TCRAP_Public/100604.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, June 4, 2010, Vol. 13, No. 109

                            Headlines



A U S T R A L I A

AUSTRALIAN LENDING: Faces Court Action Over Loan Misrepresentation
FORTESCUE METALS: Search For Fund Falters on Resource Rent Tax
GRIFFIN COAL: Not in Sale Talks With NTPC, Administrator Says
LAKE COOGEE: Court Orders Wind Up; McGrath Nicol Appointed
STORM FINANCIAL: Slater & Gordon Sacks SICAG Chairman


C H I N A

DRAGON PHARMACEUTICAL: Earns US$1.6 Million in Q1 2010


H O N G  K O N G

BIOPACK ENVIRONMENTAL: Earns US$28,966 in Q1 2010
HIGHGROVE LIMITED: Nedderman and Yan Appointed as Liquidators
HOT HOUSE: Court to Hear Wind-Up Petition on July 14
JH ENTERPRISES: Members' Final Meeting Set for June 28
LAM ENGINEERING: Creditors and Contributories to Meet on June 8

PADDY'S COLLECTION: Creditors Get 9.28% Recovery on Claims
PAUA GROUP: Creditors and Members' Final Meeting Set for July 2
PINE & BAMBOO: Creditors' Proofs of Debt Due June 28
PHYSICAL PROPERTY: Posts HK$141,000 Net Loss in Q1 2010
PRETTYLOT COMPANY: Members' Final General Meeting Set for June 30

RICHWARE TEXTILES: Members' Final Meeting Set for June 28
SERVICE COMPANY: Creditors' Proofs of Debt Due June 28
SKY LEADER: Lai and Haughhey Appointed as Liquidators
TRILLION HOLDINGS: Members' Final Meeting Set for June 28
WELON ASIA: Court to Hear Wind-Up Petition on July 14

YING LEUNG: Creditors' Proofs of Debt Due June 29


I N D I A

BALMUKUND CONCAST: CRISIL Assigns 'BB' Ratings on Various Debts
CHANDI STEEL: ICRA Reaffirms 'LBB' Rating on INR100MM LT Limits
GENERAL MOTORS: Dumps Reva as Indian Electric Car Partner
IQU POWER: ICRA Downgrades Rating on INR185 Million Loan to 'LB'
KARTHIK ALLOYS: Delay in Loan Repayment Prompts 'C' Ratings

LIBERTY MARINE: ICRA Assigns 'LBB+' Rating on INR20MM Term Loans
LUNI POWER: ICRA Revises Rating on INR174.8MM Term Loan to 'LB'
MIRAJ PRODUCTS: ICRA Revises LT Rating From 'LBBB' to 'LBB+'
NEOGAL POWER: ICRA Revises Rating on INR186.4MM Term Loan to 'LB'
SANDHYA AQUA: CRISIL Reaffirms 'B+' Rating on INR40MM Term Loan

SAMBANDAM SIVA: CRISIL Reaffirms 'B-' Ratings on Various Debts
SHRIRAM MARKETING: CRISIL Rates INR170-Mil. Facility at 'B+'
Z V STEELS: CRISIL Rates INR100-Mil Cash Credit Facility at 'B+'


J A P A N

JAPAN AIRLINES: Ends Shareholder Benefits Plan


K O R E A

SSANGYONG MOTOR: Auto Sales Up 145% in May 2010
* SOUTH KOREA: FTC Puts 15 Conglomerates on Watch List


M A L A Y S I A

LCL CORPORATION: Reports MYR130.79MM Net Loss for March 31 Quarter
MALAYSIAN MERCHANT: Posts MYR110.65 Million Net Loss in Q4 2010
NAM FATT: Posts MYR8.77 Million Net Loss for March 31 Qtr
NIKKO ELECTRONICS: Posts MYR1.17MM Net Loss in Qtr. Ended March 31


N E W  Z E A L A N D

ALLIED NATIONWIDE: Parent Lifts Credit Support Facility to NZ$10MM
CANTERBURY BUILDING: Treasury OKs Extended Crown Deposit Guarantee
CANTERBURY BUILDING: Inks NZ$2.2-Billion Merger Proposal
CHALLENGE MARINE: Lays Off Nearly All Employees
FLY DIRECT: In Liquidation; Passengers Pre-payment Refund In Doubt

MARAC FINANCE: Parent Inks NZ$2.2-Billion Merger Proposal
SOUTHERN CROSS: Inks NZ$2.2-Billion Merger Proposal
SOUTHERN CROSS: Treasury OKs Extended Crown Deposit Guarantee


S I N G A P O R E

JURONG BRICK: Members' Final Meeting Set for July 3
JURONG BRICK WORKS: Members' Final Meeting Set for July 3


V I E T N A M

DOT VN: Reports Increased Site Traffic for Vietnamese Info Portal


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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A U S T R A L I A
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AUSTRALIAN LENDING: Faces Court Action Over Loan Misrepresentation
------------------------------------------------------------------
The Australia Securities and Investments Commission has commenced
proceedings in the Federal Court of Australia against two
companies engaged in finance broking.

ASIC alleges that Australian Lending Centre Pty Ltd and Sydney
Lending Centre Pty Ltd contravened the Australian Securities and
Investments Commission Act by falsely representing that various
loan contracts were wholly or predominantly for business or
investment purposes rather than for personal, household or
domestic use.

Consumers with loans for personal, household or domestic purposes
are protected by the Uniform Consumer Credit Code (UCCC), however,
loans that are wholly or predominantly for business or investment
purposes fall outside this legislation.

ASIC alleges that Australian Lending Centre Pty Ltd and Sydney
Lending Centre Pty Ltd engaged in unconscionable conduct in
broking and entering various finance broking contracts between
2005 and 2008.

Further, ASIC has also commenced proceedings against lending
company, AMR Investments Pty Ltd, alleging they have engaged in
unconscionable conduct by entering into a loan contract.

ASIC alleges that the sole director of the three companies,
Christopher John Riotto of Haberfield, New South Wales, aided and
abetted contraventions by Sydney Lending Centre Pty Ltd and AMR
Investments Pty Ltd in relation to one particular loan
transaction.

ASIC is seeking declarations that Australian Lending Centre Pty
Ltd, Sydney Lending Centre Pty Ltd, AMR Investments Pty Ltd and
Christopher John Riotto contravened the ASIC Act and orders
restraining Australian Lending Centre Pty Ltd and Sydney Lending
Centre Pty Ltd from making representations that a person has
sought a loan for business or investment purposes when that person
has sought a loan for a purpose which is personal, household or
domestic.

ASIC is also seeking the payment of compensation to two impacted
borrowers.

The matter is listed before the Federal Court in Sydney on
June 18, 2010.


FORTESCUE METALS: Search For Fund Falters on Resource Rent Tax
--------------------------------------------------------------
Fortescue Metals chief Andrew Forrest has casted fresh doubt over
his group's proposed US$15 billion (AU$18 billion) Pilbara iron
ore expansions under the resource rent tax after a global search
for funding failed, The Sydney Morning Herald reports.

"There is now a mathematical certainty -- no scaremongering, no
politics -- that Fortescue cannot expand any of its projects
beyond the (existing) Chichester hub, which it has already catered
for, because of this tax," the report quoted Mr. Forrest as saying
at a media briefing in Perth.

According to SMH, Mr. Forrest said Fortescue had been sounding out
banks about what value they would give the proposed offset to the
40 per cent tax -- the government's intention to underwrite 40% of
miners' losses.  "We cannot find anyone to help us," Mr. Forrest
said.

The report relates Mr. Forrest said he had no option, given the
failed search for bankers interested in the offset, but to reveal
that "according to Ken Henry, and according to our own analysis,
that tax logic must collapse."

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2010, Fortescue Metals said that two its three expansion
projects have been placed on hold due to the financial impact of
the Federal Government's proposed Resource Super Profits Tax.

Fortescue said in a May 19 statement that the uncertainty in the
financial markets caused by the proposed tax and the cash impost
that RSPT payments will place on future business revenues has
necessitated an urgent review of the economics surrounding the
development of Fortescue's major projects.

                       About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western Australia
and exporting it from Port Hedland.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 4, 2009, Moody's Investors Service lowered to B2 from B1
the Senior Secured rating of FMG Resources (August 2006) Pty Ltd
(previously FMG Finance Pty Ltd), the financing arm of the
Fortescue Metals Group.  The outlook for the rating is negative.
This completes the rating review for possible downgrade commenced
in May 2009 in view of weakness in the iron ore market and
operating challenges at FMG's mining and processing operations.


GRIFFIN COAL: Not in Sale Talks With NTPC, Administrator Says
-------------------------------------------------------------
Jason Scott at Bloomberg News reports that the administrator of
Griffin Coal Mining Co. isn't in talks to sell assets to India's
NTPC Ltd. or other potential buyers.

Brian McMaster, a partner at administrator KordaMentha, told
Bloomberg News in a phone interview that talks with potential
buyers aren't likely to start for two to three weeks when
necessary financial information is prepared.  The sale should be
complete by the end of the year, with Indian and Chinese companies
among groups expressing interest in the Perth-based company, he
said.

Bloomberg News, citing the Economic Times, says NTPC is set to
acquire a controlling interest in a 720 million-ton coal field in
Australia in a deal valued at $1 billion to $1.5 billion.  The
newspaper, without naming Griffin Coal, said the coal mines,
located near Perth in Western Australia, will allow NTPC to bring
to India as much as 10 million tons of coal a year for its plants,
according to Bloomberg News.

                         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.


LAKE COOGEE: Court Orders Wind Up; McGrath Nicol Appointed
----------------------------------------------------------
The Federal Court has appointed joint liquidators Shaun Fraser and
James Thackray of McGrath Nicol to wind up the unregistered
managed investment scheme operated by Lake Coogee Estate
Management Pty Ltd, Citibond Finance & Investments Pty Ltd and ALB
Developments No 1 Pty Ltd in Perth, following an application by
the Australian Securities & Investments Commission.

"Winding up orders previously made by the Court on May 11, 2007
and approved by a majority of the scheme's investors, permitted
LCEM to continue with the scheme development until completion on
the condition that Mr. Fraser act as supervising accountant. Since
then, Mr. Fraser has reported on the scheme's progress to the
Court and ASIC," ASIC said in statement Thursday.

"Most recently he reported that the scheme had become insolvent
and consequently secured creditors had taken possession of ALB's
land, one of the scheme's main assets.

