TCRAP_Public/100924.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, September 24, 2010, Vol. 13, No. 189

                            Headlines



A U S T R A L I A

CORAL COAST: Magistrate Says Creditors Won't Recover Money
GOANNA PRINT: Goes Into Administration
TASCOT TEMPLETON: In Administration; 150 Jobs Hang in Balance


H O N G  K O N G

AMERICAN INT'L: Has HK Bourse's OK for AIA IPO
AUTUMN LIMITED: Court Enters Wind-Up Order
BIG INCOME: Court Enters Wind-Up Order
CHAN'S MACHINE: Court Enters Wind-Up Order
CHINA SOONG: Court Enters Wind-Up Order

CHINA WHEEL: Court Enters Wind-Up Order
CONCEPT BRIGHT: Court to Hear Wind-Up Petition on October 20
DANZEN TRADING: Court Enters Wind-Up Order
DECOR ONE: Court Enters Wind-Up Order
DREAM LINK: Court Enters Wind-Up Order

E S I COURIER: Court Enters Wind-Up Order
FITNESS CENTRE: Creditors' Proofs of Debt Due October 8
GAIN PROFIT: Court to Hear Wind-Up Petition on November 10
GLITTER POWER: Court Enters Wind-Up Order
H.K. SIEMENTS: Court Enters Wind-Up Order

HOUSE OF CHRISTIANIA: Court Enters Wind-Up Order
INTER-AUTO ENGINEERING: Court Enters Wind-Up Order
LEHMAN BROTHERS: HKMA Reports on Progress of Minibond Cases
LUCKY TECH: Court Enters Wind-Up Order
LUNG HING: Court Enters Wind-Up Order

MILLENNIUM BANK: Court to Hear Wind-Up Petition on October 13
SEALINK SHIPPING: Court to Hear Wind-Up Petition on September 29
SHISEI (PNG): Court Enters Wind-Up Order
UNIVERSAL SHEEN: Creditors' Proofs of Debt Due October 6
ZACC LIMITED: Court Enters Wind-Up Order


I N D I A

AMIT METALIKS: CARE Assigns 'CARE C' Rating to LT Bank Facilities
AMORPHOS CHEMICALS: Fitch Assigns 'B+' National Long-Term Rating
M&M CHOCOLATES: CARE Rates INR13.6cr LT Bank Loans at 'CARE BB+'
NAGPUR ESTATES: CRISIL Rates INR55MM Term Loan at 'BB'
PROCTOR MARKETING: CARE Puts 'CARE BB+' Rating on INR10cr LT Loans

RAJLAXMI CONSTRUCTIONS: CRISIL Reaffirms 'C' Rating on Cash Credit
S L OBERAI: CRISIL Reaffirms 'B' Rating on INR18MM Long-Term Loan
SAN MEDIA: CRISIL Cuts Rating on INR45 Million Term Loan to 'B+'
SANJAY STEELS: CRISIL Rates INR120 Million Cash Credit at 'B+'
SUDHIR FORGINGS: CRISIL Puts 'BB' Rating on INR19.3MM Cash Credit

TIKONA DIGITAL: CRISIL Rates INR6 Billion Term Loan at 'BB'
TUFTS INTERNATIONAL: CARE Rates INR8.2cr Short-Term Loan at 'PR4'


I N D O N E S I A

GARUDA INDONESIA: Delays Planned IPO to February Next Year


J A P A N

AMERICAN INT'L: Has Deal to Sell 2 Japanese Units to Prudential


N E W  Z E A L A N D

AORANGI SECURITIES: HC Partners Directors Caught Up in Hubbard Web
LIGHTER QUAY: Owners Want to Cancel Leases of 19 More Rooms
PROPERTY FOOD: Receivers Move on NZ$1 Million Waimarama Mansion
SOUTH CANTERBURY: Trustee Repays NZ$350 Million to Bondholders
* NEW ZEALAND: Number of Firms Going Insolvent Rises


S R I  L A N K A

* Moody's Assigns 'B1' Issuer Rating on Sri Lanka Government


T A I W A N

AMERICAN INT'L: Aborts Deal With Consortium Over Nan Shan Sale


V I E T N A M

MILITARY COMMERCIAL: Moody's Assigns First Time Low-B Ratings


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


CORAL COAST: Magistrate Says Creditors Won't Recover Money
----------------------------------------------------------
Dea Clark at ABC News reports that Brisbane Magistrate Alan Taylor
said there is no prospect creditors of Coral Coast Homes Pty Ltd
and Steelsmart Homes Pty Ltd will ever see their money.

ABC News says company director John Biles pleaded guilty to nine
charges that he took AU$150,000 from would-be home owners when he
should have known his companies were insolvent.

According to ABC News, Magistrate Taylor fined Mr. Biles AU$80,000
for the breaches, with an additional fine of AU$5,000 for
misleading consumers into believing Steelsmart had a building
licence.

The court heard Mr. Biles had owned building companies twice
before, and both times the businesses collapsed, ABC News notes.

ABC News relates the magistrate said either Mr. Biles does not
understand business finances or is guilty of something far worse.
The company directors' finances are such that there is nothing
left to repay creditors, the magistrate added.

Coral Coast Homes Pty Ltd is a Bundaberg, Queensland-based
building company.


GOANNA PRINT: Goes Into Administration
--------------------------------------
Daniel Fitzgerald at ProPrint reports that Goanna Print has gone
into administration, with Managing Director Phil Abbott saying the
company had struggled to remain competitive because "we didn't
want to drop quality".  The report relates that the company
entered into voluntary administration with Frank Lo Pilato from
RSM Bird Cameron Partners appointed as administrator on
September 20, 2010.

Mr. Pilato told ProPrint he had identified "cashflow problems" at
the company.  The report relates the company is continuing to
trade, and Mr. Abbott told ProPrint he was "quietly confident" the
administrators would be able to sell the business as a going
concern.

Mr. Abbott told ProPrint that no redundancies had been made among
the 18-strong staff.  As a supplier of "non-standard niche work",
the company had struggled to adjust to a marketplace that is
increasingly driven by price, he added, the report relates.

Headquartered in Canberra-based Goanna Print was established in
1983, and grew rapidly into one of Canberra's foremost printers.


TASCOT TEMPLETON: In Administration; 150 Jobs Hang in Balance
-------------------------------------------------------------
Tascot Templeton Carpets has gone into administration after orders
dried up, ABC News reports

According to the report, the event is another economic blow for
Tasmania's north-west, as 150 jobs with the a carpet weaving
company is now at risk.  The region has lost hundred of jobs this
year in forestry, papermaking and vegetable processing.

The administrators are now meeting workers at Tascot Templeton.

ABC News relates that the Company was offered State government
financial assistance last year when it reported demand for high-
end carpet had stalled.

Based in East Devonport, Australia, Tascot Templeton Carpets --
http://www.tascot.com.au/-- designs, manufactures and distributes
carpets for both residential and commercial applications.  The
Company was established in 1961.


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


AMERICAN INT'L: Has HK Bourse's OK for AIA IPO
----------------------------------------------
The Wall Street Journal's Nisha Gopalan reports that American
International Group Inc. received approval Tuesday in Hong Kong
for a US$10 billion to US$15 billion initial public offering of
its pan-Asian life insurer AIA Group Ltd., a person familiar with
the matter said, paving the way for what could be the world's
second-biggest IPO this year.

According to the Journal, with the approval in place, AIA is
slated to list in Hong Kong on Oct. 29, the people said Monday,
adding that pre-marketing of the IPO will start Sept. 27, and the
roadshow will begin Oct. 6.

According to the Journal, one person familiar with the deal said
Tuesday that AIG was considering selling as much as 50% of AIA,
but no decision had been made.  The deal will be priced Oct. 21,
one of the people said.

AIA's IPO has 11 bookrunners, people familiar with the matter have
said, according to the Journal.  That is a record, according to
Dealogic, and indicates AIG is determined to raise as much money
as possible.  Agricultural Bank of China had 10 bookrunners for
its offering.

According to the Journal, the bookrunners on AIA's IPO are:
Barclays Capital, the investment-banking arm of Barclays PLC; J.P.
Morgan Chase & Co.; Malaysian financial-services firm CIMB Group
Holdings Bhd.; Citigroup Inc.; Goldman Sachs Group Inc.; Morgan
Stanley; Deutsche Bank AG; Bank of America Corp.'s Bank of America
Merrill Lynch; Credit Suisse Group; UBS AG; and the investment-
banking arm of ICBC, ICBC International Holdings Ltd. Bookrunners
help banks in charge of the sale, known as global coordinators, to
sell the shares to investors.

Citigroup, Goldman, Morgan Stanley and Deutsche Bank are the
global coordinators, people familiar with the matter previously
said, according to the Journal.

                             About AIG

American International Group, Inc. -- http://www.aig.com/-- is an
international insurance organization with operations in more than
130 countries and jurisdictions.  AIG companies serve commercial,
institutional and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer. In
addition, AIG companies are leading providers of life insurance
and retirement services around the world.  AIG common stock is
listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  AIG almost
collapsed under the weight of bad bets it made insuring mortgage-
backed securities.  The Company, however, was bailed out by the
Federal Reserve, but even after an initial infusion of
$85 billion, losses continued to grow.  The later rescue packages
brought the total to $182 billion, making it the biggest federal
bailout in U.S. history.

AIG has been working to protect and enhance the value of its key
businesses, execute an orderly asset disposition plan, and
position itself for the future.  AIG has sold a number of its
subsidiaries and other assets to pay down loans received from the
U.S. government, and continues to seek buyers of its assets.


AUTUMN LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on September 8, 2010,
to wind up the operations of Autumn Limited.

The official receiver is E T O'Connell.


BIG INCOME: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on July 16, 2010, to
wind up the operations of Big Income Investments Limited.

The company's liquidators are:

          Lui Tin Nang
          Chung Cheuk Ming
          Rooms 1214-1215, 12/F, Tower A
          New Mandarin Plaza, 14 Science Museum Road
          Tsimshatsui East, Kowloon, Hong Kong


CHAN'S MACHINE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on January 11, 2010,
to wind up the operations of Chan's Machine Engineering Company
Limited.

The company's liquidators are:

          Lui Tin Nang
          Chung Cheuk Ming
          Rooms 1214-1215, 12/F, Tower A
          New Mandarin Plaza, 14 Science Museum Road
          Tsimshatsui East, Kowloon, Hong Kong


CHINA SOONG: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of China Soong Ching Ling Children's Foundation
Limited.

