TCRAP_Public/100614.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, June 14, 2010, Vol. 13, No. 115

                            Headlines



A U S T R A L I A

CLIVE PEETERS: Receiver to Close Six Stores; 75 Jobs Lost


C H I N A

AGRICULTURAL BANK: Hong Kong Bourse Clears Planned IPO
BANK OF COMMUNICATIONS: Moody's Reviews 'D' Bank Strength Rating


H O N G  K O N G

ABERDEEN INT'L: Philip Brendan Gilligan Appointed as Liquidator
ASIAN INFRASTRUCTURE: Inability to Pay Debts Prompts Wind-Up
BUSISTYLE TRADING: Yang Sih Yu Samuel Appointed as Liquidator
CHAMP MERIT: Creditors' Proofs of Debt Due July 12
EXCEL WAY: Fok and Sutton Appointed as Liquidators


I N D I A

AIR INDIA: Government to Infuse Additional INR1,200cr Equity
ADITYA INDUSTRIES: CRISIL Puts 'BB' Rating on INR100MM Cash Credit
AMBATTUR DEVELOPERS: CRISIL Rates INR1.10BB Proposed Loan at 'BB+'
ANSHUMAN DEVELOPERS: CRISIL Rates INR280MM Cash Credit at 'B-'
ARJUNA SOLVENT: CRISIL Reaffirms 'D' Ratings on Various Bank Debts

CHADHA SUGARS: ICRA Assigns 'LBB-' Rating on INR1.3BB Term Loan
GK INDUSTRIAL: ICRA Assigns 'LBB+' Rating on Long Term Loans
JET AIRWAYS: Posts 41% Increase in Domestic Traffic in May 2010
RAM BUILDERS: CRISIL Puts 'BB' Rating on INR25M Overdraft Facility
MEDCHEM INTERNATIONAL: CRISIL Rates INR47 Mil. Term Loan at 'D'

MAHAMERU FASHION: CRISIL Cuts Rating on Various Bank Debts to 'B-'
SAUDAGAR ENTERPRISES: CRISIL Cuts Ratings on Debts to 'D'
VITAL HEALTH: CRISIL Lifts Rating on Various Bank Debts to 'B'


J A P A N

CORSAIR NO 2: S&P Corrects Rating on Floating Notes to 'D'
JAPAN AIRLINES: To Sell All Hotels to Hotel Okura For JPY6 Bil.
ORSO ABS: S&P Puts Ratings on Notes on CreditWatch Negative
TOSHIBA CORP: In Talk With Fujitsu on Mobile Phone Business Merger


M A L A Y S I A

ARK RESOURCES: 14th Annual General Meeting Set for June 29
HO HUP: Posts MYR4.27 Million Net Loss in Qtr Ended March 31
OILCORP BERHAD: To Hold 9th Annual General Meeting on June 30
WONDERFUL WIRE: 22nd Annual General Meeting Slated For June 28


N E W  Z E A L A N D

CRAFAR FARMS: UBNZ Bid to Buy Farms Without OIO Approval Rejected
STRATEGIC FINANCE: Investors Warned Over Low Offer


P H I L I P P I N E S

PHILIPPINE AIRLINES: Lucio Tan Says Airline Not For Sale


S I N G A P O R E

ADVANCE MODULES: Creditors' Proofs of Debt Due June 25
AGRA BAYMONT: Creditors' Proofs of Debt Due July 9
CHARISLAND PTE: Court Enters Wind-Up Order
INTERACT COMMERCE: Creditors' Proofs of Debt Due July 12
POLIMER CHEMICAL: Creditors Get 10.2% Recovery on Claims

SING DEVELOPMENT: Members' Final Meeting Set for July 9
SINO-ENVIRONMENT: Court Enters Judicial Management Order


T A I W A N

AU OPTRONICS: Indicted in U.S. for Price Fixing


X X X X X X X X

* S&P Puts Ratings on Nine Asia-Pacific CDOs on Positive Watch




                         - - - - -


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


CLIVE PEETERS: Receiver to Close Six Stores; 75 Jobs Lost
---------------------------------------------------------
The receivers of Clive Peeters Ltd. will shut down six stores as
the business is prepared for sale, The Sydney Morning Herald
reports.  The closures will see the loss of 75 jobs, the report
says.

According to SMH, receiver Phil Carter of PPB said stores in
Townsville, Ipswich, Mildura, Warrnambool, Bunbury and Canning
Vale will close at end of trade on June 15.

"The receivers, with the assistance of key management, conducted a
review of individual store performance and identified these stores
as unsustainable,"  the report quoted Mr. Carter as saying.

"It is disappointing that these closures will result in job losses
up to 75 out of a total of 1200 staff, but we have minimized the
impact of this by redeploying employees into other stores as far
as possible,"  Mr. Carter said.

As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2010, Clive Peeters Ltd was placed in voluntary
administration.  Colin Nicol, Keith Crawford and Matthew Caddy of
McGrathNicol were appointed voluntary administrators of Clive
Peeters and its controlled entities by a resolution of its Board
of Directors on May 19, 2010.

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

The National Australia Bank appointed PPB as receiver and managers
to Clive Peeters and its controlled entities following the
appointment of McGrath Nicol as voluntary administrator.

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

                        About Clive Peeters

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


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


AGRICULTURAL BANK: Hong Kong Bourse Clears Planned IPO
------------------------------------------------------
Agricultural Bank of China Ltd. received approval in Hong Kong for
an initial public offering, clearing the way to what may be the
world's biggest first-time share sale, Bloomberg News reports,
citing two people familiar with the matter.

Bloomberg's sources said the listing committee of the Hong Kong
exchange gave in-principle approval to the company's IPO
application.  A price range has yet to be announced by the
Beijing-based company.

The China Securities Regulatory Commission last week 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.

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.


BANK OF COMMUNICATIONS: Moody's Reviews 'D' Bank Strength Rating
----------------------------------------------------------------
Moody's Investors Service has placed the "D" bank financial
strength rating, and Baa1/P-2 long/short-term foreign and local
currency deposit ratings of The Bank of Communications on review
for possible upgrade.

"Moody's has placed BoCom's ratings on review for possible upgrade
because its recently announced rights issue, if successful, will
strengthen its capital base.  In addition, the bank's franchise,
risk management and corporate governance frameworks have all
strengthened since its Initial Public Offering in 2007," says Leo
Wah, a Moody's VP/Senior Analyst.

BoCom plans to raise about RMB33 billion through the rights issue.
HSBC, which currently holds a 19.0% stake in BoCom, has undertaken
to subscribe for its full entitlement of new shares.  Moody's
expects the Chinese government, which holds a 37.8% stake through
the Ministry of Finance and the Social Security Fund, to take up
the rights issue as well.

