notches, and Baa by nine notches.

For pre-2005 subprime, Aaa and Aa rated securities were stressed
by two notches, A rated securities were stressed by six notches,
and Baa rated securities were stressed by nine notches.

All subprime, Alt-A and Option-ARM RMBS securities which
originated prior to 2005, are currently rated Ba or below, and are
also currently on review for possible downgrade have been stressed
to Ca.

Moody's further explained that these stresses are based on a
preliminary sample analysis of deals from a given vintage and
asset type, and that they will be utilized in its SF CDO rating
analysis while subprime, Alt-A and Option-ARM securities remain on
review for downgrade. Current public ratings will be used for
securities that have undergone an in depth review by our RMBS
team, and that are no longer on review for downgrade.


JLOC XXXI: Cl. D Trust Certs on Review for Possible Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed the ratings on the Class A
through D and X Trust Certificates issued by JLOC XXXI under
review for possible downgrade.

The final maturity of the Notes will take place in February 2015.

The individual rating actions are listed as.

- Class A, Aaa placed under review for possible downgrade;
   previously, definitive Aaa rating assigned on August 10, 2006

- Class B, A1 Placed Under Review for Possible Downgrade;
   previously on July 1, 2009 Downgraded to A1 from Aa2

- Class C, Baa3 Placed Under Review for Possible Downgrade;
   previously on July 1, 2009 Downgraded to Baa3 from A2

- Class D, B2 Placed Under Review for Possible Downgrade;
   previously on July 1, 2009 Downgraded to B2 from Baa2

- Class X, Aaa placed under review for possible downgrade;
   previously, definitive Aaa rating assigned on August 10, 2006.

JLOC XXXI Trust, effected in August 2006, represents the
securitization of 22 non-recourse loans.  The transaction is
currently secured by seven non-recourse loans and five loans that
have been under special servicing since April 2010.  Four of the
five loans under special servicing are to one borrower; as such,
these loans actually comprise one loan overall.

Four of the loans under special servicing are backed by apartment
buildings outside Tokyo; the fifth is backed by a retail property
in Kanto.

The review has been prompted by Moody's growing concerns about the
need to apply 1) higher stress on the recovery assumptions for the
five loans under special servicing, in view of current disposal
prices, and 2) further stress on the performance of the collateral
backing the other loans in light of the deteriorating occupancy
rates for some of the properties.

In its review, Moody's will examine the latest appraisal reports,
well as additional data, including PM reports, on the properties'
leasing status and performance.  Moody's will also continue to
monitor the special servicer's servicing strategies and the
prospects for recovery of the loans under special servicing.


SHINSEI BANK: Fitch: Merger Cancellation Has No Immediate Impact
----------------------------------------------------------------
Fitch Ratings has commented that the cancellation of the merger
agreement between Japan-based Aozora Bank Limited (Aozora:
'BBB'/Negative) and Shinsei Bank Ltd. (Shinsei: 'BB+'/Stable) may
be favourable for Aozora's ratings.  That said, the latest
developments should not have any immediate rating impact on
Shinsei, as the agency had already factored in this possibility
when it took the last rating action on the bank on May 11, 2010.
The Negative Outlook on Aozora's Issuer Default Ratings (IDRs) did
reflect the potential negative impact on its capitalisation, if
the merger with Shinsei was successful, given the relatively lower
capital ratios and larger asset size of Shinsei.  Fitch will
assess the unfolding of Aozora's business model, its prospects and
its financial results for the fiscal year ending March 2010
(FYE10) to reflect how these factors may affect the bank's ratings
in the coming weeks.

Shinsei and Aozora were scheduled to merge in October 2010, as per
their announcement in July 2009; however, there had not been any
updates on the progress of the merger talks in recent months until
the announcement of the cancellation of the merger.  This
underscores the doubts expressed by Fitch on the synergies and
benefits of the merger, as stated in the rating action commentary
entitled, "Fitch affirms Shinsei/Aozora upon Alliance Agreement;
Outlook on Aozora changed to Negative", dated July 1, 2009,
available on www.fitchratings.com.


