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                     A S I A   P A C I F I C

           Monday, January 18, 2010, Vol. 13, No. 011

                            Headlines



A U S T R A L I A

GRIFFIN COAL: To Get AU$4 Mil. Lifeline from State Government
MITRE 10: Three NZ Stores Under Receivership


C H I N A

AMERICAN WENSHEN: Auditor Raises Going Concern Doubt
HOPSON DEVELOPMENT: Moody's Reviews 'B2' Corporate Family Rating
* China Recovery to Quicken But Policy Changes Needed, Study Says


H O N G  K O N G

ASTRAKHAN INVESTMENT: Yan and Haughey Step Down as Liquidators
BOSTON SEADOG: Members' Final Meeting Set for February 8
CHINA ECO-HOTEL: Chen and Wong Step Down as Liquidators
CHINA ECONOMICS: Linus Cheung Wing Lam Steps Down as Liquidator
CHOSUN INTERNATIONAL: Members' Final Meeting Set for February 9

DBS ASIA: Lam and Toohey Step Down as Liquidators
FLOWERCENTER LIMITED: Members' Final Meeting Set for February 12
GRAPHIC PACKAGING: Chen and Wong Step Down as Liquidators
HKC INSURANCE: Commences Wind-Up Proceedings
KLA-TENCOR MIE: Commences Wind-Up Proceedings

MAINSTAR ELECTRICAL: Annual Meetings Set for February 10
MICRO INKS: Members' Final Meeting Set for February 10
NICHE ASSET: Creditors' Proofs of Debt Due January 29
PROFIT HOME: Commences Wind-Up Proceedings
ROLFE & NOLAN: Tang and Wong Step Down as Liquidators

SEA WAVE: Meetings for Members and Creditors Set for February 9
SKY RISE: Meetings for Members and Creditors Set for February 8
TAIKOO AVIATION: Creditors' Proofs of Debt Due January 28
TALYBOUT LIMITED: Seng and Yee Step Down as Liquidators
TOP FULL: Tang and Wong Step Down as Liquidators

WHITNEY GROUP: Meetings for Members and Creditors Set for Feb. 9
WORLDLINK MEDICAL: Members' Final Meeting Set for February 10
* HONG KONG: 2009 Bankruptcy Petitions Rise to 15,784


I N D I A

HESTER BIOSCIENCES: CRISIL Lifts Ratings on Various Debts to 'B+'
NEOSA ELECTRONICS: Low Net Worth Prompts CRISIL 'BB' Rating
PRINCE ALLOYS: CRISIL Reaffirms 'BB' Rating on INR3.6 Mil. LT Loan
PRINCE ROLLER: CRISIL Reaffirms 'BB' Rating on INR70MM Cash Credit
PRINCE ROLLINGS: CRISIL Reaffirms 'BB' Rating on INR3.8MM LT Loan

PRINCE TMT: CRISIL Reaffirms 'BB+' Rating on INR3.9 Mil. LT Loan
SAHARA INDIA: CRISIL Assigns 'B+' Rating on INR1.4 Bil. Term Loan
SHRI ADISHWAR: CRISIL Reaffirms 'B' Rating on INR17.4MM Term Loan
SHRI DNYANESHWAR: CRISIL Reaffirms 'BB+' on INR236MM Term Loan
SIDHI VINAYAK: CRISIL Reaffirms 'BB+' Rating on INR108.6MM Loan

TATA MOTORS: Global Sales Jump 84% in December 2009
VAIDYANATH SAHAKARI: CRISIL Reaffirms 'BB+' Ratings
VEERAPANDI COMMON: CRISIL Reaffirms 'C' Rating on INR579.6MM Loan
WEBFIL LIMITED: Weak Liquidity Prompts CRISIL 'C' Ratings
* India Set for Solid Recovery in 2010, ADB Study Shows


I N D O N E S I A

ARPENI PRATAMA: Fitch Downgrades Issuer Default Ratings to 'C'
* INDONESIA: Gov't. Expect to Cut Losing State Firms to 10


J A P A N

CAFES 4: Moody's Reviews Ratings on Various Certificates
FUJI HEAVY: Files JPY35 Bil. Suit Against Japanese Gov't.
JAPAN AIRLINES: DBJ, Key Creditors Accept Court-Back Rehab Plan
JAPAN AIRLINES: ETIC Announces Present Strategy of Support Plan
JAPAN AIRLINES: ETIC to Reveal Rehab Plan Tomorrow, Maehera Says

MAZDA MOTOR: In Talks to Split Ford Joint Venture in China


K O R E A

KUMHO ASIANA: Creditors Set to Agree on Units' Debt Rescheduling
SSANGYONG MOTOR: Four Foreign Buyers Eye Stake in Ssangyong


N E W  Z E A L A N D

EASY MIND: Closes South Island Operations; 50 Jobs Affected
STRATEGIC FINANCE: Further Provision Triggers Another Review Event


P H I L I P P I N E S

BENGUET CORP: Receives Notice of Default from PNB
SARMIENTO MANAGEMENT: Sheriff Auctions Off 24% Stake in Vitarich
VITARICH CORP: Sheriff Auctions Off 24% Stake


S I N G A P O R E

AC EQUIPMENTS: Court Enters Wind-Up Order
B.K.B. ENGINEERING: Creditors' Proofs of Debt Due February 1
CES-FORT PTE: Creditors' Proofs of Debt Due February 15
JANN JIAR: Court Enters Wind-Up Order
KINGMAC INT'L: Court Enters Wind-Up Order

MEGAVISA SOLUTIONS: Creditors Get 100% & 3.36& Recovery on Claims
PIONEER SMITH: Court to Hear Wind-Up Petition on January 29
TURRET CONSTRUCTION: Creditors Get 0.1931% Recovery on Claims
UNIVERSIS CORP: Court Enters Wind-Up Order


X X X X X X X X

* Southeast Asia Recovering from Crisis, ADB Says




                         - - - - -


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


GRIFFIN COAL: To Get AU$4 Mil. Lifeline from State Government
-------------------------------------------------------------
The Griffin Coal Mining Co. will receive a AU$4 million temporary
lifeline from the State Government, WAToday.com.au reports.

According to the report, the government has prepaid for a delivery
of coal from Griffin Coal despite the company not meeting all the
terms and conditions of their prepayment contract.

The report relates acting Premier Kim Hames said it was important
to support the company's employees despite the group's high-
profile collapse.