The new capital is estimated to add about 1.6 percentage points to
the capital ratios, resulting in a healthy 9.8% tier-1 capital
ratio and a 13.4% total capital adequacy ratio.

BoCom rapidly expanded during the past few years and developed a
solid franchise.  It has a market share of about 4% in terms of
total loans in China, ranking fifth in the country.  It also has
licenses of almost all products currently available to commercial
banks in China.  BoCom's reasonable (though not large) size and
record of successfully executing on strategies has led it to
become the Chinese Government's test pilot for various new
policies.

In addition, it benefits from cooperation with HSBC through
strengthened product offerings, improved strategic development,
and better risk management, etc.  As such, the current BFSR may
not adequately take into consideration the improvements BoCom has
achieved so far.

An upgrade of BoCom's BFSR hinges on the success of the rights
issue and the bank's financial performance in the second quarter
of 2010 -- in particular the bank's asset quality, liquidity and
capital positions following a prolonged period of strong asset
growth.  Moody's is concerned that asset quality indicators will
weaken due to the seasoning of loans extended during the recent
rapid credit expansion.  However, Moody's base and stress cases
for rising non-performing loans are consistent with a one-notch
rating upgrade, assuming the bank's rights issue is successfully
implemented.

A one-notch upgrade of BoCom's deposit ratings would likely follow
a one-notch upgrade of the BFSR, assuming that Moody's maintains
its high assumption of support for the bank from the Chinese
government after the rating review.

Moody's last rating action on BoCom was taken on May 4, 2007, when
Moody's raised its long-term foreign currency deposit rating to
Baa1 from Baa2 and short-term foreign currency deposit rating to
P-2 from P-3.

BoCom, headquartered in Shanghai, reported total assets of
RMB3,309 billion (approximately US$485 billion) as of the end of
2009.

Ratings are (all placed on review for possible upgrade):

  -- Bank Financial Strength D
  -- LT Bank Deposits (Foreign) Baa1
  -- ST Bank Deposits (Foreign) P-2
  -- LT Bank Deposits (Local) Baa1
  -- ST Bank Deposits (Local) P-2


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


ABERDEEN INT'L: Philip Brendan Gilligan Appointed as Liquidator
---------------------------------------------------------------
Philip Brendan Gilligan on June 1, 2010, was appointed as
liquidator of Aberdeen International Investment Management
Limited.

The liquidator may be reached at:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


ASIAN INFRASTRUCTURE: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------------
Members of Asian Infrastructure Fund Advisers Limited on May 31,
2010, resolved to voluntarily wind up the company's operations due
to its inability to pay debts when it fall due.

The company's liquidators are:

         Messrs. Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


BUSISTYLE TRADING: Yang Sih Yu Samuel Appointed as Liquidator
-------------------------------------------------------------
Yang Sih Yu Samuel on June 4, 2010, was appointed as liquidator of
Busistyle Trading Limited.

The liquidator may be reached at:

         Yang Sih Yu Samuel
         Room 2, 1st Floor
         Block A, Sea View Estate
         2-8 Watson Road
         North Point, Hong Kong


CHAMP MERIT: Creditors' Proofs of Debt Due July 12
--------------------------------------------------
Champ Merit Development Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by July 12, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


EXCEL WAY: Fok and Sutton Appointed as Liquidators
--------------------------------------------------
Fok Hei Yu and Roderick John Sutton on May 31, 2010, were
appointed as liquidators of Excel Way Investments Limited.

The liquidators may be reached at:

         Roderick John Sutton
         Fok Hei Yu
         Ferrier Hodgson Limited
         14th Floor, Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


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


AIR INDIA: Government to Infuse Additional INR1,200cr Equity
------------------------------------------------------------
Civil Aviation Minister Praful Patel said the government would
infuse additional equity of INR1,200 crore into Air India over the
next few months, The Economic Times reports.

Responding to media on the sidelines of the annual summit of the
International Air Transport Association held in India, Patel said
the government will also review Air India's performance to decide
on the future course.

Patel, however, said there was no decision to divest government
equity in the cash-strapped national carrier "at the moment," the
report relates.

The report notes that the government last year gave the airline
INR800 crore as equity.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Co. of India Ltd was seeking
INR14,000 crore in equity infusion, soft loans and grants to cope
up with mounting losses.  NACIL is the holding company formed
after the merger of erstwhile Indian Airlines and Air India in
2007.

The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding cash due to excess capacity,
lower yield, a drop in passenger numbers, an increase in fuel
prices and the effects of the global slowdown.  The carrier
incurred net losses of INR2,226.16 crore in 2007-08 and INR5,548
crore in 2008-09.

In December 2009, the Air India board decided to initiate a series
of major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.  The airline's turnaround plan has been
broadly divided into 0-9 months, 9-18 months and 18-36 months, and
has been segregated under operational efficiency, product
improvement, organization building and financial restructuring,
the Business Standard said.

                         About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.


ADITYA INDUSTRIES: CRISIL Puts 'BB' Rating on INR100MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Aditya Industries.

   Facilities                         Ratings
   ----------                         -------
   INR100.0 Million Cash Credit       BB/Stable (Assigned)
   INR15.0 Million Standby Line       BB/Stable (Assigned)
                      of Credit
   INR27.0 Million Letter of Credit   P4+ (Assigned)

The ratings reflect Aditya's small scale of operations in the
fragmented steel long products industry, vulnerability of its
operating margin to volatility in raw material prices, and its
limited financial flexibility because of its small net worth.
These weaknesses are partially offset by Aditya's low gearing, and
comfortable debt protection metrics, and moderate operating
efficiencies.

Outlook: Stable

CRISIL believes that Aditya's scale of operations will remain
small, and its financial risk profile, constrained, because of its
small net worth, over the medium term; the firm's gearing and debt
protection metrics, though, are likely to remain comfortable over
the same period, because of its limited borrowings.  The outlook
may be revised to 'Positive' if the firm increases its scale of
operations and net worth considerably. Conversely, the outlook may
be revised to 'Negative' if Aditya's capital structure weakens,
most likely because of large, debt-funded capital expenditure, or
its operating profitability declines.

                       About Aditya Industries

Set up in 2005 by Mr. Shyam Sunder Goel, Aditya manufactures TMT
bars and mild-steel ingots, and has production capacities of 2500
tonnes per month (tpm) and 1500 tpm for bars and ingots,
respectively.  The firm's manufacturing unit is in Sirmour
(Himachal Pradesh) and its branch office is in Hissar, Haryana.
The firm is setting up another rolling mill for manufacturing
structural products, which is expected to commence production by
August 2010.

Aditya's profit after tax (PAT) and net sales are estimated to be
INR16.7 million and INR521.43 million, respectively, for 2009-10
(refers to financial year, April 1 to March 31); it reported a PAT
of INR35.87 million on net sales of INR743.56 million for 2008-09.