"Because the scheme development was unlikely to be completed as
originally contemplated, ASIC applied to the Court for the
appointment of liquidators to manage the final and orderly winding
up of the scheme," it said.

Lake Coogee Estate Management, Citibond Finance and ALB
Developments had operated a Perth-based property investment scheme
to develop Lake Coogee Estate in the south-west Perth suburb of
Munster.


STORM FINANCIAL: Slater & Gordon Sacks SICAG Chairman
-----------------------------------------------------
Legal firm Slater & Gordon has refused to continue to represent
co-chair of Storm Investors Consumer Action Group Mark Weir and
his wife, Kate Kachor at Investor Daily reports.

Slater & Gordon, in a confidential letter to the Weirs, indicated
that the only reason for refusing to act for the pair was because
they were encouraging former Storm Financial clients to lodge
complaints with the Legal Services Commission.

Investor Daily relates the letter also stated that Weir's public
statements were considered "inconsistent with the maintenance of a
relationship of trust and confidence between solicitor and
client."

Slater and Gordon helped establish a resolution scheme with the
Commonwealth Bank.

According to Investor Daily, Mr. Weir claims that instead of
Slater & Gordon contacting them to explain the reason behind their
sacking, Slater & Gordon Brisbane group practice leader Damian
Scattini chose to release a media statement regarding Weir's
removal from the CBA resolution scheme.

                         About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AU$27.09 million debt claim at a first
meeting of the company's creditors on January 20.  The group's
remaining creditors are owed AU$51 million, plus a provision for
dividends of AU$10 million.

On March 27, 2009, the TCR-AP reported that the Australian
Securities and Investments Commission won its bid to liquidate
Storm Financial Group after the Federal Court ruled that the
Company be wound up.  Federal court Justice John Logan appointed
Ivor Worrell and Raj Khatri of Worrells Solvency and Forensic
Accountants as liquidators for the Company.


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DRAGON PHARMACEUTICAL: Earns US$1.6 Million in Q1 2010
------------------------------------------------------
Dragon Pharmaceutical Inc. filed its quarterly report on Form
10-Q, reporting net income of US$1.6 million on US$49.1 million of
revenue for the three months ended March 31, 2010, compared with
net income of US$1.4 million on US$37.0 million of revenue for the
same period ended March 31, 2009.

The Company's balance sheet as of March 31, 2010, showed
US$200.1 million in assets, US$132.9 million of liabilities, and
US$67.2 million of stockholders' equity.

As reported in the Troubled Company Reporter on April 5, 2010,
Chang Lee LLP, in Vancouver, Canada, said the Company's recurring
working capital deficiency raises substantial doubt about its
ability to continue as a going concern.

The Company has a working capital deficiency of US$56.7 million as
at March 31, 2010.

A full-text copy of the quarterly report is available for free at:

               http://researcharchives.com/t/s?63c6

Incorporated in Florida and headquartered in Vancouver, Canada,
Dragon Pharmaceutical Inc. -- http://www.dragonpharma.com/--
manufactures and distributes a broad line of antibiotic products
including Clavulanic Acid and 7-ACA, a key intermediate to produce
cephalosporin antibiotics and formulated drugs.  Dragon
Pharmaceutical is the third largest 7-ACA producer in China.


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H O N G  K O N G
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BIOPACK ENVIRONMENTAL: Earns US$28,966 in Q1 2010
-------------------------------------------------
Biopack Environmental Solutions Inc. filed its quarterly report on
Form 10-Q, reporting net profit of US$28,966 on US$68,639 of
revenue for the three months ended March 31, 2010, compared with a
net loss of US$239,187 on US$260,397 of revenue for the same
period ended March 31, 2009.  Results for the three months ended
March 31, 2010, included US$347,807 of other income "which was
primarily due to over accrued interest expense in previous periods
being written back."

The Company's balance sheet as of March 31, 2010, showed
US$2,601,701 in assets, US$2,281,175 of liabilities, and
US$320,526 of stockholders' equity.

As of March 31, 2010, the Company had an accumulated deficit of
US$4,862,967 and a working capital deficit of US$1,635,432.

A full-text copy of the quarterly report is available for free at:

              http://researcharchives.com/t/s?63a8

Biopack Environmental Solutions Inc. (OTC BB: BPAC) --
http://www.biopackenvironmental.com/-- manufactures 100%
biodegradable consumer packaging products from locally available
sugar cane waste called bagasse.  The Company is based in Hong
Kong and has with manufacturing facilities in Jiangmen, China.
Distributed under the "Roots Biopack" trademark, Biopack's line of
compostable packaging is sold in 12 European countries, North
America, Hong Kong and Taiwan.  The Company was incorporated on
August 28, 2000, in the state of Nevada under the name "Quadric
Acquisitions".

Wong Lam Leung & Kwok CPA Limited, in Hong Kong, expressed
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial statements
for the year ended December 31, 2009.  The independent auditors
noted that at December 31, 2009, the Company had an accumulated
deficit of US$4,891,933 and a working capital deficit of
US$2,250,368.


HIGHGROVE LIMITED: Nedderman and Yan Appointed as Liquidators
-------------------------------------------------------------
Anthony Nedderman and Yan Miu Ping of Messrs. Tony Nedderman & Co.
Ltd. have been appointed as liquidators of Highgrove Limited.

The liquidators may be reached at:

          Anthony Nedderman
          Yan Miu Ping
          11/F, China Hong Kong Tower
          8 Hennessy Road
          Hong Kong


HOT HOUSE: Court to Hear Wind-Up Petition on July 14
----------------------------------------------------
A petition to wind up the operations of Hot House Industrial
Design Limited will be heard before the High Court of Hong Kong on
July 14, 2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on May 6, 2010.

The Petitioner's solicitors are:

         Messrs. Liu, Chan and Lam
         Rooms 1710-18, 17th Floor
         Hutchison House
         No. 10 Harcourt Road
         Central, Hong Kong


JH ENTERPRISES: Members' Final Meeting Set for June 28
------------------------------------------------------
Members of JH Enterprises Limited will hold their final meeting on
June 28, 2010, at 10:00 a.m., at 3/F., Kam Sang Building, 257 Des
Voeux Road Central, in Hong Kong.

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


LAM ENGINEERING: Creditors and Contributories to Meet on June 8
---------------------------------------------------------------
Contributories and creditors of Lam Engineering Company Limited
will hold their first meeting on June 8, 2010, at 10:00 a.m., and
10:30 a.m., respectively at John Lees Associates, 20/F Henley
Building, 5 Queen's Road Central, in Hong Kong.

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


PADDY'S COLLECTION: Creditors Get 9.28% Recovery on Claims
----------------------------------------------------------
Paddy's Collection Limited, which is in liquidation, paid the
first and final dividend to its creditors on May 28, 2010.

The company paid 9.28% for unsecured claims.

The company's liquidator is:

         Stephen Briscoe
         Briscoe & Wong Limited
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


PAUA GROUP: Creditors and Members' Final Meeting Set for July 2
---------------------------------------------------------------
Creditors and members of Paua Group Ltd will hold their final
meeting on July 2, 2010, at 9:30 a.m., at Room 1408, World-Wide
House, 19 Des Voeux Road, Central, in Hong Kong.

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


PINE & BAMBOO: Creditors' Proofs of Debt Due June 28
----------------------------------------------------
Pine & Bamboo Restaurant Company Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by June 28, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Yu Yu Kin
         Cheng Kam Wa Thomas
         United Centre, 26th Floor
         Office B, 95 Queensway
         Hong Kong


PHYSICAL PROPERTY: Posts HK$141,000 Net Loss in Q1 2010
-------------------------------------------------------
Physical Property Holdings Inc. filed its quarterly report on Form
10-Q, reporting a net loss of HK$141,000 on $184,000 of revenue
for the three months ended March 31, 2010, compared with a net
loss of HK$135,000 on HK$114,000 of revenue for the same period of
2009.

The Company's balance sheet as of March 31, 2010, showed
HK$10,933,000 in assets, HK$10,927,000 of liabilities, and
HK$6,000 of stockholders' equity

"The Company had negative working capital of HK$918,000 as of
March 31, 2010, and incurred losses of HK$141,000 and HK$135,000
for the three months ended March 31, 2010, and 2009 respectively.
These conditions raised substantial doubt about the Company's
ability to continue as a going concern."

A full-text copy of the quarterly report is available for free at:

              http://researcharchives.com/t/s?63a0

Physical Property Holdings Inc., through its wholly-owned
subsidiary Good Partner Limited, owns five residential apartments
located in Hong Kong.  The Company was incorporated on
September 21, 1988, in the state of Delaware under the name of
"Foreclosed Realty Exchange, Inc", a development stage company
seeking acquisitions with no material assets or liabilities.


PRETTYLOT COMPANY: Members' Final General Meeting Set for June 30
-----------------------------------------------------------------
Members of Prettylot Company Limited will hold their final general
meeting on June 30, 2010, at 11:00 a.m., at 16/F., V Heun
Building, 138 Queen's Road, Central, in Hong Kong.

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


RICHWARE TEXTILES: Members' Final Meeting Set for June 28
---------------------------------------------------------
Members of Richware Textiles Limited will hold their final general
meeting on June 28, 2010, at 3:30 p.m., at 10/F,. Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong.

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


SERVICE COMPANY: Creditors' Proofs of Debt Due June 28
------------------------------------------------------
Creditors of Service Company Two Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 28, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

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


SKY LEADER: Lai and Haughhey Appointed as Liquidators
-----------------------------------------------------
Lai Kar Yan, Derek and Darack E. Haughhey on May 10, 2010, were
appointed as liquidators of Sky Leader Industries Limited.

The liquidators may be reached at:

          Lai Kar Yan, Derek
          Darack E. Haughhey
          35/F, One Pacific Place
          88 Queensway, Hong Kong


TRILLION HOLDINGS: Members' Final Meeting Set for June 28
---------------------------------------------------------
Members of Trillion Holdings Limited will hold their final general
meeting on June 28, 2010, at 3:00 p.m., at 10/F,. Allied Kajima
Building, 138 Gloucester Road, Wanchai, in Hong Kong.

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


WELON ASIA: Court to Hear Wind-Up Petition on July 14
-----------------------------------------------------
A petition to wind up the operations of Welon Asia Limited,
formerly known as Yishion International Company Limited, will be
heard before the High Court of Hong Kong on July 14, 2010, at
9:30 a.m.

