TCRAP_Public/100618.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, June 18, 2010, Vol. 13, No. 119

                            Headlines



C H I N A

AGRICULTURAL BANK: Inks Strategic Partnership With StanChart
AGRICULTURAL BANK: Two HK Investors to Invest HK$1-Bil. in IPO


I N D I A

AQUA PLUMBINGS: CRISIL Reaffirms 'BB+' Rating on Cash Credit Limit
CALTRON INFO: CRISIL Rates INR85 Million Cash Credit at 'BB-'
CALCUTTA RADIO: CRISIL Places 'BB-' Rating on INR69MM Cash Credit
CAUVERY IRON: CRISIL Assigns 'BB-' Rating on INR1.6BB LT Loan
CHENNIAPPA YARN: CRISIL Lifts Ratings on Various Debts to 'B+'

DAMAN HOSPITALITY: CRISIL Puts 'B+' Rating on INR1.2BB Term Loan
DELHI CALL: CRISIL Assigns 'P4' Ratings on Various Bank Facilities
GUPTA SYNTHETIC: CRISIL Reaffirms Default Rating on Term Loan
KINGFISHER AIRLINES: Official Remanded to Judicial Custody
KINGFISHER AIRLINES: Reduces Foreign Holdings in Firm to 49%

KWALITY PHARMACEUTICALS: CRISIL Rates Various Bank Debts at 'B+'
MAKALU TRADING: CRISIL Reaffirms 'BB' Rating on Cash Credit
MNC ELECTRICALS: CRISIL Rates INR87.5-Mil. Cash Credit at 'B+'
NAMDHARI RICE: CRISIL Reaffirms 'B-' Rating on Various Bank Debts
OGARDHANI EXPORTS: CRISIL Reaffirms 'P4+' Rating on INR250MM LOC

SHRILEKHA TRADING: CRISIL Reaffirms 'BB' Rating on Cash Credit
SHRI SATGURU: Low Net Worth Prompts CRISIL 'BB-' Ratings
SR ENTERPRISE: Fitch Assigns National Long-Term Rating at 'B-'
SUDALAGUNTA SUGARS: CRISIL Assigns 'C' Rating on INR400.3M LT Loan
SUKHSAGAR INFOTECH: Fitch Assigns 'B-' National Long-Term Rating

SUPERWAYS ENTERPRISES: CRISIL Reaffirms 'P4+' Ratings
TRILOK CHAND: CRISIL Assigns Default Rating on INR35MM Cash Credit


J A P A N

JAPAN AIRLINES: May Merge Two Tourist Agency Units
RESONA BANK: Fitch Upgrades Individual Rating to 'C/D'
TAKEFUJI CORP: To Repay JPY41.4 Billion of Convertible Bonds
WMT GLOBAL: S&P Downgrades Rating on Class A Notes to 'BB'


K O R E A

HYNIX SEMICONDUCTOR: KDIC Offers US$103MM Shares in Block Deal


M A L A Y S I A

FOUNTAIN VIEW: Wind Up Petition Against Unit Withdrawn
AKN TECHNOLOGY: Publicly Reprimanded For Breaching Listing Rules


N E W  Z E A L A N D

HOTEL SO: Placed in Receivership Over Default on Debt Repayment
LIGHTER QUAY: Creditors to Decide on Compromise Scheme


S I N G A P O R E

MARINE INSURANCE: Court to Hear Wind-Up Petition on July 2
WOOD DOCTORS: Court Enters Wind-Up Order
WOOD DOCTORS: Contributories' Meetings Set for June 24


T A I W A N

AU OPTRONICS: Chairman Says AUO Wasn't Involved in Price-Fixing
TAIWAN INTERNATIONAL: Court Rules Management Takeover


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


AGRICULTURAL BANK: Inks Strategic Partnership With StanChart
------------------------------------------------------------
Robert Cookson at The Financial Times reports that Standard
Chartered and Agricultural Bank of China have agreed to a
strategic partnership ahead of ABC's initial public offering.

The FT relates that the agreement is StanChart's first significant
alliance with a big Chinese lender and brings the UK-based bank
closer into line with global rivals such as HSBC that have already
established tie-ups on the mainland.

According to the FT, StanChart said it would explore collaboration
with Agricultural Bank across a "wide spectrum" of retail and
wholesale banking products both within China and internationally,
starting with a potential pilot scheme in Hong Kong.

StanChart, as cited by the FT, said the partnership would "focus
on the increasingly strong intra-Asia and Asia-Africa trade
corridors" while also looking at joint opportunities across
Agricultural Bank's and StanChart's domestic Chinese market
operations.

StanChart, however, did not reveal whether it would take a stake
in Agricultural Bank's mega-listing in Shanghai and Hong Kong, the
report notes.

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.


AGRICULTURAL BANK: Two HK Investors to Invest HK$1-Bil. in IPO
--------------------------------------------------------------
Hong Kong tycoons Li Ka-shing and Lee Shau-kee have signed on as
cornerstone investors in the Hong Kong portion of Agricultural
Bank of China Ltd.'s initial public offering, with each
subscribing to HK$1 billion worth of shares in the lender, Dow
Jones Newswires reports, citing people familiar with the
situation.

Dow Jones relates the people said the investments by Li, chairman
of developer Cheung Kong (Holdings) Ltd., and Lee, chairman of
Henderson Land Development Co., in China's third-biggest bank are
subject to a one-year lock-up period.

According to Dow Jones, the people said AgBank plans to sign up
more cornerstone investors in the IPO in Hong Kong and Shanghai,
which could become the world's largest by raising as much as US$28
billion, in coming days.  The potential investors are based in the
Middle East, Europe, Australia, and Japan, they said.

Singapore state investment company Temasek Holdings, Middle
Eastern sovereign-wealth funds Qatar Investment Authority and
Kuwait Investment Authority have agreed in principle to become
cornerstone investors in the IPO, other people familiar with the
situation told Dow Jones Newswires over the weekend.

Temasek will invest around US$200 million, one of those people
told Dow Jones on Tuesday, adding a final decision on the
investment is expected some time this week.

                  To Launch Shanghai IPO This Week

Separately, Dow Jones Newswires reports that AgBank said it will
allocate up to 40% of its A shares to cornerstone investors in the
Shanghai portion of its initial public offering.  The bank will
launch a road show today, June 18, for the Shanghai debut, Dow
Jones says.

The bank said it expects the Shanghai debut to take place July 15,
indicating its determination to list as soon as possible despite
still volatile capital markets, according to Dow Jones.

Dow Jones adds the bank said in a statement to the Shanghai Stock
Exchange that it will allocate up to 10.228 billion yuan-
denominated A shares for cornerstone investors in the Shanghai
IPO, accounting for 40% of it's A-share offering after the green-
shoe options are fully exercised.

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.


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


AQUA PLUMBINGS: CRISIL Reaffirms 'BB+' Rating on Cash Credit Limit
------------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Aqua Plumbings Pvt Ltd to 'Negative' from 'Stable',
while reaffirming the rating at 'BB+'.  The revision in outlook is
driven by the expected deterioration in Aqua Plumbings' financial
risk profile because of the company's large, debt-funded capacity
expansion plans and incremental working capital requirements.  The
company plans to undertake a large capital expenditure (capex)
program of INR240 million (around 2 times the estimated net worth
of INR120 million as on March 31, 2010) to be funded in a debt-to-
equity ratio of 3:1.

   Facilities                            Ratings
   ----------                            -------
   INR59.70 Million Cash Credit Limit    BB+/Negative (Reaffirmed;
                                             Outlook Revised from
                                             'Stable')

The rating continues to reflect Aqua Plumbings' susceptibility to
volatility in raw material prices, its small scale of operations
in an intensely competitive industry, and the expected
deterioration in its financial risk profile.  These weaknesses are
partially offset by the company's comfortable financial risk
profile, the extensive industry experience of the company's
promoters, and its strong relationships with suppliers and
customers.

Outlook: Negative

CRISIL believes that Aqua Plumbings' financial risk profile would
be under pressure over the medium term because of its large debt-
funded capex plans, and incremental working capital requirements.
The rating may be downgraded if the company reports lower-than-
expected profitability, resulting in weak cash accruals and
putting further pressure on its debt protection metrics.
Conversely, the outlook may be revised to 'Stable' if Aqua
Plumbings reports substantially improved off-take from its
additional capacities, resulting in an overall improvement in its
financial risk profile.

                        About Aqua Plumbings

Incorporated in 1995, Aqua Plumbings manufactures bathroom
plumbing fixtures and fittings; it has 550 dealers and
distributors.  In 2003, the company merged its group entities
Aarkay Plumbing Fixtures (a partnership firm established in 1989)
and Faucet Industry established in 1990) with itself.  The company
has two other group entities, General Plumbings and Combine
Industries, manufacturing low-profile taps and flushing systems,
respectively.

For 2008-09 (refers to financial year, April 1 to March 31), Aqua
reported a profit after tax (PAT) of INR17 million on net sales of
INR411.4 million, against a PAT of INR14.2 million on net sales of
INR345 million for the preceding year.


CALTRON INFO: CRISIL Rates INR85 Million Cash Credit at 'BB-'
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Caltron Info Trade Pvt Ltd, which is part of the
Caltron group.

   Facilities                             Ratings
   ----------                             -------
   INR85 Million Cash Credit              BB-/Stable (Assigned)
   INR20 Million Bank Guarantee           P4+ (Assigned)
   INR20 Million Letter of Credit         P4+ (Assigned)
   INR12 Million Standby Line of Credit   P4+ (Assigned)

The ratings reflect the Caltron group's financial risk profile,
constrained by a small net worth, high gearing, and average debt
protection metrics, and susceptibility to risks associated with
trading nature of business.  These rating weaknesses are partially
offset by the group's established market position in computers and
related products distribution business in primarily Eastern India.

