TCRAP_Public/100611.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 11, 2010, Vol. 13, No. 114

                            Headlines



A U S T R A L I A

BASIS YIELD: Sues Goldman Sachs For US$1 Bln on Securities Fraud
CENTRO PROPERTIES: To Sell Syndicates Management Business
FREIGHTLINK PTY: Genesee & Wyoming to Buy Assets for AU$334-Mil.
GREAT SOUTHERN: Receivers to Sell Blue Gum Forestry Estate
TRANSURBAN GROUP: Closes Retail Offer; Raises AU$410 Million


C H I N A

AGRICULTURAL BANK: Gets Securities Regulator's Approval for IPO
INDUSTRIAL & COMMERCIAL: Moody's Upgrades Bank Rating to 'D+'


H O N G  K O N G

BLOWIN LIMITED: Chan and Ying Step Down as Liquidators
CBN CHINA: Members' Final Meeting Set for July 9
DAITO POLYMER: Members' Final Meeting Set for June 28
D.B. ZWIRN: Chan and Ying Step Down as Liquidators
EASTERN ROYAL: Creditors' Proofs of Debt Due July 4

EAST WELL: Creditors' Proofs of Debt Due July 4
GLORY RISE: Members and Creditors' Meetings Set for June 18
GOOD LUCK INDUSTRY: Members' Final Meeting Set for July 12
LANDLORD LIMITED: Fong Fu Yin Albert Appointed as Liquidator
MINDCHAMPS (HK): Briscoe and Meng Step Down as Liquidators

NEW PROFIT HOLDINGS: Creditors' Meeting Set for June 14
PADDY'S COLLECTION: Briscoe and Meng Step Down as Liquidators
SAI KUNG: Members' Final Meeting Set for July 12
STARFORM WINDOWS: Chan Wai Chun Heather Steps Down as Liquidator
SYSCO RESOURCES: Philip Brendan Gilligan Steps Down as Liquidator

TEBIE LIMITED: Members' Final Meeting Set for July 5
THERAPEDIC (HK): Members and Creditors' Meetings Set for July 5
UNITECH PRECISION: Members' Final Meeting Set for July 9


I N D I A

ADITI RICE: ICRA Assigns 'LC+' Rating on INR140.5MM Bank Limits
BLR KNITS: ICRA Reaffirms 'LBB-' Rating on INR8.9MM Term Loans
CONTEC AIRFLOW: CRISIL Reaffirms 'BB-' Rating on INR15.6M Loans
CHEEMA SPINTEX: CRISIL Reaffirms Default Ratings on Various Debts
ROYAL EMBROIDERY: CRISIL Assigns 'B-' Rating on INR100MM Term Loan

GAGAN FIBRES: CRISIL Assigns 'BB-' Rating on INR95MM Cash Credit
GEEPEE AGRI: CRISIL Downgrades Rating on INR400MM Loan to 'BB+'
JINDAL INDIA: Fitch Affirms 'BB+' Ratings on Phase I Bank Loans
KBJ JEWELLERY: ICRA Assigns 'LBB' Rating on INR400MM Bank Limits
ROLSON INDUSTRIES: CRISIL Places 'P4' Rating on Various Debts

VELANKANI INFRASTRUCTURE: CRISIL Cuts INR50MM Cash Credit to 'BB-'
VELANKANI TECHNOLOGY: CRISIL Cuts Rating on INR1.3 Bil. LT Loan


I N D O N E S I A

TELEKOMUNIKASI INDONESIA: Fitch Says Bakrie Deal Can Be Beneficial
TELEKOMUNIKASI INDONESIA: Fitch Affirms 'BB+' Senior Unsec. Rating
* INDONESIA: Eight Troubled State Firms Face Liquidation


J A P A N

PROMISE CO: To Form Joint Venture in China Next Month
SHINSEI BANK: To Replace Executives; May Seek New Merger Partner


K O R E A

SSANGYONG MOTOR: Mahindra & Mahindra Starts Due Diligence


M A L A Y S I A

AYER MOLEK: Publicly Reprimanded For Breaching Listing Rules
KENMARK INDUSTRIAL: Posts MYR146.52 Mil. Net Loss for March 31 Qtr
KENMARK INDUSTRIAL: Receiver Appointed to Kenmark Paper
LUSTER INDUSTRIES: To Hold 23rd Annual General Meeting on June 30
TALAM CORP: Regularizes Financial Condition; Out of PN17

TRACOMA HOLDINGS: 14th Annual General Meeting Slated For June 29


N E W  Z E A L A N D

FIVE MILE: Allied Farmers Sell Second Stage Site


T H A I L A N D

KRUNG THAI: Moody's Changes Outlook on 'D-' Rating to Stable


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


BASIS YIELD: Sues Goldman Sachs For US$1 Bln on Securities Fraud
----------------------------------------------------------------
An Australian hedge fund manager is suing Goldman Sachs Group Inc.
for more than US$1 billion, alleging the U.S. banking firm forced
the fund into insolvency by misrepresenting the market about a
collateralized debt obligation, The Herald Sun reports.

The Herald Sun relates Basis Capital's Yield Alpha Fund filed a
civil suit in New York's Southern District Court against the
embattled investment bank, accusing it of securities fraud.

In its formal complaint, the report says, the fund claims Goldman
conned it fund into buying US$81 million worth of assets that went
toxic during the subprime mortgage crisis.

The report adds that the fund claims it lost US$50 million when it
bought a type of security known as a Timberwolf collateralized
debt obligation in June 2007, a deal which plunged it into
insolvency.

According to Herald Sun, lawyer Eric Lewis, Esq., partner at law
firm Baach Robinson & Lewis who is representing Basis said the
fund was suing Goldman for the lost US$50 million plus US$1
billion in damages after the security lost 80% of its value five
months after it was issued.

The suit comes less than two months after the U.S. Securities and
Exchange Commission filed a civil-fraud lawsuit against Goldman
over another type of CDO called Abacus, the Herald Sun notes.

                         About Basis Yield

Basis Yield Alpha Fund (Master) is a Cayman Islands mutual fund.
It operates as a master-feeder structure that allows investors'
funds to be channeled through two companies operating in a
single jurisdiction to a "master" company operating in the same
jurisdiction.  These two feeder funds are Basis Yield Alpha Fund
(US), a US feeder fund for US taxable investors, and Basis Yield
Alpha Fund, a non-US feeder for all other investors.

On Aug. 29, 2007, Hugh Dickson, Stephen John Akers, and Paul
Andrew Billingham filed a chapter 15 petition for Basis Yield
(Bankr. S.D.N.Y. Case No. 07-12762).  Karen Dine, Esq. at
Pillsbury Winthrop Shaw Pittman LLP represents the petitioners.

The U.S. Bankruptcy Court dismissed Basis Yield's Chapter 15
case on April 30, 2008.

(Basis Yield Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or
215/945-7000)


CENTRO PROPERTIES: To Sell Syndicates Management Business
---------------------------------------------------------
Centro Properties Group will begin a marketing campaign to sell
its syndicates management business, which controls AU$3.2 billion
of Australian shopping malls, Bloomberg News reports citing the
Australian newspaper.

Bloomberg News relates the paper said the group may have to sell
more than AU$1 billion of centers as investors exit syndicates due
to expire in the next 18 months.

Industry sources told The Australian that Centro had approached
property trust Charter Hall Group, before starting a formal
campaign, according to Bloomberg News.

The Australian said potential buyers for its Australian syndicate
platform include Colonial First State Global Asset Management, AMP
Ltd., Challenger Financial Services Group Ltd., Lend Lease Group
and GPT Group, Bloomberg adds.

                      About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the ownership,
management and development of retail shopping centres.  Centro
manages both listed and unlisted retail property and has an
extensive portfolio of shopping centres across Australia, New
Zealand and the United States.  Centro has funds under management
of US$24.9 billion.

                           *     *     *

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.

On Jan. 16, 2009, the TCR-AP reported that Centro Properties Group
obtained a three-year extension on its AU$3.9 billion of the
senior syndicated debt facility.  It also obtained extension of
the debt facilities within Super LLC (Centro's U.S. joint venture
investment with Centro Retail Trust (CER) and CMCS 40).


FREIGHTLINK PTY: Genesee & Wyoming to Buy Assets for AU$334-Mil.
----------------------------------------------------------------
Genesee & Wyoming Inc. has agreed to acquire the assets of
FreightLink Pty Ltd, Asia Pacific Transport Pty Ltd and related
corporate entities for AU$334 million, plus the assumption of debt
with a carrying value of AU$1.7 million.  In addition, GWI expects
to incur transaction-related expenses of AU$23 million (US$19.1
million), principally related to the payment of stamp duty (an
Australian asset transfer tax).

GWI said in a statement that the acquisition of FreightLink is
contingent upon customary closing conditions, including the
receipt of certain governmental approvals.

GWI expects to close the acquisition and to commence operations in
the fourth quarter of 2010.

                         About FreightLink

FreightLink -- http://www.freightlink.com.au-- owns and operates
the railway between Tarcoola and Darwin under a 50-year concession
agreement, and provides transport services to Australia and
overseas markets centered on the Adelaide?Darwin corridor.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 18, 2008, FreightLink appointed a voluntary administrator
after it was unable to obtain all of the required consents for a
voluntary sale of the business.  Receivers and managers,
KordaMentha, have also been appointed.  FreightLink has been in
receivership since November 2008.


GREAT SOUTHERN: Receivers to Sell Blue Gum Forestry Estate
----------------------------------------------------------
The receivers of Great Southern Ltd will sell the group's entire
blue gum forestry estate, The Sydney Morning Herald reports.

The report relates receivers McGrathNicol said the estate
consisted of about 269,000 hectares of freehold forestry land,
with a net productive area of about 167,500 hectares.  The land
estate comprises more than 640 properties, the report says.

According to the report, most of the plantations are managed
currently by Gunns Plantations or Elders Forestry on behalf of
managed investment scheme investors.

Initial bids are due in late July, and a sale is expected to be
completed by the end of 2010.

                        About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.  Great Southern manages about 43,000
investors through 45 managed investment schemes.  The group owns
and leases approximately 240,000 hectares of land.  It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.

Great Southern entered into voluntary administration in May.  The
directors of Great Southern Limited and Great Southern Managers
Australia Limited appointed Martin Jones, Andrew Saker, Darren
Weaver and James Stewart of Ferrier Hodgson as administrators of
the two companies and majority of their units.  McGrathNicol was
appointed receivers to the company and certain of its subsidiaries
by a security trustee on behalf of a group of secured creditors.

