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                     A S I A   P A C I F I C

           Friday, July 23, 2010, Vol. 13, No. 144



BABCOCK & BROWN: Had Severe Liquidity Crisis From 2007, Court Told

H O N G  K O N G

TEBIE LIMITED: Yu and Choi Step Down as Liquidators
TOP IN: Creditors and Contributories to Meet on August 20
TOP SUMMIT: Court to Hear Wind-Up Petition on September 1
ULTIMATE PROFITS: Middleton and Cowley Step Down as Liquidators
WAI TAT: Creditors and Contributories to Meet on August 20

WICKSON HOLDINGS: Creditors Get 100% Recovery on Claims
WISDOM ALLIANCE: Court Enters Wind-Up Order
WORLDCO COMPANY: Commences Wind-Up Proceedings
YING FU: Court Enters Wind-Up Order


AGARWAL PACKERS: CARE Assigns 'CARE BB' Rating to INR20cr LT Loans
AIR INDIA: Creditors Seek 100% Sovereign Guarantee on Loans
AWA POWER: CARE Revises Rating on INR18.5cr LT Loan to 'D'
CITY BEAUTIFUL: CRISIL Cuts Rating on INR135.6MM Term Loan to 'D'
H. P. MADHUKAR: CARE Assigns 'CARE BB+' Rating to INR4.8cr Loan

IDBI BANK: May Sell US$500 Million in Bonds
KINGFISHER AIRLINES: Faces DVB Lawsuit for Aircraft Rental Default
PRIYABLUE INDUSTRIES: CRISIL Reaffirms 'BB+' Rating on Bank Debts
PUNJAB CHEMICALS: CARE Cuts Rating on INR195cr Loan to 'D'
RANGER COTTON: CRISIL Reaffirms 'B' Rating on INR235.7MM LT Loan

RKKR STEELS: CARE Assigns 'CARE BB+' Rating on INR29.31cr LT Loans
SABER PAPERS: CRISIL Assigns 'BB' Rating to INR300MM Cash Credit
SURESH EXPORTS: CRISIL Assigns 'D' Rating to INR5.0MM Cash Credit
TTK HEALTHCARE: CRISIL Places 'BB-' Rating on INR100MM Cash Credit


BANK NEGARA: Moody's Gives Positive Outlook on 'D-' Bank Rating


ARSENAL ASSET: Moody's Withdraws Ratings on Various Bonds
CSFS GODO: Moody's Reviews Ratings on Various Classes of Notes
ORIX-NRL TRUST: S&P Downgrades Ratings on Various Certificates


HYNIX SEMICONDUCTOR: Earns KRW665 Billion in Quarter Ended June 30

N E W  Z E A L A N D

BLUE CHIP: SFO Starts Fresh Probe Into Blue Chip Franchise
HALIFAX FINANCE: Faces Liquidation Application Over Unpaid Loan
RURAL PORTFOLIO: Secured Creditors to Get 48.25% Payout


NANYA TECHNOLOGY: Q2 Net Loss Narrows to NT$1.02 Billion


* Large Companies with Insolvent Balance Sheets

                         - - - - -


BABCOCK & BROWN: Had Severe Liquidity Crisis From 2007, Court Told
Babcock & Brown was experiencing an increasingly severe liquidity
crisis from December 2007 onwards, even as it turned in a record
annual profit of AU$640 million and forecast an even better
AU$750 million for following the year, The Sydney Morning Herald

But the company didn't reveal to investors the extent of its
financial difficulties, or that it would miss its 2008 profit
target until August of that year, SHM says.  SMH relates that was
just 2-1/2 months after the company had reassured shareholders at
its annual meeting that it was on track to hit AU$750 million, and
eight weeks after a warning by ex-B&B chief executive Phil Green
to his senior managers that it should withdraw its guidance.

According to the report, details of the company's plight emerged
early this week during questioning of Mr. Green on the first day
of public examinations of former directors and top employees by
the group's liquidators, Deloitte.

SMH says the hearings are part of Deloitte's investigation into
B&B's slide into administration in March 2009, which cost
creditors more than AU$600 million.

                       About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
was a global alternative asset manager specializing in the
origination and management of asset in sectors, where the company
has a franchise and proven track record, and where there are
opportunities to add  scale, infrastructure, air operating leasing
and selected real estate.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in
New Zealand voted on March 13 against a special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.

The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd
creditors voted to liquidate the company's assets.  Deloitte said
the vote empowers it to investigate matters surrounding the
collapse of the group, including potential conflicts of interest
between the boards of Babcock & Brown and affiliated company
Babcock & Brown International Pty. Ltd. which held most of the
group's assets.

H O N G  K O N G

TEBIE LIMITED: Yu and Choi Step Down as Liquidators
Yu Tak Yee Beryl and Choi Tze Kit Sammy stepped down as
liquidators of Tebie Limited on July 5, 2010.

TOP IN: Creditors and Contributories to Meet on August 20
Creditors and contributories of Top In Construction Company Ltd
will hold their first meetings on August 20, 2010, at 2:30 p.m.,
and 3:00 p.m., respectively at Room 602, The Boys' & Girls' Clubs
Association of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Pui Chiu Wing, the company's liquidator, will give
a report on the company's wind-up proceedings and property

TOP SUMMIT: Court to Hear Wind-Up Petition on September 1
A petition to wind up the operations of Top Summit Finance Limited
will be heard before the High Court of Hong Kong on September 1,
2010, at 9:30 a.m.

Bank of China (Hong Kong) filed the petition against the company
on June 28, 2010.

The Petitioner's solicitors are:

          K. W. Ng & Co.
          11/F., Wing Building
          110 Queen's Road
          Central, Hong Kong

ULTIMATE PROFITS: Middleton and Cowley Step Down as Liquidators
Edward Simon Middleton and Patrick Cowley stepped down as
liquidators of Ultimate Profits Limited on July 12, 2010.

WAI TAT: Creditors and Contributories to Meet on August 20
Creditors and contributories of Wai Tat Engineering Company Ltd
will hold their first meetings on August 20, 2010, at 3:30 p.m.,
and 4:00 p.m., respectively at Room 602, The Boys' & Girls' Clubs
Association of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Pui Chiu Wing, the company's liquidator, will give
a report on the company's wind-up proceedings and property

WICKSON HOLDINGS: Creditors Get 100% Recovery on Claims
Wickson Holdings Limited, which is in creditors' voluntary
liquidation, will pay the first and final ordinary dividend to its
creditors on August 13, 2010.

The company will pay 100% for ordinary claims.

WISDOM ALLIANCE: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on July 7, 2010, to
wind up the operations of Wisdom Alliance Dyeing Factory Limited.

The official receiver is E T O'Connell.

WORLDCO COMPANY: Commences Wind-Up Proceedings
Members of Worldco Company Limited, on July 10, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Mok Fook Chee
         Flat D, 23rd Floor
         Block 18, Mei Hay Court
         South Horizons, Ap Lei Chau
         Hong Kong

YING FU: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on July 7, 2010, to
wind up the operations of Ying Fu (China HongKong) Logistics

The official receiver is E T O'Connell.