The Petitioner's solicitors are:

         Liu, Choi & Chan
         Room 603, Loke Yew Building
         50-52 Queen's Road Central
         Hong Kong


YING LEUNG: Creditors' Proofs of Debt Due June 29
-------------------------------------------------
Ying Leung International Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by June 29, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lam Tak Keung
         Suite 504, South Tower
         World Finance Centre
         Harbour City
         17-19 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


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BALMUKUND CONCAST: CRISIL Assigns 'BB' Ratings on Various Debts
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Balmukund Concast Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR85.0 Million Cash Credit        BB/Stable (Assigned)
   INR17.5 Million Rupee Term Loan    BB/Stable (Assigned)
   INR17.5 Million Proposed LT Bank   BB/Stable (Assigned)
      Loan Facility
   INR30.0 Million Letter of Credit   P4+ (Assigned)

The ratings reflect BCL's exposure to risks relating to intense
competition in the steel industry, and speculative derivative
transactions in commodities.  These weaknesses are, however,
mitigated by the company's average financial risk profile, and the
benefits that the company derives from its promoters' experience
in the steel industry.

Outlook: Stable

CRISIL expects Balmukund Concast Ltd to maintain its credit
profile over the medium term backed by its promoter's extensive
industry experience.  The outlook may be revised to 'Positive' if
the operating margin and revenue increase significantly leading to
better than expected debt protection measures.  Conversely the
outlook may be revised to 'Negative' if large debt-funded capex or
lower-than-expected cash accruals lead to deterioration in the
financial risk profile.

                       About Balmukund Concast

Set up in 1995 by the late Mr. Gopal Krishna Kanodia, BCL
manufactures mild steel (MS) ingots and rods, and
thermomechanically treated (TMT) bars.  The company has a
manufacturing unit in Bihta (Bihar) with three induction furnaces
with capacity of 50 tonnes per day (tpd) and two rolling mills of
100 tpd each.

BCL reported a profit after tax (PAT) of INR3.2 million on net
sales of INR967.4 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR8 million on net
sales of INR670 million for 2007-08.


CHANDI STEEL: ICRA Reaffirms 'LBB' Rating on INR100MM LT Limits
---------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating assigned to the INR100.0
million long term fund based bank limits of Chandi Steel
Industries Limited.  The outlook on the rating is stable.  ICRA
has also reaffirmed the A4 rating assigned to the INR60.0 million
short term non fund based bank limits of the company.

The ratings factor in CSIL's market position which is strengthened
by operational linkages with group companies in the Jai Balaji
group, the strategic location of CSIL's manufacturing unit that is
in close proximity to raw material sources and key customers, and
the positive demand outlook for long steel products on the back of
recovery in the steel sector.  The ratings also take into account
the weak financial position of CSIL characterized by low profit
margins, subdued return on capital employed, aggressive capital
structure and low levels of coverage indicators, high working
capital intensity which results in increased borrowings to fund
operations, small scale of operations which are non-integrated
in nature, exposure of revenues to high client concentration risk,
and the intense competition and cyclicality in the steel industry.

Chandi Steel Industries Ltd. was incorporated in 1978 as Chandi
Steel Industries Pvt. Ltd. by the promoters of a partnership
concern, Haryana Steel Corporation.  The company re-rolls semi-
finished steel (mild steel alloys and non alloy billets/ingots)
into long products (steel, alloy steel, and stainless steel
rounds, squares and flats).  The promoters of the Jai Balaji Group
purchased the company in 1993, and subsequently converted the
entity to its current form in November 2003 by listing CSIL on the
Calcutta Stock Exchange Association Limited.  CSIL's re-rolling
plant is located on Belur Road in Howrah, West Bengal, and has an
effective capacity of 16,500 MTPA.

During 2008-09, CSIL recorded a profit after tax of INR2.3 million
on the back of an operating income of INR431.6 million. In the
first three quarters of 2009-10, the company posted an operating
income and net profit of INR479.5 million and INR0.9 million
respectively.


GENERAL MOTORS: Dumps Reva as Indian Electric Car Partner
---------------------------------------------------------
GM India has ended its partnership with Reva Electric Car Company
after Mahindra & Mahindra announced it was taking a controlling
stake in Reva.  M&M is one of India's largest auto makers.

GM and Reva previously had an agreement to use Reva's technology
to power the e-Spark, a small electric car that GM intends to
develop in India.  The two companies had initially planned to
launch the e-Spark by the end of 2010, the Wall Street Journal's
livemint.com, reported.

The breakup had prompted GM to stand alone and to utilize its own
alternative fuel and propulsion technologies, livemint.com
related.  "We plan to look within the General Motors portfolio for
alternate technology vehicles," said Karl Slym, GM India's
president and managing director.

"There will be no eSpark," livemint.com quoted Mr. Slym as saying.
He further said that the company is not yet firm whether it would
deploy alternate technology on the Spark or the Beat models.

According to livemint.com, GM's breakup with Reva will have no
impact on GM India's short-term growth plans.  An analyst at IHS
Global Insight told livemint.com that GM's scrapping of its
partnership with Reva will not affect GM India, saying that
electric car sales in large quantities are still 10 or more years
away, and GM can soon find alternatives to it.

                       About General Motors

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

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

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

                   About Motors Liquidation

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

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

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


IQU POWER: ICRA Downgrades Rating on INR185 Million Loan to 'LB'
----------------------------------------------------------------
ICRA has revised the rating assigned to the INR185.0 million term
loan program of Iqu Power Company Private Limited to 'LB' from
'LBB+' earlier.

The rating revision primarily reflects the delays in debt
servicing over the recent past.  The project has witnessed a cost
overrun due to delays in implementation which was expected to be
funded by additional equity infusions.  On account of strained
liquidity conditions however, the promoter, Subhash Projects and
Marketing Limited, (SPML, rated at LBBB-/A3 by ICRA), has been
unable to infuse equity in a timely manner.  The rating also
factors in the vulnerability of cash flows to water availability
given the single-part tariff structure and the absence of a deemed
generation clause.  The rating however favorably factors in the
advanced stage of construction, the achievement of financial
closure, the limited demand risks and the past experience of the
promoter in the development and operation of hydro power projects.
The rating also factors in the possible upside from the sale of
carbon credits and the project's eligibility for a capital
subsidy.

                          About Iqu Power

Iqu Power is an SPV promoted by SPML Group for the development,
operation and maintenance of a 4.5 MW pure run of the river hydro
power project in Kangra District, Himachal Pradesh. The 40-year
concession granted by the Government of Himachal Pradesh (GoHP)
expires in November 2042.  The original cost estimate for the
project was at INR265.0 million to be funded by debt of INR 185
million and equity of INR80 million.  The project is expected to
be commissioned in June 2010 against a scheduled project
commissioning date of June 2009.  As such, the final project cost
is expected to be higher at approx INR311.2 million.  Of the total
capacity of 4.5 MW, 3 MW has been contracted to HPSEB under a 40-
year PPA expiring in November 2042.  Iqu Power is held by SPML
(51% holding), Power Corporation Limited (Subhash Kabini, rated at
LB+ by ICRA, 41% holding) and SPML Energy Limited (7% holding).
Subhash Kabini is operating a 20 MW hydro power project over the
river Kabini in Karnataka since 2003.


KARTHIK ALLOYS: Delay in Loan Repayment Prompts 'C' Ratings
-----------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the bank facilities
of Karthik Alloys Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR42.5 Million Cash Credit*        C (Assigned)
   INR15.1 Million Working Capital     C (Assigned)
                    Demand Loan
   INR120.0 Million Bill Discounting   P4 (Assigned)
   INR50.0 Million Letter of Credit    P4 (Assigned)
   INR19.6 Million Bank Guarantee      P4 (Assigned)

   * Letter of Credit is interchangeable with Cash Credit
     to the extent of INR10.0 Million

The ratings reflect delays by Karthik in servicing of term loan
installments as a result of stretched liquidity position as a
result of sharp decline in the accruals.  These weaknesses are
partially offset by the benefits that Karthik derives from the
long standing experience of the promoters in the ferro alloys
segment.

                        About Karthik Alloys

Karthik Alloys Ltd. was formed in 1992 and is in the business of
manufacturing ferro-alloys used in production of steel.  The
company set up its first manufacturing unit at Cuncolim, Goa.
Subsequently, a second unit was setup in Durgapur, West Bengal in
1997.  The company had suffered heavy losses in the past due to
which its net worth turned negative, and consequently the company
was referred to BIFR in 2002.  The company had also defaulted on
servicing of its term debt commitments & payment of statutory
liabilities, and had to restructure its term loans. The company is
still under BIFR.Mr. B. Srinivas, is the managing director of the
company.

Karthik reported a net profit of INR17 million on (provisional)
net sales of INR655 million for FY 2009 ? 2010 (refers to
financial year April 1 to March 31), as against profit after tax
(PAT) of INR111 million on net sales of INR767 million for
FY2008-2009.


LIBERTY MARINE: ICRA Assigns 'LBB+' Rating on INR20MM Term Loans
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR20 million term
loans, INR40 million cash credit and INR5 million bank guarantee
of The Liberty Marine Syndicate Private Limited.  The outlook on
the assigned long term rating is stable.  ICRA has also assigned
an A4+ rating to the INR180 million fund based facility with a
sub-limit of INR120 million letter of credit (LC) facility and
INR5 million non-fund based facility of LMS.

The ratings reflect LMS's exposure to volatility in iron ore
prices, high working capital intensity of operations which impacts
liquidity and capital structure, LMS's significant capital
expenditure plans in the near term compared to the company's
present scale of operations which is likely to adversely impact
its business risk profile, and a limited customer base resulting
in significant customer concentration risk. The ratings also take
into consideration the range of services provided by LMS, healthy
business returns, experience of the promoters in the shipping
industry and the quality of its service as demonstrated by
recognitions from leading international bodies, LC backed export
sales limiting counter party risks and practice of hedging foreign
currency exposure that reduces foreign currency related risks to a
large extent. In addition, LMS being a largely export oriented
firm remains exposed to the overall trade scenario in the
international trade.

                         About Liberty Marine

LMS was established in 1972 by the Kolkata based Ghosh family to
provide various logistics and shipping services to both exporters
and importers. Over the years, LMS has diversified into other
areas of operations and is currently engaged in executing a
dredging project at the Paradip port and export of iron ore fines
along with providing shipping and logistic services.

The company reported a net profit of INR 43.6 million in FY10 on
an OI of INR944.5 million as compared to INR 6.8 million and
INR347 million during FY09 respectively.