"At the request of the administrator, the Government has agreed to
waive the condition under the existing contract that requires
Griffin to demonstrate there is a certain amount of uncovered coal
reserve available each month," WAToday.com.au quoted Dr. Hames as
saying.  "The Government has decided that, in these unique
circumstances, waiving this condition is appropriate to enable the
$4million pre-payment to be provided and help the mine continue
operating in the short-term," he said.

Griffin Coal requested financial help from the State Government on
January 4 and an offer was made two days later, the report notes.

KordaMentha's Brian McMaster said the two parties have finalized
negotiations and the payment should be made late this week, ABC
News reports.

                        About Griffin Coal

Based in Australia, The Griffin Coal Mining Company Pty Ltd --
http://www.griffincoal.com.au/-- is engaged in coal mining and
processing.  Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth.  The Company is
producing more than three million tons of coal per year.  Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham
Mine.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
January 4, 2010, Griffin Coal Mining Co. appointed Kordamentha as
administrator with total debts amounting to about AU$700 million.
The coal supplier defaulted on an interest payment in December to
bondholders owed US$475 million and also missed a payment to
Australia's tax authority.


MITRE 10: Three NZ Stores Under Receivership
--------------------------------------------
Claire McEntee at The Dominion Post reports that three Mitre 10
branches in Wellington are in receivership with accountancy firm
BDO acting as receivers.

The Dominion Post said the Tory St, Kilbirnie and Crofton Downs
stores are expected to continue trading and be sold as going
concerns.

The three stores in receivership are smaller branches, rather than
"mega" stores, the report notes.

Mitre 10 was started in Australia, but the New Zealand business is
independently owned, Radio New Zealand says.

Mitre 10 -- http://www.mitre10.com.au/-- is a retail and trade
hardware store chain, with over 700 locations in all states of
Australia as well as under 250 in New Zealand.


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


AMERICAN WENSHEN: Auditor Raises Going Concern Doubt
----------------------------------------------------
Kabani & Company, Inc.'s audit report of American Wenshen Steel
Group, Inc. and subsidiaries' consolidated financial statements as
of and for the years ended September 30, 2009, and 2008, contained
an explanatory paragraph which states that the Company's
significant operating losses and insufficient capital raise
substantial doubt about its ability to continue as a going
concern.

The Company reported a net loss of US$1,673,447 on net sales of
US$264,924 for the year ended September 30, 2009, and a net loss
of US$3,476,522 on net sales of US$2,253,816 for the year ended
September 30, 2008.

The Company discloses that as a result of the global recession,
construction activities in China have diminished, and so demand
for the Company's products waned.  In addition the Company says it
has negative working capital, which prevents it from financing
large orders for its products.  As a result, during the year ended
September 30, 2009, the Company realized only US$264,924 in
revenue, an 88% reduction from the prior fiscal year.

                         Balance Sheet

At September 30, 2009, the Company's consolidated balance sheets
showed US$1,445,574 in total assets and US$1,467,126 in total
current liabilities, resulting in a US$21,552 shareholders'
deficit.

A full-text copy of the Company's annual report is available at no
charge at http://researcharchives.com/t/s?4d68

                     About American Wenshen

Headquartered in New York, N.Y., American Wenshen Steel Group,
Inc., through its wholly-owned subsidiary, Chaoyang Liaogang
Special Steel Co., Ltd., is engaged in the business of
manufacturing special steel in the People's Republic of China
("PRC").  On July 30, 2007, the Company acquired all of the equity
in Chaoyang Liaogang, which was organized in 2004 as a joint stock
limited company under the laws of the PRC.  Its offices and
manufacturing facilities are located in the City of Chaoyang,
which is in the Liaoning Province in northeast China.


HOPSON DEVELOPMENT: Moody's Reviews 'B2' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has placed Hopson Development Holdings
Limited's B2 corporate family and B3 senior unsecured debt ratings
on review with direction uncertain.

"The review has been triggered by Hopson's upcoming repayment of
its RMB1.83 billion convertible bond, maturing on February 2,
2010," says Kaven Tsang, Moody's lead analyst for Hopson.

"While Moody's expects Hopson will be able to meet the repayment
with internal reserves -- in view of the company's achievement of
its sales targets and efforts in managing its construction and
land payments in 2009 -- any deviation from such expectation will
pressure the ratings downwards," says Mr. Tsang.

"On the other hand, the ratings could face upward pressure if
Hopson successfully services the convertible bond repayment
without material weakening its liquidity and financial profiles,"
adds Tsang.

In its review, Moody's will also assess Hopson's overall credit
profile as well as its business and land acquisitions strategies
post repayment of the convertible bond.

Moody's last rating action with regard to Hopson occurred on
April 28, 2009, when the company's corporate family and senior
unsecured ratings were downgraded to B2 and B3 respectively with a
negative outlook.

Hopson Development Company Holdings Limited is one of the largest
property developers in China.  Its principal business interests
are residential developments in 4 major cities -- Guangzhou,
Beijing, Shanghai and Tianjin -- and their surrounding areas.


* China Recovery to Quicken But Policy Changes Needed, Study Says
-----------------------------------------------------------------
Growth in the People's Republic of China (PRC) is set to surge
this year as the global financial crisis fades, and policymakers
will need to consider tightening measures to prevent potential
overheating of the economy, said a new study commissioned by the
Asian Development Bank (ADB).

The study, Impact and Policy Responses - People's Republic of
China, noted that the PRC had come through the crisis unscathed
thanks to past structural reforms and swift policy actions,
including the introduction of a massive 4 trillion renminbi fiscal
stimulus package.  With the global economy recovering, and
indicators such as loans and private investment on the rise,
growth in PRC is set to expand sharply in 2010.

However, the study also cautioned that a continuation of stimulus
measures now in place would soon need to be balanced against the
necessity of heading off any potential threat of an asset price
bubble and inflation.

The study, prepared the Centennial Group International, is among
several reports that are being discussed at a two-day regional
forum, "Impact of the Global Economic and Financial Crisis",
organized by ADB at its headquarters in Manila on January 14 to
January 15.  Top officials including policymakers, finance
ministers, heads of central banks, business leaders and
development experts from nearly 20 countries from developing Asia
are taking part in the forum.

"No country has responded as effectively and as resolutely to the
crisis as PRC has.  With the global economy recovering and with
PRC's growth now surging, there may be a need for change in policy
settings," said the study.