AGARWAL PACKERS: CARE Assigns 'CARE BB' Rating to INR20cr LT Loans
CARE assigns 'CARE BB' and 'PR4' ratings to the bank facilities of
Agarwal Packers & Movers Pvt. Ltd.

   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities     20.00      'CARE BB' Assigned

   Long-term/Short-term           4.00      'CARE BB/PR4'
   Non-fund Bank Facilities                  Assigned

Rating Rationale

The ratings are constrained by APM's limited track record of
operations, low profitability margins and negligible asset base
leading to a high dependence on group/other companies for the
infrastructure support as well as competition from the unorganized
players in the industry.

However, the ratings are supported by the long track record of the
promoters in logistics business and established brand in
relocation business.

Going forward, successful establishment of AP0M's own
infrastructure, profitably scaling up of operations while
maintaining optimum capital structure would be the key rating

                       About Agarwal Packers

Incorporated in 2005, Agarwal Packers & Movers Pvt. Ltd. was
promoted by Mr. Ramesh Agarwal and Mr. Rajendra Agarwal.  APM is
engaged in the business of packing and moving of goods (household
and office relocation) and commercial bulk transportation of
goods/merchandise. Since incorporation till FY09, it had
negligible operations and these activities were carried out under
another group company - DRS Logistics Private Limited (DRSL).

However, in September 2009, business segments such as home
relocation, commercial bulk transportation and warehouse services
were shifted to APM.

During FY09, APM earned a total operational income of INR0.06
crore with PAT of INR0.002 cr.  As per the provisional results for
FY10, APM reported total operating income of INR67.43 crore with
PAT of INR1.51 crore.

AIR INDIA: Creditors Seek 100% Sovereign Guarantee on Loans
National carrier Air India's effort to refinance its $1.5-billion
loan has hit a snag, with banks refusing to offer cheaper funds
without a 100% sovereign guarantee, The Economic Times reports.

The report recalls that Air India had raised a $1.5 billion loan
in July 2009 to purchase 21 Airbus aircraft.  The airline had
agreed to pay 12% interest, despite a full sovereign guarantee and
is now looking to replace it with a cheaper loan, according to the

"Air India is looking for at least a 100 basis points cut in
rates, but without a full sovereign guarantee it may find it
difficult to raise fresh loans even at existing rate," the report
quoted a senior official of the state-run Punjab National Bank.

PNB is part of the consortium that extended the existing 12-year
loan while other members of the consortium of public sector banks
are IDBI, Canara Bank and Union Bank of India, the report

The Economic Times reports that Air India had invited bids to
refinance the loan in May this year, setting June 21 as the last
date for submitting the request for qualification (RFQ). Unable to
secure loans at lower interest rates till this date, the airline
extended the deadline to July 16 and again to August 31, the
report relates.

"The deadline is being extended because we are trying to free up
some government guarantee, which will change the ground rules," a
government official told ET.

"We are evaluating the proposal. Without sovereign guarantee it
would be difficult to keep the interest rate below 12 per cent,"
ET quoted an official with another bank, which is part of the
consortium, as saying.

The government, however, remains positive that it may be able to
attract refinancing even without the sovereign guarantee, the
report adds.

                          About Air India

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

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

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

AWA POWER: CARE Revises Rating on INR18.5cr LT Loan to 'D'
CARE revises the rating assigned to the bank facilities of
AWA Power Company Pvt. Ltd.
   Facilities                 (INR crore)    Rating
   ----------                  -----------   ------
   Long-term bank facilities      18.5       'CARE D' Revised
                                             from CARE BB+
Rating Rationale

The revision in rating takes into account delay in payment of
interest and repaying of installment of a term loan.

AWA Power Company Pvt. Ltd. setup in 2001 is a special purpose
vehicle (SPV) promoted by Sethi family along with group companies
? Subhash Projects and Marketing Limited (SPML) and Subhash Kabini
Power Corp. Ltd.  SPML and SKPCL had an equity stake of 51% and
41% respectively at the end of March 2010.

CITY BEAUTIFUL: CRISIL Cuts Rating on INR135.6MM Term Loan to 'D'
CRISIL has downgraded its ratings on City Beautiful Hotels and
Resorts Pvt Ltd's bank facilities to 'D' from 'B-/Negative'.

   Facilities                           Ratings
   ----------                           -------
   INR3.5 Million Cash Credit Limit     D (Downgraded from

   INR135.6 Million Term Loan           D (Downgraded from

The downgrade reflects the delays by CBHRPL in servicing its term
loan installments due in May and June 2010; also, CBHRPL's banker
has not yet approved of the company's request for rescheduling the

CBHRPL is facing delays in implementation and stabilization of its
upcoming four-star hotel project, and is also exposed to risks
related to cyclicality in the hotel industry. However, CBHRPL is
expected to benefit from its association with Indian Tourist
Development Corporation Ltd (ITDC) for managing its hotel's
operations, from healthy demand prospects for hotel business in
Zirakpur (Punjab), and the industry experience of promoters.

Incorporated in 2007, CBHRPL is currently commissioning a 66-room,
four-star hotel, with a restaurant-cum-bar and banquet hall on the
Zirakpur- Chandigarh highway in Punjab, for INR223 million. The
hotel is expected to commence operations by August 2010.

H. P. MADHUKAR: CARE Assigns 'CARE BB+' Rating to INR4.8cr Loan
CARE assigns 'CARE BB+' and 'PR4' rating to the bank facilities of
H. P. Madhukar.

   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities      4.80      CARE BB+ Assigned
   Short-term Bank Facilities    12.55      PR4 Assigned

Rating Rationale

The ratings are constrained by H. P. Madhukar's small size of
operations, constitution of the entity being proprietorship,
regional concentration risk, lack of diversification in projects,
tight liquidity position and moderate profitability margins which
declined in FY09 due to intense competition.  However, the ratings
draw strength from the long-standing presence of the firm in the
industry.  Going forward, HPM's ability to ensure timely execution
of the existing projects, scale up the order book position by
entering new regions, improve margins, ability to singly execute
large-size projects will be the key rating sensitivities.  Brief
Profile H. P. Madhukar is a proprietorship concern incorporated in
the year 1986 by Mr. H P Madhukar.  HPM is a small-sized civil
construction firm started as a Class III contractor and upgraded
to Class I contractor in 1990.  The day-to-day operations of the
firm are managed by Mr. Madhukar, who is a civil engineer and has
more than two decades of experience in the construction industry.
Over the past three years, HPM is mainly concentrated in executing
road projects due to increased thrust for road infrastructure by
the Government.  As on May 20, 2010, HPM had a moderate
outstanding order book position of INR39 cr to be executed in the
next two years.  HPM achieved PAT of INR1.8 cr against total
income of INR39.4 cr in FY09.  HPM achieved PBDIT and PAT of
INR2.8 cr and INR0.7 cr against net income of INR22.6 cr during

IDBI BANK: May Sell US$500 Million in Bonds
IDBI Bank Ltd. is considering a sale of bonds denominated in U.S.
dollars to raise about US$500 million, George Smith Alexander at
Bloomberg News reports, citing IDBI Executive Director Melwyn

Mr. Rego told Bloomberg in a phone interview that HSBC Holdings
Plc and Barclays Plc have been hired to oversee the bank's medium-
term note program.  BNP Paribas SA, Royal Bank of Scotland Group
Plc and Standard Chartered Plc will help manage this sale of
benchmark notes, to be done through its Dubai branch, Mr. Rego
said, according to Bloomberg.