For arriving at its ratings, CRISIL has combined the business and
the financial risk profiles of CITPL and Calcutta Radio Service
(CPCRS).  This is because the two entities, together referred to
as the Caltron group, are under the same management and same line
of business, and market their products and services under the
common brand, Poweron.

Outlook: Stable

CRISIL expects the Caltron group to maintain its credit risk
profile, led by its established market position and well-spread
dealership network.  The outlook may be revised to 'Positive' if
the group sustains improvement in its financial risk profile,
particularly profitability.  Conversely, the outlook may be
revised to 'Negative' if the group contracts large debt to fund
its capital expenditure, thereby adversely affecting its capital
structure.

                          About the Group

The Caltron group was set up in 1996 by Mr. P L Suhasaria and his
brother Mr. D K Suhasaria.  The promoters acquired Calcutta Radio
Service Pvt Ltd which was engaged in the distribution of computer
and computer peripherals in West Bengal.  Subsequently, CITPL was
incorporated by the same promoters in 2002.  Both CITPL and CPCRS
are distributors of computers and computer peripherals.  CPCRS
also sells cabinets, mouse, and keyboards under the brand Poweron.
The group is the distributor of products of Samsung India Ltd,
Dell India Pvt Ltd, Fuji Film India Pvt Ltd, and Lenovo India Pvt
Ltd among others, and is a sub-distributor of Hewlett Packard
India Sales Pvt Ltd.

The Caltron group reported a profit after tax (PAT) of INR6.12
million on net sales of INR127.45 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR6.20
million on net sales of INR126.38 million for 2007-08.


CALCUTTA RADIO: CRISIL Places 'BB-' Rating on INR69MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Calcutta Radio Service Private Limited, which is
part of the Caltron group.

   Facilities                             Ratings
   ----------                             -------
   INR69 Million Cash Credit              BB-/Stable (Assigned)
   INR20 Million Bank Guarantee           P4+ (Assigned)
   INR20 Million Letter of Credit         P4+ (Assigned)
   INR10 Million Standby Line of Credit   P4+ (Assigned)

The ratings reflect the Caltron group's financial risk profile,
constrained by a small net worth, high gearing, and average debt
protection metrics, and susceptibility to risks associated with
trading nature of business. These rating weaknesses are partially
offset by the group's established market position in computers and
related products distribution business in primarily Eastern India.

For arriving at its ratings, CRISIL has combined the business and
the financial risk profiles of Caltron Info Trade Pvt Ltd and
CPCRS.  This is because the two entities, together referred to as
the Caltron group, are under the same management and same line of
business, and market their products and services under the common
brand, Poweron.

Outlook: Stable

CRISIL expects the Caltron group to maintain its credit risk
profile, led by its established market position and well-spread
dealership network.  The outlook may be revised to 'Positive' if
the group sustains improvement in its financial risk profile,
particularly profitability.  Conversely, the outlook may be
revised to 'Negative' if the group contracts large debt to fund
its capital expenditure, thereby adversely affecting its capital
structure.

                          About the Group

The Caltron group was set up in 1996 by Mr. P L Suhasaria and his
brother Mr. D K Suhasaria.  The promoters acquired Calcutta Radio
Service Pvt Ltd which was engaged in the distribution of computer
and computer peripherals in West Bengal.  Subsequently, CITPL was
incorporated by the same promoters in 2002.  Both CITPL and CPCRS
are distributors of computers and computer peripherals.  CPCRS
also sells cabinets, mouse, and keyboards under the brand Poweron.
The group is the distributor of products of Samsung India Ltd,
Dell India Pvt Ltd, Fuji Film India Pvt Ltd, and Lenovo India Pvt
Ltd among others, and is a sub-distributor of Hewlett Packard
India Sales Pvt Ltd.

The Caltron group reported a profit after tax (PAT) of INR6.12
million on net sales of INR127.45 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR6.20
million on net sales of INR126.38 million for 2007-08.


CAUVERY IRON: CRISIL Assigns 'BB-' Rating on INR1.6BB LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Cauvery Iron &
Steel (India) Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR1600 Million Long-Term Bank Loan    BB-/Stable (Assigned)
   INR1000 Million Cash Credit Limit      BB-/Stable (Assigned)
   INR200 Million Letter of Credit/Bank   P4+ (Assigned)
                              Guarantee

The rating reflects CISL's weak capital structure, limited
financial flexibility because of low profitability in trading
business, and exposure to risks related to its upcoming integrated
steel manufacturing plant.  These rating weaknesses are partially
offset by CISL's promoters' extensive experience and its
established customer base in the steel market.

Outlook: Stable

CRISIL believes that CISL will benefit from the expected timely
completion of, and improved profitability and increased cash
accruals after commencement of operations at, the upcoming steel
manufacturing plant. The outlook may be revised to 'Positive' if
CISL reports more-than-expected cash accruals, and reduces its
gearing. Conversely, the outlook may be revised to 'Negative' in
case of significant delays in project implementation, or higher-
than-expected gearing.

                         About Cauvery Iron

Incorporated by Mr. Ashok Gupta in 1991, CISL trades in both long
and flat steel products.  The company has an established sales
network, comprising more than 40 dealers and retail outlets,
across 16 districts in Andhra Pradesh.  CISL is setting up an
integrated steel plant with a capacity of 300 tonnes per day (tpd)
of thermo-mechanically treated bars, consisting of a sponge iron
unit, steel melting shop plant, rolling mill, and a 15-megawatt
captive power plant in Khajapur (V) in Medak (Andhra Pradesh).

CISL reported a profit after tax (PAT) of INR32 million on net
sales of INR3.9 billion for 2009-10 (refer to financial year,
April 1 to March 31), against a PAT of INR17 million on net sales
of INR3.6 billion for 2008-09.


CHENNIAPPA YARN: CRISIL Lifts Ratings on Various Debts to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Chenniappa Yarn Spinners Pvt Ltd to 'B+/Stable' from 'B/Stable',
while reaffirming the short-term rating at 'P4'.

   Facilities                            Ratings
   ----------                            -------
   INR170.0 Million Long-Term Loan       B+/Stable (Upgraded from
                                                      'B/Stable')

   INR90.0 Million Cash Credit Limit     B+/Stable (Upgraded from
                                                      'B/Stable')

   INR5.0 Million Standby Line of        B+/Stable (Upgraded from
                  Credit Limit                        'B/Stable')

   INR27 Million Proposed LT Bank Loan   B+/Stable (Upgraded from
                              Facility                'B/Stable')

   INR20.0 Million Letter of Credit      P4 (Reaffirmed)
                              Limit
   INR10.0 Million Bank Guarantee Limit  P4 (Reaffirmed)

The upgrade follows an improvement in Chenniappa's financial risk
profile because of the conversion of unsecured loans of INR30
million to equity, resulting in improvement in adjusted gearing to
an estimated 2.2 times as on March 31, 2010 from 3.52 times as on
March 31, 2009.  The upgrade also factors in CRISIL's belief that
Chenniappa's sales growth and profitability will be robust over
the medium term, following a revival in the textile industry.  The
liquidity of the company has also improved, with healthy cash
accruals that will be adequate to repay its maturing debt
obligations over the medium term.

The ratings reflect Chenniappa's weak financial risk profile and
exposure to risks relating to volatility in cotton prices and
fragmented nature of industry.  These weaknesses are mitigated by
the extensive experience of promoters and healthy operating
efficiencies.

Outlook: Stable

CRISIL believes that Chenniappa will maintain its credit risk
profile over the medium term, supported by high capacity
utilization and moderate profitability.  The outlook may be
revised to 'Positive' in case of a significant improvement in
Chenniappa's financial risk profile through higher-than-expected
increase in profitability or fresh equity infusion.  Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the company's revenues and margins, or if the company
undertakes large, debt-funded capex, adversely affecting its
capital structure.

                       About Chenniappa Yarn

Promoted by Mr. C Subramaniam, the company manufactures hosiery
cotton yarn. The company is based in Tirupur, Tamil Nadu, with an
installed capacity of 14,400 spindles.  It plans to expand
capacities by 2,400 spindles in 2010-11 (refers to financial year,
April 1 to March 31).

For 2008-09, Chenniappa reported a profit after tax of INR2.1
million on net sales of INR325.8 million, against a PAT of
INR1. 9 million on net sales of INR221.4 million for the preceding
year.


DAMAN HOSPITALITY: CRISIL Puts 'B+' Rating on INR1.2BB Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Daman Hospitality
Pvt Ltd's term loan facility.

   Facilities                       Ratings
   ----------                       -------
   INR1200.0 Million Term Loan      B+/Stable (Assigned)

The rating reflects DHPL's exposure to risks related to the timely
commissioning, and stabilization of revenues from, its ongoing
five-star hotel project.  This weakness is partially offset by the
benefits that DHPL derives from the established presence of one of
its promoters, Thunderbird Resort Inc. (Thunderbird), in the
hospitality and casino entertainment business.

Outlook: Stable

CRISIL believes that DHPL will benefit from the experience of
Thunderbird in the hospitality business.  The outlook may be
revised to 'Positive' if DHPL completes its ongoing five-star
hotel project without significant cost and time overruns, and
achieves more-than-expected occupancy levels at the hotel in the
first year of its operations.  Conversely, the outlook may be
revised to 'Negative' if the company faces significant delays in
the completion of its hotel project, or reports significantly
lower-than-expected occupancy rates, thereby adversely affecting
its debt servicing ability.

                      About Daman Hospitality

DHPL, set up in 2007, is 50:50 joint venture between Thunderbird
and the KP group. Thunderbird is a British-Virgin-Island-based
company, providing hospitality and branded-casino services in
Central and South America and Southeast Asia.  Thunderbird
reported a loss of USD20.4 million on net sales of USD122.1
million for 2008-09 (refers to calendar year, January 1 to
December 31), against a loss of USD33.5 million on net sales of
USD111.1 million for 2007-08.  The KP group, headed by Mr. Ketan
Patel, is a business group in Daman; it is into construction and
infrastructure activities. DHPL is constructing a five-star deluxe
hotel with a casino in Daman.  The hotel is expected to commence
operations by July 2010.


