TCRAP_Public/100812.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

           Thursday, August 12, 2010, Vol. 13, No. 158

                            Headlines



A U S T R A L I A

ALLCO FINANCE: Receiver Plans to Sell TMIC Unit


C H I N A

CHINA ORIENTAL: Moody's Assigns 'Ba1' Senior Unsecured Rating


H O N G  K O N G

ALFAA ORGANISATION: Court to Hear Wind-Up Petition on September 15
ALOHA COFFEE: Lau and Liang Appointed as Liquidators
ANGLO STARLITE: Court Enters Wind-Up Order
AUTUMN LIMITED: Court to Hear Wind-Up Petition on September 8
BIG DRAGON: Creditors' Proofs of Debt Due August 27

BLACK PEARL: Court to Hear Wind-Up Petition on September 1
CANDY CREATIONS: Court to Hear Wind-Up Petition on September 1
CHINA WHEEL: Court to Hear Wind-Up Petition on September 8
DIANOOR JEWELCRAFT: Middleton, Cowley & Mawer Appointed
EAST BEST: Court to Hear Wind-Up Petition on September 15

ELITE RISE: Creditors' Proofs of Debt Due August 27
CHECKERS LIMITED: Middleton, Cowley & Mawer Appointed Liquidators
GOLDCO DEVELOPMENT: Creditors Get 23.14% Recovery on Claims
GOLDEN JOINT: Members and Creditors to Meet on August 27
HOSEDER INTERNATIONAL: Court Enters Wind-Up Order


I N D I A

BCC ESTATE: ICRA Assigns 'LBB+' Rating to INR250 Million Term Loan
H. K. COTTON: ICRA Assigns 'LBB-' Rating to INR.80cr Term Loans
HINDON FORGE: ICRA Assigns 'LBB' Rating to INR0.95cr Term Loans
MARINELINES SHIP: ICRA Places 'LBB' Rating on INR50 Mil. LT Loan
SETH RAMJI: CRISIL Upgrades 'BB' Rating on INR207.2MM Term Loan

SRIDA KNITTERS: CRISIL Reaffirms 'BB' Rating on INR40M Cash Credit
SV POWER: CRISIL Downgrades Rating on INR2.08BB Term Loan to 'D'
TATA MOTORS: Posts INR19.9-Bil. Q1 Net Income on Higher Demand
VALSON POLYESTER: CRISIL Reaffirms 'B+' Rating on INR196.1MM Loan
VALIA IMPEX: CRISIL Reaffirms 'BB' Rating on INR10 Mil. Overdraft

YAZAKI WIRING: ICRA Assigns 'LBB' Rating to INR70 Mil. Term Loan


J A P A N

JAPAN AIRLINES: To Cut 19,133 Jobs by March 2015


K O R E A

HYUNDAI GROUP: Files Injunction to Bar KDB From Collecting Loans
SSANGYONG MOTOR: Picks Mahindra as Preferred Bidder


M A L A Y S I A

BASWELL RESOURCES: Classified as Practice Note 17 Company
LINEAR CORP: Taps PricewaterhouseCoopers as Special Auditor
NAM FATT: High Court of Malaya Enters Wind Up Order Against Unit


N E W  Z E A L A N D

ALLIED NATIONWIDE: Trustee Says Cash Infusion Will Resolve Breach
CRAFAR FARMS: No Decision Yet on Natural Dairy's Bid, OIO Says
MASONIC HOTEL: Placed in Receivership Over Unpaid Rent
RMB TRUSTEE: Fitch Downgrades Ratings on Floating Notes to 'BB'
RMB TRUSTEE: Fitch Downgrades Ratings on Floating Notes to 'B-'

SOUTH CANTERBURY: Warns Investors on Heavily Discounted Offers
TURBO ASSOCIATES: Placed in Receivership Over Unpaid Rent


P H I L I P P I N E S

PHILIPPINE AIRLINES: Prepares Court Cases for 26 Resigned Pilots


T A I W A N

ASUSTEK COMPUTER: Computer Show Sales Jump 30% From 2009


V I E T N A M

SAIGON-HANOI COMMERCIAL: Moody's Puts B1 For. Cur. Deposit Rating




                         - - - - -


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


ALLCO FINANCE: Receiver Plans to Sell TMIC Unit
-----------------------------------------------
The Australian reports that Allco Finance Group Ltd.'s receiver
will shortly be seeking bidders for The Mortgage Insurance
Company.

Allco Finance Group receiver Peter Gothard told The Australian
that TMIC was "likely to go on the market in the next month" and
he's not seeking lowball bids.  "It's an entity that is not in
receivership and we're selling Allco's shares as the majority
shareholder," he said.

According to The Australian, Mr. Gothard made it clear there were
a few diplomacies to iron out with the other shareholders, after
which he planned to sell the business as a going concern.

TMIC had been a captive insurer to the Mobius mortgage loan book
business that was recently sold off, leaving TMIC something of an
orphan.

"TMIC insured loans made by Mobius' residential book, but it also
covered loans originated by brokers, so it's effectively a call
option on our residential market," Mr. Gothard said.

                        About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management.  The company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private equity
and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities.  It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.  In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.  The
company is a vendor of Momentum Investment Finance Pty Limited and
Allco Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath
and Joseph Hayes of McGrathNicol as the voluntary administrators
of the company and certain of its subsidiaries.  Subsequent to the
appointment of administrators to Allco, the company's banking
syndicate appointed Steve Sherman and Peter Gothard of Ferrier
Hodgson as receivers.  Allco has more than AU$1 billion in total
debt.


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


CHINA ORIENTAL: Moody's Assigns 'Ba1' Senior Unsecured Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 senior unsecured
rating to China Oriental Group Company Ltd's proposed US$ notes.
At the same time, Moody's has affirmed the company's Ba1 corporate
family rating.  The outlook for the ratings is stable.

The proceeds of the proposed notes will be used by the company to
fund working capital, capital expenditures and for general
corporate purposes, including possibly the acquisition of steel
mills in China and investments in iron ore assets.

The rating reflects China Oriental's position as one of the
largest makers in China of H-sections steel products and
management's prudent financial philosophy.

However, because of its lack of self-sufficiency in raw materials,
the company is exposed to rising prices for iron ore and coking
coal, as well as the industry and regulatory risk in China's steel
industry.

The company's strong performance in 1H10 is supported by
contribution from new capacity and healthy domestic demand,
resulting in volume and average selling price growth compared to
the corresponding period in 2009.  However, Moody's expect
domestic demand to slightly weaken in 2H10 as a result of near-
term slowdown in construction and infrastructure activities.

Nevertheless, Moody's considers China Oriental's projected credit
metrics are adequate for the rating, including Adjusted
Debt/EBITDA of around 2.0-2.5x and EBITDA/Interest of around 7.0-
8.0x over the next two years.  Such credit profile is supported by
management's prudent financial philosophy and track record of
executing its expansion plan.

Moody's draws further comfort from the presence of ArcelorMittal,
which strengthens the corporate governance and operating
efficiency of China Oriental.

Upward rating pressure is limited in the near-term.  However, the
rating could be upgraded if the company 1) demonstrates
acquisition discipline while expanding its production capacity;
and/or 2) successfully diversifies its product offering while
maintaining a competitive cost structure to mitigate margin
pressures.

Financial indicators for an upgrade would include the maintenance
of Adjusted Debt/EBITDA below 1.0-1.5x and EBITDA/Interest over
10.0x on a consistent basis.

Positive changes to the level of support from the major
shareholder, ArcelorMittal, possibly due to the anti-trust
clearance resulting in the company gaining majority control of
China Oriental, will potentially be positive for the rating.

China Oriental could experience downward rating pressure if its
financial position weakens, such that Total Debt/EBITDA increases
above 2.5x and EBITDA/interest stays below 6.0x over the cycle.

This outcome could be a result of 1) a more aggressive expansion
plan which raises its debt level; 2) higher than expected increase
in raw material prices, such as for iron ore and coke, without a
corresponding climb in product prices; and/or 3) inability to ramp
up planned production capacity and optimize product mix, combined
with weaker than expected steel demand in China.  An aggressive
dividend policy draining capital reserves and weakening balance
sheet liquidity will also be negative for the ratings.

In addition, ArcelorMittal's divestment in China Oriental maybe
negative for the ratings.