Bloomberg says the sale would be the first since the Mumbai-based
lender, known then as Industrial Development Bank of India Ltd.,
set up a $1.5 billion medium-term bonds program in November 2007.

Mr. Rego told Bloomberg the bonds may have a maturity of five to
five-and-a-half years and the company is likely to make a decision
on the sale after talking to investors next week.

                          About IDBI Bank

IDBI Bank Limited (BOM:500116)-- formerly
Industrial Development Bank of India, is an India-based commercial
bank.  The Bank offers an array of corporate banking products
under various segments, such as Deposits, Cash Management, Central
and State Government agency business (both direct and indirect
taxes), Trade Finance and Treasury Products.  The Bank operates in
four segments: Wholesale Banking, Retail Banking, Treasury
Services and Other Banking Operations. IDBI Capital Market
Services Limited is a wholly owned subsidiary of the Bank.  Its
businesses include primary dealing, stock brokering, distribution
of financial products, merchant banking, debt arranging and
underwriting, portfolio management and research services. IDBI
Gilts Limited, a wholly owned subsidiary of the Bank undertakes
primary dealer business.  IDBI Fortis Life Insurance Company
Limited is a joint venture of the Bank, Federal Bank Limited and
Fortis Insurance International.

                          *     *     *

IDBI Bank Ltd continues to carry Moody's Investors Service's 'Ba1'
Foreign LT Bank Deposits rating, 'Ba1' Long Term rating and 'D-'
Bank Financial Strength Rating.  IDBI Bank also continues to carry
Fitch Ratings' Individual Rating of D.

KINGFISHER AIRLINES: Faces DVB Lawsuit for Aircraft Rental Default
Kingfisher Airlines has been sued by Singapore's DVB Aviation
Finance Asia Ltd., seeking recovery of dues on aircraft lease, The
Economics Times reports, citing person familiar with the matter.

A DVB official told ET that the case was filed in a UK court on
July 16 after Kingfisher did not pay for the last three months for
the two Airbus A 320 it leased.  "There is a grace period of seven
to eight days, but in this case dues have been pending for the
last three months," the official told ET.

Kingfisher Airlines is in a financial distress over the last few
months with defaults to oil companies and banks such as IDBI Bank
cancelling loans, the report says.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines -- 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.

PRIYABLUE INDUSTRIES: CRISIL Reaffirms 'BB+' Rating on Bank Debts
CRISIL's ratings on Priyablue Industries Pvt Ltd's bank facilities
continue to reflect PBIPL's exposure to risks related to
cyclicality and intense competition in the shipping industry and
vulnerability to adverse regulatory changes.  These rating
weaknesses are partially offset by PBIPL's adequate financial
flexibility, and promoters' established track record in, and
healthy near term growth prospects for, the ship-breaking

   Facilities                           Ratings
   ----------                           -------
   INR95.0 Million Cash Credit Limit    BB+/Stable (Reaffirmed)
   INR750.0 Million Letter of Credit    P4+ (Reaffirmed)
   INR70.0 Million Bank Guarantee       P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that PBIPL will maintain its stable financial risk
profile over the medium term, backed by its promoters' strong
track record in, and the healthy business prospects for, the ship-
breaking industry.   The outlook may be revised to 'Positive' if
PBIPL continues to benefit from the current upswing in ship-
breaking industry and substantially improves its profitability,
and thereby, its debt protection measures. Conversely, the outlook
may be revised to 'Negative' if steel scrap prices decline
sharply, leading to losses for the company, thereby constraining
its ability to service financial obligations.

                     About Priyablue Industries

Incorporated in 1994, PBIPL undertakes ship-breaking and recycling
activities. The company has been allotted a 6000-square-metre plot
at Sosiya, an extension of Alang port in Gujarat. The company has
capacity to dismantle large ships with capacity of over 50,000
tonnes. PBIPL has scrapped more than 30 ships so far.

PBIPL reported a provisional profit after tax (PAT) of INR27.8
million on provisional net sales of INR1.1 billion for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR10.6 million on net sales of INR740 million for 2008-09.

PUNJAB CHEMICALS: CARE Cuts Rating on INR195cr Loan to 'D'
CARE revises the rating of bank facilities of Punjab Chemicals And
Crop Protection Ltd.

   Facilities                 (INR crore)      Rating
   ----------                  -----------     ------
   Long-term Bank Facilities     195.00        'CARE D' Revised
                                               from CARE B
   Short-term Bank Facilities     29.00        'PR5' Revised from
Rating Rationale

The revision in ratings takes into account persistent delays in
payment towards principal and interest obligations to banks.

Punjab Chemicals and Crop Protection Limited, involved in
manufacturing of various agro chemicals, industrial chemicals and
chemicals for the pharmaceutical industry, faced substantial
liquidity pressures in FY10 due to volatility in raw material
prices, disruption of operations due to a fire in its unit. PCCPL
posted total income of Rs.318 crore and incurred net loss of INR41
crore in FY10 compared to total income of INR489 crore and PAT of
INR5 crore in FY09.  The overall gearing of the company stood at
4.30x as on March 31, 2010.

RANGER COTTON: CRISIL Reaffirms 'B' Rating on INR235.7MM LT Loan
CRISIL has revised its rating outlook on the long-term bank
facilities of Ranger Cotton Mills (India) Pvt Ltd to 'Stable' from
'Negative', while reaffirming the rating at 'B'; the rating on the
short-term facilities has been reaffirmed at 'P4'.

   Facilities                           Ratings
   ----------                           -------
   INR235.70 Million Long-Term Loan     B/Stable (Reaffirmed;
                                                  Outlook Revised
                                                  from 'Negative')

   INR85.00 Million Cash Credit Limit   B/Stable (Reaffirmed;
                                                  Outlook Revised
                                                  from Negative')
   INR10.00 Million Standby Line of     P4 (Reaffirmed)
                       Credit Limit

   INR10.00 Million Letter of Credit    P4 (Reaffirmed)
   INR62.60 Million Bank Guarantee      P4 (Reaffirmed)

The revision in outlook reflects the improvement in Ranger
Cotton's liquidity, driven by sufficient cash accruals generated
by the company in 2009-10.  The improvement in liquidity has also
been supported by the rescheduling of the company's term loans in
2008-09 (refers to financial year, April 1 to March 31) resulting
in a ballooning repayment schedule. The revision also factors in
CRISIL's belief that Ranger Cotton's sales and profitability will
improve over the medium term, backed by the increase in its
capacities and the revival in the textile industry.

