TCRAP_Public/110118.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, January 18, 2011, Vol. 14, No. 12

                            Headlines



A U S T R A L I A

ALINTA ENERGY: Lenders Execute Waivers on Liquidity Facility
NUFARM LTD: Faces Shareholder Class Action on Profit Guidance
* AUSTRALIA: Tasmania at Risk of Becoming a Bankrupt State


C H I N A

GLORIOUS PROPERTY: S&P Affirms 'B' Rating on US$300MM Unsec. Notes


H O N G  K O N G

NATIONWIDE TREASURE: Creditors' Proofs of Debt Due February 4
QANTEX LIMITED: Placed Under Voluntary Wind-Up Proceedings
TAI CHONG: Creditors' Proofs of Debt Due February 14
TAI SHING: Man King Chi Eddie Appointed as Liquidator
TYRONE ELECTRIC: Yip and Lai Appointed as Liquidators


I N D I A

COTWALL COMMERCE: CRISIL Reaffirms 'BB+' Rating on Cash Credit
BANSILAL RAMNATH: CRISIL Reaffirms 'D' Rating on INR500M Term Loan
GLASSTECH INDUSTRIES: CRISIL Cuts Rating on INR200MM Loan to 'B+'
MANISHA CONSTRUCTION: CRISIL Puts 'B+' Rating on INR10MM Loan
MITTAPALLI AUDINARAYANA: CRISIL Reaffirms Rating on Cash Credit

PARMARTH IRON: CRISIL Assigns 'B-' Rating to INR5MM Term Loan
PAVIT CERAMICS: CRISIL Assigns 'BB' Rating to INR28MM Cash Credit
SHALIMAR ALLOYS: CARE Assigns 'CARE D' Rating to INR10.8cr LT Loan
TEREX EQUIPMENT: CRISIL Reaffirms 'BB' Rating on INR10MM LT Loan


J A P A N

* S&P Places Six Tranches of CDO Transactions on CreditWatch


K O R E A

HYNIX SEMICONDUCTOR: Creditors May Resume Search for Buyer


P H I L I P P I N E S

PHILIPPINE AIRLINES: In 'Exploratory' Talks With Investors
PHILIPPINE AIRLINES: Serves Forced Retirement Notice to 8 Workers
VILFRAN LINER: Ordered to Pay PHP5 Million Outstanding Debt to BPI


S I N G A P O R E

ARTON PTE: Creditors Get 8.91424% Recovery on Claims
CHANTILLY CAKE: Creditors Get 23.5% Recovery on Claims
CP SOLUTIONS: Creditors' Proofs of Debt Due January 28
KHENG MOH: Court Enters Wind-Up Order
MULTI-BONDER TRADING: Creditors Get 88.35644% Recovery on Claims

POLYNESIA TIMBER: Creditors' Proofs of Debt Due January 28
PRIMROSE GROUP: Court Enters Wind-Up Order
PWB - RUHLATEC: Creditors' Proofs of Debt Due January 28
* Singapore: 2010 Bankruptcy Filings Fall to Lowest Since 1996


X X X X X X X X


* BOND PRICING: For the Week January 10 to January 14, 2010


                            - - - - -


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


ALINTA ENERGY: Lenders Execute Waivers on Liquidity Facility
------------------------------------------------------------
Gavin Lower at Dow Jones Newswires reports that lenders to Alinta
Energy Group's Redbank project have executed a waiver to replace a
liquidity facility due to expire on February 13, 2011.

Dow Jones relates Alinta said Monday lenders to Redbank, a 151mW
coal-fired power station in the Hunter Valley, NSW, have appointed
an accountant to review the financial status of the company.

According to Dow Jones, Redbank is discussing with its lenders
alternative means by which to manage its liquidity requirements
from operating cashflows and existing cash reserves.

"Redbank will continue to discuss with lenders the options
available to maximise value for the asset as well as the ongoing
liquidity arrangements," Alinta said, according to Dow Jones.

Last November, Dow Jones notes, Bank of Western Australia told
Redbank it wouldn't renew a AU$4.5 million working-capital
facility, or a AU$6.75 million liquidity facility.

Redbank Project Pty Limited is a wholly owned subsidiary of Alinta
Energy which has project funding from a syndicate of four banks
(Redbank lenders).  Redbank has a Power Purchase and Hedge
Agreement with Energy Australia for its electricity production.
Redbank is funded by project debt which has no recourse to the
rest of the Alinta Energy Group.

As reported in the Troubled Company Reporter-Asia Pacific on
June 25, 2010, Alinta Energy Group, formerly known as Babcock &
Brown Power, received a number of indicative, non-binding, and
confidential bids for both whole of business and parts of the
business.  "Alinta Energy continues to assess deleveraging options
for the business, including asset sale and capital management
options, with a focus on maximizing total enterprise value,"
Alinta Energy said in a statement to the stock exchange.  Alinta
Energy said it has made a request to its banking syndicate
for the variation of covenants for the period to March 31, 2011,
as under some trading scenarios, these covenants could come under
pressure and frustrate the deleveraging activities.

                       About Alinta Energy

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

Alinta Energy Group posted a net loss of AU$577.39 million for
the year ended June 30, 2010, compared with a net loss of
AU$168.93 million in 2008.


NUFARM LTD: Faces Shareholder Class Action on Profit Guidance
-------------------------------------------------------------
National law firm Slater & Gordon disclosed Monday that a class
action has been commenced against Nufarm Limited in the Victorian
District Registry of the Federal Court of Australia on behalf of
investors who acquired Nufarm shares between March 2, 2010, and
August 31, 2010.  Slater & Gordon is acting for investors.

Slater & Gordon, Practice Group Leader Ben Phi said the claim was
lodged on January 14, 2011, on the instructions of Gaby Hadchiti
and Graham and Susan Roney, the representative applicants in the
proceeding.

In July last year, Slater & Gordon was approached by shareholders
and asked to start investigating potential legal action against
Nufarm after the company halved its underlying net profit guidance
from between AU$110 and AU$130 million to between AU$55 and AU$65
million.

"The class action filed on Friday alleges that Nufarm's profit
forecast for the 2010 financial year provided on March 2, 2010,
was misleading and deceptive, in that Nufarm did not have
reasonable grounds to forecast underlying net profit of AU$110 -
AU$130 million.

"Additionally, by failing to revise its profit guidance until
July 14, 2010, it is alleged that Nufarm breached its continuous
disclosure obligations."

In mid-October, Slater & Gordon announced that it was expanding
the investigation period to include the period to August 31, 2010,
after Nufarm's disclosure on September 1, 2010, that its net debt
as at July 31, 2010, was substantially higher than previously
forecast.

"The class action alleges that Nufarm breached its continuous
disclosure obligations by failing to disclose that its net debt
was likely to be materially higher than AU$350 million prior to 14
July 2010," Mr. Phi said.

"It is alleged that Nufarm engaged in misleading and deceptive
conduct by forecasting net debt of AU$450 million on July 14,
2010, when it ought to have been aware that the actual figure
would be significantly higher."

"Slater & Gordon has been engaged by significant Australian and
international institutional investors, including retail and
investment banks, fund managers, and super fund trustees, who are
eager to recover losses on behalf of themselves and their
clients," Mr. Phi said.

"We have also been engaged by mum and dad investors in both
Australia and New Zealand, who have expressed disgust at the
quality of Nufarm's reporting during the claim period."