LUNI POWER: ICRA Revises Rating on INR174.8MM Term Loan to 'LB'
---------------------------------------------------------------
ICRA has revised the rating assigned to the INR 174.8 million term
loan program of Luni Power Company Private Limited to 'LB' from
LBB earlier.

The rating revision reflects the recent delays in debt servicing
following a cost overrun which, together with the delays in
infusion of equity (to fund such overrun), has resulted in a
strained liquidity position for Luni Power.  While the development
of the 4.5 MW run of the river hydro power project is in an
advanced stage, with the debt and equity funding to the extent of
the original project cost having been fully tied up and
contributed, the cost overrun is proposed to be funded through
additional equity infusions by the main promoter, Subhash Projects
and Marketing limited (SPML, rated at LBBB-/A3 by ICRA).
Following strained liquidity conditions within the SPML Group,
equity funding has not been timely resulting in delays in
servicing of interest on Luni Power's part.  Further, debt
repayments are scheduled to commence in June 2010 against a
revised scheduled project commissioning of December 2010; as a
result, Luni Power would be dependent on further equity infusions
from the promoters to meet debt servicing requirements in the
interim.  The rating also factors in the vulnerability of cash
flows to water availability given the single-part tariff structure
and the absence of a deemed generation clause.  The rating however
favorably factors in the advanced stage of construction, the
limited demand risks and the past experience of the promoter in
the development and operation of hydro power projects. The rating
also factors in the possible upside from the sale of carbon
credits and the project's eligibility for a capital subsidy.

                          About Luni Power

Luni Power is an SPV promoted by SPML Group for the development,
operation and maintenance of a 4.5 MW pure run of the river hydro
power project in Kangra District, Himachal Pradesh.  The 40-year
concession granted by the Government of Himachal Pradesh (GoHP)
expires in November 2042. The original cost estimate for the
project was at INR 287.5 million to be funded by debt of INR 174.8
million and equity of INR 112.7 million.  The project is expected
to be commissioned in December 2010 against a scheduled project
commissioning date of March 2010.  As such, the final project cost
is expected to be higher than the scheduled project cost. Of the
total capacity of 4.5 MW, 3 MW has been contracted to HPSEB under
a 40-year PPA expiring in November 2042.  Luni Power is held by
SPML (51% holding), Subhash Kabini Power Corporation Limited
(Subhash Kabini, rated at LB+ by ICRA, 27% holding) and SPML
Energy Limited (21% holding). Subhash Kabini is operating a 20 MW
hydro power project over the river Kabini in Karnataka since 2003.


MIRAJ PRODUCTS: ICRA Revises LT Rating From 'LBBB' to 'LBB+'
------------------------------------------------------------
ICRA has revised the long term rating assigned to INR120 million
term loans of Miraj Products Private Limited from "LBBB" to
"LBB+".  ICRA has also revised the "LBBB/ A2" rating assigned to
the INR100 million fund based bank facilities (interchangeable
between Cash credit and short term loan) of MPPL to "LBB+/A4+."
The outlook on the long term rating is stable.

The revision in ratings reflects irregularity in debt repayment
arising out of liquidity mismatches following the changes in
excise duty structure w.e.f. March 2010, which resulted in
significant increase in MPPL's excise duty liability. To improve
its liquidity position, the company has enhanced its working
capital limits and it also plans to infuse equity in near term.
The ratings continues to be supported by the established presence
of MPPL's "Miraj" tobacco brand in its key markets, which has
enabled MPPL in attaining steady  growth in sales volume, income
and profits over the past few years.  The ratings are also
supported by strong financial profile of the company.

Miraj Products Private Limited is the flagship company of Miraj
Group which is promoted by Mr. Madan Lal Paliwal and was
incorporated in 1996 with an objective of manufacturing and
trading of tobacco.  The company has its tobacco manufacturing
operations at Nathdwara district Rajsamand, in the state of
Rajasthan where it processes tobacco with lime and peppermint and
packs it in various sizes.  The sales are largely from domestic
markets and accounted by three main states i.e. Gujarat, Madhya
Pradesh and Rajasthan.


NEOGAL POWER: ICRA Revises Rating on INR186.4MM Term Loan to 'LB'
-----------------------------------------------------------------
ICRA has revised the rating assigned to the INR186.4 million term
loan program of Neogal Power Company Private Limited to 'LB' from
LBB earlier.

The rating revision reflects the strained liquidity position
within Neogal Power resulting in delays in debt servicing over the
recent past.  The project has witnessed a cost overrun due to
delays in implementation which was expected to be funded by
additional equity infusions. On account of strained liquidity
conditions however, the promoter, Subhash Projects and Marketing
Limited, (SPML, rated at LBBB-/A3 by ICRA), has been unable to
infuse equity in a timely manner.  Further, debt repayments are
scheduled to commence in June 2010 against a revised scheduled
project commissioning of August 2010; as a result, Neogal Power
would be dependent on further equity infusions from the promoters
to meet debt servicing requirements in the interim. The rating
also factors in the vulnerability of cash flows to water
availability given the single-part tariff structure and the
absence of a deemed generation clause.  The rating however
favorably factors in the advanced stage of construction, the tying
up of debt and equity to the extent of the initial project cost,
the limited demand risks and the past experience of the promoter
in the development and operation of hydro power projects. The
rating also factors in the possible upside from the sale of carbon
credits and the project's eligibility for a capital subsidy.

                         About Neogal Power

Neogal Power is an SPV promoted by SPML Group for the development,
operation and maintenance of a 4.5 MW pure run of the river hydro
power project in Kangra District, Himachal Pradesh.  The 40-year
concession granted by the Government of Himachal Pradesh (GoHP)
expires in November 2042.  The original cost estimate for the
project was at INR306.2 million to be funded by debt of INR 186.4
million and equity of INR119.8 million.  The project is expected
to be commissioned in August 2010 against a scheduled project
commissioning date of March 2010.  As such, the final project cost
is expected to be higher than the scheduled project cost. Of the
total capacity of 4.5 MW, 3 MW has been contracted to HPSEB under
a 40-year PPA expiring in November 2042.  Neogal Power is held by
SPML (51% holding), Power Corporation Limited (Subhash Kabini,
rated at LB+ by ICRA, 40% holding) and SPML Energy Limited (8%
holding). Subhash Kabini is operating a 20 MW hydro power project
over the river Kabini in Karnataka since 2003.


SANDHYA AQUA: CRISIL Reaffirms 'B+' Rating on INR40MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on Sandhya Aqua Exports Pvt Ltd's bank facilities
continue to reflect SAEPL's weak financial risk profile, marked by
high gearing, and susceptibility to volatility in raw material
prices, value of the Indian rupee, and adverse regulatory changes.
These rating weaknesses are partially offset by SAEPL's promoters'
experience in the seafood exports business, and its diversified
revenue profile.

   Facilities                               Ratings
   ----------                               -------
   INR40 Million Term Loan                  B+/Stable (Reaffirmed)
   INR122 Million Packing Credit Limits*    P4 (Reaffirmed)
   INR10 Million Letter of Credit/Bank      P4   (Reaffirmed)
                             Guarantee
   INR140 Million Foreign Bills Discounting P4 (Reaffirmed)
   INR28 Million Standby Line of Credit     P4 (Reaffirmed)

   *Includes proposed amount of INR2 million

Outlook: Stable

CRISIL believes that SAEPL will maintain its moderate business
risk profile over the medium term, supported by its moderate
operating efficiency and stable demand for Indian shrimps in the
global market.  The outlook may be revised to 'Positive' if
SAEPL's financial risk profile improves, most likely because of
increase in net worth and cash accruals, and its business risk
profile improves through increase in scale of operations.
Conversely, the outlook may be revised to 'Negative' in case
SAEPL's capital structure deteriorates, most likely because of
more-than-expected capital expenditure, or if its sales or margins
decline sharply.

                        About Sandhya Aqua

Incorporated in 2005, SAEPL processes and exports cultured shrimp.
The company mainly exports to the European Union and USA, which
contributed more than 65% to its revenues in 2009-10 (refers to
financial year, April 1 to March 31).  SAEPL's processing plant at
Vijayawada (Andhra Pradesh) has capacity to process 4000 tonnes of
shrimp per annum.

SAEPL reported a profit after tax (PAT) of INR2.3 million on net
sales of INR345 million for 2008-09, against a PAT of INR3.2
million on net sales of INR256 million for 2007-08. For 2009-10,
SAEPL's is expected to report net sales of INR420 million.


SAMBANDAM SIVA: CRISIL Reaffirms 'B-' Ratings on Various Debts
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sambandam Siva Textiles
Pvt Ltd continue to reflect SSTPL's weak financial risk profile
marked by high gearing and poor debt-protection indicators, and
its exposure to risks related to fluctuations in the prices of
cotton and cotton yarn and the fragmented nature of the textile
industry.  These rating weaknesses are partially offset by the
extensive experience of SSTPL's promoters, and its established
position in the textile spinning industry.

   Facilities                            Ratings
   ----------                            -------
   INR134.5 Million Cash Credit          B-/Negative (Reaffirmed)
   INR182.0 Million Long-Term Loan       B-/Negative (Reaffirmed)
   INR18.0 Million Proposed LT Bank      B-/Negative (Reaffirmed)
                      Loan Facility
   INR17.00 Million Bank Guarantee       P4 (Reaffirmed)
   INR8.00 Million Letter of Credit      P4 (Reaffirmed)

Outlook: Negative

CRISIL believes that SSTPL is expected to face liquidity pressures
in 2010-11 (refers to financial year, April 1 to March 31) because
of large debt repayments during the year; the expected cash
accruals are just adequate to cover the repayments.  The rating
may be downgraded if the company's cash accruals decline steeply,
adversely affecting its debt servicing ability, or if it contracts
large debt to fund capital expenditure.  Conversely, the outlook
may be revised to 'Stable' if SSTPL's financial risk profile
improves, supported by an increase in scale of operations and
improvement in profitability.

                         About Sambandam Siva

Incorporated in 1994 and based in Salem, Tamil Nadu, SSTPL
manufactures cotton yarn in the count range of 30s to 90s, with an
installed capacity of 30,240 spindles.  The company is part of the
three-decade-old Sambandam group.

SSTPL reported a net loss of INR15 million on net sales of INR359
million for 2008-09, against a profit after tax of INR13 million
on net sales of INR388 million for 2007-08.