The ratings continue to reflect Ranger Cotton's below-average
financial risk profile, marked by high gearing and low net worth,
susceptibility to volatility in cotton prices, exposure to risks
related to fragmentation in the textile industry, limited track
record, and small scale of operations. These weaknesses are
partially offset by the benefits that Ranger Cotton derives from
its promoters' experience in the textile business.

Outlook: Stable

CRISIL expects Ranger Cotton's credit risk profile to remain
stable over the medium term backed by its improved profitability
and increased capacity utilization.  The outlook may be revised to
'Positive' if Ranger Cotton generates higher-than-expected
profitability, leading to significant improvement in financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if Ranger Cotton underutilizes its capacities, thereby reducing
its cash accruals and impairing its debt servicing ability.

                        About Ranger Cotton

Set up in 2004 by Mr. K Arumugam, Ranger Cotton manufactures
cotton yarn in counts ranging from 20s to 40s.  Its facilities at
Gobichettipalayam (Tamil Nadu) have a total of 14400 spindles and
30 knitting machines.  Its expansion plan consists of adding 7200
spindles; the new spindles will be commissioned by July 2010.

Ranger Cotton reported a profit after tax (PAT) of INR5.6 million
on net sales of INR323.0 million for 2008-09, against a PAT of
INR11.5 million on net sales of INR308.0 million for 2007-08.

RKKR STEELS: CARE Assigns 'CARE BB+' Rating on INR29.31cr LT Loans
CARE assigns 'CARE BB+' and 'PR4' ratings to the bank facilities
of RKKR Steels Ltd.

   Facilities                 (INR crore)    Rating
   ----------                  -----------   ------
   Long-term Bank Facilities    29.31        'CARE BB+' Assigned
   Short-term Bank Facilities    5.10        'PR4' Assigned

Rating Rationale

The ratings are constrained by commodity nature of company's
finished product, low and volatile profit margins, relatively high
gearing levels, low capacity utilization level and extension of
corporate guarantee to one of its group companies.  Above ratings
also factor in cyclical nature of steel industry.  Above ratings
also factor in the experience of promoters in the steel industry,
long standing relationship with customers, established brand
'RKKR' and low capital cost of its plant.  In a scenario of poor
power supply situation in the state of Tamil Nadu, ability of the
company to improve the capacity utilization level is a key rating
sensitivity.  This assumes more significance with the company
expanding its existing production capacity.  Company Profile
Incorporated in 1965, RKKR Steels Ltd has a steel rolling mill for
production of TMT bars.  The plant located at Thiruvottriyur,
Chennai has an installed capacity of 48,000 Tonnes Per Annum (TPA)
as on March 2010.  During FY09, RKKR registered a PAT of INR0.46
cr on a total operating income of INR155 cr. During 11mFY10
(Prov), RKKR posted a Profit Before Tax of INR0.34 cr on a total
operating income of INR105 cr.

SABER PAPERS: CRISIL Assigns 'BB' Rating to INR300MM Cash Credit
CRISIL has assigned its 'BB/Stable' rating to the INR300-million
cash credit and INR40-million proposed long-term loan facilities
of Saber Papers Ltd, while reaffirming its ratings on the
company's other aforementioned facilities at 'BB/Stable/P4+'.

   Facilities                         Ratings
   ----------                         -------
   INR300 Million Cash Credit         BB/Stable (Assigned)

   INR40 Million Proposed Long-Term   BB/Stable (Assigned)
                 Bank Loan Facility

   INR1400 Million Term Loan          BB/Stable

   INR320 Million Letter of Credit    P4+
                and Bank Guarantee

The ratings reflect SPL's weak financial risk profile, marked by
high gearing and low net cash accruals (as its operations are in
the start-up phase), working-capital-intensive operations, and the
limited track record of promoters in the writing and printing
paper (WPP) industry.  These weaknesses are partially offset by
the expected improvement in SPL's operating efficiencies, with a
full ramp-up of operations at its semi-integrated plant, and
support from its promoters through equity infusion.

Outlook: Stable

CRISIL believes that SPL's liquidity will remain stretched, and
its financial risk profile, constrained, during the initial years
of the company's operations. The outlook may be revised to
'Positive' in case of stabilisation of the company's operations
and a stronger-than-expected financial performance. Conversely,
the outlook may be revised to 'Negative' if SPL undertakes a
large, debt-funded capital expenditure programme, generates lower-
than-expected profitability, or makes fresh investments in its

                         About Saber Papers

SPL was established in October 2007 by Mr. Dinesh Soin and family.
The company has set up a 225-tonnes-per-day semi-integrated WPP
plant at Haroli in Una (Himachal Pradesh).  The plant commenced
production in late January 2010, and is currently running at 70
per cent capacity utilization.  The company's facilities include a
pulper, an inking plant, a steam-based boiler, and effluent
treatment plants. During 2009-10 (refers to financial year, April
1 to March 31), SPL acquired a 93.75 per cent stake in a
Switzerland-based tissue paper manufacturing company, now renamed
Saber Swiss Quality Paper AG. However, the subsidiary is expected
to be supported by promoters directly, and no cash flow
fungibility is expected between SPL and this entity, and CRISIL
has therefore not consolidated the business and financial risk
profiles of the two entities.

SPL is expected to generate sales of INR370 million for the first
year of its operations.

CARE assigns 'CARE BB+' to bank facilities of Sisco Industries

   Facilities                 (INR crore)    Ratings
   ----------                 -----------   -------
   LT Fund-based Facilities      6.9        'CARE BB+' Assigned

Rating Rationale

The rating is constrained by SISCO's relatively small scale of
operations and weak financial profile characterized by low
profitability levels and high receivables period leading to
working capital intensive nature of business operations.  The
rating also takes into account the inherent cyclical trends
associated with the steel industry.  The rating derives strength
from the experience and resourcefulness of the promoters, long
track record of operations and comfortable capital structure of
the company.  Going forward, the ability of SISCO to profitably
scale up the operations and reduction in the receivables period
shall be the key rating sensitivities.

Incorporated in March 2003, SISCO is engaged in manufacturing of
structural products namely angles, beams, channels etc, with an
installed capacity of 25,000 tonne per annum (tpa).  The company
is promoted by Mr. Sanjeev Agarwal, who has been associated with
the steel business for over 15 years. On a total operating income
of INR51.46 cr during FY09, SISCO earned PBILDT and PAT of INR1.6
cr and INR0.67 cr respectively.  As per the provisional results
for FY10, SISCO achieved total operating income of INR50.62 cr
with PBILDT and PAT of INR1.46 cr and INR0.43 cr respectively.