"The support of our clients has allowed us to commence proceedings
on behalf of all shareholders," Mr. Phi said.

Mr. Phi said the claim was an open class action and had been
commenced for the benefit of all shareholders that purchased
through the relevant claim period, with the exception of any
persons who have engaged another solicitor in a potential claim
against Nufarm.  The claim is being funded by Comprehensive Legal
Funding LLC.

Nufarm had been locked in negotiations with its banks after it
breached two key banking covenants amid falling earnings and asset
write-downs.

Nufarm said Nov. 30 it executed credit approved term sheets for a
new AU$900 million syndicated bank facility that will refinance
Nufarm's existing bilateral banking facilities that were due to
expire on December 15, 2010.

                        About Nufarm Limited

Based in Australia, Nufarm Limited (ASX:NUF)--
http://www.nufarm.com/-- manufactures and supplies a range of
agricultural chemicals used by farmers to protect crops from
damage caused by weeds, pests and disease.  The Company has
production and marketing operations worldwide and sells products
in more than 100 countries.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 6, 2010, Standard & Poor's Ratings Services had placed its
'BB' long-term corporate credit rating on Nufarm Ltd. on
CreditWatch with negative implications after the company's latest
market update.  The CreditWatch reflects S&P's concerns about the
company's liquidity position and its ability to improve
profitability in fiscal 2011.  The 'B' rating on Nufarm's step-up
securities was also placed on CreditWatch with negative
implications.

"The CreditWatch placement reflects S&P's view that Nufarm's
liquidity is currently less than adequate," Standard & Poor's
credit analyst Richard Creed said.  "Resolution of the CreditWatch
is contingent on Nufarm obtaining near-term support from its
lenders.  This could be demonstrated by covenant waivers from
Nufarm's banks, and finalization of terms of a new funding package
that provides the company with access to funding to meet its peak
debt requirements (which typically arise in the third quarter of
the company's fiscal year)."


* AUSTRALIA: Tasmania at Risk of Becoming a Bankrupt State
----------------------------------------------------------
Matt Smith at The Mercury reports that Tasmania is at risk of
becoming the bankrupt Australian state with recent figures
revealing Tasmania's pre-Christmas bankruptcies went up while the
rest of the country's went down.

Citing recent figures from the Insolvency and Trustee Service
Australia, The Mercury discloses that Tasmania was the only state
or territory to see a rise in bankruptcies from the December
quarter 2009, to the December quarter 2010.

According to The Mercury, Tasmania recorded 178 bankruptcies in
the December quarter 2010, with an increase of 3.5% from the same
quarter in the previous year.

The national story paints a different picture with a 14.2%
decrease from the same quarter one year earlier, The Mercury
notes.

The Mercury adds that Tasmania's bankruptcy rate had been steadily
climbing from 2005 until 2009.  In the second half of 2009,
Tasmania's bankruptcy rate started dropping considerably in line
with national trends.

The Mercury relates Australian Retailers Association Tasmanian
spokesman Damon Thomas said the upward spike in the recent figures
was concerning and might just show the tip of the iceberg.

According to The Mercury, Mr. Thomas said many small businesses in
the state would be operating with large levels of debt for very
long periods before declaring bankruptcy.

Mr. Thomas, as cited by The Mercury, said that leading into
Christmas last year retail trading had dropped by 2.2% for the
year prior to November and the effects of that downward trend
would not be fully clear for months.

The Mercury notes that the figures follow recent statistics which
show more Tasmanian businesses went into external administration
in the past 12 months than any other time in the past 10 years.

Recently released data from the Australian Securities and
Investments Commission shows that 80 Tasmanian businesses went
into administration in the 12 months to October 2010, The Mercury
adds.


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


GLORIOUS PROPERTY: S&P Affirms 'B' Rating on US$300MM Unsec. Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Glorious Property Holdings Ltd. to negative from stable.  At the
same time, S&P affirmed the 'B+' long-term corporate credit rating
on Glorious and the 'B' issue rating on the Company's US$300
million 13% senior unsecured notes due 2015.

"We revised the outlook to reflect our view that Glorious'
liquidity position is less than adequate and that the Company's
credit metrics are likely to weaken in 2011.  We believe Glorious'
liquidity may be under pressure due to a large amount of
outstanding land premiums and short-term debt at the end of
2010.  We expect its credit metrics to weaken in the next
12 months, after taking into account additional debt to fund its
aggressive expansion," said Standard & Poor's credit analyst Frank
Lu.

S&P believes the Company will face challenges stemming from the
government's continued policy tightening and bank credit
tightening in 2011.  Nevertheless, S&P expects Glorious' low-cost
land bank and improving geographic diversification into second-
and third-tier cities to give some support to its sales and
profitability.

In S&P's opinion, Glorious' land acquisitions in the past year,
combined with contract sales that "were weaker than the Company
had budgeted in 2010, added to the pressure on its liquidity
position.  Its liquidity had already tightened due to the payment
of a large land premium in 2010.  Glorious acquired nine parcels
of land in five cities for about RMB3.11 billion in total in 2010.

S&P anticipates that the Company may need to further increase its
debt level to fund its land premium payments and to fund its
expanding construction scale.  As a result, Glorious' ratio of
adjusted debt to EBITDA is likely to rise to 4x-5x by the end of
2011 from about 4.0x by the end of 2010.

In S&P's view Glorious' developing financial and risk management
is reflected by its weaker operating performances than budgeted
and aggressive financial planning.  Nevertheless, S&P notes that
management aims to improve in these areas.

"The rating on Glorious also reflects the Company's limited track
record of large-scale operations and exposure to the cyclical and
competitive nature of the Chinese real estate sector with evolving
regulations.  These weaknesses are tempered by the Company's
established presence in Shanghai and its improving geographic
diversification.  In 2011, S&P estimates that Shanghai sales will
contribute just 20% of full-year contract sales," said Mr. Lu.

According to S&P's base case, its liquidity sources may not be
sufficient to cover its liquidity uses for the next 12 months.
According to S&P's criteria, for liquidity to be classified as
adequate, among other qualifications, liquidity sources must cover
liquidity uses at least 1.2x.  In addition, even if EBITDA "were
to decline by 15%-20%, liquidity sources should still be able
to cover liquidity uses.  In S&P's view, the Company's liquidity
is highly sensitive to its sales performance due to its large
committed obligations.

S&P revise the outlook to stable if Glorious improves its
liquidity position to adequate by increasing sales and more
cautiously managing its growth, and at the same time it maintains
credit metrics that are appropriate for a 'B+' rating on a
sustained basis.

S&P may lower the rating if Glorious' liquidity deteriorates or
its debt-funded expansion is more aggressive than S&P expected,
such that its ratio of adjusted debt to EBITDA is more than 5x or
EBITDA interest coverage is less than 2x for a prolonged period.


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


NATIONWIDE TREASURE: Creditors' Proofs of Debt Due February 4
-------------------------------------------------------------
Creditors of Nationwide Treasure (HK) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 4, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

          Kennic Lai Hang Lui
          Lau Wau Kwai King Lauren
          c/o KLC Kennic Lui & Co.
          Ho Lee Commercial Building, 5/F
          38-44 D' Aguilar Street
          Central, Hong Kong


QANTEX LIMITED: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on January 3, 2011,
creditors of Qantex Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Yeung Tak Chu
         Room 1903,19/F.
         World-Wide House
         19 Des Voeux Road
         Central, Hong Kong


TAI CHONG: Creditors' Proofs of Debt Due February 14
----------------------------------------------------
Creditors of Tai Chong Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
February 14, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         Gloucester Tower, 8th Floor
         The Landmark
         15 Queen's Road
         Central, Hong Kong


TAI SHING: Man King Chi Eddie Appointed as Liquidator
-----------------------------------------------------
Man King Chi Eddie on January 5, 2011, was appointed as liquidator
of Tai Shing Company Limited.