The risk for the economy from maintaining extraordinarily high
level of policy stimulus however has also got to be considered,
added the study.

To head off the threat of overheating, policymakers should
consider macroeconomic tightening measures, such as reining in
lending and raising the actual cost of funds.  They should also
allow the exchange rate to return to the path of gradual
appreciation seen between July 2005 and mid-2008.

Further, PRC needs to continue addressing structural issues in its
economy to enable it to move away from excessive dependence on
investments and exports.  Such adjustments will allow the economy
to move up the value chain and become more resilient in the face
of future global shocks, the study said.


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


ASTRAKHAN INVESTMENT: Yan and Haughey Step Down as Liquidators
--------------------------------------------------------------
Lai Kar Yan (Derek) And Darack E. Haughey stepped down as
liquidators of Astrakhan Investment Limited on December 30, 2009.


BOSTON SEADOG: Members' Final Meeting Set for February 8
--------------------------------------------------------
Members of Boston Seadog Co. Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
February 8, 2010, at 11:00 a.m., at 31/F, Gloucester Tower, The
Landmark, 11 Pedder Street, Central, in Hong Kong.

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


CHINA ECO-HOTEL: Chen and Wong Step Down as Liquidators
-------------------------------------------------------
Chen Yung Ngai Kenneth and Wong Tak Man Stephen stepped down as
liquidators of China Eco-Hotel Investment Limited on January 8,
2010.


CHINA ECONOMICS: Linus Cheung Wing Lam Steps Down as Liquidator
---------------------------------------------------------------
Linus Cheung Wing Lam stepped down as liquidator of China
Economics Award International Foundation Company Limited on
January 8, 2010.


CHOSUN INTERNATIONAL: Members' Final Meeting Set for February 9
---------------------------------------------------------------
Members of Chosun International (H.K.) Toys Limited, which is in
members' voluntary liquidation, will hold their final general
meeting on February 9, 2010, at 11:00 a.m., at Jeil Building 168-
26, Sam-Sung-Dong, Kang Nam-Ku, Seoul, in Korea.

At the meeting, Kim Taek Joong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


DBS ASIA: Lam and Toohey Step Down as Liquidators
-------------------------------------------------
Rainier Hok Chung Lam and John James Toohey stepped down as
liquidators of DBS Asia Limited on December 14, 2009.


FLOWERCENTER LIMITED: Members' Final Meeting Set for February 12
----------------------------------------------------------------
Shareholders of Flowercenter Limited, which is in members'
voluntary liquidation, will hold their final meeting on Feb. 12,
2010, at 10:00 a.m., at Unit 3, 20th Floor, Golden Centre, 188 Des
Voeux Road Central, in Hong Kong.

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


GRAPHIC PACKAGING: Chen and Wong Step Down as Liquidators
---------------------------------------------------------
Chen Yung Ngai Kenneth and Wong Tak Man Stephen stepped down as
liquidators of Graphic Packaging International Asia Pacific
Limited on January 8, 2010.


HKC INSURANCE: Commences Wind-Up Proceedings
--------------------------------------------
Members of HKC Insurance Company Limited, on December 30, 2009,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidators are:

         Alison Wong Lee Fung Ying
         Wong Kwok Man
         Nexxus Building, 6th Floor
         41 Connaught Road
         Central, Hong Kong


KLA-TENCOR MIE: Commences Wind-Up Proceedings
---------------------------------------------
Members of Kla-Tencor Mie Limited, on December 31, 2009, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

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


MAINSTAR ELECTRICAL: Annual Meetings Set for February 10
--------------------------------------------------------
Creditors and members of Mainstar Electrical Company Limited will
hold their annual meetings on February 10, 2010, at 10:00 a.m.,
and 10:30 a.m., respectively at Room 103 of Duke of Windsor Social
Service Building located at 15 Hennessy Road, Wanchai, in Hong
Kong.

At the meeting, Frank Yuen Tsz Chun, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MICRO INKS: Members' Final Meeting Set for February 10
------------------------------------------------------
Members of Micro Inks (Hong Kong) Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
February 10, 2010, at 10:00 a.m., at 1st Floor conference room,
Bilakhia House, Muktanand Marg, Chala, Vapi-396191, Gujarat, in
India.

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


NICHE ASSET: Creditors' Proofs of Debt Due January 29
-----------------------------------------------------
Creditors of Niche Asset Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by January 29, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 28, 2009.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


PROFIT HOME: Commences Wind-Up Proceedings
------------------------------------------
Members of Profit Home Limited, on December 28, 2009, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Chok-man Yik
         Manulife Tower, 15th Floor
         169 Electric Road
         North Point, Hong Kong


ROLFE & NOLAN: Tang and Wong Step Down as Liquidators
-----------------------------------------------------
Alan Chung Wah Tang and Wong Kwok Man stepped down as liquidators
of Rolfe & Nolan (Hong Kong) Limited on December 28, 2009.


SEA WAVE: Meetings for Members and Creditors Set for February 9
---------------------------------------------------------------
Members and creditors of Sea Wave International Limited will hold
their final general meetings on February 9, 2010, at 2:00 p.m.,
and 2:30 p.m., respectively at Room 1501, 397 Hennessy Road, in
HK.

At the meeting, Chan Chi Ho and Lau Wai Fung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SKY RISE: Meetings for Members and Creditors Set for February 8
---------------------------------------------------------------
Creditors and members of The Sky Rise Industries Limited will hold
their annual meetings on February 8, 2010, at 10:00 a.m., and
10:30 a.m., respectively at Room 103 of Duke of Windsor Social
Service Building located at 15 Hennessy Road, Wanchai, in Hong
Kong.

At the meeting, Frank Yuen Tsz Chun, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TAIKOO AVIATION: Creditors' Proofs of Debt Due January 28
---------------------------------------------------------
Creditors of Taikoo Aviation Technologies Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by January 28, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on December 28, 2009.

The company's liquidators are:

         James Edward Hughes-Hallett
         William Edward James Barrington
         Two Pacific Place, 35th Floor
         88 Qeensway, Hong Kong


TALYBOUT LIMITED: Seng and Yee Step Down as Liquidators
-------------------------------------------------------
Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee stepped down as
liquidators of Talybout Limited on December 31, 2009.


TOP FULL: Tang and Wong Step Down as Liquidators
------------------------------------------------
Alan Chung Wah Tang and Wong Kwok Man stepped down as liquidators
of Top Full Limited on December 28, 2009.