DELHI CALL: CRISIL Assigns 'P4' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to Delhi Call Centers Pvt
Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR95.0 Million Bill Discounting       P4 (Assigned)
   INR20.0 Million Proposed Short-Term    P4 (Assigned)
                   Bank Loan Facility

The rating reflects DCCPL's weak financial risk profile and
liquidity reflected from high bank limit utilizations, and
exposure to risks relating to customer concentration in its
revenue profile, and to industry phenomenon such as high employee
attrition rates.  These rating weaknesses are partially offset by
the benefits that the company derives from track record of
operations and favorable outlook for the BPO industry.

DCCPL, incorporated in 2001 by Mr. Vishal Gupta, is a business
process outsourcing (BPO) service provider.  The company has three
offices at Sahibabad (Uttar Pradesh), Gurgaon (Haryana), and Okhla
(Uttar Pradesh).  The company focuses on call centre operations
and transaction processing services for one customer, E-Direct Pty
Ltd (E-Direct; Australia).  E-Direct is a mobile virtual network
operator, which is an associate concern.

DCCPL reported a profit after tax (PAT) of INR9.2 million on net
sales of INR160.6 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR7.6 million on net
sales of INR137.7 million for 2007-08.


GUPTA SYNTHETIC: CRISIL Reaffirms Default Rating on Term Loan
-------------------------------------------------------------
CRISIL's ratings on Gupta Synthetic Ltd's bank facilities continue
to reflect continued delays by GSL in servicing its term loan; the
delays have been caused by GSL's weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR560.50 Million Cash Credit Limit    D (Reaffirmed)
   INR450.00 Million Term Loan            D (Reaffirmed)
   INR34.50 Million Bank Guarantee        P5 (Reaffirmed)
   INR405.00 Million Letter of Credit     P5 (Reaffirmed)

Set up in August 1984 as a private limited company, GSL was
reconstituted as a public limited company in October 1988.  The
company manufactures partially-oriented yarn, fully-drawn yarn,
texturised yarn, and drawn-twisted yarn.

GSL reported a net loss of INR46 million on net sales of INR3.5
billion for 2009-10 (refers to financial year, April 1 to
March 31), against a net loss of INR186 million on net sales of
INR2.4 billion for 2008-09.


KINGFISHER AIRLINES: Official Remanded to Judicial Custody
----------------------------------------------------------
The Press Trust of India reports that a special CBI court has
remanded an official of Kingfisher Airlines, arrested for
allegedly misusing his office to extend favors to a senior officer
of the Bureau of Civil Aviation Security, to judicial custody
until June 31.

The news agency relates that Leslie Missal, assistant vice-
president (Security) of the private airlines, was arrested by CBI
on June 11 for allegedly arranging for Manoj Malviya, additional
commissioner of BCAS to stay in five-star hotels in Mumbai.

The PTI recalls CBI had in May this year registered a case against
Malviya for allegedly abusing his official position as a public
servant and entering into a conspiracy with private persons to
take illegal gratification between May 2008 and February 2010.

According to the investigating agency, Malviya's hotel bills were
footed by private firms from the aviation sector like GVK, Airport
Authority of India (AAI) and Mumbai International Airport Ltd
(MIAL).

About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines posted three consecutive net losses of
INR16.47 billion, INR21.40 billion and INR1.89 billion, for the
years ended March 31, 2008 through March 31, 2010.


KINGFISHER AIRLINES: Reduces Foreign Holdings in Firm to 49%
------------------------------------------------------------
Kingfisher Airlines has brought down foreign stake in the company
from around 53% to 49%, just within the prescribed foreign
investment cap of 49% permitted in the airline business in India,
The Financial Express reports.

The report recalls that the foreign investment promotion board
(FIPB) had raised objections to the United Breweries (Holdings)'s
proposal seeking approval for raising INR708 crore by issuing
fully convertible equity warrants to FirStart Inc., a company
owned by UB Group promoter Vijay Mallya's mother, Lalitha Mallya,
and headquartered in the British Virgin Islands.

The FIPB had found out that the move would result in FDI hike in
the airline well above 52%, which is not permitted under FDI
guidelines.  Though the board cleared the proposal, it directed
the company to bring down the FDI within a specified time-frame.

About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines posted three consecutive net losses of
INR16.47 billion, INR21.40 billion and INR1.89 billion, for the
years ended March 31, 2008 through March 31, 2010.


KWALITY PHARMACEUTICALS: CRISIL Rates Various Bank Debts at 'B+'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to Kwality
Pharmaceuticals Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
  INR20.0 Million Cash Credit Facility   B+/Stable (Assigned)
  INR5.0 Million Standby Line of Credit  B+/Stable (Assigned)
   INR18.6 Million Term Loan              B+/Stable (Assigned)
   INR7.0 Million Proposed Term Loan      B+/Stable (Assigned)
   INR30.0 Million Packing Credit         P4 (Assigned)
   INR2.0 Million Letter of Credit        P4 (Assigned)
   INR10.0 Million Bank Guarantee         P4 (Assigned)

The ratings reflect KPPL's average financial risk profile,
exposure to risks relating to small scale of operations and
intense competition in the formulations segment.  These weaknesses
are partially offset by KPPL's strong track record in the
formulations segment of the pharmaceutical industry.

Outlook: Stable

CRISIL expects KPPL's revenue profile to improve, backed by the
introduction of branded over-the-counter (OTC) drugs and its
promoters' experience in pharmaceutical industry.  The outlook may
be revised to 'Positive' if KPPL is able to improve its operating
margins considerably, while achieving a healthy capital structure.
Conversely, the outlook may be revised to 'Negative', if KPPL
undertakes additional debt-funded capital expenditure (capex)
programs, or if its margins fall substantially, which impacts its
capital structure and debt protection measures.

                    About Kwality Pharmaceuticals

Set up in 1976 as a partnership firm, KPPL converted into a
private limited company in 1980.  It manufactures formulations,
which are available as injectables, tablets, capsules, and syrups.

KPPL has two units, at Amritsar (Punjab) with capacity to produce
3.5 million tablets per day, and at Kangra (Himachal Pradesh) with
capacity to produce 850,000 tablets per day.  The Kangra unit
commenced production in October 2008.

KPPL reported a profit after tax (PAT) of INR10.1 million on net
sales of INR286.6 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.2 million on net
sales of INR152.2 million for 2007-08.


MAKALU TRADING: CRISIL Reaffirms 'BB' Rating on Cash Credit
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Makalu Trading Ltd,
which is part of the Shrilekha group, continue to reflect the
Shrilekha group's inadequate internal risk management systems and
exposure to customer concentration risks.

   Facilities                             Ratings
   ----------                             -------
   INR400.0 Million Cash Credit*          BB/Stable (Reaffirmed)
   INR1600.0 Million Letter of Credit     P4+ (Reaffirmed)

   *Interchangeable with letter of credit

The total limit of INR2000.0 million includes sub-limits of
INR200.0 million for packing credit and INR100 million for bills
discounting

The ratings also continue to factor in the expected pressure on
the group's financial flexibility, given its high gearing and its
promoters' sizeable equity commitments for their proposed
hospitality venture.  The impact of these weaknesses is mitigated
by the Shrilekha group's established presence in the iron and
steel trading business.

The Shrilekha group's sales are estimated to have increased by
around 3 per cent year-on-year in 2009-10 (refers to financial
year, April 1 to March 31).  The average bank limit utilization
was moderate, at around 43 per cent, between May 2009 and April
2010.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Makalu, Ogardhani Exports Pvt Ltd,
Shrilekha Trading Pvt Ltd, Dilshad Trading Company Pvt Ltd,
Superways Enterprises Pvt Ltd, and Subhkaran & Sons; these
entities are collectively referred to as the Shrilekha group. The
six entities are under a common management, and have cross-
holdings, common customers and suppliers, and sizeable intra-group
financial transactions.

Outlook: Stable

CRISIL believes that Makalu will continue to benefit over the
medium term from the established industry contacts of its
promoters and its good customer relationships.  The outlook may be
revised to 'Positive' if the group's financial risk profile
improves significantly, most likely because of sustained
improvement in operating margin and fresh equity infusion by the
promoters.  Conversely, further deterioration in the company's
financial risk profile, most likely because of lower
profitability, or unrelated diversifications adversely affecting
the company's trading business, may result in a revision in the
outlook to 'Negative'.

                       About Makalu Trading

Makalu is a closely held public limited company; it was promoted
in 1981 and was the first iron-and-steel trading company promoted
by the Jatia family, which is the promoter of the Shrilekha group.
Makalu is the second largest trading company of the group, with an
estimated turnover of INR5.11 billion for 2009-10.  Makalu's
directors are Mr. Vinod Jatia and Mr. Prateek Jatia.  For 2008-09,
Makalu reported a profit after tax (PAT) of INR23.7 million on net
sales of INR4942.0 million, against a PAT of INR21.7 million on
net sales of INR3631.0 million for the previous year.

                           About the Group

The Shrilekha group was founded in 1981 by Mr. Vinod Jatia and his
brothers.  The group primarily trades in iron and steel products,
such as hot- and cold-rolled coils, sheets, plates, sponge iron
lumps, and fines.  The group has recently entered the hospitality
sector - it is setting up a hotel in Pune.


MNC ELECTRICALS: CRISIL Rates INR87.5-Mil. Cash Credit at 'B+'
--------------------------------------------------------------
CRISIL has assigned its 'B+/Negative/P4' ratings to MNC
Electricals Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR87.5 Million Cash Credit Limit     B+/Stable (Assigned)
   INR40.0 Million Bank Guarantee        P4 (Assigned)

The ratings reflect MNC's large working capital requirements,
stretched receivables, and susceptibility to customer
concentration in revenue profile and small scale of operations.
These weaknesses are partially offset by MNC's promoters'
experience in the erection and commissioning of sub stations
business.

