TCRAP_Public/101001.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, October 1, 2010, Vol. 13, No. 194

                            Headlines



A U S T R A L I A

HHH INTERNATIONAL: Goes Into Administration
RIVERCITY MOTORWAY: Might Wind Up Business in September Next Year


H O N G  K O N G

SAM'S & ASSOCIATES: Ho and Kong Appointed as Liquidators
SCONEYHURST COMPANY: Creditors' Proofs of Debt Due October 26
SEA BRAIN: Chan Chi Kei Ronald Appointed as Liquidator
SHARP EAST: Members' Final Meeting Set for October 25
SKYFAME COMPANY: Creditors' Proofs of Debt Due October 24

TECHGLORY INTERNATIONAL: Lees and Man Step Down as Liquidators
TWO LUCK: Lo and Haughey Step Down as Liquidators
WIDEFUL INTERNATIONAL: Creditors' Proofs of Debt Due October 8


I N D I A

AIR INDIA: Approves Implementation of SAP ERP Project
BIAX SPECIALTY: Fitch Affirms 'BB+' National Long-Term Rating
JEYAVISHNU SPINTEX: CRISIL Reaffirms 'D' Rating on INR409.7MM Loan
KAKUMANU SEEDS: CRISIL Rates INR72.5 Million Term Loan at 'D'
KATARIA AUTOMOBILES: CRISIL Reaffirms 'BB+' Rating on Term Loan

MAF CLOTHING: CRISIL Rates INR120 Million Packing Credit at 'P4'
MAHARASHTRA CRICKET: CRISIL Rates INR800 Million Term Loan at 'BB'
MAHAVEER FORGINGS: CRISIL Puts 'D' Rating on INR19.2MM Term Loan
MANAS FLOUR: CRISIL Assigns 'B+' Ratings to INR36.2MM Term Loan
R M DASA: CRISIL Assigns 'BB+' Rating to INR15MM Cash Credit Debt

RAJ FISHMEAL: CRISIL Puts 'BB' Rating on INR50MM Cash Credit Limit
RAYAT EDUCATIONAL: CRISIL Rates INR165 Million Term Loan at 'D'
REDDY VEERANNA: CRISIL Puts 'C' Rating on INR350MM Cash Credit
S.R. STEELS: CRISIL Places 'B+' Rating on INR110 Million Term Loan
S N THAKKAR: CRISIL Places 'BB+' Rating on INR75MM Cash Credit

SHRAVANA POWER: CRISIL Assigns 'D' Rating to INR230 Mil. Term Loan
STERLITE INDUSTRIES: Madras High Court Orders Copper Plant Closure


I N D O N E S I A

BANK UOB: Fitch Affirms Issuer Default Ratings at 'BB+'
BUMI INVESTMENT: Moody's Assigns 'Ba3' Rating on Senior Bonds
BUMI INVESTMENT: S&P Assigns 'BB' Rating on Guaranteed Notes


J A P A N

ASAHI MUTUAL: Fitch Gives Stable Outlook; Affirms 'BB' Rating
GK MLOX3: Fitch Downgrades Ratings on Four Classes of Notes
GK ORSO: Fitch Takes Rating Actions on Various Classes of Notes
PIONEER CORPORATION: Moody's Withdraws 'B2' Local Issuer Rating


N E W  Z E A L A N D

AORANGI SECURITIES: Statutory Managers to Release 3rd Report Today
SOUTH CANTERBURY: Investors to Get Payout in Mid-October


P H I L I P P I N E S

CHINA BANKING: Fitch Affirms Individual Rating at C/D'
PHILIPPINE AIRLINES: Cabin Crew Pushes Strike as Talks Fail


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


HHH INTERNATIONAL: Goes Into Administration
-------------------------------------------
Andrew Trounson and Guy Healy at The Australian reports that HHH
International went into administration, affecting up to 350
international students.  The report relates that the college has
been hit by debt and tax issues.

According to the report, there is confusion over just how many
students are affected.  The report relates that the college said
it had 160 international students but the Department of Education,
Employment and Workplace Relations said the number could reach
350.  The Queensland Education Department said it had records for
only 90 international students, the report notes.

HHH International is an English language college in Brisbane.


RIVERCITY MOTORWAY: Might Wind Up Business in September Next Year
-----------------------------------------------------------------
RiverCity Motorway Group, the owner and operator of Brisbane's
Clem7 tunnel, released its audited final financial report for the
year ended June 30, 2010.

Based on current traffic estimates the Group's cash reserves will
support its operations at least until September 2011.

RiverCity Motorway chairman Robert Morris said: "With current
traffic volumes remaining well below the original forecast, the
Group will be required to secure arrangements with its banks to
sustain the Group until after the Airport Link opens in mid 2012."

"RiverCity Motorway is in constructive discussions with its banks
and is working towards reaching an agreement," Mr. Morris said in
the statement.

"As a result of the lower traffic volumes and yet to be finalised
arrangements with its banks, the RiverCity Motorway Group Final
Financial Report has been prepared on the basis that an orderly
winding up of the group could occur sometime after
September 2011," RiverCity said.

RiverCity re-confirmed that the group had cash reserves of
AU$106 million as at August 31, 2010, to support its operations
and interest payments until at least September next year.

"The ability for the group to continue beyond this period will
depend on future traffic levels, toll pricing and/or suitable
arrangements with its banks," RiverCity said.

                     About RiverCity Motorway

RiverCity Motorway Group -- http://www.rivercitymotorway.com.au/
-- is a Queensland, Australia-based toll road company.  The
Company has been awarded a 45-year concession by the Brisbane City
Council to finance, design, construct and operate Clem Jones
Tunnel (CLEM7), the city's first private toll road.  CLEM7,
scheduled to open in 2010, will connect major traffic arteries on
the south and north of the Brisbane CBD.


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


SAM'S & ASSOCIATES: Ho and Kong Appointed as Liquidators
--------------------------------------------------------
Ho Man Kit Horace and Kong Sze Man Simone on August 11, 2010, were
appointed as liquidators of Sam's & Associates Limited.

The liquidators are Ho Man Kit Horace and Kong Sze Man Simone.


SCONEYHURST COMPANY: Creditors' Proofs of Debt Due October 26
-------------------------------------------------------------
Sconeyhurst Company Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by October 26, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Francis Young
         20th Floor, Tung Wai Commercial Building
         109-111 Gloucester Road
         Wanchai, Hong Kong


SEA BRAIN: Chan Chi Kei Ronald Appointed as Liquidator
------------------------------------------------------
Chan Chi Kei Ronald on September 16, 2010, was appointed as
liquidator of Sea Brain Limited.

The liquidator may be reached at:

        Chan Chi Kei Ronald
        Suites 216-218, 2/F
        Shui On Centre
        6-8 Harbour Road
        Wanchai, Hong Kong


SHARP EAST: Members' Final Meeting Set for October 25
-----------------------------------------------------
Members of Sharp East Limited will hold their final general
meeting on October 25, 2010, at 10:00 a.m., at Room 303 East Ocean
Centre, 98 Granville Road, in Kowloon.

