TCRAP_Public/100607.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

           Monday, June 7, 2010, Vol. 13, No. 110

                            Headlines



A U S T R A L I A

BANKSTOWN AIRPORT: In Receivership; Owes AU$60 Mil. to CBA
FOREST ENTERPRISES: Elders Weighing Options to Buy SmartFibre
PIPVEN PTY: Calls In Kordamentha as Receiver
WORLDWIDE ONLINE: Sells Franchisor Business to Doublewest


H O N G  K O N G

AVAN DESIGN: Creditors Get 2.95% Recovery on Claims
AVATAR CONSTRUCTION: Court Enters Wind-Up Order
BLUE CRANE: Chung and Middleton Step Down as Liquidators
CADVISION GLOBAL: Court Enters Wind-Up Order
CELEBRITY EXPORTS: Creditors' Proofs of Debt Due June 22

CHINA HONG KONG: Court Enters Wind-Up Order
CITIC RESOURCES: Moody's Gives Stable Outlook on 'Ba3' Rating
GAINDAY INVESTMENTS: Lees and Ng Appointed as Liquidators
GOLDEN HERO: Court Enters Wind-Up Order
HI-SPEED MANUFACTURER: Lees and Ng Appointed as Liquidators

HONEST KING: Court Enters Wind-Up Order


I N D I A

AROMA BIOTECH: ICRA Assigns 'LBB' Rating on INR420MM Term Loans
ASSOCIATES NONWOVENS: ICRA Rates INR62-Mil. Term Loan at 'LBB+'
BHASKAR SHRACHI: Fitch Downgrades 'B+' National Long-Term Rating
DEEVYA SHAKTI: CRISIL Downgrades Rating on INR416.2M Loan to 'D'
M.G. BROTHERS: CRISIL Assigns 'BB+' on INR100-Mil. Cash Credit

M/S AGARWALA: CRISIL Reaffirms 'BB' Rating on INR80MM Cash Credit
RC GOLDEN: CRISIL Assigns Default Rating on INR45.70MM Term Loan
SAURAV JEWELLERS: CRISIL Rates INR125MM Bank Guarantee at 'P4'
SRI ANJANEYA: CRISIL Assigns 'B-' Ratings on Various Bank Debts
SRI DURGA: CRISIL Upgrades Rating on Various Bank Facilities

VAIGHAI CHEMICAL: CRISIL Cuts Ratings on Various Debts to 'BB+'


J A P A N

ALL NIPPON: To Start First 787 Dreamliner Flights in March
JAPAN AIRLINES: Training for 151 Future Pilots Put On Hold


K O R E A

DAEWOO SHIPBUILDING: Romanian Unit May Receive Loan Guarantee
HYNIX SEMICONDUCTOR: Fitch Upgrades Issuer Default Rating to 'BB-'
SSANGYONG MOTOR: Selects Six Bidders for Due Diligence


M A L A Y S I A

MECHMAR CORPORATION: Posts MYR1.11 Mil. Net Loss for March 31 Qtr
WWE HOLDINGS: March 31 Balance Sheet Upside Down by MYR13.31-Mil.


N E W  Z E A L A N D

FELTEX CARPETS: 1,700 Shareholders Join NZ$100-Mln Class Action
RURAL PORTFOLIO: Maybe Placed in Liquidation, Receiver Says


S I N G A P O R E

AGIO COUNTERTRADE: Creditors' Proofs of Debt Due June 18
CARAT (FAR EAST): Creditors' Proofs of Debt Due June 18
CHINA CIVIL: Creditors Get 18.91651% Recovery on Claims
DIT (SINGAPORE): Creditors Get 67.3152% Recovery on Claims
EE CHENG: Court Enters Wind-Up Order

FINLAND GARDENS: Members' Final Meeting Set for June 30
FORINDO INTERNATIONAL: Creditors' Proofs of Debt Due July 5
OBC INTERNATIONAL: Creditors' Proofs of Debt Due June 18
PICKET & RAIL: Court Enters Wind-Up Order
TOP SCAN: Court Enters Wind-Up Order

WBG NETWORK: Creditors Get 100% Recovery on Claims


T A I W A N

CHANG HWA: Fitch Affirms Individual Rating at 'C/D'
FIRST COMMERCIAL: Fitch Affirms Individual Rating at 'C'
HUA NAN: Fitch Affirms Individual Rating at 'C/D'




                         - - - - -


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


BANKSTOWN AIRPORT: In Receivership; Owes AU$60 Mil. to CBA
----------------------------------------------------------
KordaMentha has been appointed as receiver and administrator to
the Bankstown Airport Corporation development company, known as
BAC Devco, Red Dwyer posted on Parra Mattas blog.  The company
owes almost AU$60 million to the Commonwealth Bank of Australia,
Mr. Dwyer says.

Mirvac, Leighton Holdings and superannuation fund, Westscheme, own
equal shares in BAC Devco a company that initially owned up to
104 hectares surrounding the airport.

According to Parra Mattas, the actual Bankstown Airport is not in
receivership and is separately owned by another consortium that
includes the Mirvac-controlled company, James Fielding, a fund
managed by Colonial First State and Westscheme.


FOREST ENTERPRISES: Elders Weighing Options to Buy SmartFibre
-------------------------------------------------------------
Elders Timber has yet to decide on whether it will acquire the
other half of its joint venture woodchip export business with
Forest Enterprises Australia, The Australian Financial Review
reports.

Elders Timber chief executive Vince Erasmus told the AFR that the
company was considering the future of the SmartFibre business and
is in "healthy discussions" with FEA's receivers.

As reported in the Troubled Company Reporter-Asia Pacific on
April 15, 2010, Forest Enterprises Australia has been placed into
voluntary administration.

The FEA said in a statement to the ASX that its financiers, the
Commonwealth Bank of Australia Ltd and the Australia and New
Zealand Banking Group Ltd, have elected to take action, relying on
the event of default previously advised to the market and as a
result, each of the charges granted to the Security Trustee are
enforceable and the previous floating charges over all of FEA's
assets have converted into fixed charges.

"As a result, the Company is now required to deposit the proceeds
of realization of any charged assets into a separate bank account
for the sole benefit of the Banks."

FEA said this has placed the Board in an untenable position as it
prevents the ability of the Company to access the necessary funds
to operate its normal business activities.  As such, the Board has
no option but to place the Company in Voluntary Administration.

BRI Ferrier has been appointed as voluntary administrators of:

-- Forest Enterprises Australia Limited;
-- FEA Plantations Limited;
-- Tasmanian Plantation Pty Ltd; and
-- FEA Carbon Pty Ltd.

The company has debt facilities totaling AU$240 million with ANZ
and the Commonwealth Bank which mature in January 2011.  The banks
have appointed Deloitte as receivers of FEA.

Deloitte partners Tim Norman and Sal Algeri have been appointed as
Receivers and Managers of Forest Enterprises Australia Limited and
wholly owned subsidiary FEA Carbon Pty Ltd (FEAC).

Messrs. Norman and Algeri have also been appointed as 'agents for
the mortagee in possession' of Tasmanian Plantations Pty Ltd,
another wholly owned property holding subsidiary of FEA.

                            About FEA

Forest Enterprises Australia Limited (ASX:FEA) --
http://www.fealtd.com/-- is a vertically integrated forestry and
forest products company.  It is engaged in the sale of woodlot
investments through forestry investments; preparation,
establishment and maintenance of plantations; timber harvesting;
provision of finance to approved growers; sawmilling and wood
chipping of forest produce, and direct exporting of forest produce
to Asian markets.  FEA operates in two divisions: forest products,
which includes forest management services and the processing of
forest products, including whole logs, woodchips and sawn timber,
and forestry investment, which includes establishment and
financing of managed woodlots and provision of related forestry
services, including the lease of investment land.  Its wholly
owned subsidiaries include FEA Plantations Limited, FEA Carbon Pty
Ltd, Tasmanian Plantation Pty Ltd, Tasmanian Plantation Unit Trust
and FEA Timberlands Fund.


PIPVEN PTY: Calls In Kordamentha as Receiver
--------------------------------------------
David Winterbottom, of KordaMentha, has been appointed receiver to
Pipven Pty Ltd, owner of the Penrith at Home retail centre,
formerly SupaCenta Penrith, Red Dwyer posted on Parra Mattas blog.

According to Parra Mattas, Mr. Winterbottom intends to continue
operating the centre, which has Spotlight, Bing Lee, Freedom
Furniture and JB Hi-Fi as tenants, on a business as usual basis.