SHRIRAM MARKETING: CRISIL Rates INR170-Mil. Facility at 'B+'
------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Shriram Marketing
Service's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR170 Million Cash Credit*        B+/Stable (Assigned)

   *Includes proposed amount of INR105 million.

The rating reflects SMS's weak financial profile (marked by small
net worth), and small scale of operations. These rating weaknesses
are partially offset by the benefits that SMS derives from its
promoters' experience in the trading business.

Outlook: Stable

CRISIL believes that SMS will continue to benefit from its
promoters' experience in the trading business.  The outlook may be
revised to 'Positive' in case SMS increases its scale of
operations, thereby increasing its sales, and improving its profit
margins and debt protection metrics.  Conversely, the outlook may
be revised to 'Negative' if the firm undertakes large debt-funded
capital expenditure program, thereby leading to deterioration in
its financial risk profile.

                      About Shriram Marketing

Set up in 2000, by Mr. Shyam Sunder Sonthalia and Anup Kumar
Sonthalia, SMS is a partnership firm trading in iron ores,
lubricants of Indian Oil Corporation and mobile phone SIM cards,
recharge coupons and top-up cards of Bharat Sanchar Nigam Ltd
(BSNL).

SMS reported a profit after tax (PAT) of INR0.4 million on net
sales of INR173 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.2 million on net sales
of INR165 million for 2007-08.


Z V STEELS: CRISIL Rates INR100-Mil Cash Credit Facility at 'B+'
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' ratings to ZV Steels Pvt Ltd's
bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR100 Million Cash Credit*        B+/Stable (Assigned)

   *includes a flexible sub limit of FCNR loan to the extent
    of INR40.0 Million and Letter of credit to the extent of
    INR20.0 Million

The ratings reflect ZVS's below-average financial risk profile,
marked by a small net worth, high gearing and weak debt protection
metrics, low value-addition nature of business and susceptibility
to intense competition in the steel trading business.  These
rating weaknesses are partially offset by ZVS's promoters'
experience in steel trading business.

Outlook: Stable

CRISIL believes that ZVS will continue to benefit from its
promoters' experience over the medium term.  The outlook may be
revised to 'Positive' if ZVS's financial risk profile improves,
driven by equity infusion leading to improvement in capital
structure, or higher-than-expected profitability leading to
improvement in debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if ZVS undertakes large, debt-funded
capital expenditure, resulting in further deterioration in capital
structure, or if a significant decline in turnover or
profitability constrains its debt protection metrics.

                          About ZV Steels

Mumbai-based ZVS was set up in 1998 by Mr. Riyaz Lokhandwalla and
his father Mr. Karim Lokhandwalla. ZVS trades in cold-rolled
commercial anneal (CRCA) and hot-rolled (HR) coils and sheets.
The promoters have more than three decades of experience in steel
trading business.  ZVS is an authorized dealer of JSW Steel Ltd
for its CRCA products.  The company has its stock point at Taloja
(Maharashtra) from where it caters to customers, mainly in
Maharashtra.

ZVS reported a profit after tax (PAT) of INR1.89 million on net
sales of INR631.19 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.13 million on net
sales of INR415.10 million for 2007-08.


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


JAPAN AIRLINES: Ends Shareholder Benefits Plan
----------------------------------------------
Japan Airlines Corp. said it is dropping the idea of continuing
its shareholder benefits plan, which includes 50% discounts on
domestic flights, The Nikkei reports.

The Nikkei relates that the move comes amid rising criticism,
mainly from the Transport Ministry, that the public funds being
pumped into the carrier would benefit JAL shareholders, whom
critics say should also take some responsibility for the company's
troubles.

When JAL filed for protection from creditors in January, the
carrier allowed shareholders to use already-issued discount
tickets by the end of May, the report says.  The move focused
attention on whether company would continue the benefit plan from
June, the Nikkei adds.

The Nikkei notes that JAL's rehabilitation plan will likely
include a 100% capital reduction, which is expected to be carried
out in October or later.

                       About Japan Airlines

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

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

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

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


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


SSANGYONG MOTOR: Auto Sales Up 145% in May 2010
-----------------------------------------------
Yonhap News Agency reports that Ssangyong Motor Co. has recorded a
145% rise in its monthly sale in May, following strong domestic
sales and exports in the preceding months.

According to the news agency, the company sold 7,028 vehicles
overall with 4,318 units, including complete knock-down kits
exported in May.  The numbers represent a more than six-fold
increase from 612 units sold abroad in the same period last year,
the report adds.

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.


* SOUTH KOREA: FTC Puts 15 Conglomerates on Watch List
------------------------------------------------------
The Fair Trade Commission has put 15 more conglomerates on a list
of business groups whose affiliates are subject to limits on
mutual investments and loan guarantees, according to Yonhap News
Agency.

Yonhap relates the antitrust watchdog said that a total of 1,286
affiliates from 53 conglomerates such as Samsung, Hyundai Motor,
SK and LG had been placed on the watch list as of last month.


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


LCL CORPORATION: Reports MYR130.79MM Net Loss for March 31 Quarter
------------------------------------------------------------------
LCL Corporation Berhad disclosed with the Bursa Malaysia
Securities its unaudited financial results for first quarter ended
March 31, 2010.

The company posted MYR130.79 million in net loss on MYR1.19
million of revenues in the quarter ended March 31, 2010, as
compared to MYR15.07 million net loss on MYR80.33 million of
revenues in the same quarter of 2009.

At March 31, 2010, the company's consolidated balance sheet showed
MYR147.68 million in total assets and MYR510.65 million in total
liabilities, resulting in total stockholders' deficit of
MYR362.97 million.

The Company's consolidated balance sheets at March 31, 2010,
also showed strained liquidity with MYR114.71 million in total
current assets available to pay MYR508.79 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?63eb

                          About LCL Corp

Based in Malaysia, LCL Corporation Berhad (KUL:LCL) --
http://www.lclgroup.com.my/-- is an investment holding company
engaged in the provision of management services to the
subsidiaries.  It operates in five segments: interior fit-out
services, which provides interior fit-out works and services,
including project management, design and consultancy, procurement,
construction and installation; manufacturing of furniture, which
is engaged in the manufacture of customized furniture and
fixtures, generic furniture; supply and installation of materials
and fittings, which is engaged in the supply and installation of
ceiling materials, metal fittings and fixtures and stone
materials; trading of furniture and building materials, including
interior fit-out materials, and others, which comprises investment
holding and/or property development activities of the Company and
certain subsidiaries.

LCL Corp Bhd. has been classified as an Affected Listed Issuer
under Practice Note 17 of Bursa Malaysia Securities Berhad as the
Company is unable to provide a solvency declaration to Bursa
Securities following a default in its loan payments pursuant to
Practice Note 1/2001.


MALAYSIAN MERCHANT: Posts MYR110.65 Million Net Loss in Q4 2010
---------------------------------------------------------------
Malaysian Merchant Marine Bhd reported a net loss of MYR110.65
million on revenues of MYR1.24 million for the three months ended
March 31, 2010, compared with a net income of MYR4.64 million on
revenues of MYR11.99 million for the same period ended March 31,
2009.

At March 31, 2010, the Company's consolidated balance sheets
showed MYR17.11 million in total assets and MYR86.32 million in
total liabilities, resulting in total shareholders' deficit of
MYR69.21 million.

The Company's consolidated balance sheets at March 31, 2010,
also showed strained liquidity with MYR12.61 million in total
current assets available to pay MYR86.32 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?63ea

                      About Malaysia Merchant

Malaysian Merchant Marine Berhad is a Malaysia-based investment
holding company engaged in transportation of goods by sea and the
provision of ship management services.  The principal activities
of the subsidiary companies are those of transportation of goods
by sea and provision of logistics services.  The Company's
operating subsidiaries include MMM Panama Inc., MMM Suez Inc.,
Splendid Eminent Sdn. Bhd., Oceanwealth Fountain Sdn. Bhd.,
Malaysian Pacific Ocean Line Sdn. Bhd., Pan Asia Ocean Line Sdn.
Bhd., Prestige Splendour Sdn. Bhd., Ample Remark Sdn. Bhd.,
Edgewise Fairway Sdn. Bhd., and Malaysian Ocean Line Sdn. Bhd.

                           *     *     *

Malaysian Merchant Marine Berhad has been classified as an
affected listed issuer as the Company's wholly-owned subsidiary,
Erayear Solution Sdn Bhd, is unable to complete the purchase of a
chemical tanker under a Memorandum of Agreement signed with
Uniships Pte Ltd on January 8, 2010.


NAM FATT: Posts MYR8.77 Million Net Loss for March 31 Qtr
---------------------------------------------------------
Nam Fatt Corporation Berhad disclosed with the Bursa Malaysia
Securities its unaudited financial results for first quarter ended
March 31, 2010.

The company posted MYR8.77 million net loss on MYR58.09 million of
revenues in the first quarter ended March 31, 2010, as compared to
MYR11.55 million net loss on MYR51.43 million of revenues in the
same quarter of 2009.

At March 31, 2010, the company's consolidated balance sheet showed
MYR1.045 billion in total assets and MYR1.011 billion in total
liabilities, resulting in total stockholders' deficit of
MYR33.50 million.

The Company's consolidated balance sheets at March 31, 2010,
also showed strained liquidity with MYR707.90 million in total
current assets available to pay MYR1.010 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?63ec

                           About Nam Fatt

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

                           *     *     *

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

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


NIKKO ELECTRONICS: Posts MYR1.17MM Net Loss in Qtr. Ended March 31
------------------------------------------------------------------
In a disclosure with the Bursa Malaysia Securities, Nikko
Electronics Bhd. disclosed that it incurred MYR1.17 million net
loss in the fourth quarter ended March 31, 2010, as compared with
MYR1.90 million net loss incurred in the same period of 2009.

The Company made a loss before taxation of MYR1.18 million for the
quarter ended March 31, 2010, compared to a loss before taxation
of MYR1.91 million on a turnover of MYR0.49 million in the
previous year's corresponding quarter.  There were no sales
recorded for the quarter under review.

The reduced loss for the year ended March 31, 2010, was due to the
provision for termination benefits, provision for doubtful debts
and higher impairment of inventories and equipments in the year
ended March 31, 2009.

As of March 31, 2010, the Company's cumulative balance sheet
showed MYR30.24 million of total assets and MYR72.07 million of
total liabilities, resulting in a shareholders' deficit of
MYR41.83 million.

