/raid1/www/Hosts/bankrupt/TCRAP_Public/100122.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, January 22, 2010, Vol. 13, No. 015

                            Headlines



A U S T R A L I A

INDOPHIL RESOURCES: Acquires Alsons 3.27% Share in Tampakan Mine
SOUTHERN SHIPPING: PKF Chartered Appointed as Receivers


C H I N A

* China's Economy Expands 8.7% in 2009


H O N G  K O N G

ALADDIN ASIA: Members' Final Meeting Set for February 19
ALTO CHINA: Members' Final Meeting Set for February 17
BEAUTY ARCHITECT: Inability to Pay Debts Prompts Wind-Up
BENAFREY COMPANY: Members' Final Meeting Set for February 17
CHIUTACT INVESTMENTS: Creditors' Meeting Set for February 19

FULL WINNER: Chiu and Yue Step Down as Liquidators
GEMS INTERNATIONAL: Members' Final Meeting Set for February 18
GOOD MASCOTT: Creditors' Meeting Set for February 19
H S ASSET: Members' Final Meeting Set for February 19
IGAI COMPANY: Annual Meetings Slated for January 22

INTERNATIONAL SU: Members' Final Meeting Set for February 25
KLA-TENCOR MIE: Creditors' Proofs of Debt Due February 17
KONG SUNG: Members' Final Meeting Set for February 22
MEGASAFE ENGINEERING: Members' Final Meeting Set for February 17
MERIT HILL: Members' Final Meeting Set for February 26


I N D I A

AMMARUN FOUNDRIES: CRISIL Places 'B' Ratings on Various Bank Debts
BALAJI BULLIONS: CRISIL Cuts Ratings on Various Debts to 'P5'
BALAJI UNIVERSAL: CRISIL Downgrades Ratings on Bank Facilities
BENGAL SHELTER: Delay in Loan Repayment Prompts CRISIL 'D' Ratings
CHHABRA ISPAT: CRISIL Assigns 'B+' Rating on INR100 Mil. Term Loan

HARISONS & HARLAJ: CRISIL Reaffirms 'BB' Rating on Term Loan
K N INTERNATIONAL: Delays in Loan Payment Cue CRISIL Junk Ratings
PREMIER MARINE: CRISIL Reaffirms 'B-' Rating on INR12MM Loan
RAVALI SPINNERS: CRISIL Reaffirms 'BB+' Rating on Term Loan
SANGEETH TEXTILES: CRISIL Assigns Junk Ratings on Various Debts

SHRI MOOKAMBIGA: Delays in Loan Repayment Cue CRISIL Junk Ratings
SPICEJET LTD: To Lift Freeze on Wage Hikes
SRI VASUDEVA: CRISIL Places 'D' Ratings on Varius Bank Debts
SUPREME OVERSEAS: CRISIL Puts 'P4+' Ratings on Various Bank Debts
VALAY CONSTRUCTIONS: CRISIL Places 'B+' Rating on INR41.6MM Loan


I N D O N E S I A

BANK PERMATA: Sells 98.36% Stake in Bali Securities


J A P A N

ALL NIPPON: Expresses Concern Over Gov't. Support for JAL
HUIS TEN: H.I.S. to Begin Talks Over Possible Support
JAPAN AIRLINES: ANA Shows Concern Over Gov't. Support for JAL
JAPAN AIRLINES: To Cut 15,000 Jobs by March 2011
L-JAC 5: Moody's Downgrades Ratings on Five Classes of Notes

ORSO FUNDING: S&P Downgrades Ratings on 2005-3 Certificates
TOSHIBA CORP: Files US Trade Complaint Against Winstron


K O R E A

HYNIX SEMICONDUCTOR: Open to Out of Court Settlement Over Rambus
HYNIX SEMICONDUCTOR: Fourth Quarter Net Profit Rises to KRW657BB


N E W  Z E A L A N D

TOPSCO INTERNATIONAL: 10 Staxs Stores Goes Into Receivership
* NEW ZEALAND: CPI Falls 0.2% in December 2009 Qtr
* NEW ZEALAND: Retail Sales Up 0.8% in November 2009


P H I L I P P I N E S

LAND BANK: Fitch Affirms Issuer Default Ratings at 'BB'


T A I W A N

AU OPTRONICS: Inks Deal with Two Japanese FED Makers
NANYA TECHNOLOGY: Swings to Profit on Higher Chips Demand


X X X X X X X X

* Asia Can Lead Global Economic Transformation, IMF Says

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


INDOPHIL RESOURCES: Acquires Alsons 3.27% Share in Tampakan Mine
----------------------------------------------------------------
BusinessWorld Online reports that Indophil Resources NL has
acquired the remaining stake of Alsons Corp. in Tampakan copper-
gold project.

According to the report, Gavan Collery, Indophil Resources
corporate affairs manager, said the firm issued 25.9 million
shares to Alsons last month as payment for Alsons' 3.27% interest
in the project.

The sale would lift Indophil's holdings in the project to 37.5%
while Xstrata Copper holds the remaining 62.5% interest in the
Tampakan project.

The report relates Anita Krauser, Indophil Resources company
secretary, said Alsons' 3.27% interest in the Tampakan project
will be registered to Indophil Resources upon compliance with
standard Philippine procedures.

The Troubled Company Reporter-Asia Pacific reported earlier this
month that the Australian Government's Federal Treasurer on
recommendation from the Foreign Investment Review Board (FIRB)
formally approved Zijin Mining Group's takeover offer for
Indophil.

Zijin's bid for Indophil at AU$1.28 per share values Indophil at
approximately AU$545 million on a fully-diluted basis.  The bid
has been recommended by Indophil's Directors in the absence
of a superior offer.

Indophil Resources' acquisition of Alsons remaining 3.27% stake is
part of the condition of Chinese copper producer Zijin Mining
Group Co., Ltd. in taking over the Australian firm, according to
BusinessWorld Online.

                      About Indophil Resources

Headquartered in Melbourne, Australia, Indophil Resources NL
-- http://www.indophil.com/-- conducts exploration and
development of gold and copper-gold opportunities in South East
Asia.  The Company is a joint venture partner in the Tampakan
Copper-Gold Project in the Southern Philippines.  The two segments
of the Company are Australia and the Philippines.  The Company has
other exploration interests in the Philippines apart from the
Tampakan project.

                           *     *     *

Indophil Resources NL reported two consecutive net losses of
$14.84 million and $985,107 for the years ended Dec. 31, 2008 and
Dec. 31, 2007, respectively.


SOUTHERN SHIPPING: PKF Chartered Appointed as Receivers
-------------------------------------------------------
The Sydney Morning Herald reports that receivers have been
appointed to Southern Shipping Co. Pty Ltd, which operates a
government-contracted sea freight and passenger service.

Altan Djenab and Dennis Turner of PKF Chartered Accountants and
Business Advisers on Thursday were appointed receivers and
managers of Southern Shipping, the report says.

"The key objective of the receivers and managers appointment is to
implement an immediate national marketing campaign to sell the
assets of the business in order to maximize asset realizations for
the benefit of all creditors," the Herald cited PKF's statement.

According to the Herald, PKF said it had been the intention of the
receivers and managers to work closely with the Tasmanian
government to assign the shipping contract to a suitable purchaser
to ensure the continuity of the service post-receivership.

The government had advised of its intention to terminate the
contract as it has arranged an alternate shipping company to
service the route, the Herald notes.

ABC News relates that Southern Shipping has been plagued by
problems.  In the past week, ABC says, Marine and Safety Tasmania
has banned Southern Shipping's ship Southern Condor from leaving
Bridport until an oil leak is fixed.  TasPort has also banned the
company from using any of its facilities.

Based in Tasmania, Australia, Southern Shipping Co. Pty Ltd --
http://www.southernshipping.com.au/-- is a sea freight and
passenger service.  Southern Shipping has two Roll On/Roll Off
vessels, Matthew Flinders III and Southern Condor II.


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


* China's Economy Expands 8.7% in 2009
--------------------------------------
China's economic growth accelerated to 8.7% year-on-year in 2009,
achieving the full-year growth target of 8% and totaling CNY33.53
trillion (US$4.91 trillion), China Daily reports citing the
National Bureau of Statistics.  The growth rate was 10.7% year-on
year in the fourth quarter.

China Daily relates the statistics agency said the GDP growth rate
for the first quarter was revised to 6.2%, from 6.1% and that for
the third quarter was revised to 9.1%, from 8.9% and that for the
second quarter stays unchanged, 7.9%.

In 2009, the value-added of the primary sector topped CNY3.55
trillion, up 4.2% from a year earlier; that of the industrial
sector stood at CNY15.70 trillion, up 9.5%t year-on-year; and the
tertiary sector, the service sector, reported value-added totaling
CNY14.29 trillion, up 8.9%, according to NBS.

"Last year is the most difficult one for China's economy in the
new century," the report quoted Ma Jiantang, director of the
National Bureau of Statistics, as saying.  "Thanks to government's
efforts to deal with various difficulties, the country's economy
ended accelerating slide and began to recover as a whole."

According to the Daily, Ma attributed the recovery mainly to the
implementation of the proactive fiscal policy and moderately loose
monetary policy, as well as the stimulus package adopted by the
government to cope with the global financial crisis.

Ma described the country's economic development last year as a
"harvest", saying the newly released figures confirmed a V-shaped
recovery of the economy from the world economic downturn, the
Daily adds.


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


ALADDIN ASIA: Members' Final Meeting Set for February 19
--------------------------------------------------------
Members of Aladdin Asia Limited, which is in members' voluntary
liquidation, will hold their final meeting on February 19, 2010,
at 2:30 p.m., at Rooms 2102-3 China Insurance Group Building, 141
Des Voeux Road Central, in Hong Kong.

At the meeting, Dantes Mak Kay Lung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ALTO CHINA: Members' Final Meeting Set for February 17
------------------------------------------------------
Members of Alto China Limited, which is in members' voluntary
liquidation, will hold their final meeting on February 17, 2010,
at 10:00 a.m., at 8th Floor, Gloucester Tower, The Landmark, 15
Queen's Road Central, in Hong Kong.

At the meeting, Ian Ferguson Bruce, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


BEAUTY ARCHITECT: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------------
Members of Beauty Architect Prestige Club Limited on January 7,
2010, resolved to voluntarily wind up the company's operations due
to its inability to pay debts when it fall due.

The company's liquidator is:

         Leung Chi Wing
         Yiu Xiu Building, Room 803, 8/F
         160 Lockhart Road
         Wanchai, Hong Kong


BENAFREY COMPANY: Members' Final Meeting Set for February 17
------------------------------------------------------------
Members of Benafrey Company Limited, which is in members'
voluntary liquidation, will hold their final meeting on Feb. 17,
2010, at 9:00 a.m., at 9A Twin Brook, 43 Repulse Bay Road, in
Hong Kong.

At the meeting, Tsao Yen Chow, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


CHIUTACT INVESTMENTS: Creditors' Meeting Set for February 19
------------------------------------------------------------
Creditors of Chiutact Investments Limited will hold their meeting
on February 19, 2010, at 4:00 p.m., for the purposes provided for
in Sections 241, 242, 243, 244 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at the Unit A, 10/F., TAL Building, 49
Austin Road, Jordan, Kowloon, in Hong Kong.


FULL WINNER: Chiu and Yue Step Down as Liquidators
--------------------------------------------------
Ying Hing Chiu and Yeung Betty Yue stepped down as liquidators of
Full Winner Investment Limited on January 11, 2010.


GEMS INTERNATIONAL: Members' Final Meeting Set for February 18
--------------------------------------------------------------
Members of Gems International Associated Limited, which is in
members' voluntary liquidation, will hold their final meeting on
February 18, 2010, at 10:00 a.m., at 16/F, Tak Shing House,
Theatre Centre, 20 Des Voeux Road Central, in Hong Kong.