In November, the group's creditors voted to liquidate 27 of Great
Southern's 35 companies that were in administration.  Great
Southern administrators have recommended the companies within the
group be wound up.  Administrators Ferrier Hodgson said in a
report that each of the companies within the Great Southern group
was insolvent and that there had been no acceptable proposal to
continue to operate the group.

As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million.  The loans and borrowings included AU$375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


TRANSURBAN GROUP: Closes Retail Offer; Raises AU$410 Million
------------------------------------------------------------
Transurban Group launched a fully underwritten accelerated
renounceable entitlement offer, to raise AU$542.3 million.  The
institutional component of the Entitlement Offer was successfully
completed on May 12, 2010, raising roughly AU$410 million.

The retail component of the Entitlement Offer closed on June 4,
2010.  Eligible retail security holders subscribed for roughly
1,398,358 new securities (roughly AU$6.4 million) under the Retail
Entitlement Offer.

Transurban will offer for sale under the retail bookbuild roughly
27,750,859 new securities, being roughly AU$127.7 million at the
underwritten issue price of AU$4.60, which represents those
entitlements attributable to renouncing and ineligible retail
security holders.

Transurban advises that the retail bookbuild will commenced after
market close on June 9, 2010.  The settlement date for new
securities issued under the Retail Entitlement Offer and the
retail bookbuild is June 16, 2010.  Allotment of these securities
is expected to occur on June 17, 2010, and trading on ASX is
expected to commence June 18, 2010.

                       About Transurban Group

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

                           *     *     *

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


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


AGRICULTURAL BANK: Gets Securities Regulator's Approval for IPO
---------------------------------------------------------------
The China Securities Regulatory Commission has approved
Agricultural Bank of China Ltd.'s application for its planned
US$20 billion to US$30 billion initial public offering in Hong
Kong and Shanghai, The Wall Street Journal reports.

The decision by China's securities regulator also ended a brief
bout of speculation over a possible delay in the IPO, given signs
of lukewarm interest and concerns about Agricultural Bank's likely
high valuation and less attractive business fundamentals compared
with its peers.

Bloomberg News, meanwhile, reports that two people with knowledge
of the matter said ABC may sell as much as 40% of the Hong Kong
part of its initial public offering to corporate investors.

According to Bloomberg News, the people said Rabobank Groep NV,
Qatar Investment Authority, Kuwait Investment Authority, Archer
Daniels Midland Co. and China Life Insurance Group are among
potential so-called cornerstone investors who expressed interest
in buying a combined US$6 billion to US$10 billion of shares in
the Beijing-based bank.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 16, 2008, Agricultural Bank of China plans to seek a dual
listing at both Shanghai Stock Exchange and Hong Kong Exchanges
this year.

The bank is expected to raise US$25 billion to US$35 billion from
the IPO, with 60% of shares sold at the Shanghai bourse and 40% at
the Hong Kong bourse.  But the proportion could also be changed,
depending on market situation and the scale of the IPO.

Agricultural Bank was the last of China's large banks to be
recapitalized by the state in preparation for restructuring and an
eventual IPO and it is generally viewed in China as the worst-
performing and worst-managed of all banks, according to The
Financial Times.

                            About ABC

Agricultural Bank of China -- http://www.abchina.com/-- one of
China's largest state-owned commercial banks, specializes in
financing and providing services to agricultural, industrial,
commercial, and transportation enterprises in rural areas.  The
bank also offers personal banking, credit cards, and foreign
exchange services.  Founded in 1951, ABC operates approximately
31,000 branches and banking offices, as well as more than 30
provincial-level offices, serving every county in China.  Overseas
it operates branches in Hong Kong and Singapore, and
representative offices in London, New York, and Tokyo.

                           *     *     *

Agricultural Bank of China continues to carry Moody's 'E+' bank
financial strength rating and Fitch's "E" Individual Rating.


INDUSTRIAL & COMMERCIAL: Moody's Upgrades Bank Rating to 'D+'
-------------------------------------------------------------
Moody's Investors Service has affirmed the A1/Prime-1 long- and
short-term foreign currency deposit ratings of Industrial &
Commercial Bank of China, China Construction Bank, and Bank of
China.  At the same time it has upgraded the fundamental
standalone rating of the banks (their Bank Financial strength
ratings) to D+/Ba1 for ICBC, D+/Ba1 for CCB and D/Ba2 for BOC.

The A1/Prime-1 deposit ratings reflect this financial strength
coupled with ongoing expectations of very strong government
support if necessary.  The outlook on these ratings is positive,
reflecting in turn the positive outlook on China's sovereign
rating.

The upgrade of the fundamental standalone ratings of these three
banks reflects four key points : 1) ongoing strength in the
Chinese macro-economy which is not expected to change and will
provide supportive conditions for profitability; 2) continuing
resilience in capital strength coupled with ongoing strategies to
replenish capital following the extraordinary loan growth of 2009;
3) a growing track record in improving corporate governance and
risk management practices; and 4) an expectation that the banks
are well placed to manage inevitable rises in non-performing
loans, both in an expected and stress case scenario.

Yvonne Zhang, Moody's Vice President and lead analyst for the
three banks commented "Since their IPOs in 2006, 2005, and 2006,
respectively, the banks -- ICBC, CCB, and BOC -- have maintained
strong financial metrics.  Their non-performing loans have
declined both in absolute amounts and as a percentage of their
loan book.  Capital ratios are sound and profitability robust.
While net interest margins came under some pressure in 2009 and
capital ratios declined due to rapid loan growth, their
profitability and capital metrics are consistent with much
stronger financial position than their assigned BFSRs."

The key issue for the Chinese banks is going to be how their asset
quality evolves during the next two to three years.  Loan books
grew rapidly in 2009 due to China's strong economic stimulus.  As
a result, Moody's expects the low level of NPLs currently reported
by the banks to be at or near cyclical lows and asset quality
indicators will likely deteriorate.  In particular, loans to local
government financing vehicles and the real estate sector are
likely to become a source of non-performing loans as these loans
season.

Nonetheless," says Zhang, "in upgrading the banks' BFSRs, Moody's
believes that the three banks are positioned to manage the likely
increase in NPLs without compromising materially their financial
strength because of strong pre-provision profits and solid capital
and loan-loss reserves that would provide cushions against both a
base case and stressed case assumption of expected rises in credit
costs.  For example, housing loans typically carry much lower loan
to value levels than is typical in developed economies which will
protect the banks even if defaults rise strongly, which is not
expected.  But even if the losses were much stronger than Moody's
anticipate, Moody's do not believe it would materially impact
their fundamental financial strength"

Having said that, Moody's notes that not all the banks exposure in
this respect is the same.  In particular, it will take time for
BOC to further develop its domestic customer base and sector-
related expertise to the level of its peers as it increasingly
shifts its strategic focus to domestic market.  Its lending growth
of 49% in 2009 was much higher than the system average of 32% and
gives rise to concerns that its underwriting standards may have
been compromised in practice as it tried to gain market share.  As
a result, Moody's has determined that a differentiation in the
BFSR of BOC -- relative to ICBC and CCB -- is justified.

The outlook on the BFSRs is stable reflecting the solid
positioning of the fundamental ratings for the challenges likely
ahead.  The outlook on the A1 deposit ratings is positive,
reflecting the positive outlook on the sovereign.  Further
positive rating pressure for either is dependent on how the banks
manage the conflicting demands of maintaining asset quality and
growing their businesses in a sustainable manner whilst also,
inevitably, fulfilling a policy function given the government
ownership.  In addition the A1 deposit ratings would require an
upgrade in the government rating.  This in itself, however, would
not automatically lead to an upgrade to the bank deposit ratings.

Moody's last rating action on ICBC was taken on November 9, 2009,
when Moody's changed the outlook on its foreign currency deposit
rating to positive from stable.

Moody's last rating action on CCB was taken on November 9, 2009,
when Moody's changed the outlook on its foreign currency deposit
rating to positive from stable.

Moody's last rating action on BOC was taken on November 9, 2009,
when Moody's changed the outlook on its foreign currency deposit
rating to positive from stable.

ICBC, CCB and BOC are headquartered in Beijing.  As of March 2010,
ICBC reported assets of RMB12.6 trillion (approximately
US$1.9 trillion); CCB, RMB10.1 trillion (US$1.5 trillion); and
BOC, RMB9.7 trillion (US$1.4 trillion).

Below is a list of the three banks and their ratings:

Industrial & Commercial Bank of China:

  -- Bank Financial Strength D+ (upgraded from D-) with stable
     outlook

  -- LT Bank Deposits (Foreign) A1 with positive outlook

  -- ST Bank Deposits (Foreign) P-1

China Construction Bank:

  -- Bank Financial Strength D+ (upgraded from D-) with stable
     outlook

  -- LT Bank Deposits (Foreign) A1 with positive outlook

  -- ST Bank Deposits (Foreign) P-1

Bank of China:

  -- Bank Financial Strength D (upgraded from D-) with stable
     outlook

  -- LT Bank Deposits (Foreign) A1 with positive outlook

  -- Senior Unsecured (Foreign) A1 with positive outlook

  -- ST Bank Deposits (Foreign) P-1


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


BLOWIN LIMITED: Chan and Ying Step Down as Liquidators
------------------------------------------------------
Chan Mi Har and Ying Hing Chiu stepped down as liquidators of
Blowin Limited on May 27, 2010.


CBN CHINA: Members' Final Meeting Set for July 9
------------------------------------------------
Members of CBN China Limited will hold their final general meeting
on July 9, 2010, at 11:00 a.m., at 2/F., Coda Designer Center, 62
Wong Chuk Hang Road, Aberdeen, Hong Kong.

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


DAITO POLYMER: Members' Final Meeting Set for June 28
-----------------------------------------------------
Members of Daito Polymer (HK) Co., Limited will hold their final
general meeting on June 28, 2010, at 11:00 a.m., at 14/F.,
Greatmany Centre, 109-115 Queen's Road East, Wanchai, in Hong
Kong.

At the meeting, Chan Yee Por Simon, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


D.B. ZWIRN: Chan and Ying Step Down as Liquidators
--------------------------------------------------
Chan Mi Har and Ying Hing Chiu stepped down as liquidators of D.B.
Zwirn Asia Partners Limited on May 27, 2010.