SHINSEI BANK: S&P Cuts Rating on Pref. Securities to 'B+'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered by one notch to 'B+'
its debt rating on the preferred securities issued by Shinsei Bank
Ltd. and removed the rating from CreditWatch with negative
implications.  At the same time, S&P affirmed the 'BBB+' long-term
counterparty credit rating on Shinsei and kept the outlook on the
long-term rating at stable, and affirmed the 'BBB+' rating on
Shinsei's senior unsecured debt.

S&P said, :We carried out the rating actions after confirming that
the amount of Shinsei's available distributable reserves at the
end of fiscal 2009 (ended March 31, 2010) would constrain dividend
payments on the preferred securities.  Our surveillance is based
on our forecast on Shinsei's earnings for fiscal 2010 (ending
March 31, 2011) and beyond.  Previously, on March 25, 2010, we had
lowered the debt rating on Shinsei's preferred securities by three
notches to 'BB-' from 'BBB-' and placed it on CreditWatch
negative."

"Shinsei has announced a consolidated net loss of 140.1 billion
for fiscal 2009.  According to a clause in its preferred
securities' contracts, it shall cease dividend payments on the
preferred securities if it falls short on non-consolidated
distributable reserves.  Despite its non-consolidated net loss
of YEN47.6 billion, Shinsei has secured 23.2 billion in
distributable reserves that are sufficient for current dividend
payments on the preferred securities.

"However, the amount is low compared with the expected future
dividend payout for the preferred securities.  As such, it is
uncertain if Shinsei would be able to keep paying dividends on the
preferred securities in the next fiscal year and beyond, and the
payment relies on Shinsei's future profits and the degree of
success that it would see in its new capital issuances.
Meanwhile, the affirmation of the 'BBB+' long-term counterparty
credit rating on Shinsei reflects our view that the bank's
financial deterioration is within the assumptions made on March
25, 2010, when we last reviewed the counterparty credit rating on
the bank and the debt rating on its preferred securities.

"On May 14, 2010, Shinsei and Aozora Bank Ltd. (BBB+/Stable/A-2)
announced that they had cancelled their merger plan. The ratings
on Shinsei are unaffected by this cancellation because Standard &
Poor's believes that the ratings reflect Shinsei's credit quality,
and we believe that the effects of the cancellation on the ratings
are limited. Nevertheless, it is our view that Shinsei's business
franchise is weaker than those of other major domestic banks, and
we intend to continue to monitor Shinsei's medium-term strategy to
enhance its business and financial base.

"The outlook on the long-term counterparty credit rating on
Shinsei is stable.  This is based on our view that Shinsei is
highly likely to maintain the rating at the current level, taking
government support into consideration, even though the medium-term
earnings prospects are severe and the bank's stand-alone
assessment remains under downward pressure.  The rating may come
under downward pressure if Shinsei's profitability declines and
its liquidity tightens, or if its business franchise is highly
likely to deteriorate.  Conversely, the rating may experience
upward movement if Shinsei generates profits in a stable manner.
Nevertheless, considering that the current rating on Shinsei
incorporates the government support factor by one notch, an
upgrade requires considerable improvement in the stand-alone
assessment of the bank," said S&P.


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


SSANGYONG MOTOR: Union Leaves Decision on Wages to Management
-------------------------------------------------------------
Ssangyong Motor Co. workers' union has decided to allow management
to determine their wage levels for this year, Yonhap News Agency
reports citing Ssangyong officials.

The news agency relates that the decision is part of the annual
collective bargaining agreement on the wage and working conditions
of employees.

"This reflects the union members' agreement to conclude our
negotiations at an early date and focus all our efforts on our
envisioned sale that will decide the very future of our company,"
Yonhap cited Ssangyong in a press statement.

According to Yonhap, the unionized workers also agreed to
implement the government's so-called "time-off" system, which will
limit the number of full-time union leaders on payroll from the
current 39 to around seven.

"The government itself has not yet finalized the details of the
system, but the union agreed to follow the new system when it
comes into effect at the beginning of July," a company official
told Yonhap News.

Ssangyong Motor last week opened a bid week to sell a majority of
its stake.  Ssangyong will receive preliminary bids by the end of
this month and a preferred bidder will be selected in August.

                        About Ssangyong Motor

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.