At the meeting, Shane Frederick Weir, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GOOD MASCOTT: Creditors' Meeting Set for February 19
----------------------------------------------------
Creditors of Good Mascott Limited will hold their meeting on
February 19, 2010, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at the Unit A, 10/F., TAL Building, 49
Austin Road, Jordan, Kowloon, in Hong Kong.


H S ASSET: Members' Final Meeting Set for February 19
-----------------------------------------------------
Members of H S Asset Management Limited, which is in members'
voluntary liquidation, will hold their final meeting on Feb. 19,
2010, at 9:00 a.m., at Room 3705, 37/F, Hopewell Centre, 183
Queen's Road East, Wanchai in Hong Kong.

At the meeting, Kwong Ping Man, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


IGAI COMPANY: Annual Meetings Slated for January 22
---------------------------------------------------
Creditors and contributories of Igai Company Limited will hold
their annual meetings on January 22, 2010, at 11:00 a.m., and
11:30 a.m., respectively at the 6th Floor, Nexxus Building, 41
Connaught Road Central, in Hong Kong.

At the meeting, Wong Kwok Man and Alan C W Tang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


INTERNATIONAL SU: Members' Final Meeting Set for February 25
------------------------------------------------------------
Members of International Su Shang United Associated Limited, which
is in members' voluntary liquidation, will hold their final
meeting on February 25, 2010, at 11:30 a.m., at 7/F., San Toi
Building, 139 Connaught Road Central, in Hong Kong.

At the meeting, Chow Sheung Bing and Keung Sai Tung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


KLA-TENCOR MIE: Creditors' Proofs of Debt Due February 17
---------------------------------------------------------
Kla-Tencor Mie Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by February 17, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chen Yung Ngai Kenneth
         Caroline Centre, 29/F
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


KONG SUNG: Members' Final Meeting Set for February 22
-----------------------------------------------------
Members of Kong Sung Development Limited, which is in members'
voluntary liquidation, will hold their final meeting on Feb. 22,
2010, at 11:00 a.m., at Room 702-3 Yuen Long Trade Centre, 99-109
Castle Peak Road, Yuen Long, N.T.

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


MEGASAFE ENGINEERING: Members' Final Meeting Set for February 17
----------------------------------------------------------------
Members of Megasafe Engineering Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
February 17, 2010, at 10:00 a.m., at Room 810, Argyle Centre, 688
Nathan Road, in Kowloon.

At the meeting, Cheng Alexander Chiu Wang, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


MERIT HILL: Members' Final Meeting Set for February 26
------------------------------------------------------
Members of Merit Hill Technology Limited, which is in members'
voluntary liquidation, will hold their final meeting on Feb. 26,
2010, at 11:00 a.m., at Room 502, Finance Building, No. 256 Des
Voeux Road Central, in Hong Kong.

At the meeting, Lo Yau Leung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


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


AMMARUN FOUNDRIES: CRISIL Places 'B' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to Ammarun
Foundries' bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR95.0 Million Cash Credit        B/Stable (Assigned)
   INR41.8 Million Term Loan          B/Stable (Assigned)
   INR15.0 Million Post Shipment      P4 (Assigned)
                   Credit#
   INR30.0 Million Inland Letter      P4 (Assigned)
                   of Credit
   #includes foreign bills, domestic bills and cheque
     discounting facility

The ratings reflect AF's weak financial risk profile, and exposure
to risks relating to low capacity utilization, and fragmented
nature of the iron castings industry.  These weaknesses are
partially offset by the firm's established track record in the
castings industry.

Outlook: Stable

CRISIL believes that the AF will continue to benefit from its
promoters' track record in the castings industry.  The outlook may
be revised to 'Negative' if AF's debt servicing ability financial
risk profile weakens due to sharp decline in accruals,
deterioration in the liquidity position, or if the firm undertakes
any large debt-funded capital expenditure programmes. The outlook
may be revised to 'Positive' if AF's financial risk profile
improves led by fresh equity infusion and improvement in
utilization of capacities and profitability.

                      About Ammarun Foundries

Set up in 1991 as a partnership firm by Mr. N Visvanathan and his
family members, AF manufactures grey and ductile iron castings.
The foundry is based out of Coimbatore, Tamil Nadu and caters to
customers from various industries such as the automotive, motor
and pump, tractor, valve, textile, and general engineering
industries.  It has production capacity of 2000 tonnes per month.

AF reported a profit after tax (PAT) of INR6.4 million on net
sales of INR501 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.2 million on net
sales of INR474 million for 2007-08.


BALAJI BULLIONS: CRISIL Cuts Ratings on Various Debts to 'P5'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Balaji
Bullions and Commodities to 'P5' from 'P4', and has removed the
rating from 'Rating Watch with Negative Implications'.

   Facilities                             Ratings
   ----------                             -------
   INR250.0 Million Bills Discounting*    P5 (Downgraded from P4;
                                          removed from Rating
                                          Watch with Negative
                                          Implications')

   INR100.0 Million Packing Credit**      P5 (Downgraded from P4;
                                          removed from Rating
                                          Watch with Negative
                                          Implications')

   *Includes a sublimit of INR100 million on gold loan.
   **Interchangeable with bills discounting.

The downgrade reflects the delays in payment of export finance
bills under the bills discounting facility.

The management risk remains high due to investigations carried out
by various government authorities in Balaji Bullions and
Commodities Pvt Ltd and other Balaji group companies including
Balaji Universal Tradelink Pvt Ltd.

Incorporated in 2007, BBCPL reported a profit after tax (PAT) of
INR13.99 million on net sales of INR2485.2 million for 2008-09
(refers to financial year, April 1 to March 31), against a PAT of
INR1.16 million on net sales of INR375.88 million for 2007-08.


BALAJI UNIVERSAL: CRISIL Downgrades Ratings on Bank Facilities
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Balaji
Universal Tradelink (India) Pvt Ltd to 'P5' from 'P4', and has
removed the rating from 'Rating Watch with Negative Implications'.
The downgrade reflects the delays in payment of export finance
bills under the post shipment credit facility.

   Facilities                              Ratings
   ----------                              -------
   INR190.0 Million Post Shipment Credit   P5 (Downgraded from P4;
                                           removed from Rating
                                           Watch with Negative
                                           Implications')

   INR150.0 Million Packing Credit         P5 (Downgraded from P4;
                                           removed from Rating
                                           Watch with Negative
                                           Implications')

   INR33.0 Million Proposed Short Term     P5 (Downgraded from P4;
                   Bank Loan Facility      removed from Rating
                                           Watch with Negative
                                           Implications')

The management risk remains high due to investigations carried out
by various government authorities in Balaji Universal Tradelink
Pvt Ltd and other Balaji group companies including Balaji Bullions
and Commodities Pvt Ltd.

Incorporated in 2007, BUPTL reported a profit after tax (PAT) of
INR50 million on net sales of INR3.24 billion for 2008-09 (refers
to financial year, April 1 to March 31), as against a PAT of
INR4.5 million on net sales of INR1 billion for 2007-08.


BENGAL SHELTER: Delay in Loan Repayment Prompts CRISIL 'D' Ratings
------------------------------------------------------------------
CRISIL has assigned its 'D' rating to Bengal Shelter Housing
Development Ltd's bank loan facilities, as the company has been
delaying its debt-related payments.  The delay has been because of
the company's weak liquidity.

   Facilities                                Ratings
   ----------                                -------
   INR472.5 Million Rupee Term Loan          D (Assigned)
   INR118.5 Million Proposed Long-Term       D (Assigned)
                    Bank Loan Facility
   INR1419.0 Million Cash Credit Facilities  D (Assigned)

Bengal Shelter is part of the Shelter group, which is based in
Kolkata.  Bengal Shelter was formed as a 50:50 joint venture
between Shelter Projects Ltd and West Bengal Housing Board in
2003.  The Shelter group has been in the real estate development
business for nearly two decades; it has been present mainly in
residential development and has developed over 1 million square
feet of residential space.  The group has completed over 25
residential projects in Kolkata and in other suburban towns of
West Bengal.

For 2008-09 (refers to financial year, April 1 to March 31),
Bengal Shelter reported a provisional profit after tax (PAT) of
INR24.9 million on net sales of INR270.4 million, against a PAT of
INR25.1 million on net sales of INR265.2 million for the previous
year.


CHHABRA ISPAT: CRISIL Assigns 'B+' Rating on INR100 Mil. Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to Chhabra Ispat
Pvt Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR125.5 Million Cash Credit*        B+/Stable (Assigned)
   INR100 Million Term Loan             B+/Stable (Assigned)
   INR14.5 Million Letter of Credit     P4 (Assigned)

   *Includes proposed amount of INR37 Million

The ratings reflect Chhabra Ispat's average financial risk
profile, and exposure to risks relating to marginal market share,
and cyclicality, in the steel industry.  These rating weaknesses
are partially offset by Chhabra Ispat's average operating
efficiency.

Outlook: Stable

CRISIL believes that Chhabra Ispat will maintain a stable business
risk profile over the medium term, backed by its operational
efficiencies.  The outlook may be revised to 'Positive' if the
company's revenues and profitability increase, or if it achieves
greater integration in operations.  Conversely, the outlook may be
revised to 'Negative' if the company's operating profit declines
sharply because of low capacity utilization, or if there are
delays in executing capital expenditure (capex) programme, or if
it undertakes large debt-funded capex, thereby weakening its
financial risk profile.

                        About Chhabra Ispat

Set up by Mr. Surendra Kumar Jain, Chhabra Ispat, manufactures
mild steel billets, and has a current capacity of 62,400 tonnes
per annum (tpa) at its production facilities near Durgapur (West
Bengal).

Chhabra Ispat reported a profit after tax (PAT) of INR0.32 million
on net sales of INR187 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR0.20 million on
net sales of INR7.70 million for 2007-08.


HARISONS & HARLAJ: CRISIL Reaffirms 'BB' Rating on Term Loan
------------------------------------------------------------
CRISIL's ratings on Harisons & Harlaj Ltd's bank facilities
continue to reflect Harisons' weak financial risk profile marked
by moderate gearing, weak debt protection metrics, and small net
worth, high geographic concentration in revenues, small scale of
operations and susceptibility to inherent cyclicality in the home
furnishings segment.  These rating weaknesses are partially offset
by the benefits that Harisons derives from its established
presence in the home furnishings segment.

   Facilities                               Ratings
   ----------                               -------
   INR13.9 Million Term Loan                BB/Stable (Reaffirmed)
   INR115.0 Million Export Packing Credit   P4+ (Reaffirmed)
   INR35.0 Million Bill Discounting         P4+ (Reaffirmed)
   INR2.0 Million Bank Guarantee            P4+ (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of Harisons and its associate concern,
Harihar Textiles.  This is because of significant business
synergies and fungibility of cash flows. Moreover, Harisons holds
88 percent of the capital in Harihar.  As a backward integration
initiative, Harihar is undertaking a project to manufacture cotton
yarn.

Outlook: Stable

CRISIL expects Harisons to maintain its established position in
the home furnishing market, backed by its promoters' track record.
However, the financial risk profile is expected to be constrained
over the medium term due to the large debt-funded backward
integration project.  The outlook may be revised to 'Positive' if
Harisons's margins improve more than expected resulting from
backward integration initiative and if there is significant
improvement in its revenues.  Conversely, the outlook may be
revised to 'Negative' if company's revenues and margins decline
significantly and its capital structure deteriorates further due
to additional debt funded capex.

Set up in 1979 as a partnership firm, H&H was incorporated as a
private limited company in 1995.  H&H manufactures carpets,
cushion covers, and other home furnishing items, such as bath
mats, door mats, bed covers, and curtains.  Its plant in Panipat
(Haryana) has capacity to manufacture 2 million square meters of
per annum. It exports its products to Europe, the US, and Japan.

H&H reported a profit after tax (PAT) of INR 3.1 million on net
sales of INR 587 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR 3.0 million on net
sales of INR672 million for 2007-08.