Outlook: Negative

CRISIL expects MNC's credit risk profile to remain constrained
over the medium term due to weak order book and stretched
liquidity position.  The ratings may be downgraded if the
company's revenues decline further or its gearing and debt
protection metrics deteriorate further.  Conversely, the outlook
may be revised to 'Stable' in case the company's order book
enhances and its gearing and debt protection measures improve.

                       About MNC Electricals

MNC executes orders of erection and commissioning of 11-33
kilovolt sub stations for Dakshin Haryana Bijli Vitran Nigam Ltd
(DHVNL) and Uttar Haryana Bijli Vitran Nigam Ltd.  It was
incorporated in 2005 to acquire the business of JK and Company
(JKC) incorporated in 2001-02 by the same promoter, Mr. Chaudhary.
JKC was engaged in the business of erection and commissioning of
sub stations for the Rajasthan State Electricity Board (RSEB),
however, on account of low order flow and high receivable period
with RSEB, the promoters incorporated MNC to focus on Haryana
state.

MNC reported a profit after tax (PAT) of INR8 million on net sales
of INR392 million for 2008-09 (refers to financial year, April 1
to March 31) against a PAT of INR7 million on net sales of INR252
million for 2007-08.


NAMDHARI RICE: CRISIL Reaffirms 'B-' Rating on Various Bank Debts
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Namdhari Rice and
General Mills continue to reflect NRGM's weak financial risk
profile, owing to the working-capital-intensive nature of the rice
industry, and the firm's exposure to risks related to its small
scale of operations and unfavorable government policies.  These
weaknesses are partially offset by the benefits that NRGM derives
from the healthy growth prospects for the rice industry.

   Facilities                             Ratings
   ----------                             -------
   INR50.0 Million Cash Credit Limit      B-/Negative (Reaffirmed)
   INR20.0 Million Term Loan              B-/Negative (Reaffirmed)
   INR350.0 Million Proposed Long-Term    B-/Negative (Reaffirmed)
                    Bank Loan Facility
   INR180.0 Million Export Packing Credit P4 (Reaffirmed)

Outlook: Negative

CRISIL believes that NRGM's financial risk profile and liquidity
will weaken over the medium term because of the sizeable debt
contracted by NRGM for funding its working capital. The rating may
be downgraded if the firm is not able to generate sufficient cash
accruals for the timely servicing of its interest obligations.
Conversely, the outlook may be revised to 'Stable' if NRGM's sales
and profitability improve substantially with the commissioning of
the new plant, or in case of fund infusions by its promoters,
leading to an improvement in its financial risk profile.

                        About Namdhari Rice

Set up in 1986, NRGM is a partnership firm engaged in milling,
processing, and selling of basmati and other rice. Exports
contributed around 70 per cent to the firm's revenues in 2008-09
(refers to financial year, April 1 to March 31).  The firm is also
engaged in trading, whereby it procures rice from other mills,
sorts it at its plant, and exports it.  Its plant at Sirsa
(Haryana) has milling and sorting capacities of 3 tonnes per hour
(tph) and 8 tph, respectively.  The firm is commissioning one more
milling plant, with a capacity of 5 tph.

For 2008-09, NRGM reported a profit after tax (PAT) of INR3.6
million on net sales of INR284 million, against a PAT of INR1.8
million on net sales of INR407 million for 2007-08.


OGARDHANI EXPORTS: CRISIL Reaffirms 'P4+' Rating on INR250MM LOC
----------------------------------------------------------------
CRISIL's rating on the letter of credit facility of Ogardhani
Exports Pvt Ltd., which is part of the Shrilekha group, continues
to reflect the Shrilekha group's inadequate internal risk
management systems and exposure to customer concentration risks.

   Facilities                            Ratings
   ----------                            -------
   INR250.0 Million Letter of Credit     P4+ (Reaffirmed)

The ratings also continue to factor in the expected pressure on
the group's financial flexibility, given its high gearing and its
promoters' sizeable equity commitments for their proposed
hospitality venture.  The impact of these weaknesses is mitigated
by the Shrilekha group's established presence in the iron and
steel trading business.

The Shrilekha group's sales are estimated to have increased by
around 3 per cent year-on-year in 2009-10 (refers to financial
year, April 1 to March 31).  The average bank limit utilization
was moderate, at around 43 per cent, between May 2009 and April
2010.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Ogardhani, Shrilekha Trading Pvt Ltd,
Makalu Trading Ltd, Dilshad Trading Company Pvt Ltd, Superways
Enterprises Pvt Ltd, and Subhkaran & Sons; these entities are
collectively referred to as the Shrilekha group.  The six entities
are under a common management, and have cross-holdings, common
customers and suppliers, and sizeable intra-group financial
transactions.

                      About Ogardhani Exports

Ogardhani was formed in 1999 for trading in (including exporting)
iron and steel products.  The company owns a warehouse at Taloja,
Maharashtra.  For 2008-09, Ogardhani reported a profit after tax
(PAT) of INR9.8 million on net sales of INR1122.0 million, against
a PAT of INR7.2 million on net sales of INR1128.0 million for the
previous year.

                          About the Group

The Shrilekha group was founded in 1981 by Mr. Vinod Jatia and his
brothers. The group primarily trades in iron and steel products,
such as hot- and cold-rolled coils, sheets, plates, sponge iron
lumps, and fines. The group has recently entered the hospitality
sector - it is setting up a hotel in Pune.


SHRILEKHA TRADING: CRISIL Reaffirms 'BB' Rating on Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shrilekha Trading Pvt
Ltd, which is part of the Shrilekha group, continue to reflect the
Shrilekha group's inadequate internal risk management systems and
exposure to customer concentration risks.

   Facilities                            Ratings
   ----------                            -------
   INR100.0 Million Cash Credit*         BB/Stable (Reaffirmed)
   INR1200.0 Million Letter of Credit    P4+ (Reaffirmed)

   *Interchangeable with letter of credit

The ratings also continue to factor in the expected pressure on
the group's financial flexibility, given its high gearing and its
promoters' sizeable equity commitments for their proposed
hospitality venture.  The impact of these weaknesses is mitigated
by the Shrilekha group's established presence in the iron and
steel trading business.

The Shrilekha group's sales are estimated to have increased by
around 3 per cent year-on-year in 2009-10 (refers to financial
year, April 1 to March 31).  The average bank limit utilization
was moderate, at around 43 per cent, between May 2009 and April
2010.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Shrilekha Trading, Makalu Trading Ltd,
Ogardhani Exports Pvt Ltd, Dilshad Trading Company Pvt Ltd,
Superways Enterprises Pvt Ltd, and Subhkaran & Sons; these
entities are collectively referred to as the Shrilekha group.  The
six entities are under a common management, and have cross-
holdings, common customers and suppliers, and sizeable intra-group
financial transactions.

Outlook: Stable

CRISIL believes that the Shrilekha trading will continue to
benefit over the medium term from the established industry
contacts of its promoters and its good customer relationships.
The outlook may be revised to 'Positive' if the group's financial
risk profile improves significantly, most likely because of
sustained improvement in operating margin and fresh equity
infusion by the promoters.  Conversely, further deterioration in
the company's financial risk profile, most likely because of
deterioration in profitability, or unrelated diversifications
adversely affecting the company's trading business, may result in
a revision in the outlook to 'Negative'.

                      About Shrilekha Trading

Shrilekha Trading was incorporated in 2001.  The company's current
promoters are Mr. Vinod Kumar Jatia and Mr. Prateek Jatia.  The
company trades in iron and steel products, such as hot- and cold-
rolled coils, sheets, plates, sponge iron lumps, and fines.  For
2008-09, Shrilekha Trading reported a profit after tax (PAT) of
INR23 million on net sales of INR3344 million, against a PAT of
INR24 million on net sales of INR3759 million for the previous
year.

                           About the Group

The Shrilekha group was founded in 1981 by Mr. Vinod Jatia and his
brothers. The group primarily trades in iron and steel products,
such as hot- and cold-rolled coils, sheets, plates, sponge iron
lumps, and fines.  The group has recently entered the hospitality
sector ? it is setting up a hotel in Pune.


SHRI SATGURU: Low Net Worth Prompts CRISIL 'BB-' Ratings
--------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the bank
facilities of Shri Satguru Metalloys Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR58.0 Million Cash Credit Limit      BB-/Stable (Assigned)
   INR69.0 Million Term Loan              BB-/Stable (Assigned)

The rating reflects SSMPL's low net worth, small scale of
operations and limited track record of operations in the thermo-
mechanically-treated (TMT) bars segment, and average financial
risk profile. These weaknesses are partially offset by SSMPL's
established brand name in the domestic market.

Outlook: Stable

CRISIL expects SSMPL's business risk profile to show gradual
improvement over the medium term with the company stabilizing
operations in its manufacturing facility. The outlook may be
revised to 'Positive' in case of more-than-expected improvement in
the company's profitability and cash accruals. Conversely, the
outlook may be revised to 'Negative' if there is a decline in
SSMPL's profitability/cash accruals, and/or in case of greater-
than-expected debt-funded capital expenditure, leading to
deterioration in the company's debt protection measures.

SSMPL was promoted by the Goel family in April 2008.  The company
has six directors: Mr. Deepak Goel, Mr. Anil Goel, Mr. Ram Avtar
Goel, Mr. Dilip Aggarwal, Mr. Manoj Daga and Mr. Piyush Mittal.
It has set up a 60,000-tonne per annum (tpa) TMT bar manufacturing
facility in Muzaffarnagar, Uttar Pradesh.  The plant was
commissioned in April 2009 at a cost of INR130 million, funded
through bank borrowings of INR69 million. SSMPL procures ingots
from the local market in Muzaffarnagar, and markets its products
under the brand Satguru TMT.  The company's clientele largely
comprises of wholesalers/dealers in Uttar Pradesh, Haryana, and
New Delhi.