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


BRIDGECORP LTD: Directors Face Fraud Charges From SFO
-----------------------------------------------------
The Serious Fraud Office said that Bridgecorp Ltd. managing
director Rod Petricevic is facing charges relating to the
fraudulent acquisition of a NZ$1.8 million luxury boat and another
matter, the National Business Review reports.  The SFO said
additional charges were also being brought against Mr. Petricevic
and finance director, Robert Roest.

According to the report, SFO director Adam Feeley said the charges
related to two set of circumstances and are the final charges laid
after an investigation.

NBR relates the SFO said the charges:

   -- relates to an allegedly fraudulent acquisition of a luxury
      boat, the Medici, purchased using Bridgecorp funds totaling
      NZ$1.8 million; and

   -- concerns allegedly dishonest payments totalling NZ$1.2
      million of Bridgecorp funds authorized by Mr. Petricevic to
      a business entity called ABb.

The report states that SFO had also investigated a number of large
commercial transactions involving Bridgecorp and other companies
where there were common shareholders or other related interests.

"We have concluded that, to the extent that we believe any frauds
may have been committed, criminal charges in respect of these
transactions can be addressed by action already commenced by other
agencies, and the Crown may consider revising the charges which
have already been laid in respect of those matters," NBR cited SFO
as saying.

                       About Bridgecorp Ltd.

Bridgecorp Ltd. is a New Zealand-based property development and
finance company.  Bridgecorp was placed into receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.

Bridgecorp's nine Australian companies were placed into
voluntary administration, owing about 100 investors about
AU$24 million (NZ$27 million).


CENTRAL NORTH: Receivers Seek NZ$127.5M Repayment From IRD
----------------------------------------------------------
Rebecca Stevenson at BusinessDay.co.nz reports that receivers and
creditors of the Central North Island Forestry Partnership are
seeking repayment of good and services tax paid out in 2006 to the
Inland Revenue Department.

Ms. Stevenson says the long-running dispute between the IRD and
secured creditors of the failed forestry partnership over payment
of a NZ$127.5 million GST bill was being heard in the High Court
in Auckland.

The report relates the receivers claimed that the payment was made
in error ahead of secured creditors including the Bank of New
Zealand and should be refunded.  The IRD has opposed the action
and applied to strike out the receivers' claim for repayment, the
report adds.

Michael Stiassny and Grant Graham of KordaMentha were appointed
receivers of the forestry business in 2001.  The forestry assets
owned by the liquidated partnership was later sold by the
receivers.


RURAL PORTFOLIO: Receivers Sell NZ Farming Stakes for NZ$4.1MM
--------------------------------------------------------------
The National Business Review reports that receivers of the assets
of Rural Portfolio Capital and Rural Portfolio Investments have
raised NZ$29.1 million from two blocks of shares.

Kerryn Downey and Andrew Grenfell of McGrathNicol sold Tuesday 10
million shares in NZ Farming Systems Uruguay to existing NZFS
shareholder Olam International Ltd, the report says.  The tranche
was sold at 41c per share, the report adds.

The Business Review notes that the sale of the NZ$4.1 million
worth of NZFS shares, and NZ$24.3 million worth of PGG Wrightson
shares earlier this month, completed the receivers' asset sales.

According to the report, Trustees Executors and the receivers
planned to send a detailed letter shortly to about 1,400 former
RPC redeemable preference shareholders, now secured creditors.

The receivers, the Business Review relates, were also working with
Computershare and Trustees Executors Limited to make an interim
distribution to all secured creditors within the next few weeks.

As reported in the Troubled Company Reporter-Asia Pacific on
May 4, 2010, the secured assets of Rural Portfolio Investments and
Rural Portfolio Capital, the investment companies run by Craig
Norgate and the McConnon family, were placed into the hands of
receivers after the company said it has breached its trust deed.

Trustee Executors have appointed Kerryn Downey and Andrew
Grenfell of McGrathNicol to enforce the security against RPI and
RPC for investors in the preference shares of Rural Portfolio
Capital.  RPC has $60 million preference shares on issue, which
are under the guarantee of sister company Rural Portfolio
Investments.

The trustee said the preference shares were automatically
redeemed, cancelled and delisted.

According to BusinessDay.co.nz, the receivers took control of the
available securities and secured accounts, including 46.8 million
shares in PGG Wrightson, 10 million shares in New Zealand Farming
Systems Uruguay and $742,314 in an escrow account.

