TCRAP_Public/100921.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

          Tuesday, September 21, 2010, Vol. 13, No. 186

                            Headlines



A U S T R A L I A

ALINTA ENERGY: Sir Brierley Could Prosper Despite Firm's Woes
CRYSTAL CAR: Ombudsman Probes Owner Over Shelf Firms
FOREST ENTERPRISES: Administrator Gets More Time to Restructure
SONRAY CAPITAL: Founders to Face Probe This Week


H O N G  K O N G

ALNERY NO 131: Commences Wind-Up Proceedings
ALNERY NO 132: Commences Wind-Up Proceedings
AOK LIMITED: Ng Chun Yin Steps Down as Liquidator
ASIA PACIFIC: Members' Final Meeting Set for October 19
BEAUTY YOGA: Tso Yin Yee Appointed as Liquidators

BIALETTI (HONG KONG): Marco Gentili Steps Down as Liquidator
BLOOMEC DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator
BUILTART DESIGN: Members' Final Meeting Set for October 18
BRAVURA ENTERPRISES: Commences Wind-Up Proceedings
CARILLON INVESTMENTS: Commences Wind-Up Proceedings

CESSNA LEISURE: Members' Final Meeting Set for October 18
CENTICO INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator
CHIEF RESOURCES: Tam and Tse Step Down as Liquidators
CHINA NAM: Members' Final Meeting Set for October 15
COMMUNITY COLLEGE: Heung Sai Kit Steps Down as Liquidator

ELM BV: S&P Withdraws Rating on Two Credit-Linked Notes
EVER JOY: Creditors' Proofs of Debt Due October 20
FANUC HK: Members' Final General Meeting Set for October 22
FINOVERDE LIMITED: Commences Wind-Up Proceedings
GLORY ACHIEVE: Members' Final Meeting Set for October 18

ROAD KING: Fitch Affirms Issuer Default Rating at 'BB-'
SHUN KAM: Annual Meetings Slated for September 28
TOP SUMMIT: Court Enters Wind-Up Order
TOY DEPOT: Court to Hear Wind-Up Petition on October 27
WIN HING: Lui and Lau Wu Step Down as Liquidators

WAI KWONG: Creditors' Proofs of Debt Due October 4


I N D I A

AMBIKA SOLVEX: CRISIL Rates INR100 Million Term Loan at 'BB'
ALUMINIUM INDIA: CRISIL Rates INR80 Million Cash Credit at 'BB-'
BALKRISHNA SALES: CRISIL Assigns 'BB-' Rating to INR65MM Credit
HAYAT COMMUNICATIONS: CRISIL Rates INR50MM Cash Credit at 'BB'
HIRACO JEWELLERY: ICRA Assigns 'LBB' Rating to INR12cr Bank Debts

JETLITE (INDIA): ICRA Places 'LBB+' Rating on INR200cr LT Loan
KALINDI ISPAT: CRISIL Cuts Rating on INR131.4MM Term Loan to 'B+'
PARIJAT INDUSTRIES: ICRA Assigns 'LBB+' Rating to INR30cr Loan
RANGANAYAKA SPINNING: ICRA Reaffirms INR12.7cr Loan 'LBB' Rating
SUPRA STEEL: ICRA Assigns 'LBB-' Rating to INR9cr Bank Facilities


J A P A N

INCUBATOR BANK: Refunds JPY29.1 Billion to Depositors


M A L A Y S I A

HAISAN RESOURCES: EON Bank Serves Summons Over Defaulted Loans
TRACOMA HOLDINGS: High Court of Malaya Grants Restraining Order
VTI VINTAGE: Affin Bank Demands Payment of MYR3 Million Judgment


N E W  Z E A L A N D

ALLIED FARMERS: Tax Adviser May File Claim for Investors' Losses
CRAFAR FARMS: Judge Rejects Owners' Bid to Strike Out Eviction
SENSATION YACHTS: Owner Won't Return As Creditors Fight
SOUTH CANTERBURY: Receivers Get More Than 150 Inquiries on Assets


P H I L I P P I N E S

PHILIPPINE AIRLINES: To File Civil Suit Against 10 More Pilots


S I N G A P O R E

CUSTOMER LOYALTY: Creditors' Proofs of Debt Due October 18
CYBER GENERATION: Creditors' Proofs of Debt Due October 18
GOBI PTE: Court Enters Wind-Up Order


X X X X X X X X

* BOND PRICING: For the Week September 13 to September 17, 2010




                         - - - - -


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


ALINTA ENERGY: Sir Brierley Could Prosper Despite Firm's Woes
-------------------------------------------------------------
Ben Butler, writing for The Sydney Morning Herald, reports the
punt on Alinta Energy Group by the corporate raider Sir Ron
Brierley may pay off, even if the group's bankers pull the plug on
the company.

According to the report, marathon talks between Alinta Energy and
creditors owed about AU$2.7 billion, including the Texan private
equity group TPG Capital, continued on September 20, 2010, with
the company hopeful of making an announcement soon.  The report
relates that if a deal cannot be reached, Alinta Energy will most
likely be put into administration.

The report notes that creditors are reported to want a debt-for-
equity swap that will heavily dilute the company's long-suffering
security holders, but the group's complex structure means
Brieley's company GPG and others may be better off allowing the
group to go into administration.

The Herald notes that an independent report prepared by Grant
Samuel in January, showed that as Alinta Energy prepared to
divorce its former parent, the failed investment house Babcock &
Brown, showed that in administration Alinta securities could be
worth between 8.5› and 10› each.  The Herald relates that while
that is a fraction of the shares' boom-time peak of AU$3.74 in May
2007, the Grant Samuel valuation is greater than the 5.8› at which
Alinta Energy last traded.  It also represents a premium to the
average of 7.96› a security GPG paid for its 19.9 per cent stake
in the group, The Herald added.

The Herald says that the gap arises because the vast bulk of the
group's debt is owed by a subsidiary, Alinta Finance Australia,
and is not guaranteed by the head company, Alinta Energy Limited
or the trust it runs, the Alinta Energy Trust.  Alinta set up its
main debt facility in June 2008, when it was known as Babcock &
Brown Power, using a complex web of companies in Malta, Malaysia
and Switzerland, The Herald notes.

Alinta Energy signed up a syndicate of 13 financiers, including
all four big Australian banks, but the company's woes have caused
a rush to sell off debt at steep discounts, The Herald discloses.
The Herald relates that the big four and Suncorp are among those
who have reduced their exposures, while a consortium of hedge
funds made up of TPG, Oaktree and Anchorage has been the main
buyer and now owns between 35% and 40% of the debt.

In its January report, Grant Samuel estimated that the head stock
would be left with assets worth between AU$99.9 million and
AU$114.6 million and debt of about AU$50 million if the banks
seized the power stations over which they hold security, The
Herald says.  However, The Herald relates, Mr. Samuel warned that
it would be impossible to recover full value if Alinta Energy were
wound up, because the assets would be worth less in a fire sale.

                      About Alinta Energy

Alinta Energy Group (ASX:AEJ) -- http://www.alintaenergy.com/--
is a power generation business, with assets diversified by
geographic location, fuel source, customers, contract types and
operating mode.  The portfolio has interests in 12 operating power
stations representing approximately 3,000MW of installed
generation capacity.  In Western Australia, Alinta Energy also
operates the largest integrated private gas and electricity
retailer with over 580,000 customers.

Alinta Energy Group posted a net loss of AU$148.98 million for the
year ended June 30, 2009, compared with a net loss of AU$426.51
million in 2008.


CRYSTAL CAR: Ombudsman Probes Owner Over Shelf Firms
----------------------------------------------------
The Fair Work Ombudsman is investigating Crystal Car Wash owner
Anthony Sahade over allegations a web of shelf companies is being
used to underpay his employees, Yoni Bashan at The Sunday
Telegraph reports.

According to the report, Fair Work inspectors have been on the
case for three months, sifting through files and records belonging
to a slew of companies linked to Indian-born employees of Mr.
Sahade's Crystal Car Wash empire.

The Sunday Telegraph says the investigators have been looking at
whether companies have been complying with minimum pay standards
and compulsory tax and superannuation contributions.

