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        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

           Wednesday, June 16, 2010, Vol. 13, No. 117

                            Headlines



A U S T R A L I A

ELDERSLIE FINANCE: Directors Face AU$18-Mln Legal Suit
MOBIUS NCM-04: S&P Raises Ratings on Various Classes of RMBS
OCTAVIAR LIMITED: Founder to Face Liquidators in NSW Court
ONE.TEL: Creditors Want Access to Litigation Funding Deal


C H I N A

AGRICULTURAL BANK: May Raise Up to US$15 Billion in Hong Kong IPO


H O N G  K O N G

INSTITUTE OF FINANCIAL: Yeung and Lee Step Down as Liquidators
LANEWORTH COMPANY: Middleton and Cowley Step Down as Liquidators
PLATINUM FINANCE: Nicholas William Burton Appointed as Liquidator
ROSEJAY COMPANY: Middleton and Cowley Step Down as Liquidators
SOLIDWOOD PRODUCTS: Court to Hear Wind-Up Petition on June 30


I N D I A

B R SPONGE: CRISIL Assigns Default Ratings on INR60.1MM Term Loan
BHASKAR STEEL: CRISIL Places Default Ratings on INR598MM Term Loan
CHENNAI MICRO: CRISIL Puts 'BB' Rating on INR50 Mil. Cash Credit
FRANCO LEOME: CRISIL Assigns 'BB' Rating on INR2.7MM Term Loan
J.V. STRIPS: CRISIL Assigns 'BB-' Rating on INR65MM LT Loan

KOHIMA MUNICIPAL: Fitch Assigns 'B' National Long-Term Rating
KOMMLABS DEZIGN: CRISIL Assigns 'B' Rating on INR7.2-Mil. Loan
MALBROS INT'L: CRISIL Places 'BB-' Rating on INR112.5MM Term Loan
OASIS DISTILLERIES: CRISIL Places 'BB-' Rating on INR38.1MM Loan
RCI LOGISTICS: CRISIL Assigns 'B' Rating on INR20 Mil. Cash Credit

T. R. CHEMICALS: CRISIL Puts 'BB+' Ratings on Various Bank Debts
UJJAIN MUNICIPAL: Fitch Gives Positive Outlook; Keeps 'BB' Rating
VIKAS STRIPS: CRISIL Reaffirms 'BB' Rating on INR170MM Cash Credit
VITAL LABORATORIES: CRISIL Lifts Rating on INR60.4M LT Loan to 'B'
* INDIA: Gov't. to Inject INR62.1 Billion in Funds to State Banks


I N D O N E S I A

CILIANDRA PERKASA: Fitch Affirms 'BB-' Issuer Default Rating
FAJAR SURYA: Fitch Changes Outlook to Positive; Affirms 'B' Rating


K O R E A

HYNIX SEMICONDUCTOR: To Spend KRW456 Billion to Expand Plants
SSANGYONG MOTOR: To Supply 168,100 Vehicles to OAO Sollers


N E W  Z E A L A N D

DORCHESTER PACIFIC: Investors and Shareholders to Meet on June 30
DYNASTY GROUP: Lawyer Confident Creditors Will Accept Proposal
GENEVA FINANCE: Posts NZ$4.99-Mil. Net Loss in Year Ended March 31


S I N G A P O R E

NTUC INCOME: Creditors' Proofs of Debt Due July 15
SAVANT PTE: Court to Hear Wind-Up Petition on June 25
TECHNICDELTA ENG'G Court to Hear Wind-Up Petition on June 25
VENTURE TDF: Creditors' Proofs of Debt Due July 12
VESSLINK PTE: Court to Hear Wind-Up Petition on June 25

WIN-WIN ALUMINIUM: Court to Hear Wind-Up Petition on June 25


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


ELDERSLIE FINANCE: Directors Face AU$18-Mln Legal Suit
------------------------------------------------------
The liquidator of Elderslie Finance will launch an AU$18 million
legal claim in the Federal Court in Sydney in the coming weeks
against the company's directors, including former Liberal leader
John Hewson, SmartCompany reports.  Amanda Barton, partner and
Sydney law firm Piper Alderman, will handle the case on behalf of
liquidator Nicholas Crouch, the report says.

Ms. Barton told SmartCompany that the case will focus on
allegations the directors breached their continuous disclosure
obligations to investors, claims regarding preferential payments
and claims alleging the directors knew the company was trading
while insolvent.

"The insolvent trading claims date back to 12 months prior to the
company's collapse," the report quoted Ms. Barton as saying.

                    About Elderslie Finance

Elderslie Finance Corporation is an independent, Australian-owned
structured finance and investment management group.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 3, 2008, Elderslie Finance Corporation has been placed into
receivership following a Federal Court order allowing its trustee,
Perpetual Trustees WA Ltd, to appoint a receiver, after several
rescue plans for the ailing company fell through.  Perpetual
Trustees appointed Gregory Hall and Philip Carter of
PricewaterhouseCoopers as the receivers for Elderslie Finance.

On September 22, 2008, the Supreme Court of New South Wales
entered an order to have Elderslie Finance Corporation Limited's
operations wound up.


MOBIUS NCM-04: S&P Raises Ratings on Various Classes of RMBS
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised the
ratings on the class C, D, M, E, and F residential mortgage-backed
securities issued by the trustee of Mobius NCM-04 Trust.  At the
same time, the ratings were removed from CreditWatch with positive
implications, where they were initially placed on Sept. 30, 2009.
S&P also raised the rating on the class B notes to 'AAA', from
'AA', and removed the rating from CreditWatch Positive, where it
was placed on June 9, 2010.

The rating action follows the restructure of the trust's lenders'
mortgage insurance (LMI) deposit account and reserve account.  As
a result, AU$7 million was deposited into the reserve account,
which can be used to cover losses on any loans in the trust.  The
ratings upgrades on all classes of notes reflect S&P's opinion
that credit support now available is commensurate with the higher
rating levels.  Furthermore, the transaction has experienced high
prepayment rates since December 2009, resulting in the full
repayment of the class A1 and A2 notes.  Consequently, the credit
support percentage available to the rated notes has increased,
particularly for the more senior-ranking notes.

The arrears percentage has reduced since its peak of near 30% in
mid-2008.  Nevertheless, the proportion of loans in severe arrears
(greater than 90 days) remains high at about 11%, which coupled
with a high concentration to borrowers with volatile cash flows
and low equity in their houses exposes the portfolio to future
losses.  As the pool balance diminishes, S&P expects prepayment
rates, arrear levels, and losses coming through to become more
volatile from period to period.  S&P expects the lower ranking
notes to remain vulnerable to these tail-end risks.

                          Ratings Raised

                        Mobius NCM-04 Trust

            Class      Rating To      Rating From
            -----      ---------      -----------
            B          AAA            AA/Watch Pos
            C          A+             BBB+/Watch Pos
            D          BB+            CCC+/Watch Pos
            M          BB+            CCC+/Watch Pos
            E          B-             CCC-/Watch Pos
            F          CCC            CC/Watch Pos


OCTAVIAR LIMITED: Founder to Face Liquidators in NSW Court
----------------------------------------------------------
Liquidator Kate Barnet of Bentleys Corporate Recovery is due to
examine Phil Adams, founder of Octaviar Limited, formerly known as
MFS Limited, in the New South Wales Supreme Court on Friday, The
Age reports.

The Age relates Mr. Adams may also face questions from liquidators
at Ferrier Hodgson, on behalf of two MFS-related entities,
Octaviar Investment Notes and Octaviar Investment Bonds.

According to the report, Mr. Adams will answer questions about his
role in the Gold Coast financial group, when he returns from Dubai
to face publicly creditors to the company for the first time since
the multibillion-dollar empire collapsed.  Mr. Adams moved to
Dubai in mid-2007 to expand the investment group overseas and
still lives there, the report notes.