WHITNEY GROUP: Meetings for Members and Creditors Set for Feb. 9
----------------------------------------------------------------
Members and creditors of The Whitney Group (Asia) Limited will
hold their meetings on February 9, 2010, at 10:00 a.m., and 11:00
a.m., respectively at 5th Floor, Ho Lee Commercial Building, 38-44
D'Aguilar Street, Central, in Hong Kong.

At the meeting, Frank Yuen Tsz Chun, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


WORLDLINK MEDICAL: Members' Final Meeting Set for February 10
-------------------------------------------------------------
Members of Worldlink Medical System Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
February 10, 2010, at 10:00 a.m., at 13/F, Pico Tower, 66
Gloucester Road, Wanchai, in Hong Kong.

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


* HONG KONG: 2009 Bankruptcy Petitions Rise to 15,784
-----------------------------------------------------
The number of bankruptcy petitions in Hong Kong fell to 907 in
December from 1,005 in November, Bloomberg News reports citing the
Official Receiver's Office.

Bankruptcy petitions last year rose to 15,784 from 11,620 a year
earlier, the report notes.


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HESTER BIOSCIENCES: CRISIL Lifts Ratings on Various Debts to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on Hester Biosciences Ltd's cash
credit and term loan facilities to 'B+/Stable' from 'C' and 'D',
respectively.

   Facilities                           Ratings
   ----------                           -------
   INR35 Million Proposed Long-Term     B+/Stable (Assigned)
                 Bank Loan Facility

   INR90 Million Cash Credit Limit      B+/Stable (Upgraded from
    (Enhanced from INR75 Million)                  'C')

   INR100 Million Term Loan             B+/Stable (Upgraded from
     (Reduced from INR150 Million)                 'D')

   INR2 Million Letter of Credit        P4 (Reaffirmed)

The upgrade reflects the fact that Hester has been servicing its
debt obligations in a timely manner over the past one year.  The
upgrade also reflects Hester's stable cash accruals and
improvement in capital structure, and CRISIL's belief that Hester
will rely only on internal cash flows for funding its debt
obligations and incremental working capital requirements.  CRISIL
has also assigned its rating of 'B+/Stable' to Hester's proposed
long-term facility, while reaffirming the rating on the company's
letter of credit facility at 'P4'.

The ratings also reflect Hester's large working capital
requirements, and exposure to risks inherent in the poultry
industry.  These weaknesses are partially offset by Hester's
established market position, and healthy financial risk profile.

Outlook: Stable

CRISIL believes that Hester will continue to generate healthy cash
accruals, on the back of steady revenue growth and a strong market
position, over the medium term.  The outlook may be revised to
'Positive' if Hester improves its working capital management,
while maintaining its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
Hester's operational performance, as that would adversely affect
its margins, or if the company undertakes a large, debt-funded
capital expenditure programme, thereby adversely affecting its
capital structure.

                     About Hester Biosciences

Incorporated in 1987 as a private limited company, Hester was
converted into a public limited company, Hester Pharmaceuticals
Limited, in 1993.  It started with the marketing and distribution
of veterinary and pharmaceutical products, and in 1997 ventured
into the manufacture of poultry vaccines.  The company's name was
changed to Hester Biosciences Ltd in 2008.  Its plant, situated in
the Mehsana district of Gujarat, has an installed capacity of 4800
million doses (increased from 1200 million doses in 2007 post
commissioning of its greenfield plant) and has the facility to
produce 11 types of live and 28 type of killed (inactivated)
poultry vaccines.  The company has also set up its own research
and development facility.

For 2008-09 (refers to financial year, April 1 to March 31),
Hester reported a profit after tax (PAT) of INR47 million on net
sales of INR302 million, against a PAT of INR70 million on net
sales of INR326 million for 2007-08. For the half year ended
September 30, 2009, the company reported a PAT of INR39 million on
net sales of INR186 million, against a PAT of INR30 million on net
sales of INR150 million in the corresponding period of the
previous year.


NEOSA ELECTRONICS: Low Net Worth Prompts CRISIL 'BB' Rating
-----------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the cash credit
facility of Neosa Electronics Pvt Ltd, which is part of the
Panorama group.

   Facilities                       Ratings
   ----------                       -------
   INR110 Million Cash Credit       BB/Stable (Assigned)

The rating reflects the Panorama group's weak financial risk
profile, marked by low net worth and weak debt protection
measures, and the group's large working capital requirements.
These rating weaknesses are partially offset by the group's strong
track record in the business of distribution of consumer
electronic products in West Bengal.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NEPL, Charchco Electronics Pvt Ltd
(CEPL), and Panorama Electronics Pvt Ltd.  This is because the
three companies, collectively referred to as the Panorama group,
are under the same management and in the same line of business.
Moreover, CEPL has extended corporate guarantee to NEPL's
borrowings; and PEPL owns around 90 per cent of CEPL.

Outlook: Stable

CRISIL believes that the Panorama group will maintain its business
risk profile, backed by its healthy relationship with suppliers
and strong distribution network, over the medium term.  The
group's financial risk profile is, however, expected to remain
constrained with high gearing and weak debt protection indicators.
The outlook may be revised to 'Positive' if the group reports high
growth in its turnover, while maintaining its profitability.
Conversely, the outlook may be revised to 'Negative' if the
group's sales decline sharply, or its financial risk profile
deteriorates further because of large fresh borrowings.

                          About the Group

NEPL was set up in 1986 as a dealer of Philips Electronics Ltd, by
Mr. Balaram Chowdhury.  In 1995, the company also became a dealer
of Sony India (Pvt) Limited.  Currently, NEPL has dealership of
Sony India, Whirlpool India Ltd, Pioneer India Electronics Pvt
Ltd, and PEPL.  The company has five warehouses and 10 service
centers across West Bengal.

CEPL (formerly, Charchco Mechanicals and Engineering Pvt Ltd) was
set up by Mr. Shyama Prasad Chatterjee.  The company is a
distributor of Panasonic Sales and Services Pvt Ltd, LG
Electronics India Pvt Ltd and Samsung Electronics India Ltd.

PEPL launched its own brand of televisions in 1983; it launched
colour televisions in 1986.  Currently, the company manufactures
liquid crystal display television (LCD TV), home theatre, audio
systems, and digital photo frames.  It caters to markets in West
Bengal.

The Panorama group reported a profit after tax (PAT) of INR3.3
million on net sales of INR1038 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR3.9
million on net sales of INR663 million for 2007-08.