Moody's last rating action on China Oriental took place on
July 13, 2010, when the rating agency affirmed the Ba1 corporate
family rating and withdrew the bond rating.


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


ALFAA ORGANISATION: Court to Hear Wind-Up Petition on September 15
------------------------------------------------------------------
A petition to wind up the operations of Alfaa Organisation Limited
will be heard before the High Court of Hong Kong on September 15,
2010, at 9:30 a.m.

Wharf T&T Limited filed the petition against the company on
July 13, 2010.

The Petitioner's solicitors are:

          S.K. Lam, Alfred Chan & Co.
          607-608, 6th Floor, Wing On House
          No. 71 Des Voeux Road
          Central, Hong Kong


ALOHA COFFEE: Lau and Liang Appointed as Liquidators
----------------------------------------------------
Mr. Lau Siu Hung and Mr. Liang Yang Keng on June 7, 2010, were
appointed as liquidators of Aloha Coffee Company Limited.

The liquidators may be reached at:

         Lau Siu Hung
         Liang Yang Keng
         Rooms 2009-10 20/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


ANGLO STARLITE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on July 19, 2010, to
wind up the operations of Anglo Starlite Insurance Company
Limited.

The official receiver is E T O' Connell.


AUTUMN LIMITED: Court to Hear Wind-Up Petition on September 8
-------------------------------------------------------------
A petition to wind up the operations of Autumn Limited (formerly
known as Nga Hing Metal Factory Limited) will be heard before the
High Court of Hong Kong on September 8, 2010, at 9:30 a.m.

Moet Hennessy Diageo Hong Kong Limited filed the petition against
the company on July 5, 2010.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          Chater Road, Central
          Hong Kong


BIG DRAGON: Creditors' Proofs of Debt Due August 27
---------------------------------------------------
Creditors of Big Dragon Asia Limited, which is in compulsory
liquidation, are required to file their proofs of debt by
August 27, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

          Kong Chi How Johnson
          25/F., Wing On Centre
          111 Connaught Road
          Central, Hong Kong


BLACK PEARL: Court to Hear Wind-Up Petition on September 1
----------------------------------------------------------
A petition to wind up the operations of Black Pearl Nominee's
Limited (formerly known as Taikoo Nominee's Limited and Indochine
Nominee's Limited) will be heard before the High Court of Hong
Kong on September 1, 2010, at 9:30 a.m.

Mallesons Stephen Jaques filed the petition against the company on
June 24, 2010.


CANDY CREATIONS: Court to Hear Wind-Up Petition on September 1
--------------------------------------------------------------
A petition to wind up the operations of Candy Creations
Manufacturing Group Limited will be heard before the High Court of
Hong Kong on September 1, 2010, at 9:30 a.m.

Lim Asia Multi-Strategy Fund Inc (formerly Known as Lim Arbitrage
Fund Inc) filed the petition against the company on June 29, 2010.

The Petitioner's solicitors are:

          Tanner De Witt
          1806, Tower Two, Lippo Centre
          89 Queensway, Hong Kong


CHINA WHEEL: Court to Hear Wind-Up Petition on September 8
----------------------------------------------------------
A petition to wind up the operations of China Wheel (HK) Company
Limited will be heard before the High Court of Hong Kong on
September 8, 2010, at 9:30 a.m.

Hang Seng Bank Limited filed the petition against the company on
July 8, 2010.

The Petitioner's solicitors are:

          Messrs. Li, Kwok & Law
          Units 1204-06, Man Yee Building
          68 Des Voeux Road
          Central, Hong Kong


DIANOOR JEWELCRAFT: Middleton, Cowley & Mawer Appointed
-------------------------------------------------------
Edward Simon Middleton, Mr. Patrick Cowley and Kevin Roy Mawer on
July 9, 2010, were appointed as liquidators of Dianoor Jewelcraft
Limited.

The liquidators may be reached at:

         Edward Simon Middleton
         Mr. Patrick Cowley
         Kevin Roy Mawer
         c/o Messrs. KPMG LLP
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong


EAST BEST: Court to Hear Wind-Up Petition on September 15
---------------------------------------------------------
A petition to wind up the operations of East Best Investment
Limited will be heard before the High Court of Hong Kong on
September 15, 2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on July 12, 2010.

The Petitioner's solicitor is:

          Tong & Tsoi
          Room 3402, 34th Floor
          Bank of America Tower
          12 Harcourt Road
          Central, Hong Kong


ELITE RISE: Creditors' Proofs of Debt Due August 27
---------------------------------------------------
Creditors of Elite Rise Investment Limited, which is in compulsory
liquidation, are required to file their proofs of debt by
August 27, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

          Kong Chi How Johnson
          25/F., Wing On Centre
          111 Connaught Road
          Central, Hong Kong


CHECKERS LIMITED: Middleton, Cowley & Mawer Appointed Liquidators
-----------------------------------------------------------------
Mr. Edward Simon Middleton, Mr. Patrick Cowley and Mr. Kevin Roy
Mawer on July 9, 2010, were appointed as provisional liquidators
of Checkers Limited.

The liquidators may be reached at:

         Edward Simon Middleton
         Mr. Patrick Cowley
         Kevin Roy Mawer
         c/o Messrs. KPMG LLP
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong


GOLDCO DEVELOPMENT: Creditors Get 23.14% Recovery on Claims
-----------------------------------------------------------
Goldco Development Limited, which is in liquidation, declared the
final ordinary dividend to its creditors on August 6, 2010.

The company paid 23.14% for ordinary claims.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62nd Floor One Island
         East 18 Westlands Road
         Island East, Hong Kong


GOLDEN JOINT: Members and Creditors to Meet on August 27
--------------------------------------------------------
Members and creditors of Golden Joint Steel Company Limited will
hold their first meeting on August 27, 2010, at 3:30 p.m., at
Room 1909-10, Nan Fung Tower, 173 Des Voeux Road Central, in
Hong Kong.

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


HOSEDER INTERNATIONAL: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on July 28, 2010, to
wind up the operations of Hoseder International Limited.

The official receiver is E T O'Connell.


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


BCC ESTATE: ICRA Assigns 'LBB+' Rating to INR250 Million Term Loan
------------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR250 million term
loans of BCC Estate Private Limited.  The outlook on the long term
rating is stable.

The ratings is constrained by the low cover of monthly lease
rentals over the repayment obligations towards the rated term loan
arising out of vacancy in one of the three floor owned by the
BEPL.  The rating is also constrained on account of significant
vacancy levels in the Viraj Towers and upcoming supply of
commercial spaces in nearby location, which raises the uncertainty
on the timing and rental which can possibly be  achieved by the
company for its vacant floor.  These concerns are also accentuated
by the fact that BEPL had to agree for a downward revision in the
rentals along with modifications in other conditions of the
agreement (such as escalation clause) with RRL during April 2010.
This was followed by a partial deferment of the rentals given to
RRL during FY 2009-10.

While assigning the rating ICRA has also noticed delays in payment
of rentals by the tenants, which coupled a vacant floor, resulted
in cash flow mismatches for BEPL during past years, as a result of
which BEPL has to refinance its term loan with a longer tenure.
While this longer tenure loan will improve the debt servicing
cover (assuming rentals from the existing occupied floors),
however the maturity of the loan (May 2016) is beyond the maximum
lock-in period (March 2013) for the existing tenants.  The ratings
are however supported by the comfort arising out of being a part
of strong promoter group and the attractive location of the
property.  Going forward, BEPL's ability to lease out its vacant
floor, timely collections of rentals and maintain the occupancy in
the premises during the tenure of the loan will be the key rating
sensitivities.

                         About BCC Estate

BCC Estate Private Limited owns three out of the twelve floors
measuring a total of around 40,000 Sq Ft in Viraj Tower, which is
located on Western Express Highway, Andheri (East) Mumbai.
Out of the three floors owned by BEPL, two floors have been given
on leave & license basis to corporate such as Religare Reality
Limited (RRL) and Hyundai Merchant Marine Private Limited
(HMMPL). BEPL is promoted by Bhatia Family, who are also the
promoters of Bhatia International Limited.  BIL is one of the
largest traders of imported coal in the country and reported a
consolidated income of Rs 66.23 billion and net profit of Rs 1.07
billion in FY 2008-09.  BEPL currently owns commercial premises
spread across three floors in Viraj Tower located at Andheri (E),
Mumbai. Currently two out of its three floors are leased to
Religare Reality Limited and Hyundai Merchant Marine Private
Limited.