At the meeting, Ho Tak Sang, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


SKYFAME COMPANY: Creditors' Proofs of Debt Due October 24
---------------------------------------------------------
Skyfame Company Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by October 24, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Yu Yu Kin
         Cheng Mo Kit Katherine
         Office B, 26/F
         United Centre, 95 Queensway
         Hong Kong


TECHGLORY INTERNATIONAL: Lees and Man Step Down as Liquidators
--------------------------------------------------------------
John Robert Lees and Man Ng stepped down as liquidators of
Techglory International Limited on September 14, 2010.


TWO LUCK: Lo and Haughey Step Down as Liquidators
-------------------------------------------------
Lo Kin Ching Joseph and Darach E. Haughey stepped down as
liquidators of Two Luck Engineering (Hong Kong) Company Limited on
August 30, 2010.


WIDEFUL INTERNATIONAL: Creditors' Proofs of Debt Due October 8
--------------------------------------------------------------
Wideful International Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by October 8, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Choi Siu Ling
         17/F., Hing Yip Commercial Centre
         272-284 Des Voeux Road
         Central, Hong Kong


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


AIR INDIA: Approves Implementation of SAP ERP Project
-----------------------------------------------------
The Economic Times reports that Air India has approved the
implementation of the SAP Enterprise Resource Planning project.

The carrier said the implementation of the ERP project is in line
with the business objectives and strategy of the company for
effecting a turnaround, the Economic Times relates.

According to the Economic Times, SAP is the largest provider of
ERP solutions world-wide and has been preferred by more than 115
airlines.  SAP solutions support the core business of airlines in
passenger services planning and development and also MRO
(maintenance, repair and overhaul) functions.

Air India said the implementation of the SAP ERP package would
help Air India in strategic decision-making, monitoring and
control systems, the Economic Times reports.

                           About Air India

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

                           *     *     *

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

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising its fleet strength to
as many as 275 planes in five years from 148 now.  Air India
Chairman and Managing Director Arvind Jadhav said the new 100-page
turnaround plan for 2010-14, which ruled out any job cuts or wage
reductions and, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.


BIAX SPECIALTY: Fitch Affirms 'BB+' National Long-Term Rating
-------------------------------------------------------------
Fitch Ratings has affirmed India's Biax Specialty Films Private
Limited's National Long-term rating at 'BB+(ind)'.  The Outlook is
Stable.  The agency has also affirmed the ratings on BSFPL's
facilities:

  - Outstanding INR100 million long-term bank loans: 'BB+(ind)';
  - INR30 million fund-based working capital bank limits:
    'BB+(ind)'; and
  - INR20 million non-fund-based bank limits: 'F4(ind)'.

The ratings are based on BSFPL's strong linkages with its parent
company - Xpro India Limited ('BBB-(ind)'/Stable) - in terms of
common management, similar product profile, common marketing and
administration.  BSFPL's ratings also incorporate support on
account of a corporate guarantee of INR150 million provided by
Xpro (against Xpro's net worth of INR1,076.5m as on end-March 2010
to secure the former's INR150 million bank loan facilities.  Xpro
also provided unsecured interest-bearing loans of INR147m to BSFPL
in FY10, which have been treated as subordinated debt in Fitch's
analysis.

Fitch notes that Xpro-BSFPL relationship is that of a stronger
parent and weaker subsidiary.  BSFPL's standalone credit profile
is substantially weaker, with accumulated losses of INR231m in
FY10, out of which INR212 million pertains to losses accumulated
before acquisition by Xpro in March 2009.  However, the company
has shown turnaround in terms of capacity utilization and positive
EBITDA since acquisition by Xpro, excepting a one-off disruption
in production process due to technical problems in June 2010.  On
account of such disruption, BSFPL posted lower revenue and cash
losses in Q1FY11.

BSFPL, a wholly owned subsidiary of Xpro, is involved in the
manufacturing of specialized base and metallised capacitor films
and packaging films at Pithampur in Madhya Pradesh.  In FY10, the
company registered revenues of INR174 million, operating EBITDA of
INR23.2 million and a net loss of INR19.1 million.


JEYAVISHNU SPINTEX: CRISIL Reaffirms 'D' Rating on INR409.7MM Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jeyavishnu Spintex
Private Limited, which is part of the KM group, continue to
reflect delays by the company in servicing its term loan; the
delays are being caused by the group's weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR409.7 Million Term Loan         D (Reaffirmed)
   INR162.5 Million Cash Credit       D (Reaffirmed)
   INR22.5 Million Letter of Credit   P5 (Reaffirmed)
   INR40.0 Million LG for EPCG        P5 (Reaffirmed)

The ratings also factor in the KM group's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
customer concentration in revenues and vulnerability of operating
margins to volatility in cotton prices.  However, the group
benefits from its established presence in the textile sector and
its integrated nature of operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JSPL and K M Knitwear, together
referred to as the KM group.  This is because both the companies
are in the same line of business, have a common management and
operational and financial linkages.

                           About KM Group

The KM group promoted by Mr. M Elangovan and Mr. K M Subramanian,
exports cotton yarn and knitted garments.  JSPL has a spinning
facility of 36,000 spindles, while KMK has knitting, embroidery,
and stitching facilities.  The group's facilities are located at
Tirupur, in Tamil Nadu, and its neighbourhood.  For 2009-10, the
group reported profit after tax (PAT) of INR31.68 million on net
sales of INR2.46 billion, as against a PAT of INR43.5 million on
net sales of INR2.07 billion for 2008-09.


KAKUMANU SEEDS: CRISIL Rates INR72.5 Million Term Loan at 'D'
-------------------------------------------------------------
CRISIL has assigned its 'D' rating to the term loan facility of
Kakumanu Seeds, which is part of the Prasad group.  The rating
reflects delay by the Prasad group in servicing its term loan; the
delay has been caused by the group's weak liquidity arising from
cash flow mismatch because of the seasonal nature of its business.

   Facilities                    Ratings
   ----------                    -------
   INR72.50 Million Term Loan    D (Assigned)

Prasad group has a small scale of operations and seasonal nature
of revenues.  The group, however, benefits from above average
financial risk profile, marked by moderate gearing and healthy
debt protection metrics and promoters' experience.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PSPL and Kakumanu Seeds, together
referred to as the Prasad group, as both entities are in the same
line of business, under a common management, and have considerable
operational and financial linkages.

                         About the Group

Set up in 1975, PSPL undertakes processing, conditioning, and
drying of seeds for various seed companies, including Monsanto
India Ltd and Bayer Bio Science Pvt Ltd (rated 'AA-/Stable/P1+' by
CRISIL). PSPL also develops and markets hybrid seeds. It was set
up by Mr. Karumanchi Prasad, who hails from an agrarian family and
has been in the seeds business for the past four decades.

Set up by Ms. Karumanchi Karthika as a sole proprietorship concern
in 2009, Kakumanu Seeds manufactures and markets hybrid seeds. It
has an agreement with Devgen N.V., a Belgium-based seeds company,
to undertake seed processing and seed conditioning.

The Prasad group reported a profit after tax (PAT) of INR117
million on net sales of INR489 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR41
million on net sales of INR209 million for 2007-08.


KATARIA AUTOMOBILES: CRISIL Reaffirms 'BB+' Rating on Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kataria Automobiles
Ltd's continue to reflect KAL's moderate financial risk profile,
marked by large working capital requirements and ongoing debt-
funded capital expenditure programme.  The ratings also factor in
KAL's exposure to risks related to intense competition in the
automotive dealership market.  These rating weaknesses are
partially offset by KAL's established position in the automotive
dealership market, and the increasing contribution of its services
and spare parts sales operations to its revenue.