Mr. Dwyer, citing The Australian Financial Review, relates
Mr. Winterbottom has appointed CB Richard Ellis to manage the
centre and to steer the leasing process.


WORLDWIDE ONLINE: Sells Franchisor Business to Doublewest
---------------------------------------------------------
The Voluntary Administrators of Worldwide Online Printing Aust/NZ
Pty Ltd and its subsidiaries said that an agreement has been
executed for the sale of the national franchisor business of
"Worldwide Online Printing" to Doublewest Corporation
Pty Ltd.

The sale is conditioned upon a proposed Deed of Company
Arrangement being accepted by Worldwide creditors at the second
meeting of creditors to be held on or around June 24, 2010.  The
sale is expected to be completed on July 1, 2010.

Doublewest is a company associated with Crystal Printing Solutions
Pty Ltd., which trades as Worldwide Online Printing Cannington,
which took over Worldwide's WA manufacturing hub shortly after the
Administrators' appointment to Worldwide on February 25, 2010.

Once the sale is completed, Crystal Printing Solutions will remain
an exclusive supplier to the Worldwide network and strategic
supply partnerships will be formed with other manufacturers to
ensure the franchise network has ongoing supply.

Worldwide Online Printing -- http://www.worldwide.com.au/--
provides design and printing services in Australia.

As reported in Troubled Company Reporter-Asia Pacific on March 4,
2010, Malaysian investment fund Navis Capital Partners together
with a group of directors and shareholders appointed McGrathNicol
as administrators of Worldwide Online Printing.  Navis Capital
Partners acquired the company in 2006.

A person close to the matter and who did not want to be identified
told WA Business News that Worldwide Online Printing had the wrong
assets in the printing side of the business which needed to be
corrected.

WA Business' source said the franchising part of the business was
sustainable and ongoing, and that restructuring the business was
being considered with a number of options on the table.


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


AVAN DESIGN: Creditors Get 2.95% Recovery on Claims
---------------------------------------------------
Avan Design & Consulting Company Limited, which is in liquidation,
paid the first and final dividend to its creditors on June 4,
2010.

The company paid 2.95% for ordinary claims.

The Official Receiver & Liquidator is E T O'Connell.


AVATAR CONSTRUCTION: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on May 26, 2010, to
wind up the operations of Avatar Construction Engineering Company
Limited.

The Official Receiver is E T O'Connell.


BLUE CRANE: Chung and Middleton Step Down as Liquidators
--------------------------------------------------------
Jacky Chung Wing Muk and Edward Simon Middleton stepped down as
liquidators of Blue Crane Company Limited on May 19, 2010.


CADVISION GLOBAL: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on May 26, 2010, to
wind up the operations of Cadvision Global Limited.

The Official Receiver is E T O'Connell.


CELEBRITY EXPORTS: Creditors' Proofs of Debt Due June 22
--------------------------------------------------------
Creditors of Celebrity Exports International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 22, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

          Lam Hok Chung Rainier
          Cheung Yat Ming
          22nd Floor, Prince's Building
          Central, Hong Kong


CHINA HONG KONG: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on May 26, 2010, to
wind up the operations of China Hong Kong Textile Company Limited.

The Official Receiver is E T O'Connell.


CITIC RESOURCES: Moody's Gives Stable Outlook on 'Ba3' Rating
-------------------------------------------------------------
Moody's Investors Service has changed from stable to negative its
outlook for the Ba3 corporate family rating on CITIC Resources
Holdings Limited and the Ba3 rating on the US$1 billion 7-year
unsecured senior notes issued by CITIC Resources Finance (2007)
Limited and guaranteed by CITIC Resources.

"The negative outlook captures CITIC Resources' weakened earnings
capability due to increased taxes on production at the Karazhanbas
oilfield, in turn pressuring the company's ability to comply with
the interest coverage covenant in its US$280mm syndicated
facility," says Renee Lam, a Moody's Vice President and Senior
Analyst.

"Absent significant growth in oil production over the next 12-18
months, there is thin cushion for complying with the covenant in
2010, and even tighter headroom in 2011, when the covenant
threshold will step up to 4.5x," adds Lam.

A degree of comfort is drawn from the support CITIC Resources
received from its bank group.  Previous breaches, as shown in
1H2009 and the full year 2009 financial results, have been waived.

Besides, CITIC Resources also maintains considerable cash balances
at the holding company level, at over HK$2 billion, supporting its
liquidity.

The recovery in prices and demand is still driving the
stabilization of CITIC Resources' various commodities businesses.
However, the higher tax regime of the Karazhanbas oilfield has
eroded the company's earnings ability and its credit metrics are
expected to remain marginal for its standalone B2 rating.

Moody's expects that CITIC Resources will maintain adjusted
debt/EBITDA at around 6x and RCF/adjusted debt at 10-11% over the
next 12-18 months, assuming steady oil production volume and
commodities prices.  Any unexpected cyclical movements in sales
volume or prices will further impact its credit profile.

The final Ba3 rating still incorporates a two-notch uplift based
on the expectation of support from CITIC Group (Baa2/Stable),
CITIC Resources' 54.02%-parent.  In Moody's opinion, the
association with CITIC Group also strengthens the company's access
to banking and debt markets.

The rating would be downgraded if there is any event, including
covenant compliance, which may hamper CITIC Resources' access to
liquidity.  The rating would also be downgraded should the
company's underlying credit strength further weaken -- for
example, should 1) the company fail to ramp up its production; 2)
commodity market fundamentals weaken; or 3) the company make any
aggressive acquisitions.  Indicators that Moody's would consider
for a downgrade include RCF/adjusted debt less than 10%.  Erosion
of liquidity at the holding company level would also be negative
for the rating.

Any weakening in the relationship with CITIC Group -- thereby
lowering the support level -- will be negative for the rating.
Should there be a downgrade to CITIC Group's rating, the company's
support level, and hence the rating uplift for CITIC Resources,
would also be revisited.

Given the negative outlook, the likelihood of a rating upgrade in
the near term is limited.  The outlook may revert to stable if
CITIC Resources can 1) make steady progress with its recovery
enhancement program and reserve replacements; and 2) de-leverage
through the continued commercialization of its proved reserves.
Financial metrics that Moody's would consider in this case include
RCF/adjusted debt of 10-15%.

The last rating action with respect to CITIC Resources was taken
on November 27, 2009, when its rating was confirmed and outlook
revised to stable.

CITIC Resources is a natural resources and energy investment
holding company, with interests in aluminium smelting, coal, oil,
manganese, and the import and export of commodities.  The company
serves as the principal natural resources and energy arm of its
parent, CITIC Group.


GAINDAY INVESTMENTS: Lees and Ng Appointed as Liquidators
---------------------------------------------------------
John Robert Lees and Mat Ng of John Lees Associates on April 19,
2010, were appointed as liquidators of Gainday Investments
Limited.

The liquidators may be reached at:

          John Robert Lees
          Mat Ng
          c/o John Lees Associates
          20/F Henley Building
          5 Queen's Road
          Hong Kong


GOLDEN HERO: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on May 27, 2010, to
wind up the operations of Golden Hero Industries Limited.

The company's liquidator is Yuen Tsz Chun, Frank.


HI-SPEED MANUFACTURER: Lees and Ng Appointed as Liquidators
-----------------------------------------------------------
John Robert Lees and Mat Ng of John Lees Associates on March 29,
2010, were appointed as liquidators of Hi-Speed Manufacturer
Company Limited.

The liquidators may be reached at:

          John Robert Lees
          Mat Ng
          c/o John Lees Associates
          20/F Henley Building
          5 Queen's Road
          Hong Kong


HONEST KING: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on May 26, 2010, to
wind up the operations of Honest King Enterprises Limited.

The Official Receiver is E T O'Connell.


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


AROMA BIOTECH: ICRA Assigns 'LBB' Rating on INR420MM Term Loans
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR420.0 million term
loans and INR50.0 million fund based facilities of Aroma Biotech
Private Limited.  ICRA has also assigned stable outlook to the
long term rating.