As per provisional results, BEPL reported an Operating Income (OI)
of INR54.2 million and net profit of INR22.1 million during FY
2009-10, as against an OI of INR55.8 million and net profit of
INR21.2 million in previous year.


H. K. COTTON: ICRA Assigns 'LBB-' Rating to INR.80cr Term Loans
---------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR0.80 crore term loans
and the INR6.0 crores fund based facilities of H. K. Cotton
Industries.  ICRA has also assigned a short term rating of A4 to
the INR2.0 crore fund based bank limits of HKCI.  The outlook on
the long term ratings is stable.

The ratings reflect  limited value-addition  activity, resulting
in thin  operating margins and net profit margins;  the high
competitive intensity and fragmentation in the cotton ginning
industry; unfavorable business outlook for ginning business due to
government regulation of cotton seed prices  through the minimum
support price (MSP) mechanism; customer concentration risk with
about 50% of the sales of the company to one customer alone and
the company's weak  financial profile as  reflected  in  its high
gearing levels.  However, ICRA takes note of the poximity to
cotton producing belt of Maharashtra and Madhya Pradesh, which
leads to favourable access to raw material; established
relationships with large textile companies and favourable demand
outlook for cotton in the domestic as well as international
market.

H. K. Cotton Industries is a partnership concern and was
incorporated in 2007.  The firm is involved in the ginning of
cotton and trading of related products such as cottonseed etc. The
firm set up its manufacturing unit at Pandhurna in the state of
Madhya Pradesh in 2007 and commercial production began from
December of the same year.

The partners Mr. Nikunj Shah, Mr. Mithun Shah, Mr. Hasmukh Shah
and Mr. Shailesh Shah were involved in the trading and retailing
of seed, pesticides and fertilizers in the name of a partnership
firm Hemandra Kumar & Co. Subsequently the partners decided to set
up a cotton ginning plant and HKCI was incorporated in 2007.


HINDON FORGE: ICRA Assigns 'LBB' Rating to INR0.95cr Term Loans
---------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR0.95 crores term loan,
INR10 crores fund based limits and INR4.05 crores proposed bank
facilities of Hindon Forge Private Limited.  The outlook on the
rating is stable.

The rating takes into account the intensely competitive and
cyclical nature of the steel industry, HFPL's moderate scale of
operations and client concentration risk as two-thirds of HFPL's
revenues come from a single client namely Bharat Heavy Electricals
Limited.  The rating also factors in the vulnerability of HFPL's
profitability to adverse movement in steel prices given the lack
of backward integration and absence of price variation clauses in
its contracts with BHEL.  While assigning the rating ICRA has also
noted the low capacity utilization over the years resulting in
inadequate economies of scale which coupled with competitive
pressures have resulted in moderate operating margins . Modest
internal accruals coupled with high reliance on working capital
borrowings to fund the operations have translated into relatively
high gearing levels (2.28 times as on March 31, 2010) and moderate
debt coverage indicators (Net cash accruals/debt of 9% in FY10).
Nevertheless the rating favorably factors in the promoters long
experience in the steel industry, HFPL's established relationship
with clients and positive demand outlook given expectations of
large capacity additions in the power sector (a key consuming
sector for HFPL's products).

HFPL was established as a partnership firm in 1978 and was
thereafter converted into a private limited company in 1984.
Currently, the operations of the group are conducted through two
companies: HFPL and Aims Paper and Machines Private Limited
(APMPL).  Both the companies are involved in manufacturing of
forged products like flanges, crankshafts forged rings, blind and
tube sheets etc. Going forward, the promoters plan to merge the
two companies to reap the benefits of economies of scale.
HFPL is involved in manufacturing of forged steel products like
flanges, crankshafts etc.  The company has an installed capacity
of 15200 MTPA which will increase to 33700 MTPA after its merger
with APMPL.  The manufacturing facilities of HFPL are located in
Ghaziabad, Uttar Pradesh.


MARINELINES SHIP: ICRA Places 'LBB' Rating on INR50 Mil. LT Loan
----------------------------------------------------------------
ICRA has assigned "LBB" rating to the INR50.0 million long-term,
fund-based credit facilities of Marinelines Ship Breakers Private
Limited.  The outlook for the long term rating is stable. ICRA has
also assigned "A4" rating to the INR300.0 million short-term, non-
fund based credit facilities of MSBPL.

The assigned ratings are constrained by MSBPL's modest scale of
operations, weak financial profile with low profitability, and
price risks inherent in the business given the substantial lead
time between purchase of ship and sale of scrap.  The company also
remains exposed to various environmental and regulatory risks due
to the nature of business and any delay in obtaining the requisite
approvals can result in high working capital requirement for the
company. Moreover, the profit margins of company remain vulnerable
to fluctuations in foreign exchange rates.  However, the assigned
ratings derive comfort from MSBPL's established presence in the
ship breaking business, long standing experience of the promoters,
its diversified client base and a favorable outlook for ship
breaking industry in the near term.

                      About Marinelines Ship

Marinelines Ship Breakers Pvt Ltd is a private limited company
promoted by Mr. Kamalkumar Khemka along with his brother Mr.
Pawankumar Khemka to venture into ship breaking business in 1997.
Mr. Kamalkumar has a wide experience of over 22 years in ship
breaking and ship machinery trading businesses. MSBPL has been
allotted Plot no 47 by the Gujarat Maritime Board (GMB) for this
purpose. The company is dealing only in Ship Breaking and allied
activities.

The company has reported an operating income of INR 541.7 million
and a net profit after tax of INR 0.5 million for the financial
year ending March 2009. Moreover, according to provisional
financials, the company is expected to report an operating income
of about INR430.0 million and net profit after tax of about INR2.5
million for the financial year ending March 2010.


SETH RAMJI: CRISIL Upgrades 'BB' Rating on INR207.2MM Term Loan
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Seth
Ramji Das Modi Vidya Niketan Society to 'BB/Stable' from
'BB-/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR80.0 Million Overdraft Facility   BB/Stable (Upgraded from
                                                   'BB-/Stable')
   INR207.2 Million Term Loan           BB/Stable (Upgraded from
                                                   'BB-/Stable')

The upgrade reflects CRISIL's belief that SRDMVNS will sustain the
improvement in its business and financial risk profiles over the
medium term, driven by gradual stabilization of operations in its
hospital segment.  The upgrade also reflects CRISIL's belief that
stable cash accruals from the education segment will be adequate
to service the society's repayment obligations, including those of
the hospital segment, which is expected to break even at the
operating level in the current financial year.

However, CRISIL's ratings continue to reflect SRDMVNS's weak
financial risk profile, marked by a low net worth and high gearing
levels, and its exposure to risks relating to stabilization of
operations in its hospital segment. These weaknesses are partially
offset by the society's established position in the education
sector, marked by healthy and stable cash accruals.

Outlook: Stable

CRISIL believes that SRDMVNS will post moderate profitability and
generate adequate cash accruals over the near term, backed by
stabilization of operations in its hospital business.  The outlook
may be revised to 'Positive' if the society reports better-than-
anticipated revenues from its hospital, along with significant
improvement in its profitability, leading to an improved financial
risk profile.  Conversely, the outlook may be revised to
'Negative' if SRDMVNS's profitability declines sharply, or it
undertakes any further debt-funded projects.

                          About Seth Ramji

SRDMVNS, set up in 1986, has been engaged in educational
activities for the past 22 years.  The society is currently
running the Modi Public School, S.R.D. Modi Girls College, Modi
Institute of Technology, Modi Institute of Management &
Technology, R.N. Modi Engineering College, and Fortis Modi
Hospital (FMH) in Kota.  In March 2009, Ram Niwas Modi Charitable
Society, which is run by the members running FMH, was merged with
SRDMVNS.

FMH (formerly, Apollo Modi Hospital) was commissioned in 2007;
SRDMVNS had an agreement with the Apollo Hospital group for the
management of FMH.  However, the society and the Apollo Hospital
group mutually terminated the contract due to differences over
functioning and management issues.  In 2009, SRDMVNS entered into
a five-year operations and management agreement with Fortis
Healthcare Ltd (Fortis) for running FMH.

SRDMVNS reported a net loss of INR16.8 million on a net income
of INR257 million for 2009-10 (refers to financial year, April 1
to March 31), as against a net loss of INR68.1 million on net
income of INR170 million for 2008-09.