                       About Octaviar Limited

Headquartered in Queensland, Australia, Octaviar Limited (ASX:OCV)
-- http://www.mfsgroup.com.au-- formerly known as MFS Limited,
operates as an Investment Management business with a portfolio of
businesses and assets, including: operating businesses in the
leisure and childcare sectors; real estate portfolio; 35% interest
in the Stella Group; operating businesses which hold AFSL licenses
and act as Responsible Entity for a number of Managed Investment
Schemes.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed John Greig and
Nicholas Harwood of Deloitte as Voluntary Administrators.

The directors of three Octaviar subsidiaries, Octaviar Financial
Services Pty Ltd, Octaviar Investment Notes Limited and Octaviar
Investment Bonds Limited, also appointed Messrs. Greig and Harwood
as Voluntary Administrators.

Fortress Credit Corporation (Australia) II Pty Ltd., one of
Octaviar Limited's major creditors, also appointed Stephen James
Parbery and Anthony Milton Sims of PPB as receivers and managers
for Octaviar.

In December 2008, Octaviar's creditors voted for a deed of company
arrangement over two entities in the Octaviar group, Octaviar
Limited and Octaviar Administration Pty Limited.  The three other
companies in the group were subsequently wound up.

The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of
Queensland placed Octaviar Limited into liquidation.  Justice
Philip McMurdo terminated a deed of company arrangement that has
been in place since December 2008, naming company administrators
John Greig and Nick Harwood at Deloitte, as provisional
liquidators.

Administrators and liquidators Greig and Harwood at Deloitte were
then replaced by Bentleys Corporate Recovery under court order.

According to The Age, creditors are yet to recover about
AU$2.5 billion from the Group, which was found to have
AU$1 billion in inter-company loans.


ONE.TEL: Creditors Want Access to Litigation Funding Deal
---------------------------------------------------------
The New South Wales Court of Appeal has heard that the liquidator
of One.Tel Limited could be using a confidential litigation
funding agreement for a $132 million suit against Consolidated
Media Holdings and News Ltd to entrench himself in the job, The
Sydney Morning Herald reports.

According to SMH, the funding agreement has become the latest
focus of an "ongoing, running, horrible dispute" between the
special purpose liquidator, Paul Weston, and One.Tel's committee
of creditors.

The report says the description of the relationship came from
Robert Newlinds, SC, representing the committee and One.Tel's
largest creditor, SingTel Optus, which was left $66 million out of
pocket by the 2001 collapse.

Mr. Newlinds said Optus wanted access to the confidential
agreement to find out "whether it entrenches the special purpose
liquidator in the job."

Mr Newlinds, as cited by SMH, said the terms of the agreement
could "cut across" a separate case Optus has launched asking the
court to replace Mr. Weston or order an inquiry into his conduct.

Optus claims Mr. Weston has too little to show for spending
AU$9 million since 2003, the report notes.

The report recalls that Mr. Weston on May 20 received approval
from Justice Reg Barrett in the Supreme Court to sign an agreement
with a litigation funder who has not been publicly identified.

According to SMH, the funding is to enable Mr. Weston to proceed
with a damages suit over events before One.Tel's collapse against
Cons Media and News, which were One.Tel's largest shareholders,
their representatives on the One.Tel board including James Packer
and Lachlan Murdoch, and several advisory firms.

On Friday, the report relates, Mr. Newlinds said his clients had a
right to be heard by Justice Barrett because of the pending suit
against Mr. Weston and because of their interest in $10 million of
"free cash" in One.Tel's bank account.

Mr. Newlinds told the court that Optus was worried that the
agreement with the unknown funder might oblige One.Tel to
contribute that AU$10 million, which would otherwise be available
for distribution to creditors, as security for any costs orders
that might be made in favor of Cons Media and News, the report
adds.

                          About One.Tel

One.Tel Limited is an Australian-based telecommunications
company, belonging to One.Tel Group.  One.Tel Ltd. was
established in 1995 soon after the deregulation of the
Australian telecommunications industry, most of which are
currently under external administration by court appointed
liquidators.

One.Tel is currently in liquidation due to financial problems.
Ferrier Hodgson was appointed as voluntary administrator on
May 29, 2001.  The administrator's report stated that the company
was insolvent as of March 2001.  Accordingly, the administrator
terminated approximately 3,000 employees in June that same year.

Steve Sherman and Peter Walker of Ferrier Hodgson were then
named liquidators on July 24, 2001.


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


AGRICULTURAL BANK: May Raise Up to US$15 Billion in Hong Kong IPO
-----------------------------------------------------------------
Agricultural Bank of China Ltd. may raise as much as US$15 billion
in the Hong Kong part of what could be the world's largest initial
public offering, Bloomberg News reports

Bloomberg News, citing an e-mail sent to investors, relates that
the bank will sell $10 billion to $15 billion of shares in Hong
Kong.  Banks arranging the IPO started Tuesday gauging investor
demand for the sale.

Bloomberg News recounts that people with knowledge of the matter
said last week that Agricultural Bank, is also selling stock in
Shanghai, may raise at least $23 billion from the total offering.
The IPO, likely to surpass the $22 billion sale by Industrial &
Commercial Bank of China Ltd. in 2006, coincides with an equities
rout that's caused more than 30 companies to cancel or delay IPOs
globally since the end of April, according to data compiled by
Bloomberg.

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.


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


INSTITUTE OF FINANCIAL: Yeung and Lee Step Down as Liquidators
--------------------------------------------------------------
Yeung Chi Wai and Lee Man Yin stepped down as liquidators of The
Institute of Financial Management Limited on June 11, 2010.


LANEWORTH COMPANY: Middleton and Cowley Step Down as Liquidators
---------------------------------------------------------------
Edward Middleton and Patrick Cowley stepped down as liquidators of
Laneworth Company Limited on June 7, 2010.


PLATINUM FINANCE: Nicholas William Burton Appointed as Liquidator
-----------------------------------------------------------------
Nicholas William Burton on May 28, 2010, was appointed as
liquidator of Platinum Finance Company Limited.

The liquidator may be reached at:

         Nicholas William Burton
         8th Floor, Henley Building
         5 Queen's Road
         Central, Hong Kong


ROSEJAY COMPANY: Middleton and Cowley Step Down as Liquidators
--------------------------------------------------------------
Edward Middleton and Patrick Cowley stepped down as liquidators of
Rosejay Company Limited on June 7, 2010.


SOLIDWOOD PRODUCTS: Court to Hear Wind-Up Petition on June 30
-------------------------------------------------------------
A petition to wind up the operations of Solidwood Products Limited
will be heard before the High Court of Hong Kong on June 30, 2010,
at 9:30 a.m.

Lee Wah Tak filed the petition against the company on May 10,
2010.


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


B R SPONGE: CRISIL Assigns Default Ratings on INR60.1MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
B R Sponge & Power Ltd.  The ratings reflect the delay by BRSPL in
servicing its term loan; the delay has been caused by BRSPL's weak
liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR100.0 Million Cash Credit     D (Assigned)
   INR60.1 Million Term Loan        D (Assigned)
   INR5.0 Million Bank Guarantee    P5 (Assigned)

The ratings also reflect BRSPL's weak financial risk profile,
which is partially offset by the extensive experience of BRSPL's
promoter family in the iron and trading business.

Set up in 2003 by the late Mr. Pankaj Kumar Agarwal, and his
family, BRSPL manufactures sponge iron. The plant, located in
Sundergarh (Orissa), commenced commercial operations in 2005, with
a capacity of 60,000 tonnes per annum (tpa) of sponge iron, along
with an iron ore crushing capacity of around 288,000 tpa.

BRSPL reported a profit after tax of INR1.4 million on net sales
of INR174.7 million for 2008-09 (refers to financial year, April 1
to March 31) against a net loss of INR1.4 million on net sales of
INR421.1 million for 2007-08.