SURESH EXPORTS: CRISIL Assigns 'D' Rating to INR5.0MM Cash Credit
CRISIL has assigned its 'D/P5' ratings to Suresh Exports' bank
facilities.  The ratings reflect delay by Suresh Exports in
servicing its term loan; the delay has been caused by Suresh
Exports' weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR5.0 Million Cash Credit Limit     D (Assigned)
   INR45.0 Million Packing Credit       P5 (Assigned)

Suresh Exports has a weak financial risk profile, marked by small
net worth, high gearing and weak debt protection metrics, and its
margins are susceptible to volatility in raw material prices and
in the value of the Indian rupee.  The firm is also exposed to
risks relating to small scale of operations, and to pressure on
revenues due to slowdown in exports.  However, Suresh Exports
benefits from its promoters' long experience in the spice
processing business.

Incorporated in 1991 by the Wadhwani family of Maharashtra, Suresh
Export processes and exports spices such as chilli, coriander
seeds, and turmeric, and pulses; the firm derives more than 90 per
cent of its revenues from export of chilli.  It has two units: one
in Guntur (Andhra Pradesh) with capacity of 10,000 tonnes per
annum (tpa) and the other in Nagpur (Maharashtra) with capacity of
20,000 tpa.

Suresh Exports reported a profit after tax (PAT) of INR1 million
on net sales of INR232 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR0.9 million on net
sales of INR268 million for 2007-08.

TTK HEALTHCARE: CRISIL Places 'BB-' Rating on INR100MM Cash Credit
CRISIL has assigned its 'BB-/Negative/P4' ratings to TTK
Healthcare TPA Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR100.00 Million Cash Credit       BB-/Negative (Assigned)
   INR200.00 Million Bank Guarantee    P4 (Assigned)

The ratings reflect the sharp decline in TTK Healthcare's revenues
and operating margin in 2009-10 (refers to financial year, April 1
to March 31) because of changes in the company's senior management
structure and loss of contracts.  The ratings also reflect the
company's constrained liquidity, and its exposure to risks related
to intense competition in the third-party administrator (TPA)
services industry.  These rating weaknesses are partially offset
by TTK Healthcare's established position as a leading TPA services
provider with a reputed clientele.

Outlook: Negative

CRISIL believes that the frequent changes in TTK Healthcare's
senior management, and the expected change in the ownership
structure could result in deterioration in the company's credit
risk profile. The rating may be downgraded in case of sustained
decline in revenues and increased losses, or if TTK Healthcare
contracts any long-term debt. Conversely, the outlook may be
revised to 'Stable' if stabilisation in operations after the
takeover by the new management significantly improves the
company's volumes and profitability.

                        About TTK Healthcare

Set up in 2002, TTK Healthcare provides TPA services, and has a
network of over 5300 hospitals.  The company is part of the TTK
group, and group companies currently hold 74 per cent stake in TTK
Healthcare. In 2006-07, Swiss Reinsurance Company Ltd (Swiss Re;
rated 'A+/Stable/A-1' by Standard & Poor's), a Switzerland-based
re-insurance company, acquired a 26-per-cent stake in TTK
Healthcare. Though the TTK group holds a majority stake in
company, the management and day-to-day affairs rest with Swiss Re.
In June 2009, the then CEO Mr. S. Krishnamurthy was replaced by
Mr. Shivakumar Belavadi, who was appointed by Swiss Re. With
effect from July 1, 2010, Mr. Satish Raju, a senior executive of
Swiss Re, has been appointed as the new CEO.

TTK Healthcare reported a net loss of INR63 million on net sales
of INR264 million for 2009-10, against a net loss of INR13 million
on net sales of INR361 million for 2008-09.


BANK NEGARA: Moody's Gives Positive Outlook on 'D-' Bank Rating
Moody's Investors Service has revised the outlook for Bank Negara
Indonesia's D- bank financial strength rating to positive from

The BFSR maps to a baseline credit assessment of Ba3.

All other ratings are unaffected, and carry stable outlooks,
unless indicated: foreign currency long-term deposit of Ba3 with a
positive outlook, foreign currency short-term deposit of Not Prime
and global local currency deposit of Baa3.

"The rating action anticipates that the positive trajectory of
changes in BNI over the past two years will continue, thereby
strengthening and raising the bank's risk profile into a higher
BFSR band.  However, a longer track record of improved and
sustainable performance will have to be established to warrant any
BFSR upgrade," says Beatrice Woo, a Moody's Vice President and
Senior Credit Officer.

In 2008, the Indonesian government -- BNI's major shareholder with
a 76.36% stake -- made sweeping changes to management and the
boards of directors and commissioners in an apparent bid to
transform and prepare BNI for its next phase.

Prior to this, the bank had suffered from relatively weak asset
quality, average profitability, erratic earnings trend and poor
capitalization.  In addition, its operations were over-shadowed by
apparent weaknesses in its standards of corporate governance and
internal controls.

For example, the bank was involved in a huge letters of credit
fraud case in 2003 and generally faced a high level of non-
performing loans.  Despite internal restructuring since the 1997
Asian financial crisis, the extent and implementation of these
reforms, including in the areas of credit controls and processes,
appeared ineffective.

The current team has been mandated to optimize the bank's
infrastructure and resources.  Specifically, management aims to
raise profitability, improve asset quality and increase

Thus far, the results for 2008 and 2009 have shown signs of a
turnaround: its NPL ratio declined to 4.6% at March 2010 from 8.5%
at end-2007; its net interest margin of 5.8% in 1Q10 was generally
wider than earlier levels; and there is more dependence on
interest income from lending, rather than passive income from
government bonds and marketable securities.

Meanwhile, the bank will address its comparatively low capital
levels through a rights issue of IDR4-7 trillion in the last
quarter of the year.

Nonetheless, BNI's entrenched corporate culture and legacy banking
practices make transforming the bank challenging.  Therefore, its
current financial metrics need to be sustained for a longer period
and upward rating action is unlikely in the near term.

In terms of strategy, BNI enjoys the largest overseas branch
network among Moody's-rated Indonesian banks.  This is one of its
key franchise strengths.

Furthermore, it enjoys long-established credit relationships with
many large corporates and intends to increase its presence in the
retail sector.  A large domestic branch network and strong brand
name support its efforts to expand in retail banking.

However, this move is also challenging as it takes BNI away from
its traditional large corporate lending activities, while
competition in retail banking has intensified.

The last rating action on BNI was taken on June 21, 2010 when the
outlook on its Ba3 foreign currency long-term deposit rating was
revised to positive from stable.  The action was in line with
similar actions taken on Indonesia's sovereign ratings on June 21,

BNI is headquartered in Jakarta and had assets of IDR215.7
trillion at March 2010.  It is the fourth largest bank in the
country with a 9.0% share of system deposits.

The detailed ratings are shown below and carry stable outlooks
except where indicated:

* GLC deposit of Baa3, foreign currency long-term deposit rating
  of Ba3 with a positive outlook, foreign currency short-term
  deposit of Not Prime and BFSR of D- with a positive outlook.