   Facilities                            Ratings
   ----------                            -------
   INR270.00 Million Cash Credit Limit   BB+/Stable (Reaffirmed)
   INR185.50 Million Term Loan           BB+/Stable (Reaffirmed)
   INR73.10 Million Proposed Long-Term
                    Bank Loan Facility   BB+/Stable (Reaffirmed)
   INR220.00 Million Bank Guarantee      P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that KAL will maintain its established market
position, and benefit from expected improvement in its gearing
over the medium term. Significant improvement in KAL's
profitability or capital structure may result in the outlook being
revised to 'Positive'. Conversely, the outlook may be revised to
'Negative' if the company's profitability declines, if additional,
debt-funded capital expenditure programmes adversely impact its
gearing and debt protection metrics, or if it continues to have
large exposure to any new real estate projects.

                      About Kataria Automobiles

KAL was promoted by the Kataria group of Ahmedabad in 1995. The
company is an authorised dealer to Maruti Suzuki India Ltd (MSIL,
rated 'AAA/Stable/P1+' by CRISIL), and TVS Motor Company.  KAL is
one of four dealers in Ahmedabad, and has a market share of around
35 per cent; it is also one of two dealers in Surat, and the only
dealer in Vapi and Navsari (all in Gujarat).

KAL is developing a 12 floor commercial property with built up
area of 250000 square feet in Ahmedabad. The first three floors of
this building will be used to set up a showroom and the twelfth
floor will be occupied by the company as its corporate office. The
remaining 8 floors or ~170000 square feet will be sold out.

KAL reported a provisional profit after tax (PAT) of INR40 million
on net sales of INR5.3 billion for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR26 million on net
sales of INR4.2 billion for 2008-09.


MAF CLOTHING: CRISIL Rates INR120 Million Packing Credit at 'P4'
----------------------------------------------------------------
CRISIL has assigned its 'P4' rating to MAF Clothing Pvt Ltd's
packing credit facility.

   Facilities                       Ratings
   ----------                       -------
   INR120 Million Packing Credit    P4 (Assigned)

The rating reflects MAF Clothing's limited track record in the
readymade garments industry, below-average financial risk profile,
marked by high gearing and weak debt protection metrics,
geographic and customer concentration in its revenue profile, and
its susceptibility to volatility in the value of the Indian rupee.
These rating weaknesses are partially offset by MAF Clothing's
promoters' experience in the readymade garments industry.

                         About MAF Clothing

Set up in 2008 by Mr. Faizal Yunus Jaliwala, MAF Clothing
manufactures casual shirts and T-shirts, which are exported to
Europe, the US, and other countries.  The company has two
divisions: one in Bengaluru, which undertakes the entire
production of woven shirts in-house, and the other in Tirupur
(Tamil Nadu), which outsources manufacturing of knitted t-shirts
on job-work basis.  MAF Clothing's Bengaluru unit has capacity of
16 million pieces per annum.

MAF Clothing reported a profit after tax (PAT) of INR2.0 million
on net sales of INR 63.3 million for 2009-10 (refers to financial
year, April 1 to March 31).


MAHARASHTRA CRICKET: CRISIL Rates INR800 Million Term Loan at 'BB'
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Maharashtra Cricket
Association's term loan facility.

   Facilities                       Ratings
   ----------                       -------
   INR800.00 Million Term Loan      BB/Stable (Assigned)

The rating reflects MCA's large debt-funded capital expenditure
and just-about-sufficient cash accruals vis--vis debt obligations
maturing over the medium term.  The rating also factors in MCA's
dependence on Board of Control for Cricket in India (BCCI) for
revenues.  The association is exposed to risks related to
implementation of the stadium project; the risk, though, is
mitigated by of the involvement of reputed architects, designers,
and contractors in the project.  These rating weaknesses are
partially offset by the benefits that MCA derives from its full-
time membership with BCCI and healthy capital structure.

Outlook: Stable

CRISIL believes that MCA will continue to benefit from its full-
time membership with BCCI, and the surplus that BCCI shares with
MCA, contributing to MCA's revenues.  MCA's credit profile will,
however, remain constrained because of the association's large
debt obligations vis--vis cash accruals.  The outlook may be
revised to 'Positive' if the association's stadium project is
completed within the budgeted cost, and it generates substantial
cash accruals, or if the association sources funds from
alternative avenues available.  Conversely, the outlook may be
revised to 'Negative' if MCA faces time or cost overruns in its
ongoing project or generates lesser-than-expected cash accruals,
resulting in pressure on liquidity.

MCA was established in 1935. It is affiliated to BCCI. MCA is one
of the 25 full-time members of BCCI.  MCA is a registered trust
with the Commissioner of Charitable Trusts and Income Tax
Department.  MCA is also registered as a society under the Co-
operatives Societies Act. The association's board of trustees
holds office for a term of five years.

MCA's primary objective is to promote, develop, control, and
regulate the game of cricket in Maharashtra.  MCA is the cricket
controlling body for Maharashtra with the exception of Vidharbha,
Mumbai, and Thane (all in Maharashtra).  MCA's purview of
authority extends over 21 district cricket associations of
Maharashtra.  MCA organizes its own cricket tournaments under the
following age divisions: under-16, under-19, under-22, and open
category.  While test matches and Twenty Twenty (T-20) tournaments
are organized for under-22 and open categories, three-day matches
are organized for under-16 and under-19 categories.  The
association also bears the cost of coaching and travel expenses
for players to domestic and foreign locations.  The association is
building an international cricket stadium at Gahunje (Pune,
Maharashtra), with capacity to accommodate 45,000 spectators.  MCA
has appointed reputed agencies such as M/s Hopkins Architects Ltd
(designer of the Lord's Stadium, London), UK, for architectural
services, and Shapoorji Pallonji and Co Ltd for construction of
the stadium.

MCA reported a surplus of INR87.33 million on an operating income
of INR187.99 million for 2009-10 (refers to financial year,
April 1 to March 31), against a surplus of INR128.16 million on an
operating income of INR210.85 million for 2008-09.


MAHAVEER FORGINGS: CRISIL Puts 'D' Rating on INR19.2MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of
Mahaveer Forgings Private Ltd.  The rating reflects delay by MFL
in repayment of term loan obligations; the delay has been because
of MFL's weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR55.0 Million Cash Credit Limit     D (Assigned)
   INR19.2 Million Term Loan             D (Assigned)

MFL has weak financial risk profile marked by high gearing, weak
debt protection metrics, and small net worth.  MFL, however,
benefits from its promoters' experience in the industry.

Incorporated in 2001 by Mr. Mukul Jain, MFL initially manufactured
only bathroom fittings.  In 2008, it began manufacturing cotton
grey cloth as well.  The company derived around 50 per cent of its
revenues from the sale of bathroom fittings, and the remainder
from the sale of cloth, for the nine months ended December 31,
2009.

MFL reported a profit after tax (PAT) of INR1.5 million on net
sales of INR182.4 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.5million on net sales
of INR114.2 million for 2007-08.