The company's liquidator is:

          John Lees Associates
          20/F Henley Building
          5 Queen's Road
          Central, Hong Kong


CHINA WHEEL: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on September 8, 2010,
to wind up the operations of China Wheel (HK) Company Limited.

The official receiver is E T O'Connell.


CONCEPT BRIGHT: Court to Hear Wind-Up Petition on October 20
------------------------------------------------------------
A petition to wind up the operations of Concept Bright Investment
Limited will be heard before the High Court of Hong Kong on
October 20, 2010, at 9:30 a.m.

The high court of The Hong Kong Special Administrative Region,
Court of First Instance filed the petition against the company on
August 9, 2010.

The Petitioner's solicitors are:

          Edward C. T. Wong & Co.
          4/F, Club Lusitano, 16 Ice House Street
          Central, Hong Kong


DANZEN TRADING: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on July 16, 2010, to
wind up the operations of Danzen Trading Hong Kong Limited.

The company's liquidators are:

          Lui Tin Nang
          Chung Cheuk Ming
          Rooms 1214-1215, 12/F, Tower A
          New Mandarin Plaza, 14 Science Museum Road
          Tsimshatsui East, Kowloon, Hong Kong


DECOR ONE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on September 8, 2010,
to wind up the operations of Decor One Design & Engineering
Limited.

The official receiver is E T O'Connell.


DREAM LINK: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on August 19, 2010,
to wind up the operations of Dream Link Limited.

The company's liquidator is:

          John Lees Associates
          20/F Henley Building
          5 Queen's Road
          Central, Hong Kong


E S I COURIER: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on May 29, 2010, to
wind up the operations of E S I Courier (HK) Limited.

The company's liquidators are:

          Lui Tin Nang
          Chung Cheuk Ming
          Rooms 1214-1215, 12/F, Tower A
          New Mandarin Plaza, 14 Science Museum Road
          Tsimshatsui East, Kowloon, Hong Kong


FITNESS CENTRE: Creditors' Proofs of Debt Due October 8
-------------------------------------------------------
Creditors of The Fitness Centre Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 8, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

          William Nicholas Giles
          Room A, 19/F
          Harbour Commercial Building
          Nos. 122-124 Connaught Road
          Central, Hong Kong


GAIN PROFIT: Court to Hear Wind-Up Petition on November 10
----------------------------------------------------------
A petition to wind up the operations of Gain Profit International
Holdings Limited will be heard before the High Court of Hong Kong
on November 10, 2010, at 9:30 a.m.

Dah Sing Bank Limited filed the petition against the company on
September 3, 2010.

The Petitioner's solicitors are:

          Anthony Chiang & Partners
          3903 Tower 2, Lipp Centre
          89 Queensway Central
          Hong Kong


GLITTER POWER: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on May 26, 2010, to
wind up the operations of Glitter Power Limited.

The company's liquidators are:

          Lui Tin Nang
          Chung Cheuk Ming
          Rooms 1214-1215, 12/F, Tower A
          New Mandarin Plaza, 14 Science Museum Road
          Tsimshatsui East, Kowloon, Hong Kong


H.K. SIEMENTS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on August 12, 2010,
to wind up the operations of H.K. Siements Electric Appliance
Limited.

The company's liquidators are:

          Lui Tin Nang
          Chung Cheuk Ming
          Rooms 1214-1215, 12/F, Tower A
          New Mandarin Plaza, 14 Science Museum Road
          Tsimshatsui East, Kowloon, Hong Kong


HOUSE OF CHRISTIANIA: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on August 30, 2010,
to wind up the operations of The House of Christiania Asia
Limited.

The company's liquidator is:

          John Lees Associates
          20/F Henley Building
          5 Queen's Road
          Central, Hong Kong


INTER-AUTO ENGINEERING: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong entered an order on September 8, 2010,
to wind up the operations of Inter-Auto Engineering Limited.

The official receiver is E T O'Connell.


LEHMAN BROTHERS: HKMA Reports on Progress of Minibond Cases
-----------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced that
investigation of over 99% of a total of 21,711 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 14,307 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,503 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,600 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 1,600 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 829 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 771 cases; and

    * 525 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

    Investigation work is underway for the remaining 174 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?6b43

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LUCKY TECH: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on June 15, 2010, to
wind up the operations of Lucky Tech International Limited.

The company's liquidators are:

          Lui Tin Nang
          Chung Cheuk Ming
          Rooms 1214-1215, 12/F, Tower A
          New Mandarin Plaza, 14 Science Museum Road
          Tsimshatsui East, Kowloon, Hong Kong


LUNG HING: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on August 31, 2010,
to wind up the operations of Lung Hing Transportation Limited.

The company's liquidator is:

          John Lees Associates
          20/F Henley Building
          5 Queen's Road
          Central, Hong Kong


MILLENNIUM BANK: Court to Hear Wind-Up Petition on October 13
-------------------------------------------------------------
A petition to wind up the operations of Millennium Bank Inc. will
be heard before the High Court of Hong Kong on October 13, 2010,
at 9:30 a.m.

The Petitioner's solicitors are:

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


SEALINK SHIPPING: Court to Hear Wind-Up Petition on September 29
----------------------------------------------------------------
A petition to wind up the operations of Sealink Shipping Company
Limited will be heard before the High Court of Hong Kong on
September 29, 2010, at 9:30 a.m.

The high court of The Hong Kong Special Administrative Region,
Court of First Instance filed the petition against the company on
June 3, 2010.

The Petitioner's solicitors are:

          Richard Butler
          In Association with Reed Smith LLp
          20th Floor, Alexandra House
          60-20 Chater Road
          Central, Hong Kong


SHISEI (PNG): Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on August 12, 2010,
to wind up the operations of Shisei (PNG) Enterprises Company
Limited.

The company's liquidators are:

          Lui Tin Nang
          Chung Cheuk Ming
          Rooms 1214-1215, 12/F, Tower A
          New Mandarin Plaza, 14 Science Museum Road
          Tsimshatsui East, Kowloon, Hong Kong


UNIVERSAL SHEEN: Creditors' Proofs of Debt Due October 6
--------------------------------------------------------
Creditors of Universal Sheen Group Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 6, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Siu Hung
          Room 1909-10 Nan Fung Tower
          173 Des Voeux Road
          Central, Hong Kong


ZACC LIMITED: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on May 28, 2010, to
wind up the operations of Zacc Limited.

The company's liquidators are:

          Lui Tin Nang
          Chung Cheuk Ming
          Rooms 1214-1215, 12/F, Tower A
          New Mandarin Plaza, 14 Science Museum Road


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


AMIT METALIKS: CARE Assigns 'CARE C' Rating to LT Bank Facilities
-----------------------------------------------------------------
CARE assigns 'CARE C' and 'PR4' ratings to bank facilities of Amit
Metaliks Ltd.

                                  Amount
   Facilities                  (INR crore)   Facilities
   ----------                  -----------   ----------
   Long-term Bank Facilities       58.25     'CARE C' Assigned
   Short-term Bank Facilities       1.20     'PR4' Assigned

Rating Rationale

The ratings are constrained by the short track record of the
company in manufacturing operation, volatility in the prices of
raw material and finished goods, uncertainties associated with the
recent major accident in the plant, instances of delay in
servicing of term loans in the last six months, presence in lower
end of the product value chain resulting in lower profitability,
high overall gearing and low debt coverage indicators, risk
associated with the ongoing & proposed projects vis-a-vis delay in
implementation of the ongoing project and cyclicality of the steel
industry alongwith high degree of competition.  The ratings also
factor in the experience of promoters, strategic location of the
plant and backward integration for key raw material through an
associate company.  Timely servicing of debt, ability of the
company to improve its profitability & leverage ratios and
successful completion of the ongoing and proposed projects are the
key rating sensitivities.

                        About Amit Metaliks

Amit Metaliks Limited was incorporated in Sept. 2004 and taken
over by Shri Amit Kumar Singh and his two brothers, the current
promoters, in Sep. 2007.  Thereafter, the company set up a billet
manufacturing plant with an installed capacity of 57,600 MT per
annum (mtpa) at Durgapur, West Bengal. The plant commenced
commercial production in June 2008.

On a total income of INR62.2 crore, AML earned a PAT of INR0.6
crore in FY09.  The provisional FY10 result witnessed an increase
in net sales, PBILDT & PAT level and GCA.  While the leverage
ratios remained on the higher side, the liquidity ratios were
moderate.


AMORPHOS CHEMICALS: Fitch Assigns 'B+' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has assigned India's Amorphos Chemicals Private
Limited a National Long-term rating of 'B+(ind)'.  The Outlook is
Stable.  The agency has also assigned ratings to ACPL's bank
loans:

  -- INR63.1 million fund-based working capital limits:
     'B+(ind)'/'F4(ind)'; and

  -- INR18 million non-fund based working capital limits:
     'B+(ind)'/'F4(ind)'.

ACPL's ratings are based on its track record of growth -- the
company's sales have grown at the rate of 102% over the last five
years -- and the consistent improvement in its EBITDA margins
(FY10: 3.6%, FY06: 2.2%).  Other positive factors include
extensive experience of the management in chemical trading since
1993 and the stable relationship the company shares with its
customers.  The company has gradually increased its geographical
footprint in India and diluted its customer concentration risk to
moderate levels.

The ratings are constrained by ACPL's small scale of operations
and low margins due to the trading nature of its business.  The
ratings are also constrained by the company's high financial
leverage (FY10: 5.5x) due to its working capital requirements and
low EBITDA levels.  The company had utilized its unsecured loans
at a higher cost to finance its working capital requirements in
the past, which resulted in a reduction in its gross fixed charges
coverage ratio to 1.41x in FY10 from 1.56X in FY07.  The ratings
are further limited by the forex risk on imports which constitutes
around 25% of the company's total purchases, as it does not have
any hedging mechanism in place.

Negative rating triggers include a decline in ACPL's EBITDA margin
and an increase in its financial cost, which would lead to a
deterioration of its coverage metrics and increase in its
financial leverage due to inefficient working capital management.
Positive rating triggers include an increase in ACPL's volumes and
revenues, improvement in its profit margins and coverage metrics
along with a decline in its financial leverage.

ACPL is a trading firm engaged in the marketing of chemicals which
are used as raw materials in the manufacturing of specialty
construction chemicals.  In FY10, it reported revenues of INR381m,
an EBITDA of INR13.6m and a profit after tax of INR2.3m.