It is believed some employees have been offered cash incentives to
become directors of the companies, which have the same registered
address as Crystal Car Wash sites, the Sunday Telegraph notes.

The report relates that the Ombudsman is probing further claims
that several of the companies were wound up and then put into
liquidation after a period of time.

The Sunday Telegraph reports that the four separate Crystal Car
Wash-linked companies under the Ombudsman investigation are
Ngulati Pty Ltd, Schatry Pty Ltd, Sjain Pty Ltd and Skala Pty Ltd.

A Fair Work Ombudsman source told The Sunday Telegraph the shelf
companies were a critical part of the investigation.

The Sunday Telegraph says it is not implying any impropriety on
the part of these companies or directors, only that they form part
of the Ombudsman investigation.

Crystal Car Wash is a Sydney-based car wash company.


FOREST ENTERPRISES: Administrator Gets More Time to Restructure
---------------------------------------------------------------
Creditors of Forest Enterprises Australia's plantation arm have
agreed to give the administrator, Brian Silvia, more time to plan
a restructure of the company, ABC News reports.  FEA and its
subsidiary FEA Plantations went into administration and partial
receivership in April.

According to the report, Mr. Silvia thinks the company can be
viable and he is investigating two restructuring proposals.  The
report notes the creditors have agreed to postpone their second
official meeting, giving Mr. Silvia an extra 45 days to work on
the restructure.

                           About FEA

Forest Enterprises Australia Limited (ASX:FEA) --
http://www.fealtd.com/-- is a vertically integrated forestry and
forest products company.  It is engaged in the sale of woodlot
investments through forestry investments; preparation,
establishment and maintenance of plantations; timber harvesting;
provision of finance to approved growers; sawmilling and wood
chipping of forest produce, and direct exporting of forest produce
to Asian markets.  FEA operates in two divisions: forest products,
which includes forest management services and the processing of
forest products, including whole logs, woodchips and sawn timber,
and forestry investment, which includes establishment and
financing of managed woodlots and provision of related forestry
services, including the lease of investment land.  Its wholly
owned subsidiaries include FEA Plantations Limited, FEA Carbon Pty
Ltd, Tasmanian Plantation Pty Ltd, Tasmanian Plantation Unit Trust
and FEA Timberlands Fund.

Deloitte partners Tim Norman and Sal Algeri have been appointed as
Receivers and Managers of Forest Enterprises Australia Limited and
wholly owned subsidiary FEA Carbon Pty Ltd (FEAC).  Messrs. Norman
and Algeri have also been appointed as 'agents for the mortagee in
possession' of Tasmanian Plantations Pty Ltd, another wholly owned
property holding subsidiary of FEA.


SONRAY CAPITAL: Founders to Face Probe This Week
------------------------------------------------
Rebecca Urban at The Australian reports that the founders of
Sonray Capital Markets will be called upon in court this week to
explain how the stockbroking firm suffered a AU$46 million
collapse.

Brothers-in-law Russell Johnson and Scott Murray have been ordered
to attend a hearing at the Victorian Supreme Court to be publicly
examined under oath by the firm's administrator, The Australian
says.

According to The Australian, the examination is part of Ferrier
Hodgson's ongoing investigation into the firm's collapse, which
has left about 4,000 investors facing the prospect of receiving a
return of just 25c to 30c on the dollar.

The Australian relates that questioning of the pair, which is
scheduled to start on September 22, is expected to revolve around
whether they had knowledge of the funding discrepancy when it
first emerged and why it had not been recorded in the company's
annual accounts, which were audited and lodged with the corporate
regulator.

According to The Australian, the investigation so far has
identified more than 280 possible unfunded deposits and
reimbursements totaling about AU$56 million, and about 80 possible
unfunded withdrawals totaling approximately AU$15 million.  More
than 145 client accounts appear to have had unfunded transactions
processed through them, The Australian notes.

The Australian further says the investigation has also identified
instances where client funds were withdrawn directly from a
segregated account and deposited into Sonray's own cheque account
and used for working capital to repay loans unrelated to the group
and to fund personal withdrawals.

Ferrier Hodgson has sought to delay the second creditors' meeting
so it can complete the investigation.  The next meeting is
expected to take place before October 20.

                       About Sonray Capital

Based in Melbourne, Australia, Sonray Capital Markets --
http://www.sonray.com.au/-- specializes in online and advisory
services in global equities, global futures, global Contracts For
Difference (CFDs) and Margin Foreign Exchange.  The company has
operated since 2003 and employs about 70 people in offices in
Melbourne and on the Gold Coast.

In June 2010, Sonray Capital Markets Group appointed Ferrier
Hodgson partners George Georges and John Lindholm as voluntary
administrators.  Companies affected included Sonray Capital
Markets Pty Ltd, Sonray Capital Markets (Qld) Pty Ltd, Sonray
Capital Markets Nominees Pty Ltd, and Sonray Advisory Pty Ltd.
Ferrier Hodgson said the companies have ceased trading and the
approximately 3,000 client accounts have been suspended while the
administrators carry out an investigation into the circumstances
of the collapse.


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


ALNERY NO 131: Commences Wind-Up Proceedings
--------------------------------------------
Members of Alnery No 131 Limited, on September 9, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22nd Floor, Prince's Building
         Central, Hong Kong


ALNERY NO 132: Commences Wind-Up Proceedings
--------------------------------------------
Members of Alnery No 132 Limited, on September 9, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22nd Floor, Prince's Building
         Central, Hong Kong


AOK LIMITED: Ng Chun Yin Steps Down as Liquidator
-------------------------------------------------
Ng Chun Yin stepped down as liquidator of AOK Limited on Sept. 9,
2010.


ASIA PACIFIC: Members' Final Meeting Set for October 19
-------------------------------------------------------
Members of Asia Pacific Association of Paediatric Urologists
Limited will hold their final meeting on October 19, 2010, at
10:00 a.m., at Unit 2105, 21/F., Exchange Tower, 33 Wang Chiu
Road, Kowloon Bay, Kowloon, in Hong Kong.

At the meeting, Lam Tin Faat, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


BEAUTY YOGA: Tso Yin Yee Appointed as Liquidators
-------------------------------------------------
Tso Yin Yee on August 27, 2010, was appointed as liquidator of
Beauty Yoga Limited.

The liquidator may be reached at:

         Tso Yin Yee
         Room 2301, 23/F
         Ginza Square, 565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


BIALETTI (HONG KONG): Marco Gentili Steps Down as Liquidator
------------------------------------------------------------
Marco Gentili stepped down as liquidator of Bialetti (Hong Kong)
Limited on August 24, 2010.


BLOOMEC DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator
-----------------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Bloomec Development
Limited on September 1, 2010.


BUILTART DESIGN: Members' Final Meeting Set for October 18
----------------------------------------------------------
Members of Builtart Design Limited will hold their final general
meeting on October 18, 2010, at 11:30 a.m., at 7/F., Chuang's
Enterprises Building, 382 Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Au-Yeung Sin Ming Cindy, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BRAVURA ENTERPRISES: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Bravura Enterprises Limited, on September 9, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22nd Floor, Prince's Building
         Central, Hong Kong


CARILLON INVESTMENTS: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Carillon Investments Limited, on September 9, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22nd Floor, Prince's Building
         Central, Hong Kong


CESSNA LEISURE: Members' Final Meeting Set for October 18
---------------------------------------------------------
Members of Cessna Leisure Products Company Limited will hold their
final meeting on October 18, 2010, at 10:00 a.m., at 19th Floor,
Seaview Commercial Building, 21-24 Connaught Road West, in Hong
Kong.

At the meeting, Andrew C. C. Ma and Felix K. L. Lee, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CENTICO INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator
----------------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Centico Investment
Limited on September 1, 2010.


CHIEF RESOURCES: Tam and Tse Step Down as Liquidators
-----------------------------------------------------
Tam Chun Wan and Tse Chiang Kwok Nassar stepped down as
liquidators of Chief Resources Limited on September 17, 2010.


CHINA NAM: Members' Final Meeting Set for October 15
----------------------------------------------------
Members of China Nam Hoi Trading Limited will hold their final
meeting on October 15, 2010, at 10:00 a.m., at 18/F., Empress
Plaza, 17-19 Chatham Road South, Tsimshatsui, in Kowloon.