SRIDA KNITTERS: CRISIL Reaffirms 'BB' Rating on INR40M Cash Credit
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Srida Knitters, a
Patodia group entity, continues to reflect SK's small scale of
operations, low profitability leading to lower return on capital
employed, and its exposure to volatility in raw material prices
and to intense competition in the knitting industry due to low
entry barriers.  The rating also factors in the group's average
financial risk profile, marked by a low net worth, moderate
gearing, and weak debt protection measures.  These weaknesses are
partially offset by the benefits that the Patodia group derives
from its experienced and established management.  Furthermore,
though the group's financial risk profile has improved in the
recent past, it is likely to be affected by the proposed debt-
funded capital expenditure (capex) of group company, Patodia
Filaments Pvt Ltd, in the near term.

   Facilities                         Ratings
   ----------                         -------
   INR40 Million Cash Credit          BB/Stable (Reaffirmed)
   INR60 Million Term Loan            BB/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SK and PFPL, together referred to as
the Patodia group; this is because both these entities are under a
common management team and in the same line of business, though at
different stages of the value chain.  The entities also share
operational synergies and engage in inter-company transactions

Outlook: Stable

CRISIL believes that the Patodia group's operating margin and
profitability will improve over the medium term on the back of the
improvement in the economic scenario, and the group's growing
scale of operations.  The outlook may be revised to 'Positive' in
case of a greater-than-expected improvement in the group's
financial risk profile, through equity infusion and better
profitability.  Conversely, the outlook could be revised to
'Negative' in case of more-than-expected pressure on the group's
operating margin, or if it undertakes a highly debt-funded capex
program, leading to further deterioration in its capital structure
and debt protection measures.

                         About Srida Knitters

SK, incorporated in 1999, is promoted by the Mumbai-based Patodia
family, headed by Mr. Sajjan K Patodia.  It is engaged in knitting
of synthetic yarn at its unit in Silvassa (Union Territory of
Dadra and Nagar Haveli).  PFPL, the group's first venture, is
engaged in processing partially oriented yarn (POY) into polyester
textured yarn (PTY) and manufacturing of knitted fabric.

For 2009-10 (refers to financial year, April 1 to March 31), the
Patodia group reported a provisional profit after tax (PAT) of
INR20 million on net sales of INR720 million, as against a PAT of
INR30 million on net sales of INR720 million for 2008-09.


SV POWER: CRISIL Downgrades Rating on INR2.08BB Term Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on SV Power Pvt Ltd's term loan
facility to 'D' from 'B-/Negative', as the company is delaying the
payment of interest due on its rated debt; the delay is because of
liquidity pressures arising from the delay in commissioning of its
power project.

   Facilities                      Ratings
   ----------                      -------
   INR2.08 Billion Term Loan       D (Downgraded from
                                     'B-/Negative')

SVP, planned as a 63:37 joint venture (JV) between the KVK group
and Maytas Infrastructure Ltd, is setting up a 126-megawatt (MW)
coal washery-reject-based power plant and a 2.5-million tonnes per
annum (mtpa) coal washery at Renki village in Chhattisgarh.  SVP
has received a no-objection certificate from the Chhattisgarh
State Renewable Energy Development Agency for the coal washery-
reject-based project.

The date for commissioning the project has been extended to
December 31, 2010. The cost of Phase I of the project, for 63-MW
capacity, originally estimated at INR2.88 billion, has escalated
to INR3.54 billion.


TATA MOTORS: Posts INR19.9-Bil. Q1 Net Income on Higher Demand
--------------------------------------------------------------
Bloomberg News reports that Tata Motors Ltd. posted first-quarter
profit on demand for luxury sport-utility vehicles and $80,000 XF
sedans.  Bloomberg says the carmaker made a net income of INR19.9
billion (US$430 million) in the three months ended June 2010,
compared with a loss of INR3.3 billion a year earlier.  Sales rose
64% to INR268.8 billion.

Chief Financial Officer C. Ramakrishnan said Jaguar Land Rover
posted a net income of GBP221 million (US$348 million) in the
quarter, compared with a year-ago loss of GBP64 million.  The
report says JLR sold 57,153 vehicles compared with 35,947 a year
earlier.  Tata bought Jaguar Land Rover from Ford Motor Co. in
2008 for US$2.5 billion.

Bloomberg News reports that Carl-Peter Forster, Tata's chief
executive and managing director for global operations, said the
U.K.-based luxury unit is facing a shortage of engines and is
working with Ford Motor to boost supplies.  The company is also in
talks with potential partners in China about setting up an
assembly plant, he said.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, Moody's Investors Service upgraded Tata Motors
Ltd's corporate family rating to B2 from B3.  The outlook on the
rating is positive. This rating action completes the rating review
for possible upgrade initiated on March 2, 2010, when TML
announced its consolidated third quarter of fiscal 2010 results.

"The rating upgrade reflects the quick turnaround in the operating
performance of the Jaguar Land Rover business and the solid
recovery in the company's Indian business, which translate into
stronger than expected credit metrics and an improved financial
profile for TML," said Ivan Palacios, a Moody's AVP/Analyst.

"The upgrade also reflects the company's progress in improving its
liquidity and lengthening its debt maturities," added Mr.
Palacios, also Moody's lead analyst for Tata Motors.


VALSON POLYESTER: CRISIL Reaffirms 'B+' Rating on INR196.1MM Loan
-----------------------------------------------------------------
CRISIL's ratings on Valson Polyester Ltd's bank facilities
continue to reflect VPL's small scale of operations, and weak
financial risk profile, marked by a high gearing and average debt
protection metrics.  These rating weaknesses are partially offset
by VPL's strong track record and established market position in
the yarn dyeing business.

   Facilities                         Ratings
   ----------                         -------
   INR196.1 Million Rupee Term Loan   B+/Negative (Reaffirmed)
   INR100.0 Million Cash Credit       B+/Negative (Reaffirmed)
   INR60.0 Million Bill Discounting   P4 (Reaffirmed)
   INR20.0 Million Letter of Credit   P4 (Reaffirmed)
                   & Bank Guarantee

Outlook: Negative

CRISIL believes that VPL's financial risk profile will remain
constrained over the medium term given its high gearing, and
modest expected cash accruals vis--vis its fixed repayment
obligations.  The rating may be downgraded if VPL generates lower-
than-expected cash accruals from its expanded capacity, leading to
further deterioration in its debt servicing ability.  Conversely,
the outlook may be revised to 'Stable' if VPL stabilizes the
operations at its new facilities, while improving its
profitability, and generates more-than-expected cash accruals.

                       About Valson Polyester

Incorporated in 1985, VPL primarily manufactures and dyes
polyester, nylon, and cotton yarn.  It also has small knitting and
weaving capacities.  The company, managed by Mr. Shamlal Mehta and
his sons, Mr. Vipin Mehta and Mr. Amit Mehta, has manufacturing
facilities at Vapi (Gujarat), Demni and Silvassa (both in the
Union Territory of Dadra and Nagar Haveli), and Daman.  It has
texturising, twisting, and dyeing capacities of 5600 tonnes per
annum (tpa), 4130 tpa, and 4455 tpa, respectively.  The company
also has knitting and weaving capacities of 829 tpa and 1944 tpa,
respectively. VPL has an ongoing capacity expansion program, which
is expected to be completed by the third quarter of 2010-11
(refers to financial year, April 1 to March 31).

VPL reported an estimated profit after tax (PAT) of INR38.3
million on estimated net sales of INR930.2 million for 2009-10,
against a PAT of INR32.0 million on net sales of INR830.7 million
for 2008-09.


VALIA IMPEX: CRISIL Reaffirms 'BB' Rating on INR10 Mil. Overdraft
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Valia Impex Pvt Ltd
continue to reflect Valia Impex's below-average financial risk
profile and high customer concentration risks.  These weaknesses
are partially offset by Valia Impex's established track record as
a distributor of polymers for Reliance Industries Ltd (RIL; rated
'AAA/Stable/P1+' by CRISIL) and adequate risk management policies.