MANAS FLOUR: CRISIL Assigns 'B+' Ratings to INR36.2MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Manas Flour Mills Ltd.  The ratings reflect MFML's
weak financial risk profile, marked by a small net worth and high
gearing.  This weakness is partially offset by the benefits that
MFML derives from its stable cash flows through lease rentals.

   Facilities                            Ratings
   ----------                            -------
   INR10.00 Million Cash Credit          B+/Stable (Assigned)
   INR36.20 Million Term Loan            B+/Stable (Assigned)
   INR42.90 Million Proposed Term Loan   B+/Stable (Assigned)
   INR5.00 Million Bank Guarantee        P4 (Assigned)

Outlook: Stable

CRISIL believes that MFML will continue to benefit over the medium
term from its steady cash flows from lease rentals.  The outlook
may be revised to 'Positive' if the company diversifies its
revenue profile, or if its promoters bring in additional equity.
Conversely, the outlook may be revised to 'Negative' in case of
unexpected termination of the existing leases, or if the company's
financial risk profile deteriorates materially, most likely
because of larger-than-expected, debt-funded capital expenditure.

                         About Manas Flour

Established in 1990 by Mr. Vijay Kumar Swaika, MFML rents
commercial space for warehousing in Dankuni (West Bengal).  It
owns over 150,000 square feet of property across three warehouses
rented to Hindusthan National Glass and Industries Ltd and Crown
Worldwide Movers Pvt Ltd. MFML also manufactures wheat flour.

MFML reported a profit after tax (PAT) of INR4 million on net
sales of INR29 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3 million on net sales
of INR53 million for 2008-09.


R M DASA: CRISIL Assigns 'BB+' Rating to INR15MM Cash Credit Debt
-----------------------------------------------------------------
CRISIL has assigned its'BB+/Stable/P4+' ratings to R M Dasa
Infrastructure Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR15.0 Million Cash Credit Facility   BB+/Stable (Assigned)
   INR50.0 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect R M Dasa's geographically concentrated revenue
profile, tender-based nature of revenues, limited eligibility and
experience for bidding large projects, and the intense competition
the company faces in the construction industry.  These rating
weaknesses are partially offset by R M Dasa's healthy revenue
visibility with comfortable order book and above-average financial
risk profile, marked by moderate gearing and healthy debt
protection metrics.

Outlook: Stable

CRISIL believes that R M Dasa will maintain its regional market
position and its above-average financial risk profile, over the
medium term; the company's order book is expected to remain
healthy over the same period.  The outlook may be revised to
'Positive' if R M Dasa reports more-than-expected increase in
revenues, enhances geographical diversity in revenue profile, or
increases its net worth through equity infusion.  Conversely, the
outlook may be revised to 'Negative' if the company faces delays
in its ongoing projects or its margins decline sharply because of
intensifying competition.

                           About R M Dasa

R M Dasa was set up as a partnership firm in 1992 and was
reconstituted as a private limited company in 2003.  The company
is promoted by the Dasa family of Junagadh (Gujarat) and is a
registered Class 'AA' contractor approved by the Government of
Gujarat.  The company is into civil construction works and
undertakes construction and maintenance of roads and highways for
Government agencies.  The company is slowly trying to reduce its
dependence on roads projects and has taken up Government contracts
to build affordable housing colonies in Junagadh.

R M Dasa reported a profit after tax (PAT) of INR4.2 million on
net sales of INR182.5 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR3.8 million on net
sales of INR183.3 million for 2008-09.


RAJ FISHMEAL: CRISIL Puts 'BB' Rating on INR50MM Cash Credit Limit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Raj Fishmeal and Oil
Company's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR50.00 Million Cash Credit Limit   BB/Stable (Assigned)
   INR20.00 Million Packing Credit      BB/Stable (Assigned)

The rating reflects Raj Fishmeal's limited financial flexibility
because of small net worth and high gearing, significant exposure
to group entities in diversified segments, small scale of
operations, and stagnant sales volume.  These rating weaknesses
are partially offset by the firm's healthy debt protection
metrics, and its promoter's experience in the fish meal and fish
oil manufacturing business.

Outlook: Stable

CRISIL believes that Raj Fishmeal will continue to benefit from
its promoter's extensive experience in the fishmeal and fish oil
business; however, the firm's financial risk profile will continue
to face pressures because of its small net worth and high gearing.
The outlook may be revised to 'Positive' if Raj Fishmeal's
financial risk profile improves significantly, most likely because
of fresh equity infusion, or if it manages its working capital
cycle prudently.  Conversely, the outlook may be revised to
'Negative' if there is more-than-expected pressure on Raj
Fishmeal's revenues or profitability, or if the withdrawal of
capital by the firm's partners is larger than expected, resulting
in lower-than-expected accretion to the firm's reserves.

                         About Raj Fishmeal

Set up in 1967 by Mr. Pramod Madhwaraj, Raj Fishmeal manufactures
fish meal and fish oil, mainly from sardines.  The firm has a unit
in Malpe (Karnataka), with a manufacturing capacity of 750 tonnes
per day.  Fish meal is mainly used as feed in aqua farming and
fish oil is used to prepare medicines, and in leather finishing
processes.

Raj Fishmeal reported a profit after tax (PAT) of INR62 million on
net sales of INR578 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR20 million on net sales
of INR428 million for 2008-09.


RAYAT EDUCATIONAL: CRISIL Rates INR165 Million Term Loan at 'D'
---------------------------------------------------------------
CRISIL has assigned its bank loan rating of 'D' to the term loan
facility of Rayat Educational & Research Trust.

   Facilities                    Ratings
   ----------                    -------
   INR165.0 Million Term Loan    D (Assigned)

The rating reflects the trust's constrained financial flexibility
leading to delays in debt servicing, and its aggressive expansion
plans.  These weaknesses are, however, partially offset by the
diversity in courses offered by the trust which helps in
attracting a wide base of students.

CRISIL has taken a consolidated view on the ratings of RERT and
Rayat & Bahra Group of Institutes on account of high cash
fungibility and common management team for RERT and RBGI.

RERT was formed by Mr. Nirmal Singh Rayat and his brother in law
Mr. Gurvinder Singh Bahra.  The trust operates a campus in Ropar
with eight colleges offering diverse courses including engineering
(disciplines like electrical, computer, automobile, and
mechanical), information technology, and Masters in Business
Administration (MBA).  For 2008-09, the trust reported surplus of
INR50 million on net sales of INR256 million, as against book
surplus of INR64 million on net sales of INR211 million for
2007-08.


REDDY VEERANNA: CRISIL Puts 'C' Rating on INR350MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to Reddy Veeranna
Constructions Pvt Ltd's bank facilities.  The ratings reflect
RVCPL's weak liquidity, which has resulted in the company
frequently overdrawing its fund-based bank facilities and delaying
servicing its equipment finance loans.

   Facilities                         Ratings
   ----------                         -------
   INR350 Million Cash Credit Limit   C (Assigned)
   INR550 Million Bank Guarantee      P4 (Assigned)

The rating also factors in lack of diversity in RVCPL's revenue
profile and the intense competition the company faces in the
construction industry. These rating weaknesses are partially
offset by the RVCPL's moderate order book and sound track record
of promoters in the construction industry.