ARSENAL ASSET: Moody's Withdraws Ratings on Various Bonds
Moody's Investors Service has withdrawn the ratings for the
Specified Bonds 1 and 2 issued by Arsenal Asset TMK for business

The final maturity for the securities will take place in
August 2013.

The individual rating actions are listed below.

* Specified Bond 1, C rating withdrawn; previously, downgraded to
  C from Caa1 on May 20, 2010

* Specified Bond 2, C rating withdrawn; previously, downgraded to
  C from Caa3 on May 20, 2010

Arsenal Trust and Arsenal Asset TMK, effected in August 2006,
represent the liquidating securitization of residential properties
in Osaka and other cities.

The ratings for the Class A, B, and E Trust Certificates issued by
Arsenal Trust, and the Specified Loan B issued by Arsenal Asset
TMK -- with the final maturity for the securities taking place in
August 2013 -- remain.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.

CSFS GODO: Moody's Reviews Ratings on Various Classes of Notes
Moody's Investors Service has placed the Class A through F and
Class X bonds issued by CSFS Godo Kaisha, a CMBS transaction, on
review for possible downgrade.  The final maturity of bonds will
take place in November 2013.

The individual rating actions are listed below.

  -- Class A-2-a, Aaa Placed Under Review for Possible Downgrade;
     previously, Confirmed at Aaa on July 8, 2009

  -- Class A-2-b, Aaa Placed Under Review for Possible Downgrade;
     previously, Confirmed at Aaa on July 8, 2009

  -- Class A-3, Aaa Placed Under Review for Possible Downgrade;
     previously, Confirmed at Aaa on July 8, 2009

  -- Class B-2, Aa2 Placed Under Review for Possible Downgrade;
     previously, Confirmed at Aa2 on July 8, 2009

  -- Class B-3, Aa2 Placed Under Review for Possible Downgrade;
     previously, Confirmed at Aa2 on July 8, 2009

  -- Class C-2-a, A3 Placed Under Review for Possible Downgrade;
     previously, Downgraded to A3 from A2 on July 8, 2009

  -- Class C-2-b, A3 Placed Under Review for Possible Downgrade;
     previously, Downgraded to A3 from A2 on July 8, 2009

  -- Class D-2-a, Ba1 Placed Under Review for Possible Downgrade;
     previously, Downgraded to Ba1 from Baa2 on July 8, 2009

  -- Class D-2-b, Ba1 Placed Under Review for Possible Downgrade;
     previously, Downgraded to Ba1 from Baa2 on July 8, 2009

  -- Class D-3, Ba1 Placed Under Review for Possible Downgrade;
     previously, Downgraded to Ba1 from Baa2 on July 8, 2009

  -- Class E-1, B1 Placed Under Review for Possible Downgrade;
     previously, Downgraded to B1 from Ba2 on July 8, 2009

  -- Class E-3, B1 Placed Under Review for Possible Downgrade;
     previously, Downgraded to B1 from Ba2 on July 8, 2009

  -- Class F-1, B3 Placed Under Review for Possible Downgrade;
     previously, Downgraded to B3 from B1 on July 8, 2009

  -- Class F-3, B3 Placed Under Review for Possible Downgrade;
     previously, Downgraded to B3 from B1 on July 8, 2009

  -- Class X, Aaa Placed Under Review for Possible Downgrade;
     previously, Confirmed at Aaa on July 8, 2009

CSFS Godo Kaisha, effected in December 2006, represents the
securitization of two non-recourse loans backed by seven single -
tenant retail properties in the Kanto, Chubu and Kinki areas.

The rating actions reflect Moody's growing concerns about the
performance of the properties.  Although the main tenant pays
fixed rents on the underlying properties, the performances of some
of the properties --in terms of the revenue of the main tenant and
payable rent levels in the future -- will deteriorate.  Therefore,
Moody's needs to reconsider Moody's stabilized property values.

Moody's will receive additional performance data, including PM
reports, to review the leasing conditions and the performances of
the properties.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.

ORIX-NRL TRUST: S&P Downgrades Ratings on Various Certificates
Standard & Poor's Ratings Services lowered its ratings on the
trust certificates, classes D to H, issued under the ORIX-NRL
Trust 13 transaction, and placed its rating on class D on
CreditWatch with negative implications.  At the same time,
Standard & Poor's affirmed its ratings on classes B, C, and X,
issued under the same transaction.

Of the 12 specified bonds/nonrecourse loans that initially backed
the transaction, only one specified bond and two loans remain.
S&P placed the rating on class D on CreditWatch with negative
implications because: The transaction's remaining specified bond
has already defaulted.  Although the trustee is scheduled to
prepare a collection plan, S&P has learned that the value of the
office building projected in the appraisal report that backs the
specified bond has fallen far below the assumption that S&P made
when S&P lowered the ratings on classes D to H in August 2009
(assumption as of August 2009: about 48% of Standard & Poor's
initial underwriting value).

With regard to the two remaining loans maturing in May 2011 and
August 2011, respectively, given recent real estate market
conditions, S&P believes that uncertainty is clouding the recovery
prospects for the related collateral properties.

S&P has yet to finalize its assessment of the likely recovery
amount from the office building backing the specified bond that
has defaulted.  The transaction's sponsor, who also occupied the
building, has gone into legal bankruptcy.  Accordingly, in the
absence of a sponsor for the transaction and tenant for the
building, S&P view the recovery prospects for that property with
considerable uncertainty.  S&P lowered its ratings on classes D to
H because S&P is of the opinion that a further decline in the
recovery amount from the property appears unavoidable.

S&P intends to review its rating on class D after examining the
collection plans for the aforementioned specified bond and two
loans and performance data for the related collateral properties,
and finalizing S&P's assessment of various factors, including the
likely recovery amount from the properties.

S&P affirmed its ratings on classes B, C, and X because:

* Of the 12 loans/specified bonds that initially backed the
  transactions, nine loans/specified bonds (originally
  representing a combined 74% or so of the total initial issuance
  amount of the trust certificates) have been repaid.  As the
  repayment proceeds are used to redeem the upper-level classes of
  trust certificates in a sequential order, credit enhancement for
  classes B and C has improved from S&P's initial assumption; and

* Although S&P sees uncertainty over the recovery prospects for
  the properties backing the remaining specified bond and two
  remaining loans (one specified bond and two loans representing a
  combined 14% or so of the total initial issuance amount of the
  trust certificates), cash flow from the collateral properties is
  virtually in line with S&P's initial assumptions.  In addition,
  since the level of leverage based on S&P's initial underwriting
  value was fairly low, the degree of loan stress is moderate.

Accordingly, uncertainty over the likely recovery amount from the
properties has little effect on the ratings on classes B and C.
ORIX-NRL Trust 13 is a multi-borrower CMBS transaction.  The trust
certificates were initially secured by 12 nonrecourse
loans/specified bonds (tokutei shasai) extended to 11 obligors,
which were originally backed by 21 real estate certificates and
real estate properties.  The transaction was arranged by ORIX
Corp., and ORIX Asset Management & Loan Services Corp. is the
transaction servicer.