K N INTERNATIONAL: Delays in Loan Payment Cue CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to K N
International Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR20.0 Million Term Loan         B-/Negative (Assigned)
   INR50.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect KNIL's large working capital requirements, and
small scale of operations.  The ratings also factor in the
repeated instances of overdrawing of bank limits, and delays in
payment of term loan instalments to non-banking financial
companies, by KNIL in the past.  These weaknesses are partially
offset by the company's reputed clientele, healthy order book, and
low gearing.

Outlook: Negative

CRISIL believes that KNIL's liquidity could worsen, given the
company's large working capital requirements.  The ratings may be
downgraded if there is an adverse affect on KNIL's cash accruals
or ability to service debt in a timely manner.  Conversely, the
outlook may be revised to 'Stable' if there is a significant and
sustained improvement in the company's liquidity.

KNIL, promoted by Mr. Narendra Singh Yadav, began operations in
1988. The company has its facility in Sonebhadra (Uttar Pradesh)
and undertakes construction of roads and ash dyke plants.  Its
customers include National Thermal Power Corporation Ltd, National
Hydro Power Corporation, and Hindalco Industries Ltd (for ash dyke
plants), and government bodies (for roads construction).

KNIL reported a profit after tax (PAT) of INR8 million on net
sales of INR283 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR11 million on net sales
of INR376 million for 2007-08.


PREMIER MARINE: CRISIL Reaffirms 'B-' Rating on INR12MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Premier Marine Foods
continue to reflect PMF's weak financial risk profile marked by
weak debt protection measures, high gearing levels, and low
profitability and exposure to risks inherent in the seafood
industry.  These rating weaknesses are partially offset by the
benefits that PMF derives from the industry experience of its
promoters.

   Facilities                          Ratings
   ----------                          -------
   INR12.0 Million Long-Term Loan      B-/Stable (Reaffirmed)
   INR50.0 Million Packing Credit      P4 (Reaffirmed)
   Facilities
   INR70.0 Million Bill Discounting    P4 (Reaffirmed)
   *Including ad-hoc limit of INR10.0 million

Outlook: Stable

CRISIL believes that PMF will continue to benefit from its
established relationships with customers over the medium term.
However, PMF's financial risk profile is likely to remain highly
leveraged over the medium term as the firm's working capital
requirements are expected to remain large.  The outlook may be
revised to 'Positive' if the firm's financial risk profile
improves due to more-than-expected cash accruals driven by
significant increase in scale of operations and diversification of
product profile.  Conversely, the outlook may be revised to
'Negative' if PMF's financial risk profile deteriorates, most
likely because of more-than-expected debt-funded capital
expenditure leading to deterioration in its capital structure, or
steep decline in volumes or margins.

                        About Premier Marine

PMF, a partnership firm, was established in 2002 by Mr. A Mustaffa
and his family. The firm is a Kerala-based exporter of seafood ?
mainly cuttlefish, octopus, and squid.  Its main markets are Italy
and the US.  The firm has installed capacity to process 50 tonnes
of seafood per month. Mr. M Nizam, son of Mr. A Mustaffa, is the
current managing partner in the firm.

For 2008-09 (refers to financial year, April 1 to March 31), PMF
reported a profit after tax (PAT) of INR0.8 million on net sales
of INR304.3 million, against a PAT of INR0.7 million on net sales
of INR167.5 million for 2007-08.


RAVALI SPINNERS: CRISIL Reaffirms 'BB+' Rating on Term Loan
-----------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Ravali Spinners
Pvt Ltd continue to reflect the risks associated with Ravali's
large capital expenditure (capex) plans, and the susceptibility of
its margins to market competition (driven by fragmentation in the
industry) and fluctuations in cotton prices. These rating
weaknesses are partially offset by Ravali's above-average
financial risk profile marked by moderate gearing and debt
protection measures, and its healthy operating efficiency
supported by modern spinning facilities.

   Facilities                          Ratings
   ----------                          -------
   INR91.4 Million Cash Credit         BB+/Stable (Reaffirmed)
   INR435.4 Million Term Loan          BB+/Stable (Reaffirmed)
   INR38.3 Million Letter of Credit    P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Ravali will maintain its healthy operating
efficiency and strong cash accruals over the medium term, backed
by successful stabilization of its recent enhanced capacity.  The
outlook may be revised to 'Positive' if the company commissions
the third phase of its capacity expansion project on schedule, and
is able to achieve adequate capacity utilization.  Conversely, the
outlook could be revised to 'Negative' in case of a significant
delay in Ravali's capacity expansion project, or if the company's
financial risk profile deteriorates, most likely because of
decline in operating margin.

                      About Ravali Spinners

Ravali is promoted by Mr. Vanka Ravindranath and Ms. Vanka Raja
Kumari. The company manufactures carded and combed yarn, with
counts in the 20s to 60s range.  It began operations in 2007 with
an installed capacity of 16,800 spindles at Tanuku, Andhra
Pradesh.  An additional capacity of 16,800 spindles commenced
trial production in January 2009.  The company plans to scale up
its capacity to 50,400 spindles by July 2010. The cost of the
project is estimated to be around INR780 million, which will be
funded in a debt-to-equity ratio of 3:1.

For 2008-09 (refers to financial year, April 1 to March 31),
Ravali reported a profit after tax (PAT) of INR23 million on net
sales of INR385 million, against a net loss INR14 million on net
sales of INR215 million for the previous year.


SANGEETH TEXTILES: CRISIL Assigns Junk Ratings on Various Debts
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sangeeth Textiles Ltd,
which is part of the Sangeeth group, continue to reflect the
delays in the payment of term loan installments and interest
payments, and frequent devolvement in letter of credit facilities
because of stretched liquidity, by the Sangeeth group companies.

   Facilities                             Ratings
   ----------                             -------
   INR167.10 Million Long Term Loan       D (Reaffirmed)
   INR30.00 Million Foreign Currency      D (Reaffirmed)
                       Term Loan
   INR50.00 Million Cash Credit Limits    D (Reaffirmed)
   INR30.00 Million Overdraft Facility    D (Reaffirmed)
   INR3.9 Million Proposed Long Term      D (Reaffirmed)
                  Bank Loan facility      P5 (Reaffirmed)
   INR10.00 Million Bills Discounting     P5 (Reaffirmed)
                            Facility
   INR30.00 Million Letter of Credit      P5 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of CAV Cotton Mills Ltd, Sangeeth Textiles
Ltd, Shri Mookambiga Spinning Mills Ltd, and Sri Vasudeva Textiles
Ltd, collectively referred to as the Sangeeth group.  This is
because all group companies are engaged in the same line of
business, have close intra-group operational and financial
linkages, including fungible cash flows, and are under a common
management.

                          About the Group

Based in Coimbatore, the Sangeeth group manufactures and trades in
cotton and melange yarn.  The group has a total installed capacity
of 128,552 spindles and 2208 rotors.  It also has 51 windmills in
Tamil Nadu, with a combined installed capacity of 20.4 megawatts.
Sangeeth Textiles Ltd was founded in 1983

For 2008-09 (refers to financial year, April 1 to March 31), the
group reported a profit after tax (PAT) of INR118 million on net
sales of INR1.88 billion, against a PAT of INR42 million on net
sales of INR1.73 billion for the previous year.


SHRI MOOKAMBIGA: Delays in Loan Repayment Cue CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shri Mookambiga
Spinning Mills Ltd, which is part of the Sangeeth group, continue
to reflect the delays in the payment of term loan instalments and
interest payments, and frequent devolvement in letter of credit
facilities because of stretched liquidity, by the Sangeeth group
companies.

   Facilities                             Ratings
   ----------                             -------
   INR196.40 Million Long Term Loan       D (Reaffirmed)
   INR40.00 Million Foreign Currency      D (Reaffirmed)
                           Term Loan
   INR50.00 Million Cash Credit Limits    D (Reaffirmed)
   INR15.00 Million Overdraft Facility    D (Reaffirmed)
   INR50.00 Million Letter of Credit      P5 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of CAV Cotton Mills Ltd, Sangeeth Textiles
Ltd, Shri Mookambiga Spinning Mills Ltd, and Sri Vasudeva Textiles
Ltd, collectively referred to as the Sangeeth group.  This is
because all group companies are engaged in the same line of
business, have close intra-group operational and financial
linkages, including fungible cash flows, and are under a common
management.

                          About the Group

Based in Coimbatore, the Sangeeth group manufactures and trades in
cotton and melange yarn.  The group has a total installed capacity
of 128,552 spindles and 2208 rotors.  It also has 51 windmills in
Tamil Nadu, with a combined installed capacity of 20.4 megawatts.
Shri Mookambiga Spinning Mills Ltd was founded in 1983.

For 2008-09 (refers to financial year, April 1 to March 31), the
group reported a profit after tax (PAT) of INR118 million on net
sales of INR1.88 billion, against a PAT of INR42 million on net
sales of INR1.73 billion for the previous year.


SPICEJET LTD: To Lift Freeze on Wage Hikes
------------------------------------------
SpiceJet Ltd said Wednesday it will lift a freeze on salary hikes
imposed last year amid growth in air-traffic numbers, The Press
Trust of India reports.

The airline also plans to hire about 100 flight attendants and 40
pilots for the four aircraft it plans to acquire this year, the
report says.

"We have started performance appraisals this month . . . we are
going to give hikes this year," SpiceJet CEO Sanjay Aggarwal told
PTI.

The PTI says the carrier had put a hold on pay hikes for
management level staff last year owing to dwindling passenger
volume and lower profitability.

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
airline company.  The Company operates 113 flights daily to 18
destinations, offering connectivity between metros and non-metros.
During fiscal year ended March 31, 2008 (fiscal 2008), the Company
inducted eight new aircrafts to its fleet taking the total fleet
strength to 19 aircrafts.  Out of the eight new aircraft inducted,
two were Boeing 737-900.

                          *     *     *

SpiceJet Limited booked annual net losses of INR707.43 million in
2007 and INR1,335.07 million in 2008.


SRI VASUDEVA: CRISIL Places 'D' Ratings on Varius Bank Debts
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Vasudeva Textiles
Limited, which is part of the Sangeeth group, continue to reflect
the delays in the payment of term loan instalments and interest
payments, and frequent devolvement in letter of credit facilities
because of stretched liquidity, by the Sangeeth group companies.


   Facilities                             Ratings
   ----------                             -------
   INR189.50 Million Long Term Loan       D (Reaffirmed)
   INR120.00 Million Cash Credit Limits   D (Reaffirmed)
   INR30.00 Million Letter of Credit      P5 (Reaffirmed)
   INR8.00 Million Bank Guarantee         P5 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of CAV Cotton Mills Ltd, Sangeeth Textiles
Ltd, Shri Mookambiga Spinning Mills Ltd, and Sri Vasudeva Textiles
Ltd, collectively referred to as the Sangeeth group. This is
because all group companies are engaged in the same line of
business, have close intra-group operational and financial
linkages, including fungible cash flows, and are under a common
management.

                           About the Group

Based in Coimbatore, the Sangeeth group manufactures and trades in
cotton and melange yarn.  The group has a total installed capacity
of 128,552 spindles and 2208 rotors.  It also has 51 windmills in
Tamil Nadu, with a combined installed capacity of 20.4 megawatts.
.Sri Vasudeva Textiles Ltd was founded in 1956 and became part of
the group in 1990.

For 2008-09 (refers to financial year, April 1 to March 31), the
group reported a profit after tax (PAT) of INR118 million on net
sales of INR1.88 billion, against a PAT of INR42 million on net
sales of INR1.73 billion for the previous year.


SUPREME OVERSEAS: CRISIL Puts 'P4+' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its rating of 'P4+' to Supreme Overseas
Exports India Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR83.50 Million PCC/EPC*^            P4+ (Assigned)
   INR30.00 Million Standby Line         P4+ (Assigned)
                    of Credit
   INR65.00 Million FDBP/FBEP#           P4+ (Assigned)
   INR75.00 Million Foreign/Import       P4+ (Assigned)
                  Letter of Credit
   INR1.50 Million Bank Guarantee        P4+ (Assigned)

   *Packing Cash Credit/Export Packing Credit
   ^Includes a proposed limit of INR8.50 Million.
   # Foreign Documentary Bills for Purchase/Foreign
     Bills Exchange Purchased

The rating reflects Supreme's working capital intensive nature of
operations leading to constrained financial risk profile, and
exposure to risks relating to fluctuations in raw material prices.
These rating weaknesses are partially offset by the benefits that
Supreme derives from its promoter's experience in the leather
industry.