PRINCE ALLOYS: CRISIL Reaffirms 'BB' Rating on INR3.6 Mil. LT Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Prince Alloys Pvt Ltd,
a Prince group entity, continue to reflect the group's below-
average financial risk profile marked by high gearing and weak
debt protection metrics, and its susceptibility to volatility in
raw material prices and cyclicality in the steel industry.  These
rating weaknesses are partially offset by the industry experience
of the group's promoters and the group's partially integrated
operations.

   Facilities                             Ratings
   ----------                             -------
   INR3.6 Million Long Term Loan          BB/Stable (Reaffirmed)
   INR50.0 Million Cash Credit limit      BB/Stable (Reaffirmed)
   INR10.0 Million Letter of Credit       P4+ (Reaffirmed)
   INR8.2 Million Bank Guarantee          P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Prince Alloys, and its group companies
Prince Rollings Pvt Ltd, Prince TMT Steels Pvt Ltd, and Prince
Roller Flour Mills Pvt Ltd.  This is because all the entities,
collectively referred to as the Prince group, are under common
promoters and management, and have intra-group financial linkages,
including fungible funds.

Outlook: Stable

CRISIL believes that the Prince group will continue to benefit
from its established market position and strong track, over the
medium term.  The outlook may be revised to 'Positive' in case of
a significant improvement in the group's financial risk profile,
on the back of improved gearing and margins.  Conversely, the
outlook may be revised to 'Negative' if the Prince group's margins
and cash flows decline, or if its capital structure deteriorates,
most likely because of large borrowing for capital expenditure or
acquisitions.

                         About the Group

The Prince group is based in Kerala. Prince TMT manufactures
thermo-mechanically treated (TMT) bars, and trades in mild steel
(MS) rounds; Prince Alloys and Prince Rollings produce MS ingots;
and Prince Mills manufactures wheat flour and trades in raw wheat.

For 2008-09 (refers to financial year, April 1 to March 31), the
Prince group reported a profit after tax (PAT) of INR15.5 million
on a turnover of INR1.70 billion, against a PAT of INR36.4 million
on a turnover of INR1.47 billion for the previous year.

Prince Alloys has installed capacity to produce around 22,000
tonnes per annum of MS ingots.  For 2008-09, the company reported
a PAT of INR3.22 million on a turnover of INR457.5 million,
against a PAT of INR2.89 million on a turnover of INR391.4 million
for the previous year.


PRINCE ROLLER: CRISIL Reaffirms 'BB' Rating on INR70MM Cash Credit
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Prince Roller Flour
Mills Pvt Ltd, a Prince group entity, continues to reflect the
group's below-average financial risk profile marked by high
gearing and weak debt protection metrics, and its susceptibility
to volatility in raw material prices and the commodity nature of
its products.  These rating weaknesses are partially offset by the
industry experience of the group's promoters.

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Cash Credit        BB/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Prince Flour, and its group companies
Prince TMT Steels Pvt Ltd, Prince Alloys Pvt Ltd, and Prince
Rollings Pvt Ltd.  This is because all these entities,
collectively referred to as the Prince group, are under common
promoters and management, and have intra-group financial linkages,
including fungible funds.

Outlook: Stable

CRISIL believes that the Prince group will continue to benefit
from its established market position and strong track record, over
the medium term.  The outlook may be revised to 'Positive' in case
of a significant improvement in the group's financial risk
profile, on the back of improved gearing and margins.  Conversely,
the outlook may be revised to 'Negative' if the Prince group's
margins and cash flows decline, or if its capital structure
deteriorates, most likely because of large borrowing for capital
expenditure or acquisitions.

                         About the Group

The Prince group is based in Kerala.  Prince TMT manufactures
thermo-mechanically treated (TMT) bars, and trades in mild steel
(MS) rounds; Prince Alloys and Prince Rollings produce MS ingots;
and Prince Mills manufactures wheat flour and trades in raw wheat.

For 2008-09 (refers to financial year, April 1 to March 31), the
Prince group reported a profit after tax (PAT) of INR15.5 million
on a turnover of INR1.70 billion, against a PAT of INR36.4 million
on a turnover of INR1.47 billion for the previous year.

Prince Flour, set up in 1989, is the oldest company in the Prince
group. The company manufactures wheat flour, sooji, atta, and bran
from raw wheat, and also trades in raw wheat. For 2008-09, Prince
Mills reported a PAT of INR1.9 million on a turnover of INR371
million, against a PAT of INR2.8 million on a turnover of INR344
million for the previous year.


PRINCE ROLLINGS: CRISIL Reaffirms 'BB' Rating on INR3.8MM LT Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Prince Rollings Pvt
Ltd, a Prince group entity, continue to reflect the group's below-
average financial risk profile marked by high gearing and weak
debt protection metrics, and its susceptibility to volatility in
raw material prices and cyclicality in the steel industry. These
rating weaknesses are partially offset by the industry experience
of the group's promoters and the group's partially integrated
operations.

   Facilities                        Ratings
   ----------                        -------
   INR3.8 Million Long Term Loan     BB/Stable (Reaffirmed)
   INR50 Million Cash Credit Limit   BB/Stable (Reaffirmed)
   INR10 Million Letter of Credit    P4+ (Reaffirmed)
   INR7.5 Million Bank Guarantee     P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Prince Rollings, and its group
companies Prince Alloys Pvt Ltd, Prince TMT Steels Pvt Ltd, and
Prince Roller Flour Mills Pvt Ltd.  This is because all the
entities, collectively referred to as the Prince group, are under
common promoters and management, and have intra-group financial
linkages, including fungible funds.

Outlook: Stable

CRISIL believes that the Prince group will continue to benefit
from its established market position and strong track, over the
medium term.  The outlook may be revised to 'Positive' in case of
a significant improvement in the group's financial risk profile,
on the back of improved gearing and margins.  Conversely, the
outlook may be revised to 'Negative' if the Prince group's margins
and cash flows decline, or if its capital structure deteriorates,
most likely because of large borrowing for capital expenditure or
acquisitions.

                          About the Group

The Prince group is based in Kerala.  Prince TMT manufactures
thermo-mechanically treated (TMT) bars, and trades in mild steel
(MS) rounds; Prince Alloys and Prince Rollings produce MS ingots;
and Prince Mills manufactures wheat flour and trades in raw wheat.