                        About Reddy Veeranna

RVCPL is the flagship company of the Bangalore-based Reddy
Veeranna group, which is promoted by Mr. Reddy Veeranna. Mr.
Veeranna set up a proprietorship firm, M/s Reddy Veeranna and
Company, in 1980. This firm was acquired by RVCPL in 2003. RVCPL
undertakes construction of canals, dams, water supply and drainage
works, and roads and bridges, mostly for state government
entities.

RVCPL reported a net loss of INR46.0 million on net sales of
INR0.8 billion for 2008-09 (refers period from April 1 to
March 31), against a net profit of INR30.0 million on net sales of
INR1.0 billion for 2007-08.


S.R. STEELS: CRISIL Places 'B+' Rating on INR110 Million Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to S.R. Steels' bank
facilities.

   Facilities                             Ratings
   ----------                             -------
   INR110.0 Million Term Loan             B+/Stable (Assigned)
   INR60.0 Million Cash Credit Facility   B+/Stable (Assigned)

The rating reflects SRS's below-average financial risk profile,
marked by weak debt protection metrics and high gearing, and
exposure to risks related to intense competition in the thermo-
mechanically-treated (TMT) steel bar segment.  These rating
weaknesses are partially offset by the benefits that SRS derives
from its exclusive rights to manufacture Prime Gold brand TMT bars
in Himachal Pradesh, and favorable growth prospects for long-steel
products.

Outlook: Stable

CRISIL believes that SRS will continue to benefit from its
marketing agreement with Kamdhenu Industries Ltd over the medium
term.  However, SRS's financial risk profile will be constrained,
because of sizeable debt contracted for its ongoing project and
for meeting working capital requirements.  The outlook may be
revised to 'Positive' if SRS's debt protection metrics improve,
leading to a better-then-expected financial risk profile, and if
the firm manages its working capital requirements efficiently.
Conversely, the outlook may be revised to 'Negative' if SRS
undertakes large, debt-funded capital expenditure programme, or
its revenues and margins are lower than expected.

                         About S.R. Steels

SRS is a partnership firm formed in 2008 by Mr. Surinder Arora,
Mrs. Rajni Arora, and Mr. Anuj Arora.  The firm is currently
setting up a steel rolling mill with capacity to manufacture
around 60,000 tonnes per annum (tpa) of TMT bars in Una (Himachal
Pradesh); the project cost is INR177.5 million.  The project is
funded through a term loan of INR110 million and an equity
contribution of INR67.5 million from the promoters. The firm has
entered into an agreement with KIL to sell its TMT production
under the Prime Gold brand.

SRS's promoter-partners own two other companies, Bharat Graphite
Pvt Ltd and H N Steels Pvt Ltd, which are into trading in
ferroalloys and refractory materials and manufacturing steel
ingots, respectively.


S N THAKKAR: CRISIL Places 'BB+' Rating on INR75MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of S N Thakkar Construction Pvt Ltd, which is part of
the S N Thakkar group.

   Facilities                         Ratings
   ----------                         -------
   INR75.0 Million Cash Credit        BB+/Stable (Assigned)
   INR110.0 Million Bill Purchase-
             Discounting Facility     P4+ (Assigned)
   INR100.0 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect the S N Thakkar group's tender-based nature of
operations, large working capital requirements, and the intense
competition it faces in the civil construction industry.  These
rating weaknesses are partially offset by the S N Thakkar group's
above-average financial risk profile, marked by a low gearing and
healthy debt protection metrics, and healthy operating efficiency.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SNTC, D Thakkar Construction Pvt Ltd
(DTC, CRISIL rated 'BB+/Stable/P4+'), and VUB Engineering Pvt Ltd
(VUB); this is because the three entities, collectively referred
to as the SN Thakkar group, are engaged in similar lines of
business and have common management. DTC also undertakes sub-
contracts from SNTC and its joint ventures with other civil
contractors.

Outlook: Stable

CRISIL believes that SN Thakkar group will maintain a stable
credit risk profile, backed by a satisfactory financial profile.
The outlook may be revised to 'Positive' if the group successfully
scales up its operations, while improving its profitability and
maintaining a comfortable capital structure. Conversely, the
outlook may be revised to 'Negative' if there are cost and time
overruns in execution of projects, or if large, debt-funded
capital expenditure leads to deterioration in the group's capital
structure and debt protection measures.

                           About the Group

The S N Thakkar group undertakes civil and infrastructure
construction activities.  It commenced operations in Mumbai in
1984 with M/s S N Thakkar Construction (now SNTC), which was
converted into a private limited company in 1992.  The company is
closely held by Mr. Praveen Thakkar and his family members. The
family has also promoted two other companies, DTC and VUB.  All
three companies are registered as Class 1A contractors with the
Public Works Department of Maharashtra.

SNTC reported a profit after tax (PAT) of INR18.9 million on
revenues of INR1,347.6 million for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT of INR17.5 million on
revenues of INR1,260.4 million for 2008-09.


SHRAVANA POWER: CRISIL Assigns 'D' Rating to INR230 Mil. Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'D' rating to Shravana Power Projects Pvt
Ltd's term loan facilitiy.  The rating reflects delay by SPPPL in
servicing its term loan; the delay has been caused by SPPPL's weak
liquidity.

   Facilities                   Ratings
   ----------                   -------
   INR230 Million Term Loan     D (Assigned)

SPPPL is also exposed to risks related to customer concentration
in its revenue profile. The company, however, benefits from
adequate availability of raw materials.

SSSPL was incorporated in 2000.  The company was formed by Ms. T
Nirmala, Mr. G Devendra Reddy, and Mrs. G Bhagyalatha for setting
up a biomass power plant with capacity of 6 megawatts (MW) in
Andhra Pradesh.  The promoters were, however, unable to complete
the project and sold SPPPL to Mr. L G Trinadha Rao and his
associates in 2007.  The current promoters applied for enhancement
of the sanctioned capacity to 7.5 MW in 2008, which was approved.
The 7.5 MW biomass power plant is in Thakkellapalli (Andhra
Pradesh).  The plant was scheduled to commence commercial
operations by December 2009, but commenced operations in May 2010.
The plant utilizes industrial waste as fuel for power generation
(75 per cent poultry litter and 25 per cent rice husk). The
company sells power to Transmission Corporation of Andhra Pradesh
at INR4.50 per unit.


STERLITE INDUSTRIES: Madras High Court Orders Copper Plant Closure
------------------------------------------------------------------
The Hindu reports that the Madras High Court on Tuesday ordered
immediate closure of the copper smelting plant set up by Sterlite
Industries (India) Limited in Tuticorin.

"We are constrained to take this decision, owing to voluminous
material available on record about the negative impact of the
running of the industry at the place and in the manner it is being
run," a Division Bench, comprising Justices Elipe Dharmarao and N.
Paul Vasanthakumar, said passing orders on a batch of writ
petitions, according to The Hindu.

The Hindu reports the petitioners included the National Trust for
Clean Environment, MDMK general secretary Vaiko, Tuticorin
district unit of the Communist Party of India and the Centre for
Indian Trade Unions (CITU).

The Hindu notes that while placing on record that they "do not
want to leave the employees in the lurch," the Judges made it
clear that they were entitled for compensation from the company
under section 25 FFF of the Industrial Disputes Act.

                      About Sterlite Industries

Located in India, Sterlite Industries (India) Limited --
http://www.sterlite-industries.com/-- is a non-ferrous metals and
mining company. The Company's primary businesses include aluminum,
copper, zinc and lead, and commercial energy.