The liquidator may be reached at:

          Man King Chi Eddie
          Amber Commercial Building
          13th Floor, 70 Morrison Hill Road
          Hong Kong


TYRONE ELECTRIC: Yip and Lai Appointed as Liquidators
-----------------------------------------------------
Ms. Yip Chee Lan and Ms. Regina Tam Lai on January 4, 2011, were
appointed as liquidators of Tyrone Electric Motor Limited.

The liquidators may be reached at:

          Yip Chee Lan
          Regina Tam Lai
          12 Science Park
          East Avenue 6/F
          Hong Kong Science Park
          Shatin, New Territories
          Hong Kong


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


COTWALL COMMERCE: CRISIL Reaffirms 'BB+' Rating on Cash Credit
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Cotwall Commerce Pvt
Ltd, which is part of the KKN group, continues to reflect the KKN
group's geographically concentrated revenue profile and working-
capital-intensive operations.  These rating weaknesses are
partially offset by the benefits that the KKN group derives from
the strong and established image of its Tripti brand and moderate
image of its recently introduced Sunshine brand.

   Facilities                            Ratings
   ----------                            -------
   INR70 Million Cash Credit Limits      BB+/Stable (Reaffirmed)
   INR50 Million Proposed LT Bank        BB+/Stable (Reaffirmed)
                    Loan Facility

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Cotwall Commerce Pvt Ltd, Mahabir Impex
Pvt Ltd, and Grover Commerce Pvt Ltd.  This is because Cotwall,
Mahabir, and Grover, collectively referred to as the KKN group,
have a common management, are in a similar line of business, and
have a common distribution network.

Update

Cotwall has recently commenced trading in sunflower oil (Sunshine
brand) and tea (wholesale packs of mainly 50-kilogram [kg] bags).
70-75% of the company's turnover comes from sale of sunflower oil.
The company caters to the markets only in West Bengal.  Cotwall
was initially into trading in mustard oil, tea, and spices. Grover
is engaged in wholesale trading in rice bran oil, only in West
Bengal.  The oil is sold (unbranded) mainly in 15-kg tin packs.
The KKN group's management has decided to sell its products under
the Tripti brand only through Mahabir.

The KKN group's performance in 2009-10 (refers to financial year,
April 1 to March 31) has been slightly better than CRISIL's
expectation.  The turnover of the group has increased 65% in
2009-10 over that in the previous year, supported mainly by the
group's entry into sunflower oil trading in 2009-10.  The group
has reported a turnover of around INR952 million for the six
months ended September 30, 2010.  The group's liquidity is
expected to remain adequate, driven by zero term debt obligations,
stable cash accruals, no sizeable capital expenditure plans, and a
healthy current ratio. Bank limit utilization is expected to
remain high because of incremental working capital requirements
and small net worth.

The KKN group reported a profit after tax (PAT) of INR17.29
million on net sales of INR1435.24 million for 2009-10, against a
PAT of INR6.53 million on net sales of INR869.29 million for
2008-09.

Outlook: Stable

CRISIL believes that the KKN group will continue to benefit over
the medium term from its established market position in eastern
India.  The outlook may be revised to 'Positive' if the group's
financial risk profile improves significantly.  Conversely, the
outlook may be revised to 'Negative' if the group reports sluggish
growth in revenues and profitability, or undertakes large, debt-
funded acquisition programmes.

                             About the Group

Cotwall, set up in 1995, was acquired by Mr. Kaushik Kumar Nath
from Mr. Siddharth Roy in 2003.  The company currently trades in
tea (wholesale packs of mainly 50-kg bags) and sunflower oil
(brand Sunshine). Mahabir, the flagship company of the KKN group,
was acquired by Mr. Kaushik Kumar Nath in 2000.  Mahabir trades in
edible oil, tea, and spices; around 70% of its revenues are
derived from sale of edible oil; its products are sold under the
Tripti brand through around 200 distributors across West Bengal.
Mahabir also sells its products through retail outlets such as
Spencer's, Pantaloons, and Arambagh. Grover, acquired by
Mr. Kaushik Kumar Nath in 2001, trades in rice bran oil.


BANSILAL RAMNATH: CRISIL Reaffirms 'D' Rating on INR500M Term Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Bansilal Ramnath Agarwal
Charitable Trust continue to reflect the instances of delay by
BRACT in servicing its debt; the delays have been caused by the
trust's weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR70.0 Million Cash Credit      D (Reaffirmed)
   INR500.0 Million Term Loan       D (Reaffirmed)

BRACT also has a weak financial risk profile, marked by a small
net worth, a high gearing, and weak debt protection metrics, and
is exposed to risks related to adverse regulatory changes in the
education sector.  These rating weaknesses are partially offset by
BRACT's established position in the engineering segment, and
healthy track record.

BRACT was established in 1975 by Mr. Bansilal R Agarwal, a cloth
merchant based in Pune (Maharashtra).  The trust started an
engineering college, Vishwakarma Institute of Technology (VIT), in
1983 and established another engineering institute, Vishwakarma
Institute of Information Technology, in 2000, as an extension of
VIT. In 2001, it started a management institute, Vishwakarma
Institute of Management, offering management courses with
specialisations in marketing, finance, and human resources.  In
2007, the trust opened a health science institute, Vishwakarma
Institute of Health Sciences and Research, and a creative arts
college, Vishwakarma Creative-I College.  The trust has also
started a maritime institute, Vishwakarma Maritime Institute, and
management institute, Vishwakarma Global Education, at its campus
in Kondhwa in Pune.

BRACT reported a deficit (excess of expenditure over income) of
INR3.9 million on operating income of INR523.9 million for 2009-10
(refers to financial year, April 1 to March 31), against a deficit
of INR24.6 million on an operating income of INR455 million for
2008-09.


GLASSTECH INDUSTRIES: CRISIL Cuts Rating on INR200MM Loan to 'B+'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on Glasstech Industries (India)
Pvt Ltd's long-term bank facilities to 'B+/Stable' from 'BB-
/Negative', while reaffirming the rating on its short-term
facility at 'P4'.

   Facilities                       Ratings
   ----------                       -------
   INR70.0 Million Cash Credit      B+/Stable (Downgraded from
                                    'BB-/Negative')
   INR200.0 Million Long-Term Loan  B+/Stable (Downgraded from
                                    'BB-/Negative')
   INR5.0 Million Bank Guarantee    P4 (Reaffirmed)

The downgrade reflects deterioration in Glasstech's liquidity
because of deployment of substantial cash accruals generated by
the company between 2008-09 (refers to financial year, April 1 to
March 31) and the first half 2010-11 in its large capital
expenditure (capex) of about INR450 million during the
aforementioned period.  The remainder cash accruals were barely
sufficient to meet the company's maturing term loan obligations.
This resulted in a weak net cash accruals to total debt ratio,
which is expected to remain below 10% in 2010-11. The current
ratings factor in Glasstech's management's commitment towards
subordinating all its payments due to its Dubai-based associate,
Glavergulf FZCO to all of Glasstech's existing bank debt.  CRISIL
believes that Glasstech's liquidity will remain constrained over
the medium term, because of delays in stabilization of operations
at the company's recently enhanced capacities resulting in weak
cash accruals, and its moderately working-capital-intensive
operations.