The rating is constrained by the fact the company is still in
project execution stage and thus carries execution risks.  The
risk is partly mitigated by the fact that the project is nearing
completion and expected to start commercial production in August
2010.  However, any delay in completion of the project could have
adverse implications for the cash flow situation as the repayments
are scheduled to start in December 2010 especially given that
there is a gestation period involved from the start of commercial
production to stabilization and sustainability of commercially
viable capacity utilization level.  The rating is also constrained
the company's vulnerability to adverse regulatory changes as the
liquor industry is one of the highly regulated industries and its
exposure to commodity cycles as  the cost of grains (primarily
maize) would constitute over 50% of its turnover. Any abnormal
increase in maize prizes could have serious implications for the
debt coverage indicators and would be a key rating sensitivity.
Further, the availability of grains at commercially viable rates
depends on uncontrollable factors like the monsoons. However, the
risk is partly mitigated by the plant's proximity to the
agricultural belt.  The rating also favorably factors in the
promoters' experience in the IMFL (Indian Made Foreign Liquor) and
power generation sectors and implicit assured demand for the
company as there is a requirement of about 6 million litres per
annum (MLPA) within the group which is over 30% of the production
capacity (assuming 80-85% capacity utilization).  ICRA also notes
the overall healthy demand prospects as growth in liquor industry
is driving demand for ENA (Extra Neutral Alcohol).  The rating
also factors in the logistics advantage that the company is likely
to have, it being one of the few grain based distilleries in South
India.

                         About Aroma Biotech

Aroma Biotech Private Limited was incorporated on March 31, 2006
as a Private Limited Company with the main objective to
manufacture ENA.  The company is setting up a manufacturing
facility (at Avapadu Village, Nallacharla Mandal, West Godavari
Dist, Andhra Pradesh) with an installed capacity of about 60 KLPD
along with a 2.28 MW captive Co-Generation plant.  The company
will manufacture ENA through grain based process. The Company had
incurred INR 400 million towards the project by February 2010.

The company is promoted by people well experienced in the IMFL
industry and power generation.  The main promoter, Mr. P.
Ramachandra Gupta is engaged in the manufacture of IMFL for over
35 years. He owns brands like "Gold Label" and "Play Boy" and also
bottles  for  the brand "Original Choice"  (a brand owned by M/s
John Distilleries (P) Limited).  He is also a director/ promoter
of M/s Sri Rama Ceramics (P) Limited, engaged in manufacture of
Crockery and Indra Power Energies Limited, a company engaged in
generation of power.  Mr. Gupta will be the key personnel in the
company assisted by the Technical Director Mr. Adinarayana who has
more than four decades of experience in managing distilleries.


ASSOCIATES NONWOVENS: ICRA Rates INR62-Mil. Term Loan at 'LBB+'
---------------------------------------------------------------
ICRA has assigned 'LBB+' rating to INR62.0 million term loan and
INR40.0 million fund based facilities of Associates Nonwovens. The
outlook on the long-term rating is Stable.  ICRA has also assigned
an A4+ rating to INR50.0 million non-fund based facilities of the
company.

The ratings are constrained by the company's relatively small
scale of operations and partnership nature of business which
limits financial flexibility, moderate gearing and vulnerability
to fluctuations in the raw material prices of Polypropylene (PP)
and Polyester Staple Fiber (PSF).  Though the domestic supply of
non-woven fabric is limited with most of the requirements being
met through imports, the commoditized nature of the product
manufactured by the company limits the pricing power in a
fragmented market characterized by intense competition both from
domestic and international suppliers.  The ratings however,
favorably factor in the significant experience of the promoters in
this line of business, diversified product range and the fiscal
incentives offered by the state and central government due to
presence in Himachal Pradesh.  Though the gearing is moderate, the
debt coverage indicators are comfortable due to healthy
profitability.  The assigned ratings also take into account the
favorable growth prospects of the technical textiles and non-woven
fabric industry in the country.

Recent Results

During 2009-10, as per the provisional results, Associates
Nonwovens reported an operating income of INR 363.5 million and an
operating profit margin of 16.7%.

                     About Associates Nonwovens

Associates Nonwovens was incorporated in April 2005 as a
partnership firm and is engaged in the manufacturing of non-woven
fabric. The company is promoted by Mr. Praveen Mittal and
Mr. Naveen Mittal who have over two decades of experience in
trading of industrial fabric.  The company has a manufacturing
unit in Sirmour district of Himachal Pradesh for manufacturing of
nonwoven fabric using spun-bond, needle punch and chemical bonding
techniques.

The commercial production was started in February 2006 using the
spun-bond technology with an installed capacity of 1,000 Metric
Tons (MT) per annum.  The installed capacity was later increased
to 2,250 MT per annum in December 2006.  The company started
manufacturing non woven fabric using chemical bond technique in
January 2007 with an installed capacity of manufacturing 500 MT
per annum.  In June 2008, the company also started manufacturing
non woven fabric using the needle punch technique with an
installed capacity of manufacturing 1,000 MT per annum.


BHASKAR SHRACHI: Fitch Downgrades 'B+' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has downgraded India's Bhaskar Shrachi Alloys
Limited's National Long-term rating to 'B+(ind)' from 'BB-(ind)'.
The Outlook is Stable.  The agency has simultaneously taken these
rating actions on BSAL's various debt instruments:

-- INR36.6 million long-term loans (previously INR39.8m)
    downgraded to 'B+(ind)' from 'BB-(ind)';

-- INR265.0 million cash credit limits downgraded to
    'B+(ind)'/'F4(ind)' from 'BB-(ind)'/'F4(ind) '; and

-- INR150.0 million non-fund based limits (previously INR230.0m)
    affirmed at 'F4(ind)'.

The downgrades reflect the deterioration in BSAL's provisional
financial for FY10 as indicated by financial leverage (net
debt/EBITDA) which is expected to be around 6.0x (FY08: 4.7x), and
an EBITDA / interest of 1.33x in FY10 (FY08: 2.45x); Fitch expects
BSAL's financial leverage to remain the same over the short-to-
medium term, which it notes is higher than earlier anticipated
levels.  Furthermore, in FY10 BSAL's revenues are expected to be
INR1,300.0 million (FY08: INR1,705.21 million), though its
operating EBITDA margins are expected to improve to 6.0% (FY08:
3.63%).  Also during FY10, there was also a significant increase
in BSAL's total debt to INR469.0 million (FYE08: INR316.3 million)
due to its working capital requirements.

Fitch notes that BSAL is exposed to key input risks, such as raw
material prices, on one hand, and volatility of end-product prices
on the other.  The ratings also reflect the high working capital
intensity of BSAL's business, which constrains its short-term
liquidity.

Positive rating triggers include improvement in BSAL's revenue and
in its margins on a sustained basis, which would bring its
financial leverage below 5.0x.  Negative rating triggers include a
decline in the EBITDA margins and / or any major debt-led capex,
which would increase BSAL's financial leverage to above 8x and/or
would result in an EBITDA/interest below 1.5x.


DEEVYA SHAKTI: CRISIL Downgrades Rating on INR416.2M Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on Deevya Shakti Paper Mills Pvt
Ltd's bank loan facilities to 'D/P5' from 'C/P4'.  The downgrade
reflects delays in debt servicing by DSPPL in the recent past; the
delays were caused by weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR416.2 Million Long-Term Loan*     D (Downgraded from 'C')
   INR8 Million Bank Guarantee          P5 (Downgraded from 'P4')

   * Includes a proposed term loan of INR26.2 million.

Incorporated in 2004, DSPPL is engaged in manufacturing of paper
boards, corrugated boards, and kraft liners.  The company is
promoted by the Hyderabad-based Agarwal family, which has been
into paper manufacturing for the past 25 years.  The family has
interests in kraft paper, decorative laminates, plywood, particle
boards, and biaxially-oriented polypropylene films.  DSPPL's
commercial production started in April 2009.

For 2009-10 (refers to financial year, April 1 to March 31), the
first year of its operations, DSPPL achieved net sales of
INR458 million.


M.G. BROTHERS: CRISIL Assigns 'BB+' on INR100-Mil. Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of M.G. Brothers Automobiles Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR100.00 Million Cash Credit       BB+/Stable (Assigned)
   INR30.00 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect MGBAPL's weak financial risk profile,
constrained by low net worth and high gearing, and exposure to
risks related to geographic concentration in its revenue profile.
These rating weaknesses are partially offset by MGBAPL's
established position in the automobile dealership market in Andhra
Pradesh, and its diversified revenue profile.

Outlook: Stable

CRISIL believes that MGBAPL will continue to benefit over the
medium term from its established market position, promoters'
industry experience, and strong relationships with its suppliers.
The outlook may be revised to 'Positive' if MGBAPL's revenues and
profitability grow significantly leading to an improvement in the
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if the company's revenues and profitability decline
significantly, or if it undertakes any large debt-funded capital
expenditure program, thereby adversely affecting its capital
structure.