For 2008-09 (refers to financial year, April 1 to March 31), the
Prince group reported a profit after tax (PAT) of INR15.5 million
on a turnover of INR1.70 billion, against a PAT of INR36.4 million
on a turnover of INR1.47 billion for the previous year.

Prince Rollings has installed capacity to produce around 22,000
tonnes per annum (tpa) of MS ingots.  For 2008-09, Prince Rollings
reported a PAT of INR2.1 million on a turnover of INR440.7
million, against PAT of INR4.7 million on a turnover of INR380.2
million for the previous year.


PRINCE TMT: CRISIL Reaffirms 'BB+' Rating on INR3.9 Mil. LT Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Prince TMT Steels Pvt
Ltd, a Prince group entity, continue to reflect the group's below-
average financial risk profile marked by high gearing and weak
debt protection metrics, and its susceptibility to volatility in
raw material prices and cyclicality in the steel industry. These
rating weaknesses are partially offset by the industry experience
of the group's promoters and the group's partially integrated
operations.

   Facilities                        Ratings
   ----------                        -------
   INR3.9 Million Long-Term Loan     BB/Stable (Reaffirmed)
   INR90 Million Cash Credit         BB/Stable (Reaffirmed)
   INR20 Million Letter of Credit    P4+ (Reaffirmed)
   INR5 Million Bank Guarantee       P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Prince TMT, and its group companies
Prince Alloys Pvt Ltd, Prince Rollings Pvt Ltd, and Prince Roller
Flour Mills Pvt Ltd.  This is because all the entities,
collectively referred to as the Prince group, are under common
promoters and management, and have intra-group financial linkages,
including fungible funds.

Outlook: Stable

CRISIL believes that the Prince group will continue to benefit
from its established market position and strong track, over the
medium term.  The outlook may be revised to 'Positive' in case of
a significant improvement in the group's financial risk profile,
on the back of improved gearing and margins. Conversely, the
outlook may be revised to 'Negative' if the Prince group's margins
and cash flows decline, or if its capital structure deteriorates,
most likely because of large borrowing for capital expenditure or
acquisitions.

                         About the Group

The Prince group is based in Kerala. Prince TMT manufactures
thermo-mechanically treated (TMT) bars, and trades in mild steel
(MS) rounds; Prince Alloys and Prince Rollings produce MS ingots;
and Prince Mills manufactures wheat flour and trades in raw wheat.

For 2008-09 (refers to financial year, April 1 to March 31), the
Prince group reported a profit after tax (PAT) of INR15.5 million
on a turnover of INR1.70 billion, against a PAT of INR36.4 million
on a turnover of INR1.47 billion for the previous year.

Prince TMT has installed capacity to produce around 45,000 tonnes
per annum of TMT bars. For 2007-08, the company reported a PAT of
INR8 million on a turnover of INR1.62 billion, against a PAT of
INR26 million on a turnover of INR1.47 billion for the previous
year.


SAHARA INDIA: CRISIL Assigns 'B+' Rating on INR1.4 Bil. Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the term loan
facility of Sahara India Medical Institute Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR1400 Million Term Loan        B+/Stable (Assigned)

The rating reflects SIMIL's strained financial risk profile, and
dependence on parent company, Sahara Prime City Ltd, for meeting
maturing term loan obligations, and SIMIL's limited track record
in the tertiary healthcare segment.  These weaknesses are
partially offset by SIMIL's business risk profile supported by the
established Sahara brand and the experienced management of the
hospital.

Outlook: Stable

CRISIL believes that SIMIL's revenues from the new hospital will
increase over the near to medium term, backed by healthy growth in
the healthcare industry, and financial support from SPCL is
expected to continue (SPCL entirely owns the shareholding of
SIMIL).  The outlook may be revised to 'Positive' if SIMIL's
operating income and profitability increases substantially.
Conversely, the outlook may be revised to 'Negative' if the
company's gearing levels increase considerably because of large
debt, or if SPCL's credit risk profile deteriorates considerably.

                        About Sahara India

Set up in 1997, SIMIL is a wholly owned subsidiary of SPCL, the
real estate arm of the Sahara group.  SIMIL is setting up a multi-
speciality tertiary hospital, Sahara Hospital, in Lucknow (Uttar
Pradesh).  The first phase of this project is complete; the
hospital commenced operations with a capacity of 350 beds (of
which 195 beds are operational currently) in February 2009.  The
hospital provides specialised medical services in areas such as
neurology, orthopaedics, gynaecology, oncology, and cardiology.
SIMIL has also set up a nursing training college in Lucknow, with
capacity to train 40 nurses per annum.

SIMIL reported a net loss of INR4.8 million on net revenues of
INR11.8 million for 2008-09 (refers to financial year, April 1 to
March 31; SIMIL operational for only two months i.e. Feb,09 ?
March-09).


SHRI ADISHWAR: CRISIL Reaffirms 'B' Rating on INR17.4MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shri Adishwar Oils and
Fats Ltd continue to reflect Shri Adishwar's weak financial risk
profile marked by low net worth, high gearing and weak debt
protection measures, and its exposure to risks inherent in
commodity-related businesses. These weaknesses are partially
offset by Shri Adishwar's operational efficiencies, and its
promoters' industry experience.

   Facilities                             Ratings
   ----------                             -------
   INR134.9 Million Cash Credit Limits    B/Stable (Reaffirmed)
   INR17.4 Million Term Loan              B/Stable (Reaffirmed)
   INR3.5 Million Letter of Credit and    P4 (Reaffirmed)
                      Bank Guarantee

Outlook: Stable

CRISIL believes that Shri Adishwar will continue to benefit from
its promoters' experience, and its operational efficiency backed
moderately integrated operations. The outlook may be revised to
'Positive' if Shri Adishwar reports significant improvement in
profitability and gearing. Conversely, the outlook may be revised
to 'Negative' if the company undertakes a large, debt-funded
capital expenditure programme, adversely affecting its financial
risk profile.

                       About Shri Adishwar

Incorporated in 1991 as Shrishrimal Oils Pvt Ltd, Shri Adishwar
became a public limited company with its present name in 1993. The
company has a solvent extraction plant in Multai, District Betul
(Madhya Pradesh).  Shri Adishwar manufactures refined soya bean
oil from soya bean seeds, and also sells oil cakes, a solid
residue generated during the extraction process. The company has a
solvent extraction capacity of 60,000 tonnes per annum (tpa) and a
refining capacity of 18,000 tpa.