EASTERN ROYAL: Creditors' Proofs of Debt Due July 4
---------------------------------------------------
Creditors of Eastern Royal Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by July 4,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Sung Mi Yin
         Suite No. A, 11th Floor
         Ritz Plaza
         122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


EAST WELL: Creditors' Proofs of Debt Due July 4
-----------------------------------------------
East Well Development Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by July 4, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Sung Mi Yin
         Suite No. A, 11th Floor, Ritz Plaza
         122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


GLORY RISE: Members and Creditors' Meetings Set for June 18
-----------------------------------------------------------
Members and creditors of Glory Rise Limited will hold their annual
meetings on June 18, 2010, at 2:30 p.m., and 3:00 p.m.,
respectively at Rooms 2009-10, Nan Fung Tower, 173 Des Voeux Road
Central, in Hong Kong.

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


GOOD LUCK INDUSTRY: Members' Final Meeting Set for July 12
----------------------------------------------------------
Members of Good Luck Industry Processing Limited will hold their
final general meeting on July 12, 2010, at 11:00 a.m., at 2201-2
Bonham Trade Centre, 50 Bonham Strand, Sheung Wan, in Hong Kong.

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


LANDLORD LIMITED: Fong Fu Yin Albert Appointed as Liquidator
------------------------------------------------------------
Fong Fu Yin Albert on June 4, 2010, was appointed as liquidator of
Landlord Limited.

The liquidator may be reached at:

          Fong Fu Yin Albert
          Unit 8, 9/F., Tower A
          New Mandarin Plaza
          14 Science Museum Road
          Tsimshatsui


MINDCHAMPS (HK): Briscoe and Meng Step Down as Liquidators
----------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Mindchamps (Hong Kong) Limited on May 26, 2010.


NEW PROFIT HOLDINGS: Creditors' Meeting Set for June 14
-------------------------------------------------------
Creditors of New Profit Holdings Limited will hold their meeting
on June 14, 2010, at 3:00 p.m., for the purposes provided for in
Sections 228A, 241, 242, 243, 244 and 251 of the Companies
Ordinance.

The meeting will be held at the 14/F, The Hong Kong Club Building,
3A Chater Road, Central, in Hong Kong.


PADDY'S COLLECTION: Briscoe and Meng Step Down as Liquidators
-------------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Paddy's Collection (China) Limited on May 25, 2010.


SAI KUNG: Members' Final Meeting Set for July 12
------------------------------------------------
Members of Sai Kung Central Primary School Limited will hold their
final meeting on July 12, 2010, at 3:00 p.m., at 17th Floor, Shun
Kwong Commercial Building, No. 8 Des Voeux Road West, Sheung Wan,
in Hong Kong.


STARFORM WINDOWS: Chan Wai Chun Heather Steps Down as Liquidator
----------------------------------------------------------------
Chan Wai Chun Heather stepped down as liquidator of Starform
Windows & Doors Services Limited on May 20, 2010.


SYSCO RESOURCES: Philip Brendan Gilligan Steps Down as Liquidator
-----------------------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of Sysco
Resources Hong Kong Limited on May 31, 2010.


TEBIE LIMITED: Members' Final Meeting Set for July 5
----------------------------------------------------
Members of Tebie Limited will hold their final general meeting on
July 5, 2010, at 10:00 a.m., at 15th Floor, Empire Land Commercial
Centre, 81-85 Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Yu Tak Yee Beryl and Choi Tze Kit Sammy, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


THERAPEDIC (HK): Members and Creditors' Meetings Set for July 5
---------------------------------------------------------------
Members and creditors of Therapedic (HK) Limited will hold their
annual meetings on July 5, 2010, at 4:00 p.m., and 4:30 p.m.,
respectively at Unit 1402, 14/F, Yue Xiu Building, 160-174
Lockhart Road, Wanchai, in Hong Kong.

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


UNITECH PRECISION: Members' Final Meeting Set for July 9
--------------------------------------------------------
Members of Unitech Precision (H.K.) Limited will hold their final
meeting on July 9, 2010, at 10:00 a.m., at 7/F., Ying Tung
Industrial Building, 802 Lai Chi Kok Road, Kowloon, in Hong Kong.

At the meeting, Norio Kuroiwa and Chan Yuk Fong, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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


ADITI RICE: ICRA Assigns 'LC+' Rating on INR140.5MM Bank Limits
---------------------------------------------------------------
ICRA has assigned an 'LC+' rating to the INR140.50 million fund
based bank limits of Aditi Rice Mills Private Limited.  The rating
factors in the delay experienced by the company in the
implementation of the project, leading to a delay in payment of
interest on term loan, the somewhat aggressive funding structure
of the project, cost overruns suffered till date and a highly
competitive industry, which is likely to keep margins under
pressure after the project commissioning.

The rating however considers the experience of the promoters in
the business of agro based products; locational advantage of
ARMPL, being adjacent to the manufacturing facilities of its group
companies and proximity to raw material sources, leading to lower
landed cost of input materials.

Aditi Rice Mills Pvt. Ltd., incorporated in 2007, is in the
process of setting up a rice mill in the district of Burdwan, West
Bengal.  The proposed rice mill is being set up in the adjoining
area of the existing factory of ARMPL's group companies on an area
of 3 acre of land.  The installed capacity of the rice mill will
be 192 TPD (tonnes per day).  The revised cost of the project has
been estimated at INR175 million and will be financed by
promoters' contribution of INR60 million and term loans of
INR115 million, implying a project debt- equity ratio of 1.92:1.


BLR KNITS: ICRA Reaffirms 'LBB-' Rating on INR8.9MM Term Loans
--------------------------------------------------------------
ICRA has reaffirmed the 'LBB-' rating to the INR8.9 million term
loans and the INR32.5 million cash credit facilities of BLR Knits
Private Limited.  The outlook on the rating is stable. ICRA has
also reaffirmed the 'A4' rating to the INR2.1 million short term
non-fund based facility of BLRK.

The reaffirmed ratings continues to factor in BLRK's relatively
small scale of operations, restricting economies of scale and
pricing flexibility amidst the intense competition in the
readymade garments (RMG) industry.  BLRK's customer concentration
remains high, which is likely to have an adverse impact on
revenues in the event of a decline in orders.  The rating also
considers BLRK's weak financial profile characterized by
relatively moderate profitability, low accruals and high gearing.
Nevertheless, the assigned ratings factor in the experience of
BLRK's promoters in the fabric/ RMG business, presence of reputed
apparel brands in its customer portfolio and small direct presence
through its own brand Rattrap.

BLRK is a closely-managed business engaged in the manufacture of
knitted fabric and RMG.  Engaged in manufacture and export of
fabric since 1987, BLRK ventured into the RMG business in 2003-04,
with garmenting operations sub-contracted to its group entity,
Keya International ? a partnership firm established in 1994, which
is also engaged in the manufacture of readymade garments.  BLRK
subsequently set up its own garmenting capacities in 2006-07.  The
Company currently has its manufacturing facilities at Bangalore
with estimated knitting capacities of 7,000 kg fabric per day and
garmenting capacities of 6,000 pieces per day.

Readymade garments form the bulk of the company's revenues with
the product profile broadly comprising T-shirts, sweat shirts,
sportswear, and nightwear.  The Company primarily caters for
garment sales to domestic brands/ retailers such as V.F. Arvind
Brands Private Limited and Lifestyle International (P) Limited.
Direct exports comprising garment sales form a relatively small
part of revenue, and contract work undertaken for knitting and
garmenting contributes to the bulk of the revenue.

BLRK reported a profit after tax of INR5.7 million on an operating
income of INR147.8 million in 2008-09.

Recent Results (Provisional)

For the year ended March 2010, the Company reported a profit
before tax of INR12.5 million on operating income of
INR141.4 million.


CONTEC AIRFLOW: CRISIL Reaffirms 'BB-' Rating on INR15.6M Loans
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Negative' to Contec Airflow
Engineers Pvt Ltd's proposed long term bank facility while
reaffirming the rating on its other bank facilities at 'BB-
/Negative/P4'.

   Facilities                       Ratings
   ----------                       -------
   INR15.6 Million Term Loans       BB-/Negative (Reaffirmed)
   (Reduced from INR45.6 Million)

   INR65.0 Million Cash Credit      BB-/Negative
   (Enhanced from INR50 Million)

   INR7.5 Million Letter of Credit  P4
   (Enhanced from INR5.0 Million)

   INR7.5 Million Bank Guarantee    P4
   (Enhanced from INR5.0 Million)

   INR10.0 Million Proposed Long    BB-/Negative (Assigned)
   Term Bank Facility

The rating continues to reflect Contec's weak financial risk
profile, marked by low net worth and weak debt protection
measures, small scale of operations, and its high dependence on
the pharmaceutical sector for revenues.  These weaknesses are
partially offset by the industry experience of Contec's promoters.

Outlook: Negative

CRISIL believes that Contec's financial risk profile may
deteriorate over the medium term if the company's profitability
does not improve significantly from current level, leading to a
decline in its debt protection metrics.  The ratings may be
downgraded in case Contec's profit margins remain at current
levels, thereby weakening its debt protection metrics, or if it
revives its debt-funded capital expenditure plans in the near
term.  Conversely, the outlook may be revised to 'Stable' if
Contec increases its scale of operations or improves its capital
structure, significantly.

                       About Contec Airflow

Incorporated in 2006-07 (refers to financial year, April 1 to
March 31) by Mr. C Ramakrishna, Contec is into designing,
consulting, and commissioning heating, ventilating, and air-
conditioning (HVAC) projects.  Mr. Ramakrishna has industry
experience of more than 25 years, and is assisted by his sons, Mr.
Pawan Kumar and Mr. Anil Kumar.

Contec reported a profit after tax (PAT) of INR1.3 million on net
sales of INR162.4 million for 2008-09, against a PAT of INR2.9
million on net sales of INR111.7 million for 2007-08.


CHEEMA SPINTEX: CRISIL Reaffirms Default Ratings on Various Debts
-----------------------------------------------------------------
CRISIL ratings on the bank facilities of Cheema Spintex Ltd
continue to reflect Cheema Spintex's persisting delays in
servicing its loans because of its continuing weak financial
performance.  The company has delayed the interest payment on its
restructured debt during the period April to May 2010.

   Facilities                                 Ratings
   ----------                                 -------
   INR105.0 Million Cash Credit               D (Reaffirmed)
   INR344.7 Million Rupee Term Loan           D (Reaffirmed)
   INR90.0 Million Letter of Credit           P5 (Reaffirmed)
   INR225.0 Million Export Bill Discounting   P5 (Reaffirmed)

Cheema Spintex was set up by Mr. Harbhajan Singh Cheema in
association with Punjab State Industrial Development Corporation
(PSIDC).  Incorporated in 1994 as a 100% export-oriented unit, the
company manufactures combed and carded cotton yarn in counts
ranging from 20s to 40s.  It has an installed capacity of 30,240
spindles.  The company exports its products mainly to Hong Kong,
Taiwan, China, South Korea, Singapore, Thailand, Malaysia, and
Canada.