                        About M.G. Brothers

MGBAPL was initially established as a partnership firm in 1940 and
was later incorporated into a private limited company in 1994.
The company was formed by Mr. M R Gangadhar, Mr. M R Ramesh, and
Mr. M R Ganganna. MGBAPL is a dealer for Tractors and Farm
Equipment Ltd, Tata Motors Ltd's (TML's, A+/Stable/P4+) passenger
cars and commercial vehicles, CPAquafeed, Bajaj Auto
Ltd(AAA/FAAA/Stable/P1+) and Hindustan Petroleum Corporation Ltd
(HPCL) Petroleum products.  The company is also into real estate
development since 2002.  MGBAPL has 12 showrooms at various
locations in Nellore, Chittoor, Ongole, Medak, Vijayawada, and
Tirupathi in Andhra Pradesh.

MGBAPL reported a profit after tax (PAT) of INR16 million on
operating income of INR2.5 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of
INR16 million on net sales of INR3.1 billion for 2007-08.


M/S AGARWALA: CRISIL Reaffirms 'BB' Rating on INR80MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of M/S Agarwala's continue
to reflect Agarwala's weak financial risk profile, marked by low
net worth, and its limited financial flexibility because of its
small scale of operations and the partnership nature of its
business.  These rating weaknesses are partially offset by the
benefits that Agarwala derives from being an exclusive distributor
for Haldia Petrochemicals Ltd in Orissa.

   Facilities                       Ratings
   ----------                       -------
   INR80.00 Million Cash Credit     BB/Stable (Reaffirmed)
   INR30.00 Million Proposed Cash   BB/Stable (Reaffirmed)
                       Credit
   INR20.00 Million Bank Guarantee  P4+ (Reclassified from 'P4' )

Outlook: Stable

CRISIL believes that Agarwala will maintain its credit profile,
supported by adequate risk management policies, over the medium
term; the firm's financial risk profile will, however, remain
constrained because of its small net worth and high gearing.  The
outlook may be revised to 'Positive' in the event of an
improvement in Agarwala's capital base and growth in its turnover,
while maintaining its risk management practices.  Conversely, the
outlook may be revised to 'Negative' if Agarwal's margins decline,
most likely because of adverse movements in interest rates.

                        About M/S Agarwala

Agarwala, set up in 1999, is a partnership firm promoted by Mr.
Jinendra Jain and Mrs. Neena Agarwala.  The firm is a del credere
agent and consignee stockist for HPL's polymer products in Orissa.

For 2008-09 (refers to financial year, April 1 to March 31),
Agarwala reported a profit after tax (PAT) of INR6.56 million on
net sales of INR27.67 million, against a PAT of INR2.34 million on
net sales of INR5.58 million for 2007-08.


RC GOLDEN: CRISIL Assigns Default Rating on INR45.70MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to RC Golden Granites Pvt
Ltd's bank facilities.  The ratings reflect delay by the company
in servicing its term loan due to weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR45.70 Million Term Loan          D (Assigned)
   INR30.00 Million Packing Credit*    P5 (Assigned)
   INR20.00 Million Foreign Bill       P5 (Assigned)
               Discounting
   INR4.00 Million Letter of Credit    P5 (Assigned)
   INR3.00 Million Bank Guarantee      P5 (Assigned)

   * Packing Credit and Foreign Bill Discounting are full
     Interchangeable

Set up in 2006 by Mr. R Chandrasekaran, RC Golden manufactures and
exports customized granite monuments.  The company has its granite
processing unit at Kancheepuram (Tamil Nadu).

RC Golden reported a profit after tax (PAT) of INR4 million on net
sales of INR81 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR2 million on net sales of
INR38 million for 2007-08.


SAURAV JEWELLERS: CRISIL Rates INR125MM Bank Guarantee at 'P4'
--------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank guarantee facility
of Saurav Jewellers Pvt Ltd, which is a part of the Gouti group.

   Facilities                             Ratings
   ----------                             -------
   INR125.0 Million Bank Guarantee        P4 (Assigned)

The rating reflects group's average financial risk profile, and
exposure to risks related to intense competition in the gold
jewellery industry.  These rating weaknesses are partially offset
by the benefits that group derives from its prudent risk
management policies, and promoters' industry experience.

CRISIL has combined the business and financial risk profiles of
SJPL, M/s Surajmul Gouti, and Sumatichand Gouti Jewellers Pvt Ltd,
collectively referred to as the Gouti group.  This is because the
entities are engaged in the same line of business and have strong
business linkages and operational and commercial synergies,
arising from having common customers and suppliers, despite
limited intra-group transactions.  Furthermore, the entities have
common promoters and management.

                          About the Group

Set up in 2006 by Mr. Sumatichand Gouti and Mr. Yogendra Gouti,
SJPL trades in gold and manufactures and sells gold jewellery and
gold coins.

MSG is a proprietorship concern, while SGJPL is a private limited
company. Both entities trade in gold and export hand-made gold
jewellery. MSG is primarily engaged in bullion trading, while
SGJPL exports gold jewellery.  The group ventured into the
advertising business in 1996 by acquiring Inter Publicity Pvt Ltd,
an advertising company.  The group also trades in shares and
property under MSG to a limited extent.

SJPL reported a profit after tax (PAT) of INR0.51 million on net
sales of INR588.2 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.74 million on net
sales of INR6.3 million for 2007-08.


SRI ANJANEYA: CRISIL Assigns 'B-' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to Sri
Anjaneya Cotton Mills Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR200.0 Million Cash Credit         B-/Negative (Assigned)
   INR160.0 Million Long-Term Loan      B-/Negative (Assigned)
   INR90.0 Million Proposed Term Loan   B-/Negative (Assigned)
   INR30.0 Million Letter of Credit     P4 (Assigned)
                   & Bank Guarantee

The ratings reflect SACML's weak financial risk profile, and
exposure to risks related to intense competition in the textile
industry, the commodity nature of its products, and volatility in
raw material prices.  These weaknesses are partially offset by the
benefits that the company derives from its promoters' experience
in the cotton yarn industry, and established relationships with
customers.

Outlook: Negative

CRISIL believes that SACML's liquidity will remain stretched over
the near term, on account of the full utilization of its bank line
facilities and weak debt servicing ability.  The outlook may be
revised to 'Stable' if the company's revenues and profitability
improves substantially, resulting in a stronger financial risk
profile, reduced pressure on liquidity, and improved debt
servicing ability.  Conversely, the ratings may be downgraded if
continued pressure on accruals leads to further deterioration in
SACML's debt-servicing ability over the medium term.

                       About Anjaneya Cotton

SACML, a private limited company, manufactures cotton yarn.  It
was acquired from the Board for Industrial and Financial
Reconstruction by its current promoters-the BKR group, headed by
Mr. B K Rajashekarappa, and the ASV group headed by Mr. A S
Veeranna-in 1991.  SACML has manufacturing facilities in Davangare
(Karnataka).  It has also leased the facility of a group company,
Sri Ganesar Textile Mills Pvt Ltd.  SACML has capacity of around
62,000 spindles.

SACML reported a provisional profit after tax (PAT) of
INR61.9 million on net sales of INR2.74 billion for 2009-10
(refers to financial year, April 1 to March 31), as against a net
loss of INR44.4 million on net sales of INR728.7 million for
2008-09.


SRI DURGA: CRISIL Upgrades Rating on Various Bank Facilities
------------------------------------------------------------
CRISIL has upgraded its rating on Sri Durga Automotives' long-term
bank loan facilities to 'B+/Stable' from 'B/Stable', while
reaffirming the short-term rating at 'P4'.

   Facilities                             Ratings
   ----------                             -------
   INR87.0 Million Cash Credit Facility   B+/Stable (Upgraded from
                                                     'B/Stable')

   INR13.0 Million Standby Line of        B+/Stable (Upgraded from
                  Credit Facility                    'B/Stable')

   INR20.0 Million Bank Guarantee         P4 (Reaffirmed)

The rating upgrade reflects an improvement in SDA's business risk
profile on the back of its improved revenue-mix and improving
profitability, driven by healthy growth in demand in the two- and
three-wheeler segment, and stable revenue growth in the tractor
segment.  The increasing cash accruals have helped in improving
SDA's debt protection metrics.