BHASKAR STEEL: CRISIL Places Default Ratings on INR598MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'D' rating to Bhaskar Steel & Ferro Alloy
Ltd's bank facilities.  The rating reflects the delay by BSFAL in
servicing its term loans; the delay has been caused by BSFAL's
weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR598.0 Million Term Loan       D (Assigned)
   INR254.1 Million Cash Credit     D (Assigned)

The rating also reflects BSFAL's weak financial risk profile,
which is partially offset by the extensive experience of BSFAL's
promoter family in the iron and trading business.

Set up in September 2003 by Mr. Shashikant Agarwal, Mr. Sumit
Agarwal and Mr. Gaurav Agarwal, BSFAL manufactures sponge iron and
billets.  The company has its integrated steel plant at Sundergarh
(Orissa).  The company has a capacity to manufacture 105,000
tonnes per annum (tpa) of sponge iron; it has four induction
furnaces, with combined capacity of 86,400 tpa for manufacturing
billets.  The company has its own power plant with capacity of 12
megawatts.  The company is currently managed by Mr. Santosh
Agarwal and Mr. Rohit Agarwal, promoters of BR Sponge and Power
Ltd. (rated 'D/P5' by CRISIL).

BSFAL reported a net loss of INR63.5 million on net sales of
INR512.7 million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax of INR28.1 million on net
sales of INR1033.2 million for 2007-08.


CHENNAI MICRO: CRISIL Puts 'BB' Rating on INR50 Mil. Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Chennai Micro Print Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR64.40 Million Long-Term Loan    BB/Stable (Assigned)
   INR50.00 Million Cash Credit       BB/Stable (Assigned)
   INR2.50 Million SME Credit         P4+ (Assigned)
   INR10.00 Million SME Care          P4+ (Assigned)
   INR2.30 Million Letter of Credit   P4+ (Assigned)
   INR7.00 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect the geographic concentration in its revenue
profile, its small scale of operations, and vulnerability to
intense competition in the printing and packaging industry.  These
rating weaknesses are partially offset by the company's above-
average financial risk profile and its established market
positions in the regional printing and packaging businesses.

Outlook: Stable

CRISIL believes that CMPL will maintain its stable business risk
profile, on the back of its revenue diversity and comfortable
operating efficiency, over the medium term.  The outlook may be
revised to 'Positive' if CMPL's improves its scale of operations
and profitability on a sustained basis.  Conversely, the outlook
may be revised to 'Negative' if the company undertakes a large,
debt-funded capital expenditure program, thereby weakening its
capital structure, or if its margins and realizations decline
further.

                          About the Group

Set up in 1996 as a partnership firm by Mr. V Ramesh and his
friend, Mr. S Ramu, CMPL (formerly, Microprint) was incorporated
as a private limited company in 1999.  CMPL is into commercial
printing of books, and packaging materials such as printed duplex
board cartons, both of which contribute equally to the total
revenues.  The company's manufacturing facility is located in
Thiruverkadu, Chennai

CMPL reported a provisional profit after tax (PAT) of INR21.5
million on net sales of INR517.1 million for 2009-10 (refers to
financial year, April 1 to March 31), against a reported PAT of
INR13.2 million on net sales of INR508.3 million for 2008-09.


FRANCO LEOME: CRISIL Assigns 'BB' Rating on INR2.7MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Franco Leome
Shoes Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR60.0 Million Cash Credit Limit      BB/Stable (Assigned)
   INR2.7 Million Proposed Term Loan      BB/Stable (Assigned)
   INR10.0 Million Packing Credit         P4+ (Assigned)

The ratings reflect expected deterioration in Franco's financial
risk profile because of large debt-funded capital expenditure
(capex), the company's large working capital requirements, and
small scale of operations.  These rating weaknesses are partially
offset by the experience of Franco's promoters in the men's
footwear industry, geographically diversified revenue profile, and
established customer base.

Outlook: Stable

CRISIL believes that Franco will maintain its stable business risk
profile over the medium term, backed by its reputed customer base.
However, its financial risk profile is expected to deteriorate
because of large debt-funded capex.  The outlook may be revised to
'Positive' if Franco increases its scale of operations and
operating margin, while improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company reports time and cost overruns in its capacity expansion
project or if its working capital requirements increase
considerably.

                         About Franco Leome

Incorporated in 1995, Franco manufactures leather and non-leather
men's footwear.  It sells its products in the domestic market to
reputed retail chains under its own Franco Leone, Gunuchi,
Carlopini, and F.L.Y. brands.

The company has one manufacturing unit in Baddi (Himachal Pradesh)
for its domestic market and one in Greater Noida (Uttar Pradesh)
to cater to the export market with a combined manufacturing
capacity of 3000 pairs per day.  The Greater Noida unit commenced
operations in 2008-09 (refers to financial year, April 1 to
March 31).

Franco is expanding capacity in the domestic market by setting up
a second unit in Baddi and another unit in Bahadurgarh (Haryana)
for manufacturing ladies footwear.

Franco reported a profit after tax (PAT) of INR8.8 million on net
sales of INR315 million for 2008-09 against a PAT of INR28.2
million on net sales of INR333 million for 2007-08.


J.V. STRIPS: CRISIL Assigns 'BB-' Rating on INR65MM LT Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of J.V. Strips Ltd
continue to reflect JV Strips' weak financial risk profile marked
by high gearing, small net worth, and weak debt protection
metrics.  The ratings also factor in JV Strips' exposure to risks
related to volatility in steel prices, and concentration of
revenues in the automobile sector.  These weaknesses are partially
offset by the benefits that the company derives from its
promoters' experience in the steel industry.

   Facilities                          Ratings
   ----------                          -------
   INR65.0 Million Long-Term Loan      BB-/Stable (Assigned)
   INR72.5 Million Proposed LT         BB-/Stable (Assigned)
            Bank Loan Facility

   INR2.5 Million Bank Guarantee       P4+ (Assigned)

   INR360.0 Million Cash Credit
   (Enhanced from INR300 Million)      BB-/Stable

   INR50.0 Million Standby Line of
   Credit (Reduced from INR60.0 Mil.)  BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JV Strips' financial risk profile will remain
weak over the medium term because of high gearing as a result of
large working capital borrowings. The outlook may be revised to
'Positive' if JV Strips significantly improves its business and
financial risk profiles. Conversely, the outlook may be revised to
'Negative' if JV Strips contracts more-than-expected debt, or
increases its inventory levels substantially.

                          About JV Strips

JV Strips was incorporated in September 1995 as a closely held
public limited company.  The company manufactures cold-rolled
coils from hot-rolled coils, of thickness ranging from 2 to 5
millimetres (mm) and a width of 1400 mm.  The cold-rolled coils
cater mainly to the automobile sector.  Around 60 to 70 per cent
of JV Strips' sales are made to original equipment manufacturers,
and the remaining to traders.

JV Strips reported a profit after tax (PAT) of INR2.3 million on
net sales of INR1.52 billion for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR5.6 million on net
sales of INR1.42 billion for the previous year.


KOHIMA MUNICIPAL: Fitch Assigns 'B' National Long-Term Rating
-------------------------------------------------------------
Fitch Ratings has assigned Kohima Municipal Council a 'B(ind)'
National Long-term rating.  The Outlook is Stable.

The rating is constrained by KMC's very low income base and its
inability to generate resources by levying taxes; also a property
tax system is absent.  KMC's income level is the lowest among
Fitch-rated urban local bodies in the north-eastern region of the
country.  The rating is also constrained by the council's very
poor service delivery levels in civic services.

The fragile institutional set-up of the council coupled with the
multiplicity of agencies involved in the delivery of civic
services affects the rating.  KMC's elected term has expired, and
as at January 2010 it remains terminated; the Government of
Nagaland's appointed advisory committee (yet to be formed as at
FYE10) will oversee the ULB's functions till the new elected body
is in place.  The council as at FYE10 manages only solid waste and
the rest of the civic services are handled by other GoN agencies.