For 2008-09 (refers to financial year, April 1 to March 31),
Cheema Spintex reported a net loss of INR118.1 million on net
sales of INR890.6 million, against a net loss of INR73.2 million
on net sales of INR790.5 million for 2007-08.


ROYAL EMBROIDERY: CRISIL Assigns 'B-' Rating on INR100MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B-/Negative' rating to Royal Embroidery
Threads Pvt Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR100.0 Million Rupee Term Loan     B-/Negative (Assigned)
   INR75.0 Million Cash Credit          B-/Negative (Assigned)

The rating reflects Royal's weak financial risk profile, marked by
high gearing, modest debt protection measures, and low net worth,
and its small scale of operations.  These rating weaknesses are
partially offset by Royal's long track record in the viscose rayon
threads manufacturing industry.

Outlook: Negative

CRISIL believes that Royal's financial risk profile will remain
constrained over the medium term by its large repayment
obligations as compared with its cash accruals.  The rating may be
downgraded in case of delays by Royal in servicing of its term
debt obligations.  Conversely, the outlook may be revised to
'Stable' if there is substantial equity infusion and/or sustained
improvement in the company's operating margin, leading to a better
financial risk profile.

                      About Royal Embroidery

Royal was originally set up in 1975 as a partnership firm, Royal
Agency; it was reconstituted as a private limited company in 2006.
Royal manufactures viscose rayon threads that are mainly used for
embroidering of garments.  The company procures viscose filament
single yarn primarily from Century Textiles and Industries Ltd,
and processes the yarn by doubling, dyeing, rewinding, and then
packaging it into cones or tubes.  Royal's plants are located at
Mumbai and Pune, and have capacity to manufacture 1250 kg of
viscose rayon threads per day.  The company's products are sold in
Maharashtra, Gujarat, Delhi, Uttar Pradesh, Tamil Nadu, and West
Bengal.

Royal reported a profit after tax (PAT) of INR0.9 million on net
sales of INR182.6 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.9 million on net sales
of INR165.4 million for 2007-08.


GAGAN FIBRES: CRISIL Assigns 'BB-' Rating on INR95MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Gagan Fibres
Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR95.0 Million Cash Credit      BB-/Stable (Assigned)
   INR5.0 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect GFPL's weak financial risk profile marked by a
small net worth and high gearing (because of large working capital
borrowings), and small scale of operations.  These rating
weaknesses are partially offset by the benefits that GFPL derives
from its established relationship with its principal, Reliance
Industries Ltd (RIL; rated AAA/Stable/P1+ by CRISIL)

Outlook: Stable

CRISIL believes that GFPL's financial risk profile will remain
constrained by its large working capital requirements, over the
medium term.  The outlook may be revised to 'Positive' if GFPL
scales up its operations and improves its capital structure
significantly.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates,
most likely because of pressure on revenues and profitability, or
a significant increase in its working capital requirement.

                         About Gagan Fibres

Incorporated in 1997 as a proprietorship firm by Mr. K S Makkar,
GFPL (formerly, Gagan and Co) was reconstituted as a private
limited company in 2008.  The company is a del-credere agent of
RIL, with two offices; one each in Ludhiana (Punjab) and Himachal
Pradesh.  The company is also an agent for Clarient Chemicals (I)
Ltd and Sunshine Chemicals Ltd and sells knitted fabrics,
contributing roughly 5% of the company's total revenues. It deals
in products namely polyester staple fibre (PFS), partially
oriented yarn (POY), partially textured yarn (PTY), full drawn
yarn (FDY), and pet chips.

GFPL reported a profit after tax (PAT) of INR2.7 million on net
sales of INR651 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3.4 million on net sales
of INR780 million for 2007-08.


GEEPEE AGRI: CRISIL Downgrades Rating on INR400MM Loan to 'BB+'
---------------------------------------------------------------
CRISIL has downgraded its ratings on Geepee Agri Pvt Ltd's bank
facilities to 'BB+/Negative/P4+' from 'BBB-/Negative/P3'.

   Facilities                       Ratings
   ----------                       -------
   INR400 Million Term Loan#        BB+/Negative (Downgraded from
                                                  'BBB-/Negative')

   INR750 Million Cash Credit*      BB+/Negative (Downgraded from
                                                  'BBB-/Negative')

   INR300 Million Letter of Credit  P4+ (Downgraded from 'P3')

   INR50 Million Bank Guarantee     P4+ (Downgraded from 'P3')

   #Including proposed limit of INR70 million

   *Interchangeable with other bank facilities

The downgrade reflects CRISIL belief that GAPL's business will
continue to be adversely affected over the medium term because of
increased price of soya seed (which is GAPL's raw material) and
the competition India's solvent extraction industry is facing from
cheaper edible oil imports (which is GAPL's end product).  GAPL's
sales and operating margin declined in 2009-10 (refers to
financial year, April 1 to March 31) because of the aforementioned
reasons.  During 2009-10, the Indian solvent extraction industry
came under pressure because of the increase in soya seed prices as
a percentage of oil prices, resulting in an adverse impact on the
operating margins of players in the industry.  Zero import duty on
edible oil resulted in increased import of cheaper oil and a
decline in seed crushing.  This also led to a sharp reduction in
oil meal exports during the year.  In line with other industry
players, GAPL's net sales declined sharply during the first nine
months of 2009-10, as prospects of a lower operating margin led to
its plants remaining idle for most of this period.  Sharp decline
in operating income, profitability, and accruals, coupled with
higher debt levels adversely impacted GAPL's debt protection
metrics despite the management's efforts to reduce working capital
borrowings during the year.

The ratings also reflect GAPL's sub par financial risk profile,
marked by an expected increase in gearing because of large working
capital requirements and debt-funded capital expenditure (capex).
These weaknesses are partially offset by GAPL's moderate market
position in processed edible oil seeds and refined edible oil
segments, and its management's experience in the edible oil
business.

Outlook: Negative

CRISIL believes that, in line with the industry trends, GAPL's
operating margin will remain subdued over the medium term because
of competition from cheaper edible oil imports.  The company's
financial risk profile is likely to remain weak, with low cash
accruals leading to poor debt protection metrics.  The ratings may
be downgraded further in case GAPL's profitability does not
improve during the soya-seed crushing season in the second half of
2010-11, or its debt protection metrics deteriorate sharply
because of more-than-expected working capital borrowings and debt-
funded capex.  Conversely, the outlook could be revised to
'Stable' if there is a sustained improvement in GAPL's revenues
and profitability.

                         About Geepee Agri

GAPL is engaged in processing edible oil seeds and refining edible
oil. The company has seed crushing capacity of 1550 tonnes per day
(tpd) and refining capacity of 175 tpd. Its plants are located at
Akola (Maharashtra) and Kota (Rajasthan).

GAPL was originally incorporated as Noble Grain India Pvt Ltd, a
51:49 joint venture (JV) between Noble Group Ltd (Noble Group,
rated 'BBB-/Stable' by Standard & Poor's), a leading global supply
chain manager, and Siam Stock Holdings Ltd (Siam Stock), a
Mauritius-based company owned by Ms. Nishita Shah and Ms. Urmi
Shah (part of GP Group, Thailand). In June 2009, Noble Group sold
its entire shareholding in the JV to Siam Stock. The name was
subsequently changed in July 2009. At present, Siam Stock holds
92% stake in GAPL, while GAPL's management (Mansingka family)
holds the remaining 8%. Recently, GAPL issued 21.8 million
compulsorily convertible preference shares to Rabo Equity Advisors
Pvt Ltd (Rabo); these shares are convertible on or before June 30,
2011. After the conversion of preference shares, Rabo will hold
26% of the company's equity share capital.

For 2008-09, GAPL reported a net profit of INR197.1 million on
sales of INR6.04 billion, against a net profit of INR150.1 million
on sales of INR7.24 billion, the previous year.  Its net loss for
2009-10 is estimated at ~INR127.7 million on sales of INR3.20
billion.


JINDAL INDIA: Fitch Affirms 'BB+' Ratings on Phase I Bank Loans
---------------------------------------------------------------
Fitch Ratings has removed the Rating Watch Negative on Jindal
India Thermal Power Ltd's long-term senior bank loans aggregating
INR21,490m for phase I of its power project.  The agency has
simultaneously affirmed the rating on the phase I bank loans at
'BB+(ind)', and the rating on JITPL's subordinated bank loans
aggregating INR1,430 million at 'BB(ind)'.  At the same time, the
agency has assigned a 'BB+(ind)' rating to the senior bank loans
for phase II of its power project aggregating INR23,220 million.
The Outlook on all ratings is Stable.

JITPL, promoted by the BC Jindal group, planned to implement a
coal-based thermal power project in three phases of 600MW each in
Derang village, Angul District of the state of Orissa.  The first
two phases are currently under construction and the projects are
being implemented at a cost of INR28,650 million for phase I and
INR30,960 million for phase II.  Financial closure has not been
achieved for phase III.  While the sponsor group has had decades
of experience in non-power related businesses, this project will
by far be its largest venture.  80% of JITPL's paid up capital is
held by Jindal India Powertech Ltd, the holding company, promoted
by Jindal Photo Limited ('AA-(ind)'/Negative), Jindal Poly Films
Ltd and other group companies.

In December 2009, Fitch placed the rating of the phase I bank
loans on RWN, after the company announced the phase II expansion
plans.  This is due to the fact that the second expansion was not
factored into the original rating when the agency assigned it in
August 2009.  With the achievement of financial closure for phase
II and the signing of loan agreements, the uncertainty surrounding
the implementation of phase II has been alleviated, leading to the
removal of the RWN.  Structurally, while the bank loans for the
two phases have separate escrow accounts, ensuring segregation of
cash flows available for debt service, the security package for
the phase II debt includes a pari-passu charge on all fixed assets
including phase I.

JITPL's ratings are constrained by the high degree of construction
and project completion risk for its green field venture, which
includes the absence of a single Engineering, Procurement and
Construction contractor, given the sponsor's lack of experience in
building and operating a power plant.