The ratings address the full payment of interest and ultimate
repayment of principal by the legal final maturity date in
September 2013 for the class B to H certificates, and the timely
payment of available interest for the interest-only class X

         Rating Lowered And Placed On Creditwatch Negative

                         ORIX-NRL Trust 13
       JPY21.1 billion trust certificates due September 2013

Class         To               From          Initial issue amount
-----         --               ----          --------------------
D              BB-/Watch Neg    BBB-              JPY1.1 bil.

                         Ratings Lowered

Class         To               From          Initial issue amount
-----         --               ----          --------------------
E              CCC              B+                JPY0.4 bil.
F              CCC              B                 JPY0.6 bil.
G              CCC              B-                JPY0.2 bil.
H              CCC              B-                JPY0.3 bil.

                         Ratings Affirmed
Class         Rating    Initial issue amount
-----         ------    --------------------
B              AAA       JPY1.7 bil.
C              AA        JPY1.4 bil.
X              AAA       JPY21.1 bil. (Initial notional principal)

               * Class A has already been redeemed


HYNIX SEMICONDUCTOR: Earns KRW665 Billion in Quarter Ended June 30
Hynix Semiconductor Inc. has released the earnings results for its
second quarter ended June 30, 2010.

Consolidated revenues of the second quarter of fiscal year 2010
totaled KRW3.28 trillion increased from KRW2.82 trillion of the
previous quarter.  The increase was mainly driven by strong market
demand as well as the average selling price improvement of DRAM.

Quarter-over-quarter, DRAM average selling price and bit shipment
climbed by 6% and 7% respectively.  NAND Flash average selling
price declined by 6% while bit shipment increased by 22% quarter-

Consolidated operating profit reached KRW1.05 trillion with
operating margin of 32%, improved from the previous quarter's 799
billion won with operating margin of 28%.  This is also the
highest operating profit for the quarter basis mainly due to
increased sales, significant technology improvement and customized
product mix.

Consolidated net income for the quarter was KRW665 billion
decreased by 19% compared with KRW822 billion of the previous
quarter.  The primary reasons for the difference between the
operating profit and net profit were net foreign currency
transaction and translation loss and net interest expense and loss
arose from early redemption of convertible bonds which was issued
in December, 2007.

Hynix will focus on accelerating migration to 40nm class process
in DRAM business and plan to complete the development of 30nm
class process technology within this year.  In order to establish
more stable and profitable product portfolio, it aims to further
expand sales portion of DDR3 and specialty products.  For the NAND
Flash business, it will expand the portion of 30nm class products
and the mass production of the next generation technology 20nm
class process will be started in the second half of this year.

                      About Hynix Semiconductor

Hynix Semiconductor Inc. -- 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-'.

N E W  Z E A L A N D

BLUE CHIP: SFO Starts Fresh Probe Into Blue Chip Franchise
The Serious Fraud Office is probing a Blue Chip franchise in the
South Island separately to its investigation into the affairs of
Blue Chip Financial Solutions Ltd, The New Zealand Herald reports.

The NZ Herald relates SFO director Adam Feeley said the latest
investigation comes after police forwarded information suggesting
documents provided to investors by a Blue Chip franchise employee
were misleading.  Lending documents may have been altered by that
employee to induce financiers into lending funds for property
investments, the report says.

According to the report, Mr. Feeley said police had already
undertaken a thorough preliminary investigation and it had been
agreed between the two agencies that the SFO was better placed to
conclude the inquiry.  "We are grateful to the police for the good
work they have already done on this matter, and their work should
enable us to complete the investigation in a shorter time-frame,"
the NZ Herald quoted Mr. Feely as saying.

The NZ Herald notes that a separate investigation into Blue Chip
Financial Solutions has concluded and a report is under
consideration.  As a part of that process, the report notes, the
SFO will be talking with Paul Dale, the legal counsel for a number
of Blue Chip investors.

A decision on the transactions under investigation is expected to
be made within the next few weeks, the report adds.

                         About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division is
engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

HALIFAX FINANCE: Faces Liquidation Application Over Unpaid Loan
The Nelson Mail reports that Alison Lawley and Gary Calderbank
have made an application to put Halifax Finance, run by Paul
Brownie, into liquidation.

John Fitchett from Rout Milner Fitchett, representing the pair,
said they had loaned money to Halifax Finance and had not been
repaid when it was due.  Appropriate steps had been taken to
recover the money before lodging the liquidation application,
Mr. Fitchett told Nelson Mail.

The Nelson Mail says that it has been reported Halifax Finance
played a part in the demise of Nelson-based LDC Finance which is
in receivership, and the F&I partnership of Andrew Harding and
Murray Scholfield.

According to the Nelson Mail, LDC receivers PricewaterhouseCoopers
said in their latest report that LDC had taken control of
Halifax's loan book before being placed in receivership.

The liquidation application for Halifax Finance is due to be heard
in the High Court at Nelson on August 12, the report notes.

Halifax Finance is a New Zealand-based finance company.

RURAL PORTFOLIO: Secured Creditors to Get 48.25% Payout
Secured creditors of Rural Portfolio Investments and Rural
Portfolio Capital will receive less than half their investment and
unsecured creditors get nothing, the Otago Daily Times reports.

The Otago Daily, citing receiver McGrath Nicol's final report into
the companies' receivership, discloses that secured creditors who
hold redeemable preference shares will receive up to 48.25c a
share, or $29 million of the $60 million they were owed.  The
receiver said in the report that a final payment would be made of
less than 1.25c a share following an earlier distribution of 47c a
share.  The amount owed to unsecured creditors was not determined
by the receiver.

According to the report, the receiver recovered NZ$29.2 million
consisting of NZ$800,000 in cash from the RPI and RPC dividend
escrow account and other cash, NZ$24.3 million from the sale of
46.8 million shares in PGG Wrightson at 52.01c a share, and
NZ$4.1 million from 10 million shares in New Zealand Farming
Systems Uruguay at 41c a share.

Costs associated with the receivership came to NZ$205,000,
including NZ$115,900 in receiver's fees and NZ$21,703 in GST, the
Otago Daily relates.

Net realizations were NZ$29 million, of which NZ$28.2 million has
already been paid to secured creditors, leaving NZ$863,000 left to
be paid out, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
May 4, 2010, the secured assets of Rural Portfolio Investments and
Rural Portfolio Capital, the investment companies run by Craig
Norgate and the McConnon family, were placed into the hands of
receivers after the company said it had breached its trust deed.
Trustee Executors have appointed Kerryn Downey and Andrew
Grenfell of McGrathNicol to enforce the security against RPI and
RPC for investors in the preference shares of Rural Portfolio
Capital.  RPC has NZ$60 million preference shares on issue, which
are under the guarantee of sister company Rural Portfolio
Investments.  The trustee said the preference shares were
automatically redeemed, cancelled and delisted.