AMBATTUR DEVELOPERS: CRISIL Rates INR1.10BB Proposed Loan at 'BB+'
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Ambattur Developers
Pvt Ltd's term loan facility.

   Facilities                         Ratings
   ----------                         -------
   INR1.10 Billion Proposed LT Loan   BB+/Stable (Assigned)

The rating reflects ADPL's exposure to risks related to the
commercialization of its ongoing maiden hotel project, and the
expected oversupply in the hotel segment in Chennai over the
medium term.  These weaknesses are partially offset by ADPL's
comfortable capital structure, and the benefits that the company
derives from its tie-up with Hyatt International Corporation Inc
(Hyatt USA; rated 'BBB/Stable' by Standard & Poor's) and its
strategic location.

Outlook: Stable

CRISIL believes that ADPL will commence commercial operations at
its upcoming five-star hotel without any cost or time overruns,
supported by its management's experience in executing similar
projects.  The outlook may be revised to 'Positive' if the
occupancy rates at, and accruals from, ADPL's hotel are more than
expected.  Conversely, the outlook may be revised to 'Negative' if
there is time or cost overrun in the hotel project, which would
adversely impact the company's financial risk profile.

                      About Ambattur Developers

Incorporated in 2003, ADPL is developing a five-star, deluxe-
category hotel in Chennai.  The project has technical, franchise,
marketing, and management tie-ups with Hyatt, under the Park Hyatt
brand.  The hotel is a 205-room upscale boutique hotel, being
constructed on a 2.3-acre land plot bought by ADPL in 2003.  The
total cost of the project is around INR2200 million, which is
being funded in a 1:1 debt-to-equity ratio; cost incurred up to
March 2010 was around INR1000 million.  The project is expected to
commence commercial operations from January 2012 onwards.


ANSHUMAN DEVELOPERS: CRISIL Rates INR280MM Cash Credit at 'B-'
--------------------------------------------------------------
CRISIL has assigned its rating of 'B-/Stable' to the cash credit
facility of Anshuman Developers.

   Facilities                     Ratings
   ----------                     -------
   INR280 Million Cash Credit     B-/Stable (Assigned)

The rating reflects Anshuman's weak financial risk profile, marked
by weak debt protection metrics, and strained liquidity because of
large debt-related payments in the near term.  The rating
weaknesses are partially offset by the sound location and moderate
saleability of Anshuman's ongoing project.

Outlook: Stable

CRISIL believes that Anshuman's financial risk profile will remain
weak as the company will be implementing its project for next one
year.  The outlook could be revised to 'Positive' if there are
higher-than expected cash flows resulting in improvement in debt
protection metrics.  Conversely, the outlook could be revised to
'Negative' if there is time or cost overruns in, or less-than-
expected cash flows from, the project.

                      About Anshuman Developers

Anshuman, part of the Mumbai-based Vaastu Group is a partnership
firm, with Mr. Ajay Kamdar, Mr. Apurva Kamdar and Ms. Jagruti
Kamdar as partners. The entity is currently developing a Slum
Rehabilitation Authority (SRA) project 'Vaastu Residency' at
Andheri (East), Mumbai.


ARJUNA SOLVENT: CRISIL Reaffirms 'D' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Arjuna Solvent
Extraction Pvt Ltd continue to reflect the delayed servicing of
term loan by ASEPL; the delays are being caused by ASEPL's weak
liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR130.0 Million Long-Term Loan    D (Reaffirmed)
   INR100.0 Million Cash Credit       D (Reaffirmed)
   INR7.9 Million Proposed LT Bank    D (Reaffirmed)
                   Loan Facility
   INR12.1 Million Bank Guarantee     P5 (Reaffirmed)

ASEPL was incorporated in 2008.  Its promoter is the Gupta family
of Guntur, Andhra Pradesh, which has been in the commodities
business for nearly three decades.  ASEPL is into solvent
extraction from cotton seeds.  Its plant for solvent extraction
was commissioned in July 2009.  The plant has a capacity of
extracting 200 tonnes per day (tpd) of cotton-seed cake, and a
cotton-seed delinting and dehulling capacity of 360 tpd. ASEPL
manufactures cotton lint bales, cotton-seed oil and de-oiled cake.
Mr. Aniruddha Manikchand Gupta and Mr. Arjun Manikchand Gupta are
the directors of ASEPL.


CHADHA SUGARS: ICRA Assigns 'LBB-' Rating on INR1.3BB Term Loan
---------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR1.30 billion term loan
and 'A4' rating to the INR60.00 million non fund based bank
facilities of Chadha Sugars & Industries Limited.  The long term
rating carries a stable outlook.

The rating takes into account the project construction risks
involved in the on-going construction of the sugar plant with
commercial operation expected to commence from Sugar Year (SY)
2010-11.  ICRA notes that post-commissioning the company would
remain exposed to agro-climatic risks, cyclical trends in sugar
business and government regulations prevalent in the sugar
business in terms of cane pricing and release orders.  The rating
is however supported by the fact that the term loans for the
sugar and the cogeneration plant have been tied-up and about ~70%
of  the promoter's  contribution has already been brought in.
Further, the forward integration into co-generation unit would
partially offset the effect of sugar cyclicality on the company's
profitability.

The sugar plant of the company is expected to be setup by the
start of crushing season SY 2010-11.  The project cost of the same
is estimated at INR1758.40 million which is being funded through
term loans of INR1300.0 million and promoter's contribution of
INR458.40 million.  The company has tied up the requisite term
loans and has brought in significant portion of the promoters
contribution (~70%).  The shareholding would be completely held by
the promoters of Chadha Group.

                        About Chadha Sugars

Chadha Sugars & Industries Ltd was incorporated in 2004.  The
company is currently setting up a 4000 TCD sugar plant, expandable
up to 7500 TCD, which would be forward integrated with co-
generation unit of 18 MW at a total project cost of Rs. 1758.40
million.  The plant would be located at village Teri Afghana, in
Gurdaspur district of Punjab.  The sugar plant is expected to be
operational by October 2010.  The company is part of Chadha Group
having business interest in diverse business areas such as real
estate, sugar, liquor, paper etc.


GK INDUSTRIAL: ICRA Assigns 'LBB+' Rating on Long Term Loans
------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the long term sanctioned
bank limits of GK Industrial Park Private Limited.  The rating
carries a stable outlook.

The rating is constrained by project implementation risks on
account of the current nascent stage of execution, the need to
tie-up anchor occupants for the park in order to spark interest
from local Small and Medium Enterprises (SMEs) to occupy space at
the park and pending approvals, primarily the District, Town and
Country Planning (DTCP) approval.  The rating however, favorably
factors in the presence of Infrastructure Finance and Leasing
Company Limited (IL&FS, rated LAAA/A1+ by ICRA) as a key
stakeholder in the project, the strong anticipated demand for the
park considering the increasing amount of outsourcing by the
Tiruchirappalli (Trichy) unit of Bharat Heavy Electricals
Limited (BHEL), the advanced stage of land acquisition for the
project, and the financial discipline on account of presence of an
escrow mechanism and a debt service reserve account.