                             About RPI

Headquartered in Dunedin, New Zealand, Rural Portfolio Investments
Limited -- http://www.ruralportfolioinvestments.co.nz/-- is an
investment company owned 50 percent by Aorangi Laboratories
Limited (the McConnon family interests' investment vehicle) and 50
percent by MCN Rural Investments Limited (a Craig Norgate family
interests' investment vehicle).  RPI was formed on August 6, 2003,
with the objective of investing in Wrightson Limited and as a
vehicle for other agribusiness investments.


SOUTH CANTERBURY: Recovers NZ$202 Million in Outstanding Loans
--------------------------------------------------------------
The New Zealand Herald reports that South Canterbury Finance Ltd
has reported a NZ$202 million recovery of outstanding loans since
January 1.

According to the report, the company said it had cashed up about
10% of total assets since the beginning of the year, in addition
to normal maturing and repayment of consumer and business loans.

The Herald relates the company said a significant proportion of
the recoveries was achieved by its specialist asset management
team working to realize assets in its portfolio of non-core and
non-performing loans.  The recoveries include advances to farms,
property developments, vineyards and to corporate entities along
with sales of various investment assets, the report adds.

According to the Herald, Chief executive Sandy Maier said the
process of collecting old loans and making new loans was essential
as the company's business was restructured.  Mr. Maier said the
positive signs in the market and the momentum already achieved by
its asset recovery team would enable the company to substantially
increase its total cash realized from the asset base this year.

                      About South Canterbury

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

                           *     *     *

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


===============
P A K I S T A N
===============


ALLIED BANK: Moody's Assigns D- Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has assigned Ba3/Not-Prime global local
currency (GLC) deposit ratings, B3/Not-Prime foreign currency
deposit ratings and a D- bank financial strength rating (BFSR) to
Allied Bank Limited of Pakistan.  All ratings carry a stable
outlook.

Allied's D- BFSR, which translates into a baseline credit
assessment (BCA) of Ba3, is supported by (i) the bank's strong
position in the domestic market; (ii) its strong profitability and
asset quality that is commensurate with that of higher-rated
domestic peers; (iii) an adequate liquidity profile despite
certain systemic concerns; and (iv) improvements in the bank's
governance, controls, management and business focus in recent
years.

At the same time, Moody's says the BFSR is constrained by (i) high
credit concentrations on the bank's balance sheet that have
increased over the past two years in line with domestic peers;
(ii) relatively weak shareholders' equity; (iii) developing
infrastructure and systems which carry implementation and proper
utilisation risks; and (iv) the challenging operating conditions
in Pakistan.

Allied's GLC deposit ratings of Ba3/Not-Prime are at the same
level as the bank's BCA despite Moody's assessment of a very high
probability of systemic support for the bank in case of a stress
situation (a result of its importance to the Pakistani financial
system due to its strong market share in core deposits).  The
systemic support indicator for Pakistan is at B2, which is lower
than the stand-alone rating of Allied, and thus does not provide
any rating uplift to the bank.

According to Moody's, Allied's rating could be upgraded in the
medium term if, among others, (i) there is a reduction in the
bank's high single-borrower concentrations; and (ii) the bank
decreases its leverage by increasing its shareholders' equity as a
percentage of assets.  Furthermore, positive rating pressure may
be exerted on the bank's ratings if there is an improvement in the
fiscal position of the government, thus alleviating some of the
pressure it is currently exerting on various industries and on
credit demand from the banking sector.

Although Moody's currently believes that Allied Bank is well
placed within in its current rating category, downward pressure
could be exerted on the rating if (i) the bank's capital levels
deteriorate; and (ii) asset quality deteriorates, possibly as a
result of financial distress amongst a few of its major corporate
customers (although the majority of these corporates currently
enjoys relatively high external ratings), or due to a
deterioration in the government's fiscal position.  Furthermore,
in the case of increased difficulties faced by the government in
servicing its debt, the BFSRs of all rated Pakistani banks would
also potentially be adversely affected.

Additionally, Moody's has also assigned B3/Not-Prime foreign
currency deposit ratings to Allied, which are constrained by the
foreign currency deposit ceiling of B3/Not-Prime for Pakistan.