   Facilities                               Ratings
   ----------                               -------
   INR10.00 Million Overdraft               BB/Stable (Reaffirmed)
   INR600.00 Million Bills Discounting      P4+ (Reaffirmed)
   INR167.50 Million Buyer's Credit Limit   P4+ (Reaffirmed)
   INR400.00 Million Factoring?Forfeiting   P4+ (Reaffirmed)
   INR80.00 Million Bank Guarantee          P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Valia Impex will continue to benefit over the
medium term from its established track record in the polymer
distribution business and longstanding customer relationships.
The outlook may be revised to 'Positive' if there is significant
improvement in the company's total outside liabilities to total
net worth ratio, and debt protection measures.  Conversely, the
outlook may be revised to 'Negative' if there is a significant
increase in Valia Impex's receivables, or if adverse movements in
interest rates affect the profitability of the company.

Incorporated in 1989, Valia Impex began operations as a del
credere agent for RIL in 1991.  Initially promoted by Mr.
Balkrishna Valia and his son, Mr. Bhavesh Valia, Valia Impex is
currently managed by Mr. Bhavesh Valia and his family.  The Valia
family was earlier engaged in various businesses including
manufacturing of bicycles and high density polyethylene (HDPE)
ropes, sacks, and bags, and import of polymers from
Czechoslovakia.  Today, Valia Impex is one of the largest del
credere agents for RIL in India, and sells more than 16,000 tonnes
of polymer products on an average each month. Valia Impex supplies
polymers in Maharashtra, Goa, Daman, and Silvassa.

For 2009-10 (refers to financial year, April 1 to March 31), Valia
Impex reported a provisional profit after tax (PAT) of INR6.3
million on net sales of INR46.0 million, as against a PAT of
INR9.7 million on net sales of INR46.7million for 2008-09.


YAZAKI WIRING: ICRA Assigns 'LBB' Rating to INR70 Mil. Term Loan
----------------------------------------------------------------
ICRA has assigned "LBB" rating to the INR70.0 million term loan
facility and INR100.0 million long-term fund based limits of
Yazaki Wiring Technologies India Private Limited.  The long term
rating carries a stable outlook. ICRA has also assigned A4 rating
to the INR75.0 million, short term fund based limits of the
company.

The assigned ratings take into account the strong parentage, the
track record of the parent Yazaki Corporation, Japan in the global
wiring harness business and the expected continued support from
the parent.  The ratings are however constrained by YWTI's high
product and customer concentration with nearly 98% of revenue
coming from supply of wiring harnesses to FIPL.

The company's capital structure is characterized by high leverage
and stretched coverage indicators.  The limited scope for customer
diversification due to the non-compete arrangement with Tata
Yazaki Autocomp Limited is factored in the rating.  Tata Yazaki
enjoys first right of refusal for any new business given to Yazaki
in India.  ICRA also takes note of the recent debt funded capacity
addition by the company to cater to the wiring harness requirement
for the new Ford models specially Ford Figo.

The company was originally incorporated by Siemens in 1998 to
supply wiring harness to Ford India Private Limited. In 2002, the
company was converted into a 50% JV between Siemens AG and the
Yazaki Corporation, Japan and the company was re-named Siemens
Yazaki Wiring Technologies. Subsequently in 2004, Yazaki Wiring
Technologies, Germany a wholly owned subsidiary of Yazaki
Corporation Japan acquired the complete ownership of the company
and renamed it Yazaki Wiring Technologies India Private Limited
(YWTI). YWTI is the sole supplier of wiring harness to FIPL with
nearly 98% of its revenue derived from sales to FIPL. Apart from
FIPL, the company also supplies harnesses for Mitsubishi Lancer.

Yazaki Corporation, headquartered in Minato-ku, Tokyo (Japan), is
a 100% privately owned corporation with a diverse range of
products in the global automotive and environmental systems
sectors.  Yazaki is the world's largest producer of automotive
wiring harnesses, with a market share of approximately 33% as of
2010.  Over the years, The Yazaki Group has achieved a significant
global presence with 169 companies and 410 business sites in 39
countries. It has production facilities in the USA, Mexico, South
America, Africa, Australia, Southeast Asia, India and China as
well as throughout Europe

As per the provisional results for 2009-10, YWTI's sales have
increased by ~60% to Rs 531.0 million (PY Rs 329.0 million) driven
by higher sale of existing models like "Ikon"  and  "Fiesta" and
the  new model "Figo".  The operating margin has improved by 290
bps to 3.9%. The company is reporting a net loss with net margin
of -3.2% (PY -7.8%).  The company reported top line increase of
58% in the first quarter of 2010-11 on the back of high sales of
Ford Figo model.


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


JAPAN AIRLINES: To Cut 19,133 Jobs by March 2015
------------------------------------------------
Kyodo News reports that Japan Airlines Corp. has decided to cut
its group workforce by 19,133 from the level in March 2009 to
32,729 by the end of March 2015 through an expansion of its early
retirement program.  Citing a final draft of JAL's rehabilitation
plan, the news agency relates JAL will shed 8,339 jobs through
fiscal 2014 ending March 2015, up from the around 7,000 jobs it
had planned to cut through fiscal 2010.

According to Kyodo, JAL will also sell two subsidiaries managing
land operations for Chubu and Kansai airports -? Chubu Sky Support
Co and JAL Ground Service Kansai Co -? given the planned large
cuts in its flights using the airports this fall.

The company will also aim to exit from its current plight in which
debts exceed assets by the end of fiscal 2011 and introduce a
total of 65 fuel-efficient passenger aircraft by fiscal 2014,
Kyodo adds.

JAL plans to cut around 16,000 employees during the current fiscal
year started April and trim more jobs later through early and
regular retirements, according to the final draft obtained by
Kyodo.

                        About Japan Airlines

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

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

Japan Airlines Corp. filed for reorganization January 19, 2010, 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 estimated
debts at $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)


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


HYUNDAI GROUP: Files Injunction to Bar KDB From Collecting Loans
----------------------------------------------------------------
Yonhap News Agency reports that Hyundai Group has filed an
injunction with a Seoul court to nullify its creditor banks'
decision to collect maturing loans extended to the group, saying
its key affiliate's financial status is improving.

The group's move came as its creditors, led by Korea Exchange
Bank, decided not to extend new loans to the group in late July
and to retrieve maturing loans, the news agency says.

                        About Hyundai Group

Hyundai, once South Korea's largest conglomerate, has shrunk to
become a minor player since the Asian financial crisis of 1997
prompted the spin-off of key auto and shipbuilding units.

It now has five firms -- Hyundai Elevator, Hyundai Merchant
Marine, Hyundai Logistics, Hyundai Securities and Hyundai Asan,
which is engaged in inter-Korean projects in North Korea.

The group is struggling as its North Korea tourism projects are on
ice and its main subsidiary Hyundai Merchant Marine is performing
badly, according to the Chosun Ilbo.  In May 2010, the group was
picked by creditors as a financially distressed conglomerate.


SSANGYONG MOTOR: Picks Mahindra as Preferred Bidder
---------------------------------------------------
Yonhap News Agency reports that Ssangyong Motor Co. said India's
top utility vehicle maker Mahindra & Mahindra Ltd. has been chosen
as the preferred bidder for its majority stake.

Ssangyong and the local manager for the envisioned sale plan to
sign a memorandum of understanding with the Indian company by the
end of the month before due diligence begins in September,
according to the news agency.

Yonhap News, citing market sources, reported on August 10, 2010,
that three bidders have submitted final offers to take over a
majority stake in Ssangyong Motor Co. as the company finished
receiving final bids Tuesday.  They are Mahindra & Mahindra Ltd.,
Ruia Group and Young An Hat Co.

As reported in the Troubled Company Reporter-Asia Pacific on
June 7, 2010, Ssangyong Motor selected Nissan Motor Co., Renault
SA and four other bidders for due diligence on the company.
Ssangyong Motor began accepting letters of intent on May 10, 2010,
from potential buyers, who will take over a majority of its stake
valued at around KRW300 billion.  Samjong KPMG, a South Korean
unit of the global services firm KPMG, and Macquarie Securities
are managing the sale.

                       About Ssangyong Motor

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

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

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


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


BASWELL RESOURCES: Classified as Practice Note 17 Company
---------------------------------------------------------
Baswell Resources Berhad has been classified as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad as the company ceased all its furniture-manufacturing
operations effective August 9, 2010.

The company was also put under PN 17 after a proposed memorandum
of understanding with Metroplex Resources Ltd for a project in
Middle East was terminated.

The company's wholly owned furniture-manufacturing subsidiaries
Baswood Industries Sdn Bhd and Aimwood Furniture Industries Sdn
Bhd also defaulted in loan payment.