At the meeting, Zhong Baoguo, the company's sole liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


COMMUNITY COLLEGE: Heung Sai Kit Steps Down as Liquidator
---------------------------------------------------------
Heung Sai Kit stepped down as liquidator of The Community College
of Hong Kong Limited on September 13, 2010.


ELM BV: S&P Withdraws Rating on Two Credit-Linked Notes
-------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on the
Series 99 and 112 credit-linked notes issued by Elm B.V. following
an unwind of the notes.

The rating action on the affected transaction is:

                              Elm B.V.

     Name                  Rating To             Rating From
     ----                  ---------             -----------
     Series 99             N.R.                   D (sf)
     Series 112            N.R.                   D (sf)


EVER JOY: Creditors' Proofs of Debt Due October 20
--------------------------------------------------
Creditors of Ever Joy Management Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 20, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on September 8, 2010.

The company's liquidator is:

         Cheung Hok Hin Alan
         Suite 2302, 23rd Floor
         Seaview Commercial Building
         21 Connaught Road West
         Sheung Wan, Hong Kong


FANUC HK: Members' Final General Meeting Set for October 22
-----------------------------------------------------------
Members of Fanuc Hong Kong Limited will hold their final general
meeting on October 22, 2010, at 2:30 p.m., at 20/F., Prince's
Building, Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FINOVERDE LIMITED: Commences Wind-Up Proceedings
------------------------------------------------
Members of Finoverde Limited, on September 9, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22nd Floor, Prince's Building
         Central, Hong Kong


GLORY ACHIEVE: Members' Final Meeting Set for October 18
--------------------------------------------------------
Members of Glory Achieve Limited will hold their final general
meeting on October 18, 2010, at 9:00 a.m., at Connaught House 1,
Burlington Road, Dublin 4, in Ireland.

At the meeting, Richard Joseph Barrett, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ROAD KING: Fitch Affirms Issuer Default Rating at 'BB-'
-------------------------------------------------------
Fitch Ratings has affirmed Hong Kong-based Road King
Infrastructure Limited's Long-term foreign currency Issuer Default
Rating at 'BB-'.  The Outlook on the IDR remains Stable.
Simultaneously, the agency has upgraded Road King's foreign
currency senior unsecured rating to 'BB-' from 'B+' and assigned
an expected 'BB-' rating to Road King's US$350m senior notes due
2015.  The final rating is contingent upon receipt of documents
conforming to information already received.

"The affirmation of Road King's IDR reflect its extended maturity
profile following the issuance of the 2015 bonds in conjunction
with the tender offer for the existing 2011 and 2012 bonds, while
the upgrade of the senior unsecured rating reflects reduced
structural subordination risk for offshore bondholders from 2010
onwards," says Ying Wang, Director in Fitch's Asia-Pacific
Corporates team.  "Historically, the one-notch difference between
Road King's IDR and senior unsecured rating was based on a
relatively high proportion of structurally senior debt in the
capital structure which accounted for 3.5x and 3.0x the sum of
EBITDA and toll road cash flows at end-2009 and end-2008,
respectively.  Now with property EBITDA margins improving to
higher levels, the structurally senior debt is likely to remain
below 2.0x the sum of EBITDA and toll road cash flows from 2010
onwards," adds Ms. Wang.

On September 13, 2010, Road King announced a tender for purchase
of up to an amount equal to 50% of the combined aggregate
principal amount of the outstanding 2011 notes (US$195 million)
and the outstanding 2012 notes (US$150 million), pursuant to a
modified Dutch auction procedure; concurrently the company has
issued US$350 million 9.5% senior notes due 2015.  The proceeds
will be used to finance the bond tender and/or to otherwise
repurchase or repay at maturity the remaining 2011 and 2012 notes.
Any remaining proceeds will be used to refinance other existing
indebtedness and to fund the company's property development
business.

Road King's IDR continues to be constrained by the company's
exposure to China's highly volatile and cyclical property sector.
Fitch notes that Road King's contracted sales in H110 were largely
in line with the agency's expectation.  The company received
HKD343 million in cash receipts from its toll road operations in
H110, which represents about 70% of Fitch's 2010 full-year
estimate.  The agency expects Road King's toll road cash flows to
decline yoy in 2010 and to stabilize thereafter, primarily
reflecting asset disposals in 2009 and the agency's more
conservative view over the performance of its toll segment.

Fitch expects Road King's liquidity position to improve over a 12
to 18 month period once the refinancing risk of 2011 and 2012 bond
maturities has been largely removed.  However, Road King's ratings
continue to be underpinned by the assumption that it will maintain
a disciplined land bank acquisition strategy and prudent financial
policies, including a successful refinancing of the bank loan
maturities over 2010 - 2012.

At June 30, 2010, Road King had an adjusted net leverage ratio
(defined as adjusted net debt-to-EBITDAR plus toll road cash
flows) of 3.9x (end-2009: 5.7x).  Although Road King's net
leverage may improve to below 4.0x in 2010, temporarily due to
increased property EBITDA, Fitch expects Road King's adjusted net
leverage ratio to hover above 4.0x over 2011-2013.

Negative rating actions could arise if there are negative changes
in China's regulatory and/or macro environment, (which would
result in material deterioration in Road King's operating
performance), if adjusted net leverage ratio exceeds 6.25x, if
EBITDAR plus toll road cash flows to gross interest expense plus
rent ratio falls below 2.5x, if the annual toll road cash flows
are less than 1.0x of gross interest expense, and finally if there
is a significant shift in the management's business strategy away
from the toll road business as the operating priority.

On the other hand positive rating actions could arise from a
sustained de-leveraging to less than 4.0x adjusted net leverage,
or given a successful spin-off of the property division.


SHUN KAM: Annual Meetings Slated for September 28
-------------------------------------------------
Creditors and members of Shun Kam Company Limited will hold their
annual meetings on September 28, 2010, at the offices of FTI
Consulting (Hong Kong) Limited, 14th Floor, The Hong Kong Club
Building, 3A Chater Road, Central, in Hong Kong.

At the meeting, Roderick John Sutton, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TOP SUMMIT: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on September 1, 2010,
to wind up the operations of Top Summit Finance Limited.

The official receiver is E T O'Connell.


TOY DEPOT: Court to Hear Wind-Up Petition on October 27
-------------------------------------------------------
A petition to wind up the operations of Toy Depot (Hong Kong)
Limited will be heard before the High Court of Hong Kong on
October 27, 2010, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on August 17, 2010.

The Petitioner's solicitors are:

          Chu & Lau
          2nd Floor, The Chinese General Chamber of
          Commerce Building
          No. 24-25 Connaught Road
          Central, Hong Kong


WIN HING: Lui and Lau Wu Step Down as Liquidators
-------------------------------------------------
Kennic Lai Hang Lui and Lau Wu Kwai King Lauren stepped down as
liquidators of Win Hing Civil Engineering Limited on August 23,
2010.


WAI KWONG: Creditors' Proofs of Debt Due October 4
--------------------------------------------------
Creditors of Wai Kwong Products Factory Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by October 4, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

          Elizabeth Law
          Kwok Hon Ping
          8th Floor, Chinachem Tower
          34-37 Connaught Road
          Central, Hong Kong


=========
I N D I A
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AMBIKA SOLVEX: CRISIL Rates INR100 Million Term Loan at 'BB'
------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Ambika Solvex Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR100.0 Million Term Loan          BB/Stable (Assigned)
   INR520.0 Million Packing Credit     P4+ (Assigned)
   INR70.0 Million Letter of Credit    P4+ (Assigned)
   INR10.0 Million Bank Guarantee      P4+ (Assigned)
   INR100.0 Million Letter of Credit   P4+ (Assigned)
                     & Bank Guarantee

The ratings reflect ASL's susceptibility to economic downturns,
volatility in soya prices, intense market competition, and adverse
regulatory changes in the soya industry.  These rating weaknesses
are partially offset by ASL's promoters' experience in the soya
industry.