                      About Supreme Overseas

Supreme (formerly, Supreme Overseas) was set up as a partnership
firm in 1974 in Bangalore by Mr Sudhindra Sriharsha.  In 1998, the
firm was converted into a private limited company. Supreme
manufactures leather garments and leather products for the export
market; it has a production capacity of 0.15 million pieces of
leather garments per annum.

Supreme reported a profit after tax (PAT) of INR12.6 million on
net sales of INR516 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.4 million on net
sales of INR382 million for 2007-08.


VALAY CONSTRUCTIONS: CRISIL Places 'B+' Rating on INR41.6MM Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Valay Constructions Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR41.6 Million Long Term Loan       B+/Stable (Assigned)
   INR10.0 Million Cash Credit          B+/Stable (Assigned)
   INR30.0 Million Bank Guarantee       P4 (Assigned)

The ratings reflect VCPL's below-average financial risk profile,
and exposure to risks relating to a small net worth and modest
scale of operations.  These rating weaknesses are partially offset
by the benefits VCPL derives from its healthy revenue growth,
satisfactory order book position, and promoter's extensive
experience in the construction business.

Outlook: Stable

CRISIL believes that Valay Construction Pvt Ltd (VCPL) will
maintain its credit risk profile over the medium term led by a
healthy order-book and in the absence of any large, debt-funded
capex. The outlook may be revised to 'Positive' if the company
successfully increases its scale of operations and diversifies its
revenue stream, while improving its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
cost and time overruns occur in the completion of VCPL's projects,
or if its liquidity weakens further because of delays in debtor
collection.

                     About Valay Constructions

Incorporated in 1994 and promoted by Mr. Bhagwan Apparao Tonge,
VCPL undertakes civil and infrastructure construction, primarily
in the road and irrigation segments.  It is a registered Class 1A
contractor with the Maharashtra Public Works Department.

VCPL reported a profit after tax (PAT) of INR6.28 million on net
sales of INR218.50 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.77 million on net
sales of INR170.30 million for 2007-08.


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


BANK PERMATA: Sells 98.36% Stake in Bali Securities
---------------------------------------------------
PT Bank Permata Tbk will sell 98.36% of its shares in PT Bali
Securities for up to IDR45 billion, Antara News reports.

Bank Permata President Director David Martin Fletcher said the
company decided to sell the unit because it wished to focus on
banking business, according to Antara.

The report relates Mr. Fletcher said the Financial Insitution and
Capital Market Supervisory Board (Bapepam-LK) had approved the
plan.

Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's
-- http://www.permatabank.com/-- products and services include
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking.  The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country.  The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 21, 2009, Moody's Investors Service raised PT Bank
Permata Tbk's foreign currency long-term deposit ratings to Ba3
from B1.  The revised rating carries a stable outlook.  All other
ratings are unaffected and carry stable outlooks: foreign currency
short-term deposit of Not Prime and BFSR of D-.


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


ALL NIPPON: Expresses Concern Over Gov't. Support for JAL
---------------------------------------------------------
Kyodo News reports that All Nippon Airways Co. expressed its
strong concern after Japan Airlines Corp. received full support
from the government for its rehabilitation after filing for
bankruptcy protection.

"We believe it is important to secure customer convenience by the
injection of public funding," Kyodo cited ANA's statement issued
after it was unveiled that a state-backed turnaround body will
invest JPY300 billion in JAL.  But ANA added that "we are also
highly concerned that a fair and competitive environment would not
be secured" by such government involvement.

According to the report, ANA also acknowledged it had been sounded
out by the government to provide alternative transportation in
case JAL was forced to ground its aircraft if, for example,
certain business partners refused to supply necessary fuel due to
excessive credit concerns after the bankruptcy.

"We would offer as much cooperation as possible" if the government
makes a concrete request, ANA said.

                     About All Nippon Airways

All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The company has 112 subsidiaries and 40 associated
companies.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2009, Moody's Investors Service downgraded the long-term
debt ratings of All Nippon Airways Co., Ltd., to Ba2 from Baa3.
The outlook is stable.

                            About JAL

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

                          *     *     *

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

Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.


HUIS TEN: H.I.S. to Begin Talks Over Possible Support
-----------------------------------------------------
H.I.S. Corp has decided to start negotiations with a lawyer
supervising the restructuring of Huis Ten Bosch theme park over
possible financial assistance, according to Kyodo News.

According to the report, company sources said H.I.S. will decide
whether to participate in the restructuring of the theme park
possibly by the end of this month.  H.I.S. will decline to support
Huis Ten Bosch if the estimated cost of refurbishing the facility
is found to be larger than expected, they added.

Headquartered in Nagasaki, Japan, Huis Ten Bosch is a popular
theme park, which imitates Holland villages.  It is located in
Kyushu.  It is a fun place for travelers to experience the
exotic culture and atmosphere of Europe.

The Troubled Company Reporter - Asia Pacific reported on July 5,
2004, that the Tokyo District Court approved Huis Ten Bosch Co.'s
rehabilitation plan under the support of Nomura Principal Finance
Co., an investment firm controlled by Nomura Holdings Inc.  Huis
Ten Bosch inked a rehabilitation sponsorship contract with Nomura
Principal in December 2003.


JAPAN AIRLINES: ANA Shows Concern Over Gov't. Support for JAL
-------------------------------------------------------------
Kyodo News reports that All Nippon Airways Co. expressed its
strong concern after Japan Airlines Corp. received full support
from the government for its rehabilitation after filing for
bankruptcy protection.

"We believe it is important to secure customer convenience by the
injection of public funding," Kyodo cited ANA's statement issued
after it was unveiled that a state-backed turnaround body will
invest JPY300 billion in JAL.  But ANA added that "we are also
highly concerned that a fair and competitive environment would not
be secured" by such government involvement.

According to the report, ANA also acknowledged it had been sounded
out by the government to provide alternative transportation in
case JAL was forced to ground its aircraft if, for example,
certain business partners refused to supply necessary fuel due to
excessive credit concerns after the bankruptcy.

"We would offer as much cooperation as possible" if the government
makes a concrete request, ANA said.

                     About All Nippon Airways

All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The company has 112 subsidiaries and 40 associated
companies.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2009, Moody's Investors Service downgraded the long-term
debt ratings of All Nippon Airways Co., Ltd., to Ba2 from Baa3.
The outlook is stable.

                            About JAL

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

                          *     *     *

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

Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.


JAPAN AIRLINES: To Cut 15,000 Jobs by March 2011
------------------------------------------------
Bloomberg News, citing the Yomiuri newspaper, reports that
Japan Airlines Corp. plans to cut 15,000 jobs, or 30% of the
company?s group workforce, by the end of March 2011.

The newspaper said that move would produce annual cost savings of
JPY65.9 billion (US$729 million), Bloomberg relates.

                AMR to Fight Delta-JAL Immunity Bid

Mary Schlangenstein at Bloomberg News reports that American
Airlines, vying to keep Japan Airlines in the Oneworld alliance,
vowed to resist any move by the Asian carrier and Delta Air Lines
Inc. to win regulators? approval to coordinate flights and fares.

Bloomberg relates American Chief Financial Officer Tom Horton told
investors on a conference call Wednesday that talks with Japan Air
continue even as interest in a capital investment is now being
"downplayed" by the airline and Japanese government officials.

The report says Delta and American, the world's two largest
airlines, are fighting for access to Japan Air's routes in Asia,
Bloomberg notes.  An aviation treaty recently agreed to by the
U.S. and Japan would let alliance partners seek authority to link
flights and fares, lowering costs and boosting revenue, Bloomberg
notes.

According to Bloomberg, losing Japan Air would leave American?s
Oneworld alliance without a partner in the world?s second-largest
economy and bolster Delta in Tokyo.  Bloomberg, citing people
close to the matter, says Japan Air is likely to switch to Delta?s
SkyTeam group from Oneworld as part of its turnaround plan in
bankruptcy.

American and private-equity firm TPG have offered to invest $1.4
billion in Japan Air, while Delta and its SkyTeam partners have
offered $1 billion, including a $500 million investment.

Bloomberg relates Mr. Horton, citing discussions with JAL, Japan?s
government and the state-affiliated fund overseeing the carrier?s
restructuring, said that a cash infusion for Japan Air is no
longer as important a consideration as it once.

Both American and Delta have said they would ask federal
regulators for immunity from antitrust laws to collaborate on
schedules and pricing in an expanded alliance with JAL, Bloomberg
adds.

                          About AMR Corp.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                         *     *     *

AMR carries a 'CCC' issuer default rating from Fitch Ratings.  It
has 'Caa1' corporate family and probability of default ratings
from Moody's.  It has 'B-' corporate credit rating, on watch
negative, from Standard & Poor's.

                      About Delta Air Lines

With its acquisition of Northwest Airlines, Atlanta, Georgia-based
Delta Air Lines (NYSE: DAL) -- http://www.delta.com/or
http://www.nwa.com/-- became the world's largest airline
following merger with Northwest Airlines in 2008.  From its hubs
in Atlanta, Cincinnati, Detroit, Memphis, Minneapolis-St. Paul,
New York-JFK, Salt Lake City and Tokyo-Narita, Delta, its
Northwest subsidiary and Delta Connection carriers offer service
to more than 376 destinations worldwide in 66 countries and serves
more than 170 million passengers each year.   The merger closed on
October 29, 2008.

Northwest and 12 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

Delta Air Lines has $44,480,000,000 in assets against total debts
of $43,500,000,000 in debts as of June 30, 2009.

Delta Air Lines and Northwest Airlines carry a 'B/Negative/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's.

                            About JAL

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

                          *     *     *

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

Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.


L-JAC 5: Moody's Downgrades Ratings on Five Classes of Notes
------------------------------------------------------------
Moody's Investors Service has downgraded five classes of L-JAC 5
Trust.  The final maturity of the trust certificates will take
place in August 2015.

The individual rating actions are listed below.

  -- Class C, downgraded to Ba3 from Baa3; previously, placed
     under review for possible downgrade on November 19, 2009

  -- Class D-2, downgrade to Caa1 from Ba3; previously, placed
     under review for possible downgrade on November 19, 2009

  -- Class E-2, downgraded to Caa2 from B1; previously, placed
     under review for possible downgrade on November 19, 2009

  -- Class F-2, downgraded to Caa2 from B2; previously, placed
     under review for possible downgrade on November 19, 2009

  -- Class G-2, downgraded to Caa3 from B3; previously, placed
     under review for possible downgrade on November 19, 2009

L-JAC 5 Trust, effected in September 2007, represents the
securitization of loans to ten borrowers.  The transaction is
currently backed by 13 loans.  The loan portfolio is divided into
three loan pools, A, B, and C.

According to the transaction structure, should an underlying loan
be accelerated and judged no longer recoverable by the Servicer,
the unrecoverable amount of the defaulted loan will be recognized
as a loss.

The loss will be allocated to the most subordinate-rated class
corresponding to the defaulted loan in reverse order of sequential
pay priority.

Losses from Pool B will be allocated to Classes D-2, E-2, F-2 and
G-2; Classes A through C correspond to all pools.

Moody's previous rating actions, in July 2009, reflected the
rating agency's concerns about the likelihood of collateral
recovery, based on recovery stresses in the range of 14% to 29%,
and 16% for the weighted average (excluding the specially serviced
loans), on 82% of the loan pool (considered as having a high
likelihood of default).

In its November 2009 review, Moody's considered even greater
recovery stress, in light of the servicer's work-out strategies
and appraisal reports on the underlying properties of the two Pool
B loans that had defaulted in March and July 2009.