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


BANK UOB: Fitch Affirms Issuer Default Ratings at 'BB+'
-------------------------------------------------------
Fitch Ratings has affirmed PT Bank UOB Buana's Long-term foreign
and local currency Issuer Default Ratings at 'BB+', Short-term
foreign currency IDR at 'B', National Long-term Rating at
'AAA('idn')', Individual Rating at 'C/D' and Support Rating at
'3'.  Fitch has simultaneously withdrawn all the ratings and will
no longer provide ratings or analytical coverage of this issuer.

The affirmation of UOB Buana's ratings reflects continued support
from its financially strong parent, Singapore's United Overseas
Bank ('AA-'/'F1+'/Outlook Stable).

Established in 1956, Buana is among the 15 largest banks in
Indonesia.  UOB first acquired a 23% stake in Buana in June 2004,
and raised it to 98.997% in October 2008 through a tender offer.
UOB Buana was privatized end-2008, and merged with UOB Indonesia
end-June 2010.


BUMI INVESTMENT: Moody's Assigns 'Ba3' Rating on Senior Bonds
-------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3 senior
secured bond rating to the senior, secured US-dollar notes issued
by Bumi Investment Pte Ltd and wholly owned and unconditionally
and irrevocably guaranteed by PT Bumi Resources Tbk (rated
Ba3/negative).  The outlook on the rating is negative.

The proceeds of the bonds will be deployed toward debt refinancing
at the Bumi level hence there will be no incremental increase in
leverage.  Moody's expects to affirm the bond rating and remove it
from provisional status upon the closing of the bond issue and
review of final terms.  The proposed bond will rank pari passu
with all existing rated indebtedness.

                        Ratings Rationale

The Ba3 rating reflects Bumi's majority ownership in two of
Indonesia's largest thermal coal mines.  Both mines have long
reserve lives and well established operations with a track record
of consistent production growth.  While the holdco debt burden is
high, the position is partially ameliorated by the low leverage at
the coal mines and the cash flows they generate.  These cash flows
are caught under Bumi's Cash Distribution Agreements and as such
provide some protections to creditors as regards debt service;
however, final repayment risk continues to lie with the holdco.

"The negative outlook reflects ongoing refinancing risk at the
holdco level over the next 12 months (assuming all puts are
exercised), although Moody's notes the committed facilities in
place to cover near term maturities, specifically those in Q4
2010," says Alan Greene, a Moody's Vice President and Senior
Credit Officer.  Adding, "The negative outlook also reflects the
extent to which Bumi's performance, despite improvement, is below
its projections, particularly in terms of normalized, consolidated
adjusted debt/EBITDA which stood at 3.9x on an LTM basis (based on
Moody's calculations) and was above the downward trigger of 3.0x."

"Given underlying improved performance at the coal companies in H1
2010, together with plans to raise US$350-400 million through the
non-preemptive rights issue, the proceeds of which will be
deployed towards debt repayment, it is Moody's expectation that
adjusted, consolidated debt/EBITDA could fall to 3.0-3.3x for FY
2010, which is still considered high for the Ba3 rating," says
Greene, also Moody's Lead Analyst for Bumi.

Upward rating pressure is unlikely given the negative outlook.
The outlook could revert to stable should Bumi deliver on its
financial projections and offer a clear plan to reduce the debt
burden such that adjusted, consolidated, debt/EBITDA falls below
3.0x on a consistent basis.

Further downward pressure could emerge on the rating should Bumi
fail to deal convincingly with its debt maturity profile over the
next 12 months such that it refinances facilities with other
short-term lines.  Moody's would also be concerned if production
at the coal companies faltered such that Bumi was unable to
deliver on its projections and specifically its deleveraging
plans, or if it deviates from the business plan and strategy
currently contemplated as part of the rating.  Moody's would also
look for holdco leverage to decrease and failure to do so would
put downward pressure on the rating.

The last rating announcement on Bumi was taken on 20th September
2010 when Bumi's ratings were confirmed at Ba3 with a negative
outlook following the conclusion of the review for possible
downgrade.

Established in 1973 and listed on the Jakarta Stock Exchange in
1990, Bumi is Indonesia's largest thermal coal producer and one of
the top three largest thermal coal exporters globally.  Through
its principal assets (65% stake in PT Kaltim Prima Coal and 70%
stake in PT Arutmin), Bumi accounts for approximately 25% of
Indonesia's total coal production.

Approximately 19.3% of Bumi's shares are held by Bakrie &
Brothers, which is controlled by members of the Bakrie family.
Members of the Bakrie family (outside of Bakrie & Brothers) also
own shares in Bumi.

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not 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.


BUMI INVESTMENT: S&P Assigns 'BB' Rating on Guaranteed Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to the
proposed issue of guaranteed senior secured notes by Bumi
Investment Pte. Ltd., a wholly owned subsidiary of PT Bumi
Resources Tbk.  At the same time, S&P affirmed the corporate
credit rating on Bumi (BB/Stable/--; ASEAN scale rating axBBB-)
and the 'BB' issue rating on Bumi's senior secured notes due 2016.

The rating on the proposed notes reflects the irrevocable and
unconditional guarantee by Bumi.  The notes rank pari passu with
the existing senior secured notes.  Proceeds from the proposed
notes will be used for refinancing Bumi's existing debt.  The
rating on the notes is subject to finalization of documentation.

The issue rating is the same as the corporate credit rating on
Bumi as Standard & Poor's believes that the priority liabilities
at Bumi's coal subsidiaries are unlikely to cause any structural
subordination at Bumi, because of the limitation on the
indebtedness and low level of other liabilities at the coal
companies.  Also, Standard & Poor's does not apply its
subordination notching criteria to corporations that have
operations in Indonesia, reflecting the difficulty in enforcing
creditor rights under the country's legal system.

Bumi's financial risk profile is significant, with the current
debt to EBTIDA slightly above 3.0x.  The high debt burden is
primarily due to its latest debt-funded investments in non-coal
assets.  The company plans to use proceeds from a proposed shares
issuance and internal cash for its debt reduction.  S&P expects
Bumi to bring its debt to EBITDA to a more comfortable level of
below 3.0x within the next 12 months.

Bumi is the largest producer and exporter of thermal coal in
Indonesia with reserve life of about 40 years.  However, Bumi's
assets are located on Indonesia's Kalimantan Island, exposing the
company to geographical and single mineral risk.  The company's 10
largest customers accounted for about 48% of its sales in the
fiscal year ended Dec. 31, 2009, leading to a sizeable customer
concentration risk.  These risks are balanced by Bumi's good-
quality thermal coal reserves, favorable mining strip ratios and
low cost profile.

In S&P's opinion, Bumi's liquidity is adequate.  As at June 30,
2010, the company had US$291 million of cash in hand and an
additional US$124 million in restricted cash.  Bumi's funds from
operations amounted to about US$246 million in the first half of
fiscal 2010.  S&P expects its FFO to be about US$600 million for
fiscal 2010.  The expected short-term debt payable in the next 12
months is about US$450 million.  Bumi should be able to cover the
near-term debt maturities with the internal cash flows and cash at
hand.  Bumi's relationships with the banks remain sound and its
credit market standing is satisfactory.  The company is expected
to redeem about US$400 million of convertible bonds by the end of
2010.  Bumi has stand-by credit facilities of about US$400 million
to meet these convertible bond redemptions in case the proposed
bond issuance fails.