Outlook: Stable

CRISIL believes that ASL will continue to generate steady cash
accruals and benefit from emerging markets for its products and
from the operating efficiencies arising out of its recently
commissioned power plant for captive consumption.  The outlook may
be revised to 'Positive' if there is a significant increase in
ASL's revenues and improvement in margins.  Conversely, the
outlook may be revised to 'Negative' if ASL's cash accruals
decline substantially, adversely affecting its debt protection
metrics.

                        About Ambika Solvex

ASL is promoted by Mr. Vinodkumar Garg, Mr. Shivkumar Hotwani,
Mr. Nandkishore Agarwal and Mr. Kailash Chandra Garg. It was
incorporated as a private limited company in 1992 and
reconstituted as a closely held public limited company in 1995.
ASL manufactures raw and refined soya bean oil and soya bean meal.
ASL has solvent extraction capacity of 13,50,500 tones per annum
(tpa) and refining capacity of 1,46,000 tpa. Its solvent
extraction plants are located in Akola, Maharashtra state and
Jaora, Kalapipal, and Pathariya in Madhya Pradesh.I Its refineries
are in Akola, Kalapipal, and Pathariya. It has set up 2 power
plants for captive consumption at Kalapipal and Jaora with total
capacity of 3.6 mega watts.

ASL reported a profit after tax (PAT) of INR167.0 million on net
sales of INR7810.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR111.2 million on net
sales of INR7337.0 million for 2008-09.


ALUMINIUM INDIA: CRISIL Rates INR80 Million Cash Credit at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Aluminium
India's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR80.00 Million Cash Credit     BB-/Stable (Assigned)
   INR40.00 Million Bank Guarantee  P4+ (Assigned)

The ratings reflect Aluminium India's below-average financial risk
profile, marked by below-average capital structure and debt-
protection metrics, and the risks the firm faces in trading in
commodity-like products.  These rating weaknesses are partially
offset by benefits that the firm derives from its promoters'
extensive experience in trading in aluminium products and
established relationships with its key customers and suppliers.

Outlook: Stable

CRISIL believes that Aluminium India will maintain strong
relationships with vendors and customers, and benefit from its
promoters' industry experience.  The outlook may be revised to
'Positive' if the firm diversifies its revenue profile and scales
up its operations, while improving its margins.  Conversely, the
outlook may be revised to 'Negative' if the firm's capital
structure deteriorates considerably on account of large debt-
funded capital expenditure, or if it faces pressure on margins.

                       About Aluminium India

Set up in 1965 as a proprietorship firm by Mr. Baiju Vyas and
family, Aluminium India (formerly, Vistas), was reconstituted as a
partnership firm in 1975. Aluminium India primarily trades in
aluminium and copper products in Hyderabad (Andhra Pradesh).

Aluminium India reported a provisional profit after tax (PAT) of
INR10.7 million on net sales of INR1660.00 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR6.00 million on net sales of INR1399.00 million for 2008-09.


BALKRISHNA SALES: CRISIL Assigns 'BB-' Rating to INR65MM Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Balkrishna Sales Corporation.

   Facilities                       Ratings
   ----------                       -------
   INR65.0 Million Cash Credit      BB-/Stable (Assigned)
   INR20.0 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect BSC's weak financial risk profile, marked by
small net worth and weak debt coverage indicators.  This rating
weakness is partially offset by BSC's moderate business risk
profile, marked by established relationships with key suppliers
and sole distributor status for all its traded products within
West Bengal region.

Outlook: Stable

CRISIL believes that BSC will maintain its business risk profile,
supported by its relationships with key suppliers and its well-
entrenched position in the fast-moving consumer good (FMCG) market
in West Bengal.  BSC's financial risk profile is expected to
remain weak because of its large working capital requirements and
small net worth.  The outlook may be revised to 'Positive' if
BSC's financial risk profile improves, driven most likely by
improvement in capital structure.  Conversely, the outlook may be
revised to 'Negative' in case of deterioration of the firm's
profitability, or if it undertakes a larger-than-expected debt-
funded capital expenditure programme, thereby weakening its
capital structure.

                      About Balkrishna Sales

BSC was incorporated in 1983 by Mr. Sanjay Mehta. It is based in
Kolkata (West Bengal). BSC trades in FMCG products of various
companies, including salt from Tata Chemicals Ltd, tea from Tata
Tea Ltd, Madhusudan Milk Powder, incense sticks from Moksh
Agarbatti Company, wheat flour from Shakti Bhog Foods Ltd,
Himalayan mineral water, and other products such as cornflakes,
papad, fruit juice, oil, spices, and noodles. BSC is the sole
consignment agent for Tata Tea and Madhusudan Milk Powder in West
Bengal, and is an exclusive super stockist for other products for
in the state. The firm has relationships with 125 stockists in
West Bengal. BSC has three warehouses in Kolkata, with a combined
floor space of 13,000 square feet.

BSC reported a profit after tax of INR2.5 million on net sales of
INR654.4 million for 2008-09 (refers to financial year, April 1 to
March 31), against INR3.0 million and INR502.4 million,
respectively, for 2007-08.


HAYAT COMMUNICATIONS: CRISIL Rates INR50MM Cash Credit at 'BB'
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Hayat
Communications Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR50.0 Million Cash Credit       BB/Stable (Assigned)
   INR50.0 Million Letter of Credit  P4+ (Assigned)

The ratings reflect HCPL's limited track record and small scale of
operations in the telecommunications infrastructure consultancy
and large working capital requirements.  These rating weaknesses
are partially offset by the strong financial support that HCPL
derives from its parent Hayat Communications Company (K.S.C.C.),
supported by growth prospects for the end-user industry.

Outlook: Stable

CRISIL believes that HCPL's credit risk profile would be supported
by strong financial support from its parent company. The outlook
may be revised to 'Positive' if the company reports higher-than-
expected top-line growth and profitability along with efficient
working capital management.  Conversely, the outlook may be
revised to 'Negative' in case of steep deterioration in HCPL's
financial risk profile and liquidity driven by large debt-funded
capital expenditure, or further stretch on working capital cycle.

                     About Hayat Communications

HCPL was set up in India during 2000-01 (refers to financial year,
April 1 to March 31).  HCPL is a wholly owned subsidiary of Kuwait
based Hayat Communications Co. (K.S.C.C.), which is listed on
Kuwait Stock Exchange.  Till 2006, HCPL traded in imported telecom
equipment in India.  During 2007, HCPL started providing
installation and commissioning services of telecom-related passive
infrastructure.

HCPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR427.9 million for 2008-09, against a net loss of
INR51.7 million on net sales of INR153.8 million for 2007-08.


HIRACO JEWELLERY: ICRA Assigns 'LBB' Rating to INR12cr Bank Debts
-----------------------------------------------------------------
ICRA has assigned 'LBB/A4+' rating to the INR12 crore fund based
bank limits of Hiraco Jewellery (India) Private Limited.  The long
term rating carries stable outlook.

The rating favourably factors in the long experience of HJPL's
promoters in the gems & jewellery industry and the company's
comfortable capital structure as of FY10.  The ratings are
constrained by HJPL's susceptibility of revenues and profitability
to adverse foreign exchange fluctuations as well as its exposure
to concentration risks arising from its sales to a single client,
viz., one of its co-promoters Facet Jewellery Solutions S.L.,
Spain. Nevertheless, the fact that FJS sells the studded jewellery
procured from HJPL to a diversified end customer base consisting
of retailers and wholesalers across Europe through its marketing
network partially offsets the revenue concentration risk.

                      About Hiraco Jewellery

Hiraco Jewellery (India) Private Limited was established in July
2005 for manufacture and export of diamond studded jewellery. The
company is a 50:50 joint venture between the RTStar group
and Facet Jewellery Solutions S.L., Spain.  HJPL manufactures
studded jewellery at its SEEPZ facility in Mumbai and exports
solely to FJS which in turn sells it to various retailers and
wholesalers across Europe.  The RTStar group, which is a co-
promoter of HJPL, was founded in 1978 by Mr. Nitin Ratilal Shah,
son of Late Shri Ratilal Tribhovandas Shah (founder promoter of
the RTStar Group).  Mr. Nitin Shah has a wide experience of over
three decades in the gems and jewellery industry.  The other
major companies in the RTStar Group include RTStar Solitaires
{rated LBB+ (stable)/A4+ by ICRA}, RTStar Diamonds {rated LBB
(stable)/A4 by ICRA}, RTStar Jewelry Private Limited {rated LB/A4
by ICRA}, etc.