                       About Nikko Electronics

Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                         *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko will also be suspending its business activities to
prevent incurring further losses.


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


ALLIED NATIONWIDE: Parent Lifts Credit Support Facility to NZ$10MM
------------------------------------------------------------------
The National Business Review reports that Allied Farmers Ltd. has
provided extra capital to cover further losses on impaired loans
at its subsidiary Allied Nationwide Finance.

NBR relates Allied Farmers said it had provided an immediate
increase in an existing credit support facility from NZ$5 million
to NZ$10 million for ANF.  The increase follows a review of ANF's
loan provisioning prior to the release of its June 30 financial
statements, according to NBR.

The review, subject to auditing, found ANF was likely to recognize
total loan provisions of approximately NZ$10.7 million for the
second half, the report says.

                      About Allied Nationwide

Allied Nationwide New Zealand-based finance and investment
company.  It is wholly owned subsidiary of NZX-listed Allied
Farmers Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2010, Standard & Poor's Ratings Services assigned its
'BB-' long-term counterparty credit ratings on New Zealand finance
company Allied Nationwide Finance Ltd.  At the same time S&P
assigned its 'B' short-term rating.  The outlook is negative.


CANTERBURY BUILDING: Treasury OKs Extended Crown Deposit Guarantee
------------------------------------------------------------------
The National Business Review reports that the Treasury has
approved Southern Cross Building Society and the Canterbury
Building Society for the extended retail deposit guarantee scheme.

NBR says the two building societies join six other entities
approved for the extension scheme, which starts immediately after
the current retail deposit guarantee scheme ends on October 12.

Financier included for the extended scheme include the Wairarapa
Building Society, Marac Finance, South Canterbury Finance,
Equitable Mortgages Ltd, PGG Wrightson Finance and F&P Finance.

Under the terms of the Crown's guarantee, the report says,
eligible depositors will be repaid up to a maximum of $250,000
each if the guaranteed institution fails to pay depositors back
money they are owed.

The extension scheme will run to the end of 2011.

                     About Canterbury Building

Canterbury Building Society is a building society and nonbank
deposit-taking institution.  It offers mainly residential and
commercial lending, funded by retail deposits.

                           *     *     *

As reported in Troubled Company Reporter-Asia Pacific on Nov. 23,
2009, Standard & Poor's Ratings Services assigned its 'BB+/B'
counterparty ratings on Canterbury Building Society.  The
outlook is stable.


CANTERBURY BUILDING: Inks NZ$2.2-Billion Merger Proposal
--------------------------------------------------------
Canterbury Building Society said that three financial services
businesses are evaluating a merger that would create a New
Zealand-owned banking group with scale and resources to work with
customers in Heartland New Zealand.

A memorandum of understanding was signed Tuesday by Canterbury
Building Society, Southern Cross Building Society and Pyne Gould
Corporation, involving a proposal to merge their banking related
activities.

The proposal envisages that the merged entity would be listed on
the NZSX, providing the only opportunity for New Zealand investors
to own shares in a bank focused on the some market.  The group
would initially have assets of $2.2 billion, 360 staff and about
70 customer outlets around the country, providing a national
platform for growth.

While transaction details are yet to be finalized and are subject
to further agreement, it is envisaged that the merger would be
facilitated by amalgamating CBS and SCBS and then by the
acquisition of applicable PGC businesses, primarily its wholly
owned subsidiary MARAC.  The resulting merged entity would be
headquartered in the South Island, have a national operational
network with a mandate to significantly grow the size of the
business and have the capability of driving greater shareholder
returns than would be available separately.  The aim is to more
than double the $2.2 billion asset base in five years.

CBS said the project is in its early stages, with due diligence
still to be completed before a forma proposal can be put to the
respective owners of the merging entities -- expected to be the
latter part of this year.  The branding strategy for the merged
entity is currently under development and will incorporate the
"Heartland" vision of the three parties -- a New Zealand owned
bank specializing in and understanding the core needs of
Individual New Zealanders and their families, Small Businesses and
Agriculture.

The respective ownership proportions and board structure of the
merged business are still to be agreed, but PGC would likely be
the largest shareholder.  The merged entity would be sufficiently
capitalized to take advantage of further growth opportunities.

The three entities hope to have an Implementation Agreement in
place within the next few months, and then to make more detail
available on the proposal, including shareholdings and board and
management structures. Under the current proposal, approvals will
be required from a number of stakeholders, including shareholders,
depositors, debenture holders and regulators.

The merger will also require an amendment to the Building Society
Act so as to allow shareholders in listed building societies to
have one vote per share (and not one vote per shareholder) on
special resolutions. Representations are currently being made to
the appropriate authorities.

If all approvals are granted it is expected that the merged entity
will commence trading by early next year.  It is anticipated that
should the merger proceed as expected, a banking application will
be made by the middle of 2011.

Advisers to the three entities include First NZ Capital,
PricewaterhouseCoopers and Chapman Tripp.

                     About Canterbury Building

Canterbury Building Society is a building society and nonbank
deposit-taking institution.  It offers mainly residential and
commercial lending, funded by retail deposits.

                           *     *     *

As reported in Troubled Company Reporter-Asia Pacific on Nov. 23,
2009, Standard & Poor's Ratings Services assigned its 'BB+/B'
counterparty ratings on Canterbury Building Society.  The
outlook is stable.


CHALLENGE MARINE: Lays Off Nearly All Employees
-----------------------------------------------
Challenge Marine Ltd. has laid off nearly all its staff, blaming
the economic downturn for the radical downsizing, an article
posted at stuff.co.nz says.

The article said 21 workers were handed redundancy notices last
week, leaving "only about three or four" at the marine engineering
firm.

"We've got to change with the times," managing director Nevil
Basalaj told the Nelson Mail.  "The current climate is
inconsistent and does not provide an economic return on investment
for this part of the business.

Challenge Marine is one of four Nelson businesses owned by Mr.
Basalaj under the Challenge New Zealand umbrella.  At its peak
three years ago, the business employed 60 people.

Based in Port Nelson, New Zealand, Challenge Marine Ltd. --
http://www.challengemarine.co.nz/-- offers boat repair and
engineering work.


FLY DIRECT: In Liquidation; Passengers Pre-payment Refund In Doubt
------------------------------------------------------------------
Fly Direct Ltd was placed in liquidation on Wednesday, before its
first snow season flight, Stuff.co.nz reports.  Damien Grant of
Waterstone Insolvency was appointed as liquidator.

According to the report, marketing manager Sarah Moore said the
company was due to start flights from Christchurch and Wellington
to Wanaka on July 1 but had not sold enough tickets to make it a
going concern.

Stuff.co.nz relates Ms. Moore said around 250 packages had been
sold which impacted around 500 people, who signed up to packages
offered by the company via flydirect.co.nz and are understood to
have been left out of pocket.

CEO Jef Kay said the company was very disappointed to have to
withdraw from the charter-based series, "both from the passenger's
perspective as well as the Wanaka-based accommodation and activity
providers," according to Stuff.co.nz.

Mr. Grant said it was too early to say how passenger pre-payments
would be handled in terms of the liquidation, the report notes.


MARAC FINANCE: Parent Inks NZ$2.2-Billion Merger Proposal
---------------------------------------------------------
Canterbury Building Society said that three financial services
businesses are evaluating a merger that would create a New
Zealand-owned banking group with scale and resources to work with
customers in Heartland New Zealand.

A memorandum of understanding was signed Tuesday by Canterbury
Building Society, Southern Cross Building Society and Pyne Gould
Corporation, involving a proposal to merge their banking related
activities.

The proposal envisages that the merged entity would be listed on
the NZSX, providing the only opportunity for New Zealand investors
to own shares in a bank focused on the some market.  The group
would initially have assets of $2.2 billion, 360 staff and about
70 customer outlets around the country, providing a national
platform for growth.

While transaction details are yet to be finalized and are subject
to further agreement, it is envisaged that the merger would be
facilitated by amalgamating CBS and SCBS and then by the
acquisition of applicable PGC businesses, primarily its wholly
owned subsidiary MARAC.  The resulting merged entity would be
headquartered in the South Island, have a national operational
network with a mandate to significantly grow the size of the
business and have the capability of driving greater shareholder
returns than would be available separately.  The aim is to more
than double the $2.2 billion asset base in five years.

CBS said the project is in its early stages, with due diligence
still to be completed before a forma proposal can be put to the
respective owners of the merging entities -- expected to be the
latter part of this year.  The branding strategy for the merged
entity is currently under development and will incorporate the
"Heartland" vision of the three parties -- a New Zealand owned
bank specialising in and understanding the core needs of Individua
New Zealanders and their families, Small Businesses and
Agriculture.

The respective ownership proportions and board structure of the
merged business are still to be agreed, but PGC would likely be
the largest shareholder.  The merged entity would be sufficiently
capitalized to take advantage of further growth opportunities.

The three entities hope to have an Implementation Agreement in
place within the next few months, and then to make more detail
available on the proposal, including shareholdings and board and
management structures. Under the current proposal, approvals will
be required from a number of stakeholders, including shareholders,
depositors, debenture holders and regulators.

The merger will also require an amendment to the Building Society
Act so as to allow shareholders in listed building societies to
have one vote per share (and not one vote per shareholder) on
special resolutions. Representations are currently being made to
the appropriate authorities.

If all approvals are granted it is expected that the merged entity
will commence trading by early next year.  It is anticipated that
should the merger proceed as expected, a banking application will
be made by the middle of 2011.

Advisers to the three entities include First NZ Capital,
PricewaterhouseCoopers and Chapman Tripp.

                        About Marac Finance

New Zealand-based Marac Finance Limited provides business and
personal finance and leasing options.  It is owned by Pyne Gould
Corporation (PGC).

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
August 17, 2009, Standard & Poor's Ratings Services had lowered
its long-term rating on MARAC Finance Ltd. to 'BB+' from 'BBB-'.
At the same time, the short-term rating was lowered to 'B' from
'A-3'.  The outlook was revised to negative from stable.  The
negative outlook implies a one-in-three likelihood of a rating
downgrade within the next two years.


SOUTHERN CROSS: Inks NZ$2.2-Billion Merger Proposal
---------------------------------------------------
Canterbury Building Society said that three financial services
businesses are evaluating a merger that would create a New
Zealand-owned banking group with scale and resources to work with
customers in Heartland New Zealand.