The company has concluded INR33bn worth of contracts, out of the
total EPC value of INR47 billion.  The crucial Boiler-Turbine-
Generator supply and service agreement for both phases have been
signed with Bharat Heavy Electricals Limited ('AAA(ind)'/Stable);
however, BHEL's overflowing order book could lead to commission
delays.  The appointment of Tata Consulting Engineers, an
experienced consultant, as technical advisors helps partially
offset the absence of a single EPC contractor.

Financial risks include a relatively high debt to equity ratio
(slightly above 3:1), floating interest rates and a tight
amortization schedule that could result in low base case coverage
ratios, particularly for the phase II loans.  The phase I project
has a relatively favorable structure since the proposed fuel mix
sources a lower percentage (30%) of fuel from the more expensive
government linkages with about 70% from captive coal mines.
Whereas the phase II project will source 70% of its coal
requirement from the government linkages and just 30% from captive
coal mines.

That said, the ratings benefit from the fact that JITPL has
secured the land required for both phases of construction, and the
cost advantage the company will derive from the close proximity of
captive coal mines to its generating station.  The sponsors, along
with Monnet Ispat Ltd and Tata Power Company Ltd, have secured
mining rights on coal blocks with proven reserves, and along with
the supply from government linkages, the total fuel requirements
should be adequately catered to.  Pursuant to a JV agreement among
these three companies, a separate company has been formed to
manage the mining project and the fuel supply agreement has
reportedly been concluded.  The agency also notes that with the
sanctioned government coal supply of 2.66mtpa, coupled with
Government of India's tapering coal linkage policy, JITPL will be
cushioned from any possible delays in the commencement of the
mining operations.

Given the growing power deficit situation in India, Fitch believes
that off-take risk is minimal at the projected price in the short
to medium-term, even though tariffs may correct in the longer-
term.  The company has a 12-year power sale arrangement with Tata
Power Trading Company Limited ('BBB+(ind)'/Stable) for 83% of the
capacity for phase I.  Identical arrangements are reportedly being
finalized for phase II as well.

While approximately INR3 billion in sponsor equity, out of an
estimated requirement of INR13.5 billion, has already been
injected, the company's management confirmed the availability of
committed equity in the form of bank deposits held by various
unlisted group companies.  This, together with expected internal
accruals from two of the listed companies in the group, should
help meet the projects' residual equity requirements over the next
24 months.  Fitch has not considered the phase III expansion in
its analysis but will await financial closure and receipt of
documentation in order to evaluate the possible impact on JITPL's
current ratings, if any.


KBJ JEWELLERY: ICRA Assigns 'LBB' Rating on INR400MM Bank Limits
----------------------------------------------------------------
ICRA has assigned 'LBB' rating to INR 400 million fund based (Cash
Credit) bank limits of KBJ Jewellery Private Limited.  The rating
carries stable outlook.  ICRA has also  assigned A4 rating to INR
100 million non fund based (Bank Guarantee) bank limits of KBJJPL,
which is a sub-limit of INR400 million fund based limits.  As such
the total utilization should not exceed INR400 million at any
point of usage.

The ratings derive comfort from the long experience of KBJJPL's
promoters in the gold jewellery business and its robust revenue
growth in the last couple of years owing to wide product profile
and diversified clientele.  The ratings are however constrained by
KBJJPL's low operating margins resulting from the highly
competitive nature of the gold jewellery industry, exposure of
margins to the volatility in the raw material (mainly gold) prices
to the extent of unconfirmed sales orders, stretched net
profitability resulting in low cash accruals, weak debt coverage
indicators and high gearing.

Incorporated in May 2006, KBJ Jewellery Private Limited (KBJJPL)
was promoted by Mr. Mohit D. Kamboj (currently MD of the company)
and his father Deepak K. Kamboj with the aim to manufacture and
market gold jewellery.  The Kamboj family has been in the
jewellery business for more than five decades with Mr. Mohit
Kamboj representing the third generation of the family in this
business.  The company's head office is located in Mumbai and it
has a branch office in Varanasi, UP, where the family first
commenced its jewellery business five decades ago.

Based on the provisional numbers for the financial year ended
March 2010, the company reported a Net Profit of INR17.4 million
on an operating income of INR3,329.6 million.


ROLSON INDUSTRIES: CRISIL Places 'P4' Rating on Various Debts
-------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facilities of
Rolson Industries (I) Ltd, a part of the Rolson group.

   Facilities                             Ratings
   ----------                             -------
   INR140.00 Million Packing Credit*      P4 (Assigned)
   INR140.00 Million Bills Discounting    P4 (Assigned)

   *Includes adhoc limit of INR20 million.

The rating reflects the Rolson group's weak financial risk
profile, constrained by high gearing and small net worth, and its
exposure to risks related to the fragmented textile market and
working-capital-intensive operations.  These rating weaknesses are
partially offset by the benefits that the group derives from its
promoters' experience in the fabric-manufacturing business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RIIL, Rolson International, and Rolson
Synthetics Ltd (Rolson Synthetics).  This is because these
entities, collectively referred to as the Rolson group, have a
common management and strong operational and financial linkages.
RIIL and Rolson International are in the same line of business:
weaving.  Rolson Synthetics is a processing unit which undertakes
dyeing and finishing work for the other two group companies, and
also for other companies on a job-work basis.  About 50% of Rolson
Synthetics' sales are made to the other group companies.

                          About the Group

Set up in October 2004 by Mr. Kewal Jain, RIIL (formerly, Rolson
Industries Ltd) manufactures poly-cotton and poly-viscose suiting
and shirting fabrics.  The company acquired its current name in
2005.  RIIL's facilities are located at Tarapur (Maharashtra).
About 35% of the weaving is done in-house whereas the balance is
outsourced to leased units.  The company has a capacity to
manufacture 4.2 million meters per annum (mpa), and the leased
facilities have a capacity of 7.8 million mpa. Processing, that
is, dyeing, chemical treatment, and finishing, is outsourced to
Rolson Synthetics.

The Rolson group reported a profit after tax (PAT) of INR8.4
million on net sales of INR1.03 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR6
million on net sales of INR858 million for 2007-08.


VELANKANI INFRASTRUCTURE: CRISIL Cuts INR50MM Cash Credit to 'BB-'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Velankani Infrastructure and Projects Pvt Ltd to 'BB-/Negative/P4'
from 'BB/Negative/P4+.  The downgrade reflects CRISIL's belief
that VIPPL's business risk profile will deteriorate over the
medium term as a result of limited revenue visibility.  The
downgrade also factors in the decline in VIPPL's revenues in
2009-10 by 54% over that in 2008-09 and decline in profitability,
leading to deterioration in its debt protection metrics.

   Facilities                       Ratings
   ----------                       -------
   INR50.00 Million Cash Credit     BB-/Negative (Downgraded from
                                                  'BB/Negative')

   INR50.00 Million Bank Guarantee  P4 (Downgraded from 'P4+')

The ratings reflect VIPPL's small scale of operations, with
limited track record and limited geographical diversity in revenue
profile.  These rating weaknesses are partially offset by VIPPL's
moderate financial risk profile, marked by moderate gearing, debt
protection but constrained by low net worth.

Outlook: Negative

CRISIL believes that VIPPL's revenue growth will be subdued over
the medium term because of limited revenue visibility.  The
ratings may be downgraded if VIPPL's revenues and profitability
decline, most likely because of delays in its ongoing projects or
suspension of projects by customers; or the company's financial
risk profile deteriorates, most likely because of larger-than-
expected working capital borrowings.  Conversely, the outlook may
be revised to 'Stable' if VIPPL completes its ongoing projects on
schedule, leading to more-than-expected growth in its revenues and
profitability.

                   About Velankani Infrastructure

Established in 2000, as Caliber Construction Company Pvt Ltd by
Mr. Kiron Shah, VIPPL got its current name in February 2008.
VIPPL is into construction of special economic zones (SEZs),
hotels, and industrial and residential buildings.  The company is
part of the Velankani group, which has diverse business interests,
including software services, construction, real estate, and SEZ
development.

For 2009-10 (refers to financial year, April 1 to March 31), VIPPL
reported a provisional profit after tax (PAT) of INR2.1 million on
net sales of INR280 million, against a PAT of INR4.2 million on
net sales of INR521 million for the previous year.


VELANKANI TECHNOLOGY: CRISIL Cuts Rating on INR1.3 Bil. LT Loan
---------------------------------------------------------------
CRISIL has downgraded its rating on term loan facility of
Velankani Technology Parks Pvt Ltd to 'C' from 'B/Negative'.

   Facilities                         Ratings
   ----------                         -------
   INR1.30 Billion Long-Term Loan     C (Downgraded from
                                         'B/Negative' )

The downgrade reflects the recent instance of delay by VTPPL
paying the interest on its term loan; the delays have been caused
by VTPPL's weak liquidity.  The company's liquidity is under
pressure as it is yet to enter into lease agreements with tenants
for its upcoming project of setting up a special economic zone
(SEZ) park.  Because of the absence of cash flows against the
maturing debt, VTTPL has proposed to prepay its entire term loan
outstanding by the end of June, through infusion of equity by its
holding company, Velankani Technology Parks Mauritius Ltd (VTPML)
and AIG GRE SriP Mauritius Ltd.

The rating reflects VTPPL's exposure to implementation-related
risks in its ongoing project, and lack of revenue visibility.
These weaknesses are partially offset by the benefits that VTPPL
derives from the financial support it gets from its promoters.

Velankani Technology Parks Pvt Ltd is setting up an electronic
hardware manufacturing and information technology enabled services
SEZ at Sriperumbudur, close to National Highway 4 in Tamil Nadu,
for a total capital expenditure (capex) of INR1.35 billion.  The
SEZ project, comprising 29 blocks (buildings) and other common
amenities/facilities spread over 265 acres, will be constructed in
five phases.  Block 1 of Phase I, consisting of a built-up area of
172,648 square feet, was completed in February 2009.  VTPPL is
part of the Velankani group, which has diverse business interests,
including software services, construction, real estate, and SEZ
development.


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


TELEKOMUNIKASI INDONESIA: Fitch Says Bakrie Deal Can Be Beneficial
------------------------------------------------------------------
Fitch Ratings has commented that the potential consolidation of PT
Telekomunikasi Indonesia Tbk's ('BB+'/Stable) CDMA division,
Telkom-Flexi (the largest CDMA operator in Indonesia), with the
country's second largest CDMA operator, PT Bakrie Telecom Tbk
(B/Stable), can be beneficial.  This follows reports in local
newspapers on June 8, 2010, that the government has officially
confirmed that a proposal letter from Telkom has been received.