The ratings reflect Glasstech's weak financial risk profile marked
by moderate net worth, high gearing, and inadequate debt
protection metrics, and susceptibility to slowdown in its end-user
sectors.  These rating weaknesses are partially offset by
Glasstech's promoters' industry experience and the financial
support the company gets from the promoters.

Outlook: Stable

CRISIL believes that Glasstech's liquidity will remain constrained
over the medium term because of the company's low cash accruals
vis--vis increasing debt obligations.  The outlook may be revised
to 'Positive' in case Glasstech continues to significantly
increase its scale of operations and optimally utilize the
enhanced capacities, while maintaining profitability at level, or
if it promoters extend funding support to meet the company's
working capital requirements.  Conversely, the outlook may be
revised to 'Negative' in case the company does not scale up its
operations as expected, faces delays in realizations, stocks up
more-than-expected inventory, or contracts more-than-expected debt
to fund its proposed capex programme.

                          About Glasstech

Set up in 1997, Glasstech processes glass, especially for the
construction and real estate sectors.  The company initially
operated as a distributor of Asahi Glass in India, and later
shifted to glass processing.  The company recently expanded its
capacity for performing processes such as tempering and glazing,
and has broadened its portfolio to include processes such as
lamination, and screen and heat shocking, for a capex of about
INR450 million.

For 2009-10, Glasstech reported a net loss of INR9.1 million on
net sales of INR293.8 million, against a profit after tax of
INR3.7 million on net sales of INR263.1 million for 2008-09.


MANISHA CONSTRUCTION: CRISIL Puts 'B+' Rating on INR10MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Manisha Construction Co.

   Facilities                         Ratings
   ----------                         -------
   INR10.0 Million Cash Credit        B+/Stable (Assigned)
   INR65.0 Million Proposed LT Bank   B+/Stable (Assigned)
                      Loan Facility
   INR5.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect MCC's small scale of operations, exposure to
risks related to geographical concentration in its revenue
profile, weak financial risk profile marked by high gearing, weak
debt protection metrics and small net worth.  These weaknesses are
partially offset by the experience of MCC's promoters in the
construction business, and its healthy order book position.

Outlook: Stable

CRISIL believes that MCC will maintain its business risk profile
over the medium term, supported by its established track record in
the construction industry and healthy order book position.  The
outlook may be revised to 'Positive' if the firm successfully
scales up and diversifies its operations, while improving
profitability and gearing.  Conversely, the outlook may be revised
to 'Negative' if there are costs and time overruns in projects, or
if the firm undertakes a large, debt-funded capital expenditure
programme leading to material deterioration of financial risk
profile.

                     About Manisha Construction

Established in 1983, MCC, a Mumbai-based partnership firm,
undertakes civil construction activities, mainly in Mumbai.  The
firm is presently managed by Mr. Dashrath Shinde and Mr. Kirti H
Jain.  The firm generally undertakes government contracts, and is
involved in construction of storm water drains, de-silting work,
and repair and construction of roads and buildings.

MCC reported a net profit of INR8.96 million on operating income
of INR172.32 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net profit of INR6.63 million on
operating income of INR172.52 million for 2008-09.


MITTAPALLI AUDINARAYANA: CRISIL Reaffirms Rating on Cash Credit
---------------------------------------------------------------
CRISIL rating on the bank facilities of Mittapalli Audinarayana
Enterprises Pvt Ltd continues to reflect weak financial risk
profile, marked by low net worth and weak debt protection
measures, and working capital intensive nature of operations.
These weaknesses are partially offset by the benefits that the
company derives from its promoters' experience in the tobacco
processing industry, and established relationships with customers.

   Facilities                            Ratings
   ----------                            -------
   INR300 Million Open Cash Credit/      B+/Stable (Reaffirmed)
                    Packing Credit

Outlook: Stable

CRISIL believes that Mittapalli will maintain a stable business
risk profile over the medium term, on the back of established
relationships with customers, and promoters' experience.  The
outlook may be revised to 'Positive' in case of substantial
improvement in Mittapalli's revenues, profitability and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of a significant deterioration in company's
debt protection metrics or if it undertakes large debt-funded
capex or if its working capital cycle lengthens considerably.

Update

Mittapalli's sales increased by -6% to INR679.4 million during
2009-10 over the previous year and generated net cash accruals of
around INR12.4 million.  The company continues to maintain its
weak financial risk profile due to its low networth of around
INR81 million as on March 31, 2010 and weak debt protection
metrics. The company does not have any significant debt funded
capex plans over the medium term. The company has stretched
liquidity, because of its working capital intensive nature of
operations. As a result, the bank limit utilisation has been high,
which has ranged from 75% to 100% during the last 12 months ended
July 2010 with the average utilization being
88%.

Mittapalli reported a provisional profit after tax (PAT) of
INR11.4 million on net sales of INR679.4 million for 2009-10
(refers to financial year, April 1 to March 31), as against a PAT
of INR6.4 million on net sales of INR645.9 million for 2008-09.

                     About Mittapalli Audinarayana

Set up as a partnership firm in 1964, Mittapalli was converted to
a private limited company in 2006. It is promoted by Mr.
Mittapalli Rama Rao and his sons, Mr. Mittapalli Umamaheswar Rao
and Mr. Mittapalli Siva Kumar.  Mittapalli processes tobacco
leaves for sale in India and abroad.  Currently, the company is
managed by Mr. Mittapalli Rama Rao as the managing director of the
company.


PARMARTH IRON: CRISIL Assigns 'B-' Rating to INR5MM Term Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of the ratings on the bank
facilities of Parmarth Iron Pvt Ltd, part of the Parmarth group,
and has assigned the ratings of 'B-/Negative/P4' to the bank
facilities of PIPL.  The rating was previously 'Suspended' by
CRISIL vide the Rating Rationale dated September 13, 2010 since
PIPL had not provided necessary information required to take
rating view.  PIPL has now shared the requisite information
enabling CRISIL to assign a rating on its bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR5.0 Million Term Loan           B-/Negative(Assigned;
                                         Suspension Revoked)

   INR65.0 Million Cash Credit Limit  B-/Negative(Assigned;
                                         Suspension Revoked)

   INR60.0 Million Proposed LT Bank   B-/Negative(Assigned;
                     Loan Facility       Suspension Revoked)

   INR18.0 Million Letter of Credit   P4 (Assigned;
                                          Suspension Revoked)

   INR2.0 Million Bank Guarantee      P4 (Assigned; Suspension
                                          Revoked)

The ratings reflect the Parmarth group's weak financial
flexibility marked by high levels of contingent liabilities, and
its modest scale of operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PIPL and Parmarth Steel and Alloys Pvt
Ltd, together referred to as the Parmarth group.  This reflects
the strong operational and financial linkages between the two
entities.  Moreover, both entities are in the same line of
business, and PSAPL supplies its entire production of mild steel
(MS) ingots to PIPL for the manufacture of thermo-mechanically
treated (TMT) bars. Both companies are under a common ownership
and management.