M&M CHOCOLATES: CARE Rates INR13.6cr LT Bank Loans at 'CARE BB+'
----------------------------------------------------------------
CARE assigns 'CARE BB+' rating to bank facilities of M&M
Chocolates.

                                Amount
   Facilities                (INR crore)  Facilities
   ----------                -----------  ----------
   Long-term Bank Facilities    13.60     'CARE BB+' Assigned

Rating Rationale

The rating is constrained by the small size of operations, high
gearing ratio, fluctuating raw material prices, lack of
operational track record and absence of firm agreement for
sale.  The rating is underpinned by the experience of the partners
in the business, recently completed capacity expansion, backward
integration through associate concern, plant location which reaps
tax benefits and stable industry prospects.  Ability of M&M to
penetrate the market without impact on its profitability, pass on
the impact of change in raw material prices and stabilization of
operations are the key rating sensitivities.

M&M was originally started as a proprietary concern in 2009 by Mr.
D. Durga Prasad(Present Managing Partner) and was converted into a
partnership firm with Mr. D.Durga Prasad and Mrs. D. Krishna
Kumari (wife of Mr.D.Durga Prasad) as its partners in
November 2009.  The firm is presently engaged in manufacturing of
bulk chocolates and confectionary.  The firm undertook capacity
expansion in FY09. M&M has set up a 6,000 tonnes per annum (TPA)
chocolate/confectionery manufacturing plant in Baddi, HP. The
said location also entails the firm to tax benefits provided by
the state of HP.

The commercial production from enhanced capacity commenced in
February 20, 2010 and FY11 will be the first full year of
operations.  In FY10, only a small unit with an annual capacity of
900 Tones was operational for nine months.  On a total income of
INR1.46 cr, the firm reported a net loss of INR0.35 cr in FY10
(Prov.).


NAGPUR ESTATES: CRISIL Rates INR55MM Term Loan at 'BB'
------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the rupee term loan
facility of Nagpur Estates Pvt Ltd, which is part of the Mother's
Pet group.

   Facilities                            Ratings
   ----------                            -------
   INR 55.0 Million Rupee Term Loan      BB/Stable (Assigned)

The rating reflects NEPL's relatively small scale of operations
and risks associated with the company's ongoing capacity expansion
project.  These rating weaknesses are partially offset by the
healthy financial risk profile, marked by low gearing and strong
debt protection metrics, and stable revenue visibility, backed by
monthly lease rentals from group entities.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NEPL and Mother's Pet Kindergarten
(MPKG), together referred to as the Mother's Pet group.  This is
because the entities are under a common management and have
fungible cash flows.  Moreover, NEPL, which is the in-house
construction company of the Mother's Pet group, constructs and
modifies buildings used by MPKG and Centre Point Schools (CPS).

Outlook: Stable

CRISIL believes that NEPL will continue to benefit from stable
inflow of lease rental income from group entities that own and
operate MPKG and CPS in Nagpur (Maharashtra).  The outlook may be
revised to 'Positive' if there is a substantial increase in lease
rentals paid by MPKG and Mother's Pet Education Society (MPES),
thereby improving NEPL's revenues and profitability.  Conversely,
the outlook may be revised to 'Negative' if NEPL's capacity
expansion project faces time or cost overruns, adversely affecting
its cash flows, or there are delays in payment of monthly lease
rentals by group entities, adversely impacting NEPL's ability to
service debt.

                        About Nagpur Estates

NEPL is a private limited company promoted by Upadhyay family of
Nagpur. NEPL is the in-house construction company that undertakes
construction of school buildings for MPKG and CPS.  NEPL currently
owns three buildings that it has leased to MPKG and MPES and earns
lease rentals on these buildings.  NEPL does not undertake any
construction work outside of MPKG and CPS.

MPKG is a proprietorship concern founded by Mrs. Aruna Upadhyay in
1979. MPKG offers pre-school education to children between two and
five years of age, in four classes - pre-nursery, nursery, lower
kindergarten (KG-I) and upper kindergarten (KG-II).

NEPL reported a provisional profit after tax (PAT) of INR17
million on provisional net sales of INR36 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR17 million on net sales of INR24 million for 2008-09.


PROCTOR MARKETING: CARE Puts 'CARE BB+' Rating on INR10cr LT Loans
------------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' ratings to bank facilities of
Proctor Marketing Pvt Ltd.

                                    Amount
   Facilities                    (INR crore)   Facilities
   ----------                    -----------   ----------
   Long-term Bank Facilities        10.00      'CARE BB+' Assigned
   Short-term Bank Facilities       10.00      'PR4+' Assigned

Rating Rationale:

The ratings are constrained by PMPL's relatively small size of
operations, low profitability margins, moderate operating cash
flows, relatively high gearing ratios, concentration of sales in
and around Mumbai and high dependence on Essar Steel Ltd for
sourcing steel.

The ratings factor in experience of the promoters of PMPL in steel
trading and distribution business, protection available on the
inventory held from ESL against price volatility and financial
support from group companies through unsecured loans.  PMPL's
ability to achieve the envisaged sales and profitability are the
key rating sensitivities.

                      About Proctor Marketing

Established in 1994, as non banking finance corporation (NBFC),
PMPL commenced its steel trading activities in the year 2006.
PMPL is engaged in trading of steel and iron products like hot
rolled coils/plates sheets. PMPL sources these products from
various manufacturers including Essar Steel Limited.  The company
was appointed as the consignment agent of ESL for Maharashtra
region in July 2007.  However, since ESL changed the marketing and
distribution strategy and opened steel retailing stores
(Hypermarts) at major steel-consuming centres to help consumers
meet their requirements, the consignment agency ended in September
2008.  During FY10 PMPL got the Expressmart dealership of ESL in
Mumbai and presently operates one store under the same.

PMPL registered profit after tax of INR0.06 crore on total
operating income of INR208.10 crore in FY09.


RAJLAXMI CONSTRUCTIONS: CRISIL Reaffirms 'C' Rating on Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rajlaxmi Constructions
Ltd continue to reflect delay in equipment loan servicing due to
weak liquidity; these loans have not been rated by CRISIL.

   Facilities                       Ratings
   ----------                       -------
   INR110.0 Million Cash Credit     C (Reaffirmed)
   INR30.0 Million Corporate Loan   C (Reaffirmed)
   INR16.5 Million Standby Line of  C (Reaffirmed)
                            Credit
   INR220.0 Million Bank Guarantee  P4 (Reaffirmed)

The ratings also reflect Rajlaxmi's small scale of operations,
geographic and customer concentration in its revenue profile, and
its working-capital-intensive operations.  These rating weaknesses
are partially offset by Rajlaxmi's well-established market
position in the construction business, sizeable order book, low
gearing, and strong debt protection metrics.

Update

Rajlaxmi's revenues of INR1.07 billion in 2009-10 (refers to
financial year, April 1 to March 31), were in line with CRISIL's
expectations. Its operating profitability was also in line with
CRISIL's expectations, at 10.9 per cent in 2009-10 and 2008-09.
Rajlaxmi has orders aggregating INR2.70 billion to be delivered in
the next 18 months.  The company's operations are highly working
capital intensive, driven by moderately large receivables from its
government-sector clients, large quantum of retention money, and
deposits made for contracts and advance payments to suppliers, in
line with earlier expectations. The large working capital
requirement is evident from the fact that the company's bank
limits, despite increasing by INR70.00 million in December 2009,
were almost fully utilised throughout 2009-10. This reflects
Rajlaxmi's weak liquidity, which resulted in delayed servicing of
equipment loans.

                    About Rajlaxmi Constructions

Established in 1982 by Mr. S N Sahoo, Rajlaxmi undertakes road,
bridge, irrigation, and other civil and infrastructure
construction projects.  The company's operations are limited to
Orissa. Rajlaxmi reported a profit after tax (PAT) of INR45.80
million on net sales of INR1.07 billion for 2009-10, against a PAT
of INR46.50 million on net sales of INR917.00 million for 2008-09.


S L OBERAI: CRISIL Reaffirms 'B' Rating on INR18MM Long-Term Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of S L Oberai Minerals Pvt
Ltd continues to reflect SL Oberai's weak financial risk profile,
marked by small net worth, high total outside liabilities to
tangible net worth (TOL/TNW) ratio, and weak debt protection
metrics.  The ratings also reflect the company's limited
bargaining power with its principals, Tata Motors Ltd and Fiat
India Automobiles Ltd.  These rating weaknesses are partially
offset by SL Oberai's established market position in the
automobile dealership segment.

   Facilities                        Ratings
   ----------                        -------
   INR18.0 Million Long-Term Loan    B/Stable (Reaffirmed)
   INR77.0 Million Cash Credit       B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SL Oberai's financial risk profile will
remain weak over the medium term because of increase in working
capital requirements and decline in margins. The outlook may be
revised to 'Positive' if SL Oberai's financial risk profile
improves significantly, driven most likely by equity infusion or
sustained improvement in operating margin. Conversely, the outlook
may be revised to 'Negative' if the company's financial risk
profile deteriorates further, most likely because of large, debt-
funded capital expenditure (capex), or decline in margins as a
result of decrease in revenues.

Summary Update

SL Oberai's revenues increased by 1.5 per cent over previous
year's level and operating margins remained stable at 3.9 per cent
in 2009-10 (refers to financial year, April 1 to March 31). As a
result, its net profit remained low at INR1.2 million, limiting
growth in its net worth, which remained low at around INR22
million as on March 31, 2010 resulting in a high TOL/TNW of 6.8
times.

CRISIL expects SL Oberai's revenues to increase by 5 to 8 per cent
over medium term because of revival in demand for passenger
vehicles and SL Oberai bagging dealership of FIAL in 2009-10.
Although SL Oberai does not have any major capex plan for the
medium term, its TOL/TNW ratio is expected to remain high over the
medium term because of its small net worth and debt-funding of
incremental working capital requirement.

                          About SL Oberai

SL Oberai was incorporated in 1991 by Mr. Rakesh Oberai.  The
company is the dealer for passenger cars of TML and FIAL; it is
the sole dealer for TML's and FIAL's passenger cars in Dehradun
and the Garhwal region. Oberai has five booking offices, one each
in Dehradun, Kotdwara, Maletha, Tehri, and Gopeshwar; its main
showroom in Dehradun has floor area of 8000 square feet.

SL Oberai reported, on provisional basis, a profit after tax (PAT)
of INR1.2 million on net sales of INR575.9 million for 2009-10; it
reported a PAT of INR1.3 million on net sales of INR567.4 million
for 2008-09.