However, the rating also reflects SDA's weak financial risk
profile marked by a highly leveraged capital structure, and
vulnerability to slowdown in demand for tractors and intense
competition.  These rating weaknesses are partially offset by
SDA's strong relationship with Mahindra & Mahindra Ltd (M&M, rated
'AA/Stable/P1+' by CRISIL), its main supplier.

Outlook: Stable

CRISIL believes that SDA's business risk profile will remain
stable over the medium term, backed by its established market
position as a dealer for M&M in the Kadappa district (Andhra
Pradesh).  The outlook may be revised to 'Positive' if SDA's
operating margin and debt protection metrics improve
significantly, or in case the partners infuse equity into the firm
to fund its incremental working capital requirements.  Conversely,
the outlook may be revised to 'Negative' in case of a slowdown in
demand for tractors, or if SDA contracts large quantum of debt to
fund its capital expenditure.

                          About Sri Durga

Established in 1959 as a partnership firm, SDA is an authorized
dealer of M&M tractors, light commercial vehicles, two- and three-
wheelers, and jeeps, in the Kadapa district.  It is also an
authorized dealer for air conditioners manufactured by Voltas Ltd.
SDA has eight outlets in the Kadapa and Chittoor districts of
Andhra Pradesh.

SDA reported a profit after tax (PAT) of INR5.4 million on net
sales of INR716 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR5.9 million on net sales
of INR692 million for 2007-08.


VAIGHAI CHEMICAL: CRISIL Cuts Ratings on Various Debts to 'BB+'
---------------------------------------------------------------
CRISIL has downgraded its ratings on Vaighai Chemical Industries
Ltd's bank facilities to 'BB+/Negative/P4+' from 'BBB/Stable/P3'.

   Facilities                     Ratings
   ----------                     -------
   INR140.0 Million Cash Credit*  BB+/Negative (Downgraded from
                                               'BBB' and outlook
                                               revised from
                                               'Stable')

   INR10.0 Million Stand by Line  BB+/Negative (Downgraded from
                                     of Credit  'BBB' and outlook
                                                 revised from
                                               ' Stable')

   INR34.5 Million Long-Term      BB+/Negative (Downgraded from
      Loan                                      'BBB' and outlook
                                                revised from
                                               'Stable')

   INR70.0 Million Letter of      P4+ (Downgraded from 'P3')
      Credit

   INR15.0 Million Bank           P4+ (Downgraded from 'P3')
      Guarantee

   * Includes sublimit for Packing Credit of INR10.0 million
     and Bills Discounting of INR2.5 million

The downgrade reflects the likely weakening in VCIL's financial
and business risk profile on account of the proposed demerger of
its rice bran oil business.  The downgrade also reflects CRISIL's
belief that VCIL's credit profile will be constrained on account
of susceptibility of its revenues and accruals to offtake by the
match industry in view of the company's limited end user
diversification.

The ratings reflect VCIL's exposure to geographical and product
concentration in revenue profile, the susceptibility of operations
to external factors such as adverse actions by regulatory
authorities, and its average financial risk profile.  These rating
weaknesses are partially offset by VCIL's management's experience,
and the company's established market position in the chemical
industry.

Outlook: Negative

CRISIL believes that VCIL's credit risk profile may come under
pressures because of reduction in its net worth and revenues, in
case of implementation of the proposed demerger scheme.  The
rating may be downgraded in case of any disruptions in VCIL's
operations because of adverse regulatory decisions.  Conversely,
the outlook may be revised to 'Stable' if the company achieves the
expected revenue growth, profitability, and debt protection
metrics after the demerger.

                       About Vaighai Chemical

Incorporated in 1980 by the late Mr. K Periasamy Nadar, Mr. S S V
Chellakani Nadar, and Mr. S Varadarajan as a private company, VCIL
was converted into a deemed public limited company in 2001.  The
company manufactures rice bran oil and potassium chlorate.  The
capacity of its rice bran oil division is 192,000 tonnes per annum
(tpa) at its two facilities located in Alangulam and Nagari (both
in Tamil Nadu).  The capacity of its chemicals division is 7800
tpa with facilities in Karaikal, Pondicherry District.  Besides
the rice bran oil and chemicals divisions, the company also has a
natural-gas-based power plant in Karaikal (Tamil Nadu), which has
a generation capacity of 3.6 megawatts.

VCIL has a proposed restructuring plan, which includes demerger of
its rice bran oil business to a separate company, Vaighai Agro
Products Ltd.  After the implementation of the proposed
restructuring plan, VCIL will continue to manufacture potassium
chlorate and run the power plant, whereas the rice bran oil
business will be continued under VAPL.  The approval regarding the
scheme of the demerger from the High Court of Madras and the
shareholders is awaited.

VCIL reported a profit after tax (PAT) of INR39.6 million on net
sales of INR1.26 billion for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR48.5 million on net
sales of INR1.03 billion for 2007-08.


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


ALL NIPPON: To Start First 787 Dreamliner Flights in March
----------------------------------------------------------
Chris Cooper and Kiyotaka Matsuda at Bloomberg News report that
All Nippon Airways Co. plans to start flying Boeing Co.'s 787
Dreamliner aircraft overseas in March next year as it increases
international operations.  ANA is the first customer of Boeing
Co.'s 787 Dreamliner, the report says.

ANA Executive Vice President Katsumi Nakamura told Bloomberg News
that the carrier expects to receive its first 787 in November and
will use it first on local routes.  All Nippon is considering
flights to Los Angeles, San Francisco, London, Paris, Frankfurt
and Munich as well as China with the Dreamliner, he said.

According to Bloomberg News, ANA became the first airline to fly
the 787 last month in a test flight.  Mr. Nakamura said the
carrier plans to start training pilots to fly the plane from
September, Bloomberg adds.

Bloomberg says the new aircraft and the opening of a fourth runway
in Tokyo's Haneda airport will enable ANA to boost overseas
flights as Japan Airlines restructures under government-backed
bankruptcy protection.

                             About ANA

All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The company has 112 subsidiaries and 40 associated
companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2009, Moody's Investors Service downgraded the long-term
debt ratings of All Nippon Airways Co., Ltd., to Ba2 from Baa3.
The outlook is stable.


JAPAN AIRLINES: Training for 151 Future Pilots Put On Hold
----------------------------------------------------------
Japan Airlines Corp. has almost entirely put on hold its training
program for 151 future pilots, keeping some trainees at home on
standby since last December, Japan Today reports.

The report relates sources said the airline is concerned about
overstaffing stemming from the planned curtailment of its flight
network.  JAL said the training could be suspended for up to two
years.

According to the report, the carrier said some trainees who were
to have been sent to the United States for flight training have
been put on hold since December.  From April, the report notes,
training has been discontinued except for flight training
currently in progress.

                       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
=========


DAEWOO SHIPBUILDING: Romanian Unit May Receive Loan Guarantee
-------------------------------------------------------------
Kyunghee Park at Bloomberg News reports that Daewoo-Mangalia Heavy
Industries SA, a unit of South Korea's Daewoo Shipbuilding &
Marine Engineering Co., may receive backing for a loan to fund
operations from the Romanian government.

Bloomberg relates Ahn Wook Hyeon, a spokesman at the South Korean
shipyard, said the government may guarantee a loan of about KRW100
billion (US$83 million) from a Romanian bank for the unit.

According to Bloomberg, the venture, 51% owned by Daewoo, had more
debt than capital at the end of last year, hampering its ability
to increase capacity.  Daewoo-Mangalia, Bloomberg says, has an
order backlog for 14 vessels worth about US$1.1 billion,
representing more than two years of work.

Mr. Ahn, as cited by Bloomberg, said the South Korean company,
which is based in Seoul, backed loans worth KRW70 billion to the
Romanian unit two months ago.  Bloomberg, citing The Korea
Economic Daily, says that Daewoo will inject KRW170 billion into
the venture.

                    About Daewoo Shipbuilding

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.

                           *     *     *

Daewoo Shipbuilding & Marine Engineering Co. has been under a
creditors-led corporate restructuring program since 1999 along
with some other affiliates after its parent, Daewoo Group,
collapsed under heavy debt exposure.  Daewoo Shipbuilding is up
for sale and the Korea Development Bank and Korea Asset Management
Corporation started the sale process of their remaining stakes in
the second half of 2006.