Facet Jewellery Solutions S.L. was established in 2004 and is a
part of the Facet group based out of Spain.  Promoted by Mr. Jose
Miguel Serret, the group has over 30 years of experience in the
diamond and studded jewellery business.  FJS was established to
market studded jewellery to various jewellery retailers and
wholesalers across Europe.

Recent results:

For the financial year ended March 2010, the company reported a
Net Profit of INR5.2 crore on an operating income of INR67.7
crore.


JETLITE (INDIA): ICRA Places 'LBB+' Rating on INR200cr LT Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR200.0 crore long
term fund based limits of JetLite (India) Limited.  The outlook on
the long-term rating is stable.  ICRA has also assigned an A4+
rating to the INR400.0 crore bank limits (including proposed
limits) of JetLite.

The ratings factor in the financial and operational support that
JetLite receives from its parent company- Jet Airways (India)
Limited (rated LBBB- (Stable)/ A3 by ICRA), by virtue of its
leadership position in the Indian airline industry and strong
network on domestic and international routes.  JetLite is present
in the domestic low-fare carrier segment which has witnessed
increasing preference amongst cost conscious airline
travellers resulting in steadily improving load factors.  The
ratings also factor in the overall recovery witnessed in the
domestic and international airline industry since the second half
of FY 2010 reflected in strong growth in passenger traffic,
improving load factors and stability in yields.  Given the strong
recovery in passenger traffic and industry wide capacity
rationalization efforts undertaken by various airlines, which
have helped in improving load factors and yields, ICRA expects the
improvement to be sustained, though any sharp hike in ATF prices
could have an adverse impact on the profitability parameters.

The ratings are, however, constrained by JetLite's financial
profile characterized by negative networth, stretched coverage
indicators and weak profitability which are susceptible to
increasing competition, over capacity and fuel costs. However,
JetLite has benefited from the recent cost control measures
undertaken by Jet Airways along with an improvement in the
operating environment resulting in an improved profitability
over the last three quarters.  Jet Airways is also planning to
deleverage its balance sheet through a proposed Qualified
Institutional Placement (QIP) issue, sale of the developmental
rights in the land at Bandra-Kurla complex and sale and lease back
of aircraft.  Given the strong business linkages with Jet Airways,
the timely execution of these capitalization initiatives will be
critical to maintaining the credit profile of JetLite and will be
the key rating sensitivities.

                            About Jetlite

JetLite, a wholly owned subsidiary of Jet Airways India Ltd, was
acquired by Jet Airways in April 2007. Along with Jetlite, Jet
Airways is India's leading domestic carrier with a market share of
26.2% (as on June 2010).  JetLite is positioned as a low-fare
carrier in the domestic segment.  JetLite currently provides
regular scheduled services to around 26 destinations in India and
2 international destinations.  The company's fleet stands at 24
aircraft.

                    About Jet Airways (India) Limited

Incorporated in 1992 as a private limited company, Jet Airways
commenced operations as an Air Taxi Operator in 1993 with a fleet
of four leased Boeing 737 aircraft.  The company was granted
scheduled airline status in January 1995.  Jet Airways was founded
by Mr. Naresh Goyal and is presently 80% owned by Tail
Winds Limited, an Isle of Man registered entity owned 100% by Mr.
Naresh Goyal.  Jet Airways currently provides regular scheduled
services to around 54 destinations in India and 19 international
destinations. Jet Airways' fleet currently stands at 90 aircraft.

Recent Results

For FY 2009-10, JetLite reported a net profit of INR46.2 crore as
compared to a loss of INR630.4 crore in the previous year. In Q1
FY 2011, JetLite reported a profit of INR4.9 crore as compared to
a profit of INR2.2 crore in the corresponding quarter in the
previous year.


KALINDI ISPAT: CRISIL Cuts Rating on INR131.4MM Term Loan to 'B+'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Kalindi Ispat Pvt Ltd to 'B+/Negative/P4' from BB-/Stable/P4+.

   Facilities                           Ratings
   ----------                           -------
   INR87.5 Million Cash Credit Limit    B+/Negative (Downgraded
                                             from 'BB-/Stable')

   INR131.4 Million Term Loan           B+/Negative (Downgraded
                                             from 'BB-/Stable')

   INR5.3 Million Bank Guarantee        P4 (Downgraded from 'P4+')

The downgrade reflects KIPL's weaker-than-expected financial
performance in 2009-10 (refers to financial year, April 1 to March
31), reflected in its stagnant topline of INR279.3 million and
decline in cash accruals to an estimated INR4.9 million from
INR37.9 million in 2008-09. Despite healthy operating
profitability of 17 per cent in 2009-10, KIPL reported loss after
tax and depressed cash accruals because of increased interest
costs arising out of large debt-funded inventory holding. The
stagnation in topline was caused by KIPL deferring its debt-funded
capital expenditure (capex) for setting up a steel-flats
manufacturing unit. Despite the deferral of capex, KIPL's gearing
increased because of large inventory stocked (funded by short-term
debt) by the company in anticipation of price increase. Subdued
cash accruals and high debt levels have also resulted in
significant deterioration in company's debt protection metrics.
The downgrade also reflects CRISIL's belief that KIPL's financial
risk profile will continue to be constrained by its large debt
repayment obligations against its expected subdued cash accruals.

The ratings reflect KPIL's weak financial risk profile, marked by
small net worth, moderate gearing, and weak debt protection
metrics; small scale and lack of integration of operations; high
working capital requirements; and susceptibility to volatility in
raw material prices. These rating weaknesses are partially offset
by KIPL's promoter's experience in the sponge iron industry.

Outlook: Negative

CRISIL believes that KIPL's liquidity will remain under pressure
over the medium term because of its large debt obligations and
working capital requirements vis-…-vis subdued cash accruals. The
rating may be downgraded in case of more-than-expected pressure on
KIPL's liquidity caused by larger-than-expected debt obligations
and working capital requirements, or lesser-than-expected cash
accruals. Conversely, the outlook may be revised to 'Stable' if
KIPL's liquidity improves, most likely because of more-than-
expected cash accruals or prudent inventory management.

                        About Kalindi Ispat

KIPL, incorporated in 2006, manufactures sponge iron. Its
production facility in Belpan, Chhattisgarh, has total installed
capacity of 60,000 tonnes per annum. The company is promoted by
Mr. Rajendra Singhania and family. KIPL sells its products
primarily to small steel manufacturing units in Chhattisgarh and
surrounding states.

KIPL reported a net loss of INR8.7 million on net sales of
INR279.3 million for 2009-10, against a profit after tax of
INR20.2 million on net sales of INR364.5 million for 2008-09.


PARIJAT INDUSTRIES: ICRA Assigns 'LBB+' Rating to INR30cr Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating on the long term scale and an
A4+ rating on the short term scale to the INR30.0 crore bank
limits of Parijat Industries (India) Private Limited.  The long
term rating has been assigned a Stable outlook.

The ratings are constrained by the modest current financial risk
profile of the company as reflected in its thin profitability
margins; high gearing levels; stressed working capital position
and negative cash flows; presence in the relatively low value
added formulations segment and lack of backward integration; high
inherent business risks of the agrochemical industry including
vulnerability to agro-climatic conditions, regulatory risks,
threat to long term demand from development of Genetically
Modified Crops and other initiatives which seek to minimize use of
crop protection products besides the high competitive intensity in
the domestic and export markets.  ICRA also notes that the company
has moderately aggressive expansion plans over the near to medium
term and being largely debt funded they would keep its credit
profile strained on a projected basis.  Nevertheless while
assigning the ratings ICRA has favorably considered the promoters
moderately long experience in the agrochemicals business; the
company's favorable competitive positioning based on a large
portfolio of registrations secured in export markets; increasing
focus on new generic molecules in the product portfolio; healthy
business growth exhibited in past years and further upside
potential from proposed expansion plans.