SAN MEDIA: CRISIL Cuts Rating on INR45 Million Term Loan to 'B+'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of San
Media Ltd to 'B+/Negative/P4' from BB/Negative/P4+.

   Facilities                     Ratings
   ----------                     -------
   INR20 Million Cash credit      B+/Negative (Downgraded from
                                               BB/Negative)
   INR45 Million Term Loan        B+/Negative (Downgraded from
                                               BB/Negative)
   INR45 Million Bank Guarantee   P4 (Downgraded from P4+)

The downgrade reflects the stretched liquidity situation of the
company and delays in the execution of its e governance project.
The ratings continue to reflect SML's exposure to risks relating
to the e-governance services business, such as low revenue
visibility and low margins, and the expected deterioration in its
financial risk profile due to aggressive debt funding of proposed
future projects.  These weaknesses are partly mitigated by the
company's stable revenue stream from television content and IT
solutions businesses.

Outlook: Negative

CRISIL expects that SML's liquidity will remain under pressure
over the medium term due to delays in the execution of its e
governance project and the upcoming debt repayments.The rating may
be downgraded if SML's revenues or operating margins decline more
than expected resulting in lower accruals and further stretching
its liquidity, or it takes on further debt funding, thus affecting
its capital structure.  Conversely, significant improvement in
liquidity, backed by healthy growth in revenues and profitability,
and sustenance of capital structure may drive a revision in
outlook to 'Stable'.

                          About San Media

Set up in 1996, SML is a closely held public limited company
engaged in the production of television content, providing
software solutions and offering e-governance services for
government projects in education, utility and Public distribution
system. Its office in Chennai is equipped with a studio for post-
production activities.  The company plans to enter the Solar power
generation business.  It has applied for production license of 5MW
through Photo Voltaic technology under the Jawaharlal Nehru
National Solar Mission scheme offered by Government of India.

SML posted a provisional profit after tax (PAT) of INR 4.6 million
on net sales of INR 104.8 million for 2009-10 (refers to financial
year, April 1 to March 31), against a reported PAT of INR 5
million on net sales of INR 60 million for 2008-09.


SANJAY STEELS: CRISIL Rates INR120 Million Cash Credit at 'B+'
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Sanjay Steels' cash
credit facility.

   Facilities                       Ratings
   ----------                       -------
   INR120.00 Million Cash Credit    B+/Stable (Assigned)

The rating reflects Sanjay Steels' weak financial risk profile,
marked by high gearing and below-average debt protection metrics,
and its low profitability margins, which remain susceptible to
volatility in steel prices.  These rating weaknesses are partially
offset by the experience of Sanjay Steels' promoter in the steel
trading business.

Outlook: Stable

CRISIL believes that Sanjay Steels will continue to benefit from
its promoter's experience in the steel trading business, over the
medium term.  The outlook may be revised to 'Positive' if Sanjay
Steels' capital structure improves, and its revenues and
profitability increase significantly, thereby improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if Sanjay Steels' profitability declines, most likely
because of continued volatility in steel prices and sharp decline
in sales, or if the promoter withdraws a substantial quantum of
capital from the firm.

                        About Sanjay Steels

Set up in July 2007, Sanjay Steels is a sole-proprietorship
concern promoted by Mr. Sanjay Gupta. Mr. Gupta has about 15 years
of experience in trading of cold-rolled (CR) sheets in Hyderabad
(Andhra Pradesh).  Sanjay Steels trades in CR sheets, angles,
channels, and flats.

Sanjay Steels reported a profit after tax (PAT) of INR7 million on
net sales of INR1.5 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2 million on net sales
of INR0.9 billion for 2008-09.


SUDHIR FORGINGS: CRISIL Puts 'BB' Rating on INR19.3MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Sudhir Forgings Pvt
Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR19.30 Million Cash Credit      BB/Stable (Assigned)
   INR20.10 Million Export Packing   BB/Stable (Assigned)
                            Credit
   INR35.00 Million Rupee Term Loan  BB/Stable (Assigned)

The rating reflects Sudhir's small scale of operations, exposure
to risks related to fluctuations in raw materials prices and
foreign exchange rates, and to intense competition in forgings
segment, limited financial flexibility because of small net worth
and moderately high gearing.  These rating weaknesses are
partially offset by the benefits that the company derives from its
promoter's extensive industry experience, its diversified customer
base and adequate debt protection metrics.

Outlook: Stable

CRISIL believes that Sudhir's scale of operations will remain
small and its financial flexibility will remain constrained by its
small net worth over the medium term.  The outlook may be revised
to 'Positive' in case of higher-than-expected increase in the
company's revenues and improvement in its financial risk profile,
mainly driven by fresh equity infusion leading to increase in net
worth.  Conversely, the outlook may be revised to 'Negative' in
case of significant pressure on the company's revenues, leading to
lower-than-expected cash accruals, or if the company undertakes a
larger-than-expected debt-funded capex programme, weakening its
capital structure.

                       About Sudhir Forgings

Set up in 1989 and promoted by the Garg family, Sudhir
manufactures forged components that find application mainly in oil
and gas transportation and automobile (auto) components. The
company has presence in the domestic and export markets. In the
export segment, it mainly sells flanges, and exports mainly to the
US, besides Germany, Argentina, and Canada. In the domestic
market, Sudhir sells mainly to Tier I suppliers of auto original
equipment manufacturers (OEMs).

Sudhir reported a profit after tax (PAT) of INR11.6 million on net
sales of INR237 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR4.9 million on net sales
of INR125 million for 2007-08.


TIKONA DIGITAL: CRISIL Rates INR6 Billion Term Loan at 'BB'
-----------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Tikona Digital
Networks Pvt Ltd's term loan.

   Facilities                     Ratings
   ----------                     ------
   INR6.0 Billion Term Loan       BB/Stable (Assigned)

The rating reflects the risks that TDN is currently facing as its
operations are in the start-up phase.  The ratings also reflect
TDN's exposure to intense market competition and susceptibility to
rapid technological changes.  These rating weaknesses are
partially offset by extensive industry experience of TDN's
promoters, and upfront capital infusion made by promoters and
private equity players to fund network rollout as well as for
obtaining the licenses for establishment of its broadband wireless
access (BWA) services.

Outlook: Stable

CRISIL believes that TDN's business risk profile will continue to
benefit from increase in its subscriber base through introduction
of services in new cities; TDN is also likely to break even over
the medium term.  The company's financial risk profile is expected
to remain weak despite equity contribution, because of negative
cash accruals until it achieves break even.  The outlook may be
revised to 'Positive' if TDN increases its subscriber base more
than expected and achieves break-even earlier than expected.
Conversely, the outlook may be revised to 'Negative' if the pace
of increase in subscriber base is slow, resulting in a delay in
achieving break-even, leading in turn to lower-than-expected
profitability, or if the company contracts more-than-expected debt
for funding its capital expenditure.

                        About Tikona Digital

TDN was incorporated in May 2008. The company provides broadband
internet service to retail and corporate customers. TDN holds a
category 'A' internet service provider (ISP) license from the
Department of Telecommunications (DoT) and is currently offering
services in more than 20 cities across India. It commenced
commercial operations in May 2009; it currently has around 154,000
retail and 6900 small-and-medium enterprise customers.  TDN plans
to expand its operations to 100 cities in India in the next two
years.  TDN will start offering its BWA services from 2012-13
onwards in five telecommunication circles; it bid for the spectrum
at a recent auction by DoT.

For 2009-10 (refers to financial year, April 1 to March 31), TDN
reported, on provisional basis, a net loss of INR854.0 million on
net sales of INR96.8 million; it reported a net loss of INR69.1
million on net sales of INR25.7 billion for the preceding year.


TUFTS INTERNATIONAL: CARE Rates INR8.2cr Short-Term Loan at 'PR4'
-----------------------------------------------------------------
CARE assigns 'PR4' ratings to the bank facilities of Anu Tufts
International.

                                  Amount
   Facilities                  (INR crore)   Facilities
   ----------                  -----------   ----------
   Short-term Bank Facilities      8.20      'PR4' Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of ATI at present.  The
rating may undergo a change in case of withdrawal of capital or of
the unsecured loans brought in by the partners in addition to
changes in the financial performance and other relevant factors.

Rating Rationale

The rating is constrained by the relatively small scale of
operations, declining revenue trend in FY09-10 and extremely high
operating cycle.  The rating also factors in the geographical and
client concentration of revenues to the US and the ensuing foreign
exchange risks.  The rating takes into account the management's
experience in the carpet business, established presence in the
international market and absence of long-term debt.
Going forward, the ability of ATI to profitably scale-up the
operations coupled with the improvement in the operating cycle
shall be the key rating sensitivities.

                     About Tufts International

ATI is a registered partnership firm founded in 1999 and is
engaged in the manufacturing and export of various types of hand-
tufted woollen carpets from Bhadohi (Uttar Pradesh).  The firm has
nine partners with varied share in profit/loss.  ATI has been
accorded the status of 'One Star Export House' by the Ministry of
Commerce and Industry, Government
of India.

On a total operating income of INR19.26 cr during FY09, ATI earned
PBILDT and PAT of INR2.13 cr and INR0.57 cr respectively. As per
the provisional results for FY10, the firm has achieved a total
operating income of around INR8.53 cr with PBILDT and PAT of
INR0.96 cr and INR0.16 cr respectively.


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


GARUDA INDONESIA: Delays Planned IPO to February Next Year
----------------------------------------------------------
The Jakarta Globe reports that Garuda Indonesia has delayed its
plan to go public to next year because the company is still
consolidating its financial report.

According to the Jakarta Globe, the government-owned carrier had
planned an IPO in November.  Garuda, which saw its profit fall by
80 percent in the first half of 2010, had initially hoped to
generate around US$400 million by floating 30 percent of its
shares, the report notes.

Mahmudin Yasin, the State Enterprises Ministry's deputy for
privatization and restructuring, said the process would push the
debut back to February as the government weighs details of the
offering and the company's finances, the Jakarta Globe relates.

"An accurate and detailed financial report is needed before Garuda
can go ahead with its IPO because Garuda never issued any bonds
before," the report quoted Mr. Yasin as saying.  The financial
report, Mr. Yasin added, "might take some time because Garuda has
a lot of branches and subsidiaries."

The Jakarta Globe notes Elisa Lumbantoruan, Garuda?s acting
finance director, confirmed that the IPO was going to be carried
out in early February.