                             About RPI

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


NANYA TECHNOLOGY: Q2 Net Loss Narrows to NT$1.02 Billion
Lorraine Luk and Alex Pevzner at Dow Jones Newswires report that
Nanya Technology Corp. and Inotera Memories Inc. said they
remained in the red in the second quarter as they struggled to cut
manufacturing costs despite higher sales.

Dow Jones relates Nanya Technology Corp. said its net loss for the
three months ended June 30 narrowed to NT$1.02 billion (US$31.7
million) from a net loss of NT$6.54 billion a year earlier.
Revenue nearly doubled to NT$15.72 billion from NT$8.09 billion a
year earlier, the report adds.

According to Dow Jones, Nanya Technology Vice President Pei Lin
Pai said weak demand from Europe and China hurt the company's
profitability in the second quarter.  He told Dow Jones that he
expects DRAM chip prices to fall in the second half of this year
from the first half, without giving a specific figure, but
forecast third-quarter earnings to improve as corporate PC
replacement picks up.

Inotera, meanwhile, said its net loss for the three months ended
June 30 narrowed to NT$1.81 billion from NT$4.11 billion a year
earlier while revenue rose to NT$11.26 billion from NT$7.46
billion a year earlier, the report relates.

Dow Jones notes that both Nanya and Inotera downgraded their
shipment forecast for this year.  Nanya Technology said it now
expects bit-shipment growth of 35% this year from its previous
forecast of 45%.  Inotera cut its bit-shipment growth forecast for
this year to 50% from 70%-80%, citing slower technology migration
which is dragging the company's production levels.

According to Dow Jones, both Nanya and Inotera raised their
capital expenditure targets for this year because of plans to
speed up technology migration.  Nanya said it plans to increase
capital expenditure this year to NT$30 billion from NT$22 billion
while Inotera plans to increase spending to NT$58 billion from
NT$52 billion, the report relates.  Both companies plan to finance
the spending through new share sales, the report adds.

Incorporated on January 23, 2003, Inotera Memories, Inc., is a
joint venture between Nanya Technology Corporation and Micron
Technology, Inc.

                       About Nanya Technology

Based in Taiwan, Nanya Technology Corp. (TPE:2408) -- is principally engaged in the
manufacture, development and sale of memory products.  The company
primarily offers dynamic random access memory (DRAM) chips,
including double data rate (DDR) DRAM chips, DDR2 DRAM chips and
DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline
(SO) dual in-line memory modules (DIMMs), 184-pin registered and
unbuffered DDR synchronous dynamic random access memory (SDRAM)
DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered
DDR2 SDRAM DIMMs and others.  DRAMs are used as data storage units
for computer, communications and consumer (3C) products.

Nanya Technology posted a net loss of NT$35.23 billion, or NT$7.54
per diluted share, for the 2008 fiscal year, compared with a
net loss of NT$12.46 billion in the prior year.

In the fiscal year of 2009, the company posted unaudited sales
revenue of NT$42.456 billion with an operating loss of NT$16.076
billion and a net loss of NT$20.742 billion.


* Large Companies with Insolvent Balance Sheets

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


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
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
ELLECT HOLDINGS       EHG               18.25          -15.49
HEALTH CORP LTD       HEA               13.85           -0.97
HEALTH CORP LT-N      HEAN              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


BAO LONG ORIENTA      600988            11.60           -7.44
BAOCHENG INVESTM      600892            21.39           -2.55
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-A       921              618.47         -107.13
HUASU HOLDINGS-A      509               86.39           -3.82
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


ASIA TELEMEDIA L      376               16.62           -5.37
BUILDMORE INTL        108               13.08          -43.45
CHAOYUE GROUP LT      147               42.69         -127.80
CHINA COMMUNICAT      8206              39.84           -4.10
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


ASIA PACIFIC          POLY             482.03         -831.23
JAKARTA KYOEI ST      JKSW              28.61          -45.23
MITRA INTERNATIO      MIRA             977.86         -149.42
MITRA RAJASA-RTS      MIRA-R2          977.86         -149.42
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


ALCOBEX METALS        AML               16.59          -21.47
ARTSON ENGR           ART               15.63           -1.61
ASHIMA LTD            ASHM              63.65          -55.81
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             16.06           -9.47
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             173.52         -101.57
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                17.91          -84.78
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             415.66          -63.93
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
NK INDUS LTD          NKI               49.04           -4.95
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               12.82           -5.15
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


ARDEPRO               8925             310.82         -253.28
DAIWASYSTEM CO        8939             607.68         -259.76
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
LCA HOLDINGS COR      4798              51.30           -2.57
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             190.97          -22.81
TERRANETZ CO LTD      2140              11.63           -4.29


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


AXIS INCORPORATI      AXIS              39.22          -86.70
GULA PERAK BHD        GUP              117.66           -0.91
HO HUP CONSTR CO      HO                71.29           -5.69
LCL CORP BHD          LCL               45.27         -111.27
LIMAHSOON BHD         LIMA              26.52           -1.56
LUSTER INDUSTRIE      LSTI              35.61           -0.32
MANGOTONE GROUP       MTON              10.14          -12.16
MEMS TECHNOLOGY       MEMS              10.41          -20.77
OILCORP BHD           OILC             134.45          -59.41
TRACOMA HOLDINGS      TRAH              75.40           -5.29
WWE HOLDINGS BHD      WWE               67.19           -4.08


DOMINION FINANCE      DFH              258.90          -55.31


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               22.72          -10.89
FILSYN CORP. B        FYNB              22.72          -10.89
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              164.26          -18.20


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              262.41          -48.15
WESTECH ELECTRON      WTE               20.26          -13.94


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               92.72          -69.37
BANGKOK RUBBER-F      BRC/F             92.72          -69.37
BANGKOK RUB-NVDR      BRC-R             92.72          -69.37
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               35.05          -97.14
ITV PCL-FOREIGN       ITV/F             35.05          -97.14
ITV PCL-NVDR          ITV-R             35.05          -97.14
K-TECH CONSTRUCT      KTECH/F           39.74          -33.07
K-TECH CONSTRUCT      KTECH             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/F          162.04          -79.86
PICNIC CORPORATI      PICNI-R          162.04          -79.86
PICNIC CORPORATI      PICNI            162.04          -79.86
PONGSAAP PCL          PSAAP             24.33           -7.95
PONGSAAP PCL          PSAAP/F           24.33           -7.95
PONGSAAP PCL-NVD      PSAAP-R           24.33           -7.95
SAFARI WORLD PUB      SAFARI           107.40          -17.63
SAFARI WORLD-FOR      SAFARI/F         107.40          -17.63
SAFARI WORL-NVDR      SAFARI-R         107.40          -17.63
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               13.15           -3.20
TRANG SEAFOOD-F       TRS/F             13.15           -3.20
TRANG SFD-NVDR        TRS-R             13.15           -3.20
UNIVERSAL S-NVDR      USC-R            110.70          -26.69
UNIVERSAL STARCH      USC              110.70          -26.69
UNIVERSAL STAR-F      USC/F            110.70          -26.69


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

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


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

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

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

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

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

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