"Although the details of the transaction have not yet been
disclosed, Fitch views that the consolidation of the two largest
CDMA operators will benefit the Indonesian telecommunication
industry given the current competitive environment," said
Marchelius Mario, Associate Director in Fitch's Asia Pacific
Corporates ratings team.  The consolidation would reduce tariff
pressures between the two operators and provide synergies in terms
of marketing efforts, increased economies of scale and reduced
expansionary capex.  As at end-2009, Telkom-Flexi had 15.1 million
subscribers while BTEL had 10.6 million subscribers.  As such, the
combined business entity would be the fourth-largest wireless
operator in Indonesia behind PT XL Axiata Tbk ('BB'/Stable) which
had a subscriber base of 31.4 million as at end-2009.  This
sizeable subscriber scale would increase their on-net call usage,
which in turn would increase revenue generation and strengthen its
competitive force against the top-three GSM operators.

Indonesia's wireless industry is crowded with a total of 10
players as at end-2009.  Industry subscribers totaled around
190 million at end-2009, implying a headline penetration of about
82%; however, real penetration is estimated to be lower at about
50% according to Fitch's calculation after adjusting for multiple-
counting of Simcards.  With mobile penetration still relatively
moderate, reasonable growth is expected to continue over the
medium-term.  GSM is the most popular wireless technology in
Indonesia, accounting for around 83% of industry subscribers at
end-2009.  The top three GSM operators (PT Telekomunikasi Selular
('BBB-'/Stable), PT Indosat Tbk ('BBB-'/Stable) and XL) accounted
for about 90% of GSM subscribers or 75% of total industry
subscribers as at end-2009.

The CDMA fixed-wireless industry has grown rapidly since inception
in 2003-2004, as services were initially offered at a fraction of
GSM tariffs and marketed as a low-cost cellular alternative in
densely-populated areas such as the city of Jakarta.  However, the
business case for CDMA operators has been curtailed by the GSM
voice tariff war in 2008.  Thus, the CDMA subscriber base shared
among several players remained small at around 17% of the total
wireless subscribers at end-2009, albeit the rapid growth in
recent years.

Fitch also expects that post-consolidation, the combined entity
would have better geographical diversification within Indonesia as
there is currently limited overlap in subscriber base and coverage
between Telkom-Flexi and BTEL.  Most of BTEL's subscribers reside
in the provinces of Jakarta, Banten and Jawa Barat, while Telkom-
Flexi's subscriber base and coverage are more spread-out in terms
of geographical location.  Currently, both entities operate on 800
megahertz based on the CDMA 2000 1x technology, with each of them
having a total bandwidth of 5 MHz.  As such, the agency believes
that the combined entity post-consolidation may allocate some
portion of the bandwidth for the expansion of wireless broadband
services, which is gaining popularity in Indonesia and becoming a
key growth driver for Indonesia's telecom operators.

Although Fitch expects the consolidation to provide benefits to
both entities, the transaction will unlikely impact Telkom's
ratings as its current ratings at ('BB+'/Stable) are effectively
capped by the Republic of Indonesia' sovereign ratings
('BB+'/Stable), given the majority ownership by the Indonesian
government.  However, the transaction may impact BTEL's ratings
('B'/Stable).  Fitch will seek greater clarity on the transaction
structure and how BTEL's operations will be combined with Telkom-
Flexi before taking the appropriate rating action.


TELEKOMUNIKASI INDONESIA: Fitch Affirms 'BB+' Senior Unsec. Rating
------------------------------------------------------------------
Fitch Ratings has affirmed PT Telekomunikasi Indonesia Tbk's
foreign and local currency Issuer Default Ratings at 'BB+' with
Stable Outlook.  At the same time the agency has affirmed Telkom's
senior unsecured rating at 'BB+'.

PT Telekomunikasi Indonesia Tbk's ratings reflect its diversified
operations and entrenched position in the Indonesian telecom
sector, with leading market shares in cellular, fixed-line and
data services.  Its consolidated profile is heavily influenced by
its GSM cellular business, through its 65% subsidiary PT
Telekomunikasi Selular ('BBB-'/Stable), which accounted for around
61% of the group's total revenue and 75% of EBITDA in 2009.

Fitch notes that the growth in Telkom's voice revenue in fixed
line (wireline and wireless) and GSM cellular was curtailed by the
voice tariff war in Indonesia in 2008.  The company's fixed-line
telephone segment registered negative revenue growth of 11.2% in
2009, and declined by a further 6.7% in Q110.  Cellular telephone
revenue growth (excluding data/SMS and internet revenue) was only
7.4% in 2009 and 2.9% in Q110.  Accordingly, the management is
transforming its business strategy by expanding into other related
industries such as information, media and edutainment.  As a
result, the company's key revenue growth has been shifting toward
internet broadband and data services.  These recorded stronger
revenue growth of about 25% yoy in 2009 and Q110, increasing the
revenue contribution from these sectors to 30.1% in Q110 from
24.2% in 2008.

Underpinned by its high cash flow from operations averaging
IDR27.3trn annually during 2007-2009, Telkom has been able to
maintain its exceptionally strong credit metrics, with funds from
operations net adjusted leverage at 0.9x and FFO net interest
coverage at 21.9x in FY09.  During 2007-2009, Telkom spent about
IDR17.4trn on capex annually; however, it remained pre-dividend
free cash flow positive, and marginally FCF negative post-dividend
in 2008-2009, primarily due to the higher dividend pay-out ratio.
Although the company's capex programme will remain high at about
IDR20trn in 2010 to support its business transformation, Fitch
Ratings expects the company's leverage and interest coverage to
remain strong for its rating category.

At end-March 2010, the company held cash reserves of IDR6.8trn
against maturities of IDR7.8trn and capital commitments of
IDR7.9trn in 2010.  However, Fitch believes that Telkom's short-
term liquidity remains solid as it continues to generate strong
positive pre-dividend FCF and has strong access to bank and
capital market funding.

The Stable Outlook reflects the Outlook on the Indonesian
sovereign ratings ('BB+'/Stable).  Telkom's foreign- and local
currency IDRs are effectively capped by the respective IDRs on the
sovereign, given Indonesian government's majority holding in the
company (52.47% at end-March 2010) and the significant influence
it exerts on the company's business and financial matters, and
management control.  Any upgrade or downgrade of the sovereign
ratings would result in a similar change in Telkom's ratings.
Positive rating factors would include a reduction of the
government's stake to below 50%, including a waiver of rights
associated with the Series A share.  Conversely, any evidence of
political interference leading to actions detrimental to the
interests of creditors, such as a significant increase in dividend
payout, and/or any significant debt-funded acquisition, would be
negative for its ratings.  The proposed consolidation of Telkom's
CDMA business with PT Bakrie Telecom Tbk's (B/Stable) is unlikely
to impact Telkom's ratings given the capping of its current
ratings by Indonesia' sovereign ratings.  For more information,
please refer to Fitch's commentary published titled "Fitch:
Possible Consolidation of Telkom's Flexi and Bakrie Telecom Can Be
Beneficial".


* INDONESIA: Eight Troubled State Firms Face Liquidation
--------------------------------------------------------
The Jakarta Post, citing State-Owned Enterprises Minister Mustafa
Abubakar, reports that eight under-performing state firms face
liquidation under a state enterprises consolidation program.

The report relates Mustafa said the eight companies were part of
20 state firms placed in "special care" due to their worsening
financial conditions.

The eight state-owned companies are:

   -- paper producer company PT Kertas Kraft Aceh;
   -- shipping company Djakarta Lloyd;
   -- shipping company PT Industri Kapal Indonesia;
   -- film company Perum Film Nasional;
   -- printing company PT Balai Pustaka;
   -- PT Survei Udara Penas;
   -- PT Merpati Nusantara Airlines; and
   -- aircraft maker PT Dirgantara Indonesia.


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


PROMISE CO: To Form Joint Venture in China Next Month
-----------------------------------------------------
Bloomberg News, citing the Mainichi newspaper, reports that
Promise Co. will next month form a joint venture in Shenzhen,
China, the first Japanese consumer lender to do so.

According to Bloomberg News, the newspaper said the venture, owned
70% by Promise and the rest by a local company, will provide loans
to individuals in China.

Headquartered in Tokyo, Japan, Promise Co., Ltd., (TYO:8574)
specializes in the consumer finance industry.  The Company
operates in two business segments.  The Financial segment is
engaged in the provision of unsecured/unguaranteed loans in small
sums to individual customers in Japan, Hong Kong and Thailand, as
well as the collection and management of debt through its
subsidiaries.  The Others segment is engaged in the leasing of
tenant buildings, the telemarketing business, the design,
development and operation of computer systems, the sale and
maintenance of automobiles, the coating of metal plates, insurance
agency business, mail-order business, the operation of golf
courses, as well as investment business in China.

As reported in the Troubled Company Reporter-Asia Pacific on
June 2, 2010, Moody's Investors Service downgraded the long-term
issuer and senior unsecured debt ratings of Promise Co., Ltd., to
Ba1 from Baa2.  The ratings outlook is negative.


SHINSEI BANK: To Replace Executives; May Seek New Merger Partner
----------------------------------------------------------------
Bloomberg News reports that Shinsei Bank Ltd. said it will replace
executives and may seek a new merger partner after two annual
losses and a failed tie-up with Aozora Bank Ltd.

Bloomberg News quoted Shigeki Toma, the bank's incoming president,
as saying that "Senior officers are resigning to take
responsibility for losses."  Toma declined to give names, the
report notes.

"It will take about two years for us to build up our strength to
stand alone," Toma told Bloomberg News in an interview.  Bloomberg
News relates Toma said he would consider allying with a foreign or
domestic bank as long as Shinsei's autonomy over operations could
be maintained.

According to the report, Shinsei, whose Tier 1 capital ratio
ranked last among Japan's eight nationwide lenders, reiterated
outgoing president Masamoto Yashiro's goal of raising as much as
JPY100 billion in a share sale this year.  He will replace Yashiro
on June 23.

Bloomberg News adds that Toma, who wants to increase the bank's
Tier 1 capital ratio to 8% from 6.35% at the end of March, said he
plans to wait until the company's share price rises above JPY100
before selling more stock.

As reported in the Troubled Company Reporter-Asia Pacific on
May 17, 2010, Shinsei Bank and Aozora Bank have cancelled their
merger plan that that would have created Japan's sixth-largest
bank.