HYNIX SEMICONDUCTOR: Fitch Upgrades Issuer Default Rating to 'BB-'
------------------------------------------------------------------
Fitch Ratings has upgraded Korea-based Hynix Semiconductor Inc.'s
Long-term foreign currency Issuer Default Rating to 'BB-' from
'B+'.  The Outlook has been revised to Stable from Negative.  At
the same time, the agency also upgraded the ratings of its
outstanding senior unsecured debt aggregating USD500m to 'BB-'
from 'B', and assigned a Long-term local currency IDR at 'BB-'

The upgrade and Stable outlook reflect Hynix's robust operating
results during H209 and Q110, as well as Fitch's expectation that
the company's financials will continue to improve against the
backdrop of a positive industry outlook, and its dominant market
position as the second largest Dynamic Random Access Memory maker
globally.

Thanks to the global recovery in the semiconductor industry,
Hynix's operational results have substantially improved since
Q309.  In Q110, the company's performance strengthened further to
record EBIT and EBITDA margins of 28% and 51%, compared to 19% and
46% respectively in second half of FY09.  Accordingly, Fitch notes
the improvement in the company's financial profile with its funds
from operation adjusted net leverage ratio falling to 2.4x at
FYE09 from 5.7x at FYE08.

Fitch expects that the memory semiconductor industry's strong
growth momentum will continue during FY10 and FY11, driven by
strong demand for PCs, including tablet PCs, smart phones, Solid
State Drives, and other electronic devices.  In line with this
expectation, the agency anticipates that Hynix's bit shipment
volumes will grow by 50% and 80% for DRAM and NAND in FY10,
respectively.  Although a gradual erosion in DRAM and NAND prices
is expected, the agency projects that the increased shipment
levels will compensate for the adverse impact from lowered prices.

In light of the agency's positive view of both the industry and
Hynix's operations going forward, Fitch believes the company's
plan to reduce its debt by KRW1.0trn during FY10 is achievable.
The company had already reduced its gross debt amount to KRW6.6trn
at the end of Q110 from KRW7.0trn and KRW7.8trn as at end FYE09
and FYE08, respectively.  Based on the agency's current forecast
of KRW5.7 trillion in EBITDA and positive free cash flow in FY10,
Fitch expects the company's FFO adjusted net leverage ratio will
fall below 1x in FY10.

In addition on 1 June 2010, Hynix announced a revised capex plan
of KRW3.5 trillion for FY10 -- KRW1.2 trillion higher than its
original plan of KRW2.3 trillion.  Fitch believes that the
increased amount will not be significant enough to place negative
pressure on the company's credit profile, given its cash position
of KRW2.1 trillion at end-Q110 and strong cash generating ability.
After fully analysing the new capex plan, Fitch expects that the
company will still be able to generate positive FCF in FY10.
Also, the agency notes that the higher capex level will likely
help the company secure its position as the second largest player
in the DRAM segment.  However on the NAND front, Fitch believes
that the gap between Hynix's technology and cost competitiveness,
as compared to its global peers, will unlikely narrow in the
short-term.

Although Fitch expects Hynix to maintain positive operating
margins and FCF generation in FY10 and FY11, a negative rating
action may occur if: 1) FFO adjusted net leverage increases to
above 2.5x on a sustained basis; 2) the company's EBIT margin
turns negative on a prolonged basis; or 3) Hynix loses its current
level of competitiveness in the industry, translating into a
meaningful loss in DRAM market share.

Alternatively, Fitch may consider a positive rating action if
Hynix is able to: 1) consistently generate positive FCF; and/or 2)
gain additional market share in the DRAM and NAND memory sub-
sectors.

Hynix is a leading manufacturer of memory semiconductor products.
The company is the world's second-largest DRAM maker and fourth-
largest NAND flash memory producer with 22.5% and 7.1% of market
share in each segment as of the FYE09, respectively.


SSANGYONG MOTOR: Selects Six Bidders for Due Diligence
------------------------------------------------------
Ssangyong Motor Co. has selected Nissan Motor Co., Renault SA and
four other bidders for due diligence on the Company that starts
this week, Yonhap News Agency reports.

As reported in the Troubled Company Reporter-Asia Pacific on
June 1, 2010, seven companies submitted initial bids for Ssangyong
Motor as it concluded accepting preliminary bids for the takeover.

Yonhap said Ssangyong Motor began accepting letters of intent on
May 10 from potential buyers, who will take over a majority of its
stake valued at around KRW300 billion.  Ssangyong will choose a
preferred bidder in August from the preliminary bidders.

According to Yonhap, Ssangyong did not reveal the names of
individual bidders at their request but industry sources said they
included Young An Hat Co., a local headwear company that also owns
local bus maker Daewoo Bus Co., and India's top vehicle and
tractor maker Mahindra & Mahindra Ltd.

Samjong KPMG, a South Korean unit of the global services firm
KPMG, and Macquarie Securities are managing the sale.

                       About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  In
February, the Seoul Central District Court accepted Ssangyong's
application to rehabilitate under court protection.  The court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker.

A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted
a revival plans to the Seoul Central District Court seeking
capital reduction and a debt-for-equity swap by creditor.  A South
Korean bankruptcy court approved in December Ssangyong Motor's
restructuring plan despite opposition by some bondholders, the
TCR-AP reported on Dec. 18, 2009.


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


MECHMAR CORPORATION: Posts MYR1.11 Mil. Net Loss for March 31 Qtr
-----------------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad disclosed with the Bursa
Malaysia Securities its unaudited financial results for quarter
ended March 31, 2010.

The Company reported a net loss of MYR1.11 million on revenue of
MYR7.87 milliOn for the quarter ended March 31, 2010, compared
with a net income of MYR63,000 on revenue of MYR14.89 million in
the same period last year.

At March 31, 2010, the Company's consolidated balance sheets
showed MYR251.06 million in total assets, MYR146.52 million in
total liabilities and MYR104.53 million in total shareholders'
equity.

The Company's consolidated balance sheets at March 31, 2010, also
showed strained liquidity with MYR43.47 million in total current
assets available to pay MYR145.88 million in total current
liabilities.

                        About Merchmar Corp.

Mechmar Corporation (Malaysia) Berhad is an investment holding
company providing management services to its subsidiaries.
Through its subsidiaries, the company is engaged in the
manufacture and marketing of industrial boilers, burners, steam
generating plant, vessels, fabrication and associated product
support activities; operating of a power generation plant;
retailing of solar-heaters, and retailing and leasing of ice
machines, and investment holding.  Its manufacturing and trading
activities are located in Malaysia, Great Britain, Hong Kong,
Indonesia, Sri Lanka and Singapore.  Its power generation activity
is based in Tanzania, whereas its property development and
financing activities are located in Malaysia.

Mechmar Corporation has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as:

   -- the Company's major subsidiary, Independent Power of
      Tanzania (IPTL) has stop payment on its scheduled
      instalment to its lender; and

   -- the Company was unable to provide a solvency declaration.


WWE HOLDINGS: March 31 Balance Sheet Upside Down by MYR13.31-Mil.
-----------------------------------------------------------------
WWE Holdings Bhd's balance sheet at March 31, 2010, showed total
assets of MYR219.15 million and total liabilities of MYR232.46
million, resulting in a shareholders' deficit of MYR13.31 million.

The Company's balance sheet at March 31, 2010, also showed
strained liquidity with MYR196.56 million in total current assets
available to pay MYR202.84 million in total current liabilities.

In the first quarter ended March 31, 2010, WWE Holdings reported
net income of MYR750,000, compared with a net income of MYR1.53
million in the same quarter of 2009.

For the current quarter, the group registered revenue of
MYR3.76 million as compared to revenue of MYR4.60 million in the
same quarter of 2009.  The revenue for the current year quarter
is derived solely from the Operation and Maintenance (O&M) works
on the Jelutong Sewage Treatment Plant (JSTP) which commenced
since May 11, 2008.

                         About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering services
related to design, fabrication, installation and commissioning of
water, wastewater treatment, environmental facilities and
construction activities; WWE Industries Sdn.  Bhd., which provides
installation of mechanical and electrical works connected with
water, wastewater treatment and environmental engineering, and
Quality Water Technology Sdn. Bhd., which undertakes research and
development activities to develop new technologies related to
water and wastewater.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.


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


FELTEX CARPETS: 1,700 Shareholders Join NZ$100-Mln Class Action
---------------------------------------------------------------
Feltex Carpets Ltd.'s shareholders are claiming more than NZ$100
million in a class action from the company's former directors,
owners and promoters of a public issue of shares in June 2004, The
Press reports.