Moody's examined the special servicer's Business Plan and
appraisal reports on the underlying properties for the two
defaulted loans, and came to the conclusion that the underlying
properties could be sold at prices lower than their allocated loan
amounts, and that the realized losses could lead to the impairment
of the Class C and D-2 through G-2 trust certificates.

The loan that defaulted in March 2009 is backed by multi-family
properties in large cities outside of Tokyo.  The loan that
defaulted in July 2009 is backed by two office buildings in Tokyo
and three hotels (one exclusively for extended stays) in regional
cities.


ORSO FUNDING: S&P Downgrades Ratings on 2005-3 Certificates
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on ORSO
Funding CMBS 2005-3 Trust's class D to G and class M trust
certificates.  At the same time, Standard & Poor's affirmed its
ratings on classes A to C and X issued under the same transaction.

On March 3, 2009, Standard & Poor's lowered its ratings on the
class E to G trust certificates.  The downgrades reflected
uncertainty over the likely collection amount from the sale of the
collateral properties backing the transaction's underlying loan
extended to one obligor, which had defaulted in October 2008.
Then, on May 20, 2009, S&P lowered its ratings on classes D to G
and class M after considering various sources of information,
including reports provided by the servicer about progress in the
sale of the underlying collateral properties.

S&P is downgrading classes D to G and class M because S&P take the
view that uncertainty is mounting over the likely recovery amounts
from the collateral properties given the reports provided by the
servicer about progress in the sale of the properties.

The transaction's underlying loan was originally backed by 26
collateral properties.  There were 25 remaining properties when
the loan defaulted in October 2008, 18 of which have been sold
since the loan defaulted (the initial underwriting value of 19
properties that have been liquidated so far ?- one before the
default and 18 since the default -? made up about 54% of Standard
& Poor's initial assumption of the combined value of the 26
properties).  Purchase offers have been made for five of the seven
properties (representing about 20% of Standard & Poor's initial
underwriting value) that remain unsold.  As for the two remaining
properties (representing about 26% of Standard & Poor's initial
underwriting value), sales activities are in progress.  The
completion of the sale of the seven properties that have yet to be
sold would mark the termination of recovery procedures for the
transaction's underlying loan.  The combined sales amount of the
18 properties that were sold after the loan defaulted was about
63% of Standard & Poor's initial assumption of the combined value
of the 18 properties.  Based on the reports provided by the
servicer, S&P assumed that the combined sales amount of the seven
properties that have yet to be sold would be about 67% of S&P's
initial assumption of the combined value of the seven properties.
Since progress has been made in the sale of the collateral
properties and the repayment of principal on the trust
certificates (sequential redemption structure), credit enhancement
levels for the upper tranches have improved.  Nevertheless, there
is a risk that collection procedures will not be completed by the
transaction's legal final maturity date, which is drawing closer.
S&P affirmed its ratings on classes B and C given the limited
amount of time left until the transaction's legal final maturity.

Although S&P affirmed its rating on class X, S&P is considering
amending the rating methodology for interest-only certificates,
which includes class X of this transaction.  If the proposal is
adopted, it could affect the rating on class X.

ORSO Funding CMBS 2005-3 Trust is a single-borrower CMBS
transaction.  The trust certificates were initially secured by one
nonrecourse loan extended to one borrower, which was initially
backed by 26 real estate properties.  The transaction was arranged
by Bear Stearns (Japan) Ltd., Tokyo Branch.  Premier Asset
Management Co. acts as the servicer for this transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in 2010 for the class A trust certificates,
the full payment of interest and ultimate repayment of principal
by the legal final maturity date for the class B to G and class M
certificates, and the timely payment of available interest for the
class X certificates.

                         Ratings Lowered

                  ORSO Funding CMBS 2005-3 Trust
      JPY20.8834 billion trust certificates due October 2010

     Class     To     From               Initial Issue Amount
     -----     --     ----               --------------------
     D         B-     BB-                JPY1.9 bil.
     E         CCC-   CCC                JPY2.4 bil.
     F         CCC-   CCC                JPY0.8 bil.
     G         CCC-   CCC                JPY1.8 bil.
     M         CCC-   CCC                JPY0.4834 bil.

                         Ratings Affirmed

            Class     Rating     Initial Issue Amount
            -----     ------     --------------------
            A         AAA        JPY10.0 bil.
            B         AA         JPY1.8 bil.
            C         A          JPY1.7 bil.
            X         AAA        JPY20,883,400,000*

                   * Initial notional principal

The issue date was Dec. 2, 2005.


TOSHIBA CORP: Files US Trade Complaint Against Winstron
-------------------------------------------------------
Toshiba Corp. has filed a complaint with the US International
Trade Commission against Wistron Corp., seeking to block imports
of notebook computer products by its Taiwanese rival, The Taipei
Times reports.

Toshiba claimed Wistron is infringing on two of its patents
specifically on the Acer Aspire 4810T notebook computer made by
Wistron for Acer Inc., the report says.

Taipei Times relates Toshiba said Wistron and its US affiliates
"were given notice of their infringement in communications that
took place" with Toshiba before the complaint was filed.

According to the report, Toshiba said it also filed a civil suit
against Wistron over the patents in California.  That case is
likely to be put on hold until the ITC investigation is completed,
the report notes.

Meanwhile, Taipei Times reports Wistron Corp. said the patent
infringement lawsuit brought by Toshiba would have a limited
impact on its business.

The company said it values intellectual property rights and has
commissioned a lawyer in the US to handle the case, according to
Taipei Times.

                          About Toshiba

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 20, 2009, Moody's Investors Service assigned a rating of Ba1
to JPY180 billion The 1st Series Unsecured Interest Deferrable and
Early Redeemable Subordinated Bonds solely for qualified
institutional investors (Tekikaku Kikan Toshika Gentei) issued by
Toshiba Corporation.  The rating outlook is negative.

The TCR-AP reported on Aug. 13, 2009, that Fitch Ratings affirmed
the FC and LC IDRs of Toshiba Corporation:

  -- Long-term FC and LC IDRs affirmed at 'BB'; Off RWN; Negative
     Outlook assigned;

  -- Short-term FC and LC IDRs affirmed at 'B'; and

  -- Senior unsecured notes affirmed at 'BB'.


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


HYNIX SEMICONDUCTOR: Open to Out of Court Settlement Over Rambus
-----------------------------------------------------------------
Yonhap News reports that Hynix Semiconductor Inc. said Thursday
its decade-long legal battle with Rambus Inc. over chip technology
is "open to settlement" outside of court.

Yonhap says the remark by an official at the South Korean company
comes a day after Samsung Electronics Co. settled suits with
Rambus in a new license deal that could end up costing the tech
giant US$900 million over the next five years.

A Hynix official told Yonhap that "All legal claims are open to
settlement."

As reported in the Troubled Company Reporter-Asia Pacific on
March 12, 2009, Reuters said the United States District Court for
the Northern District of California entered its judgment in one of
the Rambus cases.

The judgment of US$349,035,842 in damages and an additional
US$47,845,402 in interest accompanies a compulsory license
agreement that allows Hynix to continue to sell dynamic random
access memory, or DRAM, in the United States, according to
Reuters.  Hynix lodged an appeal in April, Yonhap says.

                           About Hynix

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
November 17, 2009, Standard & Poor's Ratings Services revised to
stable from negative the outlook on its long-term corporate credit
rating on Hynix Semiconductor Inc. following the recovery of the
DRAM market and the company's profitability.  At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate and 'B'
senior unsecured debt ratings on Hynix.

Fitch Ratings, on July 6, 2009, affirmed Hynix Semiconductor's
Long-term foreign currency Issuer Default Rating at 'B+' and
assigned a Negative Outlook.  Accordingly, the Rating Watch
Negative status previously assigned to the company's IDR on
December 12, 2008, has now been resolved.  At the same time, Fitch
downgraded the ratings for its outstanding senior unsecured debt
to 'B'/'RR5' from 'B+' and removed it from RWN.


HYNIX SEMICONDUCTOR: Fourth Quarter Net Profit Rises to KRW657BB
----------------------------------------------------------------
Hynix Semiconductor Inc. announced the earnings results for the
fourth quarter ended December 31, 2009.

Hynix said that operating income for the fourth quarter has
substantially expanded to KRW708 billion from KRW209 billion in
the previous quarter with operating margin of 25% mainly due to
revenue increase and unit cost reduction.  Net income for the
quarter reached KRW657 billion from KRW246 billion in the third
quarter of 2009.

Consolidated sales of the fourth quarter of fiscal year 2009
totaled KRW2.8 trillion, increased by 32% compared to previous
quarter's KRW2.12 trillion.  The increase was mainly due to the
shipment growth of both DRAM and NAND Flash as well as the average
selling price improvement of DRAM.

Quarter-over-quarter, DRAM average selling price and shipment
increased by 26% and 12% respectively, while NAND Flash
experienced average selling price drop of 5% with bit growth of
37%.

Hynix also disclosed that consolidated sales of fiscal year 2009
amounted to KRW7.91 trillion increased by 16% from KRW6.82
trillion of 2008.  Operating profit totaled KRW192 billion,
turning to a profit from the loss of KRW1.92 trillion for 2008.
Net loss for the year amounted to KRW333 billion due to interest
expense and other expenses which include provisions for the
contingent liabilities.

                            About Hynix

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
November 17, 2009, Standard & Poor's Ratings Services revised to
stable from negative the outlook on its long-term corporate credit
rating on Hynix Semiconductor Inc. following the recovery of the
DRAM market and the company's profitability.  At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate and 'B'
senior unsecured debt ratings on Hynix.

Fitch Ratings, on July 6, 2009, affirmed Hynix Semiconductor's
Long-term foreign currency Issuer Default Rating at 'B+' and
assigned a Negative Outlook.  Accordingly, the Rating Watch
Negative status previously assigned to the company's IDR on
December 12, 2008, has now been resolved.  At the same time, Fitch
downgraded the ratings for its outstanding senior unsecured debt
to 'B'/'RR5' from 'B+' and removed it from RWN.


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


TOPSCO INTERNATIONAL: 10 Staxs Stores Goes Into Receivership
------------------------------------------------------------
Ten Staxs clothing stores, which are owned by Topsco International
NZ Ltd, have gone into receivership resulting to up to 35 job
loss, The National Business Review reports.  Kenneth Brown and
Paul Manning of RHB Chartered Accountants Ltd were appointed as
receivers.

There are another 11 Staxs stores in New Zealand which are not
owned by Topsco and are not affected by the receivership, the
report says.

NBR relates that six out of the 10 stores affected by receivership
have already been closed, including the Bayfair, Lynmall, Botany,
Taupo, Glenfield and Newmarket stores.

Sales are being held at the Onehunga, Nelson and Hornby stores
prior to their closure while the Dunedin store is staying open as
receivers are hopeful it can be sold, the report says.

Staxs is a New Zealand-owned fashion label based in Tauranga.  Its
collections are described as European inspired.


* NEW ZEALAND: CPI Falls 0.2% in December 2009 Qtr
--------------------------------------------------
New Zealand's consumers price index (CPI) fell 0.2% for the
December 2009 quarter, the country's statistics agency said.
This fall, which was driven by lower food prices and weaker
increases for other goods and services, contributed to an annual
increase of 2.0%.

Statistics New Zealand said that food prices fell 2.4% in the
December 2009 quarter, driven by lower prices for vegetables (down
17.6%), which fell strongly from their winter peak.  Prices for
the meat, poultry, and fish subgroup and the grocery food subgroup
also fell in the December quarter.  "Although food prices fell in
the latest quarter, they were up 1.4% for the year and are 10.9%
higher than two years ago," said Prices manager Chris Pike.  The
latest annual rise in food prices included reductions in some
package sizes, which are shown as price increases in the CPI.

The fall in food prices was partly offset by a 1.5% rise in the
transport group, influenced by a 13.9% seasonal increase in
international air transport.  While international airfares were up
strongly in the December quarter, these were still 9.6% lower than
in the December 2008 quarter.  Annually, the transport group
recorded an increase of 3.7%, with prices for second-hand cars (up
13.3%) and petrol (up 3.3%) rising from relatively low levels in
late 2008.