For 2008-09 (refers to financial year, April 1 to March 31), Shri
Adishwar reported a profit after tax (PAT) of INR7 million on net
sales of INR1204 million, against a PAT of INR8 million on net
sales of INR1030 million for 2007-08.


SHRI DNYANESHWAR: CRISIL Reaffirms 'BB+' on INR236MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Shri Dnyaneshwar
Sahakari Sakhar Karkhana Ltd continues to reflect SDSSK's moderate
financial risk profile marked by a highly leveraged capital
structure, because of distribution of profits and aggressive debt-
funded expansions, and its exposure to regulatory risks governing
the sugar industry.  These weaknesses are partially offset by the
benefits that SDSSK derives from its healthy operational
efficiencies supported by integrated nature of operations.

   Facilities                       Ratings
   ----------                       -------
   INR236 Million Term Loan         BB+/Stable (Reaffirmed)
   INR120 Million Cash Credit       BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SDSSK's financial risk profile to remain weak
over the medium term, owing to the society's policy of
distributing its profits to its members.  The outlook may be
revised to 'Positive' if the society's financial performance,
especially gearing, improves substantially.  Conversely, the
outlook may be revised to 'Negative' if the society undertakes a
large debt-funded capital expenditure programme, resulting in
deterioration in its financial risk profile.

Shri Dnyaneshwar Sahakari Sakhar Karkhana Ltd, incorporated in
1972, is a wholly integrated sugar manufacturer, with distillery
and co-generation facilities.  SDSSK, a cooperative society,
functions as a non-profit organization and distributes most its
profits to sugarcane farmers, after considering maturing debt
obligations.   The company's facilities in Ahmednagar include
capacity to crush 6000 tonnes of sugar per day, a distillery with
45 kilolitres per day capacity, and a 16-megawatt cogeneration
plant. The cooperative society, set up by the late Mr. Marutrao
Ghule, is currently managed by his sons, Mr. Chandrasekhar Ghule
and Mr. Narendra Ghule, along with an elected board of directors.

For 2008-09 (refers to financial year, April 1 to March 31), SDSSK
reported a profit after tax (PAT) of INR1.1 million on net sales
of INR2.33 billion, against a PAT of INR2.6 million on net sales
of INR1.58 billion for 2007-08.


SIDHI VINAYAK: CRISIL Reaffirms 'BB+' Rating on INR108.6MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Sidhi Vinayak Metcom Ltd
(SVML) continues to reflect SVML's marginal market share and
exposure to cyclicality in the steel industry, and the lack of
integration in its operations. These weaknesses are partially
offset by SVML's moderate business risk profile marked by
proximity to raw material and end-user industry.

   Facilities                             Ratings
   ----------                             -------
   INR66.4 Million Cash Credit Limits*    BB+/Stable (Reaffirmed)
   INR108.6 Million Term Loan             BB+/Stable (Reaffirmed)

   * Includes proposed limit of INR18.9 million.

Outlook: Stable

CRISIL believes that SVML will maintain its financial risk profile
over the medium term, on the back of moderate gearing and debt
protection measures.  The outlook may be revised to 'Positive' in
case of significant increase in SVML's revenues and profitability
or greater integration in its operations.  Conversely, the outlook
may be revised to 'Negative' in case of lower capacity
utilisation, leading to weak operating margin, or if the company
undertakes large debt-funded capital expenditure programmes,
leading to deterioration in its capital structure.

SVML was set up by Mr. Manoj Kumar Agrawal, Mr. Vijay Kumar
Mittal, Mr. Shivjee Singh, and Mr. Shankar Lal Agarwal in
Jamshedpur (Jharkhand) in 2004, SVML produces sponge iron; it has
two sponge iron kilns with a combined capacity of 60,000 tonnes
per annum.

SVML reported a profit after tax (PAT) of INR2 million on net
sales of INR501 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR4 million on net sales
of INR262 million for the previous year.


TATA MOTORS: Global Sales Jump 84% in December 2009
---------------------------------------------------
Tata Motors said Friday that global sales of its vehicles reached
74,707 units in December 2009, a growth of 84% over December 2008.
This comprised of Tata, Tata Daewoo and Hispano Carrocera range of
commercial vehicles, Tata passenger vehicles along with
distributed brands in India, and Jaguar and Land Rover.

Tata said cumulative sales for the period April to December 2009
stood at 595,766 units, higher by 9% compared to the corresponding
period in 2008-09.

Sales of all commercial vehicles were 37,326 nos. in December
2009, a growth of 137%.  Cumulative sales for the fiscal are
282,136 nos., a growth of 25%.

Sales of all passenger vehicles were 37,381 nos. in December 2009,
a growth of 51%.  Cumulative sales for the fiscal are 313,630
nos., lower by 2%.

Tata passenger vehicle sales, including those distributed, were
16,247 nos. for the month, a growth of 53%.  Cumulative sales for
the fiscal are 176,652 nos., a growth of 19%.

Jaguar Land Rover global sales in December 2009 were 21,134
vehicles, higher by 33%.  Jaguar sales for the month were 4,794,
higher by 5%, while Land Rover sales were 16,340, higher by 45%.
Cumulative sales of Jaguar Land Rover for the fiscal are 136,978
nos., lower by 26%.  Cumulative sales of Jaguar are 36,510 nos.,
lower by 33%, while cumulative sales of Land Rover are 100,468,
lower by 23%.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.  Both ratings
were removed from CreditWatch, where they were placed with
negative implications on December 18, 2009, and refreshed in
March 2009.

The TCR-AP reported on Oct. 26, 2009, that Standard & Poor's
Ratings Services assigned its 'B' rating to the US$375 million 5-
year 4% convertible notes issued by Tata Motors Ltd.
(B/Negative/--) on Oct. 15, 2009.


VAIDYANATH SAHAKARI: CRISIL Reaffirms 'BB+' Ratings
---------------------------------------------------
CRISIL's ratings on the bank facilities of Vaidyanath Sahakari
Sakhar Karkhana Ltd continue to reflect VSSK's weak financial risk
profile marked by high gearing and weak debt protection measures,
and the society's exposure to regulatory risks regarding the sugar
industry.  These weaknesses are partially offset by the benefits
that VSSK derives from its healthy operating efficiency supported
by the integrated nature of its operations.