As an affected listed issuer, Baswell is required to formulate and
implement a plan to regularize its financial condition within a
timeframe stipulated by relevant authorities.  In the event the
company fails to comply with all the provisions of Amended PN 17,
Bursa Securities may commence delisting proceedings against the
company.

The Company said it is in the midst of formalizing a
regularization plan to address its PN17 status.

Based in Malaysia, Baswell Resources Berhad --
http://www.baswell.com.my/-- is an investment holding company
engaged in the provision of management services to its
subsidiaries.  It operates in three segments: furniture, which
includes the manufacturing of knockdown wooden furniture and
furniture parts, and the provision of preservative treatment and
kiln drying of wood and timber; packing, which includes the
manufacturer and dealer in papers, paper carton boxes and boards,
and other related products, and others, which comprises investment
holding and provision of management services.  The Company?s
subsidiaries include Aimwood Furniture Industries Sdn Bhd, Baswood
Industries Sdn Bhd, Deswell Packaging (M) Sdn Bhd and Woodmaster
Furniture Consolidation Sdn Bhd.


LINEAR CORP: Taps PricewaterhouseCoopers as Special Auditor
-----------------------------------------------------------
Linear Corporation Bhd has appointed PricewaterhouseCoopers
Advisory Services Sdn Bhd as a special auditor to undertake an
independent investigation into the affairs of the Company.

The special auditor will also identify any potential
irregularities, including but not limited to the existence,
operations and conduct of the Prime Savings & Trust Account(s) in
Sweden where the MYR36 million was purportedly paid out.

The scope of work of the special auditor is divided into three
tranches for implementation.

The special auditor is expected to commence work from mid August
2010 and will take approximately four weeks to complete the first
tranche of the special audit services.  Thereafter, the second and
third tranches of special audit services will be undertaken.

A final report will be issued to Linear upon completion of each
tranche of services and also copied to Bursa Securities directly.

                          Missing Monies

The Star reported in July that four Malaysian parties were alleged
to have suffered losses of US$65 million due to fraud in their
dealings with a Sweden-based company.

They are LCI Global Sdn Bhd, IMUX Asia Ltd, Stanton Technologies
Ltd and Alan Rajendram.  Rajendram is guarantor and former
shareholder of LFE Corp Bhd.  LCI and IMUX are subsidiaries of
Linear Corp Bhd.  All the companies were linked to Rajendram.

The Star says that all the parties claimed that they have lodged a
report with the Swedish police alleging embezzlement by Prime
Savings & Trust Ekonomisk forening.  Separately, Stanton claimed
that it had filed for bankruptcy on July 16 in the district court
in Sweden to wind up Prime Savings.

Prime Savings is an economic association which was established and
registered with the Swedish Companies House in 2006.  It is
involved in online payment transactions.

When the four Malaysian parties had requested the profits from
their trading activities be transferred to their respective banks,
Sivananthan claimed Prime Savings failed to do so and the excuse
given was that ?there is a dispute, cannot transfer.?  Eventually
the website disappeared.

The Star relates Datuk N. Sivananthan, the solicitor representing
Rajendram, said he had through Swedish solicitors Advokatfirman
Lindahl KB filed a notice of suspicious activities with the
Swedish Financial Supervisory Authority (FSA) on this matter as it
needed to be investigated.

According to The Star, Lindahl in concluding its investigations in
a letter to Sivananthan claimed that "Prime Savings is one of many
related Swedish economic associations which have been used in
large-scale fraud schemes aimed at foreign companies/investors."

                         About Linear Corp.

Linear Corporation Berhad -- http://www.linear.com.my/-- engages
in investment holding and providing management services.  The
Company operates in five business segments: investment holding,
manufacturing of cooling towers, engineering, which includes
designing and building district cooling system plants; trading of
cooling towers and solar panel, and others, which includes
providing water treatment services, trading of water tank,
composites and other compounds.

In June 2010, Linear Corp. was listed as a Practice Note 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd as it had triggered Paragraph 2.1 (f) of the PN17 and was
unable to provide a solvency declaration to Bursa Securities.


NAM FATT: High Court of Malaya Enters Wind Up Order Against Unit
----------------------------------------------------------------
The High Court of Malaya, Johor Bahru on July 29, 2010, entered an
order to wind up Nam Fatt Infrastructure Sdn. Bhd., a wholly owned
subsidiary of Nam Fatt Corporation Bhd.

Perniagaan Sinar Maju Sdn. Bhd. filed the winding-up petition
against NF Infra on April 27, 2010, for a claim of MYR408,504.87
as payment due for contractual works.

NF Infra is unable to pay its debts in the next 12 months.  The
company said it had no means to settle the debts due to PMS and to
oppose the petition under Section 218 of the Companies Action is
difficult.

                           About Nam Fatt

Nam Fatt Corporation Berhad is a Malaysia-based company. The
principal activities of the Company consist of investment holding
and construction of bridges, heavy concrete foundations, roads,
factory complexes and other similar construction activities. The
Company operates in four business segments: engineering and
construction, property, leisure, and manufacturing. The Company's
subsidiaries include Nam Fatt Fabricators Sdn. Bhd., which is
engaged in the construction of bridges, heavy concrete
foundations, roads, factory complexes and similar construction
activities; Agenda Istimewa Sdn Bhd, which is engaged in property
development; P & N Construction Sdn. Bhd. which is engaged in the
business of general contractors; Nam Fatt Marketing Sdn. Bhd.,
which is a sales distributor and marketing agent, and Maddusalat
Berhad, which is the owner and developer of golf resort and its
recreational amenities, property developer, and property manager.

                           *     *     *

Nam Fatt Corporation Berhad has been classified as an Affected
Listed Issuer under Practice Note 17 of the Listing Requirements
of Bursa Malaysia Securities Berhad.

The Company has triggered Paragraph 2.1(f) of the Practice Note 17
of the Main Market Listing Requirement of Bursa Malaysia following
failure to meet its principal and interest payment of
MYR13,225,037.39 due and payable on March 15, 2010, in respect of
the Asset Sale Agreement dated December 4, 2007, between Bank
Kerjasama Rakyat Malaysia Berhad and Nam Fatt.


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


ALLIED NATIONWIDE: Trustee Says Cash Infusion Will Resolve Breach
-----------------------------------------------------------------
Allied Nationwide Finance Ltd.'s trustee said that an additional
capital injection would resolve the finance firm's trust deed
breach "overnight", William Mace at BusinessDay.co.nz reports.

Bryan Connor, Guardian Trust general manager of corporate trusts,
would not say how much capital is required but said the Allied
Farmers subsidiary is making progress, the report notes.

BusinessDay.co.nz relates Mr. Connor said the financial ratio
breach -- identified in an independent report by McGrath Nicol
commissioned by Guardian -- needed immediate attention, but ANF's
overall liquidity position would "certainly come into it later".

"They've talked about a liquidity issue as they head past the
government guarantee and beyond and we agree with that, but there
are two issues for us," the report quoted Mr. Connor as saying.
"The first issue is to work our way through this breach that we've
identified and the second issue is to work with them in terms of
liquidity," he said.

According to the report, ANF's prospectus said the company has an
internal liquidity policy "under which it aims to maintain not
less than 10 percent of the total assets as liquid funds" although
the board reserves the right to review the policy "to ensure it
reflects changing market conditions".

BusinessDay.co.nz discloses that ANF's reinvestment rate fell from
48.2% in the six months to April 30, to 29.3% in May.  The company
attributes the drop to its ineligibility for the extended
government deposit guarantee scheme, the report adds.

"Under these circumstances it is expected that the net outflow of
liquidity to repay secured deposit holders will be funded by
existing liquidity, repayment of principal and interest on the
company's loan book, the sale of repossessed security assets, and
repayment of obligations due to the company from its parent,
Allied Farmers Limited."

The New Zealand Herald reported Wednesday that Allied Farmers had
put its $19.3 million capital raising on hold while it talks to
the trustee of its subsidiary Allied Nationwide Finance over a
disputed trust deed breach.

BusinessDay.co.nz relates Mr. Connor said he cannot comment on
whether the capital raising was the way forward for Allied
Farmers, or whether ANF would have to make use of the government
guarantee before it runs out on October 12.  It is not eligible
for the extended guarantee after that date because its credit
rating is not high enough, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 9, 2010, The National Business Review said that Allied
Nationwide Finance Ltd suspended its prospectus and is in talks
with its trustee about a disputed breach of its trust deed finance
ratios.  Allied Nationwide on Friday received a notice from
Guardian Trust that it was in breach of one of the financial
ratios and has 14 days to remedy the situation.  The finance
company is covered by the Crown deposit guarantee scheme until
October 12.