GKIPPL is a Special Purpose Vehicle (SPV) incorporated in December
2007 to develop an industrial park over 620 acres of land at
Siruganur village, 25 kilometres from Tiruchirappalli (Trichy) in
Tamil Nadu.  Infrastructure Finance and Leasing Company Limited
(IL&FS, rated LAAA/A1+ by ICRA), through various group companies
holds the majority (82.84%) stake in the company by way of equity
and fully and compulsorily convertible preference shares.  The
balance equity stake (17.16%) is held by the promoter, Mr. K.G
Muralidharan, a second-generation entrepreneur who earlier served
as the President of BHEL Small Scale Industries Association and
who originally conceptualized the project.


JET AIRWAYS: Posts 41% Increase in Domestic Traffic in May 2010
---------------------------------------------------------------
Jet Airways reported record passenger load factors for May 2010.
The airline carried 8.69 lakh revenue passengers in May 2010,
registering a 41.2% increase as compared to the same period last
year.  The seat factor for Jet Airways' domestic operations also
stood at an 82.5%, a marked improvement over the same period last
year and also a 10% increase over the preceding month of April
2010.

The airline's international passenger traffic also grew by a
robust 36.5%, with a seat factor of 80.3%, in May 2010, as against
a seat factor of 75.4% in May 2009.

JetLite, the wholly owned subsidiary of Jet Airways India Ltd, has
also posted remarkable seat factors of 85.3% carrying over 4.02
lakh passengers in the month of May 2010.  JetLite's code share
with Jet Airways has enabled the airline to enhance its
penetration of the traveling market.

Nikos Kardassis, CEO, Jet Airways, said "A record breaking eight
months of consecutive growth ratifies the fact that Jet Airways
has been able to capitalize on the upswing in domestic and global
air traffic.  This is largely due to the effective network
planning and strategic marketing initiatives implemented in the
past year which have enabled us to stay a step ahead of the growth
curve in the Indian aviation sector."

"Our enhanced domestic and international network capabilities,
coupled with strategic code-shares, have further helped us deliver
seamless travel solutions to our discerning guests.  Most
importantly, the unwavering dedication and commitment displayed by
the Jet Airways team has played a decisive role in Jet Airways
consolidating its leadership position. A marked increase in demand
for our Premiere segment and growing popularity of the recently
launched Konnect Select offering, further exemplifies our
understanding of the dynamic needs of the Indian consumer."

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- provides air transportation.  The geographic segments of the
company are domestic and international.  The company has a
frequent flyer program named Jet Privilege wherein the passengers
who uses the services of the airline become services of the
airline become members of Jet Privilege and accumulates miles to
their credit.  The company's subsidiaries include Jet Lite (India)
Limited, Jetair Private Limited, Jet Airways LLC, Trans
Continental e Services Private Limited, Jet Enterprises Private
Limited, Jet Airways of India Inc., India Jetairways Pty Limited
and Jet Airways Europe Services N.V.  On April 20, 2007, the
company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


RAM BUILDERS: CRISIL Puts 'BB' Rating on INR25M Overdraft Facility
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Ram Builders.

   Facilities                            Ratings
   ----------                            -------
   INR25.0 Million Overdraft Facility    BB/Stable (Assigned)
   INR50.0 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect RB's exposure to risks related to limited
project diversity, geographic concentration in its revenue
profile, tender-based nature of business, and small scale of
operations in intensely competitive civil construction industry.
These rating weaknesses are partially offset by RB's satisfactory
financial risk profile marked by a moderate gearing and healthy
debt protection measures, and the benefits that the firm derives
from its moderate order book.

Outlook: Stable

CRISIL believes that RB will maintain its favorable debt
protection measures over the medium term.  The outlook may be
revised to 'Positive' if the firm's revenues increase
significantly, without material deterioration of its profitability
or capital structure.  Conversely, the outlook may be revised to
'Negative' if RB's financial risk profile deteriorates because of
large debt-funded capital expenditure or exposure to real estate
projects.

                        About Ram Builders

Set up in 1972 by Mr. Jayantilal Varma, RB is engaged in the civil
construction business.  The Mumbai-based firm predominantly
undertakes storm water drainage and road construction projects. RB
is registered with various government agencies such as the
Maharashtra Public Works Department (PWD) Maharashtra State Road
Development Corporation (MSRDC), and Brihan-Mumbai Municipal
Corporation (BMC).

RB reported a profit after tax (PAT) of INR7.9 million on net
sales of INR219.1 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3.8 million on net sales
of INR97.9 million for 2007-08.


MEDCHEM INTERNATIONAL: CRISIL Rates INR47 Mil. Term Loan at 'D'
---------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Medchem International
Ltd's bank facilities.  The ratings reflect delay by Medchem
International in servicing its term loan; the delay has been
caused by Medchem International's weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR47 Million Term Loan                D (Assigned)
   INR20 Million Export Packing Credit    P5 (Assigned)
   INR3 Million Letter of Credit/Bank     P5 (Assigned)
                           Guarantee

Medchem International was set up as proprietorship firm in 1994 by
Mr. T V Sekhar and converted to a closely held company in 2006.
It supplies pharmaceutical formulations to overseas customers.
The products include antibiotics, cardiovascular drugs, and
antacids.  The company set up its own manufacturing facility in
September 2009 in Hyderabad with capacity of 720 lakh tablets per
annum and 960 lakh capsules per annum.

Medchem International reported a profit after tax (PAT) of INR2.4
million on net sales of INR42.9 million for 2008-09 (refers to
financial year, April 1 to March 31) against a PAT of INR0.04
million on net sales of INR24.5 million for 2007-08.


MAHAMERU FASHION: CRISIL Cuts Rating on Various Bank Debts to 'B-'
------------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Mahameru Fashion Apparel Ltd to 'B-/Negative' from
'B/Negative'; the rating on the short-term facilities has been
reaffirmed at 'P4'.