The Troubled Company Reporter-Asia Pacific reported on Aug. 11,
2010, that Garuda Indonesia had completed the restructuring of
US$76 million of debts to state oil and gas company PT Pertamina,
in the airline's latest move to help ease its debt burden.
Garuda has also completed a debt restructuring negotiation with
its biggest creditor, the state lender Bank Mandiri.

Garuda received IDR1 trillion from the government in 2006 to help
it keep flying and has been negotiating with bondholders since
2007 over notes that weren't redeemed, according to Bloomberg
News.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


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


AMERICAN INT'L: Has Deal to Sell 2 Japanese Units to Prudential
---------------------------------------------------------------
The Wall Street Journal's Leslie Scism and Anupreeta Das report
that Prudential Financial Inc. is nearing a deal to buy two
Japanese life-insurance companies -- AIG Star Life Insurance Co.
and AIG Edison Life Insurance Co. -- from American International
Group  Inc., for a combined $4 billion to $5 billion, according to
people familiar with the matter.

The Journal says Newark, N.J.-based Prudential -- not related to
the U.K.'s Prudential PLC -- has significant operations in Japan,
and it has publicly stated its interest in expanding there.

A pact is believed to be a few days away from completion, the
people told the Journal.  They added that discussions are fluid
and last-minute snags could derail any deal.

                             About AIG

American International Group, Inc. -- http://www.aig.com/-- is an
international insurance organization with operations in more than
130 countries and jurisdictions.  AIG companies serve commercial,
institutional and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer. In
addition, AIG companies are leading providers of life insurance
and retirement services around the world.  AIG common stock is
listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  AIG almost
collapsed under the weight of bad bets it made insuring mortgage-
backed securities.  The Company, however, was bailed out by the
Federal Reserve, but even after an initial infusion of
$85 billion, losses continued to grow.  The later rescue packages
brought the total to $182 billion, making it the biggest federal
bailout in U.S. history.

AIG has been working to protect and enhance the value of its key
businesses, execute an orderly asset disposition plan, and
position itself for the future.  AIG has sold a number of its
subsidiaries and other assets to pay down loans received from the
U.S. government, and continues to seek buyers of its assets.


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


AORANGI SECURITIES: HC Partners Directors Caught Up in Hubbard Web
------------------------------------------------------------------
The statutory managers of Aorangi Securities Ltd. and 11 entities
associated with Allan Hubbard said their appointment to a company
owned and managed by Timaru accountants HC Partners is not a
reflection on the firm's trustee management, Tamsyn Parker writes
for the New Zealand Herald.

The NZ Herald says Hubbard Churcher Trust Management and
Forresters Nominees Company were added to the list of businesses
under management by Trevor Thorton, Richard Simpson and Graeme
McGlinn on Monday.

Hubbard Churcher Trust Management is owned and managed by the
partners of HC Partners and used to be known as Hubbard Churcher,
the report discloses.

According to the report, Allan Hubbard resigned as a director of
the accountancy firm on June 29 -- nine days after the statutory
managers were appointed to manage his and wife Jean's assets as
well as Aorangi Securities and seven trusts.

The report relates Mr. McGlinn said the directors of HC Partners
had been "caught up" in the complex ownership arrangement that was
part of Hubbard Management Funds.

Both Hubbard Churcher Trust Management and Forresters Nominee
Company hold assets associated with Hubbard Management Funds, the
report adds.

"I would like to make it clear that the statutory management is in
no way a reflection on the directors' management of their clients'
trusts," the report quoted Mr. McGlinn as saying.  "It merely
provides us with the control we need in protecting and managing
the investments in Allan Hubbard's Hubbard Management Funds
business," he added.

A spokesman for the statutory managers said they would release
their third report on the Hubbard entities next week, the NZ
Herald relates.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2010, Bloomberg News said New Zealand appointed statutory
managers for Aorangi Securities Ltd. and seven trusts, which are
associated with Allan Hubbard, to protect investors and prevent
fraud.  Mr. Hubbard and his wife are also subject to statutory
management because they are so closely connected with the
businesses.  The seven charitable trusts included in the statutory
management are Te Tua, Otipua, Oxford, Regent, Morgan, Benmore and
Wai-iti.  Trevor Thornton and Richard Simpson of Grant Thornton
were appointed as statutory managers.  More than 400 investors in
Aorangi Securities owed NZ$96 million have been told by the
statutory managers they will not receive any return of capital or
interest in the short term, stuff.co.nz said.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management earlier this month on recommendation
from the Securities Commission.

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.


LIGHTER QUAY: Owners Want to Cancel Leases of 19 More Rooms
-----------------------------------------------------------
The Westin Hotel unit owners are seeking to cancel the leases of a
further 19 rooms at the five-star hotel in the next two weeks,
Susie Nordqvist at The New Zealand Herald reports.

The NZ Herald says receiver KordaMentha has confirmed it will not
be contesting the application.

According to the report, the owners' representative Graeme
Wilkinson said the leases of another 19 units at the hotel are due
to be terminated in the next two weeks, raising the possibility
that more jobs at the hotel could go.

The NZ Herald relates KordaMentha said it did not "at this stage"
anticipate further redundancies as a result of the latest court
application.

Mr. Wilkinson said the owners were also due in court next month
where they would be contesting the validity of certain body
corporate rules affecting the owners, according to the report.

The NZ Herald quoted Mr. Wilkinson as saying: "Currently the body
corporate has rules which give unequal voting power to the
receiver and as a result the owners are unable to access their
rooms.  The receiver has told us he's cutting the power off,
cutting the phone off and cutting the television off."

"We will be contesting the validity of those rules and asking that
the court see certain body corporate rules as ultra vires, or
unenforceable," he said, the report notes.

The report relates Michael Stiassny of KordaMentha said nobody had
been denied access to their property.

                          About Lighter Quay

Lighter Quay Hotel Management manages Auckland's five-star, NZ$130
million, 172-room Westin Hotel.

As reported in the Troubled Company Reporter-Asia Pacific on
July 2, 2010, Michael Stiassny and Brendon Gibson of KordaMentha
have been appointed as receivers to Lighter Quay Hotel Management
by major creditor Bank of Scotland International, which has
security from a loan agreement made in September 2007.  Lighter
Quay Hotel Management is owned by property developer Nigel
McKenna, whose company Melview Developments built the hotel and
surrounding Lighter Quay development at Auckland's Viaduct
Harbour.  The company also owes money to more than 100 investors,
many of them Asian, who bought rooms in the hotel and leased them
to the management company.


PROPERTY FOOD: Receivers Move on NZ$1 Million Waimarama Mansion
---------------------------------------------------------------
Property Food and Technology's NZ$1.25 million beachfront property
at Waimarama is up for auction by receivers appointed by South
Canterbury Finance, Hawke's Bay Today reports.  The property is a
two-storey, three-bedroom house.

The report relates that Property Food and Technology went into
receivership on August 3. The company's sole director and
shareholder is Feilding businessman Kenneth Thurston.

According to the report, three of Mr. Thurston's companies were
placed in receivership in relation to a NZ$14 million loan owed to
South Canterbury Finance.

The report notes that a fourth company owned and directed by Mr.
Thurston, Advanced Logistics, is also in the hands of receivers,
appointed by Farmers Mutual Finance.

Nick Thompson from PKF Goldsmith Fox, receiver for Property Food
and Technology, said the South Canterbury loan was spread across
several of Mr. Thurston's companies under a cross-guarantee, the
report discloses.  Property Food and Technology appeared to be
used as a property holding company, the report says.

"Unfortunately it's linked to other companies which are in
receivership and because of a number of cross-guarantees, this
company has been dragged into the receivership," the report quoted
Mr. Thompson as saying.

The report says that two other properties owned by the company
were also likely to be sold.

Property Food and Technology is a property holding company based
in New Zealand.


SOUTH CANTERBURY: Trustee Repays NZ$350 Million to Bondholders
--------------------------------------------------------------
Marta Steeman at BusinessDay.co.nz reports that investors holding
NZ$350 million of bonds in South Canterbury Finance were repaid on
Thursday.

An announcement on the repayment of SCF debenture holders and
depositors is likely next week, the report says.

According to the report, Trustee Executors, acting on behalf of
the investors, said the bond holders investments were guaranteed
under the Retail Deposit Guarantee Scheme.  The guarantee was
triggered after SCF asked the trustee to appoint receivers on
August 31.

BusinessDay.co.nz discloses that bond holders represent about
NZ$350 million of the NZ$1.6 billion owed to SCF secured investors
in debt securities.

The trustee, as cited by BusinessDay.co.nz, said the repayment to
bondholders was full and final payment.

                       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.


* NEW ZEALAND: Number of Firms Going Insolvent Rises
----------------------------------------------------
Increasing numbers of New Zealand companies are likely to become
insolvent as the economy moves slowly out of recession, The
New Zealand Herald reports citing Mike Whale, a consultant with
law firm Lowndes Associates, who chaired an Auckland insolvency
conference this week.

The NZ Herald relates Mr. Whale said the number of non-finance-
sector collapses had so far failed to reach the levels expected
when the recession began.  But he said a slow recovery was likely
to see insolvencies increasing as businesses lacking cashflow and
credit became unable to keep up with the pace of growth in the
economy.

Mr. Whale's comments were echoed in a recent Massey University
study that indicated this year was likely to be the toughest since
the downturn began for many small-to-medium companies, the NZ
Herald says.

The NZ Herald reports that Peter Sherwin, a partner and chairman
of Grant Thornton's Wellington office, said the high number of
receiverships and insolvencies he had expected at the recession's
outset had failed to materialize.  This was partly a result of
banks taking a less aggressive, more collaborative approach to
companies facing difficulties, he said.

Like Mr. Whale, however, Mr. Sherwin said the number of
insolvencies was likely to increase in the near future, the NZ
Herald adds.

Insolvency occurs when a business no longer has the ability to pay
its debts and can result in proceedings such as receivership and
liquidation.


================
S R I  L A N K A
================


* Moody's Assigns 'B1' Issuer Rating on Sri Lanka Government
------------------------------------------------------------
Moody's Investors Service has assigned a B1 foreign currency
issuer rating to the government of Sri Lanka.  The outlook is
stable.

                        Ratings Rationale

The end of Sri Lanka's civil conflict and a structural improvement
in its economic prospects were important considerations for the
ratings decision.