Given the locational disadvantage, Kohima's capacity to propel the
existing shallow industrial base is very limited.  The city's
financial profile is weak and it has run into deficit every third
year since FY03; KMC booked a paltry surplus of INR0.93 million in
FY09.

KMC follows the cash system of accounting and the laxness in
migrating to the double-entry system obscures the true picture of
its financial position.  Fitch notes that the council lags behind
in the implementation of the ULB reforms and would need concerted
efforts to roll out the reforms as the Jawaharlal Nehru National
Urban Renewal Mission will conclude by FY12.

A capital expenditure of INR18.69bn is proposed under JNNURM, of
which KMC will implement projects of INR389.59 million.  Since
Nagaland is a special category state, the capital investments for
Kohima will be shared between federal and state governments in the
ratio of 90:10.  KMC's capacity to implement projects is as yet
untested.  Fitch notes that KMC's zero-debt status would continue,
but the council may incur additional operating expenses on
projects executed by it and by other agencies if KMC takes over
the operations of all projects, which is unlikely.  Under a normal
scenario, KMC will incur operation expenses on projects worth of
INR389.59 million implementable by the council.


KOMMLABS DEZIGN: CRISIL Assigns 'B' Rating on INR7.2-Mil. Loan
--------------------------------------------------------------
CRISIL has assigned its 'B/Negative/P4' ratings to Kommlabs Dezign
Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR20.0 Million Cash Credit Limit^     B/Negative (Assigned)
   INR7.2 Million Term Loan               B/Negative (Assigned)
   INR30.0 Million Bank Guarantee         P4 (Assigned)

   ^Includes interchangeability of INR5.0 Million with
    Bank Guarantee facility & vice versa

The ratings reflect KDPL's stretched liquidity, small scale of
operations, and susceptibility of margins to intense competition
in the software and hardware solutions industry.  These rating
weaknesses are partially offset by KDPL's healthy financial risk
profile, marked by low gearing and strong debt protection metrics,
promoters' experience in the software and hardware solutions
business, and its established clientele.

Outlook: Negative

The negative outlook reflects CRISIL's belief that Kommlabs Dezign
Private Limited's (KDPL's) liquidity will remain stretched over
the medium term.  The rating may be downgraded if the company
fails to make timely payments on its term debt obligations due to
insufficient funds.  The outlook may be revised to 'Stable' if the
company has adequate liquidity and is able to service its debt
obligations on time over the medium term.

                       About Kommlabs Dezign

Incorporated in 1995, KDPL provides software and hardware
solutions for lawful communication interception to various
government security agencies.  The software solutions include
phone tapping, data mining, forensic tools, geographic information
system (GIS) location, global system for mobile communications
(GSM) interception, and synchronous transport module (STM)
interception.  The company's research and development center is
based in Noida (Uttar Pradesh).

KDPL is expected to report a profit after tax (PAT) of INR8.6
million on net sales of INR113 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR7.5
million on net sales of INR138 million for 2008-09.


MALBROS INT'L: CRISIL Places 'BB-' Rating on INR112.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Malbros International Pvt Ltd, which is part of the
Oasis combine.

   Facilities                             Ratings
   ----------                             -------
   INR160.0 Million Cash Credit Limit     BB-/Stable (Assigned)
   INR112.5 Million Term Loan             BB-/Stable (Assigned)
   INR4.0 Million Letter of Credit        P4+ (Assigned)
   INR16.0 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect the Oasis combine's exposure to risks related
to product and geographical concentration in revenue profile and
to adverse regulatory changes in the distillery industry.  These
rating weaknesses are partially offset by the Oasis combine's
established market position in country liquor segment in Punjab
and Madhya Pradesh (MP), and the benefits that the combine derives
from its promoters' experience in the liquor industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Malbros International Pvt Ltd and Oasis
Distilleries Limited.  This is because Oasis and MIPL (together
referred to as the Oasis combine) have a common management team ?
Mr. Deiip Malhotra controls and manages the strategic functions of
the combine, assisted by his sons and other professionals.
Moreover, the two companies are in the same line of business, and
have operational and financial linkages between them.

Outlook: Stable

CRISIL believes that the Oasis combine will maintain its credit
risk profile over the medium term backed by its established market
position in MP and Punjab and experience of promoters in the
liquor business.  The outlook may be revised to 'Positive' in case
the Oasis combine consolidates its presence in the country liquor
segment and the Indian-made foreign liquor (IMFL) market by
successfully entering into new markets, thereby improving its
realizations and achieving higher-than-expected profitability.
Conversely, the outlook may be revised to 'Negative' in case of
significant deterioration in the financial risk profile, most
likely because of adverse regulatory changes, or any large debt-
funded capital expenditure.

                         About the Combine

The Oasis combine was founded by the late Mr. Om Prakash Malhotra.
The combine has interests in the hotel and liquor businesses.
Mr. Deiip Malhotra (son of the late Mr. Om Prakash Malhotra) is
the current chairman and managing director of the Oasis combine.
The core business of the Oasis combine consists of manufacturing,
selling and trading of rectified spirits, country liquor and IMFL
in Punjab, MP, National Capital Region (NCR) and Haryana. In
addition to Oasis and MIPL, the Oasis group also includes Oasis
Resorts Pvt Ltd and Diamond Resorts Pvt Ltd.

The Oasis combine reported a profit after tax (PAT) of
INR10 million on net sales of INR744 million for 2008-09 (refers
to financial year, April 1 to March 31), as against a PAT of
INR17 million on net sales of INR591 million for 2007-08.


OASIS DISTILLERIES: CRISIL Places 'BB-' Rating on INR38.1MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Oasis Distilleries Ltd, which is part of the Oasis
combine.

   Facilities                            Ratings
   ----------                            -------
   INR280.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR38.1 Million Term Loan             BB-/Stable (Assigned)
   INR2.5 Million Letter of Credit       P4+ (Assigned)
   INR42.5 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect the Oasis combine's exposure to risks related
to product and geographical concentration in revenue profile and
to adverse regulatory changes in the distillery industry and the
expected increase in Oasis combine's gearing level on account of
large debt-funded capital expenditure (capex) plans over the
medium term.  These rating weaknesses are partially offset by the
Oasis combine's established market position in country liquor
segment in Punjab and Madhya Pradesh (MP), and the benefits that
the combine derives from its promoters' experience in the liquor
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Oasis and Malbros International Pvt
Ltd.  This is because Oasis and MIPL (together referred to as the
Oasis combine) have a common management team - Mr. Deiip Malhotra
controls and manages the strategic functions of the combine,
assisted by his sons and other professionals.  Moreover, the two
companies are in the same line of business, and have operational
and financial linkages between them.

Outlook: Stable

CRISIL believes that the Oasis combine will maintain its credit
risk profile over the medium term backed by its established market
position in MP and Punjab and experience of promoters in the
liquor business.  The outlook may be revised to 'Positive' in case
the Oasis combine consolidates its presence in the country liquor
segment and the Indian-made foreign liquor (IMFL) market by
successfully entering into new markets, thereby improving its
realizations and achieving higher-than-expected profitability.
Conversely, the outlook may be revised to 'Negative' in case of
significant deterioration in the financial risk profile, most
likely because of adverse regulatory changes, or any large debt-
funded capital expenditure.

                         About the Combine

The Oasis combine was founded by the late Mr. Om Prakash Malhotra.
The combine has interests in the hotel and liquor businesses.
Mr. Deiip Malhotra (son of the late Mr. Om Prakash Malhotra) is
the current chairman and managing director of the Oasis combine.
The core business of the Oasis combine consists of manufacturing,
selling and trading of rectified spirits, country liquor and IMFL
in Punjab, MP, National Capital Region (NCR) and Haryana.  In
addition to Oasis and MIPL, the Oasis group also includes Oasis
Resorts Pvt Ltd and Diamond Resorts Pvt Ltd.