SR ENTERPRISE: Fitch Assigns National Long-Term Rating at 'B-'
--------------------------------------------------------------
Fitch Ratings has assigned India's SR Enterprise a National Long-
term Rating of 'B-(ind)' with a Stable Outlook.  At the same time,
the agency has assigned these ratings to SRE's various bank loans:

  -- INR165m fund based limits: 'B-(ind)'/'F4(ind)';
  -- INR30m non-fund based facilities: 'F4(ind)'.

The ratings reflect the proprietorship nature of SRE's trading
business, and the fact that it is mainly involved in trading
activities without any formal long-term agreements for sales and
purchases.  The ratings remain constrained by SRE's low margins
during FY07-FY09, with higher reliance on working capital
requirements to increase volumes.  Furthermore, the major source
of funds is inter-group funds (in the form of unsecured interest
free loans).  However, the ratings benefit from the long
experience of SRE's promoters and the support extended through
group companies through interest free unsecured loans.

SRE belongs to the Kolkata-based Sonthalia group.  Fitch notes
that there are numerous instances of inter-group transactions
among various Sonthalia group companies, along with the free
movement of funds as unsecured loans.  However, Fitch notes that
the inter-corporate holdings and guarantees among the group
companies will link the financial risks of one entity with
another.  Furthermore, inter company's sales/purchases
transactions within the group and the presence of similar products
increase their dependence on one another.

Positive rating triggers include a net debt/EBIDTA of below 10x,
along with EBIDTA interest cover of over 3.5x.  Negative rating
triggers include a net debt/EBIDTA exceeding 25x, along with
EBIDTA interest cover of below 1.5x.

SRE reported gross revenues of INR1113.62m, along with an EBIDTA
of 29.45m during FY09, as compared to gross revenues of INR830.85m
and an EBIDTA of 44.53m during FY08.  EBIDTA margins over 2007-09
were in the range of 2.64%-5.36%.


SUDALAGUNTA SUGARS: CRISIL Assigns 'C' Rating on INR400.3M LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'C' ratings to the long-term loan facility
of Sudalagunta Sugars Ltd, while reaffirming its 'C/P4' ratings on
SSL's other bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR400.3 Million Long-Term Loan*      C (Assigned)
   INR569.8 Million Cash Credit          C (Reaffirmed)
   INR55.2 Million Working Capital       C (Reaffirmed)
                       Demand Loan
   INR84.7 Million Letter of Credit/     P4 (Reaffirmed)
                   Bank Guarantee**

   *Includes proposed limit of INR2.5 million
   **Includes proposed limit of INR67.2 million

The ratings continue to reflect SSL's below-average financial risk
profile, marked by weak liquidity, high gearing and inadequate
debt protection measures and exposure to risks arising out of high
degree of regulation in the sugar industry.  The impact of the
above weaknesses is mitigated by SSL's above-average operating
efficiency.  The company has recently cleared its term loan
overdues.

Set up in 1994 by Mr. S Jayaram Chowdary, SSL manufactures white
sugar, and has a cane crushing capacity of 4000 tonnes per day.
The unit is based near Tirupathi in Andhra Pradesh.

For 2009-10 (refers to financial year, April 1 to March 31), SSL's
profit after tax (PAT) and net sales are estimated to be INR20
million and INR1060 million, respectively, against a PAT of INR24
million on net sales of INR919 million for the previous year.


SUKHSAGAR INFOTECH: Fitch Assigns 'B-' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has assigned India's Sukhsagar Infotech Pvt. Ltd. a
National Long-term Rating of 'B-(ind)'.  The Outlook is Stable.
At the same time, the agency has assigned these ratings to SIPL's
various bank loans:

  -- INR150 million fund based limits: 'B-(ind)';
  -- INR26.5 million non-fund based facilities: 'F4(ind)'.

SIPL's ratings reflect the trading nature of its business, along
with the fact that it is a new entrant in the market (having
started its operations in FY09).  The trading nature of the
business poses two major challenges of lower margins and higher
working capital requirements.  The ratings benefit from the long
experience of the promoters, and support in the form of interest
free unsecured loans from group companies.

SIPL belongs to the Sonthalia group based in Kolkata.  Fitch notes
that there are numerous instances of inter-group transactions
among the Sonthalia group companies, along with free movement of
funds as unsecured loans, instances of inter-corporate holdings,
and guarantees provided by one entity on behalf of finances raised
by others; this links the financial risk of one entity with
another in the group.  The agency notes that further inter-company
sales and purchases transactions within the group, and presence in
similar products increases dependence between the entities.

Positive ratings triggers include a substantial improvement in
EBIDTA margins, along with a reduction in net debt/EBIDTA below
6x, and interest cover above 2x, on a sustainable basis.  Negative
ratings triggers include EBIDTA margins of less than 2%, Net
Debt/EBIDTA above 10x, and Interest cover below 1.25x.


SUPERWAYS ENTERPRISES: CRISIL Reaffirms 'P4+' Ratings
-----------------------------------------------------
CRISIL's rating on the bank facilities of Superways Enterprises
Private Ltd, which is part of the Shrilekha group, continues to
reflect the Shrilekha group's inadequate internal risk management
systems and exposure to customer concentration risks.

   Facilities                           Ratings
   ----------                           -------
   INR500.0 Million Letter of Credit    P4+ (Reaffirmed)

The rating also continues to factor in the expected pressure on
the group's financial flexibility, given its high gearing and its
promoters' sizeable equity commitments for their proposed
hospitality venture.  The impact of these weaknesses is mitigated
by the Shrilekha group's established presence in the iron and
steel trading business.

The Shrilekha group's sales are estimated to have increased by
around 3 per cent year-on-year in 2009-10 (refers to financial
year, April 1 to March 31).  The average bank limit utilization
was moderate, at around 43 per cent, between May 2009 and April
2010.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Superways, Shrilekha Trading, Makalu
Trading Ltd, Ogardhani Exports Pvt Ltd, Dilshad Trading Company
Pvt Ltd, and Subhkaran & Sons; these entities are collectively
referred to as the Shrilekha group.  The six entities are under a
common management, and have cross-holdings, common customers and
suppliers, and sizeable intra-group financial transactions.

                          About the Group

Superways was formed in 1989.  Its current promoters are Mr. Vinod
Kumar Jatia and Mr. Prateek Jatia.  The company trades in iron and
steel products, such as hot- and cold-rolled coils, sheets,
plates, sponge iron lumps, and fines.  For 2008-09, Superways
reported a profit after tax (PAT) of INR10.4 million on net sales
of INR1376.0 million, against a PAT of INR7.5 million on net sales
of INR900.0 million for the previous year.

The Shrilekha group was founded in 1981 by Mr. Vinod Jatia and his
brothers. The group primarily trades in iron and steel products,
such as hot- and cold-rolled coils, sheets, plates, sponge iron
lumps, and fines. The group has recently entered the hospitality
sector - it is setting up a hotel in Pune.


TRILOK CHAND: CRISIL Assigns Default Rating on INR35MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Trilok Chand Gupta &
Company bank facilities.  The ratings reflect the invocation of
TCGC's bank guarantees, and the delay by TCGC in servicing its
obligations; primarily caused by TCGC's weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR35.0 Million Cash Credit Limit      D (Assigned)
   INR70.0 Million Bank Guarantee         P5 (Assigned)
   INR10.0 Million Letter of Credit       P5 (Assigned)

TCGC, a partnership firm incorporated in 1987 by Mr. Trilok Chand
Gupta and his family members in Haridwar (Uttarakhand), is a Class
A contractor that executes road construction projects.  Mr.
Agarwal retired as partner in 2006-07 and Mr. Sudhir Kumar Gupta,
the founder's son, was inducted as partner.  The firm is presently
managed by Mr. Sudhir Kumar Gupta, and has executed orders in
Uttarakhand, Madhya Pradesh, and Maharashtra.

TCGC reported a profit after tax (PAT) of INR1.9 million on net
sales of INR297 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR1.3 million on net sales
of INR121 million for 2007-08.


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


JAPAN AIRLINES: May Merge Two Tourist Agency Units
--------------------------------------------------
Steven McPherson at Bloomberg News, citing the Nikkei newspaper,
reports that Japan Airlines Corp. may merge two tourist agency
units with combined annual sales of JPY189.9 billion to cut costs.
JAL Tours Co. and JALPAK Co. respectively handle domestic and
international tours, the Nikkei said.

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)


RESONA BANK: Fitch Upgrades Individual Rating to 'C/D'
------------------------------------------------------
Fitch Ratings has upgraded Resona Bank's Support Rating to '1'
from '2' and its Individual Rating to 'C/D' from 'D'.

The upgrade of the Support Rating takes into account Resona's
systemic importance in Japan, which is a result of its extensive
domestic retail and SME banking franchise in the country's major
commercial and population centres.

In upgrading the Individual Rating, Fitch has taken into
consideration the stability of Resona's earnings during the recent
financial crisis, which were underpinned by its solid retail
banking franchise and relatively prudent investment management.
Resona's average ROA from FYE2008 to FYE2010 was 0.47%; this is
noticeably higher than its major Japanese peers which posted
losses during the financial crisis.  The upgrade of the Individual
rating also reflects Resona's capital, which is comparable to
other 'C/D' rated banks, both domestically and globally when
measured by the Fitch eligible standard.  However, because of a
reliance on government-provided preferred shares, Resona's core
capital quality remains relatively weak.

Consequently, the structure, quality and quantity of its
regulatory capital continue to be key drivers of Resona's
Individual rating.  The vast majority of Resona's Tier 1 capital
is in the form of perpetual, low cost preferred shares injected
into Resona under Japan's Deposit Insurance Law; these are now
held indirectly by the Deposit Insurance Corporation of Japan, via
its parent Resona Holdings.  Although over the past seven years
Resona Holdings has steadily repaid some of these public funds, at
end-March 2010 DIL preferred shares still amounted to JPY1.7trn -
of the group's total consolidated Tier 1 capital of about
JPY2.1trn.