The stable outlook balances ongoing policy efforts to improve
fiscal and balance of payments fundamentals and maintain low
inflation, against a large, albeit improving, government debt
overhang.

Sri Lanka's ratings are based on four key methodological factors:

1.  Low economic strength: derived from a small, relatively open
    and lower-middle income economy, which has grown appreciably
    despite the long civil war and several external shocks.  A
    sustained track record of rapid economic growth with
    reasonable external balance and restrained inflation which,
    coupled with further diversification of the economic base,
    could support an improved assessment of the country's economic
    strength.

2.  Medium institutional strength: supported chiefly by reasonably
    strong monetary management through the long civil war,
    strategic policy reforms and initiatives undertaken during the
    conflict, and a strong relationship with official creditors
    and key bilateral partners.  This sets the stage for a
    sustained rebound in the economy.  Moody's assessment also
    incorporates the World Bank's moderate rankings for Sri Lanka
    for rule of law and government effectiveness.  The development
    of contractual savings institutions and fairly broad domestic
    financial markets have helped to accommodate the sovereign's
    large fiscal financing needs.

3.  Low government financial strength: reflects the government's
    large debt and debt service burden, and lingering external
    vulnerabilities, which Moody's recognizes as being largely due
    to wartime circumstances.  However, these risks are being
    offset by growing foreign investor interest and improvement in
    domestic competitiveness, which should support the balance of
    payments position.  There are also proposed fiscal reforms
    which are expected to lower future budget deficits.  Moreover,
    the country's improving growth prospects and a downshift in
    local interest rates will also support the government's debt
    dynamics.

4.  Medium susceptibility to event risk: reflects the resilience
    of Sri Lanka's constitutional democracy, which has withstood a
    prolonged civil conflict that has left its core policy
    institutions and resident confidence un-damaged.  However,
    financial and contingent liability risks, relative to the
    sovereign's strained balance sheet and lingering external
    financing risks, are still considered as constraints, although
    these may ease over time.

Rating outlook:

"The stable outlook on the B1 foreign currency sovereign rating
encapsulates Moody's expectation that the re-integration of the
northern and eastern regions into Sri Lanka's economy will sustain
a higher growth rate with single-digit inflation without
destabilizing the external current account position.  The outlook
also reflects considerable scope for fiscal reforms and high
likelihood of foreign investment inflows against lingering risks
posed by a large government debt overhang and remaining, though,
diminishing, external financing risks," says Mr.  Aninda Mitra, a
Moody's Vice President and lead sovereign analyst for Sri Lanka.

"The stable outlook also considers Sri Lanka's small size, partial
dollarization, and relatively modest gross domestic savings.
Moody's therefore place more forward-looking credit emphasis on an
improvement in fiscal management, which is an area where reforms
are planned, but a track record is awaited," adds Mitra.

What Could Change the Rating -- Up:

An improvement in the government's fiscal and debt positions;
lower and less volatile inflation; and, sustainable improvements
in foreign currency reserve adequacy, supported in particular by
larger foreign direct investment inflows.

What Could Change the Rating -- Down:

Failure to progress on fiscal consolidation, or a loss of
inflation control, and a substantial worsening of the country's
external balance and foreign currency liquidity position.  A
reversal of recently achieved political stability, which could
adversely impact resident and foreign investor confidence.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


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


AMERICAN INT'L: Aborts Deal With Consortium Over Nan Shan Sale
--------------------------------------------------------------
Early this month, a regulator in Taiwan rejected a $2.15 billion
sale of American International Group's Taiwanese life-insurance
business to a group of Hong Kong investors, forcing AIG to
reassess its options for the unit.

The Wall Street Journal's Leslie Scism and Anupreeta Das report
that this week, the investors and AIG said they agreed to abort
the consortium's attempt to purchase the unit.

As reported by the Troubled Company Reporter on September 2, 2010,
Ting-I Tsai and Aries Poon, writing for The Wall Street Journal,
said Taiwan's Financial Supervisory Commission decided to reject
the deal because it had doubts about China Strategic Holdings
Ltd.'s financial strength and commitment to AIG's Nan Shan Life
Insurance Co., which controls more than a 30% share of Taiwan's
life-insurance market.

The Journal had reported that the consortium set up by China
Strategic and Primus Financial Holdings Ltd. can file an appeal
within 30 days.  The report also said Taiwan's insurance regulator
said it hoped AIG could continue to operate the insurance unit in
Taiwan.  But if not, the regulator hoped AIG could find a buyer
that "fits everybody's interests," said Thomas Huang, director of
the FSC's Insurance Bureau.

The TCR, citing Dow Jones Newswires, reported August 26, 2010,
that AIG said it is committed to selling its stake in Nan Shan to
the China Strategic consortium, and it won't entertain any other
offers.  According to Dow Jones, AIG explicitly said for the first
time that it "has no intention of selling its stake to any other
party, and for example, will not entertain an offer from
Chinatrust."

Dow Jones said China Strategic has denied links to China, and AIG
has said it received "legally binding representations" from the
consortium that no Chinese money is being used to fund the deal.
The consortium and AIG recently extended the deal's deadline to
Oct. 12.

                             About AIG

American International Group, Inc. -- http://www.aig.com/-- is an
international insurance organization with operations in more than
130 countries and jurisdictions.  AIG companies serve commercial,
institutional and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer. In
addition, AIG companies are leading providers of life insurance
and retirement services around the world.  AIG common stock is
listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  AIG almost
collapsed under the weight of bad bets it made insuring mortgage-
backed securities.  The Company, however, was bailed out by the
Federal Reserve, but even after an initial infusion of
$85 billion, losses continued to grow.  The later rescue packages
brought the total to $182 billion, making it the biggest federal
bailout in U.S. history.

AIG has been working to protect and enhance the value of its key
businesses, execute an orderly asset disposition plan, and
position itself for the future.  AIG has sold a number of its
subsidiaries and other assets to pay down loans received from the
U.S. government, and continues to seek buyers of its assets.


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


MILITARY COMMERCIAL: Moody's Assigns First Time Low-B Ratings
-------------------------------------------------------------
Moody's Investors Service has for the first time assigned ratings
to Military Commercial Joint Stock Bank:

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

                        Ratings Rationale

"The BFSR of D-, which translates into a Baseline Credit
Assessment of Ba3, reflects the bank's modest franchise in
Vietnam, in a highly competitive environment.  The bank has fairly
healthy financial metrics, comparable to higher-rated regional
peers, with consistently good profitability in recent years," says
Karolyn Seet, a Moody's AVP.

"The rating is also supported by the bank's comfortable liquidity,
its solid capitalization ratios and its good reported asset
quality."

"Constraining factors include the bank's limited franchise, its
narrow product diversification, and the inherent challenges of the
Vietnamese operating environment," adds Seet.  "In addition, the
company's corporate governance, risk management, and control
systems are still evolving."

In Moody's view, other constraining factors are rapid credit
growth, the lack of international diversification, and modest loan
loss-reserve coverage.

A significant proportion of the bank's off-balance sheet
commitments -- almost the size of its loan portfolio and
consisting largely of letters of credit -- is also a concern.
Should these off-balance sheet items need to be funded, the bank's
capital and liquidity ratios would be negatively affected if
appropriate actions are not taken to cushion any shortfalls.

The bank may not be able to sustain its good financial metrics
over the medium term, due primarily to concerns about the
operating environment.  The Vietnamese economy has registered high
growth rates, but remains fragile and vulnerable to volatility.

Based on audited reports at the end of 2009, MB is the eighth-
largest bank in Vietnam.  Its main business -- which comprises
some 48% of its loan portfolio -- involves lending to small and
medium-sized enterprises.  It controls 3.1% of system deposits and
2.3% of system loans, and its lending is weighted towards the
commercial and SME segments.

MB plans to raise capital in the near term to provide a larger
cushion to absorb losses.  The bank's capitalization is adequate
at this point, although additional capital may be needed to
support the 50%-100% loan growth expected over the medium term.

In this context, in accordance with Basel I calculations, the
bank's current Tier 1 ratio was 12.4% at December 31, 2009, higher
than the regional D- peer median of 7.4%.  MB plans to increase
its chartered capital to VND7.3 trillion from VND6.2 trillion by
end-2010.  The capital will be replenished by the issuance of new
shares.

The BFSR of D- is based on Moody's view that MB's plans to raise
capital plans are well under way.  It is also based on Moody's
expectation that the bank will maintain strong capital ratios even
as it pursues its high growth strategy.

However, even though its non-performing loan ratio is low, due in
part to its high loan growth, its rapid credit growth (88% in
2009) raises the risk of increased asset quality problems.

In Moody's opinion, this risk is compounded by (1) an ineffective
legal system, which limits the recovery rates on bad loans; (2)
poor credit data on smaller customers, a group that underpins MB's
franchise; and (3) a modest level of loan loss reserve coverage.

Because of the fiercely competitive environment in its core
commercial and SME segments, the bank will find it challenging to
enhance its retail franchise and fee-based income, while
protecting its interest margins.

In Moody's view, a ratings upgrade is unlikely in the near term,
given the numerous challenges the bank is facing, among them: (1)
the potential pressure stemming from problems loans because of its
rapid growth plans; (2) a decline in its net interest margins,
reflecting price competition in customer deposits -- the core of
the bank's funding structure -- and an intensification of
competition in customer lending; (3) the need to further enhance
its technological infrastructure as well as its risk management
and corporate governance; and (4) its exposure to the country's
undiversified and challenging operating environment, characterized
by high inflation and a tightening monetary policy, which makes
access to funding a major concern.

A downgrade in the near term is not anticipated, although a
ratings downgrade could be triggered by (1) a reduction in the
bank's Tier 1 ratio to less than 10%; (2) severe deterioration in
asset quality, such that the ratio of NPLs to capital and loan-
loss reserves rise above 40%; and (3) more aggressive lending
practices in the face of harsh competition, weakening
profitability, and deteriorating asset quality.

In a medium-support country like Vietnam, MB's long-term global
local currency 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 Not-
Prime.