Outlook: Negative

CRISIL believes that the Parmarth group will be exposed to very
high contingent liabilities - the group is facing allegations
related to power theft and excise duty evasion.  The rating may be
downgraded if there are delays in servicing debt, most likely
because of crystallization of contingent liabilities or increase
in working capital requirements.  Conversely, the outlook may be
revised to 'Stable' if the allegations are dropped or if the
eventual liability is small.

                        About Parmarth Iron

Incorporated in 2002, PIPL manufactures MS ingots and TMT bars.
The company's plant in Bijnor (Uttar Pradesh) has a furnace with
capacity of 15,000 tonnes per annum (tpa) and rolling mills for
manufacturing bars with capacity of 40,500 tpa.  The ingots
produced in the furnace division are used for manufacturing bars.
PIPL also purchases ingots from the group company, Parmarth Steel
and Alloys Pvt Ltd.

PSAPL, the flagship company of the Parmarth group, manufactures MS
ingots. The company's plant in Bijnor has installed capacity of
25,600 tpa. The entire production of PSAPL is supplied to PIPL. In
June and July 2007, a search was conducted by UP Power Corporation
Ltd on PIPL and PSAPL respectively.  Also in July 2007, a search
was conducted by Central Excise Intelligence on both companies.
The contingent liabilities on this account are more than INR1
billion.

Parmarth group reported a profit after tax (PAT) of INR11.4
million on net sales of INR982.9 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR13.2
million on net sales of INR921.5 million for 2008-09.


PAVIT CERAMICS: CRISIL Assigns 'BB' Rating to INR28MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Pavit Ceramics Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR28.00 Million Cash Credit        BB/Stable (Assigned)
   INR29.80 Million Foreign Currency   BB/Stable (Assigned)
                           Term Loan
   INR2.30 Million Letter of Credit    P4+ (Assigned)
   INR9.50 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect PCPL's small scale of operations in the
intensely competitive ceramic industry, and its moderate financial
risk profile, marked by small net worth and modest gearing.  These
weaknesses are partially offset by the extensive industry
experience of PCPL's promoters and its improving working capital
management.

Outlook: Stable

CRISIL believes that PCPL will benefit over the medium term from
its promoters' extensive industry experience. The company is
expected to maintain a stable financial risk profile, despite
small net worth and modest gearing, on account of its above-
average debt protection metrics.  The outlook may be revised to
'Positive' if the company significantly increases its scale of
operations, while maintaining its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's working capital requirements increases or it undertakes
a large, debt-funded capacity expansion plan, or if its margins
decline significantly, thereby weakening its financial risk
profile.

                        About Pavit Ceramics

PCPL was established by Mr. Vijaykumar Jain and his family in
2001; however, it commenced operations only in 2003. PCPL
manufactures vitrified tiles, mainly used in walkways, driveways,
parking areas, and lobbies.  Its unit in Bharuch (Gujarat) has a
capacity of 5,000 square meters per day of vitrified tiles.

PCPL reported a profit after tax (PAT) of INR6.82 million on net
sales of INR275.88 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR5.59 million on net
sales of INR219.47 million for 2008-09.


SHALIMAR ALLOYS: CARE Assigns 'CARE D' Rating to INR10.8cr LT Loan
------------------------------------------------------------------
CARE assigns 'CARE D' and 'PR5' rating to the bank facilities of
Shalimar Alloys P. Ltd.

                                 Amount
   Facilities                  (INR crore)      Ratings
   ----------                  -----------      -------
   Long-term Bank Facilities      10.8          'CARE D' Assigned
   Short-term Bank Facilities      0.5          'PR5' Assigned

Rating Rationale

The ratings take into account the ongoing delays in servicing of
debt obligations of SAPL.

Incorporated on May 22, 2006, Shalimar Alloys P. Ltd. was promoted
by Mr. Mahesh Kumar Agarwal of Hyderabad.  The company commenced
operation in May 2007, with the commissioning of a rolling mill
(capacity 36,000 MT) at Kottur Mandal in the Mahboobnagar dist. of
A.P. SAPL is currently engaged in manufacturing of TMT bars.  SAPL
posted a loss (after deferred tax) of INR0.3 (against loss of
INR4.1 crore in FY09) on total income of INR42.0 crore (against
INR44.5 crore in FY09) in FY10.  The company has been facing
strain on liquidity front due to stretched working capital cycle
leading to irregularity in debt servicing.


TEREX EQUIPMENT: CRISIL Reaffirms 'BB' Rating on INR10MM LT Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Terex Equipment Pvt
Ltd, formerly known as Terex Vectra Equipment Private Limited,
continue to reflect Terex's weak financial risk profile, marked by
a small net worth, weak debt protection metrics, and high total
outside liabilities to tangible net worth ratio, because of loss-
making operations.  The ratings also reflect Terex's small scale
of operations and exposure to risks related to cyclicality in end-
user industries and to volatility in raw material prices.  These
rating weaknesses are partially offset by the strong operational
and financial support that Terex receives from its parent, Terex
Corporation (TC; rated 'BB-/Stable' by Standard & Poor's).

   Facilities                           Ratings
   ----------                           -------
   INR130.00 Million Cash Credit        BB/Stable (Reaffirmed)
   INR10.00 Million Proposed LT Bank    BB/Stable (Reaffirmed)
                       Loan Facility
   INR30.00 Million Letter of Credit/   P4+ (Reaffirmed)
            Bank Guarantee
   INR230.00 Million Proposed ST Bank   P4+ (Reaffirmed)
                        Loan Facility

Outlook: Stable

CRISIL believes that Terex will continue to benefit from the
financial and operational support that it receives from its
parent, TC, and will maintain its adequate liquidity driven by
improved working capital management, over the medium term.  The
outlook may be revised to 'Positive' in case of significant
improvement in the company's profitability and cash accruals.
Conversely, the outlook may be revised to 'Negative' if Terex's
financial risk profile and liquidity deteriorate, because of
larger-than-expected net loss or smaller cash accruals.

                             About Terex

Terex was set up in 2003 as a 50:50 joint venture between TC and
the Vectra group (Vectra).  However, TC currently owns around 99%
of Terex's share capital after the former purchased 49% of the
latter's equity in two different stages.

Terex commenced commercial production in August 2004.  It
manufactures backhoe and skid steer loaders.  Terex earns about
89% of its revenues from sale of backhoe loaders.  These loaders
can be used for both digging as well loading in diverse
construction and road making applications, as well as to support
larger machines such as excavators.

TC is a leading manufacturer of heavy machinery based in the US.
It is present in more than 70 countries through 120 subsidiaries.
The company operates in four business segments: construction,
cranes, aerial work platforms, and material processing. TC also
offers a complete line of financial products and services to
assist in the acquisition of equipment through Terex Financial
Services.

Terex reported a net loss of INR14.1 million on net sales of
INR1535.8 million for 2009-10 (refers to financial year, April 1
to March 31), against a net loss of INR46.51 million on net sales
of INR1150.0 million for 2008-09.


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


* S&P Places Six Tranches of CDO Transactions on CreditWatch
------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its ratings on six tranches relating to six
Japanese synthetic CDO transactions.

The six tranches placed on CreditWatch positive had synthetic
rated overcollateralization (SROC) levels in excess of 100% at
higher ratings than the current ratings as of Jan. 4, 2011.

For the transactions that S&P ran on version 5.1, S&P applied the
top obligor and industry test SROCs, in addition to the Monte
Carlo default simulation results.