The CPI increased 2.0% for the year to the December 2009 quarter.
Non-tradable goods and services (which do not face foreign
competition) rose 2.3% and tradables (which are imported or in
competition with imported goods) rose 1.5%.  This was the lowest
annual increase in the non-tradables component since the December
2001 quarter, reflecting relatively low annual increases for
electricity, rents, and the purchase of new housing.  "Electricity
prices were up 2.1% for the year, which is their lowest annual
rise for more than seven years," Mr. Pike said.

The CPI measures the rate of price change of goods and services
purchased by households. Statistics NZ visits 3,000 shops around
New Zealand to collect prices for the CPI and check product sizes
and features.


* NEW ZEALAND: Retail Sales Up 0.8% in November 2009
----------------------------------------------------
New Zealand's total retail sales were up 0.8 percent ($46 million)
in November 2009, following two months of flat results, Statistics
New Zealand said Thursday.  The latest increase was led by
automotive fuel retailing (up $20 million), and the 'other
retailing' industry (up $17 million).  'Other retailing' includes
activities such as retailing antique and used goods, flowers,
garden supplies, and watches and jewellery.

Statistics NZ said that core retail sales (which exclude the four
vehicle-related industries) were also up 0.8% ($34 million),
following a 0.5% increase in October 2009.

Other significant movements by industry included:

    * department stores - up $11 million

    * liquor retailing  - up $9 million

    * automotive electrical,
      smash repairs and tyres - up $9 million

    * motor vehicle retailing ? down $17 million.

According to Statistics NZ, the total retail sales trend has been
rising since February 2009 (up 2.5%), at an average rate of 0.3%
per month.  Since February 2009, the core retail trend has also
increased at an average rate of 0.3% per month, compared with an
average increase of 0.1% between April 2007 and February 2009.

The value of seasonally adjusted sales was flat in the North
Island (up just 0.2%) and rose in the South Island (up 1.8%).  The
only region with a sales decrease was Auckland, down 0.5%.  The
sales trend has been rising in the North Island since February
2009 (up 2.6%), and in the South Island since June 2009 (up 1.9%).
In the South Island the rate of increase appears to be
strengthening.


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


LAND BANK: Fitch Affirms Issuer Default Ratings at 'BB'
-------------------------------------------------------
Fitch Ratings has affirmed Land Bank of the Philippines' Long-term
foreign and local currency Issuer Default Ratings at 'BB', and
National Long-term rating at 'AA(phl)'.  The Outlook is Stable.
Simultaneously, the agency has affirmed LBP's Individual at 'D',
Support at '3', Support Rating Floor at 'BB-', and its
subordinated debt programme at 'BB-'.

LBP's ratings reflect its improved, albeit modest, balance sheet
position and good profitability amid the downturn.  Additionally,
provisional costs remained low and asset quality indicators have
been stable to date.  Nonetheless, Fitch notes that the bank's
existing non-performing assets may continue to be a source of
impairment, constraining its Individual rating relative to its
higher-rated peers.

However, this risk is on balance mitigated by LBP's improved
capital position (thanks to retained profits over the years),
sustained earnings and high NPL reserves buffer.  Based on Fitch's
estimates, under a stressed scenario where loss rates on NPLs,
investment properties and deferred charges are assumed at 80%, 40%
and 100%, respectively, LBP's hypothetically-lower Tier 1 capital
adequacy ratio will be about 9% (from 11% at end-2008); this
suggests that under most conceivable circumstances, the bank's
loss absorption capacity will likely be reasonable relative to its
ratings level.  With an economic recovery expected over the next
12-18 months, the probability of such an extreme scenario has
abated and hence, the Rating Outlook is Stable for LBP.

LBP is a policy bank with a universal banking license.  It is
fully owned by the Government of Philippines and operates 342
banking units across the country.


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


AU OPTRONICS: Inks Deal with Two Japanese FED Makers
----------------------------------------------------
AU Optronics Corp. said it has entered into an agreement with
Field Emission Technologies and FET Japan, Inc., to purchase
certain assets and to transfer certain technology from FET, a
leader in FED (field emission displays) technology.  Sony Corp
holds a controlling 39.8% stake in FET.

In the transaction, AUO will acquire certain assets that include
patents, know-how, inventions, and relevant equipment related to
FED technology and materials.

AU Optronics said FED technology will be a new application option
in the flat display industry.

"FED technology will be an appropriate fit especially for the
high-end market needs such as medical or broadcast displays,"
AUO's CEO and President, Dr. L. J. Chen, said in a statement.
"AUO intends to utilize FET's resources of FED technology to
commercialize products."

FED display is self light-emitting and has great contrast and low
power consumption, with no motion blur and deeper color depth --
capable of 12bit gray level.

Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays. The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels.  Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays.  The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers.  The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays.  In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2009, Fitch Ratings upgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'BB-' from 'B+', and its National Long-term rating to 'BBB(twn)'
from 'BBB-(twn)'.  The Outlook is revised to Stable from Negative.


NANYA TECHNOLOGY: Swings to Profit on Higher Chips Demand
---------------------------------------------------------
Nanya Technology Corp. has announced financial results for fourth
quarter ended December 31, 2009.

Nanya reported net income of NT$211 million in the fourth quarter
mainly due to 44% increase in DRAM ASP (Average Selling Price)
quarter-over-quarter.  The company posted a net loss of NT$11.9
billion a year earlier period.

Nanya's quarterly sales revenue is NT$16.69 billion, an increase
of 45% compared to the third quarter in 2009.  Operating income in
the quarter has increased to NT$187 million from an operating loss
of NT$2.684 billion in the previous quarter.

In the fiscal year of 2009, the company posted sales revenue of
NT$42.456 billion with an operating loss of NT$16.076 billion and
a net loss of NT$20.742 billion.  All numbers are unaudited.

To enhance the company's competitiveness in DRAM industry and to
develop the most advanced DRAM technologies and products, Nanya
Technology Corp. successfully secured funding through three rounds
of financing activities in year 2009, including NT$12.22 billion
for 1 billion new shares of private placement in June, NT$16
billion of 800 million rights issue in December, and NT$18 billion
of syndicated loan from 14 banks, led by Bank of Taiwan and Mega
International Commercial Bank in November, 2009.  Nanya's capital
expenditure for year 2010 is estimated to be NT$19 billion, 30% up
compared to NT$14.6 billion in 2009.

Nanya said the pilot run of 50nm stack technology in its 12 inch
fab has been successfully demonstrated in October 2009.
Meanwhile, the conversion to 50nm for a maximum capacity of 30,000
wafers per month is scheduled to complete in the second quarter of
2010, mainly for 2Gb DDR3 DRAM products.

Nanya also said that the joint development of 42nm stack
technology between the company and Micron Technology is
progressing well for a production scheduled in the second half of
2010, with another 30 percent die cost reduction.  The 42nm will
yield 50% more chips from a single wafer than 50nm technology.
Due to technology migration, Nanya expects to see bit growth rate
of 45% in 2010.

For the 2008 fiscal year, the company posted a net loss of
NT$35.23 billion, or NT$7.54 per diluted share, compared with a
net loss of NT$12.46 billion in the prior year.  The company
reported net sales of NT$36.31 billion in the fiscal year ended
Dec. 31, 2008, compared with a net sales of NT$52.89 billion in
fiscal year 2007.

                      About Nanya Technology

Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products.  The company
primarily offers dynamic random access memory (DRAM) chips,
including double data rate (DDR) DRAM chips, DDR2 DRAM chips and
DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline
(SO) dual in-line memory modules (DIMMs), 184-pin registered and
unbuffered DDR synchronous dynamic random access memory (SDRAM)
DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered
DDR2 SDRAM DIMMs and others.  DRAMs are used as data storage units
for computer, communications and consumer (3C) products.


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


* Asia Can Lead Global Economic Transformation, IMF Says
--------------------------------------------------------
Asia is leading the world in recovery from the global economic
crisis and, in the coming years, the region's continued dynamism
can give it an even greater role, said IMF Managing Director
Dominique Strauss-Kahn, speaking at the Asian Financial Forum in
Hong Kong.  "Now is the time for Asia to contribute even more to
the shaping of the post-crisis global economic landscape," he
said.  "Potentially, this is a historic moment for Asia. A moment
of transformation."

To sustain its strong growth performance, Mr. Strauss-Kahn
observed that Asia?like the rest of the world?would need to adapt
to the new challenges presented by the post-crisis economy. He
said that many Asian countries are already "moving rapidly to
identify the key elements of a new model that can deliver
sustained growth."  This included the realization that there are
limits to the pace of export growth and that domestic and regional
demand would need to play an increasingly important role in
underpinning Asia's growth.

"This does not mean that Asia should become inward-looking," he
emphasized. "Rather, it means reinvigorating domestic demand and
boosting intra-regional trade. Such a recalibration of Asia's
growth model is in the region's self-interest, since it would
reduce its dependence on demand from outside Asia. It is also in
the global interest."

Mr. Strauss-Kahn set his comments on Asia in the context of the
major economic challenges facing the world. "2010 is going to be a
crucial year," he said.  "The first year when countries can lift
their eyes to the longer-term horizon."  In terms of the policies
needed to build a stronger and more sustainable global economy, he
pointed to three issues in particular:

* Maintaining the momentum of reform in the financial sector,
   including stronger?and smarter?regulation and supervision.
   "We cannot return to business as usual," he said.

* Identifying new sources of growth that can help rekindle
   private demand.  Here he pointed to the need for labor and
   product market reforms that can boost productivity.
   "Efforts to boost the 'green' economy can also support this
   restructuring effort," he said.

* Strengthening international policy collaboration is also
   essential. Mr. Strauss-Kahn said that the G20's "mutual
   assessment framework" is an important step in the right
   direction?a process aimed to ensure that the world's largest
   economies will be accountable to each other to ensure strong,
   stable and sustainable growth.  "The IMF is providing
   analytical support for this innovative approach to multilateral
   cooperation," he added.  "And I believe that this new framework
   can be one of the keys to the transformation of the global
   economy in 2010 and beyond."

The IMF Managing Director noted that the IMF had changed a lot
over the past two years in order to speed its response to the
crisis?reforming its lending instruments, streamlining
conditionality, and improving its governance. He promised further
change in 2010, including "looking at a fundamental reform of our
mandate?focusing more on systemic, not just country-specific
risks, especially in the financial sector; and developing
financing instruments that provide the insurance needed to tackle
modern crises."

Mr. Strauss-Kahn added that Asia's role also is increasing at the
IMF?with its quota and voice being brought more into line with its
weight in the global economy.

"As Asia's economic power grows, so too does Asia's interest in
promoting the successful performance of the global economy" said
Mr. Strauss-Kahn. "And as the region enhances its role in the
global policy debate, I see great potential for the world to
benefit from Asia's ideas and experiences. We all have a lot to
learn from Asia."

In this context, Mr. Strauss-Kahn noted that, along with the
Government of Korea, the IMF is organizing a high-level conference
on Asia's economic dynamism to be held in Seoul in July 2010.