Established in 1994, MB is headquartered in Hanoi.  The bank
reported total assets of VND69,142 billion (approximately USD3.7
billion) at December 31, 2009.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


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


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

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


AUSTRALIA

ADVANCE HEAL-NEW       AHGN               16.93       -8.23
ARASOR INTERNATI       ARR                19.21      -26.51
AUSTAR UNITED          AUN               502.05     -284.60
AUSTRAILIAN Z-PP       AZCCA              77.74       -2.57
AUSTRALIAN ZIRC        AZC                77.74       -2.57
AUTRON CORP LTD        AAT                32.39      -13.42
BCD RESOURCES OP       BCO                22.09      -61.19
BCD RESOURCES-PP       BCOCC              22.09      -61.19
BIRON APPAREL LT       BIC                19.71       -2.22
CENTRO PROPERTIE       CNP            14,253.26     -825.84
CHALLENGER INF-A       CIF             2,161.41     -339.11
CHEMEQ LTD             CMQ                25.19      -24.25
ELLECT HOLDINGS        EHG                18.25      -15.49
HEALTH CORP LTD        HEA                13.85       -0.97
HYRO LTD               HYO                11.81       -5.15
IVANHOE AUST LTD       IVA                49.44       -6.51
JAMES HARDIE-CDI       JHX             2,132.00      -26.70
JAMES HARDIE NV        JHXCC           2,132.00      -26.70
MAC COMM INFR-CD       MCGCD           8,104.42     -103.34
NATURAL FUEL LTD       NFL                19.38     -121.51
ORION GOLD NL          ORN                12.37      -24.99
POWERLAN LTD           PWR                30.84       -5.94
SCIGEN LTD-CUFS        SIE                69.94      -29.79
SHELL VILLAGES A       SVC                13.47       -1.66
TAKORADI LTD           TKG                13.99       -0.41
VERTICON GROUP         VGP                10.08      -29.12


CHINA

BAOCHENG INVESTM       600892             22.47       -3.17
CHANGAN INFO-A         600706             20.37       -7.96
CHENGDE DALU -B        200160             26.84       -6.15
CHENGDU UNION-A        693                39.91      -14.85
CHINA KEJIAN-A         35                 85.26     -186.04
DATONG CEMENT-A        673                20.42       -2.75
DONGGUAN FANGD-A       600656             22.37      -60.70
DONGXIN ELECTR-A       600691             13.31      -20.95
GUANGDONG ORIE-A       600988             11.79       -7.36
GUANGMING GRP -A       587                46.84      -39.50
GUANGXIA YINCH-A       557                30.00      -31.75
HEBEI BAOSHUO -A       600155            114.87     -390.50
HEBEI JINNIU C-A       600722            231.07     -236.93
HUASU HOLDINGS-A       509                81.80       -4.82
HUNAN ANPLAS CO        156                39.16      -65.29
JIANGSU CHINES-A       805                12.46      -12.21
JINCHENG PAPER-A       820               255.17      -31.31
JINHUA GROUP-A         818               334.60      -45.66
LIAOYUAN DEHENG        600699            120.45      -31.43
MUDAN AUTOMOBI-H       8188               36.26       -0.61
NINGBO YIDONG-H        8249               43.21      -33.74
QINGHAI SUNSHI-A       600381            108.89      -24.71
SHAANXI QINLIN-A       600217            233.75      -37.00
SHANG BROAD-A          600608             69.72      -20.98
SHANG HONGSHENG        600817             15.37     -460.74
SHANGHAI WORLDBE       600757            154.83     -257.96
SHENZ CHINA BI-A       17                 24.86     -272.59
SHENZ CHINA BI-B       200017             24.86     -272.59
SHENZHEN DAWNC-A       863                26.90     -151.27
SHENZHEN KONDA-A       48                116.05       -0.97
SHENZHEN SHENX-A       34                 21.92     -118.85
SHENZHEN ZERO-A        7                  51.44       -6.96
SHIJIAZHUANG D-A       958               216.46      -76.14
SICHUAN DIRECT-A       757               103.56     -138.84
SICHUAN GOLDEN         600678            233.64      -37.42
TAIYUAN TIANLO-A       600234             52.47      -27.08
TIANJIN MARINE         600751             78.09      -63.86
TIANJIN MARINE-B       900938             78.09      -63.86
TIBET SUMMIT I-A       600338             83.10       -1.66
TOPSUN SCIENCE-A       600771            155.93     -158.88
WINOWNER GROUP C       600681             11.13      -72.07
WUHAN BOILER-B         200770            269.09     -143.61
WUHAN GUOYAO-A         600421             11.02      -24.12
XIAMEN OVERSEA-A       600870            338.03     -139.08
XINHUA FINANCE         9399               35.80       -1.17
YANBIAN SHIXIA-A       600462            208.72      -14.53
YIBIN PAPER IN-A       600793            111.63       -0.13
YUEYANG HENGLI-A       622                36.02      -16.09
YUNNAN MALONG-A        600792            122.13      -50.67
ZHANGJIAJIE TO-A       430                45.95       -4.59
ZHONGCHANG MAR-A       600242             20.42       -1.12


HONG KONG

ASIA TELEMEDIA L       376                16.62       -5.37
ASIAN CAPITAL RE       8025               21.97       -0.68
BUILDMORE INTL         108                13.08      -43.45
CHINA HEALTHCARE       673                37.98       -2.81
CMMB VISION HOLD       471                41.31       -5.11
COSMO INTL 1000        2930               83.67      -25.33
COSMO INTL 1000        120                83.67      -25.33
CROSBY CAPITAL         8088               13.84      -14.46
EGANAGOLDPFEIL         48                557.89     -132.86
FULBOND HLDGS          1041               54.53      -24.07
HAO WEN HOLDINGS       8019               22.57       -0.46
IMAGI INTERNATIO       585                11.29      -21.23
JIAN EPAYMENT          8165               14.66       -1.12
MELCOLOT LTD           8198               63.25      -34.53
MITSUMARU EAST K       2358               21.23       -9.04
NEW CITY CHINA         456               112.20      -14.59
NGAI LIK INDL          332                21.16       -3.64
PAC PLYWOOD            767                68.66      -12.31
PALADIN LTD            495               155.31      -10.91
PCCW LTD               8               5,350.25     -416.24
PROVIEW INTL HLD       334               314.87     -294.85
SINO RESOURCES G       223                25.07      -39.10
TACK HSIN HLDG         611                27.01      -62.70
TLT LOTTOTAINMEN       8022               25.21       -8.78
TONIC IND HLDGS        978                56.17      -54.52


INDONESIA

ASIA PACIFIC           POLY              485.05     -844.50
ERATEX DJAJA           ERTX               11.30      -18.23
JAKARTA KYOEI ST       JKSW               28.61      -45.23
MITRA INTERNATIO       MIRA              990.92     -217.75
MITRA RAJASA-RTS       MIRA-R2           990.92     -217.75
MULIA INDUSTRIND       MLIA              360.87     -368.54
PANASIA FILAMENT       PAFI               45.10       -8.20
PANCA WIRATAMA         PWSI               30.32      -37.84
PRIMARINDO ASIA        BIMA               12.22      -21.89
STEADY SAFE TBK        SAFE               11.85       -5.88
SURABAYA AGUNG         SAIP              265.80      -83.61
UNITEX TBK             UNTX               16.09      -16.28


INDIA

ALCOBEX METALS         AML                16.59      -21.47
ARTSON ENGR            ART                15.63       -1.61
ASHIMA LTD             ASHM               63.65      -55.81
ATV PROJECTS           ATV                60.46      -55.04
BALAJI DISTILLER       BLD                66.32      -25.40
BELLARY STEELS         BSAL              451.68     -108.50
BHAGHEERATHA ENG       BGEL               22.65      -28.20
CAMBRIDGE SOLUTI       CAMB              156.75      -46.79
CFL CAPITAL FIN        CEATF              15.35      -46.89
COMPUTERSKILL          CPS                14.90       -7.56
CORE HEALTHCARE        CPAR              185.36     -241.91
DCM FINANCIAL SE       DCMFS              16.06       -9.47
DIGJAM LTD             DGJM               98.77      -14.62
DISH TV INDIA          DITV              422.08     -127.61
DUNCANS INDUS          DAI               133.65     -205.38
GANESH BENZOPLST       GBP                43.99      -24.57
GEM SPINNERS LTD       GEMS               15.23       -0.11
GLOBAL BOARDS          GLB                14.98       -7.51
GSL INDIA LTD          GSL                37.04      -42.34
GSL NOVA PETROCH       GSLN               44.39       -0.93
GUJARAT SIDHEE         GSCL               59.44       -0.66
HARYANA STEEL          HYSA               10.83       -5.91
HENKEL INDIA LTD       HNKL              102.05      -10.24
HFCL INFOTEL LTD       HFCL              173.52     -101.57
HIMACHAL FUTURIS       HMFC              406.63     -210.98
HINDUSTAN PHOTO        HPHT               68.94   -1,147.18
HINDUSTAN SYNTEX       HSYN               14.15       -3.66
HMT LTD                HMT               142.67     -386.80
ICDS                   ICDS               13.30       -6.17
INDIA FOILS LTD        IF                 54.77       -2.70
INTEGRAT FINANCE       IFC                45.56      -43.27
ITI LTD                ITI             1,116.21       -0.80
JCT ELECTRONICS        JCTE              122.54      -50.00
JD ORGOCHEM LTD        JDO                10.46       -1.60
JENSON & NIC LTD       JN                 17.91      -84.78
JIK INDUS LTD          KFS                20.63       -5.62
JK SYNTHETICS          JKS                13.51       -3.03
JOG ENGINEERING        VMJ                50.08      -10.08
KALYANPUR CEMENT       KCEM               37.45      -45.90
KERALA AYURVEDA        KRAP               13.99       -1.18
KINGFISHER AIR         KAIR            1,781.30     -861.06
LLOYDS FINANCE         LYDF               23.77      -10.87
LLOYDS STEEL IND       LYDS              415.66      -63.93
MAHA RASHTRA APE       MHAC               24.13      -14.27
MILLENNIUM BEER        MLB                36.39       -3.20
MILTON PLASTICS        MILT               18.31      -40.44
NICCO UCO ALLIAN       NICU               32.23      -71.91
NK INDUS LTD           NKI                49.04       -4.95
ORIENT PRESS LTD       OP                 16.70       -0.09
PANCHMAHAL STEEL       PMS                51.02       -0.33
PARASRAMPUR SYN        PPS               111.97     -317.11
PAREKH PLATINUM        PKPL               61.08      -88.85
PEACOCK INDS LTD       PCOK               11.40      -14.40
PIRAMAL LIFE SC        PLSL               45.82      -32.69
POLAR INDS LTD         PLI                11.61      -22.28
RAMA PHOSPHATES        RMPH               34.07       -1.19
RATHI ISPAT LTD        RTIS               44.56       -3.93
RELIGARE TECHNOV       RTCL               44.13       -1.46
REMI METALS GUJA       RMM               102.64       -5.29
RENOWNED AUTO PR       RAP                14.12       -1.25
ROLLATAINERS LTD       RLT                22.97      -22.24
ROYAL CUSHION          RCVP               20.62      -20.95
SCOOTERS INDIA         SCTR               13.29       -0.58
SHALIMAR WIRES         SWRI               24.49      -49.90
SHAMKEN COTSYN         SHC                23.13       -6.17
SHAMKEN MULTIFAB       SHM                60.55      -13.26
SHAMKEN SPINNERS       SSP                42.18      -16.76
SHREE GANESH FOR       SGFO               44.50       -2.89
SHREE RAMA MULTI       SRMT               63.73      -52.93
SIDDHARTHA TUBES       SDT                70.93      -12.09
SIL BUSINESS ENT       SILB               12.46      -19.96
SOUTHERN PETROCH       SPET            1,584.27       -4.80
SPICEJET LTD           SJET              220.03      -76.12
STERLING HOL RES       SLHR               52.91       -0.63
STI INDIA LTD          STIB               28.05       -8.04
TAMILNADU TELE         TNT                12.82       -5.15
TATA TELESERVICE       TTLS            1,069.83     -154.99
TRIUMPH INTL           OXIF               58.46      -14.18
TRIVENI GLASS          TRSG               24.39       -8.90
TUTICORIN ALKALI       TACF               14.15      -11.20
UNIFLEX CABLES         UFC                45.05       -0.90
UNIFLEX CABLES         UFCZ               45.05       -0.90
UNIWORTH LTD           WW                145.71     -114.87
USHA INDIA LTD         USHA               12.06      -54.51
VENTURA TEXTILES       VRTL               14.25       -0.33
WINDSOR MACHINES       WML                14.50      -28.14
WIRE AND WIRELES       WNW               115.34      -34.49