By the end of the month, S&P intends to review the tranches listed
below in accordance with its current CDO criteria.

                           Ratings List

Corsair (Jersey) No. 2 Ltd.
Series 45 credit default swap
To                     From            Issue Amount
Bsrp (sf)/Watch Pos    Bsrp (sf)       JPY3.0 bil.

Signum Vanguard Ltd.
Class A secured fixed rate credit-linked loan series 2005-04
To                     From            Issue Amount
CCC (sf)/Watch Pos     CCC (sf)        JPY4.0 bil.

Silk Road Plus PLC
Series 13 limited recourse secured fixed rate credit-linked notes
To                     From            Issue Amount
BBB- (sf)/Watch Pos    BBB- (sf)       S$8.064 mil.

Series 14 limited recourse secured fixed rate credit-linked notes
To                     From            Issue Amount
BBB- (sf)/Watch Pos    BBB- (sf)       S$8.5 mil.

Series 15 limited recourse secured fixed-rate credit-linked notes
To                     From            Issue Amount
BBB- (sf)/Watch Pos    BBB- (sf)       S$8.0 mil.

Series 16 limited recourse secured fixed-rate credit-linked notes
To                     From            Issue Amount
BBB- (sf)/Watch Pos    BBB- (sf)       S$9.0 mil.


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


HYNIX SEMICONDUCTOR: Creditors May Resume Search for Buyer
----------------------------------------------------------
Sookyung Seo at Bloomberg News, citing Korean newspaper DongA
Ilbo, reports that Hynix Semiconductor Inc.'s creditors may resume
looking for a buyer of their remaining holdings in the company
after March.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on July 28, 2010, that Korea Exchange Bank said the group
of nine financial institutions, which is seeking to recoup the
US$4.6 billion spent on bailing out Hynix has had difficulty in
finding a buyer for their 15% shareholding. Creditors sold a 6.7%
stake in Hynix for KRW923.2 billion in March 2010, after three
failed attempts to sell their entire holding.  They've said
they'll continue looking for a strategic purchaser, Bloomberg
added.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 26, 2010, Standard & Poor's Ratings Services revised the
outlook on its long-term corporate credit rating on Korea-based
Hynix Semiconductor Inc. to positive from stable, reflecting its
improving financial risk profile.  At the same time, Standard &
Poor's affirmed the 'B+' long-term corporate credit rating on
Hynix.  In addition, S&P raised the ratings on Hynix's senior
unsecured bonds to 'B+' from 'B', reflecting its opinion that the
potential for recovery in the event of default has improved.


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


PHILIPPINE AIRLINES: In 'Exploratory' Talks With Investors
----------------------------------------------------------
BusinessWorld Online reports that PAL Holdings, Inc., the majority
shareholder of Philippine Airlines (PAL), on Wednesday confirmed
talks with potential local and foreign investors but said these
were "exploratory."

According to the report, PAL president and chief operating officer
and concurrent PAL Holdings president, Jaime J. Bautista, neither
confirmed nor denied that the Lucio C. Tan-owned airline was in
discussions with San Miguel Corp. President Ramon S. Ang.

"The disclosure was issued in reaction to a gossip column in a
newspaper, stating that SMC's Ang is currently in secret talks for
the purchase of 40% of Philippine Airlines," BusinessWorld quoted
Mr. Bautista as saying.  "The same article added that PAL chairman
Lucio C. Tan has allegedly decided to unload a substantial number
of shares from the country's flag carrier with the right buyer and
divest his holdings at a premium price," he added.

BusinessWorld relates Mr. Bautista noted that for months, there
has been speculation that PAL was on the selling block after
losses of $312.1 million in fiscal years 2008 to 2009, and 2009 to
2010, due to the global economic crisis and volatility in fuel
prices.  "To date, however, none of the rumors were proven true as
the taipan and his family remains in firm control of PAL,"
Mr. Bautista said, according to BusinessWorld.

PAL Holdings owns 84.67% of the 70-year-old airline, BusinessWorld
adds.

                     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.


PHILIPPINE AIRLINES: Serves Forced Retirement Notice to 8 Workers
-----------------------------------------------------------------
Flight attendants and stewards of the Philippine Airlines said on
Friday the management had served notices of separation to eight
female flight attendants, informing them of their compulsory
retirement effective Jan. 16 amid a labor dispute, BusinessWorld
Online reports.

BusinessWorld relates that the Flight Attendants' and Stewards'
Association of the Philippines (FASAP) said in a statement the
flight attendants are all 55 years old.

"It came as a shock and devastating blow to the affected flight
attendants who were caught unaware of the management's intentions,
considering the recent Department of Labor and Employment's order
issued on Dec. 23 last year to raise the retirement age to 60
years old," the group said, according to BusinessWorld.  "This is
another display of disrespect towards female workers," it added.

According to BusinessWorld, PAL management said in a separate
statement the eight flight pursers will be retired by the airline
management after a Makati court ruling "removing all legal
obstacles for their separation from service upon reaching the
mandatory retirement age of 55 years old."

BusinessWorld relates Jose S.L. Uybaretta, PAL vice-president for
human resources, said the flight pursers were informed shortly
after Judge Oscar Pimentel of the Makati Regional Trial Court
Branch 147 lifted an injunction on the issuance of the notices of
compulsory retirement.

"This is in accordance to the 2000-2005 Collective Bargaining
Agreement (CBA) pegging at 55 years old the retirement age of
female flight attendants hired before November 22, 1996,"
BusinessWorld quoted Mr. Uybaretta as saying.

Mr. Uybaretta said the Dec. 23 ruling of the Labor department was
not yet final, BusinessWorld adds.

                      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.


VILFRAN LINER: Ordered to Pay PHP5 Million Outstanding Debt to BPI
------------------------------------------------------------------
BusinessWorld Online reports that the Court of Appeals has ordered
Vilfran Liner, Inc., to pay its multimillion-peso outstanding debt
to BPI Family Savings Bank used for the purchase of buses in 1996.

BusinessWorld relates that the appellate court's special sixteenth
division on Dec. 20 upheld the ruling of the Manila Regional trial
Trial Court (RTC) directing defendants Vilfran Liner, its co-
founder Hilaria Villegas, and its treasurer Maura Villegas, to pay
the bank PHP5 million at a simple interest of 36% per annum from
February 1997.

According to the report, Vilfran Liner, through Hilaria and Maura
Villegas, took out a loan worth PHP6.43 million from the bank in
May 1996 for the purchase of four Mercedes Benz buses to add to
the bus firm's fleet.  They promised to pay the sum in monthly
installments, with the four buses themselves as collateral,
BusinessWorld says.

However, says BusinessWorld, the company failed to pay three
monthly amortizations starting November 1996, making the entire
balance demandable.

BusinessWorld notes that Vilfran failed to pay the balance or
return the buses, despite BPI Family Savings Bank's demands.

BusinessWorld relates that the bank brought the case to the court,
where Maura claimed that she, on Vilfran Liner's behalf, had
negotiated for an extension of time to pay the obligation, which
the bank agreed to, making the suit premature.

Meanwhile, Hilaria denied knowledge of the promissory note, saying
she has stopped actively participating in the management of
Vilfran Liner because she is already 90 years old.  She also
denied signing the note, despite BPI Family Savings Bank showing
the note which contained her signature.

The Manila RTC disregarded the officials' excuses in its 2003
decision, saying that Hilaria and Maura were fully liable for the
obligation.