                      About Parijat Industries

Parijat Industries (India) Pvt Ltd is engaged in the manufacture
and sale of agrochemicals.  The company is promoted by the Anand
family who have a moderately long experience in the agrochemicals
business having been engaged in it since 2001 under their other
business entity Parijat Agencies which was into agrochemical
exports (trading).  Later this other entity was merged into
Parijat for better operational integration.  The company is a
closely held entity with 100% shareholding being with the
promoters, their friends and family members.  Parijat's sole
manufacturing unit is located at Ambala in Haryana with an
installed capacity of 4500 MTPA/KL.

Recent Results

In 2009-10, the company has reported an operating income (OI) of
INR91 crore with a profit after tax of INR2.73 crore compared to
an OI of INR63 crore and a profit after tax of INR2.26 crore in
2008-09.


RANGANAYAKA SPINNING: ICRA Reaffirms INR12.7cr Loan 'LBB' Rating
----------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating outstanding on the INR12.7
crore term loan facilities and the INR5.5 crore fund based
facilities of Ranganayaka Spinning Mills Private Limited.  The
outlook on the long-term rating is stable. ICRA has also
reaffirmed the 'A4' rating outstanding on the Rs.0.5 crore fund
based facilities, the INR0.2 crore fund based (sub-limit)
facilities, the INR1.7 crore non-fund based facilities and the
INR1.2 crore non-fund based (sub-limit) facilities of RSMPL.

The reaffirmation of ratings considers RSMPL's weak financial
profile characterized by high gearing and stretched coverage
metrics.  The ratings also consider the small scale of RSMPL's
operations, which restricts scale economies and financial
flexibility, and the susceptibility of the Indian textile industry
to competition from other low cost countries / from countries with
lower foreign exchange fluctuations.  The ratings factor in the
experience of promoters in textile industry that spans over 28
years.

                     About Ranganayaka Spinning

RSMPL, incorporated in 2006, commenced manufacturing operations in
April 2008 with an installed capacity of 4,800 spindles.  Over
time, RSMPL increased its capacity to 18,000 spindles as on
June 30, 2010.  The Company's production facility is located in
Guntur, Andhra Pradesh. RSMPL is closely held by the promoters and
their relatives/friends.  RSMPL produces carded and combed cotton
yarn of coarse/ medium counts. RSMPL sells its produce mainly in
the domestic market through agents.

Recent Results

The Company has reported profit after tax of INR1.4 crore on
operating income of INR21.0 crore for the year ended March 31,
2010.


SUPRA STEEL: ICRA Assigns 'LBB-' Rating to INR9cr Bank Facilities
-----------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR9 crore bank
facilities of Supra Steel & Power Private Limited.  The long-term
rating has been assigned a "Stable" outlook.

The rating reflects SSPL's modest scale of operations coupled with
suboptimal capacity utilization, low value addition in the sponge
iron business and a raw material intensive nature of business that
makes profitability vulnerable to adverse movement in raw material
prices.  Moreover, SSPL's stretched working capital position on
account of high inventory levels and significant capital
expenditure plan, which is expected to be largely debt funded,
would exert pressure on the company's liquidity and capital
structure. Nevertheless, the rating favorably factors in the
experience of promoters in steel business and SSPL?s proximity to
iron ore mines, which reduces transportation cost.

Recent Results

In 2009-10, SSPL has earned a net profit of INR0.79 crore on an
operating income of INR9.79 crore as compared to a net profit of
INR1.27 crore on an operating income of INR14.43 crore in
2008-09.

                          About Supra Steel

Incorporated in February 2005, Supra Steel & Power Pvt. Ltd. is a
sponge iron manufacturing company which commenced its operation in
February 2006.  The company was acquired by the new management led
by Mr. K. Satya Prasad and Mr. Jayaram Shetty in 2007.  Based in
Bellary, the manufacturing unit of the company has an installed
capacity of 50TPD. The company currently is in the process of
increasing its capacity to 100TPD.


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


INCUBATOR BANK: Refunds JPY29.1 Billion to Depositors
-----------------------------------------------------
The Incubator Bank of Japan has refunded JPY29.1 billion in
deposits to customers since the bank resumed operations at some of
its branches on September 13, 2010, Kyodo News reports citing the
Deposit Insurance Corp of Japan.

As the bank held combined deposits of JPY582 billion when it went
bankrupt on Sept 10, the repaid deposits accounted for around 5%
of the total.  Kyodo News relates the state-backed administrator
said the bank received a total of 7,883 applications at 16 of its
114 branches through Thursday, September 16.

As reported in the Troubled Company Reporter-Asia Pacific on
September 13, 2010, Kyodo News said the Incubator Bank of Japan
Ltd. filed for bankruptcy proceedings with the Financial Services
Agency under the Deposit Insurance Law.  The FSA is expected to
invoke the deposit protection scheme for the first time since it
was instituted in 1971.  The protection covers up to JPY10 million
in deposits and interest.  According to Kyodo, sources said the
bank may incur a capital deficit in its semiannual period through
September.  The bank had about JPY592.7 billion in deposits as of
March 31, of which JPY68.6 billion had been deposited in excess of
the JPY10 million threshold by some 4,800 depositors.

Incubator Bank of Japan Ltd. is a Tokyo-based small business
lender.


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


HAISAN RESOURCES: EON Bank Serves Summons Over Defaulted Loans
--------------------------------------------------------------
Haisan Resources Berhad on September 15, 2010, received a Writ of
Summons and Statement of Claim from Messrs. Shearn Delamore & Co.,
on behalf of EON Bank Berhad, claiming payment of a MYR3.75
million overdraft facility.

EON Bank also served writ of summons against:

    -- Haisan Resources and its wholly-owned subsidiary,
       Hai San & Sons Sdn Bhd, claiming payment of a
       MYR4.76 million overdraft facility; and

    -- wholly-owned subsidiaries, Pontian Ice Factory Sdn
       Bdh and Hai San Ice Industries Sdn Bhd, claiming
       payment of a MYR872,061.73 overdraft facility.

The writ of summons will not have any additional financial and
operational impact on the Group as it has not had access to the
said facility for the past seven months.

The Group is in the midst of taking legal advice from its
solicitors to defend for claim.

The Group has appointed a Scheme Adviser, UHY Diong Advisory
(KL) Sdn Bhd, to formulate a conclusive Debt Restructuring
Proposal.  The DRP is expected to form an integral part of the
overall Regularization Plan to revive and reorganize the financial
condition of the Company.

                       About Haisan Resources

Based in Malaysia, Haisan Resources Berhad --
http://www.haisan.com/-- is principally engaged in the investment
holding and provision of management services to subsidiaries.  The
Company operates in three business segments. Its engineering
segment is engaged in the refrigeration, civil, mechanical,
electrical, general engineering works and construction, trading of
refrigerating equipment, spare parts, hot dip metal galvanizing
and electroplating. The temperature controlled logistics/
warehousing segment is engaged in the temperature-controlled
logistics services, handling, value added processing, refrigerated
transportation and distribution services, leasing of cold rooms,
bonded and general warehousing services. Its ice manufacturing
segment is engaged in the manufacturing and marketing of tube ice.
The Company's other segment is engaged in the investment holding,
provision of information technology maintenance and support
services.

Haisan Resources Berhad has been considered a PN17 Company as the
external auditors of the Company, Messrs. BDO had expressed a
modified opinion with emphasis of matter on going concern in the
Company's Audited Financial Statements for financial year ended
December 31, 2009.  Based on its quarterly report for the period
ended March 31, 2010, the Company's shareholders' equity is less
than 50% of its issued and paid-up capital.


TRACOMA HOLDINGS: High Court of Malaya Grants Restraining Order
---------------------------------------------------------------
The High Court of Malaya, Shah Alam on September 9, 2010, granted
a Restraining Order to Tracoma Holdings for a period of three
months effective from September 9, 2010, pursuant to Section 176
of the Companies Act, 1965.

The Company's board is of the view that a restraining order is
necessary to prevent any proceedings against the Tracoma Group
which may jeopardise its debt restructuring scheme, pending the
finalization of the scheme.

The RO is not expected to have any material impact on the
financial and operational matters of the Tracoma Group in view
that the RO is to facilitate the finalization of the Tracoma
Group?s debt restructuring scheme.