   Facilities                           Ratings
   ----------                           -------
   INR46.6 Million Cash Credit Limits   B-/Negative (Downgraded
                                             from 'B/Negative')

   INR217.9 Million Long-Term Loan      B-/Negative (Downgraded
                                             from 'B/Negative')
   INR20 Million Bank Guarantee         P4 (Reaffirmed)

   INR32.5 Million Letter of Credit     P4 (Reaffirmed)

The downgrade reflects CRISIL's belief that MFAL will face
pressure in repayment of its term loan instalment commencing from
June 2010.  This is because of MFAL's weakened liquidity as a
result of cash losses incurred in 2008-09 (refers to financial
year, April 1 to March 31) and 2009-10.  Its cash accruals are
inadequate for meeting its large, maturing debt in 2010-11.  The
company is expected to apply for restructuring the term loan;
however; this is unlikely to be sanctioned before the due date of
the first instalment payment.  However, MFAL's parent, Busana
Apparel Group, Indonesia (BAG) is likely to provide adequate funds
to ensure timely servicing of the loan.  CRISIL expects MFAL's
liquidity to remain weak over the medium term till its operations
break-even.

The ratings reflect MFAL's low revenue visibility (as it is a new
player in the garment exports business), below average financial
risk profile, marked by high gearing and poor debt-protection
indicators, and exposure to risks relating to intense competition
and fragmented industry.  These weaknesses are partially offset by
the benefits that MFAL derives from its new plant, and the
operational and financial support that it receives from BAG.

Outlook: Negative

CRISIL believes that MFAL's liquidity to be stretched over the
medium term because of its inadequate operational cash flows vis-
-vis its upcoming term-debt-related repayments.  The rating may
be downgraded if MFAL continues to incur losses, leading to
significant deterioration of its financial risk profile, or if it
defaults on its term debt obligation.  Conversely, the outlook may
be revised to 'Stable' if MFAL gets its term debt obligation
restructured, and generates robust revenue growth and
profitability, while maintaining its capital structure, upon full
stabilization of its new facility.

                      About Mahameru Fashion

Incorporated in 2006 by Mr. M. Maniwanen and Mr. M. Arunachalam,
MFAL manufactures woven garments for export. Mr. Maniwanen, a non-
resident Indian, is also the promoter of BAG, which manufactures
garments and generated a turnover of INR10 billion in 2007.
Mr. Arunachalam also has businesses in Hong Kong and India. MFAL
commenced commercial production in December 2008.

For 2008-09, MFAL reported a net loss of INR16 million on net
sales of INR10.6 million.


SAUDAGAR ENTERPRISES: CRISIL Cuts Ratings on Debts to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on Saudagar Enterprises bank
facilities to 'D/P5' from 'B-/Stable/P4'.  The downgrade reflects
recent instances of delay by Saudagar in servicing its debt; the
delay has been caused by Saudagar's weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR167.5 Million Long-Term Loan        D (Downgraded from
                                             'B-/Stable')

   INR40.0 Million Overdraft Facility     D (Downgraded from
                                             'B-/Stable')

   INR30.0 Million Pre-Shipment Credit    P5 (Downgraded from
                                              'P4')

   INR20.0 Million Post-Shipment Credit   P5 (Downgraded from
                                              'P4')

Set up in 1977 by Mr. Ashraf Saudagar K Merchant, Saudagar
manufactures towels and hosiery garments for men, women, and
children, and exports these products to countries in the Middle
East.  The proprietorship firm has integrated operations, with
facilities for knitting, stitching, printing, and manufacture of
cotton yarn.

Saudagar reported a profit after tax (PAT) of INR2.2 million on
net sales of INR252 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR4.5 million on net sales
of INR99 million for 2007-08.


VITAL HEALTH: CRISIL Lifts Rating on Various Bank Debts to 'B'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Vital Health Care Pvt Ltd (Vital Health Care), which is part of
the Vital group, to 'B/Stable' from 'C'; the rating on the short-
term facility has been reaffirmed at 'P4'.  The upgrade reflects
the improvement in the Vital group's liquidity, following stronger
cash accruals and steady offtake from export markets, in 2009-10
(refers to financial year, April 1 to March 31).  The group had
faced liquidity pressures in 2008-09 because of cancellation of
orders from its customers in Africa and the consequent large
accumulation of inventory.  This made the group overdraw its bank
limits in March and April 2009.  The liquidity problem of the
group has alleviated since then and the bank lines have not been
overdrawn for the past six months.  The upgrade also reflects
CRISIL's belief that the Vital group will maintain its liquidity
over the medium term, supported by steady cash accruals and
moderate capital expenditure (capex).

   Facilities                       Ratings
   ----------                       -------
   INR160.0 Million Cash Credit*    B/Stable (Upgraded from 'C')

   INR57.3 Million Long-Term Loan   B/Stable (Upgraded from 'C')

   INR22.7 Million Proposed LT      B/Stable (Upgraded from 'C')
            Bank Loan Facility

   INR60.0 Mil. Letter of Credit**  P4 (Reaffirmed)

   *Sublimit for book debts of INR60 million, and packing credit
    of INR120 million

   **Sublimit for buyer's line of credit of INR60 million

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Vital Health Care and Vital
Laboratories Pvt Ltd (Vital Labs).  This is because the two
companies, together referred to as the Vital group, have common
promoters, are engaged in similar lines of business, have a common
management team, and are managed as a single business.  Both the
companies have provided corporate guarantees for each other's
debt. Also, the group's management intends to merge the two
companies over the medium term.

Outlook: Stable

CRISIL believes that the Vital group will maintain its financial
risk profile, supported by moderate gearing and healthy debt
protection metrics, over the medium term.  The outlook may be
revised to 'Positive' if there is significant improvement in the
group's financial risk profile, most likely because of sustained
improvement in operating margin and working capital management.
Conversely, the outlook may be revised to 'Negative' if the
group's financial risk profile deteriorates, most likely because
of large debt-funded capex.

                          About the Group

The Vital group was set up in 1998 with the incorporation of Vital
Health Care, which was promoted by Mr. Shrigopal Bajaj and family,
and supported by the Mehta family.  In 2002, the Bajaj family
promoted Vital Labs.  The Vital group manufactures bulk drugs. The
group's largest-selling active pharmaceutical ingredients (APIs)
include hyoscine butyl bromide, digoxin, quinine, and artimisinin,
and their derivatives.

For 2009-10, the Vital group reported (on a provisional basis) a
profit after tax (PAT) of INR28.7 million on net sales of INR1.25
billion, against a PAT of INR13.1 million on net sales of INR1.07
billion for 2008-09.


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


CORSAIR NO 2: S&P Corrects Rating on Floating Notes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on the
floating rate secured portfolio credit-linked notes issued under
Corsair (Jersey) No. 2 Ltd.'s series 86 transaction by lowering
its rating on the notes to 'D' from 'CCC-'.

S&P is notified by the arranger that the loss from credit events
in the transaction's underlying portfolio had exceeded the
available credit enhancement on Nov. 2, 2009.  S&P lowered the
rating on the notes to 'D' accordingly.  The rating action did not
occur contemporaneously with the loss realization because the
detailed notification was not delivered to us until the end of May
2010.