                     About Allied Nationwide

Allied Nationwide Finance Ltd. is a New Zealand-based finance and
investment company.  It is wholly owned subsidiary of NZX-listed
Allied Farmers Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 9, 2010, Standard & Poor's Ratings Services lowered its long-
term issuer credit rating on New Zealand finance company, Allied
Nationwide Finance Ltd. to 'B' from 'BB-'.  At the same time, the
'B/B' issuer credit ratings were placed on CreditWatch with
negative implications.

"The ratings actions reflect a material deterioration in ANF's
liquidity position beyond what S&P previously expected and
factored into the 'BB-' rating," Standard & Poor's credit analyst
Peter Sikora said.  "In S&P's view, this deterioration has
increased ANF's exposure to a cash shortfall from now until
October 2010 should reinvestment rates weaken from current
already-modest levels or should cash inflows from loan repayments
be delayed beyond S&P's current expectations."


CRAFAR FARMS: No Decision Yet on Natural Dairy's Bid, OIO Says
--------------------------------------------------------------
The Overseas Investment Office said it is unlikely to make a
decision this month on a Chinese firm's application to buy into a
New Zealand company in order to purchase the in-receivership
Crafar farm estate, Andrea Fox at BusinessDay.co.nz reports.

Natural Dairy (NZ) Holdings, a Hong Kong company, needs OIO
consent to buy 80% of UBNZ Asset Holdings, a New Zealand
registered firm fronted by Chinese businesswoman May Wang.

BusinessDay.co.nz reports receivers KordaMentha also said they
have not signed any backup offer for the 16 farms, but were
continuing to deal with other interested parties.

According to BusinessDay.co.nz, the OIO began assessing Natural
Dairy Holdings' application on July 14.  The office aims to
complete assessments within 50 working days, but is not obliged
to.

The report relates OIO Manager Annelies McClure said she could not
be specific about the estimated time to complete its assessment,
but said a decision was unlikely this month.

As reported in the Troubled Company Reporter-Asia Pacific on
May 25, 2010, receivers Michael Stiassny and Brendon Gibson of
KordaMentha said conditional sale and purchase agreements had been
signed with Natural Dairy and its New Zealand associate firm UBNZ
Funds Management Ltd and a "substantial" deposit had been paid.
The deal however is still conditional on approval by the Overseas
Investment Office and receivers KordaMentha not getting an offer
they prefer, according to BusinessDay.co.nz.

BusinessDay.co.nz says receiver Brendon Gibson said KordaMentha
was still dealing with some tenderers after a recent international
marketing campaign for the farm portfolio.  Those tenderers wanted
to buy all the farms, not individual units.

                         About Crafar Farms

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

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

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


MASONIC HOTEL: Placed in Receivership Over Unpaid Rent
------------------------------------------------------
Bernard Carpinter at BusinessDay.co.nz reports that the ANZ bank
put Turbo Associates Ltd. and Masonic Hotel Napier Ltd., which
runs the landmark Masonic Hotel in Napier, into receivership,
after they fell behind on rent to the owners of the hotel.

According to the report, the Breakers restaurant chain plans to
continue expanding, despite the receivership of the two related
firms.

Simon Withnall, the national franchising manager of Breakers New
Zealand Franchising Ltd., said that Breakers, owned by Mark and
Penny Burt, was not adversely affected by two other Burt firms
going into receivership.

BusinessDay.co.nz says franchisees and staff had been worried when
they heard about the failure of the other firms but he said he had
been reassuring them that it was business as usual.


RMB TRUSTEE: Fitch Downgrades Ratings on Floating Notes to 'BB'
---------------------------------------------------------------
Fitch Ratings has downgraded these notes issued by RMB Trustee
Limited in its capacity as issuer of the Rated Mortgage CM 2006-1
Trust and assigned a Loss Severity Rating:

  -- NZD18.85 million Floating Rate Notes downgraded to 'BB' from
     'BB+'; Outlook Negative; Loss Severity Rating assigned at
     'LS-3'.

The underlying assets of the transaction are 'BB' rated mortgage-
backed securities issued through a securitisation program,
established by Propertyfinance Securities Limited.  The downgrade
reflects the recent deterioration in the performance of the
underlying notes, stemming from the weakened performance of the
underlying commercial mortgages.

The Negative Outlook reflects the impact of the contracted fixed
interest margin on the underlying commercial mortgages on cash-
flows to the underlying note held by CM 2006-1, coupled with a
fragile recovery in the New Zealand economy.


RMB TRUSTEE: Fitch Downgrades Ratings on Floating Notes to 'B-'
---------------------------------------------------------------
Fitch Ratings has downgraded the notes issued by RMB Trustee
Limited in its capacity as the issuer of Rated Mortgage RML 2006-2
Trust due December 2050, and assigned a Loss Severity Rating:

  -- NZD19.6 million Floating Rate Notes downgraded to 'B-' from
     'BB-'; Outlook Negative, Loss Severity Rating assigned at
     'LS-2'.

The downgrade follows a similar rating action on one of the
underlying notes from a securitization program established by
Propertyfinance Securities Limited.  The downgrade stems from the
deteriorating performance of the underlying portfolio, which
consists of non-conforming residential mortgages, and the
declining subordination available to the underlying note held by
RML 2006-2.  Fitch maintains a Negative Outlook on the Floating
Rate Notes as it expects the transaction's performance will likely
be impacted with increasing arrears as New Zealand's economy
undergoes a fragile recovery.


SOUTH CANTERBURY: Warns Investors on Heavily Discounted Offers
--------------------------------------------------------------
The New Zealand Herald reports that South Canterbury Finance has
warned investors to take professional advice before considering
any offers to buy their securities at prices heavily discounted
below those on the NZX trading platform.

According to the NZ Herald, the finance's advice came after it was
approached with requests for access to the registers of holders of
one tranche of South Canterbury bonds and its perpetual preference
shares.  The report notes that South Canterbury said it had
complied with the law and provided copies of the registers.

"The company considers that these requests may be a preliminary
step taken ahead of an offer to investors and has, therefore,
informed the Securities Commission," South Canterbury said.

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.  Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 24, 2010, Standard & Poor's Ratings Services lowered its
long-term rating on South Canterbury Finance Ltd. to 'B-'
from 'B+'.  At the same time, the rating was removed from
CreditWatch Developing, where it was initially placed on May 28,
2010, and placed on CreditWatch Negative.  The short-term rating
is lowered to 'C' from 'B' and is also placed on CreditWatch
Negative.


TURBO ASSOCIATES: Placed in Receivership Over Unpaid Rent
---------------------------------------------------------
Bernard Carpinter at BusinessDay.co.nz reports that the ANZ bank
put Turbo Associates Ltd. and Masonic Hotel Napier Ltd., which
runs the landmark Masonic Hotel in Napier, into receivership,
after they fell behind on rent to the owners of the hotel.

According to the report, the Breakers restaurant chain plans to
continue expanding, despite the receivership of the two related
firms.

Simon Withnall, the national franchising manager of Breakers New
Zealand Franchising Ltd., said that Breakers, owned by Mark and
Penny Burt, was not adversely affected by two other Burt firms
going into receivership.

BusinessDay.co.nz says franchisees and staff had been worried when
they heard about the failure of the other firms but he said he had
been reassuring them that it was business as usual.


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


PHILIPPINE AIRLINES: Prepares Court Cases for 26 Resigned Pilots
----------------------------------------------------------------
BusinessWorld Online reports that flag carrier Philippine Airlines
said none of the 26 pilots who left their posts late last month
have returned, and court cases were prepared as a result.  But the
airline extended the Monday night deadline for pilots to return to
work without facing sanctions, giving them seven more days.

"It's apparent that these pilots already have commitments abroad
and opted not to return," BusinessWorld cited PAL President Jaime
J. Bautista in a statement.  "The administrative process is
ongoing, in line with the company's internal rules and
regulations.  Pilots will be served notices to explain why they
continue to fail to report for flight duty."

"While this is ongoing, our legal department is studying what
cases will be filed in the coming days," he added.