A memorandum of understanding was signed Tuesday by Canterbury
Building Society, Southern Cross Building Society and Pyne Gould
Corporation, involving a proposal to merge their banking related
activities.

The proposal envisages that the merged entity would be listed on
the NZSX, providing the only opportunity for New Zealand investors
to own shares in a bank focused on the some market.  The group
would initially have assets of $2.2 billion, 360 staff and about
70 customer outlets around the country, providing a national
platform for growth.

While transaction details are yet to be finalized and are subject
to further agreement, it is envisaged that the merger would be
facilitated by amalgamating CBS and SCBS and then by the
acquisition of applicable PGC businesses, primarily its wholly
owned subsidiary MARAC.  The resulting merged entity would be
headquartered in the South Island, have a national operational
network with a mandate to significantly grow the size of the
business and have the capability of driving greater shareholder
returns than would be available separately.  The aim is to more
than double the $2.2 billion asset base in five years.

CBS said the project is in its early stages, with due diligence
still to be completed before a forma proposal can be put to the
respective owners of the merging entities -- expected to be the
latter part of this year.  The branding strategy for the merged
entity is currently under development and will incorporate the
"Heartland" vision of the three parties -- a New Zealand owned
bank specialising in and understanding the core needs of Individua
New Zealanders and their families, Small Businesses and
Agriculture.

The respective ownership proportions and board structure of the
merged business are still to be agreed, but PGC would likely be
the largest shareholder.  The merged entity would be sufficiently
capitalized to take advantage of further growth opportunities.

The three entities hope to have an Implementation Agreement in
place within the next few months, and then to make more detail
available on the proposal, including shareholdings and board and
management structures. Under the current proposal, approvals will
be required from a number of stakeholders, including shareholders,
depositors, debenture holders and regulators.

The merger will also require an amendment to the Building Society
Act so as to allow shareholders in listed building societies to
have one vote per share (and not one vote per shareholder) on
special resolutions. Representations are currently being made to
the appropriate authorities.

If all approvals are granted it is expected that the merged entity
will commence trading by early next year.  It is anticipated that
should the merger proceed as expected, a banking application will
be made by the middle of 2011.

Advisers to the three entities include First NZ Capital,
PricewaterhouseCoopers and Chapman Tripp.

                         About Southern Cross

Southern Cross Building Society is New Zealand's third-largest
building society.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 31, 2009, Standard & Poor's Ratings Services assigned its
'BB' long-term and 'B' short-term ratings to Southern Cross
Building Society.  The rating outlook is stable.


SOUTHERN CROSS: Treasury OKs Extended Crown Deposit Guarantee
-------------------------------------------------------------
The National Business Review reports that the Treasury has
approved Southern Cross Building Society and the Canterbury
Building Society for the extended retail deposit guarantee scheme.

NBR says the two building societies join six other entities
approved for the extension scheme, which starts immediately after
the current retail deposit guarantee scheme ends on October 12.

Financier included for the extended scheme include the Wairarapa
Building Society, Marac Finance, South Canterbury Finance,
Equitable Mortgages Ltd, PGG Wrightson Finance and F&P Finance.

Under the terms of the Crown's guarantee, the report says,
eligible depositors will be repaid up to a maximum of $250,000
each if the guaranteed institution fails to pay depositors back
money they are owed.

The extension scheme will run to the end of 2011.

                         About Southern Cross

Southern Cross Building Society is New Zealand's third-largest
building society.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 31, 2009, Standard & Poor's Ratings Services assigned its
'BB' long-term and 'B' short-term ratings to Southern Cross
Building Society.  The rating outlook is stable.


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


JURONG BRICK: Members' Final Meeting Set for July 3
---------------------------------------------------
Members of Jurong Brick Works Limited will hold their final
meeting on July 3, 2010, at 11:30 a.m., at Copthorne King's Hotel,
Prince Room 2, 403 Havelock Road, in Singapore.

At the meeting, Chan Tai Chuan and Ko Beng Lee Eddie, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JURONG BRICK WORKS: Members' Final Meeting Set for July 3
---------------------------------------------------------
Members of Jurong Brick Works Holdings Pte Ltd will hold their
final meeting on July 3, 2010, at 12:00 p.m., at Copthorne King's
Hotel, Prince Room 2, 403 Havelock Road, in Singapore.

At the meeting, Chan Tai Chuan and Ko Teng Lip Christopher, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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


DOT VN: Reports Increased Site Traffic for Vietnamese Info Portal
-----------------------------------------------------------------
Dot VN, Inc., on May 27, 2010, said its Vietnamese Information
Super Portal -- http://www.INFO.VN-- has experienced substantial
increases in site traffic since the Web site's official launch
earlier this month.

Designed to be the ultimate Internet portal that aggregates and
organizes everything the Vietnamese Internet has to offer, INFO.VN
received nearly 1.75 million page views since April 30 with an
average visit length of 3 minutes, 30 seconds.  The site is now
ranked as the 798th most popular sites in Vietnam, according to
Alexa.com, an Internet tracking firm with an unparalleled database
of information about site statistics. To serve the increased
traffic on the Web site, Dot VN has significantly upgraded its
server infrastructure ahead of schedule.

"With over half a million absolute unique visitors after launching
our site, we are extremely pleased with the steady growth of
INFO.VN.  A majority of the site's visitors are in the key 18 to
24-year old demographic.  Moreover, with nearly 90% of the traffic
originating in Vietnam and over 78% of its traffic representing
new users, INFO.VN is achieving wide acceptance throughout the
country and is rapidly building a solid and loyal user base.
These significant milestones better position us in negotiations to
secure online advertising contracts as we work to monetize
INFO.VN," said Dot VN CEO Thomas Johnson.

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.

"Statistics on Vietnam's Internet growth underline the importance
of the commercialization of INFO.VN. The number of Internet users
in Vietnam has grown exponentially," continued Mr. Johnson.  "As
of April 2010, there were over 24,000,000 users, almost doubling
in the last three years, with a penetration rate of 27.3%.
According to Saigon GP Daily, revenues from online advertisements
are expected to rise to U.S. $60 million by 2011, or a third
higher than this year."

                           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.


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


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

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


AUSTRALIA

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


CHINA

BAO LONG ORIENTA     600988               11.60       -7.44
CHANGAN INFO-A       600706               19.27       -7.62
CHENGDE DALU -B      200160               26.76       -5.73
CHENGDU UNION-A      693                  41.39      -12.35
CHINA KEJIAN-A       35                   84.21     -182.60
DATONG CEMENT-A      673                  21.25       -1.54
DONGGUAN FANGD-A     600656               22.26      -59.02
DONGXIN ELECTR-A     600691               13.53      -19.38
GAOXIN ZHANGTO-A     2075                110.44      -39.93
GUANGMING GRP -A     587                  46.25      -38.70
GUANGXIA YINCH-A     557                  30.99      -29.72
HAINAN ZHUXIN-A      600515              123.22       -2.37
HEBEI BAOSHUO -A     600155              110.09     -387.99
HEBEI JINNIU C-A     600722              227.88     -230.19
HISENSE KELON -H     921                 618.47     -107.13
HISENSE KELON-A      921                 618.47     -107.13
HUASU HOLDINGS-A     509                  86.39       -3.82
HUDA TECHNOLOG-A     600892               21.39       -2.55
HUNAN ANPLAS CO      156                  44.13      -69.23
JINCHENG PAPER-A     820                 250.82       -5.71
JINHUA GROUP-A       818                 335.97      -31.40
LIAOYUAN DEHENG      600699              121.62      -29.14
QINGHAI SUNSHI-A     600381               68.98      -25.40
SHAANXI QINLIN-A     600217              233.70      -34.38
SHANG BROAD-A        600608               74.98      -19.72
SHANG HONGSHENG      600817               15.44     -457.23
SHANGHAI WORLDBE     600757              153.10     -190.22
SHENZ CHINA BI-A     17                   24.86     -272.59
SHENZ CHINA BI-B     200017               24.86     -272.59
SHENZHEN DAWNC-A     863                  27.13     -150.10
SHENZHEN KONDA-A     48                  118.96       -0.71
SHENZHEN SHENX-A     34                   23.81     -118.24
SHENZHEN ZERO-A      7                    50.66       -9.39
SHIJIAZHUANG D-A     958                 225.44      -69.75
SICHUAN DIRECT-A     757                 103.79     -134.42
SUNTEK TECHNOL-A     600728               62.08      -15.09
TAIYUAN TIANLO-A     600234               51.10      -25.99
TIANJIN MARINE       600751               78.09      -63.86
TIANJIN MARINE-B     900938               78.09      -63.86
TIBET SUMMIT I-A     600338               87.44       -0.85
TOPSUN SCIENCE-A     600771              170.01     -152.79
WINOWNER GROUP C     600681               10.58      -71.05
WUHAN BOILER-B       200770              286.45     -140.07
WUHAN GUOYAO-A       600421               11.05      -23.63
WUHAN LINUO SOLA     600885               80.33       -0.50
XIAMEN OVERSEA-A     600870              288.01     -142.19
YANBIAN SHIXIA-A     600462              205.51      -13.20
YIBIN PAPER IN-A     600793              113.93       -0.74
YUEYANG HENGLI-A     622                  38.14      -14.95
YUNNAN MALONG-A      600792              143.63      -36.68
ZHANGJIAJIE TO-A     430                  45.95       -4.59
ZHONGCHANG MAR-A     600242               19.68       -1.33


HONG KONG

ASIA TELEMEDIA L     376                  16.62       -5.37
BUILDMORE INTL       108                  13.08      -43.45
CHAOYUE GROUP LT     147                  42.69     -127.80
CHINA GOLDEN DEV     162                 255.15       -4.51
CMMB VISION HOLD     471                  38.50       -8.34
EGANAGOLDPFEIL       48                  557.89     -132.86
FULBOND HLDGS        1041                 80.19      -59.51
JACKIN INTL HLDG     630                  50.53       -1.92
KING STONE ENERG     663                 483.80      -64.12
MELCOLOT LTD         8198                 65.62      -25.95
MITSUMARU EAST K     2358                 21.23       -9.04
NEW CITY CHINA       456                 112.20      -14.59
NGAI LIK INDL        332                 132.82       -4.76
PAC PLYWOOD          767                  68.66      -12.31
PALADIN LTD          495                 155.31      -10.91
PALADIN LTD -PRE     642                 155.31      -10.91
PCCW LTD             8                 5,801.75     -261.18
PROVIEW INTL HLD     334                 314.87     -294.85
SINO RESOURCES G     223                  33.92      -58.77