In the past Fitch had concerns that Resona Holdings would struggle
to repay the public funds as quickly as possible, leading both to
lower capital ratios, as well as the risk that internal capital
generation would be curtailed for years as retained earnings are
used to repay the government.  Moreover, Fitch had concerns that
Resona Holdings might try to finance rapid public fund repayments
by raising substantial amounts of relatively poor quality (higher
cost, less permanent) hybrid Tier 1 capital from the private
sector.  However, it is clear that both Resona Holdings and the
Japanese authorities are content with a more cautious stance on
repayment, which ultimately may take many years to complete.  This
somewhat increased level of comfort with the long-term quality and
stability of public fund capital injected into Resona Holdings
underpins the upgrade of Resona's Individual Rating.

Due to Resona's strong retail deposit franchise, reflected in its
loan/deposit ratio of 86.4% as of end March 2010, Fitch sees
little liquidity concerns for the bank.  Although its net interest
margin is expected to gradually shrink further, the agency
anticipates bank earnings to remain stable in FYE2011, and beyond,
with fee income increasing slowly, albeit from a low level.  While
Resona has managed its loan book quality adequately, Fitch will
continue to monitor its asset quality, including its exposure to
housing loans and SMEs.

The prospect of another upgrade of the Individual Rating is
constrained by both the quality and quantity of Resona's capital
base; the agency notes that until significant progress is made in
addressing this key rating driver, further upgrades to the
Individual rating are unlikely.  The Individual Rating is also
constrained by ongoing tough economic conditions for the Japanese
banking industry.


TAKEFUJI CORP: To Repay JPY41.4 Billion of Convertible Bonds
------------------------------------------------------------
Takefuji Corp. will repay JPY41.4 billion of convertible bonds,
Bloomberg News reports, citing a company official.  The redemption
date for the convertible bonds is June 19.

Bloomberg News relates the official said the company raised enough
cash to redeem the bonds after selling properties and loan assets.
Takefuji said June 2 that bondholders had exercised a so-called
put option, forcing the company to buy back the securities.

Takefuji has begun transferring the money to bondholders, the
person said.

                      Credit Ratings Downgrade

The Troubled Company Reporter-Asia Pacific reported on March 29,
2010, that Moody's Investors Service lowered to Caa2 from Caa1 the
long-term issuer and senior unsecured debt ratings of Takefuji
Corporation, and placed them for possible further downgrade.

The TCR-AP also reported on Dec. 18, 2009, that Standard & Poor's
Ratings Services revised to 'CCC-' from 'SD' its long-term
counterparty credit rating on Takefuji, reflecting S&P's
assessment of the company's credit quality subsequent to the
implementation of debt restructuring.  At the same time, S&P
affirmed its 'CCC-' rating on the outstanding senior unsecured
bonds issued by Takefuji.  The outlook on the long-term
counterparty credit rating is negative.

S&P revised its long-term counterparty credit rating on
Takefuji to 'SD' with the intention of keeping it on 'SD' for one
day, based on S&P's opinion that a debt exchange of convertible
bonds (NR) that the company completed on Dec. 14, 2009,
constituted debt restructuring due to financial distress.

The 'CCC-' rating and negative outlook reflect S&P's view that
Takefuji's liquidity position remains severe.  Ahead of the full
implementation of the amended Money Lending Business Law
(scheduled to occur by mid-2010), Takefuji's asset size and
interest income have been declining.  In addition, both the burden
of refunds of overcharged interest and that of near-term debt
repayments remain high.  The rating may come under further
downward pressure if the liquidity risk assumed by Takefuji
increases, or S&P sees it as likely that the company will conduct
further debt restructuring that is recognized as a default under
S&P's rating criteria.  Conversely, Takefuji's credit quality
would likely benefit if the company can improve its financial
standing by securing funds through asset disposals or raising new
funds.

                          About Takefuji

Takefuji Corporation (TYO:8564) --http://www.takefuji.co.jp/ is a
Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others. The Company has eight subsidiaries.


WMT GLOBAL: S&P Downgrades Rating on Class A Notes to 'BB'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB' from 'BBB-' its
rating on the class A  fixed-rate notes issued under the WMT
Global Funding I Inc. transaction and kept the ratings on the
class A to C notes on CreditWatch with negative implications.  At
the same time, S&P affirmed its ratings on classes D and E.

S&P had initially placed the ratings on classes A to E on
CreditWatch negative on April 9, 2009, and followed up with
several other rating actions.

The servicer has been working to sell the properties backing the
transaction's underlying loan since the loan defaulted in October
2008.  Even so, none of the properties have been sold as of yet.
In addition, the amount of time left until the transaction's legal
final maturity is limited (about four months).

The servicer will continue its efforts to liquidate the collateral
properties, and S&P believes it is highly likely that the recovery
amount from the collateral properties will exceed the principal
amount of the class A notes.  Nevertheless, S&P is downgrading
class A.  The downgrade reflects the increased risks that the
collateral properties may not be sold before the legal maturity
date in November 2010, given the fact that the remaining time to
liquidate the collateral properties has been further shortened.

As for classes B to E, in S&P's previous rating actions, S&P had
significantly lowered its assumptions of the expected recovery
amount to reflect its expectations that the properties would be
hastily sold all at once at very low prices, reflecting current
severe market conditions.  Accordingly, S&P is keeping its ratings
on classes B and C on CreditWatch with negative implications and
affirming its ratings on classes D and E.

S&P intends to monitor the transaction by examining reports
submitted by the servicer and assessing a number of factors,
including the progress of collections, as well as the performance
and recovery prospects of the collateral properties.

S&P is keeping its ratings on classes A to C on CreditWatch with
negative implications because: (1) prospects for the full
repayment of the aforementioned loan by the legal final maturity
date appear increasingly uncertain; and (2) uncertainty is
mounting over the likely recovery amount from the related
collateral properties based on the possibility that the properties
might be hastily sold.  However, S&P may need to consider further
rating actions on classes A to C if the prospects of note
repayment remain uncertain as the legal final maturity date draws
closer.

WMTGF I is a single-borrower multi-asset CMBS transaction.  The
notes issued under this transaction are backed by a loan extended
to a single borrower.  The loan was originally secured by eight
extended-stay limited-service apartment properties.  The
transaction was arranged by Lehman Brothers Japan Inc. Capital
Servicing Co. Ltd. acts as the servicer for this transaction.

         Rating Lowered And Kept On Creditwatch Negative

                     WMT Global Funding I Inc.
?10.7 billion commercial mortgage backed notes due November 2010

  Class     To             From             Initial Issue Amount
  -----     --             ----             --------------------
  A         BB/Watch Neg   BBB-/Watch Neg   ?5.9 bil.

               Ratings Kept On Creditwatch Negative

        Class     Rating            Initial Issue Amount
        -----     ------            --------------------
        B         BB-/Watch Neg     ?1.4 bil.
        C         B-/Watch Neg      ?1.2 bil.

                         Ratings Affirmed

        Class      Rating              Initial Issue Amount
        -----      ------              --------------------
        D          CCC                 ?1.0 bil.
        E          CCC                 ?1.2 bil.


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


HYNIX SEMICONDUCTOR: KDIC Offers US$103MM Shares in Block Deal
--------------------------------------------------------------
The Korea Deposit Insurance Corp. has offered 4.41 million shares
in Hynix Semiconductor Inc. in a block deal worth US$103 million,
Reuters reports, citing two sources close to the matter.  KDIC
offered its shares at KRW28,200 apiece, flat from Thursday's
closing price, the report says.

Reuters relates the sources said the shares to be sold represent
only a 0.75% stake in the South Korean chip maker and would not
affect shareholders' plans for a bigger block sale in the second
half.

According to the report, creditors-turned-shareholders of Hynix
sold a combined 6.7% stake in March in a block deal after previous
attempts to find a strategic buyer for the company failed.  Those
shareholders still hold around a fifth of Hynix and may offer
another 5% in the market later this year before looking for a
domestic buyer for the rest.

Reuters notes that Goldman Sachs and Daewoo Securities are
handling the deal.

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-'


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


FOUNTAIN VIEW: Wind Up Petition Against Unit Withdrawn
------------------------------------------------------
Fountain View Development Bhd disclosed that a winding up petition
against its wholly owned subsidiary Fountain View Land Sdn Bhd has
been withdrawn by the petitioner upon settlement of the Judgment
sum.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, Ngiam Kian Lin filed the petition against Fountain
View Land on June 4, 2009.

NKL is claiming the sum of MYR110,268.49 being liquidated
ascertained damages together with interest at 8% per annum from
June 3, 2004, until full payment and cost of MYR1,842.00 for late
delivery of one unit of 2-storey shop office in Taman Industri
Seri Sulong, Batu Pahat, in Johor.

Fountain View Development Berhad is a Malaysia-based investment
holding company.  The Company operates in four segments:
Plantation, Property development, Investment and Elimination. The
Company principally operates in Malaysia.  Its subsidiaries
includes Citra Tani Sdn. Bhd., Everange Sdn. Bhd., Fountain View
Land Sdn. Bhd., Invescor Ventures Sdn. Bhd., Bentayan Holdings
Sdn. Bhd., Fountain View Realty Sdn. Bhd., Bentayan Properties
Sdn. Bhd., Mujur Zaman Sdn. Bhd., MZ Development Sdn. Bhd. and
Extrogold Sdn. Bhd.

Fountain View Development Berhad has been considered as an
Affected Listed Issuer under Practice Note No. 17 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(h) of
the PN17 for having an insignificant business or operation.

The Company's unaudited second quarterly financial result ended
June 30, 2009, recorded no revenue resulting in the Company
triggering Paragraph 2.1 (h) of the PN17.