                         Ratings Lowered

                    Corsair (Jersey) No.2 Ltd.
   Floating rate secured portfolio credit-linked notes series 86

             To          From            Issue Amount
             --          ----            ------------
             D           CCC-            $10.0 mil.


JAPAN AIRLINES: To Sell All Hotels to Hotel Okura For JPY6 Bil.
---------------------------------------------------------------
Japan Airlines Corp. plans to sell all of its group's hotel
operations to Hotel Okura Co. for about JPY5 billion to
JPY6 billion as part of its restructuring, Kyodo News reports
citing sources.

Kyodo's sources said JAL, which had earlier planned to sell only
its hotel operating unit JAL Hotels Co., will aim to strike a deal
on the new plan with the major hotel operator by the end of this
month.

According to the report, JAL Hotels alone operates 41 hotels in
Japan and 17 hotels overseas, mainly in cities JAL flies to and
from.  JAL also engages in hotel operations through other group
companies.

                        About Japan Airlines

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

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

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

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


ORSO ABS: S&P Puts Ratings on Notes on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on ORSO ABS
Funding Trust1-SFFC's classes B to E-Deferral beneficiary
interests on CreditWatch with negative implications.  Class A has
already been redeemed.

The CreditWatch placements with negative implications reflect
these factors: 1) the timing of the liquidation of collateral
properties is behind the schedule set out in the initial sale
plan; 2) the recently revised business plan sets out a delayed
recovery and lowered expected recovery levels, though the revised
plan has not, as yet, been approved; 3) despite the progress in
collateral liquidation, recoveries by other means have been
limited and there is no real expectation that they will increase
in the future; and 4) the delay in liquidating collateral
properties raises concern over the possible increase in negative
carry risk that arises when a portion of principal collections are
applied to the payment of dividends and transaction costs prior to
the repayment of beneficiary interests, thus decreasing the amount
available to be applied to repayment.

Standard & Poor's will resolve the CreditWatch status after
confirming that the revised business plan has been approved, and
examining its content and the collection plans of the backup
servicer.

The class A to E-Deferral beneficiary interests are ultimately
backed by: 1) real estate-backed loan receivables originated by
Real Estate Credit Co. Ltd. (the former SF Real Estate Credit Co.
Ltd.), a newly established company that took over the real estate-
backed loan business of SFCG Co. Ltd. through a company spin-off;
and 2) real estate-backed loans originated by SFCG prior to the
company spin-off.

                 Ratings On Creditwatch Negative

                  ORSO ABS Funding Trust1-SFFC
      JPY30 billion beneficiary interests due September 2012

  Class       To              From   Initial Issue Amount     Coupon Type
  -----       --              ----   --------------------     -----------
B            BBB/Watch Neg    BBB    JPY4.6 bil.              Floating
C            BB/Watch Neg     BB     JPY3.1 bil.              Floating
D            B-/Watch Neg     B-     JPY2.8 bil.              Floating
E-Deferral*  CCC/Watch Neg    CCC    JPY3.6 bil.              Floating

                 * Conditional deferred dividends

Issue date Sept. 21, 2007.


TOSHIBA CORP: In Talk With Fujitsu on Mobile Phone Business Merger
------------------------------------------------------------------
Fujitsu Ltd. and Toshiba Corp. are in talks to combine mobile-
phone business and create Japan's second-largest handset producer,
Bloomberg News reports, citing two officials at the companies.

The officials, asking not be identified because the talks are
private, said the discussions are preliminary and may not lead to
a deal, according to Bloomberg News.

Bloomberg News, citing the Nikkei business daily, relates that
Fujitsu and Toshiba are likely to set up a venture this year to
combine their handset operations, with Fujitsu expected to hold a
majority stake.  Both companies denied the report in statements to
the Tokyo Stock Exchange.

                       About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                           *     *     *

Toshiba Corporation continues to carry Fitch Ratings 'BB' Long-
term FC and LC Issuer Default Ratings, 'B' Short-term FC and LC
Issuer Default Ratings and 'BB' Senior unsecured notes ratings.


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


ARK RESOURCES: 14th Annual General Meeting Set for June 29
----------------------------------------------------------
ARK Resources Berhad will hold its Fourteenth Annual General
Meeting on June 29, 2010, at 10:00 a.m.  The meeting will be held
at Royal Commonwealth Society, No. 4, Jalan Birah, Damansara
Heights, 50490 in Kuala Lumpur.

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

   * receive the Audited Financial Statements for the financial
     year ended December 31, 2009, together with the Directors'
     and Auditors' reports thereon;

   * re-elect Rashidi Aly Abdul Rais retiring in accordance with
     Article 83 of the Company's Articles of Association;

   * re-elect Tunku Azlan Tunku Aziz retiring in accordance with
     Article 90 of the Company's Articles of Association;

   * re-elect Dato' Mohd Salleh Yeop Abdul Rahman retiring in
     Accordance with Article 90 of the Company's Articles of
     Association;

   * re-elect Datuk Nasir Safar retiring in accordance with
     Article 90 of the Company's Articles of Association;

   * appoint Messrs. Adam & Co. 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 this resolution:

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

   * transact any other business.

                        About ARK Resources

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

                          *     *     *

On April 24, 2006, ARK Resources Berhad was classified as an
affected listed issuer under the Bourse's Practice Note 17/2005.
It was, therefore, required to submit and implement a plan to
regularize its financial condition category.


HO HUP: Posts MYR4.27 Million Net Loss in Qtr Ended March 31
------------------------------------------------------------
Ho Hup Construction Company Bhd incurred MYR4.27 million net loss
on MYR5.67 million of revenues in the quarter ended March 31,
2010, compared with a net loss of MYR5.50 million on MYR12.65
million of revenues in the same quarter in 2009.

As of March 31, 2010, the Company had MYR232.54 million in total
assets and MYR251.09 million in total liabilities, resulting in
shareholders' deficit of MYR18.55 million.

The company's balance sheet as of March 31, 2010, also showed
strained liquidity with MYR71.98 million in total current assets
available to pay MYR246 million in total current liabilities.

A full-text copy of the Company's unaudited first quarter results
is available for free at http://ResearchArchives.com/t/s?64b4

                          About Ho Hup

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


OILCORP BERHAD: To Hold 9th Annual General Meeting on June 30
-------------------------------------------------------------
OilCorp Berhad will hold its Ninth Annual General Meeting on
June 30, 2010, at 11:00 a.m., at Tiara Beach Resort, Ballroom,
No. 1, PD Tiara, Batu 13, Jalan Pantai, Pasir Panjang, 71250 Port
Dickson, in Negeri Sembilan Darul Khusus, Malaysia.