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

                         About Shinsei Bank

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2010, Standard & Poor's Ratings Services lowered by one
notch to 'B+' its debt rating on the preferred securities issued
by Shinsei Bank Ltd. and removed the rating from CreditWatch with
negative implications.  At the same time, S&P affirmed the 'BBB+'
long-term counterparty credit rating on Shinsei and kept the
outlook on the long-term rating at stable, and affirmed the 'BBB+'
rating on Shinsei's senior unsecured debt.

The TCR-AP also reported that Fitch Ratings downgraded Shinsei
Bank Ltd.'s and Shinsei Trust and Banking Co., Ltd.'s respective
Long-term foreign and local currency Issuer Default Ratings to
'BB+' from 'BBB', and the Short-term foreign and local currency
IDRs to 'B' from 'F2'.  The IDRs have been removed from Rating
Watch Negative and the Long-term IDRs have been assigned Stable
Outlooks.  Shinsei Trust is a fully-owned subsidiary of Shinsei.
The rating action resolves the RWN which Fitch had placed on
Shinsei's and Shinsei Trust's IDRs on March 16, 2010.

Fitch has simultaneously downgraded Shinsei's junior perpetual
subordinated GBP notes and the US$ preferred securities, issued by
Shinsei Finance (Cayman) Limited and Shinsei Finance II Limited to
'B-' from 'B+', and removed these hybrid securities from RWN.

In addition, the agency has downgraded Shinsei Trust's Support
Rating (Institutional) to '3' from '2', reflecting the downgrade
of Shinsei's Long-term IDRs.  Fitch has also withdrawn the 'C/D'
Individual Rating of Shinsei Trust.


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


SSANGYONG MOTOR: Mahindra & Mahindra Starts Due Diligence
---------------------------------------------------------
Mahindra & Mahindra Ltd., India-based utility vehicle and tractor
maker, will start the due diligence on Ssangyong Motor,
moneycontrol.com says, citing Pawan Goenka, president of
Mahindra's automotive sector.

Goenka told TV channel ET Now that the due diligence process may
take four to six weeks, after which the Indian company will decide
about its bid for Ssangyong.

As reported in the Troubled Company Reporter-Asia Pacific on
June 7, 2010, Ssangyong Motor Co. selected Nissan Motor Co.,
Renault SA and four other bidders for due diligence on the company
that starts this week.

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.

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


AYER MOLEK: Publicly Reprimanded For Breaching Listing Rules
------------------------------------------------------------
Bursa Malaysia Securities Berhad publicly reprimands The Ayer
Molek Rubber Company Berhad for breach of paragraph 9.22(1) of the
Listing Requirements (LR) of Bursa Malaysia Securities.

Pursuant to paragraph 9.22(1) of the LR, a listed issuer must give
Bursa Securities for public release, an interim financial report
that is prepared on a quarterly basis, as soon as the figures have
been approved by the board of directors of the listed issuer, and
in any event not later than two months after the end of each
quarter of a financial year.

The Company had breached paragraph 9.22(1) of the LR for failing
to submit its quarterly report for the financial period ended
March 31, 2009, on or before May 31, 2009.  The said quarterly
report was only submitted on July 15, 2009, after a delay of 33
market days.

Bursa Securities also found that the directors of AMOLEK had
failed to discharge their duties as directors pursuant to
paragraph 16.11(b) of the LR in respect of compliance by the
Company of its obligations under paragraph 9.22(1) the LR.

Paragraph 16.11(b) of the LR states that a director of a listed
issuer must not permit, either knowingly or where he had
reasonable means of obtaining such knowledge, a listed issuer to
commit a breach of the LR.

The directors found to be in breach and the penalties imposed are:

   Director                                   Penalty
   --------                                   -------
   Goh Joon Hai                               Public Reprimand and
   Executive Director                         fine of MYR16,500

   Datin Mariam Prudence Binti Yusof          Public Reprimand and
   Non-Independent & Non-Executive Chairman   fine of MYR3,300

   Soo Yoke Mun                               Public Reprimand and
   Independent & Non-Executive Director       fine of MYR3,300
   Chairman of Audit Committee

   Dato? Teh Kim Seng                         Public Reprimand and
   Independent & Non-Executive Director       fine of MYR3,300
   Member of the Audit Committee

   Jasmi Bin Daik                             Public Reprimand
   Non-Independent & Non-Executive Director   and fine of
   Member of the Audit Committee              MYR3,300

   Syed Khalil Bin Syed Ibrahim               Public Reprimand
   Non-Independent & Non-Executive Director   and fine of
   (Resigned on September 2, 2009)            MYR3,300

The finding of breach and imposition of penalties on AMOLEK and
its directors are made pursuant to paragraph 16.17 of the LR upon
completion of due process and after taking into consideration all
facts and circumstances of the matter including in relation to the
directors, the roles and responsibilities of the respective
directors in the Company particularly pertaining to the
maintenance and preparation of financial statements.

                         About Ayer Molek

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

                           *     *     *

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

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


KENMARK INDUSTRIAL: Posts MYR146.52 Mil. Net Loss for March 31 Qtr
------------------------------------------------------------------
Kenmark Industrial Co.(M) Berhad posted net loss of MYR146.52
million on revenues of MYR18.76 million for the three months ended
March 31, 2010, compared with a net loss of MYR84,000 on revenues
of MYR38.77 million for the three months ended March 31, 2009.

At March 31, 2010, the Company's consolidated balance sheets
showed MYR474.04 million in total assets, MYR270.55 million in
total liabilities and MYR203.48 million in total shareholders'
equity.

The Company's consolidated balance sheets at March 31, 2010,
showed strained liquidity with MYR184.73 million in total current
assets available to pay MYR247.30 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?6492

                      About Kenmark Industrial

Kenmark Industrial Co. (M) Berhad is a Malaysia-based company. The
Company is engaged in the manufacturing of computer workstations,
cabinets, furniture; printing of packaging materials; the
distribution of consumer products, and investment holding. The
Company is also engaged in plastic injection for furniture parts,
and assembly and distribution of liquid crystal display (LCD). It
exports its products to the United States, Europe, Japan and
Australia. The Company's wholly owned subsidiaries include Kenmark
Paper Sdn. Bhd., which is engaged in manufacturing plastic parts
for wooden furniture and cabinets, and investment holding; Kenmark
(Labuan) Limited, which is engaged in international trading,
commission agent and investment holding; Phoenix International
Group Limited, which is engaged in trading in electronic devices,
and Billion Dynamic Sdn. Bhd., which is engaged in the assembling
and trading of electronic devices.

                           *     *     *

Kenmark Industrial Co. (M) Berhad has been classified a Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd after it triggered Paragraph 2.1(f) of the Listing
Requirements.

The Company's major subsidiaries have defaulted on some of their
banking facilities.  The Independent Directors do not have access
to the records of the Company and as such is unable to provide the
exact date of default.

The Independent Directors said they will not be able to provide a
solvency declaration as the Independent Directors have no access
to the accounting records of the Company with the resignation of
the Finance & Administration manager and the sealing of the
business premises.


KENMARK INDUSTRIAL: Receiver Appointed to Kenmark Paper
-------------------------------------------------------
Kenmark Industrial Co. (M) Berhad disclosed that Mr. Lim San Peen
of PricewaterhouseCoopers Advisory Services Sdn Bhd has been
appointed Receiver over all the floating charge assets of Kenmark
Paper Sdn Bhd, a wholly owned subsidiary of the company.  The
charge assets have been crystallized nd converted into a fixed
charge by notice from EON Bank Berhad pursuant to Section 8.02 of
the Debenture dated November 18, 1991.

The halt of the Group?s operations and the key executive members
being uncontactable has lead to the appointment of the Receiver.
The appointment of the Receiver follows the notice of default
issued by the Bank.

The powers of the Directors of Kenmark Paper to deal with Kenmark
Paper?s crystallized floating charge assets have ceased and they
cannot deal with the assets nor enter into any commitment in
relation to the assets without the Receiver or his
representatives? written prior approval.  However, the statutory
obligations of the Directors remain.

The Independent Directors of the Company are unable to assess the
expected losses, if any, arising from the appointment of Receiver.

                      About Kenmark Industrial

Kenmark Industrial Co. (M) Berhad is a Malaysia-based company. The
Company is engaged in the manufacturing of computer workstations,
cabinets, furniture; printing of packaging materials; the
distribution of consumer products, and investment holding. The
Company is also engaged in plastic injection for furniture parts,
and assembly and distribution of liquid crystal display (LCD). It
exports its products to the United States, Europe, Japan and
Australia. The Company's wholly owned subsidiaries include Kenmark
Paper Sdn. Bhd., which is engaged in manufacturing plastic parts
for wooden furniture and cabinets, and investment holding; Kenmark
(Labuan) Limited, which is engaged in international trading,
commission agent and investment holding; Phoenix International
Group Limited, which is engaged in trading in electronic devices,
and Billion Dynamic Sdn. Bhd., which is engaged in the assembling
and trading of electronic devices.

                           *     *     *

Kenmark Industrial Co. (M) Berhad has been classified a Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd after it triggered Paragraph 2.1(f) of the Listing
Requirements.

The Company's major subsidiaries have defaulted on some of their
banking facilities.  The Independent Directors do not have access
to the records of the Company and as such is unable to provide the
exact date of default.

The Independent Directors said they will not be able to provide a
solvency declaration as the Independent Directors have no access
to the accounting records of the Company with the resignation of
the Finance & Administration manager and the sealing of the
business premises.


LUSTER INDUSTRIES: To Hold 23rd Annual General Meeting on June 30
-----------------------------------------------------------------
Luster Industries Berhad will hold its 23rd Annual General Meeting
on June 30, 2010, at 9:30 a.m., at Saujana Lounge, Club House
(Penang Golf Resort Berhad), 1687 Jalan Bertam, 13200 Kepala
Batas, in Seberang Prai Utara, Penang.

At the meeting, the company's members will be asked to:

   * receive and adopt the Financial Statements for the year ended
     December 31, 2009, and the Reports of Directors and Auditors
     Thereon;

   * re-elect these directors who retire pursuant to Article 133
     of the Company?s Articles of Association:

      i) Lau Theng Chim
     ii) Liang Wooi Gee

   * re-elect the following directors who retire pursuant to
     Article 138 of the Company?s Articles of Association:

      i) Encik Mohamed Shukri bin Mohamed Zain
     ii) YAM Datin Tunku Annie Dakhlah Binti Almarhum
         Tuanku Munawir

   * approve the directors' fees in respect of the year ending
     December 31, 2010, of MYR204,000;

   * re-appoint Messrs Grant Thornton as auditors of the
     Company and to authorize the directors to fix their
     Remuneration;

   * consider and if thought fit, to pass the following
     Resolutions:

      -- Authority to Directors to issue new shares under
         Section 132D of the Companies Act, 1965.