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

                                                          Total
                                        Total      Shareholders
  Company            Ticker            Assets            Equity
  -------            ------            ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW      AHGN           16933460.19     -8226075.95
ALLSTATE EXPLORA      ALX            21373717.63    -54574080.32
ALLSTATE EXPL-PP      ALXCC          21373717.63    -54574080.32
AMA GROUP LTD         AMA            39033742.73      -860795.01
ANTARES ENERGY L      AZZ            13709735.08     -1955765.01
ARC EXPLORATION       ARX            56832942.08    -15049619.84
AUSTAR UNITED         AUN           508844538.84   -310055789.75
AUSTRAILIAN Z-PP      AZCCA          77741918.88     -2566335.24
AUSTRALIAN ZIRC       AZC            77741918.88     -2566335.24
BIRON APPAREL LT      BIC            19706736.59     -2220069.65
CENTRO PROPERTIE      CNP         14725100625.83   -495299520.84
CHALLENGER INF-A      CIF          2307005549.62   -104582562.08
CHEMEQ LIMITED        CMQ            25194855.59    -24254413.72
CITY PACIFIC LTD      CIY           171501648.08     -6383353.75
ELLECT HOLDINGS       EHG            18245003.37    -15487781.92
HEALTH CORP LTD       HEA            13258849.69        -7106.81
HYRO LTD              HYO            21498880.13    -14825700.09
JAMES HARDIE NV       JHXCC        2120699904.00   -153000000.00
JAMES HARDIE-CDI      JHX          2120699904.00   -153000000.00
MAC COMM INFR-CD      MCGCD        8104415200.76   -103343256.49
RESIDUAL ASSC-EE      RAGXF         597329874.01   -126963316.48
SHELL VILLAGES A      SVC            13472214.88     -1656427.12
TERRITORY RESOUR      TTY            78228985.46     -3340627.52
TOOTH & CO LTD        TTH           108860665.87    -69404500.26
VERTICON GROUP        VGP            14221690.08    -24604525.15


CHINA

ALONG TIBET CO-A      600773         10464676.88     -1595236.07
AMOI ELECTRONI-A      600057        186715365.62   -176172893.15
ANHUI KOYO GROUP      979            43547087.40    -32057139.66
BAO LONG ORIENTA      600988         16377750.71     -3240606.18
CHANG LING GROUP      561            38762049.02    -11329795.61
CHENGDU UNION-A       693            52165432.95     -7597323.86
CHINA EAST AIR-A      600115      10663617937.55   -669018244.31
CHINA KEJIAN-A        35             83777990.18   -182385776.83
DANDONG CHEM F-A      498           100503616.60   -111136778.31
DONGGUAN FANGD-A      600656         62015004.14    -10113540.83
DONGXIN ELECTR-A      600691         20724702.93     -6133630.21
GAOXIN ZHANGTO-A      2075          119522500.57    -30482708.26
GUANGDONG HUAL-A      600242         19919002.62     -2062133.21
GUANGDONG KEL-A       921           650072211.91   -103760527.20
GUANGMING GRP -A      587            48717132.13    -47591274.78
GUANGXI BEISHE-A      600556        103117750.75   -138381269.69
GUANGXIA YINCH-A      557            19312064.17    -37899432.38
HEBEI BAOSHUO -A      600155        133672291.78   -361688438.08
HEBEI JINNIU C-A      600722        241278846.12   -228118601.81
HUDA TECHNOLOG-A      600892         21311206.30     -2895690.19
HUNAN ANPLAS CO       156            50288007.12    -83158991.31
JIANGSU CHINES-A      805            12863797.92    -10344736.06
LIAOYUAN DEHENG       600699        138723006.79     -6687883.61
QINGHAI SUNSHI-A      600381         56020954.09    -25865577.47
SHAANXI QINLIN-A      600217        233974560.07    -21072044.24
SHANG HONGSHENG       600817         17942699.21   -396969507.96
SHANG LIANHUA-A       600617         15681816.46     -1544918.91
SHANG LIANHUA-B       900913         15681816.46     -1544918.91
SHANGHAI WORLDBE      600757        181367559.65   -127597631.15
SHENZ CHINA BI-A      17             27968310.96   -264106065.10
SHENZ CHINA BI-B      200017         27968310.96   -264106065.10
SHENZ SEG DASH-A      7              61819712.40     -3403468.93
SHENZHEN DAWNC-A      863            28093818.24   -157709151.50
SHENZHEN KONDA-A      48            195270812.62    -14899608.82
SHENZHEN SHENXIN      34             23960824.39   -166323495.41
SHIJIAZHUANG D-A      958           235063468.55    -54144995.52
SICHUAN DIRECT-A      757           128388979.90   -118667098.38
SUNTEK TECHNOL-A      600728         37921349.96    -21207285.88
TAIYUAN TIANLO-A      600234         50402317.95    -25241975.23
TIANJIN MARINE        600751         82399198.24    -30394356.74
TIANJIN MARINE-B      900938         82399198.24    -30394356.74
TIBET SUMMIT I-A      600338         78159663.43    -14223854.17
TOPSUN SCIENCE-A      600771        183017873.28   -138219542.25
WINOWNER GROUP C      600681         10719752.69    -71846635.31
WUHAN BOILER-B        200770        349547198.50    -74888578.37
WUHAN GUOYAO-A        600421         11452683.85    -39410107.27
XIAMEN OVERSEA-A      600870        306958973.67   -146753875.61
YUEYANG HENGLI-A      622            37274086.29    -15525013.51
YUNNAN MALONG-A       600792        144996362.47    -10651003.29
ZHANGJIAJIE TO-A      430            52226364.35     -5625101.14


HONG KONG

21 HOLDINGS LTD       1003           43646556.17     -4262036.57
ASIA TELEMEDIA L      376            16618871.08     -5369335.42
CHAOYUE GROUP LT      147            42686690.41   -127804328.89
CHINA CYBER PORT      8206           12615789.00    -25845509.50
CHINA EAST AIR-H      670         10663617937.55   -669018244.31
CHINA GOLDEN DEV      162           252996681.97     -2720111.36
EGANAGOLDPFEIL        48            557892423.39   -132858951.98
FULBOND HLDGS         1041           60255000.00    -14419000.00
HISENSE ELEC-H        921           650072211.91   -103760527.20
HUTCHISON TELE H      215          2400098040.83   -366059762.21
MITSUMARU EAST K      2358           38170722.85     -1449668.00
NEW CITY CHINA        456           113178595.41     -9932226.54
NGAI LIK INDL         332           132818617.86     -4763065.83
PAC PLYWOOD           767            75639000.00     -5411000.00
PALADIN LTD           495           157691358.46     -6232217.57
PALADIN LTD -PRE      642           157691358.46     -6232217.57
PCCW LTD              8            5990928703.57   -394965167.61
PERCEPTION DIG        8248           31208931.14     -4636546.34
PROVIEW INTL HLD      334           412845082.41   -191257992.50
WAI CHUN MINING       660            12791013.67    -14603647.06
WAYTUNG GLOBAL G      21             12327016.69     -2955593.70


INDONESIA

ASIA PACIFIC          POLY          413587722.04   -843849953.26
DAVOMAS ABADI         DAVO          272586507.51    -17188598.19
ERATEX DJAJA          ERTX           10046910.69    -15287833.76
JAKARTA KYOEI ST      JKSW           27995871.44    -39747802.26
KARWELL INDONESI      KARW           10279359.22     -8092809.68
MULIA INDUSTRIND      MLIA          349542495.32   -393202695.19
PANASIA FILAMENT      PAFI           51269814.60     -4304035.41
PANCA WIRATAMA        PWSI           28574747.93    -34354941.95
PRIMARINDO ASIA       BIMA           10969821.52    -20004812.09
STEADY SAFE TBK       SAFE           12272655.54     -4844158.18
SURABAYA AGUNG        SAIP          248504328.81    -92414388.08
TEIJIN INDONESIA      TFCO          185089600.00    -14273900.00
UNITEX TBK            UNTX           15674797.91    -14254278.79


INDIA

ALCOBEX METALS        AML            16589928.01    -21468099.30
ASHIMA LTD            ASHM           59922403.11    -47153581.06
BAKELITE HYLAM        BKLT           13911138.88    -12867352.60
BALAJI DISTILLER      BLD            51161385.13    -38383503.30
BELLARY STEELS        BSAL          451679252.40   -108504755.34
BHAGHEERATHA ENG      BGEL           22646453.72    -28195273.09
CFL CAPITAL FIN       CEATF          14305706.35    -40038022.22
COMPUTERSKILL         CPS            14896780.89     -7560054.57
CORE HEALTHCARE       CPAR          185364966.99   -241912027.81
DCM FINANCIAL SE      DCMFS          16540889.84    -10988851.47
DIGJAM LTD            DGJM           98769193.78    -14623833.58
DISH TV INDIA         DITV          422081403.33   -127614551.41
DISH TV IND-PP        DITVPP        422081403.33   -127614551.41
DUNCANS INDUS         DAI           116957150.39   -183237814.53
GANESH BENZOPLST      GBP            77840261.61    -41865917.86
GEM SPINNERS LTD      GEMS           15233308.38      -112427.32
GLOBAL BOARDS         GLB            25154303.78      -793024.17
GSL INDIA LTD         GSL            37040429.61    -42340564.58
GSL NOVA PETROCH      GSLN           44390476.41      -925948.57
GUJARAT SIDHEE        GSCL           59440728.18      -660003.43
HARYANA STEEL         HYSA           10831176.59     -5909008.81
HENKEL INDIA LTD      HNKL          102052835.27    -10237657.20
HFCL INFOTEL LTD      HFCL          151650830.03    -85807729.87
HIMACHAL FUTURIS      HMFC          406633181.85   -210980393.95
HINDUSTAN PHOTO       HPHT           93725753.93  -1229352757.43
HMT LTD               HMT           139311695.43   -277691144.15
ICDS                  ICDS           13300348.69     -6171079.46
INDIA FOILS LTD       IF             22012692.82     -2043934.20
INFOMEDIA 18 LTD      INF18          35798533.98     -1937646.71
INTEGRAT FINANCE      IFC            45562399.88    -43272851.09
ITI LTD               ITI          1116207771.94      -800236.54
JCT ELECTRONICS       JCTE          122542558.60    -49996834.55
JD ORGOCHEM LTD       JDO            10461151.80     -1602493.30
JENSON & NIC LTD      JN             15927860.08    -74328787.58
JIK INDUS LTD         KFS            20633171.50     -5623616.49
JK SYNTHETICS         JKS            13506415.91     -3030846.61
JOG ENGINEERING       VMJ            50080964.36    -10076436.07
KALYANPUR CEMENT      KCEM           32038613.71    -26757740.06
KERALA AYURVEDA       KRAP           13409639.48      -586698.15
KINGFISHER AIR        KAIR         1458636203.20   -418911009.67
LLOYDS FINANCE        LYDF           27683041.19     -8642121.28
LLOYDS STEEL IND      LYDS          358940191.85    -83135016.16
MILLENNIUM BEER       MLB            36392748.17     -3197477.14
MILTON PLASTICS       MILT           18310810.90    -40438966.11
NATH PULP & PAP       NPPM           13588844.93    -39126079.65
NICCO UCO ALLIAN      NICU           28843462.70    -56773550.08
ORIENT PRESS LTD      OP             16699814.52       -94789.33
PANCHMAHAL STEEL      PMS            51024827.03      -325116.26
PANYAM CEMENTS        PYC            38841457.46      -641194.41
PARASRAMPUR SYN       PPS           111971290.89   -317111727.95
PAREKH PLATINUM       PKPL           61081050.43    -88849040.15
PEACOCK INDS LTD      PCOK           11395867.81    -14396604.39
PIRAMAL LIFE SC       PLSL           32054795.68     -3725239.05
POLAR INDS LTD        PLI            11613867.70    -22282942.24
RAMA PHOSPHATES       RMPH           34066789.55     -1192495.62
RATHI ISPAT LTD       RTIS           44555929.56     -3933592.50
RELIGARE TECHNOV      RTCL           44130883.78     -1460238.52
RENOWNED AUTO PR      RAP            14120061.57     -1253759.75
ROLLATAINERS LTD      RLT            22965755.05    -22244556.92
ROYAL CUSHION         RCVP           20224401.47    -62973589.12
RPG CABLES LTD        RPG            51431409.37    -20192930.18
SCOOTERS INDIA        SCTR           13288115.80      -578097.97
SHALIMAR WIRES        SWRI           24489676.40    -49901704.65
SHAMKEN COTSYN        SHC            23127927.75     -6172791.93
SHAMKEN MULTIFAB      SHM            60546590.60    -13260108.95
SHAMKEN SPINNERS      SSP            42180451.29    -16764934.64
SHARDA ISPAT LTD      SHIL           16179943.38     -5040578.35
SHREE RAMA MULTI      SRMT           63725987.44    -52933262.40
SIDDHARTHA TUBES      SDT            70930817.05    -12088972.62
SIL BUSINESS ENT      SILB           12461159.02    -19961202.41
SOUTHERN PETROCH      SPET         1543609373.57    -35609423.98
SPICE COMMUNICAT      SPCM          263692459.52    -19679192.67
SPICEJET LIMITED      SJET          147982655.50    -84645514.58
STERLING HOL RES      SLHR           52909027.30      -631043.63
STI INDIA LTD         STIB           28053652.10     -8042948.31
TAMILNADU TELE        TNT            10255346.42     -4139864.07
TATA TELESERVICE      TTLS          793627684.28    -74636840.33
TRIUMPH INTL          OXIF           58459632.86    -14175270.62
TRIVENI GLASS         TRSG           24390836.23     -8896934.88
UNIWORTH LTD          WW            145706493.29   -114873890.12
USHA INDIA LTD        USHA           12064900.61    -54512967.31
VENTURA TEXTILES      VRTL           14254627.45      -325402.59
WINDSOR MACHINES      WML            14500894.45    -28144999.02
WIRE AND WIRELES      WNW           102422193.22    -37057061.49
WIRE AND WIRE-PP      WNWPP         102422193.22    -37057061.49