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

   -- receive the Audited Financial Statements for the financial
      year ended December 31, 2009, together with the Directors'
      and Auditors' reports thereon;

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

   -- re-elect these Directors who are retiring in accordance with
      the Company's Articles of Association:

        i. Ng Huat Tian
       ii. Ng Huat Chai
      iii. Tuan Haji Shawal Bin Mat
       iv. Dato' Aripin Bin Mokhtar
        v. Low Peck Lim

   -- appoint Messrs BDO as Auditors of the Company and to
      authorize the Directors to fix their remuneration; and

   -- transact any other business.

                       About Oilcorp Berhad

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.


WONDERFUL WIRE: 22nd Annual General Meeting Slated For June 28
--------------------------------------------------------------
Wonderful Wire & Cable Berhad will hold its 22nd Annual General
Meeting on June 28, 2010, at 10:30 a.m., at The Tropical Inn,
Meranti Hall, 4th Floor, 15, Jalan Gereja, 80100 Johor Bahru, in
Johor Darul Takzim.

   -- receive the Audited Financial Statements for the financial
      year ended December 31, 2009, together with the Directors'
      and Auditors' reports thereon;

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

   -- re-elect these Directors in accordance with Article 77 of
      the Articles of Association of the Company:

       a. Soong Chee Keong;
       b. Lee Gia Hoong; and

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

       * Authority to Directors to issue and allot shares.

       * Proposed renewal of the existing shareholders' mandate
         and new shareholders' mandate for recurrent related
         party transactions of a revenue or trading nature.

                       About Wonderful Wire

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.


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


CRAFAR FARMS: UBNZ Bid to Buy Farms Without OIO Approval Rejected
-----------------------------------------------------------------
The New Zealand Herald reports that the High Court at Auckland has
rejected a bid by Chinese-backed UBNZ Assets Holdings for a ruling
that it does not require Overseas Investment Office approval to
buy 16 farms from the receivers of Crafar Farms.

According to the report, Chinese businesswoman May Wang's UBNZ
argued it did not require the OIO's consent to buy the farms from
KordaMentha.  But the OIO manager Annelies McClure said that the
OIO considered that consent may be required.

UBNZ is 80% owned by New Zealand-based UBNZ Trustee Ltd and 20% by
the Hong Kong-based Natural Dairy (NZ) Holdings Ltd.

Natural Dairy said its plans for dairy acquisitions in New Zealand
were unchanged despite dismissal of the UBNZ application for a
ruling.

"The court's decision does not affect the companies' plans to
acquire dairy assets in New Zealand and it will be lodging the
relevant OIO applications as intended," the report quoted a
spokesman as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
May 25, 2010, receivers Michael Stiassny and Brendon Gibson
of KordaMentha said conditional sale and purchase agreements for
16 farms formerly owned by the Crafar family been signed with UBNZ
Funds and a "substantial" deposit had been paid.  The sales
however are still conditional on approval by the Overseas
Investment Office.

The contract also specified that the 16 farms will continue to be
marketed until June 23, and if KordaMentha receives a better offer
than UBNZ's it can accept that instead.

                        About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employs 200 staff.

Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance in October
2009.  The banks are owed around NZ$200 million and put
KordaMentha partners Michael Stiassny and Brendon Gibson in as
receivers after Crafar Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


STRATEGIC FINANCE: Investors Warned Over Low Offer
--------------------------------------------------
The Securities Commission warned debenture-holders in Strategic
Finance Limited to be wary of an offer by Stock & Share Trading
Company Pty Limited to buy their debentures for 5c in the dollar.
Stock & Share Trading Company, which is based in Australia, had
previously offered investors 20c in the dollar.

There was also an earlier unsolicited offer to Strategic Finance
debenture holders by Marchmont Securities Trust, which the
Commission issued a warning about in January.

The Securities Commission reminds investors to be cautious of any
unsolicited offer to purchase their investments, especially where
the offer is well below face value.

The Securities Commission urges investors to seek professional
advice before making any decision to accept the offer.

"When a finance company is in receivership it is very difficult to
accurately assess the value of the company's debentures," the
commission said in a statement released Friday.  "The debentures
are not trading on any organized market, so there is no market
price against which investors can assess the offer."

"Under securities legislation it is not illegal to offer to buy
securities below their face value.  Any offer to buy securities
from investors must not be misleading or deceptive."

                      About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provides specialist financial and advisory services to the
property and corporate sectors.  The Company operates in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-operating
subsidiary is Strategic Properties No.1 Limited.  In May 2009, the
Company incorporated a subsidiary, Gulf Property Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

PricewaterhouseCoopers partners John Fisk and Colin McCloy have
been appointed receivers of Strategic Finance Limited and related
companies Strategic Advisory Limited, Strategic Mortgages Limited,
Strategic Nominees Limited, and Strategic Nominees Australia
Limited.  This ends the moratorium arrangement that has been in
place since December 2008.

The companies' trustee, Perpetual Trust Limited, appointed
receivers after SFL failed to generate sufficient loan recoveries
for its milestone payment on January 7, 2010.  The company owed
NZ$417 million to 13,000 investors.


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


PHILIPPINE AIRLINES: Lucio Tan Says Airline Not For Sale
--------------------------------------------------------
Businessman Lucio C. Tan said he is not selling Philippine
Airlines despite burgeoning losses, labor problems, and
competition from budget airlines.

"PAL is not for sale," Mr. Tan, chairman of PAL Holdings, Inc.,
told reporters after Eton Properties Philippines, Inc.'s annual
stockholders' meeting in Makati.

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said that the Philippine
Airlines is spinning off its three non-core units as a last resort
to avoid bankruptcy.  PAL will spin off its three non-core units:
inflight catering services; airport services, including ground
handling, cargo handling and ramp handling; and call center
reservations by May 31, the Manila Bulletin said.

According to The Manila Standard Today, the PAL Employees Union
estimated that 2,000 to 4,000 employees assigned to those
departments could be retired.

The Manila Standard related that PAL president Jaime Bautista said
competition from overseas carriers, slower global economic growth,
and higher oil prices had prompted the airline to slash its non-
core businesses.

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

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

                      About Philippine Airlines

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


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


ADVANCE MODULES: Creditors' Proofs of Debt Due June 25
------------------------------------------------------
Creditors of Advance Modules Group Limited, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by June 25, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

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


AGRA BAYMONT: Creditors' Proofs of Debt Due July 9
--------------------------------------------------
Agra Baymont Pte Ltd, which is in members' liquidation, requires
its creditors to file their proofs of debt by July 9, 2010, to be
included in the company's dividend distribution.

The company's liquidator is:

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


CHARISLAND PTE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on June 4, 2010, to
wind up the operations of Charisland Pte Ltd.

Yeo Hiap Seng (Malaysia) BHD filed the petition against the
company.