Vilfran Liner, Inc., is a bus company based in Quezon City,
Philippines.


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


ARTON PTE: Creditors Get 8.91424% Recovery on Claims
----------------------------------------------------
Arton Pte Ltd declared the first and final dividend on Dec. 14,
2010.

The company paid 8.91424% to the received claims.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118


CHANTILLY CAKE: Creditors Get 23.5% Recovery on Claims
------------------------------------------------------
Chantilly Cake Shop (Singapore) Pte Ltd declared the first and
final preferential dividend on December 29, 2010.

The company paid 23.5% to the received claims.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118


CP SOLUTIONS: Creditors' Proofs of Debt Due January 28
------------------------------------------------------
Creditors of CP Solutions Pte Ltd, which is in liquidation, are
required to file their proofs of debt by January 28, 2011, to be
included in the company's dividend distribution.

The company's liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          Wong Joo Wan
          c/o KPMGA dvisory Services Pte. Ltd.
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


KHENG MOH: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on December 31, 2010,
to wind up the operations of Kheng Moh Lim Kee Pte Ltd.

People Bee Hoon Factory filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


MULTI-BONDER TRADING: Creditors Get 88.35644% Recovery on Claims
----------------------------------------------------------------
Multi-Bonder Trading Pte Ltd declared the preferential dividend on
December 23, 2010.

The company paid 88.35644% to the received claims.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118


POLYNESIA TIMBER: Creditors' Proofs of Debt Due January 28
----------------------------------------------------------
Creditors of Polynesia Timber Services Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by January 28, 2011, to be included in the
company's dividend distribution.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118


PRIMROSE GROUP: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on December 31, 2010,
to wind up the operations of Primrose Group International Pte Ltd.

Shen Yi Engineering Pte Ltd filed the petition against the
company.

The company's liquidators are:

         Mr Chia Soo Hien
         Mr Leow Quek Shiong
         Messrs BDO LLP
         19 Keppel Road
         02-01 Jit Poh Building
         Singapore 089058


PWB - RUHLATEC: Creditors' Proofs of Debt Due January 28
--------------------------------------------------------
Creditors of PWB - Ruhlatec Asia Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by January 28, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          Aw Eng Hai
          Foo Kon Tan Grant Thomton Llp
          47 Hill Street #05-01
          Singapore Chinese Chamber of Commerce & Industry
          Building
          Singapore 179365


* Singapore: 2010 Bankruptcy Filings Fall to Lowest Since 1996
--------------------------------------------------------------
Jay Wang at Bloomberg News reports that Singapore's bankruptcy
applications last year fell to the lowest level since 1996 as the
city-state's economy rebounded, posting the world's fastest growth
after Qatar.

Citing data on the Ministry of Law's Web site, Bloomberg discloses
that the number of bankruptcy filings dropped 20% to 2,202 in 2010
from a year earlier.  Bankruptcy applications last year were less
than half of the 5,404 cases at the peak in 2003, Bloomberg adds.

Bloomberg notes that the bankruptcy filings last year were the
lowest since 2,089 applications were filed in 1996, one year
before the start of the Asian financial crisis.


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


* BOND PRICING: For the Week January 10 to January 14, 2010
-----------------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.132
AMITY OIL LTD           10.00    10/31/2013   AUD       2.00
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.97
AUST & NZ BANK           2.00    04/15/2018   AUD      74.50
BECTON PROP GR           9.50    06/30/2010   AUD       0.24
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.14
EXPORT FIN & INS         0.50    12/16/2019   AUD      60.29
EXPORT FIN & INS         0.50    06/15/2020   AUD      59.02
EXPORT FIN & INS         0.50    06/15/2020   AUD      58.30
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.40
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.88
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      64.32
NEW S WALES TREA         0.50    09/14/2022   AUD      52.23
NEW S WALES TREA         0.50    10/07/2022   AUD      52.04
NEW S WALES TREA         0.50    10/28/2022   AUD      51.87
NEW S WALES TREA         0.50    11/18/2022   AUD      51.66
NEW S WALES TREA         0.50    12/16/2022   AUD      51.44
NEW S WALES TREA         0.50    12/16/2023   AUD      54.73
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      71.57
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      65.31
RESOLUTE MINING         12.00    12/31/2012   AUD       1.40
SUNCORP METWAY I         6.75    09/23/2024   AUD      64.77
SUNCORP METWAY I         6.75    10/06/2026   AUD      67.61
TREAS CORP VICT          0.50    08/25/2022   AUD      52.66
TREAS CORP VICT          0.50    11/12/2030   AUD      34.93
VERO INSURANCE           6.15    09/07/2025   AUD      60.57

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      60.44


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      38.75


  INDIA
  -----

AIRPORTS AUTH IN         7.40    01/22/2013   INR      12.40
DAMODAR VALLEY           7.70    01/03/2013   INR      15.79
DELHI TRANSCO LT         9.50    03/02/2016   INR      39.42
DELHI TRANSCO LT         9.50    03/02/2017   INR      46.26
DELHI TRANSCO LT         9.50    03/02/2018   INR      52.94
DELHI TRANSCO LT         9.50    03/02/2019   INR      59.54
DELHI TRANSCO LT         9.50    03/02/2020   INR      65.93
DELHI TRANSCO LT         9.50    03/02/2021   INR      71.74
GODAVAR IRR             11.25    01/15/2013   INR      18.27
GODAVAR IRR             11.50    01/15/2015   INR      18.68
GODAVAR IRR             13.50    08/16/2015   INR      48.09
HOUSING & UDCL          12.00    01/19/2011   INR       0.05
HOUSING & UDCL          11.50    09/25/2011   INR       7.55
HOUSING & UDCL          11.50    09/25/2011   INR       7.55
HOUSING & UDCL          11.50    09/25/2011   INR       7.55
HOUSING & UDCL          11.50    09/25/2011   INR       7.55
HOUSING & UDCL          11.50    09/25/2011   INR       7.55
HOUSING & UDCL          12.00    01/07/2012   INR      11.29
HOUSING & UDCL          12.00    01/07/2012   INR      11.29
HOUSING & UDCL          12.00    01/07/2012   INR      11.29
HOUSING & UDCL           9.00    01/30/2012   INR      11.29
HOUSING & UDCL           9.25    03/06/2012   INR      15.46
HOUSING & UDCL          10.00    03/27/2012   INR      17.65
HOUSING & UDCL           9.75    03/28/2012   INR      17.26
HOUSING & UDCL           9.75    06/28/2012   INR      13.81
HOUSING & UDCL           6.05    02/11/2013   INR      13.69
HOUSING & UDCL           6.90    03/03/2013   INR      12.32
HOUSING & UDCL           6.30    03/08/2013   INR      15.82
HOUSING & UDCL           5.90    03/08/2013   INR      13.54
HOUSING & UDCL           7.70    03/26/2013   INR      17.77
HOUSING & UDCL          10.00    06/28/2014   INR      28.95
KONKAN RAILWAY           9.30    10/19/2012   INR      15.16
KONKAN RAILWAY           8.50    09/01/2011   INR       6.56
KONKAN RAILWAY           6.90    03/30/2012   INR       0.83
KONKAN RAILWAY           6.65    05/01/2013   INR      15.52
KONKAN RAILWAY           6.65    05/01/2013   INR      15.52
KONKAN RAILWAY           6.65    05/01/2013   INR      15.52
NUCLEAR POWER CL         6.15    08/14/2011   INR       3.51
NUCLEAR POWER CL         8.20    02/20/2012   INR       9.57
NUCLEAR POWER CL         6.10    08/14/2012   INR       8.90