      -- approve the amendments to the Articles of Association
         of the Company contained in Appendix I.

   * transact any other business.

                      About Luster Industries

Luster Industries Berhad is a Malaysia-based investment holding,
providing management services to its subsidiaries and
manufacturing of precision plastic parts and components, printed
circuit board assembly, sub-assembly and full assembly of plastic
parts and products.  The Company operates in five segments:
manufacturing, which includes manufactured, assembly and sale of
printed circuit boards, plastic components parts and electronic
parts for the semiconductor and electronics industries; waster
management, which is engaged in the supply of specialized vehicles
for waste facilities; trading, which is engaged in the trading in
plastic resins and materials for the production of plastic
products; bulk packaging, which is engaged in manufacturing and
sale of bulk packaging products, and other, which includes
investment holding.  During the year ended December 31, 2008, the
Company ceased its manufacturing and assembling of plastic parts
and products activities.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 8, 2008, the company was considered as an affected listed
issuer of the Practice Note No. 17/2005 of Bursa Malaysia
Securities Berhad as the external auditors have expressed a
modified opinion on the company's going concern and on its
consolidated shareholders' equity amounting to MYR25,191,597,
which is less than 50% of its total issued and paid-up share
capital of MYR61,183,000.


TALAM CORP: Regularizes Financial Condition; Out of PN17
--------------------------------------------------------
Bursa Malaysia Securities Berhad disclosed that a Practice Note
No. 17 company, Talam Corporation Berhad has regularized its
financial condition and no longer triggers any of the criteria
under Paragraph 2.1 of Practice Note 17.

Talam was uplifted from being classified as a PN17 company
effective June 10, 2010.

Bursa Securities said it will continue to monitor the progress of
Talam in respect of its compliance with the Listing Requirements.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of Talam
Corporation for the financial year ended Jan. 31, 2006, the
auditors Ernst & Young were unable to express their opinion on the
Company's Audited Accounts.  As such, the company is an affected
listed issuer of the Amended Practice Note 17 category.  In
accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.

                         About Talam Corp.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

                           *     *     *

This concludes the Troubled Company Reporter-Asia Pacific's
coverage of Talam Corporation until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


TRACOMA HOLDINGS: 14th Annual General Meeting Slated For June 29
----------------------------------------------------------------
Tracoma Holdings Berhad will hold its 14th Annual General Meeting
on of June 29, 2010, at 10:00 a.m. at the Eagle Suite, Glenmarie
Golf & Country Club, No. 3, Jalan Usahawan U1/8, 40150 Shah Alam,
in Selangor Darul Ehsan.

At the meeting, the members will be asked to:

   -- receive, consider and adopt the Audited Financial Statements
      for the financial year ended December 31, 2009, together
      with the Report of the Directors and Auditors thereon;

   -- approve the Directors' fees for the financial year ended
      December 31, 2009;

   -- re-elect Mohamed Seth bin Dato' Abu Bakar who is retiring
      pursuant to Article 103 of the Company's Articles of
      Association;

   -- re-elect Abdul Mutalip bin Sulaiman who is retiring pursuant
      to Article 109 of the Company's Articles of Association;

   -- consider, and if thought fit, to pass this resolution
      pursuant to Section 129(6) of the Companies Act, 1965:

      "That Datuk Ismail Bin Haji Ahmad, who is over the age of
      70 years, be hereby re-appointed as Director of the Company
      and to hold office until the next Annual General Meeting of
      the Company."

   -- re-appoint Messrs Jamal, Amin & Partners as Auditors of the
      Company for the ensuing year and to authorize the Directors
      to fix their remuneration;

   -- consider and, if thought fit, to pass these Ordinary
      Resolutions:

      * Proposed Authority to Allot Shares Pursuant to Section
        132d of The Companies Act, 1965

      * Proposed Renewal Of Shareholders' Mandate for Existing
        Recurrent Related Party Transactions and Mandate for
        Additional Recurrent Related Party Transactions of a
        Revenue or Trading Nature in the Ordinary Course of
        business which are necessary for the day-to-day operations
        of Tracoma Holdings Berhad and its subsidiaries.

   -- transact any other business.

                       About Tracoma Holdings

Tracoma Holdings Berhad is a Malaysia-based investment holding
that is engaged in the provision of management services.  The
Company is a manufacturer and supplier of automotive parts and
components.  Some of its wholly owned subsidiary companies include
Tracoma Sdn. Bhd., which is engaged in manufacturing of automotive
components; Malaysian Die-Makers Sdn. Bhd., which is engaged in
die making and servicing; Trends Mecha Sdn. Bhd., which is engaged
in parts and car design, and Malaysian Farm Machinery Sdn. Bhd.,
which is engaged in assembling and distributing agricultural
tractors.

                           *     *     *

Tracoma Holdings 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 PN17's Paragraph 8.04 and Paragraph
2.1(a) as the consolidated shareholders' equity for the full
financial year ended December 31, 2009, is less than 25% of the
Company's issued and paid-up capital and such shareholders' equity
is less than MYR12 million.


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


FIVE MILE: Allied Farmers Sell Second Stage Site
------------------------------------------------
Allied Farmers Ltd. has reached a conditional agreement to sell
the second stage of the Five Mile property development in
Queenstown, Radio New Zealand reports.  The 23-hectare site was
part of the assets Allied Farmers took over from Hanover Finance
and United Finance in December 2009, the report says.

Radio New Zealand reports that no sale price has been given, but
Allied Farmers said it's more than what the property was valued at
in the company's half year accounts.

The report relates managing director Rob Alloway previously said
he was confident the development will fetch up to NZ$40 million.

Five Mile development was once owned by Christchurch property
developer, David Henderson.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 25, 2009, Auckland developer Tony Gapes bought the first
stage of Five Mile development next to Queenstown Airport.
Mr. Gapes signed an unconditional agreement to buy the 31 hectares
of Five Mile land, using newly established company Queenstown
Gateways.

Mr. Henderson had planned to build a billion-dollar village at
Five Mile, which would have eventually housed up to 10,000 people.
But in July 2008, Hanover Finance put the development into
receivership.


===============
T H A I L A N D
===============


KRUNG THAI: Moody's Changes Outlook on 'D-' Rating to Stable
------------------------------------------------------------
Moody's Investors Service has changed the outlook on the "D-" bank
financial strength rating, the A3/Prime-1 long-term/short-term
local currency deposit ratings and the B2 foreign currency Hybrid
Tier 1 rating of Krung Thai Bank to stable from negative.

There is no change to the negative outlooks on the bank's foreign
currency deposit ratings of Baa1/Prime-2 which follow Thailand's
sovereign rating outlook.

"The change in the outlook to stable from negative follows the
improvement in KTB's overall financial fundamentals and Moody's
expectation that the bank will remain resilient during the current
domestic political turmoil, given the recovery in the global
environment and the country's export sector," says Karolyn Seet, a
Moody's AVP/Analyst.

While KTB complies with the Bank of Thailand's regulatory
requirements on capitalization, the bank's economic solvency has
been kept lower than its global peers by lingering problem loans.
Under Basel II standards, KTB's core capital ratio rose to 10.1%
as of December 2009 from 9.7% a year ago, mainly attributable to
improved core earnings which should be adequate to support the
bank's current BFSR of D-.

On a pre-provision basis, KTB's earnings generation compares
favorably to similarly-rated Thai banks.  In addition, its
liquidity position is comfortable as evidenced by an 89% loan-to-
deposit ratio and the fact that its sizable deposit base accounted
for nearly 90% of its funding at the end of 2009.  These franchise
strengths support KTB's current ratings, though the pricing of,
and intense competition for funding will constrain the broader
Thai banking sector's growth and profitability.

Impairment charges on lending have been, and are expected to
continue to be, much smaller than expected in Moody's previous
scenario analysis.  The recovery of the Thai economy, particularly
in terms of the export sector, more than offsets the potential
negative impact on loans to the tourism sector resulting from the
recent wave of political unrest and violence.

However, the BFSR remains constrained by KTB's large single-name
customer concentrations and low loan loss reserves which undermine
its economic capitalization, in light of Thailand's ongoing
political problems.

In addition, at the end of 2009, KTB's non-performing loans
("NPLs") improved slightly to 7.9% of the bank's gross loans, from
8.2% at the end of 2008.  However, despite KTB continuing to build
its loan loss reserves to 47%, they remain below its peers meaning
additional elevated provisioning is likely to be necessary in the
coming quarters.

The stable rating outlook incorporates Moody's opinion that
despite the bank's BFSR carrying a stable outlook, higher credit
charges could weaken it, while Moody's expects that its asset
quality will also come under growing pressure.  However, even if
KTB's credit costs climb above Moody's current expectations, its
capital position should not deteriorate dramatically.

KTB's ratings have limited upside potential in the short term.
However, these factors could add upward pressure to the rating:
(i) continued diversification of KTB's business away from
corporate lending to retail banking; (ii) capital adequacy
maintained such that its Tier 1 ratio is above 10%; and (iii) its
NPL ratio falling below 3%.

Additionally, declining concentration in the bank's loan book
would improve its risk profile.  Such a development would reduce
the vulnerability of the bank's profitability and capitalization
to a sharp asset quality correction and a loss of major customers,
including those related to the bank.

Conversely, the stable outlook on the ratings could change to
negative if the (i) difficult operating environment in Thailand
worsens and KTB's asset quality deteriorates in the coming months;
(ii) the bank's profitability declines such that its pre-provision
profits as a percentage of risk-weighted assets fall below 1.5%;
and/or (iii) the bank's capital adequacy or liquidity declines
significantly such that Tier 1 ratios fall below 7% and loan-to-
deposit ratios rise above 100%.

Moody's last rating action with regard to KTB was taken on May 7,
2010, when its Hybrid Tier 1 Notes were downgraded to B2 from
Baa3.

KTB, headquartered in Bangkok, reported total assets of
Bt1,544 billion (approximately US$46.3 billion) as at the end of
2009.


===============
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              12.29          -7.96
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              37.45         -45.90
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
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
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
THAI-GERMAN PR-F      TGPRO/F           53.72          -2.14
THAI-GERMAN PRO       TGPRO             53.72          -2.14
THAI-GERMAN-NVDR      TGPRO-R           53.72          -2.14
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

ARASOR INTERNATI      ARR               19.21         -26.51
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.


                            *********


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 ***