AKN TECHNOLOGY: Publicly Reprimanded For Breaching Listing Rules
----------------------------------------------------------------
Bursa Malaysia Securities Berhad has publicly reprimanded AKN
Technology Berhad for breaches of paragraphs 9.23(b) and 8.23(1)
of the LR.

AKN is also required to ensure all its directors and the relevant
personnel of the Company attend a training programme in relation
to compliance with the LR particularly pertaining to financial
statements.

AKN had committed these breaches:

   i. paragraph 9.23(b) of the LR for failing to submit the
      Company's annual audited accounts for the financial
      year ended June 30, 2008, on or before October 31,
      2008.  AKN only submitted the AAA 2008 on November 14,
      2008, after a delay of 10 market days; and

ii. paragraph 8.23(1) of the LR in respect of the financial
     assistance to or on behalf of party(ies) who does not fall
     within the permitted categories under paragraph 8.23(1)(i)
     to (iii) of the LR ("permitted persons").  The financial
     assistance to and on behalf of an individual who does not
     fall within the permitted persons resulted in net amounts
     due from the individual ranging from MYR1,125 to MYR6.881
     million (representing 0.001% to 6.3% of the Group's net
     assets as at March 31, 2007) on various dates between
     October 5, 2007 and May 13, 2008 as highlighted in the
     external auditors' disclaimer opinion in the AAA 2008.

Bursa Securities said "Notwithstanding that the financial
assistance had been fully repaid as at June 30, 2008, Bursa
Securities views a violation of paragraph 8.23 of the LR seriously
as it is one of the key investor protection requirements which
serve to ensure proper preservation and employment of the
company's assets.

Bursa Securities also found Ooi Boon Leong, the former Group Chief
Executive Officer of AKN and Lim Eng Thong, the former Executive
Director in charge of/responsible for the financial affairs of the
AKN Group including overseeing the financial management of the
Group to be in breach of paragraph 16.11(b) of the LR for
permitting knowingly or where they had reasonable means of
obtaining such knowledge, the Company to commit the breach of
paragraph 8.23(1) of the LR.

Bursa Securities publicly reprimands the directors and imposes a
fine of MYR50,000 on each of them for the breach.

The Board of Directors of the Company at the material time are:

   (1) Dato' Ahmad Kabeer Bin Mohamed Nagoor
   (2) Ong Hean Kooi
   (3) Ooi Boon Leong
   (4) Lim Eng Thong
   (5) Dato' Hilmi Bin Hj. Abdul Rashid
   (6) Mohamed Najeb Bin Ali
   (7) Datuk Abdul Hamid Bin Sawal
   (8) Lim Kooi Sang

                        About AKN Technology

AKN Technology Berhad -- http://www.akn.com.my/-- is a Malaysia-
based investment holding company.  The Company operates in two
business segments: manufacturing and DDD division.  The
manufacturing segment includes electroplating and provision of
metal surface protection services, recycling of parts and
components, manufacturing and trading of coating products. This
segment offers products and services in areas of electronics,
consumer and healthcare industry.  The DDD division includes
designing, development and engineering of application systems and
distribution of related semiconductor chips/ products and
application software.  The DDD division is classified as
discontinued operation.  The wholly owned subsidiaries of the
Company include Paramount Discovery Sdn. Bhd. (PDSB) and CTE
Technology (M) Sdn. Bhd.  On January 20, 2009, PDSB, a wholly
owned subsidiary of the Company completed the disposal of all its
wholly owned subsidiary companies.

AKN Technology Berhad has been listed as an Amended Practice
Note 17 company as its auditors have expressed disclaimer opinion
on the Company's annual audited accounts for the financial year
ended June 30, 2008.


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


HOTEL SO: Placed in Receivership Over Default on Debt Repayment
---------------------------------------------------------------
Christchurch's budget-style Hotel SO and two associated companies
were placed into receivership after defaulting on their debt
repayment, The Press reports.

The report says South Canterbury Finance on Thursday night
appointed receivers to Cashel Ventures Ltd., Hotel So Operations
and Hotel So Corporation.  Christchurch developer Dave Henderson
is the sole director of all three companies, with his flagship
company, Property Ventures, owning two and Henderson indirectly
owning the third.

SCF is owed about NZ$20 million by the companies, which were
granted a loan on the Hotel So property.  The Press relates that
the NZ$20 million is part of NZ$27.4 million already allegedly
owed to SCF by Property Ventures, which was placed into
receivership by another lender, Allied Farmers, in March.

According to the Press, receiver Stephen Tubbs, of BDO
Christchurch, said the hotel would continue to operate.  SCF chief
executive Sandy Maier said he had moved quickly after the
Henderson companies defaulted on their debt repayments, The Press
adds.

Hotel So specializes in ultra-small but stylish hotel rooms.
In March 2008, the Hotel So property has an estimated market value
of NZ$40 million.


LIGHTER QUAY: Creditors to Decide on Compromise Scheme
------------------------------------------------------
The New Zealand Herald reports that developer Nigel McKenna is
about to face creditors claiming nearly NZ$6 million from Lighter
Quay Hotel Management, a venture managing Auckland's five-star,
NZ$130 million, 172-room Westin hotel.

Mr. McKenna is the sole director of Lighter Quay which for months
has failed to pay investors in the upmarket hotel which opened in
2007, the report says.

The Herald notes that creditors are scheduled to meet at
10:00 a.m., today, June 18, at Alexandra Park to discuss a debt
compromise scheme.  That scheme would be managed by Jeff Meltzer
and Lloyd Hayward of insolvency specialists and accountants
Meltzer Mason Heath.

According to the Herald, Lighter Quay Hotel Management faces the
claims from people who expected good returns from the units in the
block.

Investors are being encouraged to agree to the scheme.  If the
creditors agree to the scheme, the report notes, Meltzer and
Hayward will manage the compromise and have the power to oversee
payments to creditors.

Auckland's Westin Hotel has been running at a loss since it opened
three years ago, the Herald adds.


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


MARINE INSURANCE: Court to Hear Wind-Up Petition on July 2
----------------------------------------------------------
A petition to wind up the operations of Marine Insurance Services
Pte Ltd will be heard before the High Court of Singapore on
July 2, 2010, at 10:00 a.m.

Liberty Insurance Services Pte Ltd filed the petition against the
company on June 9, 2010.

The Petitioner's solicitors are:

          M/s Khattarwong
          80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


WOOD DOCTORS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on June 24, 2010, to
wind up the operations of Wood Doctors (Far East) Pte Ltd.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


WOOD DOCTORS: Contributories' Meetings Set for June 24
------------------------------------------------------
Wood Doctors (Far East) Pte Ltd, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on June 24,
2010, at 2:00 p.m., at 8 Wilkie Road #03-08 Wilkie Edge Singapore
228095.

Agenda of the meeting includes:

   a. To update on the status of liquidation;

   b. To consider and if thought fit to appoint a committee of
      inspection; and

   c. discuss other business.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


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


AU OPTRONICS: Chairman Says AUO Wasn't Involved in Price-Fixing
---------------------------------------------------------------
The China Post reports that AU Optronics Chairman K. Y. Lee said
his company has never fixed prices of TFT-LCD panels and will file
a lawsuit to clear its name.

The China Post relates Mr. Lee said that as opposed to other LCD
makers that have also been charged, AU Optronics was the first to
come out and rebut the accusations made by the U.S.

There are lots of evidence showing that AU has never taken part in
price-fixing, Mr. Lee said, adding the company will not enter a
plea bargain.

Mr. Lee said AU has already hired attorneys in the U.S. to handle
the case, according to China Post.

As reported in the Troubled Company Reporter-Asia Pacific on
June 14, 2010, the Wall Street Journal said the U.S. Justice
Department 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 said the prosecutors alleged that AU Optronics had
participated in a world-wide LCD price-fixing conspiracy from 2001
to 2006.

                        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.


TAIWAN INTERNATIONAL: Court Rules Management Takeover
-----------------------------------------------------
The Taipei District Court has appointed three temporary managers
to take over Taiwan International Securities Corp., marking the
first-ever government takeover of a securities business, according
to the Taipei Times.

The report says the decision comes after the securities company
plunged into a power struggle between two factions of its majority
shareholders, who both claimed victory in elections for board
members and supervisors at the annual general meeting in June last
year.

The Taipei Times notes that one faction was led by the Koo family,
who run China Development Financial Holding Corp., and the other
was supported by the chief executive of Taiwan International
Securities Group, Chang Ping-chao.

According to the report, the Department of Commerce declined to
accept the list of newly elected board members and supervisors
presented by Chang's faction because of the election dispute.

The report relates the district court said management disputes
have disrupted the securities firm's day-to-day operations.
The disputes have also affected market order as the firm is a
listed company, the report says.

The appointed three temporary managers include Chu Jaw-chyuan, a
former chairman of the Securities and Futures Investor Protection
Center.

Apart from the temporary manager appointments, the report relates,
the court has also issued an injunction prohibiting Chang's son
from exercising power as the company chairman.

Taiwan-based Taiwan International Securities Corporation --
http://www.tisc.com.tw/-- is engaged in the businesses of
brokerage, underwriting, bond trading, as well as the research,
design and issuing of financial products.


                           *     *     *

On Dec. 14, 2009, Fitch Ratings affirmed Taiwan International
Securities Corp.'s Issuer Default Rating affirmed at 'BB', Short-
term foreign currency IDR affirmed at 'B', and Individual rating
affirmed at 'D'.