In addition to the proposed notes, Bumi intends to issue shares to
raise about US$350 million.  The equity issuance will provide Bumi
with additional liquidity.  S&P view Bumi's foreign exchange risk
as low, given that the company's revenues and the bulk of its
costs and debt are denominated in U.S. dollar or linked to it.

As at June 30, 2010, Bumi was in compliance of required covenants
and S&P expects it to remain in compliance going forward.
However, if Bumi is unable to reduce debt or raise EBITDA, the
headroom for its covenants will be limited starting December 2011,
when the debt to EBITDA covenant steps down to 3.0x from 4.0x.

The stable outlook on the corporate credit rating reflects S&P's
view that Bumi's steady cash flow will be supported by growing
demand for thermal coal and steady growth in company's production.


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


ASAHI MUTUAL: Fitch Gives Stable Outlook; Affirms 'BB' Rating
-------------------------------------------------------------
Fitch Ratings has revised Asahi Mutual Life Insurance Co.'s
Outlook to Stable from Negative.  The agency simultaneously
affirmed the company's Insurer Financial Strength rating at 'BB'.

The Outlook revision reflects Asahi Life's marginally improved
capitalization level, its continued efforts in de-risking assets
and a slight decrease in its negative spread burden.  Offsetting
factors include: the vulnerability of Asahi Life's weak capital
position to the volatility risk in domestic equities, its high
financial leverage ratio compared to its Japanese peers and the
intensified competition in Japan's life insurance market.

The fundamentals of Japanese life insurers improved in FYE10 from
the previous year's poor financial results.  Fitch notes that the
weak Japanese economy has had a limited impact on the life
insurance sector, as reflected in the increase in annualized new
sales premiums and in-force premiums, as well as an improvement in
surrender and lapse rates.

Key rating drivers include Asahi Life's business strategy --
particularly its focus on following up on existing policies which
helps the company to maintain its insurance persistency rate
(91.7% for 13 months) at a slightly higher level than its peer
average.  Asahi Life also reinforces the quality of its business
by focusing more on the profitable third sector -- namely medical
and nursing care insurance.

Another rating factor for Asahi Life is its continued de-risking
of its asset portfolio coupled with efforts to maintain stable
investment returns.  Asahi Life managed to maintain its domestic
equity exposure at 5.9% of its general account assets at end-March
2010, which was lower than its peers' average of 11.5%.
Furthermore, Asahi Life has increased its JPY denominated fixed
income assets to account for almost 75% of the general account
assets in the same period.

Asahi Life's statutory solvency margin ratio improved marginally
to 608.0% at end-March 2010 (end-March 2009: 583.1%).  The
negative spread burden improved to JPY84.0 billion at end-March
2010 (end-March 2009: JPY87.9 billion), due to the higher
investment return and the continued decline of the assumed
interest rate.

Negative rating triggers include: a sharp deterioration of Asahi
Life's capitalization level together with increase in negative
spread burden, failure to demonstrate stable investment returns to
support high guaranteed interest rates assumed in its in-force
business portfolio, and a significant drop in its market share
position caused by a loss of consumer confidence.

Positive rating triggers include: ongoing strengthening of its
capitalization level, active reduction of risky assets, and market
share expansion while maintaining sound profitability.

Asahi Life was established in 1888.  The company is one of the
nine traditional Japanese life insurers, with a market share of
2.7% in terms of annualized in-force premiums in the individual
insurance market in FYE10.


GK MLOX3: Fitch Downgrades Ratings on Four Classes of Notes
-----------------------------------------------------------
Fitch Ratings has downgraded four classes of GK MLOX3 notes due
June 2015, and has withdrawn the rating on the TK Interest
simultaneously.  The transaction is a Japanese multi-borrower type
CMBS securitization.  The rating actions are:

  -- JPY28.74 billion* Class A notes downgraded to 'A+sf' from
     'AAsf'; Outlook revised to Stable from Negative;

  -- JPY5.69 billion* Class B notes downgraded to 'BBB-sf' from
     'A-sf'; Outlook revised to Stable from Negative;

  -- JPY6.36 billion* Class C notes downgraded to 'Bsf' from
     'BBsf'; Outlook revised to Stable from Negative; and

  -- JPY4.34 billion* Class D notes downgraded to 'CCCsf' from
     'Bsf'; assigned a Recovery Rating of 'RR4'.

  * as of September 28, 2010

The rating on the TK Interest of 'AAAsf' with Stable Outlook has
been withdrawn.

The downgrades of classes A to D follow the revaluation of the
underlying properties backing the four underlying loans.  Possible
negative effects of the pro rata waterfall structure were also
taken into account.

Fitch has revised the net cash flow estimations downwards for 12
of the 24 collateral properties, reflecting the current condition
of the lease markets to which each of the collateral properties
belong, in addition to recent actual performance.  The agency also
revised the stressed-sale cap rates for some of the office or
residential properties located in Tokyo, considering the recent
positive trends seen in the recovery of liquidity for these
property types.  As such, for the purpose of this review, Fitch
has revised the values downwards and adopted values for the
underlying properties which are on average 17.1% lower than those
adopted in the previous review in October 2009, and on average
40.3% lower than the initial review in September 2007.  A decline
in adopted values also reflects Fitch's concern that the
collateral properties are more likely to be sold under the
stressed market conditions as the maturity date of each loan
approaches.

Outlooks revised to Stable from Negative on classes A to C reflect
Fitch's conservative assumptions in property valuations in this
review, and therefore, suggest a lower likelihood of negative
rating actions on these classes in the medium term.

The rating on the TK Interest, which addresses only the likelihood
of receiving payments as per the TK agreement, has been withdrawn
as a result of a policy change.  For additional information,
please see the rating action commentary, entitled "Fitch Revises
Practice for Rating IO & Pre-Payment Related Structured Finance
Securities", dated 23 June 2010.

Fitch initially assigned ratings to this transaction in September
2007.  The transaction was initially a securitization of five
loans backed by 25 property trust beneficiary interests.  One
underlying loan was fully repaid in November 2009 due to the
liquidation of the collateral property, and the transaction is
currently backed by four performing loans collateralized by 24
property trust beneficiary interests.


GK ORSO: Fitch Takes Rating Actions on Various Classes of Notes
---------------------------------------------------------------
Fitch Ratings has downgraded the Class C and D of G.K. Orso
Funding CMBS 7's notes due May 2014, and removed these classes
from Rating Watch Negative.  The transaction is a Japanese multi-
borrower type CMBS securitization.  The rating actions are:

  -- JPY17.16 billion* Class A notes affirmed at 'AAAsf'; Outlook
     Stable;

  -- JPY5.20 billion* Class B notes affirmed at 'AAsf'; Outlook
     Stable;

  -- JPY5.20 billion* Class C notes downgraded to 'BBBsf' from
     'Asf'; Outlook Negative; off RWN;

  -- JPY5.20 billion* Class D notes downgraded to 'BB-sf' from
     'BBsf'; Outlook Negative; off RWN;

  -- JPY5.68 billion* Class E notes affirmed at 'CCCsf'; Recovery
     Rating of 'RR4'; and

  -- JPY0.87 billion* Class F notes affirmed at 'CCCsf'; Recovery
     Rating of 'RR5'.