The Oasis combine reported a profit after tax (PAT) of INR10
million on net sales of INR744 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR17
million on net sales of INR591 million for 2007-08.


RCI LOGISTICS: CRISIL Assigns 'B' Rating on INR20 Mil. Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B/Negative/P4' ratings to RCI Logistics
(P) Limited's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR180.00 Million Working Capital   B/Negative (Assigned)
                         Demand Loan
   INR20.00 Million Cash Credit        B/Negative (Assigned)
   INR20.00 Million Bank Guarantee     P4 (Assigned)

The ratings reflect RCILL's exposure to risks related to the
fragmented nature and intense competition in the road
transportation services business, and weak financial risk profile
impacted by debt funded capital expenditure plans.  These rating
weaknesses are partially offset by the benefits that RCILL derives
from its promoters' experience in road transportation segment, and
its established client base.

Outlook: Negative

CRISIL expects the RCILL's financial risk profile to weaken
further over the medium term, led by large debt-funded capital
expenditure plans over the medium term.  The ratings may be
downgraded if the group's financial risk profile deteriorates more
than anticipated on account of lower than anticipated revenues and
profitability and higher than expected debt funded capital
expenditure.  Conversely, the outlook may be revised to 'Stable'
if the group's financial risk profile improves, supported by an
improvement in capital structure, or an increase in scale of
operations and profitability, backed by expected growth in the
industry.

                        About RCI Logistics

Set up as a proprietorship firm by Mr. Pawan Kumar Gupta in 1994,
RCILL (formerly, Road Carrier of India) was later renamed and
reconstituted as a private limited company in April, 2009.
RCILL's is mainly in the business of logistics and is a pioneer in
offering containerised vehicle solutions.  The company commenced
operations in Hyderabad and later spread its ambit to Delhi,
Chennai and Durgapur (West Bengal).  The company currently owns 60
branches across India and has tie-ups with 27 branches.  It owns
350-400 vehicles for the full-load segment, has 400 attached
vehicles (dedicated capacity; though fixed asset not in books),
and 2000 hired vehicles (hired on need basis).

RCILL reported a profit after tax (PAT) of INR27.7 million on net
sales of INR1.3 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR20.2 million on net
sales of INR1.1 billion for 2008-09.


T. R. CHEMICALS: CRISIL Puts 'BB+' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of T. R. Chemicals Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR69.0 Million Cash Credit       BB+/Stable (Assigned)

   INR47.0 Million Proposed LT       BB+/Stable (Assigned)
           Bank Loan Facility

   INR14.0 Million Bill Purchase     P4+ (Assigned)
           Discounting Facility

   INR20.0 Million Letter of Credit  P4+ (Assigned)
                   /Bank Guarantee

The ratings reflect TRCL's strained liquidity profile, and
exposure to risks related to marginal market share and cyclicality
in the steel industry, and exposure to risks related to raw
material prices volatility. These rating weaknesses are partially
offset by TRCL's above-average financial risk profile, and the
benefits that it derives from its healthy operating efficiencies,
supported by its proximity to suppliers and customers.

Outlook: Stable

CRISIL believes that TRCL will maintain its financial risk profile
over the medium term, supported by its healthy debt protection
indicators.  The outlook may be revised to 'Positive' if the
company's turnover improves, while sustaining its profitability
and financial risk profile. Conversely, the outlook may be revised
to 'Negative' if TRCL's financial risk profile because of large
debt-funded capex.

                       About T. R. Chemicals

Incorporated in 1997 as a private limited company by Mr. Sanjeev
Kapoor and Mr. Mukesh Kumar Agarwal, TRCL (formerly, TR Chemicals
Pvt Ltd) was reconstituted as a closely held limited company in
2005.  The company initially manufactured only phenolic resins; in
2001-02 (refers to financial year, April 1 to March 31), it began
manufacturing sponge iron as well.  In 2008-09, TRCL generated 87
per cent of its revenues from the sponge iron division and the
remainder from the resin division.  TRCL has a resin capacity of
1,800 tonnes per annum (tpa) and a sponge iron capacity of 39,000
tpa, both in Barpali (Orissa).

TRCL reported a profit after tax (PAT) of INR11.7 million on net
sales of INR350.2 million for 2008-09, against a PAT of INR32.9
million on net sales of INR666.1 million for 2007-08.


UJJAIN MUNICIPAL: Fitch Gives Positive Outlook; Keeps 'BB' Rating
-----------------------------------------------------------------
Fitch Ratings has revised Ujjain Municipal Corporation's Outlook
to Positive from Stable and affirmed its National Long-term rating
at 'BB(ind)'.

The Outlook revision is driven by UMC's consistent revenue surplus
over FY07-FY10, its financial ability to comfortably meet planned
capital expenditure from internal cash generations without
borrowing, its ability to maintain a debt-free status, increases
in non-tax revenue and an improvement in water supply.  Fitch
notes that although the assigned revenues from Government of
Madhya Pradesh were volatile during FY06- FY10, it played a
crucial role in UMC posting revenue surplus.  A continuous
improvement in UMC's service delivery and a sustained financial
profile, without incurring a disproportionate amount of debt, will
be a positive rating trigger.

UMC has pared prior years' losses and recovered quickly to post
revenue surplus during FY07-FY10.  The corporation's revenue
income grew at a compounded annual growth rate of 25.1% during
FY06-FY10, and as a result, the revenue surplus expanded to
INR259.66 million in FY10 (FY07: INR85.60 million).  Increased
devolutions and own non-tax revenues provided continuous support
for the growth in its revenue income.  Fitch notes that a
withdrawal of devolutions would upset UMC's financial stability,
though this is unlikely in the near-term.  UMC's capital deficits
in FY08 and FY10 are primarily from funds deployed for
developmental works.

UMC lags in other reforms, although it has managed to migrate to
the double-entry accrual system and has earmarked funds to urban
poor.  The agency notes that the switchover to the double-entry
system, and the usage of accounting software has provided comfort
in handling transaction volumes.  Should UMC levy user charges on
civic services, per the reform timeline, its financial performance
would improve further.  Nevertheless, Fitch sees that an
introduction and/ or an increase in tariffs would take additional
time, especially with the delays in the revision of tariffs.
Property tax and e-governance reforms are ongoing and would be
implemented by FY11.

Ujjain's fundamental strength of tourist attractions, if
harnessed, would provide salutary benefits to the local economy.
UMC kick-started the development of 'Mahakal Van' in April 2010 (a
project to improve the infrastructure around the Mahakaleshwar
Temple).  The initiatives undertaken under the Jawaharlal Nehru
National Urban Renewal Mission programme are likely to lend
support to the creation of a sustainable civic infrastructure
although the impact will only be felt in the long term.  UMC
claims cost overruns on projects would be funded through its
internal cash generations.

Several large-scale projects are in the pipeline, which may take
either the route of public private partnership or self-
implementation by UMC.  The PPP framework is new for UMC, and
Fitch notes that if UMC opts for PPP, it would limit the financial
strain as the private player would fully, or partially share,
UMC's contribution, thereby quickening the completion time.

Ujjain, located in Madhya Pradesh, was established in 1886 as a
nagar palika and is presently governed by the provisions of MP
Municipal Corporations Act, 1956.  UMC envisages INR12.37bn of
projects under the city investment plan, which will be 80% funded
by federal government grants, 10% from the state government and
10% from UMC, if approved under JNNURM.  As at end April 2010,
projects worth of INR1458.6m were sanctioned under JNNURM.