The mass resignation of pilots forced PAL to cancel and merge
flights, dealing a blow to Lucio C. Tan-led airline, the report
notes.

                    About Philippine Airlines

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said that the Philippine
Airlines is to spin off its three non-core units as a last resort
to avoid bankruptcy.  PAL will spin off its three non-core units:
inflight catering services; airport services, including ground
handling, cargo handling and ramp handling; and call center
reservations, the Manila Bulletin said.  According to The Manila
Standard Today, the PAL Employees Union estimated that 2,000 to
4,000 employees assigned to those departments could be retired.
The Manila Standard related that PAL president Jaime Bautista said
competition from overseas carriers, slower global economic growth,
and higher oil prices had prompted the airline to slash its non-
core businesses.  The carrier had approached several investors but
failed to secure financial help, and equity had dropped to a
worrisome US$1.1 million as of February 2010, according to the
Manila Standard.

The TCR-AP, citing BusinessWorld Online, reported on July 28,
2010, that Philippine Airlines announced a narrower loss for its
fiscal year that ended March 2010 to $14.3 million, from the
previous year's $297.8 million, but warned of still weak demand
for international flights.


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


ASUSTEK COMPUTER: Computer Show Sales Jump 30% From 2009
--------------------------------------------------------
The Taipei Times reports that sales by Asustek Computer Inc. at
this year's Taipei Computer Applications Show were 30% higher than
a year earlier on stronger sales of notebook computers.

"We saw sales at the five-day computer exhibition hit NT$150
million [US$4.74 million], up about 30% from last year's event,"
the Taipei quoted Asustek senior product manager Jose Liao as
saying.  "The increase in sales was the result of the launch of
new ultra-thin notebook computer models to stimulate buying," Mr.
Liao said.

The Taiwan External Trade Development Council (TAITRA), the
organizer of the trade show, said that during the show, Asustek
sold about 7,000 notebook computers, or one almost "every 30
minutes," with its new U-series laptops proving particularly
popular, according to Taipei Times.

TAITRA said the computer applications show attracted a record
640,000 visitors during its run from last Thursday to Monday, 10
percent more than a year earlier.

                        About ASUSTeK Computer

ASUSTeK Computer Inc. -- http://www.asus.com.tw/-- is principally
engaged in the provision of computers, communications and consumer
electronics solutions.  The Company offers desktop motherboards,
server motherboards, three-dimension graphics display cards, audio
cards, laptops, servers, smart personal digital assistant mobile
phones, liquid crystal displays, LCD televisions, broadband
communication products, compact disc read-only memory drives,
digital versatile disc drives, disc carving machines and Eee
personal computers, among others.  The Company distributes its
products in domestic market and to overseas markets, including the
United States, Canada, Asia Pacific, Europe and Africa.

                           *     *     *

Asustek Computer continues to carry Fitch Ratings 'BB+' long-term
foreign currency issuer default ratings.


=============
V I E T N A M
=============


SAIGON-HANOI COMMERCIAL: Moody's Puts B1 For. Cur. Deposit Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned for the first time, ratings
to Saigon-Hanoi Commercial Joint Stock Bank.

The ratings assigned are:

* B1 / Not-Prime long and short-term foreign currency deposits

* Ba3 / Not-Prime long and short-term local currency deposits

* Ba3 / Not-Prime long and short-term foreign currency Issuer
  Ratings

* Ba3 / Not-Prime long and short-term local currency Issuer
  Ratings

* Bank Financial Strength Rating of D-

The outlook for all ratings is stable, except for the foreign
currency deposit rating, which carries a negative outlook, and is
in line with the negative outlook on the country's foreign
currency debt and deposit ceilings.

"The BFSR of D-, which translates into a Baseline Credit
Assessment of Ba3, reflects the bank's maintenance of healthy
financial metrics during its short operating history (since its
transformation to an urban bank from a rural bank in 2006).  It
exhibits relatively strong capitalization ratios, which would
enable it to withstand a potential deterioration in asset quality
as its loan book seasons.  At the same time, it shows
profitability indicators commensurate with those of its higher-
rated regional peers ", says Karolyn Seet, a Moody's AVP.

"On the other hand, constraining factors include the bank's
limited franchise, its narrow product diversification, and short
operating history, and during which it has rapidly grown its loan
book," says Ms. Seet.

"In addition, the company's corporate governance structure, risk
management and systems of control are still evolving, and
financial reporting transparency (by international standards) is a
key concern," says Ms. Seet.

In Moody's view, other constraining factors are rapid credit
growth, high credit risk concentration, low loan loss-reserve
coverage, and the challenging character of the operating
environment in Vietnam.

According to Moody's estimates, SHB is the 20th-largest bank in
Vietnam.  Its main business -- some 60% of its loan portfolio --
involves lending to small- and medium-sized enterprises ("SMEs").
It controls 0.8% of system deposits and 0.6% of system loans,
while its lending is weighted towards the commercial and SME
segments.

To meet the State Bank of Vietnam's capital adequacy guidelines
and enlarge its cushion to absorb losses, it will need to raise
its chartered capital to at least VND 3 trillion by end-2010.
Capitalization is adequate, although additional capital funds will
be required to support the 50-100% loan growth expected over the
medium term.

In this context, in accordance with Basel I calculations, its Tier
1 ratio was 16.6% at 31 December 2009, above the regional D- peer
median of 7.4%.  It has plans to increase its chartered capital to
VND3.5 trillion from VND2 trillion by September 2010.  The capital
will be replenished by the issuance of new shares.

In addition, the bank has outstanding VND1.5 trillion in
convertible bonds, issued in April 2010, and with the potential
for conversion into equity by April 2011, given that the
conversion price is at par value (one bond at par value of
VND 100,000 will be converted into 10 shares at par value of
VND 10,000).

SHB's BFSR of D- is based on Moody's view that its capital-raising
plans are well advanced and the expectation that it will maintain
strong capital ratios as it pursues its high growth strategy.

However, even though its non-performing loan ratio is low, in part
due to its high loan growth, its rapid credit growth (105% in
2009) raises the risk of increased asset quality problems.

In Moody's opinion, this risk is compounded by: (i) an ineffective
legal system, which lowers recovery rates on bad loans; (ii) poor
credit data on smaller-scale customers, a sector which underpins
SHB's franchise; (iii) uncertainty over asset quality due to a
significant level of single-name borrower concentrations in its
loan book; and (iv) a low level of loan loss reserve coverage.

Given the fiercely competitive environment in its core commercial
and SME segments, the bank faces the challenge of enhancing its
retail franchise and fee-based income, while protecting its
interest margins.

In Moody's view, looking ahead, a BFSR upgrade is unlikely in the
near term, given numerous challenges, including: (i) its rapid
growth plans leading to the potential for upward pressure on
problems loans, (ii) the material degree of credit risk arising
from its high single-party exposures and sector concentrations;
(iii) the narrowing in net interest margins, reflecting price
competition in customer deposits -- core to the bank's funding
structure -- and intensifying competition in customer lending;
(iv) the need to further enhance its technological infrastructure,
as well as its risk management and corporate governance practices;
and (v) its exposure to Vietnam's undiversified and challenging
operating environment -- high inflation, and a tightening monetary
policy, and which makes access to funding a major concern.

On the other hand, while a downgrade in the near term is not
anticipated, a BFSR downgrade could be triggered by (i) a
reduction in its Tier 1 ratio to less than 12%; (ii) a severe
deterioration in asset quality, such that NPLs to capital and
loan-loss reserves rise above 40%; and (iii) more aggressive
lending practices in the face of harsh competition, leading to
weakening profitability and deteriorating asset quality.

In a medium support country like Vietnam, SHB's long-term global
local currency (GLC) deposit rating of Ba3 is based on Moody's
assessment of some degree of systemic support.  However, the
degree in this case is not sufficient to lift the bank's GLC
deposit rating.

The GLC deposit rating therefore does not benefit from any uplift
from the Ba3 BCA.  The bank's long-term foreign and local currency
issuer ratings are also positioned at Ba3.  Both local- and
foreign-currency short-term deposit and issuer ratings are rated
Not-Prime.

Established in 1993, SHB is headquartered in Hanoi and listed on
the Hanoi Stock Exchange.  The bank reported total assets of
VND27,469 billion (approximately US$1.5 billion) at December 31,
2009.


                         *********

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

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

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


                            *********


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

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

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

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

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





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