                        About Tracoma Holdings

Tracoma Holdings Berhad is a Malaysia-based investment holding
that is engaged in the provision of management services.  The
Company is a manufacturer and supplier of automotive parts and
components.  Some of its wholly owned subsidiary companies include
Tracoma Sdn. Bhd., which is engaged in manufacturing of automotive
components; Malaysian Die-Makers Sdn. Bhd., which is engaged in
die making and servicing; Trends Mecha Sdn. Bhd., which is engaged
in parts and car design, and Malaysian Farm Machinery Sdn. Bhd.,
which is engaged in assembling and distributing agricultural
tractors.

                           *     *     *

Tracoma Holdings 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 PN17's Paragraph 8.04 and Paragraph
2.1(a) as the consolidated shareholders' equity for the full
financial year ended December 31, 2009, is less than 25% of the
Company's issued and paid-up capital and such shareholders' equity
is less than MYR12 million.


VTI VINTAGE: Affin Bank Demands Payment of MYR3 Million Judgment
----------------------------------------------------------------
VTI Vintage Berhad and its wholly-owned subsidiary Vintage Roofing
& Construction Sdn Bhd, on September 14, 2010, received a letter
dated September 8, 2010, from Messrs. Manjit Singh Sachdev,
Mohammad Radzi & Partners, the solicitors for Affin Bank Berhad,
demanding the Judgment sum of MYR3 million as at March 31, 2009,
together with interest at the rate of 1.75% above the Base Lending
Rate calculated from April 1,  2009, until the date of realization
and cost of MYR225 within 14 days from the date of the Letter.

The Board of Directors of the Company said that the Company has no
knowledge on the Judgment until the Company received the said
letter.  However, VTI Vintage disclosed that the scheme creditors
of the Company and its subsidiary companies had at the Court
Convened Meeting held on July 16, 2010, approved the Proposed
Scheme of Arrangement under Section 176 of the Companies Act,
1965.  Based on the legal advice obtained, the Company said Affin
will be bound under the approved Proposed Scheme as Affin is one
of the Scheme Creditors under the approved Proposed Scheme.

                          About VTI Vintage

VTI Vintage Berhad is an investment holding company.  It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.

On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.


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


ALLIED FARMERS: Tax Adviser May File Claim for Investors' Losses
----------------------------------------------------------------
Wellington-based tax adviser Brent Gilchrist is planning to file a
claim on behalf of investors who made losses on sales of Allied
Farmers shares acquired in a debt-for-equity swap, Hamish
Rutherford at BusinessDay reports.

BusinessDay relates that more than 16,000 Hanover Finance bond
holders traded their investments for 1.9 billion Allied Farmers
shares last December.  The shares had a value of 20.7 cents at the
time of issue but plunged when they began trading as many
investors opted to sell. On Friday, September 17, they were quoted
at 2.9c.

According to BusinessDay, Mr. Gilchrist said he was preparing a
claim on behalf of one of the investors, who sold his shares at
10.3c.  Mr. Gilchrist claimed the loss on the shares should be
deductible against tax on gains on other investments, BusinessDay
relates.

BusinessDay states that New Zealand has no capital gains tax, but
profits on shares which were acquired for the express purpose of
sale are taxable, and losses can offset profits elsewhere.

Mr. Gilchrist, as cited by BusinessDay, said shareholders who
immediately sold their shares should be able to prove that the
shares were acquired for the purpose of sale, while those who sold
later may need other documentation to prove they intended to sell.

                        About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprises livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.

                            *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 21, 2010, Allied Farmers Ltd. gained a six-month extension of
its loan facility with Westpac, giving the finance company more
time to repay debt and restructure its business.  Allied Farmers
had NZ$21 million outstanding on the facility as at June 30 and
had an overdraft facility of NZ$2.5 million that was set to expire
on July 1.  The latest agreement pushes out the due date to
March 31 next year from September 24, 2010.


CRAFAR FARMS: Judge Rejects Owners' Bid to Strike Out Eviction
--------------------------------------------------------------
Associate Judge John Faire at a civil hearing in the High Court at
Rotorua has rejected the Crafar family's legal bid to immediately
strike out efforts to have it evicted from its Reporoa farm,
stuff.co.nz reports.

According to the report, receivers at KordaMentha have applied to
have Allan John Crafar, Jean Crafar, Frank Robert Crafar, Heather
Monro, Robert Scott Crafar and Layla Rebecca Robinson removed from
farmhouses around the home property.

The report notes that Allan Crafar, acting for Plateau Farms,
himself and various family members failed in a bid to have the
matter struck out.  The report relates that Judge Faire ruled that
Mr. Crafar was given less than 24 hours' notice for the course of
action, which gave the plaintiff (KordaMentha) insufficient time
to respond.

The report discloses Judge Faire said that Mr. Crafar would be the
first to complain if documents had been served on him at such
short notice.  The application has been adjourned until
October 26.

Judge Faire, the report says, also queried whether Mr. Crafar had
the authority to act for others named in the proceedings.
"Normally if they are not representing themselves they must be
represented by a person on the roll of barristers and solicitors,"
the report quoted Judge Faire as saying.  This should be sorted
out before the matter is again before the court, he added.

Judge Faire set dates for the plaintiff and defendants to file and
serve relevant affidavits before the October 26 hearing when it is
anticipated a fixture date will be set, the report adds.

                        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.


SENSATION YACHTS: Owner Won't Return As Creditors Fight
-------------------------------------------------------
Boat builder Ivan Erceg is not expected to return to New Zealand
when two of his creditors go to court over his collapsed company
Sensation Yachts, The New Zealand Herald reports.

The NZ Herald says Mr. Erceg is believed to be in the south of
France but not even Sensation Yachts' receivers or his lawyers
know his exact whereabouts.

According to the NZ Herald, Mr. Erceg has been living outside
New Zealand for over a year -- during this time he has been
bankrupted, his company Sensation Yachts has been placed into
liquidation and his creditors are at war over deserted chattels
left rusting on his former property.

The NZ Herald discloses that HSBC wants the chattels, including
three incomplete boat hulls owned by Russian-owned firm Balenia,
removed so it can sell the property and recoup its $6.5 million
investment.

According to the NZ Herald, Balenia paid Mr. Erceg $100 million to
build five super yachts to be completed by 2007.  Construction
began on three but the boats were never completed and the
unfinished hulls are sitting in the water in West Auckland, the NZ
Herald adds.

HSBC and Balenia will fight it out in the High Court at Auckland
in November, the NZ Herald says.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 5, 2009, the High Court at Auckland appointed Peri Finnigan
at McDonald Vague as liquidator of the company after creditor
Public Trust filed an application to liquidate the company.
On Aug 11, 2009, the TCR-AP reported that Sensation Yachts owner
Ivan Erceg appointed Peter Jollands as the receiver for the
company.

Established in Auckland, New Zealand in 1978, Sensation Yachts --
http://www.sensation.co.nz/-- has built some of the world's most
expensive pleasure craft at its Henderson yard, wedged between
Auckland's western motorway and the upper reaches of the Waitemata
Harbour.


SOUTH CANTERBURY: Receivers Get More Than 150 Inquiries on Assets
-----------------------------------------------------------------
Receivers of South Canterbury Finance have received more than 150
inquiries from New Zealand and overseas investors expressing
interest in acquiring assets, The National Business Review
reports.

NBR says Kerryn Downey and William Black, of advisory firm
McGrathNicol, have invited leading investment banks to submit
proposals for advising and assisting them in selling the group's
assets.

According to NBR, the receivers also said that they had made
significant progress toward agreeing a staff retention package
with South Canterbury group senior management and staff.

"The support and cooperation we have received from staff and
senior management since the commencement of the receivership has
been very valuable," NBR quoted Mr. Downey as saying.

"Retaining those key people is essential if we are to continue to
maintain business operations, meet customer funding requirements
and preserve the value of the SCF Group's assets."

                       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.

On August 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008.  As part of that, SCF was granted a
Trustee waiver in February 2010 to allow it time to recapitalise.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


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


PHILIPPINE AIRLINES: To File Civil Suit Against 10 More Pilots
--------------------------------------------------------------
BusinessWorld Online reports that Philippine Airlines will file
civil cases against 10 more former employees who are pilots in the
coming days after seeking damages last week from 16 who left the
carrier en masse last July.