JAPAN

ARDEPRO               8925          345613037.14   -207111362.39
COMMERCIAL RE         8866          296849343.44      -346788.57
COSMOS INITIA CO      8844         1652687333.82   -564005337.19
DDS INC               3782           10683845.35     -5696657.23
FLIGHT SYS CONSU      3753           14883586.17     -1071275.60
HARAKOSAN CO          8894          265026322.03    -21407690.82
ICHITAN CO LTD        5645           99161219.02     -4383920.24
JIPANGU HOLDINGS      2684           15052085.28     -8379329.03
L CREATE CO LTD       3247           42344509.56     -9146496.90
LCA HOLDINGS COR      4798           49522402.78     -2236206.52
NESTAGE CO LTD        7633           11772250.32    -12201325.38
PLACO CO LTD          6347           16492585.21     -1881199.74
PROPERST CO LTD       3236          303290475.27   -415757169.31
RAYTEX CORP           6672           61494851.76     -3494531.45
SAIKAYA CO LTD        8254          398458490.74    -17564816.07
SHINWA OX CORP        2654           61394021.32    -12954325.95
SOWA JISHO CO LT      3239           17454464.16    -33842442.80
SUMIYA CO             9939           54843407.50     -9480273.64
TERRANETZ CO LTD      2140           11633353.37     -4293462.63


KOREA

AJU MEDIA SOL-PF      44775          13822171.46     -1245278.05
CL LCD CO LTD         35710          55585277.13    -14793655.63
DAHUI CO LTD          55250         186003859.24     -1504246.54
DAISHIN INFO          20180         740500919.30   -158453978.78
ELIM EDU CO LTD       46240          34029159.88     -3747735.09
KYSYS CO LTD          15390          10671544.09     -6267111.24
MOBO CO LTD           51810         196643340.38    -11979182.85
ORICOM INC            10470          82645454.13    -40039161.33
PRIME ENTMT           17170          31473002.90    -19371600.20
ROCKET ELEC-PFD       425            68584186.91     -2140474.00
ROCKET ELECTRIC       420            68584186.91     -2140474.00
SAMT CO LTD           31330         303858255.56    -77572655.65
SIMM TECH CO LTD      36710         314177541.38    -34486443.29
SOLAR & TECH CO       30390          11466591.81      -588035.38
STARMAX CO LTD        17050          50131660.74    -25436154.88
TAESAN LCD CO         36210         187935112.10   -546263614.46
TONG YANG MAGIC       23020         355147750.92    -25767007.75
YOUILENSYS CORP       38720         166697877.68    -12337148.33


MALAYSIA

AXIS INCORPORATI      AXIS           35439077.46    -79330358.60
HARVEST COURT         HAR            11122745.59     -7475186.80
HO HUP CONSTR CO      HO             71664888.88     -1269790.93
LITYAN HLDGS BHD      LIT            14275991.47    -29485796.94
POLY TOWER VENTU      PTV            58061878.76     -5453946.31
RHYTHM CONSOLIDA      RCB            11079452.15     -1316222.07
WONDERFUL WIRE        WW             11541456.48    -15637491.13
WWE HOLDINGS BHD      WWE            66483348.25     -1524729.65


NEW  ZEALAND

DOMINION FINANCE      DFH           258902749.12    -55312405.88

PHILIPPINES


APEX MINING 'B'       APXB           51256351.82     -8972145.85
APEX MINING-A         APX            51256351.82     -8972145.85
BENGUET CORP 'B'      BCB            75486651.08    -37047223.67
BENGUET CORP-A        BC             75486651.08    -37047223.67
CYBER BAY CORP        CYBR           12926776.59    -79228223.36
EAST ASIA POWER       PWR            50796443.41   -139420756.07
FIL ESTATE CORP       FC             37286935.14    -11355841.65
FILSYN CORP A         FYN            22000423.40    -10278638.86
FILSYN CORP. B        FYNB           22000423.40    -10278638.86
GOTESCO LAND-A        GO             18684576.24    -10863822.41
GOTESCO LAND-B        GOB            18684576.24    -10863822.41
MRC ALLIED            MRC            13040098.81     -3682026.54
PICOP RESOURCES       PCP           105659068.50    -23332404.14
PRIME ORION PHIL      POPI           90349299.63     -5122560.28
STENIEL MFG           STN            28673457.47     -1478015.89
UNIVERSAL RIGHTF      UP             45118524.67    -13478675.99
UNIWIDE HOLDINGS      UW             52802040.71    -56176026.28
VICTORIAS MILL        VMC           178060236.02    -36659989.09

SINGAPORE


ADV SYSTEMS AUTO      ASA            11785309.58    -12808326.82
ADVANCE SCT LTD       ASCT           67584937.13    -14047619.58
CARRIERNET GLOBA      CARG           14286897.57       -17258.04
CHUAN SOON HUAT       CSH            29973005.08    -19287440.50
FALMAC LTD            FAL            10117655.63     -6803815.35
HL GLOBAL ENTERP      HLGE           93731888.39    -15671356.22
JURONG TECH IND       JTL            98760092.87   -227275152.06
LINDETEVES-JACOB      LJ            160478836.62    -86703612.98
OCEAN INTERNATIO      OCEAN          61659790.45    -13720371.73
PACIFIC CENTURY       PAC            17857346.66     -4522591.85
SUNMOON FOOD COM      SMOON          19286019.65    -10665672.56
TIGER AIRWAYS         TGR           122904989.42    -71923417.81
TT INTERNATIONAL      TTI           303817166.63    -38088237.05
WESTECH ELECTRON      WTE            28290170.94    -12855750.98


THAILAND

ABICO HLDGS-F         ABICO/F        12066621.69     -9544714.91
ABICO HOLDINGS        ABICO          12066621.69     -9544714.91
ABICO HOLD-NVDR       ABICO-R        12066621.69     -9544714.91
BANGKOK RUBBER        BRC            86997154.46    -64963399.72
BANGKOK RUBBER-F      BRC/F          86997154.46    -64963399.72
BANGKOK RUB-NVDR      BRC-R          86997154.46    -64963399.72
CENTRAL PAPER IN      CPICO          10220356.04   -216074904.26
CENTRAL PAPER-F       CPICO/F        10220356.04   -216074904.26
CENTRAL PAPER-NV      CPICO-R        10220356.04   -216074904.26
CIRCUIT ELEC PCL      CIRKIT         17385099.26    -87998004.08
CIRCUIT ELEC-FRN      CIRKIT/F       17385099.26    -87998004.08
CIRCUIT ELE-NVDR      CIRKIT-R       17385099.26    -87998004.08
DATAMAT PCL           DTM            12690638.93     -6132014.29
DATAMAT PCL-NVDR      DTM-R          12690638.93     -6132014.29
DATAMAT PLC-F         DTM/F          12690638.93     -6132014.29
ITV PCL               ITV            33788130.19    -87508840.66
ITV PCL-FOREIGN       ITV/F          33788130.19    -87508840.66
ITV PCL-NVDR          ITV-R          33788130.19    -87508840.66
K-TECH CONSTRUCT      KTECH          83204235.85     -5693045.29
K-TECH CONSTRUCT      KTECH/F        83204235.85     -5693045.29
K-TECH CONTRU-R       KTECH-R        83204235.85     -5693045.29
KUANG PEI SAN         POMPUI         17146363.89    -12117287.24
KUANG PEI SAN-F       POMPUI/F       17146363.89    -12117287.24
KUANG PEI-NVDR        POMPUI-R       17146363.89    -12117287.24
MALEE SAMPRAN         MALEE          56296560.19     -3455814.54
MALEE SAMPRAN-F       MALEE/F        56296560.19     -3455814.54
MALEE SAMPR-NVDR      MALEE-R        56296560.19     -3455814.54
PATKOL PCL            PATKL          51025749.96    -29867507.54
PATKOL PCL-FORGN      PATKL/F        51025749.96    -29867507.54
PATKOL PCL-NVDR       PATKL-R        51025749.96    -29867507.54
PICNIC CORPORATI      PICNI         162041208.32    -79858191.23
PICNIC CORPORATI      PICNI/F       162041208.32    -79858191.23
PICNIC CORPORATI      PICNI-R       162041208.32    -79858191.23
PONGSAAP PCL          PSAAP          25968933.80     -4736785.73
PONGSAAP PCL          PSAAP/F        25968933.80     -4736785.73
PONGSAAP PCL-NVD      PSAAP-R        25968933.80     -4736785.73
SAFARI WORLD PUB      SAFARI        102742653.97    -23192106.86
SAFARI WORLD-FOR      SAFARI/F      102742653.97    -23192106.86
SAFARI WORL-NVDR      SAFARI-R      102742653.97    -23192106.86
SAHAMITR PRESS-F      SMPC/F         31177710.43    -14940579.60
SAHAMITR PRESSUR      SMPC           31177710.43    -14940579.60
SAHAMITR PR-NVDR      SMPC-R         31177710.43    -14940579.60
SUNWOOD INDS PCL      SUN            19863687.56    -13033623.14
SUNWOOD INDS-F        SUN/F          19863687.56    -13033623.14
SUNWOOD INDS-NVD      SUN-R          19863687.56    -13033623.14
THAI-DENMARK PCL      DMARK          15715462.27    -10102519.69
THAI-DENMARK-F        DMARK/F        15715462.27    -10102519.69
THAI-DENMARK-NVD      DMARK-R        15715462.27    -10102519.69
TRANG SEAFOOD         TRS            11523557.41     -1253602.35
TRANG SEAFOOD-F       TRS/F          11523557.41     -1253602.35
TRANG SFD-NVDR        TRS-R          11523557.41     -1253602.35
UNIVERSAL S-NVDR      USC-R          97741967.74    -40287801.61
UNIVERSAL STARCH      USC            97741967.74    -40287801.61
UNIVERSAL STAR-F      USC/F          97741967.74    -40287801.61


TAIWAN

CHIEN TAI CEMENT      1107          202446919.23    -22407739.40
HELIX TECH-EC         2479T          23385923.43    -24115022.26
HELIX TECH-EC IS      2479U          23385923.43    -24115022.26
HELIX TECHNOL-EC      2479S          23385923.43    -24115022.26
PAPERCOREA INC        1020          310528990.10   -154086330.59
TAIWAN KOL-E CRT      1606U         507206787.88   -147139297.70
TAIWAN KOLIN-EN       1606V         507206787.88   -147139297.70
TAIWAN KOLIN-ENT      1606W         507206787.88   -147139297.70
VERTEX PREC-ENTL      5318T          43037265.55     -2305484.43
VERTEX PRECISION      5318           43037265.55     -2305484.43
YEU TYAN MACHINE      8702           39574168.04   -271070409.72


                         *********

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 C. Tumanda, 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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