The New Zealand Herald relates that about 1,700 of Feltex's former
6,000 shareholders who represent $100 million in lost investments
have joined a class action to try to get some money back from the
failed carpet company.

According to the Press, Eric Houghton, the lead plaintiff
representing other shareholders, said the team working on the
action estimated the claims were worth more than NZ$100 million.

The Press states that investors had been urged to join before
June 2, the sixth anniversary of the allotment of the shares, to
come within the six-year limitation on bringing such action.

But the plaintiff's lawyer, Austin Forbes, said investors still
wanting to join should still send in the forms as he would argue
for them to be included in the action, the New Zealand Herald
notes.

The Press says the action is aimed at Feltex directors named in
the prospectus, Credit Suisse Private Equity Inc, the promoter,
Credit Suisse First Boston Asian Merchant Partners LP, the seller
of the shares, and First New Zealand Capital and Forsyth Barr,
organizers and joint lead managers of the share issue.

The class will allege that, under the Fair Trading Act, the
prospectus was misleading and deceptive in what it said and what
it omitted to say and will seek repayment of shares and
compensation under the Securities Act.

                       About Feltex Carpets

Headquartered in Auckland, New Zealand, and established over 50
years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.  The company also leads the way
in exports, with customers throughout South East Asia, Japan,
the United States, the Middle East and other key world markets.

NZ Bank placed the company in receivership on Sept. 22, 2006, and
named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of the
sale will be used to ease the company's NZ$128-million debt to ANZ
Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex Carpets
putting the carpet maker into liquidation.  John Vague was
appointed as liquidator.


RURAL PORTFOLIO: Maybe Placed in Liquidation, Receiver Says
-----------------------------------------------------------
Shareholders of Rural Portfolio Capital and Rural Portfolio
Investments are likely to get back less than half their investment
in the companies, the Otago Daily Times reports.

Receiver Kerryn Downey of McGrathNicol said the investment
companies may yet face liquidation, the report relates.

According to the report, Mr. Downey and Trustees Executors
regional manager Yogesh Mody, in a joint letter to shareholders,
said the sale of shares and cash on hand had allowed receivers to
make an interim payment of 47c a share to holders of redeemable
preference shares.

But Mr. Downey warned that even if funds were realized from
unsecured guarantees and placing the companies in liquidation, an
additional payment may be worth less than 1.25c a share, the
report notes.

"The trustee will pursue legal claims where it considers there is
a realistic prospect of a return to the investors," the letter
said.

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

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

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

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

                             About RPI

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


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


AGIO COUNTERTRADE: Creditors' Proofs of Debt Due June 18
--------------------------------------------------------
Agio Countertrade Pte Ltd, which is in liquidation, requires its
creditors to file their proofs of debt by June 18, 2010, to be
included in the company's dividend distribution.

The company's liquidator is:

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


CARAT (FAR EAST): Creditors' Proofs of Debt Due June 18
-------------------------------------------------------
Carat (Far East) Pte Ltd, which is in compulsory liquidation,
requires its creditors to file their proofs of debt by June 18,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Goh Thien Phong
         c/o PricewaterhouseCoopers LLP
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


CHINA CIVIL: Creditors Get 18.91651% Recovery on Claims
-------------------------------------------------------
China Civil Engineering Construction Corporation, Singapore
Branch, declared the first and final dividend on April 26, 2010.

The company paid 18.91651% to the received claims.

The company's liquidator is:

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


DIT (SINGAPORE): Creditors Get 67.3152% Recovery on Claims
----------------------------------------------------------
DIT (Singapore) Pte Ltd declared the first and final preferential
dividend on May 14, 2010.

The company paid 67.3152% to the received claims.

The company's liquidator is:

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


EE CHENG: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on May 21, 2010, to
wind up the operations of EE Cheng Metal-Works Pte Ltd.

Oversea-Chinese Banking Corporation Limited filed the petition
against the company.

The company's liquidators are:

         Mr Bob Yap Cheng Ghee
         Mr Tay Puay Cheng
         KPMG Advisory Services Pte Ltd
         16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


FINLAND GARDENS: Members' Final Meeting Set for June 30
-------------------------------------------------------
Members of Finland Gardens Pte Ltd will hold their final meeting
on June 30, 2010, at 10:00 a.m., at 96 Robinson Road, #10-01 SIF
Building, in Singapore 068899.

At the meeting, Akber Ali s/o Thajudeen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FORINDO INTERNATIONAL: Creditors' Proofs of Debt Due July 5
-----------------------------------------------------------
Creditors of Forindo International Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 5, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Victor Goh
         C/o Insolvency Advisory Pte Ltd
         100 Tras Street #16-03
         Amara Corporate Tower
         Singapore 079027


OBC INTERNATIONAL: Creditors' Proofs of Debt Due June 18
--------------------------------------------------------
OBC International Trading Private Limited, which is in
liquidation, requires its creditors to file their proofs of debt
by June 18, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Shirley Lim Guat Hua
         Lim Peng Huat
         c/o 10 Anson Road
         #15-07 International Plaza
         Singapore 079903


PICKET & RAIL: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on May 21, 2010, to
wind up the operations of Picket & Rail Asia Pacific Pte Ltd.

HSBC Institutional Trust Services (Singapore) Limited as Trustee
of Sunte Creal Estate Investment Trust filed the petition against
the company.

The company's liquidators are:

         Mr Bob Yap Cheng Ghee
         Mr Tay Puay Cheng
         KPMG Advisory Services Pte Ltd
         16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


TOP SCAN: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on May 21, 2010, to
wind up the operations of Top Scan Marine & Engineering Pte Ltd.

NTUC Income Insurance Cooperative Limited filed the petition
against the company.

The company's liquidator is:

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


WBG NETWORK: Creditors Get 100% Recovery on Claims
--------------------------------------------------
WBG Network (Singapore) Pte Ltd will declare the first and final
dividend on June 9, 2010.

The company will pay 100% to the received claims.

The company's liquidator is:

         Chian Yeow Hang
         Abacus Business Advisory Pte Ltd
         6001 Beach Road
         #09-09 Golden Mile Tower
         Singapore 199589


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


CHANG HWA: Fitch Affirms Individual Rating at 'C/D'
---------------------------------------------------
Fitch Ratings has upgraded the National Short-term ratings of
three Taiwanese state-controlled banks, namely First Commercial
Bank, Hua Nan Commercial Bank and Chang Hwa Bank to 'F1+(twn)'
from 'F1(twn)'.  The rating action follows the agency's review of
Taiwanese banks' liquidity profile and is in line with its
criteria in the assignment of short-term ratings (for more
information, please see 'Short-Term Ratings Criteria for Corporate
Finance' available on www.fitchratings.com).  At the same time,
Fitch has affirmed all other ratings of FCB, HNCB and CHB.  The
Outlooks on the Long-term Issuer Default Ratings and National
Long-term ratings for the three banks remain Stable.  A detailed
list of the rating actions follows at the end of this release.

The upgrades mainly reflect these state-controlled banks' strong
liquidity stance, underpinned by their large deposit-taking
franchises, their strong ties with the state and the resultant
entrenched confidence from retail depositors.  FCB, HNCB and CHB
each operates with a substantial liquidity buffer with their
regulatory liquidity reserve ratios of 36.6%, 27.6% and 24.3%, at
end-2009 respectively - well above the regulatory requirement of
7%.  The affirmation of FCB's IDR mainly reflects the bank's
strong franchise in the Taiwanese banking sector and its
capability to maintain a steady credit profile through the recent
global financial crisis.  Meanwhile, the affirmation of HNCB and
CHB's IDRs is driven by the continued expected strong government
support, given the state's large ownership and the significant
market position of these banks.

The profitability of these state-controlled banks weakened in
2009, due mainly to severe margin compression.  However, Fitch
expects moderate improvement in these banks' bottom-line
profitability in 2010, supported by ameliorated net interest
income as net interest margin gradually recovers from the trough
in Q209, a climb in fee revenue thanks to an improvement in
investment sentiments, and well-contained bad loan losses.  The
banks' asset quality remained sound throughout the global credit
crisis, with a decline in NPL ratios and much improved loan loss
reserve coverage.  These state-controlled banks have also
maintained reasonably steady capitalization, commensurate with
their standalone credit profile.