Jaime J. Bautista, PAL president, said the charges would be filed
whether the pilots are still in the country or not, BusinessWorld
reports.

The Troubled Company Reporter-Asia Pacific reported on Sept. 16,
2010, that Philippine Airlines sued 16 of the 25 pilots who
resigned in July to work for other carriers, accusing them of
breach of contract and abandonment of duty before a Makati court.
The pilots left without notice for higher-paying jobs in Hong
Kong, Vietnam and the Middle East, causing the airline to cancel
more than 20 flights in August.  The airline accused the pilots,
of violating a provision in their contract to give the company 180
days notice before leaving for another job, as well as an
agreement requiring them to work for five years to cover the cost
of their training.

                     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.  The PAL Employees Union
estimated that 2,000 to 4,000 employees assigned to those
departments could be retired.  PAL 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.


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


CUSTOMER LOYALTY: Creditors' Proofs of Debt Due October 18
----------------------------------------------------------
Creditors of Customer Loyalty Solutions Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by October 18, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

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


CYBER GENERATION: Creditors' Proofs of Debt Due October 18
----------------------------------------------------------
Creditors of Cyber Generation Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 18, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

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


GOBI PTE: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on September 3, 2010,
to wind up the operations of Gobi Pte Ltd.

HSBC Institutional Trust Services (Singapore) Limited as trustee
of Suntec Real Estate Investment Trust, filed the petition against
the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee?s office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


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


* BOND PRICING: For the Week September 13 to September 17, 2010
---------------------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.00
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.98
ANTARES ENERGY          10.00    10/31/2013   AUD       1.87
BECTON PROP GR           9.50    06/30/2010   AUD       0.20
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.14
CHINA CENTURY           12.00    09/30/2010   AUD       0.76
EXPORT FIN & INS         0.50    12/16/2019   AUD      61.64
EXPORT FIN & INS         0.50    06/15/2020   AUD      61.66
EXPORT FIN & INS         0.50    06/15/2020   AUD      59.78
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
GRIFFIN COAL MIN         9.50    12/01/2016   USD      58.75
GRIFFIN COAL MIN         9.50    12/01/2016   USD      61.00
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.75
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      68.08
NEW S WALES TREA         0.50    09/14/2022   AUD      55.50
NEW S WALES TREA         0.50    09/14/2022   AUD      58.83
PRAECO P/L               7.13    07/28/2020   AUD      73.89
RESOLUTE MINING         12.00    12/31/2012   AUD       1.30
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.45
TREAS CORP VICT          0.50    08/25/2022   AUD      55.05

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      63.02

  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      42.00


  INDIA
  -----

L&T FINANCE LTD          8.40    03/08/2013   INR       8.15
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.22
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.95
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.96
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.17
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.55
PUNJAB INFRA DB          0.40    10/15/2029   INR      17.09
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.77
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.58
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.51
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.54
PYRAMID SAIMIRA          1.75    07/04/2012   USD      12.43

  JAPAN
  -----

AIFUL CORP               1.20    11/22/2012   JPY      59.88
AIFUL CORP               1.22    10/19/2015   JPY      46.14
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.31
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.70
SHINSEI BANK             5.62    12/29/2049   GBP      72.53
TAKEFUJI CORP            9.20    04/15/2011   USD      58.12
TAKEFUJI CORP            9.20    04/15/2011   USD      58.12
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.58


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.31
CRESENDO CORP B          3.75    01/11/2016   MYR       1.01
DUTALAND BHD             6.00    04/11/2013   MYR       0.73
DUTALAND BHD             6.00    04/11/2013   MYR       0.33
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.06
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.11
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.91
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.66
MITHRIL BHD              3.00    04/05/2012   MYR       0.60
NAM FATT CORP            2.00    06/24/2011   MYR       0.06
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.19
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.57
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.64
REDTONE INTL             2.75    03/04/2020   MYR       0.09
RUBBEREX CORP            4.00    08/14/2012   MYR       0.98
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.08
SCOMI GROUP              4.00    12/14/2012   MYR       0.10
TATT GIAP                2.00    06/06/2015   MYR       0.07
TRADEWINDS CORP          2.00    02/08/2012   MYR       1.10
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.10
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.25
YTL CEMENT BHD           5.00    11/10/2015   MYR       1.95


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      34.04
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      28.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.04
FLETCHER BUI             8.50    03/15/2015   NZD       7.50
FLETCHER BUI             7.55    03/15/2011   NZD       7.15
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.08
INFRATIL LTD             8.50    09/15/2013   NZD       8.30
INFRATIL LTD             8.50    11/15/2015   NZD       8.90
INFRATIL LTD            10.18    12/29/2049   NZD      59.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.33
MARAC FINANCE           10.50    07/15/2013   NZD       1.00
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      48.45
SKY NETWORK TV           4.01    10/16/2016   NZD       5.65
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.00
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.66
ST LAURENCE PROP         9.25    07/15/2010   NZD      55.59
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.05
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.30
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.03
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.02
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.03
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.20


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      26.75
DAVOMAS INTL FIN         5.50    12/08/2014   USD      65.50
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       0.99
SENGKANG MALL            4.88    11/20/2012   USD       0.10
SENGKANG MALL            8.00    11/20/2012   USD       0.10
UNITED ENG LTD           1.00    03/03/2014   SGD       1.57
WBL CORPORATION          2.50    06/10/2014   SGD       1.80


SOUTH KOREA
-----------

DAEWOO MTR SALES         6.55    03/17/2011   KRW      65.46
DONGSAN DEVELOPM         3.50    05/08/2011   KRW      16.95
DONGYANG TELECOM         6.00    07/02/2013   KRW      46.41
HOPE KOD 1ST             8.50    06/30/2012   KRW      30.45
HOPE KOD 2ND            15.00    08/21/2012   KRW      30.46
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.44
HOPE KOD 4TH            15.00    12/29/2012   KRW      30.56
HOPE KOD 6TH            15.00    03/10/2013   KRW      39.29
IBK 2008/12 ABS         25.00    06/24/2011   KRW      70.80
IBK 2009/13 ABS         25.00    02/03/2012   KRW      65.68
IBK 2009/16 ABS         25.00    09/24/2012   KRW      59.52
IBK 2009/17 ABS         25.00    12/29/2012   KRW      56.03
KB 10TH SEC SPC         23.00    01/03/2011   KRW      41.72
KB 10TH SEC SPC         20.00    01/03/2011   KRW      61.99
KB 11TH SEC SPC         23.00    07/03/2011   KRW      63.25
KB 12TH SEC SPC         25.00    01/21/2012   KRW      61.04
KB 13RD SEC SPC         25.00    07/02/2012   KRW      58.02
KB 14TH SEC SPC         23.00    01/04/2013   KRW      56.16
KDB 5TH SEC SPC         15.00    01/04/2013   KRW      73.61
KDB 6TH SEC SPC         20.00    12/02/2019   KRW      52.96
KEB SEC 17TH SPC        20.00    12/28/2011   KRW      56.76
NACF-14 ABS SPS         25.00    01/15/2011   KRW      60.51
NACF-15 ABS SPS         25.00    03/18/2011   KRW      59.52
ONE KDB 1ST ABS         12.00    12/13/2010   KRW      71.94
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      29.19
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      62.62
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      62.39
SAM HO INTL              6.32    03/28/2011   KRW      72.38
SHINHAN 7TH SEC         20.00    12/14/2010   KRW      18.97
SINBO 2010 1ST          15.00    07/22/2013   KRW      30.40
SINBO 2ND ABS           15.00    08/26/2013   KRW      32.56
SINBO 3RD ABS           15.00    09/30/2013   KRW      32.60
SINBO 4TH ABS           15.00    09/30/2013   KRW      30.37
SINGOK ABS               7.50    06/18/2011   KRW      51.53
SINGOK NS ABS            7.50    06/27/2011   KRW      51.60
SMI XVI ABS SPC          9.99    04/30/2011   KRW      74.53
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW       7.98

VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      74.61
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      61.66
VIETNAM-PAR              4.00    03/12/2028   USD      74.00


                             *********

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

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

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


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

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

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

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

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





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