VIKAS STRIPS: CRISIL Reaffirms 'BB' Rating on INR170MM Cash Credit
------------------------------------------------------------------
CRISIL's rating on the cash credit facility of Vikas Strips Ltd
continues to reflect Vikas Strips' small scale of operations, and
weak financial risk profile marked by a small net worth.  These
weaknesses are partially offset by the benefits that Vikas Strips
derives from the established track record of its promoters in the
cold-rolled (CR) strips industry.

   Facilities                       Ratings
   ----------                       -------
   INR170.0 Million Cash Credit     BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Vikas Strips will maintain its business risk
profile over the medium term on the back of its strong customer
relationships. The outlook may be revised to 'Positive' if there
is a higher-than-expected increase in the company's scale of
operations or profitability. Conversely, the outlook may be
revised to 'Negative' if Vikas Strips' capital structure and debt
protection metrics are weakened by large debt-funded capital
expenditure, or if the company's profitability comes under
significant pressure.

                         About Vikas Strips

Vikas Strips, incorporated in June 2003, manufactures CR strips.
It started commercial operations in November 2005 and has an
installed capacity of 25,000 tonnes per annum at its plant at
Faridabad, Haryana. It sells its products directly in the domestic
market, especially in Haryana, Uttar Pradesh, and Delhi.

Vikas Strips reported a profit after tax (PAT) of INR1.9 million
on net sales of INR770 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR0.3 million on net
sales of INR644 million for 2007-08.


VITAL LABORATORIES: CRISIL Lifts Rating on INR60.4M LT Loan to 'B'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Vital Laboratories, which is part of the Vital group, to
'B/Stable' from 'C'; the rating on the short-term facility has
been reaffirmed at 'P4'.

   Facilities                         Ratings
   ----------                         -------
   INR60.4 Million Long-Term Loan     B/Stable (Upgraded from 'C')
   INR60.0 Million Cash Credit        B/Stable (Upgraded from 'C')
   INR29.6 Million Proposed LT        B/Stable (Upgraded from 'C')
            Bank Loan Facility
   INR50.0 Million Packing Credit     P4 (Reaffirmed)
   INR70.0 Million Letter of Credit   P4 (Reaffirmed)

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).

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Vital Health Care Pvt Ltd and 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 Pvt Ltd, 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.


* INDIA: Gov't. to Inject INR62.1 Billion in Funds to State Banks
-----------------------------------------------------------------
Bloomberg News reports that India's Finance Ministry said the
government approved a INR62.1 billion (US$1.3 billion) plan to
bolster capital at five state-owned banks to help them increase
lending.

Citing the ministry's e-mailed statement, Bloomberg News relates
that:

   * IDBI Bank Ltd. will receive INR31.2 billion;
   * the Central Bank of India INR20.2 billion;
   * Bank of Maharashtra INR5.9 billion;
   * UCO Bank INR3.75 billion; and
   * Union Bank of India INR1.11 billion.

The money will be invested through the purchase of shares, the
report says.

According to Bloomberg, the injection of funds will allow the
lenders to improve their capital adequacy ratios to 12 percent.
The plan to provide funds to the banking system was first
announced by Finance Minister Pranab Mukherjee on Feb. 26 during
the annual budget, the report notes.


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


CILIANDRA PERKASA: Fitch Affirms 'BB-' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Indonesia's PT Ciliandra
Perkasa's foreign and local currency Issuer Default Ratings of
'BB-' and National Long-term rating of 'A+(idn)' with Stable
Outlooks.  At the same time, the agency has withdrawn the 'BB-'
senior unsecured rating on Ciliandra Perkasa Finance Company Pte
Limited's US$ notes guaranteed by Ciliandra and its subsidiaries,
which was fully repaid on June 8, 2010.  Fitch will no longer
provide ratings or credit research on this issuer.

Ciliandra's ratings and Outlook at the time of withdrawal reflect
its strong and improving plantation maturity profile, its position
as one of the lowest cost producers of crude palm oil and its
strong and improving financial profile.  In FY09 (12-month period
to end-December 2009), Ciliandra reported revenues of
IDR2,054 billion and EBITDA of IDR1,061 billion.  Its credit
metrics remain strong for its ratings, with leverage measured by
adjusted debt net of cash to operating EBITDAR of 1.3x at
December 2009.  The agency expects Ciliandra's free cash flow
generation to improve in 2010 with reduced capex spending as
compared to 2008 and 2009, and increased production of fresh fruit
bunches as the plantation maturity profile improves further.
Fitch also views the demand and price outlook for CPO as robust.

By refinancing the US$ notes with a 6-year amortizing loan
facility, Ciliandra has improved its debt maturity profile.  Fitch
believes the company can comfortably manage its debt maturities
and comply with the covenants attached to its debt obligations.

Cililandra's ratings are constrained by the inherent cyclicality
of the CPO industry, its limited size and lack of vertical
integration.  Its ratings also consider the consolidation risk
with its parent, Singapore-based First Resources Limited.  Despite
the new plantation development activity undertaken by FRL,
independent of Ciliandra, Fitch expects FRL's net leverage
(measured by adjusted debt net of cash to EBITDAR) to remain below
2.5x; at end-2009, FRL's net leverage was 0.8x.


FAJAR SURYA: Fitch Changes Outlook to Positive; Affirms 'B' Rating
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on PT Fajar Surya Wisesa
Tbk's Long-term foreign currency and local currency Issuer Default
Ratings to Positive from Stable and affirmed the ratings at 'B'.
At the same time, Fitch has upgraded Fajar's National Long-term
rating to 'A-(idn)' from 'BBB+(idn)'.  The Outlook on the National
rating is Positive.  Fitch has also affirmed the rating of 'B' and
recovery rating of 'RR4' on the US$100m senior notes issued by
Fajar Paper Finance B.V. and guaranteed by Fajar.

The rating actions reflect Fajar's continued improvement in its
financial profile following the recovery in domestic demand for
containerboard and boxboard and the uptrend in domestic selling
prices since Q209.  This has allowed Fajar to generate higher
EBITDARs of IDR569.6 billion in FY09 and IDR191.5 billion in Q110
(FY08: IDR532.6 billion).  Its leverage ratio also improved
further, with adjusted net debt to EBITDAR of 2.3x in FY09 and
1.5x in Q110 (FY08: 3.1x), following continued debt reduction.

Fajar's ratings continue to take into account the company's
position as one of the largest non-integrated producers of
industrial paper in Indonesia and its long-standing relationships
with its major customers for over a decade.  Fajar's competitive
advantage also lies in its production flexibility, which enables
it to alternate its production schedule to meet a sudden change in
market demand; thus, optimizing its production capacity.

The improved demand outlook has led to the resumption of Fajar's
Paper Machine 5 expansion program in October 2009, which was
postponed for one year due to the global financial crisis.  PM-5
will have an annual capacity of 300KT, increasing Fajar's total
installed capacity to 1,000KT per year.  Fitch believes the
expansion is needed for Fajar to capture additional market share
in the growing domestic market, as it has been running at full
capacity since Q209.  The PM-5 expansion project is running on
schedule and 85% of the project cost has been contracted to
various suppliers with no budget overruns.  The estimated
investment cost of the project is US$85m and is financed by a
syndicated loan of US$70m (to be fully drawn in FY10), with the
rest funded through internal cash flow.  Therefore, Fitch expects
Fajar's leverage to increase in FY10 but to remain below 2.5x,
given the improving EBITDAR, before reducing in FY11 upon the
commercial production of PM-5.

However, Fajar's ratings remain constrained by its position as the
price taker for both end products and raw materials, which can
expose the company to significant margin volatility as seen in
Q408 and Q109.  Fitch also notes a majority of Fajar's debt will
mature in October 2011 when the US$100 million notes are due.
That said, the agency expects Fajar to be able to raise the
necessary financing given its strong banking relationships and
proven ability to access the debt capital market.  Liquidity was
adequate as at March 31, 2010, with unrestricted cash of
IDR132.4 billion and un-utilized revolving credit facilities of
US$125.2 million, as compared to short-term debts of
IDR112 billion.