The detailed list of rating actions is:

FCB:

  - Long-term Foreign Currency IDR affirmed at 'BBB+';

  - Short-term Foreign Currency IDR affirmed at 'F2';

  - National Long-term rating affirmed at 'AA-(twn)';

  - National Short-term rating upgraded to 'F1+(twn)' from
    'F1(twn)';

  - Individual rating affirmed at 'C';

  - Support rating affirmed at '2'; and

  - Support Rating Floor affirmed at 'BBB+'.

HNCB

  - Long-term Foreign Currency IDR affirmed at 'BBB+';

  - Short-term Foreign Currency IDR affirmed at 'F2';

  - National Long-term rating affirmed at 'AA-(twn)';

  - National Short-term rating upgraded to 'F1+(twn)' from
    'F1(twn)';

  - Individual rating affirmed at 'C/D';

  - Support rating affirmed at '2'; and

  - Support Rating Floor affirmed at 'BBB+'.

CHB

  - Long-term Foreign Currency IDR affirmed at 'BBB+';

  - Short-term Foreign Currency IDR affirmed at 'F2';

  - National Long-term rating affirmed at 'AA-(twn)';

  - National Short-term rating upgraded to 'F1+(twn)' from
    'F1(twn)';

  - Individual rating affirmed at 'C/D';

  - Support rating affirmed at '2';

  - Support Rating Floor affirmed at 'BBB+'; and

  - Subordinated bonds affirmed at 'A+(twn)'.


FIRST COMMERCIAL: Fitch Affirms Individual Rating at 'C'
--------------------------------------------------------
Fitch Ratings has upgraded the National Short-term ratings of
three Taiwanese state-controlled banks, namely First Commercial
Bank, Hua Nan Commercial Bank and Chang Hwa Bank to 'F1+(twn)'
from 'F1(twn)'.  The rating action follows the agency's review of
Taiwanese banks' liquidity profile and is in line with its
criteria in the assignment of short-term ratings (for more
information, please see 'Short-Term Ratings Criteria for Corporate
Finance' available on www.fitchratings.com).  At the same time,
Fitch has affirmed all other ratings of FCB, HNCB and CHB.  The
Outlooks on the Long-term Issuer Default Ratings and National
Long-term ratings for the three banks remain Stable.  A detailed
list of the rating actions follows at the end of this release.

The upgrades mainly reflect these state-controlled banks' strong
liquidity stance, underpinned by their large deposit-taking
franchises, their strong ties with the state and the resultant
entrenched confidence from retail depositors.  FCB, HNCB and CHB
each operates with a substantial liquidity buffer with their
regulatory liquidity reserve ratios of 36.6%, 27.6% and 24.3%, at
end-2009 respectively - well above the regulatory requirement of
7%.  The affirmation of FCB's IDR mainly reflects the bank's
strong franchise in the Taiwanese banking sector and its
capability to maintain a steady credit profile through the recent
global financial crisis.  Meanwhile, the affirmation of HNCB and
CHB's IDRs is driven by the continued expected strong government
support, given the state's large ownership and the significant
market position of these banks.

The profitability of these state-controlled banks weakened in
2009, due mainly to severe margin compression.  However, Fitch
expects moderate improvement in these banks' bottom-line
profitability in 2010, supported by ameliorated net interest
income as net interest margin gradually recovers from the trough
in Q209, a climb in fee revenue thanks to an improvement in
investment sentiments, and well-contained bad loan losses.  The
banks' asset quality remained sound throughout the global credit
crisis, with a decline in NPL ratios and much improved loan loss
reserve coverage.  These state-controlled banks have also
maintained reasonably steady capitalization, commensurate with
their standalone credit profile.

The detailed list of rating actions is:

FCB:

  - Long-term Foreign Currency IDR affirmed at 'BBB+';

  - Short-term Foreign Currency IDR affirmed at 'F2';

  - National Long-term rating affirmed at 'AA-(twn)';

  - National Short-term rating upgraded to 'F1+(twn)' from
    'F1(twn)';

  - Individual rating affirmed at 'C';

  - Support rating affirmed at '2'; and

  - Support Rating Floor affirmed at 'BBB+'.

HNCB

  - Long-term Foreign Currency IDR affirmed at 'BBB+';

  - Short-term Foreign Currency IDR affirmed at 'F2';

  - National Long-term rating affirmed at 'AA-(twn)';

  - National Short-term rating upgraded to 'F1+(twn)' from
    'F1(twn)';

  - Individual rating affirmed at 'C/D';

  - Support rating affirmed at '2'; and

  - Support Rating Floor affirmed at 'BBB+'.

CHB

  - Long-term Foreign Currency IDR affirmed at 'BBB+';

  - Short-term Foreign Currency IDR affirmed at 'F2';

  - National Long-term rating affirmed at 'AA-(twn)';

  - National Short-term rating upgraded to 'F1+(twn)' from
    'F1(twn)';

  - Individual rating affirmed at 'C/D';

  - Support rating affirmed at '2';

  - Support Rating Floor affirmed at 'BBB+'; and

  - Subordinated bonds affirmed at 'A+(twn)'.


HUA NAN: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------
Fitch Ratings has upgraded the National Short-term ratings of
three Taiwanese state-controlled banks, namely First Commercial
Bank, Hua Nan Commercial Bank and Chang Hwa Bank to 'F1+(twn)'
from 'F1(twn)'.  The rating action follows the agency's review of
Taiwanese banks' liquidity profile and is in line with its
criteria in the assignment of short-term ratings (for more
information, please see 'Short-Term Ratings Criteria for Corporate
Finance' available on www.fitchratings.com).  At the same time,
Fitch has affirmed all other ratings of FCB, HNCB and CHB.  The
Outlooks on the Long-term Issuer Default Ratings and National
Long-term ratings for the three banks remain Stable.  A detailed
list of the rating actions follows at the end of this release.

The upgrades mainly reflect these state-controlled banks' strong
liquidity stance, underpinned by their large deposit-taking
franchises, their strong ties with the state and the resultant
entrenched confidence from retail depositors.  FCB, HNCB and CHB
each operates with a substantial liquidity buffer with their
regulatory liquidity reserve ratios of 36.6%, 27.6% and 24.3%, at
end-2009 respectively - well above the regulatory requirement of
7%.  The affirmation of FCB's IDR mainly reflects the bank's
strong franchise in the Taiwanese banking sector and its
capability to maintain a steady credit profile through the recent
global financial crisis.  Meanwhile, the affirmation of HNCB and
CHB's IDRs is driven by the continued expected strong government
support, given the state's large ownership and the significant
market position of these banks.

The profitability of these state-controlled banks weakened in
2009, due mainly to severe margin compression.  However, Fitch
expects moderate improvement in these banks' bottom-line
profitability in 2010, supported by ameliorated net interest
income as net interest margin gradually recovers from the trough
in Q209, a climb in fee revenue thanks to an improvement in
investment sentiments, and well-contained bad loan losses.  The
banks' asset quality remained sound throughout the global credit
crisis, with a decline in NPL ratios and much improved loan loss
reserve coverage.  These state-controlled banks have also
maintained reasonably steady capitalization, commensurate with
their standalone credit profile.

The detailed list of rating actions is:

FCB:

  - Long-term Foreign Currency IDR affirmed at 'BBB+';

  - Short-term Foreign Currency IDR affirmed at 'F2';

  - National Long-term rating affirmed at 'AA-(twn)';

  - National Short-term rating upgraded to 'F1+(twn)' from
    'F1(twn)';

  - Individual rating affirmed at 'C';

  - Support rating affirmed at '2'; and

  - Support Rating Floor affirmed at 'BBB+'.

HNCB

  - Long-term Foreign Currency IDR affirmed at 'BBB+';

  - Short-term Foreign Currency IDR affirmed at 'F2';

  - National Long-term rating affirmed at 'AA-(twn)';

  - National Short-term rating upgraded to 'F1+(twn)' from
    'F1(twn)';

  - Individual rating affirmed at 'C/D';

  - Support rating affirmed at '2'; and

  - Support Rating Floor affirmed at 'BBB+'.

CHB

  - Long-term Foreign Currency IDR affirmed at 'BBB+';

  - Short-term Foreign Currency IDR affirmed at 'F2';

  - National Long-term rating affirmed at 'AA-(twn)';

  - National Short-term rating upgraded to 'F1+(twn)' from
    'F1(twn)';

  - Individual rating affirmed at 'C/D';

  - Support rating affirmed at '2';

  - Support Rating Floor affirmed at 'BBB+'; and

  - Subordinated bonds affirmed at 'A+(twn)'.


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***