INDONESIA

ASIA PACIFIC         POLY                482.03     -831.23
JAKARTA KYOEI ST     JKSW                 28.61      -45.23
MULIA INDUSTRIND     MLIA                341.62     -371.31
PANASIA FILAMENT     PAFI                 47.01       -6.29
PANCA WIRATAMA       PWSI                 30.17      -37.32
PRIMARINDO ASIA      BIMA                 11.00      -21.84
STEADY SAFE TBK      SAFE                 12.26       -7.55
SURABAYA AGUNG       SAIP                262.20      -82.20
UNITEX TBK           UNTX                 16.67      -14.92


INDIA

ALCOBEX METALS       AML                  16.59      -21.47
ARTSON ENGR          ART                  15.63       -1.61
ASHIMA LTD           ASHM                 59.92      -47.15
BALAJI DISTILLER     BLD                  51.16      -38.38
BELLARY STEELS       BSAL                451.68     -108.50
BHAGHEERATHA ENG     BGEL                 22.65      -28.20
CAMBRIDGE SOLUTI     CAMB                156.75      -46.79
CFL CAPITAL FIN      CEATF                14.31      -40.04
COMPUTERSKILL        CPS                  14.90       -7.56
CORE HEALTHCARE      CPAR                185.36     -241.91
DCM FINANCIAL SE     DCMFS                16.54      -10.99
DIGJAM LTD           DGJM                 98.77      -14.62
DISH TV INDIA        DITV                422.08     -127.61
DUNCANS INDUS        DAI                 116.96     -183.24
GANESH BENZOPLST     GBP                  43.99      -24.57
GEM SPINNERS LTD     GEMS                 15.23       -0.11
GLOBAL BOARDS        GLB                  25.15       -0.79
GSL INDIA LTD        GSL                  37.04      -42.34
GSL NOVA PETROCH     GSLN                 44.39       -0.93
GUJARAT SIDHEE       GSCL                 59.44       -0.66
HARYANA STEEL        HYSA                 10.83       -5.91
HENKEL INDIA LTD     HNKL                102.05      -10.24
HFCL INFOTEL LTD     HFCL                151.65      -85.81
HIMACHAL FUTURIS     HMFC                406.63     -210.98
HINDUSTAN PHOTO      HPHT                 68.94   -1,147.18
HINDUSTAN SYNTEX     HSYN                 12.68       -1.79
HMT LTD              HMT                 139.31     -277.69
ICDS                 ICDS                 13.30       -6.17
INDIA FOILS LTD      IF                   54.77       -2.70
INFOMEDIA 18 LTD     INF18                35.80       -1.94
INTEGRAT FINANCE     IFC                  45.56      -43.27
ITI LTD              ITI               1,116.21       -0.80
JCT ELECTRONICS      JCTE                122.54      -50.00
JD ORGOCHEM LTD      JDO                  10.46       -1.60
JENSON & NIC LTD     JN                   15.93      -74.33
JIK INDUS LTD        KFS                  20.63       -5.62
JK SYNTHETICS        JKS                  13.51       -3.03
JOG ENGINEERING      VMJ                  50.08      -10.08
KALYANPUR CEMENT     KCEM                 32.04      -26.76
KERALA AYURVEDA      KRAP                 13.41       -0.59
KINGFISHER AIR       KAIR              1,458.64     -418.91
LLOYDS FINANCE       LYDF                 27.68       -8.64
LLOYDS STEEL IND     LYDS                358.94      -83.14
MILLENNIUM BEER      MLB                  36.39       -3.20
MILTON PLASTICS      MILT                 18.31      -40.44
NATH PULP & PAP      NPPM                 13.59      -39.13
NICCO UCO ALLIAN     NICU                 32.23      -71.91
ORIENT PRESS LTD     OP                   16.70       -0.09
PANCHMAHAL STEEL     PMS                  51.02       -0.33
PANYAM CEMENTS       PYC                  38.84       -0.64
PARASRAMPUR SYN      PPS                 111.97     -317.11
PAREKH PLATINUM      PKPL                 61.08      -88.85
PEACOCK INDS LTD     PCOK                 11.40      -14.40
PIRAMAL LIFE SC      PLSL                 32.05       -3.73
POLAR INDS LTD       PLI                  11.61      -22.28
RAMA PHOSPHATES      RMPH                 34.07       -1.19
RATHI ISPAT LTD      RTIS                 44.56       -3.93
RELIGARE TECHNOV     RTCL                 44.13       -1.46
RENOWNED AUTO PR     RAP                  14.12       -1.25
ROLLATAINERS LTD     RLT                  22.97      -22.24
ROYAL CUSHION        RCVP                 20.22      -62.97
SCOOTERS INDIA       SCTR                 13.29       -0.58
SHALIMAR WIRES       SWRI                 24.49      -49.90
SHAMKEN COTSYN       SHC                  23.13       -6.17
SHAMKEN MULTIFAB     SHM                  60.55      -13.26
SHAMKEN SPINNERS     SSP                  42.18      -16.76
SHREE RAMA MULTI     SRMT                 63.73      -52.93
SIDDHARTHA TUBES     SDT                  70.93      -12.09
SIL BUSINESS ENT     SILB                 12.46      -19.96
SOUTHERN PETROCH     SPET              1,543.61      -35.61
SPICEJET LTD         SJET                147.98      -84.65
STERLING HOL RES     SLHR                 52.91       -0.63
STI INDIA LTD        STIB                 28.05       -8.04
TAMILNADU TELE       TNT                  10.26       -4.14
TATA TELESERVICE     TTLS              1,069.83     -154.99
TRIUMPH INTL         OXIF                 58.46      -14.18
TRIVENI GLASS        TRSG                 24.39       -8.90
UNIWORTH LTD         WW                  145.71     -114.87
USHA INDIA LTD       USHA                 12.06      -54.51
VENTURA TEXTILES     VRTL                 14.25       -0.33
WINDSOR MACHINES     WML                  14.50      -28.14
WIRE AND WIRELES     WNW                 102.42      -37.06


JAPAN

ARDEPRO              8925                310.82     -253.28
COMMERCIAL RE        8866                296.85       -0.35
COSMOS INITIA CO     8844              1,652.69     -564.01
DAIWASYSTEM CO       8939                607.68     -259.76
DON CO LTD           8216                147.78      -20.12
HARAKOSAN CO         8894                225.69      -62.68
ICHITAN CO LTD       5645                 94.67       -2.19
JIPANGU HOLDINGS     2684                 15.05       -8.38
L CREATE CO LTD      3247                 42.34       -9.15
LAWSON ENTMEDIA      2416                 71.17      -85.64
LCA HOLDINGS COR     4798                 49.52       -2.24
MORISHITA CO LTD     3594                170.16       -6.92
NIHON INTER ELEC     6974                218.08      -50.73
PROPERST CO LTD      3236                303.29     -415.76
RAYTEX CORP          6672                 61.49       -3.49
SAIKAYA CO LTD       8254                375.83      -72.59
SHINWA OX CORP       2654                 41.06      -24.43
SHIOMI HOLDINGS      2414                173.84      -29.47
TERRANETZ CO LTD     2140                 11.63       -4.29


KOREA

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


MALAYSIA

AXIS INCORPORATI     AXIS                 37.88      -80.60
HO HUP CONSTR CO     HO                   73.63       -4.31
LCL CORP BHD         LCL                  78.28      -72.28
LIMAHSOON BHD        LIMA                 26.52       -1.56
MANGOTONE GROUP      MTON                 12.44       -9.21
OILCORP BHD          OILC                152.96      -35.28
WONDERFUL WIRE       WW                   11.70      -16.48
WWE HOLDINGS BHD     WWE                  66.24       -1.88


NEW ZEALAND

DOMINION FINANCE     DFH NZ Equity       258.90      -55.31


PHILIPPINES

APEX MINING 'B'      APXB                 45.84      -20.95
APEX MINING-A        APX                  45.84      -20.95
BENGUET CORP 'B'     BCB                  78.85      -62.30
BENGUET CORP-A       BC                   78.85      -62.30
CYBER BAY CORP       CYBR                 13.30      -83.83
EAST ASIA POWER      PWR                  42.01     -159.00
FIL ESTATE CORP      FC                   38.38      -13.37
FILSYN CORP A        FYN                  22.00      -10.28
FILSYN CORP. B       FYNB                 22.00      -10.28
GOTESCO LAND-A       GO                   18.68      -10.86
GOTESCO LAND-B       GOB                  18.68      -10.86
MRC ALLIED INC       MRC                  13.26       -5.43
PICOP RESOURCES      PCP                 105.66      -23.33
PRIME ORION PHIL     POPI                 90.35       -5.12
STENIEL MFG          STN                  22.11      -13.42
UNIVERSAL RIGHTF     UP                   45.12      -13.48
UNIWIDE HOLDINGS     UW                   52.80      -56.18
VICTORIAS MILL       VMC                 178.06      -36.66


SINGAPORE

ADV SYSTEMS AUTO     ASA                  13.35      -12.49
ADVANCE SCT LTD      ASCT                 16.05      -43.84
FALMAC LTD           FAL                  10.12       -6.80
HL GLOBAL ENTERP     HLGE                 92.82      -11.57
JURONG TECH IND      JTL                  98.76     -227.28
LINDETEVES-JACOB     LJ                  145.25      -85.84
SUNMOON FOOD COM     SMOON                13.75      -14.24
TT INTERNATIONAL     TTI                 287.51      -38.28
WESTECH ELECT-10     WTE1                 20.26      -13.94
WESTECH ELECTRON     WTE                  20.26      -13.94


THAILAND

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


TAIWAN

CHIEN TAI CEMENT     1107                202.42      -33.40
HELIX TECH-EC        2479T                23.39      -24.12
HELIX TECH-EC IS     2479U                23.39      -24.12
HELIX TECHNOL-EC     2479S                23.39      -24.12
PRODISC TECH         2396                253.76      -36.04
TAIWAN KOL-E CRT     1606U               507.21     -147.14
TAIWAN KOLIN-EN      1606V               507.21     -147.14
TAIWAN KOLIN-ENT     1606W               507.21     -147.14
VERTEX PREC-ENTL     5318T                42.86       -0.71
VERTEX PRECISION     5318                 42.86       -0.71
YEU TYAN MACHINE     8702                 39.57     -271.07


                         *********

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

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

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


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

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

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

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

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





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