  * as of September 28, 2010

Fitch has downgraded the Class C and D notes to reflect revisions
to Fitch's valuation of a mixed-used property, comprising an
office, hotel and retail tower located in the Tokyo metropolitan
area.  Earlier this month, RWN was placed on these classes to
reflect the agency's concern that the subject property may have
declined further in value.  Following an interview with the asset
manager of the subject property, Fitch reviewed the leasing
strategy, as well as the expected reductions of property related
costs initiated by the AM, and reflected these in the agency's
cash flow expectation for this rating review.

Fitch has resolved the RWN status on the Class C and D notes,
since the likelihood of further negative rating actions in a short
period is reduced, given the conservative property valuations
adopted.  However, Negative Outlooks have been assigned on both
notes reflecting the uncertainty about the property value of the
portfolio in the medium term.

Fitch has affirmed the Class A and B notes as credit enhancement
for these notes remains, and is expected to remain at a level
sufficient to support the ratings, despite a downward revision of
a property valuation.

This transaction is a securitization of four non-recourse loans
and two Tokutei Mokuteki Kaisha specified bonds, which were
ultimately backed by 42 commercial real estate properties.  To
date, one TMK bond has been fully repaid and two loans have been
partially repaid due to collateral disposition.  The transaction
is now backed by four loans and one TMK bond, ultimately backed by
a total of 29 properties.


PIONEER CORPORATION: Moody's Withdraws 'B2' Local Issuer Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn its B2 local currency
issuer rating with stable outlook for Pioneer Corporation for
business reasons.  Moody's does not rate any debt issued by
Pioneer.

This action does not reflect a change in Pioneer's
creditworthiness.

The last rating action for Pioneer took place on February 24,
2010, when Moody's changed the outlook of the company's local
currency issuer rating to stable from negative.

Pioneer Corporation, headquartered in Kanagawa, is a world leading
manufacturer of car electronics.

                      Regulatory Disclosures

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.


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


AORANGI SECURITIES: Statutory Managers to Release 3rd Report Today
------------------------------------------------------------------
Statutory managers of Allan Hubbard's business interests are
expected to release their third report today, October 1.

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.  Hubbard Churcher Trust Management
and Forresters Nominees Company were also added to the list of
businesses under management by Trevor Thorton, Richard Simpson and
Graeme McGlinn on September 20.

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


SOUTH CANTERBURY: Investors to Get Payout in Mid-October
--------------------------------------------------------
The New Zealand Press Association reports that Trustees Executors
Ltd said South Canterbury Finance debenture and deposit holders
will be repaid in the middle of October.

According to NZPA, Yogesh Mody, regional manager for Trustees
Executors, said that the audit of the register for debenture and
depositors was complex but it was nearing completion.  NZPA
relates the registry file will be with Computershare, the paying
agent, in coming days and it will take about two weeks for payment
to be made.

Mr. Mody said the process was taking longer than some people might
have expected but it was a complex and detailed process, NZPA
relates.

SCF bond holders were repaid $350 million on September 23 week and
Mr. Mody said the repayment of that class of investor was done
more quickly because the bond register was already being managed
by Computershare, according to BusinessDay.co.nz.

BusinessDay.co.nz says investors in SCF debentures and deposits
would be repaid in mid October their principal and interest up to
August 30 at their specified interest rate plus an additional 3
per cent -- the official cash rate -- from August 31 to the date
when repayment is made.

                       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.

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 recapitalize.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

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


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


CHINA BANKING: Fitch Affirms Individual Rating at C/D'
------------------------------------------------------
Fitch Ratings has affirmed the Philippines' China Banking
Corporation's Long-term foreign currency Issuer Default Rating at
'BB' and Long-term National Rating at 'AA-(phl)' with a Stable
Outlook and its Individual Rating at 'C/D'.  A full list of all
rating actions is included at the end of this release.

China Bank's ratings reflect its balance-sheet strength and
satisfactory earnings profile, which stayed consistent despite the
recent downturn in the Philippines.  The bank's fairly
concentrated loan portfolio saw a rise in corporate accounts
classified as "watchlist" amid tough operating conditions,
although most of these borrowers continued to be performing.  With
that and due to some one-off large recoveries, the bank's reported
gross NPL ratio declined to 6.2% at end-March 2010 from 7.5% at
end-2008.  Its foreclosed properties also stood at 1.6% of total
assets at end-June 2010 (end-2008: 1.9%), thanks to disposals
which were mostly at a gain.  Fitch also notes China Bank's stable
funding base and fairly liquid balance sheet.

Downward rating pressure could arise from any unexpected material
weakening in China Bank's asset quality, especially from its
"watchlist" accounts, amid a renewed downturn; although such risks
may have abated amid the ongoing economic recovery in the
Philippines.

In any case, the bank has proactively raised reserves, which
covered a higher 128% of NPLs at end-March 2010 and 23% of
foreclosed properties at end-2009 (end-2008: 91% and 18%,
respectively).  Together with a solid capital buffer (end-June
2010 core Tier 1 capital adequacy ratio: 13.6%) and expectations
of continuing satisfactory financial performance, China Bank
possesses a strong capacity to negotiate unexpected losses, in the
agency's view.  Even under a hypothetical "stressed" scenario,
Fitch believes capital impairment risks to be low for the bank.
In view of these factors, the Outlook on its ratings is Stable.

An even stronger domestic franchise with further improvements in
loan diversity would be positive for China Bank's Individual
Rating and National Rating, although such progress is more likely
to be visible over a longer period.  It is the ninth largest bank
in the Philippines with 4% of banking system assets.  As such, the
probability of state support for China Bank may be less than the
larger banks of greater systemic importance, as reflected in its
Support Rating of '4'.

The full list of rating actions is:

China Bank:

  -- Long-term foreign currency and local currency IDRs affirmed
     at 'BB' with a Stable Outlook;

  -- Long-term National Rating affirmed at 'AA-(phl)';

  -- Individual rating affirmed at 'C/D';

  -- Support rating affirmed at '4'; and

  -- Support Rating Floor affirmed at 'B+'.


PHILIPPINE AIRLINES: Cabin Crew Pushes Strike as Talks Fail
-----------------------------------------------------------
Flight attendants and stewards of Philippine Airlines withdrew
from conciliation meetings with the carrier's management on
Tuesday, and have begun preparations for a strike between the end
of October and the first week of November, BusinessWorld Online
reports.

BusinessWorld relates Robert Anduiza, president of the PAL-Flight
Attendants' and Stewards' Association of the Philippines (FASAP),
said talks at the National Conciliation and Mediation Board of the
Department of Labor and Employment over a new collective
bargaining deal were "deadlocked".

"The strike will happen between the end of October and the first
week of November after the mandated cooling-off period and the
holding of the strike vote," BusinessWorld quoted Mr. Anduiza as
saying.

BusinessWorld relates the Labor department, however, can assume
jurisdiction over the dispute on the ground of national interest
to prevent a strike and force both sides to compromise.

According to BusinessWorld, PAL spokeswoman Cielo Villaluna said
in a statement the management had called on the DoLE to take
immediate steps to avert the strike.

                      About Philippine Airlines

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

                           *     *     *

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

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


===============
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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