JAPAN

DAIWASYSTEM CO         8939              607.68     -259.76
DPG HOLDINGS INC       3781               11.77       -3.99
HARAKOSAN CO           8894              225.69      -62.68
JIPANGU HOLDINGS       2684               15.05       -8.38
KNT                    9726            1,058.18      -13.37
L CREATE CO LTD        3247               42.34       -9.15
LCA HOLDINGS COR       4798               51.30       -2.57
NIHON INTER ELEC       6974              218.08      -50.73
PROPERST CO LTD        3236              305.90     -330.20
RAYTEX CORP            6672               41.66      -28.52
SAIKAYA CO LTD         8254              375.83      -72.59
SHINWA OX CORP         2654               41.06      -24.43
SHIOMI HOLDINGS        2414              190.97      -22.81
SUMITOMO MITSUI        1821            2,382.17      -98.97
TERRANETZ CO LTD       2140               11.63       -4.29


KOREA

AJU MEDIA SOL-PF       44775              13.82       -1.25
DAHUI CO LTD           55250             186.00       -1.50
DAISHIN INFO           20180             740.50     -158.45
KEYSTONE GLOBAL        12170              10.61       -0.74
KUKDONG CORP           5320               51.19       -1.39
KUMHO INDUS-PFD        2995            5,837.32     -967.28
KUMHO INDUSTRIAL       2990            5,837.32     -967.28
ORICOM INC             10470              82.65      -40.04
SAMT CO LTD            31330             200.83     -152.09
SEOUL MUTL SAVIN       16560             874.79      -34.13
TAESAN LCD CO          36210             296.83      -91.03
TONG YANG MAGIC        23020             355.15      -25.77
YOUILENSYS CORP        38720             166.70      -12.34


MALAYSIA

AXIS INCORPORATI       AXIS               39.22      -86.70
GULA PERAK BHD         GUP                91.03      -38.57
HO HUP CONSTR CO       HO                 68.68       -7.10
LCL CORP BHD           LCL                45.27     -111.27
LIMAHSOON BHD          LIMA               26.52       -1.56
LUSTER INDUSTRIE       LSTI               22.97       -1.72
MEMS TECHNOLOGY        MEMS               10.41      -20.77
NGIU KEE CO-BHD        NKC                22.98       -0.16
OILCORP BHD            OILC               91.94      -63.88
TRACOMA HOLDINGS       TRAH               72.64       -6.19


NEW ZEALAND

DORCHESTER PAC         DPC                77.28       -2.01


PHILIPPINES

APEX MINING 'B'        APXB               45.84      -20.95
APEX MINING-A          APX                45.84      -20.95
BENGUET CORP 'B'       BCB                80.66      -37.36
BENGUET CORP-A         BC                 80.66      -37.36
CYBER BAY CORP         CYBR               13.30      -83.83
EAST ASIA POWER        PWR                42.01     -159.00
FIL ESTATE CORP        FC                 38.38      -13.37
FILSYN CORP A          FYN                22.72      -10.89
FILSYN CORP. B         FYNB               22.72      -10.89
GOTESCO LAND-A         GO                 18.68      -10.86
GOTESCO LAND-B         GOB                18.68      -10.86
MRC ALLIED INC         MRC                13.26       -5.43
PICOP RESOURCES        PCP               105.66      -23.33
PRIME ORION PHIL       POPI               90.35       -5.12
STENIEL MFG            STN                22.11      -13.42
UNIVERSAL RIGHTF       UP                 45.12      -13.48
UNIWIDE HOLDINGS       UW                 52.80      -56.18
VICTORIAS MILL         VMC               164.26      -18.20


SINGAPORE

ADV SYSTEMS AUTO       ASA SP Equit       14.49      -12.12
ADVANCE SCT LTD        ASCT SP Equi       16.05      -43.84
HL GLOBAL ENTERP       HLGE SP Equi       93.41      -11.84
JURONG TECH IND        JTL SP Equit       98.76     -227.28
LINDETEVES-JACOB       LJ SP Equity      135.79      -90.16
SUNMOON FOOD COM       SMOON SP Equ       14.19      -14.22
TT INTERNATIONAL       TTI SP Equit      256.51      -50.62


THAILAND

ABICO HLDGS-F          ABICO/F            15.28       -4.40
ABICO HOLDINGS         ABICO              15.28       -4.40
ABICO HOLD-NVDR        ABICO-R            15.28       -4.40
ASCON CONSTR-NVD       ASCON-R            59.78       -3.37
ASCON CONSTRUCT        ASCON              59.78       -3.37
ASCON CONSTRU-FO       ASCON/F            59.78       -3.37
BANGKOK RUBBER         BRC                95.77      -72.05
BANGKOK RUBBER-F       BRC/F              95.77      -72.05
BANGKOK RUB-NVDR       BRC-R              95.77      -72.05
CIRCUIT ELEC PCL       CIRKIT             16.79      -96.30
CIRCUIT ELEC-FRN       CIRKIT/F           16.79      -96.30
CIRCUIT ELE-NVDR       CIRKIT-R           16.79      -96.30
DATAMAT PCL            DTM                12.69       -6.13
DATAMAT PCL-NVDR       DTM-R              12.69       -6.13
DATAMAT PLC-F          DTM/F              12.69       -6.13
GRANDE ASSE-NVDR       GRAND-R           206.18       -3.80
GRANDE ASSET H-F       GRAND/F           206.18       -3.80
GRANDE ASSET HOT       GRAND             206.18       -3.80
ITV PCL                ITV                34.83     -100.25
ITV PCL-FOREIGN        ITV/F              34.83     -100.25
ITV PCL-NVDR           ITV-R              34.83     -100.25
K-TECH CONSTRUCT       KTECH/F            39.74      -33.07
K-TECH CONSTRUCT       KTECH              39.74      -33.07
K-TECH CONTRU-R        KTECH-R            39.74      -33.07
KUANG PEI SAN          POMPUI             17.70      -12.74
KUANG PEI SAN-F        POMPUI/F           17.70      -12.74
KUANG PEI-NVDR         POMPUI-R           17.70      -12.74
PATKOL PCL             PATKL              52.89      -30.64
PATKOL PCL-FORGN       PATKL/F            52.89      -30.64
PATKOL PCL-NVDR        PATKL-R            52.89      -30.64
PICNIC CORPORATI       PICNI             162.04      -79.86
PICNIC CORPORATI       PICNI-R           162.04      -79.86
PICNIC CORPORATI       PICNI/F           162.04      -79.86
PONGSAAP PCL           PSAAP/F            23.00       -9.14
PONGSAAP PCL           PSAAP              23.00       -9.14
PONGSAAP PCL-NVD       PSAAP-R            23.00       -9.14
SAHAMITR PRESS-F       SMPC/F             21.99       -4.01
SAHAMITR PRESSUR       SMPC               21.99       -4.01
SAHAMITR PR-NVDR       SMPC-R             21.99       -4.01
SUNWOOD INDS PCL       SUN                19.86      -13.03
SUNWOOD INDS-F         SUN/F              19.86      -13.03
SUNWOOD INDS-NVD       SUN-R              19.86      -13.03
THAI-DENMARK PCL       DMARK              15.72      -10.10
THAI-DENMARK-F         DMARK/F            15.72      -10.10
THAI-DENMARK-NVD       DMARK-R            15.72      -10.10
THAI-GERMAN PR-F       TGPRO/F            53.47       -4.49
THAI-GERMAN PRO        TGPRO              53.47       -4.49
THAI-GERMAN-NVDR       TGPRO-R            53.47       -4.49
TRANG SEAFOOD          TRS                13.34       -4.01
TRANG SEAFOOD-F        TRS/F              13.34       -4.01
TRANG SFD-NVDR         TRS-R              13.34       -4.01
UNIVERSAL S-NVDR       USC-R             114.26      -20.53
UNIVERSAL STARCH       USC               114.26      -20.53
UNIVERSAL STAR-F       USC/F             114.26      -20.53


TAIWAN

CHIEN TAI CEMENT       1107              202.42      -33.40
HELIX TECH-EC          2479T              23.39      -24.12
HELIX TECH-EC IS       2479U              23.39      -24.12
HELIX TECHNOL-EC       2479S              23.39      -24.12
PRODISC TECH           2396              253.76      -36.04
TAIWAN KOL-E CRT       1606U             507.21     -147.14
TAIWAN KOLIN-EN        1606V             507.21     -147.14
TAIWAN KOLIN-ENT       1606W             507.21     -147.14
VERTEX PREC-ENTL       5318T              42.86       -0.71
VERTEX PRECISION       5318               42.86       -0.71


                             *********

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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