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


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

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

AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

ASIA PACIFIC          POLY             482.03        -831.23
JAKARTA KYOEI ST      JKSW              28.61         -45.23
MULIA INDUSTRIND      MLIA             341.62        -371.31
PANASIA FILAMENT      PAFI              47.01          -6.29
PANCA WIRATAMA        PWSI              30.17         -37.32
PRIMARINDO ASIA       BIMA              11.00         -21.84
STEADY SAFE TBK       SAFE              12.29          -7.96
SURABAYA AGUNG        SAIP             262.20         -82.20
UNITEX TBK            UNTX              16.67         -14.92


INDIA

ALCOBEX METALS        AML               16.59         -21.47
ARTSON ENGR           ART               15.63          -1.61
ASHIMA LTD            ASHM              59.92         -47.15
BALAJI DISTILLER      BLD               51.16         -38.38
BELLARY STEELS        BSAL             451.68        -108.50
BHAGHEERATHA ENG      BGEL              22.65         -28.20
CAMBRIDGE SOLUTI      CAMB             156.75         -46.79
CFL CAPITAL FIN       CEATF             14.31         -40.04
COMPUTERSKILL         CPS               14.90          -7.56
CORE HEALTHCARE       CPAR             185.36        -241.91
DCM FINANCIAL SE      DCMFS             16.54         -10.99
DIGJAM LTD            DGJM              98.77         -14.62
DISH TV INDIA         DITV             422.08        -127.61
DUNCANS INDUS         DAI              116.96        -183.24
GANESH BENZOPLST      GBP               43.99         -24.57
GEM SPINNERS LTD      GEMS              15.23          -0.11
GLOBAL BOARDS         GLB               25.15          -0.79
GSL INDIA LTD         GSL               37.04         -42.34
GSL NOVA PETROCH      GSLN              44.39          -0.93
GUJARAT SIDHEE        GSCL              59.44          -0.66
HARYANA STEEL         HYSA              10.83          -5.91
HENKEL INDIA LTD      HNKL             102.05         -10.24
HFCL INFOTEL LTD      HFCL             151.65         -85.81
HIMACHAL FUTURIS      HMFC             406.63        -210.98
HINDUSTAN PHOTO       HPHT              68.94      -1,147.18
HINDUSTAN SYNTEX      HSYN              12.68          -1.79
HMT LTD               HMT              139.31        -277.69
ICDS                  ICDS              13.30          -6.17
INDIA FOILS LTD       IF                54.77          -2.70
INFOMEDIA 18 LTD      INF18             35.80          -1.94
INTEGRAT FINANCE      IFC               45.56         -43.27
ITI LTD               ITI            1,116.21          -0.80
JCT ELECTRONICS       JCTE             122.54         -50.00
JD ORGOCHEM LTD       JDO               10.46          -1.60
JENSON & NIC LTD      JN                15.93         -74.33
JIK INDUS LTD         KFS               20.63          -5.62
JK SYNTHETICS         JKS               13.51          -3.03
JOG ENGINEERING       VMJ               50.08         -10.08
KALYANPUR CEMENT      KCEM              37.45         -45.90
KERALA AYURVEDA       KRAP              13.41          -0.59
KINGFISHER AIR        KAIR           1,458.64        -418.91
LLOYDS FINANCE        LYDF              27.68          -8.64
LLOYDS STEEL IND      LYDS             358.94         -83.14
MILLENNIUM BEER       MLB               36.39          -3.20
MILTON PLASTICS       MILT              18.31         -40.44
NATH PULP & PAP       NPPM              13.59         -39.13
NICCO UCO ALLIAN      NICU              32.23         -71.91
ORIENT PRESS LTD      OP                16.70          -0.09
PANCHMAHAL STEEL      PMS               51.02          -0.33
PARASRAMPUR SYN       PPS              111.97        -317.11
PAREKH PLATINUM       PKPL              61.08         -88.85
PEACOCK INDS LTD      PCOK              11.40         -14.40
PIRAMAL LIFE SC       PLSL              32.05          -3.73
POLAR INDS LTD        PLI               11.61         -22.28
RAMA PHOSPHATES       RMPH              34.07          -1.19
RATHI ISPAT LTD       RTIS              44.56          -3.93
RELIGARE TECHNOV      RTCL              44.13          -1.46
RENOWNED AUTO PR      RAP               14.12          -1.25
ROLLATAINERS LTD      RLT               22.97         -22.24
ROYAL CUSHION         RCVP              20.22         -62.97
SCOOTERS INDIA        SCTR              13.29          -0.58
SHALIMAR WIRES        SWRI              24.49         -49.90
SHAMKEN COTSYN        SHC               23.13          -6.17
SHAMKEN MULTIFAB      SHM               60.55         -13.26
SHAMKEN SPINNERS      SSP               42.18         -16.76
SHREE RAMA MULTI      SRMT              63.73         -52.93
SIDDHARTHA TUBES      SDT               70.93         -12.09
SIL BUSINESS ENT      SILB              12.46         -19.96
SOUTHERN PETROCH      SPET           1,543.61         -35.61
SPICEJET LTD          SJET             147.98         -84.65
STERLING HOL RES      SLHR              52.91          -0.63
STI INDIA LTD         STIB              28.05          -8.04
TAMILNADU TELE        TNT               10.26          -4.14
TATA TELESERVICE      TTLS           1,069.83        -154.99
TRIUMPH INTL          OXIF              58.46         -14.18
TRIVENI GLASS         TRSG              24.39          -8.90
UNIWORTH LTD          WW               145.71        -114.87
USHA INDIA LTD        USHA              12.06         -54.51
VENTURA TEXTILES      VRTL              14.25          -0.33
WINDSOR MACHINES      WML               14.50         -28.14
WIRE AND WIRELES      WNW              102.42         -37.06


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

DOMINION FINANCE      DFH NZ Equity    258.90         -55.31


PHILIPPINES

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


SINGAPORE

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


THAILAND

ABICO HLDGS-F         ABICO/F           15.28          -4.40
ABICO HOLDINGS        ABICO             15.28          -4.40
ABICO HOLD-NVDR       ABICO-R           15.28          -4.40
ASCON CONSTR-NVD      ASCON-R           59.78          -3.37
ASCON CONSTRUCT       ASCON             59.78          -3.37
ASCON CONSTRU-FO      ASCON/F           59.78          -3.37
BANGKOK RUBBER        BRC               90.30         -65.13
BANGKOK RUBBER-F      BRC/F             90.30         -65.13
BANGKOK RUB-NVDR      BRC-R             90.30         -65.13
CIRCUIT ELEC PCL      CIRKIT            17.39         -88.00
CIRCUIT ELEC-FRN      CIRKIT/F          17.39         -88.00
CIRCUIT ELE-NVDR      CIRKIT-R          17.39         -88.00
DATAMAT PCL           DTM               12.69          -6.13
DATAMAT PCL-NVDR      DTM-R             12.69          -6.13
DATAMAT PLC-F         DTM/F             12.69          -6.13
ITV PCL               ITV               33.88         -90.93
ITV PCL-FOREIGN       ITV/F             33.88         -90.93
ITV PCL-NVDR          ITV-R             33.88         -90.93
K-TECH CONSTRUCT      KTECH             39.74         -33.07
K-TECH CONSTRUCT      KTECH/F           39.74         -33.07
K-TECH CONTRU-R       KTECH-R           39.74         -33.07
KUANG PEI SAN         POMPUI            17.70         -12.74
KUANG PEI SAN-F       POMPUI/F          17.70         -12.74
KUANG PEI-NVDR        POMPUI-R          17.70         -12.74
PATKOL PCL            PATKL             52.89         -30.64
PATKOL PCL-FORGN      PATKL/F           52.89         -30.64
PATKOL PCL-NVDR       PATKL-R           52.89         -30.64
PICNIC CORPORATI      PICNI            162.04         -79.86
PICNIC CORPORATI      PICNI/F          162.04         -79.86
PICNIC CORPORATI      PICNI-R          162.04         -79.86
PONGSAAP PCL          PSAAP             25.95          -6.20
PONGSAAP PCL          PSAAP/F           25.95          -6.20
PONGSAAP PCL-NVD      PSAAP-R           25.95          -6.20
SAFARI WORLD PUB      SAFARI           103.18         -17.83
SAFARI WORLD-FOR      SAFARI/F         103.18         -17.83
SAFARI WORL-NVDR      SAFARI-R         103.18         -17.83
SAHAMITR PRESS-F      SMPC/F            21.99          -4.01
SAHAMITR PRESSUR      SMPC              21.99          -4.01
SAHAMITR PR-NVDR      SMPC-R            21.99          -4.01
SUNWOOD INDS PCL      SUN               19.86         -13.03
SUNWOOD INDS-F        SUN/F             19.86         -13.03
SUNWOOD INDS-NVD      SUN-R             19.86         -13.03
THAI-DENMARK PCL      DMARK             15.72         -10.10
THAI-DENMARK-F        DMARK/F           15.72         -10.10
THAI-DENMARK-NVD      DMARK-R           15.72         -10.10
THAI-GERMAN PR-F      TGPRO/F           53.72          -2.14
THAI-GERMAN PRO       TGPRO             53.72          -2.14
THAI-GERMAN-NVDR      TGPRO-R           53.72          -2.14
TRANG SEAFOOD         TRS               12.09          -2.26
TRANG SEAFOOD-F       TRS/F             12.09          -2.26
TRANG SFD-NVDR        TRS-R             12.09          -2.26
UNIVERSAL S-NVDR      USC-R            105.34         -33.13
UNIVERSAL STARCH      USC              105.34         -33.13
UNIVERSAL STAR-F      USC/F            105.34         -33.13


TAIWAN

ARASOR INTERNATI      ARR               19.21         -26.51
CHIEN TAI CEMENT      1107             202.42         -33.40
HELIX TECH-EC         2479T             23.39         -24.12
HELIX TECH-EC IS      2479U             23.39         -24.12
HELIX TECHNOL-EC      2479S             23.39         -24.12
PRODISC TECH          2396             253.76         -36.04
TAIWAN KOL-E CRT      1606U            507.21        -147.14
TAIWAN KOLIN-EN       1606V            507.21        -147.14
TAIWAN KOLIN-ENT      1606W            507.21        -147.14
VERTEX PREC-ENTL      5318T             42.86          -0.71
VERTEX PRECISION      5318              42.86          -0.71
YEU TYAN MACHINE      8702              39.57        -271.07


                         *********

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

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

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


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

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

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

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

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





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