The Positive Outlook reflects Fitch's expectation that Fajar will
be able to complete the PM-5 expansion program on schedule and
further improve its profit and cash flow generation, in light of
favorable industry outlook.  As a result, Fitch anticipates that
the company's net debt to operating EBITDAR ratio will remain
below 2.5x and EBITDAR to gross interest coverage ratio above
3.5x.  A negative rating action could be triggered by a
significant under-performance in production and/or industry
downturn that leads to declining EBITDA margin, a sustained net
debt to operating EBITDAR ratio of above 4.0x and/or EBITDAR to
gross interest coverage ratio of below 2.5x and difficulty in
renewing Fajar's revolving facilities.


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


HYNIX SEMICONDUCTOR: To Spend KRW456 Billion to Expand Plants
-------------------------------------------------------------
Hynix Semiconductor Inc. said Tuesday that it will spend
KRW456 billion (US$371.4 million) to expand and upgrade its plants
and strengthen research and development, according to Yonhap News
Agency.

Hynix said in a regulatory filing that the company's new
investment plan is designed to beef up its production capacity and
reinforce its cost competitiveness, Yonhap relates.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 7, 2010, Fitch Ratings upgraded Hynix Semiconductor's
Long-term foreign currency Issuer Default Rating to 'BB-' from
'B+'.  The Outlook has been revised to Stable from Negative.  At
the same time, the agency also upgraded the ratings of its
outstanding senior unsecured debt aggregating US$500m to 'BB-'
from 'B', and assigned a Long-term local currency IDR at 'BB-'


SSANGYONG MOTOR: To Supply 168,100 Vehicles to OAO Sollers
----------------------------------------------------------
Yonhap News Agency reports that Ssangyong Motor Co. has agreed to
export 168,100 vehicles to Russia's OAO Sollers.  According to the
report, the carmaker said it will supply its sport utility
vehicles such as the Rexton and Kyron in so-called knockdown kits
for assembly in Russia starting this year until 2017.

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

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

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


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


DORCHESTER PACIFIC: Investors and Shareholders to Meet on June 30
-----------------------------------------------------------------
Dorchester Pacific has confirmed June 30, 2010, as the date for
Investor and Shareholder Meetings to approve the Capital
Reconstruction Plan and related $10 million Capital Raising.

On June 30, three meetings will be held in Auckland at the
Ellerslie Event Centre:

   10:00 a.m. - Meeting of Debenture Stockholders to vote on
                the CRP.

   11:30 a.m. - Meeting of Subordinated Noteholders to vote on
                the CRP.

   12:00 p.m. - Special meeting of Shareholders in Dorchester
                Pacific to consider and vote on resolutions on
                the CRP, the Capital Raising and the related
                underwriting agreements with The Business Bakery
                and Hugh Green Investments.

A number of Investor and Shareholder Roadshows will be held around
New Zealand ahead of the June 30, 2010, meetings.

             Capital Reconstruction Plan Documentation
             for Debenture Stockholders and Noteholders

Dorchester Pacific said that information on the Capital
Reconstruction Plan has now been mailed out to Debentureholders
and Noteholders.

The documentation includes the Offer Document (incorporating an
Investment Statement), a Simplified Disclosure Prospectus, an
Independent Appraisal Report on the CRP from
PricewaterhouseCoopers and letters from the respective trustees
(Perpetual Trust for the Debenture Stockholders or New Zealand
Permanent Trustees for the Noteholders).

In their Independent Appraisal Report, PricewaterhouseCoopers
conclude:

"Subject to the Matters for Consideration raised by us, we believe
that the proposal has merit and should be put to Investors.
Provided certain key success factors materialize (including
favorable market conditions and the achievement of Group operating
forecasts) [Debenture] Stockholders could potentially recover a
significant portion or possibly all of their original investment,"
and

"The CRP offers Noteholders an immediate payment of 15 cents in
the dollar and is the only scenario in which Noteholders are
likely to receive any further returns.   Noteholders can also
elect to receive shares in lieu of the 15 cent payment."

Documentation for Special Meeting
of Shareholders

The Company also said that documentation for the special Meeting
of Shareholders is being printed and mailed out on June 14 and
June 15.

The documentation includes the Notice of Special Meeting which
provides explanatory notes on the 4 resolutions to be considered
at the meeting and a summary independent appraisal and independent
adviser report prepared by Campbell MacPherson Limited on the
merits of the proposed allotment of voting securities to The
Business Bakery and Hugh Green Investments.

The four resolutions to be considered and, if thought fit, passed
at the meeting are:

   -- Approval of Dorchester's Capital Reconstruction Plan;

   -- approval of the issue of Shares and Options under the
      Capital Reconstruction Plan;

   -- approval of Dorchester's $10 million Capital Raising; and

   -- approval of the underwriting agreements with The Business
      Bakery and Hugh Green Investments

All four resolutions to be considered must be passed in order for
the Capital Reconstruction Plan and the Capital Raising to
proceed.

In relation to the allotment of shares to The Business Bakery and
Hugh Green Investments under the Capital Raising, the summary
report of Campbell MacPherson concludes:

"In our opinion, after taking into account all the relevant
factors, we consider that the advantages of the Capital Raising
and associated Underwriting Arrangements outweigh the
disadvantages to the non-associated shareholders of Dorchester
Pacific.  We are also of the view that the Capital Raising and
associated Underwriting Arrangements are fair to the non-
associated shareholders of the Company and are in the best
interests of Dorchester Pacific."

Mr. Byrnes said, "The Notice of Special Meeting includes details
of the Capital Reconstruction Plan.  In addition, shareholders are
welcome to attend any of the Investor Roadshows if they have any
questions on the CRP or the Capital Raising".

              Capital Raising Dates and Documentation

As previously advised Dorchester Pacific Limited will issue up to
100 million Shares at NZ$0.10 cents cash per Share, with provision
for oversubscriptions of an additional 10 million Shares at
NZ$0.10 cents cash per Share, payable in full upon application.

The Company's shareholders will be offered 1.3678 new Shares for
each Share held at the record date for the offer.

The Debentureholders will be offered 1.3678 new Shares for each
Share which the Debentureholders will be entitled to receive under
the Capital Reconstruction Plan.

Shareholders and Debentureholders can apply for more than their
entitlement and anyone permitted by New Zealand law can apply for
any shortfall and/or the oversubscriptions.

The record date is June 18, 2010.   The Capital Raising is
scheduled to open on June 21, 2010, and remain open until
August 20, 2010.

The Company will send shareholders an Acceptance Form setting out
their entitlement together with a Simplified Disclosure Prospectus
on June 20, 2010.

                      About Dorchester Pacific

Headquartered in Auckland, New Zealand, Dorchester Pacific
Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial
solutions provider, offering complementary products and services
across finance, insurance, savings and investments.  The Finance
division provides investment opportunities through secured
debenture stock and subordinated unsecured notes, and financing
solutions for the property, business, equipment, motor vehicle
and personal finance sectors.  Its insurance and savings
division provides a range of savings, life insurance, reverse
annuity mortgages, home equity release loans and other financial
products and services.  The Investment Service division includes
equity investment advisers and sharebrokers, MoneyOnline and NZ
Investor Magazine, which provide professional, independent
investment advice, sharebroking and financial planning services.
Dorchester Pacific holds a 25% shareholding in St. Laurence
Limited, the holding company for a property-based investment and
finance group of companies, which manages assets for over 16,000
investors.

                           *     *     *

Dorchester Pacific reported three consecutive net losses of
NZ$19.1 million, NZ$25.4 million and NZ$18.1 million for the years
ended March 31, 2008, 2009 and 2010, respectively.

The accounts to March 31, 2010, have been prepared on a going
concern basis.   Although an unqualified opinion is expressed,
auditors Staples Rodway note fundamental uncertainties with
respect to realization of property loans and positions and the
validity of the going concern basis  should the Capital
Reconstruction Plan not be approved by investors.