The principal methodologies used in rating Allied are Moody's
"Bank Financial Strength Ratings: Global Methodology", published
in February 2007, and "Incorporation of Joint-Default Analysis
into Moody's Bank Ratings: A Refined Methodology", published in
March 2007, which are available on www.moodys.com in the Rating
Methodologies sub-directory under the Research & Ratings tab.
Other methodologies and factors that may have been considered in
the process of rating this issuer can also be found in the Rating
Methodologies sub-directory on Moody's website.

Headquartered in Lahore, Pakistan, Allied had total assets of
USD5.0 billion as of the end of December 2009.


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


GLOLBALFOUNDRIES SINGAPORE: Moody's Upgrades Bond Ratings to Ba3
----------------------------------------------------------------
Moody's Investors Service upgraded the corporate family and senior
unsecured bond ratings of GlolbalFoundries Singapore to Ba3 from
B1.

The outlook for the ratings is stable.  This concluded the rating
review placed on October 27, 2009.

The rating action takes into account the injection from Advanced
Technology Investment Company, the parent of GFS, of approximately
US$830 million in equity to recapitalize GFS's balance sheet for
debt payments.

"GFS's credit profile, with Adjusted Debt/Capitalization of around
40% and Adjusted Debt/EBITDA of 2.0-2.5x over the next two years,
is better than our earlier expectation when the rating was placed
on review with uncertain direction, in light of its capex plans
and strategy," said Chan.

Following GFS's Fab 7 investment this year, the company will
generate cash flow from its existing fabs, with processing
technology of up to 45nm (nanometer).  Fab 7 is GFS's 300mm
fabrication plant in Singapore.  Future technology migration to
below 45nm will be carried out at GlobalFoundries Inc., the US
headquarters.

Although such a strategy lowers GFS's long-term growth potential,
it also lowers its capex burden.  Its fab capacity of nearly
300,000 wafers per month (equivalent to 200mm) and mainstream
processing technology of up to 45nm will remain competitive over
the medium term.

"We expect the company to generate free cash flow of around US$300
million starting 2011.  Its capital structure, with Adjusted
Debt/Cap of below 40%, will be sustainable under the new strategy,
which supports the current rating," said Chan, also the lead
analyst of GFS.

The presence of ATIC as a parent also supports GFS's Ba3 rating.
GFS is a critical part of GlobalFoundries Inc., which is an
important and sizable investment of ATIC.  ATIC's investment in
the semiconductor foundry business is part of the Abu Dhabi
government's long-term strategy for the economy.  The benefit of
support from ATIC, through the equity injection to recapitalize
its balance sheet, is reflected in the fundamental Ba3 rating.

The stable outlook reflects Moody's expectation that GFS will
implement its business strategy according to plans and sustain its
less geared balance sheet over the medium term.

Upward rating pressure may arise if GFS can 1) implement its
business plan and consistently generate free cash flow; 2) turn
its operating performance around and further deleverage its
balance sheet, for an Adjusted Debt/Capitalization below 30-35%
and Adjusted Debt/EBITDA below 1.5-2.0x.

Downward rating pressure may arise if GFS 1) depletes its balance
sheet liquidity and increase its leverage through aggressive
dividend payouts; or 2) fails to ramp up its revenue and sustain
its margins throughout the industry cycle, such that its Adjusted
Debt/Capitalization rises above 45-50% and Adjusted Debt/EBITDA
over 3.0-3.5x.

The last rating action with respect to GFS was taken on October
27, 2009, when its corporate family and senior unsecured bond
ratings were downgraded to B1 from Ba2, and placed under review
with uncertain direction.

Singapore-based GlolbalFoundries Singapore provides wafer
fabrication services and technology to semiconductor suppliers and
system companies. The company ranked third in the global
semiconductor foundry sector by sales.

The Government of Abu Dhabi owns GFS through Advanced Technology
Investment Company.


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


AU OPTRONICS: Gets More LCD Orders in Second Half of 2010
---------------------------------------------------------
AU Optronics Corp. has received more orders than it can fill in
the second half of this year, China Post reports.

Yawen Hsiao, a spokeswoman for the Hsinchu, Taiwan-based company,
told the Post that demand from clients were for a wide range of
panel products, including televisions, computer monitors, and
notebook computers.

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

                           *     *     *

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


                         *********

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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