The company's liquidators are:

         Aaron Loh Cheng Lee
         Ee Meng Yen Angela
         Seshadri Rajagopalan
         One Raffles Quay North Tower
         18th Floor
         Singapore048583


INTERACT COMMERCE: Creditors' Proofs of Debt Due July 12
--------------------------------------------------------
Interact Commerce Singapore Private Limited, which is in members'
liquidation, requires its creditors to file their proofs of debt
by July 12, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

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


POLIMER CHEMICAL: Creditors Get 10.2% Recovery on Claims
--------------------------------------------------------
Polimer Chemical (S) Pte Ltd declared the first and final dividend
to unsecured creditors on June 10, 2010.

The company paid 10.2% to the received claims.

The company's liquidator is:

         Mr. Don M Ho
         Office of the liquidator
         c/o Don Ho & Associates
         Public Accountants & Certified Public
         Corporate Advisory & Recoveries
         Equity Plaza
         20 Cecil Street #12-02
         Singapore 049705


SING DEVELOPMENT: Members' Final Meeting Set for July 9
-------------------------------------------------------
Members of Sing Development (China) Pte Ltd will hold their final
meeting on July 9, 2010, at 10:00 a.m., at 96 Robinson Road #10-01
SIF Building Singapore 068899.

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


SINO-ENVIRONMENT: Court Enters Judicial Management Order
--------------------------------------------------------
The High Court of Singapore entered an order on June 4, 2010, to
place Sino-Environment Technology Group Limited under judicial
management.

The company's solicitors are:

          Messrs Stamford Law Corporation
          9 Raffles Place
          Republic Plaza #32-00
          Singapore 048619


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


AU OPTRONICS: Indicted in U.S. for Price Fixing
-----------------------------------------------
The Wall Street Journal's Brent Kendall reports that the U.S.
Justice Department has indicted AU Optronics Corp., its American
subsidiary and six of its executives for allegedly participating
in a scheme to fix prices on liquid-crystal-display panels.

Among the executives indicted are Vice Chairman HB Chen and
President Dr. LJ Chen.

The Journal relates the prosecutors alleged that AU Optronics
participated in a world-wide LCD price-fixing conspiracy from 2001
to 2006.

According to the Journal, prosecutors alleged that AU Optronics
officials met with competing LCD makers at hotels, restaurants and
cafes in Taipei to fix LCD prices and monitor and enforce those
price-fixing agreements.  Participants in those meetings also
shared information on LCD production, shipping, supply and demand,
prosecutors alleged, the Journal notes.

The Journal relates the indictment stated the companies involved
in the meetings became increasingly worried about being caught by
their customers and the U.S. Justice Department.  In response, the
Journal says, the participants decided to quit meeting in groups
and instead instructed their lower-level employees to conduct the
information exchanges.

According to the Journal, the prosecutors also alleged that AU
Optronics instructed employees at the company's U.S.-based
subsidiary in Houston to discuss and confirm pricing arrangements
with other LCD makers in U.S.

The Journal states that the indictments are the latest development
in the Justice Department's investigation.  To date, the Journal
notes, six companies have pleaded guilty to fixing prices and have
paid criminal fines totaling more than US$860 million.

The six companies that have pleaded guilty are LG Display Co.,
Sharp Corp., Chunghwa Picture Tubes Ltd., Seiko Epson Corp.,
Hitachi Ltd. and Chi Mei Optoelectronics Corp.

"The company believes in the integrity and fairness of the U.S.
Justice System and so will continue to defend itself.  Despite
AUO's strongly-held views, the company will continue to review the
matter and take appropriate actions as the case progresses," AU
Optronics said a statement Friday.

"The Company believes that the indictment will not have a material
adverse impact to the Company's normal operations currently."

                        About AU Optronics

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

                           *     *     *

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


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


* S&P Puts Ratings on Nine Asia-Pacific CDOs on Positive Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on nine
Asia-Pacific (ex-Japan) collateralized debt obligation tranches on
CreditWatch with positive implications.  At the same time, the
portfolio swap-risk rating on AsiaMea CLO Mezzanine CDS 1 was
affirmed and taken off CreditWatch negative, where it was placed
on May 12, 2010.

To assess the creditworthiness of each class, S&P reviewed the
credit quality of the securitized assets using the synthetic rated
overcollateralization scores and results from supplemental tests.
These results measure the degree by which the credit enhancement
of a tranche exceeds the stressed loss rate assumed for a given
rating scenario.

The tranches that have been placed on CreditWatch positive had
SROC scores greater than 100% at the current rating level and at a
higher rating level with sufficient cushion (based on the maximum
of scenario loss rate, largest obligor test, and largest industry
test).  SROC scores rising above 100% reflect an improvement in
the credit quality of the underlying portfolios.  Further, the
CreditWatch positive on the eight Athenee CDO PLC series follows a
series of substitutions that have been executed in the underlying
portfolios, which has improved their credit quality.

The affirmation of the Asiamea tranche reflects an improvement in
the credit quality after the portfolio was recently replenished.
The tranche now passes the SROC and the supplemental tests at its
current rating level.

Name                             Rating To        Rating From
----                             ---------        -----------
Athenee CDO PLC Series 2007-2    B+/Watch Pos     B+
Athenee CDO PLC Series 2007-4    B/Watch Pos      B
Athenee CDO PLC Series 2007-5    B-/Watch Pos     B-
Athenee CDO PLC Series 2007-6    B/Watch Pos      B
Athenee CDO PLC Series 2007-9    B+/Watch Pos     B+
Athenee CDO PLC Series 2007-12   B-/Watch Pos     B-
Athenee CDO PLC Series 2007-14   B/Watch Pos      B
Athenee CDO PLC Series 2007-15   B+/Watch Pos     B+
Beech Trust Series 2             BBB+/Watch Pos   BBB+
AsiaMea CLO Mezz CDS 1           AA-srp           AA-srp/Watch Neg

Notes:

1. Where the final price on defaulted reference names in CDO
   portfolios is not known, S&P's analysis takes into
   consideration the auction results for these names from the
   International Swaps and Derivatives Association, Inc.

2. In accordance with the criteria for rating CDO transactions,
   certain factors such as credit stability and rating sensitivity
   to modeling parameters may be considered in assigning ratings
   to CDO tranches, in addition to the supplemental tests, the
   Monte Carlo default simulation results, and the associated cash
   flow modeling.  Such risks in transactions may be assessed on a
   case-by-case basis and the ratings may be qualitatively
   adjusted to a rating level different than that indicated by the
   various quantitative results.  The tranches' final ratings
   reflect the result of any such qualitative adjustments.

The Global SROC Report with the SROC analysis as at end-May 2010
will be published shortly.  In the week following the publication
of the report, a full review of the affected tranches of Asia-
Pacific synthetic CDOs will be performed and appropriate rating
actions, if any, will be taken.  The Global SROC Report provides
SROC and other performance metrics on more than 3,000 individual
CDO tranches.


                         *********

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 ***