PUNJAB INFRA DB         11.45    01/19/2024   INR      59.01
PUNJAB INFRA DB         11.45    02/16/2024   INR      59.88
PUNJAB INFRA DB          0.40    10/15/2024   INR       3.33
PUNJAB INFRA DB          0.40    10/15/2025   INR       3.50
PUNJAB INFRA DB          0.40    10/15/2026   INR       3.68
PUNJAB INFRA DB          0.40    10/15/2027   INR       3.86
PUNJAB INFRA DB          0.40    10/15/2028   INR       4.04
PUNJAB INFRA DB          0.40    10/15/2029   INR       4.20
PUNJAB INFRA DB          0.40    10/15/2030   INR       4.34
PUNJAB INFRA DB          0.40    10/15/2031   INR       4.47
PUNJAB INFRA DB          0.40    10/15/2032   INR       4.58
PUNJAB INFRA DB          0.40    10/15/2033   INR       4.68
TOURISM FIN CORP         9.50    04/30/2019   INR      60.41
WEST BENGAL INFR         8.75    10/16/2013   INR       8.69
WEST BENGAL INFR         9.00    10/16/2016   INR      23.65
WEST BENGAL INFR         9.10    10/16/2016   INR      44.42
WEST BENGAL INFR         9.30    10/16/2017   INR      51.61
WEST BENGAL INFR         9.20    04/07/2020   INR      64.48


  JAPAN
  -----

AIFUL CORP               6.00    12/12/2011   USD      73.15
AIFUL CORP               6.00    12/12/2011   USD      70.13
AIFUL CORP               1.99    03/23/2012   JPY      67.20
AIFUL CORP               1.22    04/20/2012   JPY      57.32
AIFUL CORP               1.63    11/22/2012   JPY      49.08
AIFUL CORP               1.74    05/28/2013   JPY      39.92
AIFUL CORP               1.99    10/19/2015   JPY      42021
CSK CORPORATION          0.25    09/30/2013   JPY      74.95
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      59.77
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      59.32
KIRAYAKA HOLDING         2.59    03/22/2016   JPY      73.28
SHINSEI BANK             5.62    12/29/2049   GBP      73.30
TAKEFUJI CORP            9.20    04/15/2011   USD      10.00


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.12
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.32
CRESENDO CORP B          3.75    01/11/2016   MYR       1.29
DUTALAND BHD             6.00    04/11/2013   MYR       0.41
DUTALAND BHD             6.00    04/11/2013   MYR       0.52
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.28
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.32
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.83
LEBUHRAYA KAJANG         2.00    06/12/2019   MYR      47.73
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.50
MITHRIL BHD              3.00    04/05/2012   MYR       0.61
NAM FATT CORP            2.00    06/24/2011   MYR       0.08
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.27
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.52
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.26
PANTECH GROUP            7.00    12/21/2017   MYR       0.12
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.53
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.92
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.96
SCOMI GROUP              4.00    12/14/2012   MYR       0.10
TATT GIAP                2.00    06/06/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/08/2012   MYR       1.05
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.55
TRC SYNERGY              5.00    01/20/2012   MYR       1.74
WAH SEONG CORP           3.00    05/21/2012   MYR       3.30
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.27
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.35


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

ALLIED FARMERS           9.60    11/15/2011   NZD      45.19
CONTACT ENERGY           8.00    05/15/2014   NZD       1.05
DORCHESTER PACIF         5.00    06/30/2013   NZD      69.94
FLETCHER BUI             8.50    03/15/2015   NZD       7.30
FLETCHER BUI             7.55    03/15/2011   NZD       7.40
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.06
INFRATIL LTD             8.50    09/15/2013   NZD       8.25
INFRATIL LTD             8.50    11/15/2015   NZD       9.25
INFRATIL LTD            10.18    12/29/2049   NZD      62.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.30
MARAC FINANCE           10.50    07/15/2013   NZD       1.00
SKY NETWORK TV           4.01    10/16/2016   NZD       6.02
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.00
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.75
ST LAURENCE PROP         9.25    07/15/2010   NZD      54.61
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.25
TRUSTPOWER LTD           8.50    03/15/2014   NZD      10.00
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.03
TRUSTPOWER LTD           8.60    12/15/2016   NZD       0.97
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00
VECTOR LTD               8.00    06/15/2012   NZD       7.50
VECTOR LTD               8.00    10/15/2014   NZD       1.05


SINGAPORE
---------

DAVOMAS INTL             5.50    12/08/2014   USD      73.76
EQUINOX OFFSHORE        20.00    10/13/2011   USD      71.05
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.97
WBL CORPORATION          2.50    06/10/2014   SGD       1.83


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

DAEWOO MTR SALES         6.55    03/17/2011   KRW      54.75
DONGSAN DEVELOPM         3.50    05/08/2011   KRW      49.85
DONGYANG TELECOM         6.00    07/02/2013   KRW      47.99
GALERIA 2ND ABS          2.00    01/08/2015   KRW      73.94
HOPE KOD 1ST             8.50    06/30/2012   KRW      30.48
HOPE KOD 2ND            15.00    08/21/2012   KRW      29.43
HOPE KOD 3RD            15.00    09/30/2012   KRW      28.56
HOPE KOD 4TH            15.00    12/29/2012   KRW      26.79
HOPE KOD 6TH            15.00    03/10/2013   KRW      34.56
IBK 12TH ABS            25.00    06/24/2011   KRW      46.09
IBK 14TH ABS            25.00    03/30/2012   KRW       1.33
IBK 15TH ABS            25.00    06/25/2012   KRW       0.30
IBK 16TH ABS            25.00    09/24/2012   KRW      33.73
IBK 17TH ABS            25.00    12/29/2012   KRW      59.56
KB 11TH ABS             23.00    07/03/2011   KRW      65.88
KB 12TH ABS             25.00    01/21/2012   KRW      44.38
KB 13TH ABS             25.00    07/02/2012   KRW      72.15
KB 13TH ABS             22.00    07/02/2013   KRW      60.98
KDB 6TH ABS             20.00    12/02/2019   KRW      68.36
KEB 17TH ABS            20.00    12/28/2011   KRW      59.68
NACF 15TH ABS S         25.00    03/18/2011   KRW      63.20
NACF 18TH ABS S         15.00    06/20/2011   KRW      49.56
NACF 26TH ABS S         10.00    07/06/2012   KRW      58.26
NACF 26TH ABS S         26.00    09/06/2012   KRW      71.76
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      29.57
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      63.25
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      72.50
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.58
SINBO 2ND ABS           15.00    08/26/2013   KRW      32.68
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.56
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.40
SINBO 5TH ABS           15.00    02/23/2014   KRW      29.58
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.32
SINGOK ABS               7.50    06/18/2011   KRW      74.85
SINGOK NS ABS            7.50    06/27/2011   KRW      74.40
SOLOMON SAVINGS          8.10    06/22/2012   KRW      70.19
SOLOMON SAVINGS          8.50    10/29/2014   KRW      70.12


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      71.35


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      74.61
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      61.66
VIETNAM-PAR              4.00    03/12/2028   USD      73.00


                             *********

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

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

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


                            *********


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 U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  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.





                 *** End of Transmission ***