Dorchester has been operating under a deferred repayment plan
since late 2008.


DYNASTY GROUP: Lawyer Confident Creditors Will Accept Proposal
--------------------------------------------------------------
The lawyer representing Hong Kong businesswoman May Wang is
confident creditors in her failed property development company
Dynasty Group will accept her proposal to repay them just 2c in
the dollar to settle $22 million dollar debt, Susie Nordqvist at
The New Zealand Herald reports.

The Herald relates Wang, who is fronting a bid to buy the Crafar
farms from the receivers, plans to use money from consultancy work
during the next three years to pay creditors in the Dynasty group
a minimum payment of NZ$500,000.

According to the report, Associate Judge Jeremy Doogue adjourned
Westpac's application to bankrupt Wang in the Auckland High Court
Tuesday, to give creditors time to vote on her proposal.

The Herald relates that Westpac had applied to court to bankrupt
Ms. Wang over debts of NZ$620,000 while Allied Nationwide Finance,
as a supporting creditor, is owed about NZ$250,000.

Ms. Wang is due back in court on June 29, the report adds.

The Herald relates lawyer Paul Sills said the proposal had been
received well by creditors and that they were taking it seriously.
It was a compromise which was the "best position that is available
at the moment," Mr. Sills said.

Creditors are due to vote on her proposal on June 21.

Dynasty Group collapsed in 2008 owing creditors about
NZ$22 million.


GENEVA FINANCE: Posts NZ$4.99-Mil. Net Loss in Year Ended March 31
------------------------------------------------------------------
Geneva Finance reported a net loss of NZ$4.99 million for the year
ended March 31, 2010, compared with a net loss of $7 million in
the same period last year.  The March 2010 result is after
charging the non cash write off of NZ$4.1 million of deferred tax
asset.  This deferred tax asset written off remains available to
be brought to profit in future periods to the extent future
taxable profits are earned.

In March 2010, investors approved the interest bearing repayment
plan with an overwhelming positive vote. As a result the Company
has proactively dealt with the debt maturity profile reported in
the September 2009 accounts and rescheduled its debt repayment
obligations out to March 31, 2015.

                      Fundamental Uncertainty

The auditors (as in the September 2009 audit report) have raised a
fundamental uncertainty as to the carrying value of both the
Deferred Tax asset and the Equity Securities Available for Sale in
these accounts.  In regard to:

   - The Deferred tax asset (Carrying Value: NZ$2.5 million), the
     company and the group have concluded that it is probable that
     they will utilize the value of this asset based on future
     earnings forecasts.  If these forecasts are not achieved it
     may be necessary to make further (non cash) write down of
     this asset.

   - Equity Securities available for sale:  This investment
     relates to an unlisted property investment company and is
     recorded at cost (Carrying Value: NZ$2.2 million). That
     property company's March 2009 audited accounts include a
     fundamental uncertainty in respect to the going concern
     assumption.

                        Investor Repayments

As at March 31, 2010, the company has repaid paid 55% of all
debenture principal outstanding at November 2007 (The date Geneva
entered moratorium) and in addition has paid all investors their
full contractual interest each month.  In total Geneva has repaid
NZ$90.1 million in principal and interest to investors since
November 2007.

                       About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/--
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported in Troubled Company Reporter-Asia Pacific on April 1,
2010, Standard & Poor's Ratings Services said that it had raised
its long-term rating on Geneva Finance Ltd. to 'CCC' from 'SD'.
At the same time, the insurer financial strength rating on
Geneva's captive insurer, Quest Insurance Group Ltd., was raised
to 'CCC' from 'CC', and removed from CreditWatch Negative.  The
outlook on both ratings is negative.


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


NTUC INCOME: Creditors' Proofs of Debt Due July 15
--------------------------------------------------
Creditors of NTUC Income Car Co-Operative Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 15, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Mr. Don Ho, FCPA
         c/o Don Ho & Associates, Certified Public Accountants
         Equity Plaza
         20 Cecil Street, #12-02
         Singapore 049705


SAVANT PTE: Court to Hear Wind-Up Petition on June 25
-----------------------------------------------------
A petition to wind up the operations of Savant Pte Ltd will be
heard before the High Court of Singapore on June 25, 2010, at
10:00 a.m.

E.ID Projects Pte Ltd filed the petition against the company on
May 26, 2010.

The Petitioner's solicitors are:

          Bernard & Rada Law Corporation
          143 Cecil Street
          18-00 GB Building
          Singapore 069542


TECHNICDELTA ENG'G Court to Hear Wind-Up Petition on June 25
------------------------------------------------------------
A petition to wind up the operations of Technicdelta Engineering
Pte Ltd will be heard before the High Court of Singapore on June
25, 2010, at 10:00 a.m.

Technicdelta M&E Engineering Pte Ltd filed the petition against
the company on June 1, 2010.

The Petitioner's solicitors are:

          M/S Malkin & Maxwell LLP
          111 North Bridge Road #13-01
          Peninsula Plaza
          Singapore 179098


VENTURE TDF: Creditors' Proofs of Debt Due July 12
--------------------------------------------------
Creditors of Venture TDF Pte Ltd, which is in members' voluntary
liquidation, are required 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


VESSLINK PTE: Court to Hear Wind-Up Petition on June 25
-------------------------------------------------------
A petition to wind up the operations of Vesslink Pte Ltd will be
heard before the High Court of Singapore on June 25, 2010, at
10:00 a.m.

Orion Logistics Pte Ltd filed the petition against the company on
June 3, 2010.

The Petitioner's solicitors are:

          Messrs. Kelvin Lim & Partners
          133 New Bridge Road
          #11-05 Chinatown Point
          Singapore 059413


WIN-WIN ALUMINIUM: Court to Hear Wind-Up Petition on June 25
------------------------------------------------------------
A petition to wind up the operations of Win-Win Aluminium Systems
Pte Ltd will be heard before the High Court of Singapore on
June 25, 2010, at 10:00 a.m.

Tavica Design Pte Ltd filed the petition against the company on
June 4, 2010.

The Petitioner's solicitors are:

          Messrs Tan Kok Quan Partnership
          8 Shenton Way, #47-01
          Singapore 068811


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------


June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 3, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Atlanta Consumer Bankruptcy Skills Training
       Georgia State Bar Building, Atlanta, Ga.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Hawai.i Bankruptcy Workshop
       The Fairmont Orchid, Big Island, Hawaii
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    ABI/NYIC Golf and Tennis Fundraiser
       Maplewood Golf Club, Maplewood, N.J.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 20, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Fordham Law School, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southwest Bankruptcy Conference
       Four Seasons Las Vegas, Las Vegas, Nev.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    ABI/UMKC Midwestern Bankruptcy Institute
       Kansas City Marriott Downtown, Kansas City, Kan.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Chicago Consumer Bankruptcy Conference
       Standard Club, Chicago, Ill.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Hilton New Orleans Riverside, New Orleans, La.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    International Insolvency Symposium
       The Savoy, London, England
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Delaware Views from the Bench and Bankruptcy Bar
       Hotel du Pont, Wilmington, Del.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Detroit Consumer Bankruptcy Conference
       Hyatt Regency Dearborn, Dearborn, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       Camelback Inn, a JW Marriott Resort & Spa,
       Scottsdale, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Rocky Mountain Bankruptcy Conference
       Westin Tabor Center, Denver, Colo.
          Contact: 1-703-739-0800; http://www.abiworld.org/

January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Distressed Investing Conference
       Aria Las Vegas
          Contact: http://www.turnaround.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
             Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Hyatt Regency Newport, Newport, R.I.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011  (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hotel Hershey, Hershey, Pa.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Tampa Convention Center, Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Ritz-Carlton Amelia Island, Amelia Island, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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 ***