   Facilities                         Ratings
   ----------                         -------
   INR661.1 Million Cash Credit       BB+/Stable (Reaffirmed)
   INR57.8 Million Long-Term Loan     BB+/Stable (Reaffirmed)
   INR360.4 Million Short-Term Loan   P4+ (Reaffirmed)
   INR17.3 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that VSSK's financial risk profile will remain
weak over the medium term, because of the society's policy of
distributing its profits to its members.  The outlook may be
revised to 'Positive' if the society's financial performance,
especially gearing, improves substantially. Conversely, the
outlook may be revised to 'Negative' if the society undertakes any
large debt-funded capital expenditure programme, resulting in
deterioration in its credit risk profile.

                        About the Society

VSSK, incorporated as a co-operative society in 1996, functions as
a non-profit organization and distributes most its profits to the
members (sugarcane farmers) after considering maturing debt
obligations.  The society has total cane crushing capacity of 6250
tonnes crushed per day (including the capacity of leased sugar
units), distillery capacity of 60 kilolitres per day, and captive
power plants with capacity of 8.5 megawatts.

The society is promoted by Mr. Gopinathrao Munde (former deputy
chief minister of Maharashtra).  The Government of Maharashtra has
invested INR160 million in preference shares of the society. The
equity capital is held primarily by 8604 producer members.

VSSK reported a profit after tax (PAT) of INR68 million on net
sales of INR2.4 billion for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR82 million on net sales
of INR1.6 billion for 2007-08.


VEERAPANDI COMMON: CRISIL Reaffirms 'C' Rating on INR579.6MM Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facility of Veerapandi Common Effluent
Treatment Plant Ltd continue to reflect VCETP's recent delays in
repayment of interest on term loans and re-schedulement of term
loans in 2008-09 (refers to financial year, April 1 to March 31),
and high dependence of the company on performance of member-dyeing
units for revenue.  These rating weaknesses are, however, partly
offset by the fact that VCETP is among the largest common effluent
treatment plants (CETPs) in Tirupur.

   Facilities                         Ratings
   ----------                         -------
   INR579.6 Million Long Term Loan    C (Reaffirmed)

Veerapandi Common Effluent Treatment Plant Ltd was formed in 1999
by 72 dyeing units (members) for effluent treatment discharged by
member units.  Until 2006, primary treatment of effluents was
taken up by the CETP.  However, with a revision in norms by Tamil
Nadu Pollution Control Board for treating total dissolved solid
(TDS), it has begun the process of setting-up a zero liquid
discharge, reverse osmosis (ZLD RO) plant that will separate the
salt and water from the effluent treated. The total project cost
is INR750 million which is debt-funded to the extent of around 77
per cent.  The balance portion of equity is brought in by member
units in proportion of their ownership. The project is 100 per
cent complete but it cannot be commissioned till the approval from
Tamil Nadu Pollution Control Board is obtained.

For 2008-09, VCETP reported a net loss of INR49.31 million on net
sales of INR96.27 million, as against a profit after tax of
INR4.69 million on net sales of INR24.43 million for 2007-08.


WEBFIL LIMITED: Weak Liquidity Prompts CRISIL 'C' Ratings
---------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to Webfil Ltd's bank
facilities.

   Facilities                       Ratings
   ----------                       -------
   INR33.80 Million Cash Credit*    C (Assigned)
   INR54 Million Letter of Credit   P4 (Assigned)
   INR49 Million Bank Guarantee     P4 (Assigned)

   * Includes sub limit of Packing Credit of INR3 Million.

The ratings reflect Webfil's poor track record of servicing its
debt (only to government and its promoters); this is because of
the company's weak liquidity.  The ratings also reflect Webfil's
weak financial risk profile, exposure to customer and product
concentration risks, and the limited growth prospects for its
filament business.

Webfil (formerly, known as West Bengal Filaments and Lamps Ltd)
was set up in 1979 as a joint venture between West Bengal
Industrial Development Corporation Ltd (a Government of West
Bengal undertaking) and group companies of Andrew Yule & Company
Ltd (AYCL, a Government of India Enterprise).  WBIDCL owns 49.46
per cent stake in Webfil. Webfil manufactures multiplexers for
Indian Railways and tungsten filament for incandescent lamps.  Its
manufacturing unit is located in Gayeshpur (West Bengal).  Because
of its weak financial performance, marked by continuing incurrence
of losses, Webfil's net worth was completely eroded in 1998, and
the company was referred to The Board for Industrial and Financial
Reconstruction (BIFR).  The company is still under the preview of
BIFR. Webfil expects to come out of BIFR soon; however, final
decision of BIFR is still pending.

Webfil reported a profit after tax (PAT) of INR1.86 million on net
sales of INR210.9 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.5 million on net sales
of INR186.4 million for 2007-08.


* India Set for Solid Recovery in 2010, ADB Study Shows
-------------------------------------------------------
India's economy is poised for a solid recovery in 2010 as the
global financial crisis fades, but policymakers need to address
inflation and the widening fiscal deficit to buffer it against the
impact of future global shocks, said a new study commissioned by
the Asian Development Bank (ADB).

The study, Impact and Policy Responses - India, said that the
Indian economy has emerged from the crisis relatively unscathed
and quickly regained growth momentum, thanks to its own stimulus
actions, past reforms, banks' limited exposure to troubled parts
of the global financial system, as well as India's robust domestic
consumption.

The study, prepared by the Centennial Group International, noted
that India's gross domestic product in the third quarter of 2009
grew a robust 7.9% from the year earlier, and consumer confidence
also rose strongly, while indicators such as the OECD Lead
Indicator on growth and the Dun and Bradstreet Business Optimism
Index for India have been trending up.

The study is part of a series of reports that are being discussed
at a two-day regional forum, "Impact of the Global Economic and
Financial Crisis", organized by ADB, and being held at ADB
headquarters in Manila on January 14 to January 15.  Top officials
including policymakers, finance ministers, heads of central banks,
business leaders and development experts from nearly 20 countries
from developing Asia are taking part in the forum.

Offsetting these positive developments were signs of an increase
in inflation and a worsening trade deficit in the latter part of
2009. In addition, the nature and extent of the global recovery
remained fragile and uncertain, with developed markets such as the
US and Europe yet to show evidence of a sustainable and private
sector-led economic turnaround.

The study said that India was fortunate the crisis was not
protracted, which would have tested the government's ability to
continue fiscal stimulus measures for a long period, and
potentially compromised its efforts to boost the economy.

Moving forward, India will have to try and improve its fiscal
position through more disciplined fiscal management, said the
study.

"Subsidies need to be streamlined or replaced by more targeted
measures and a new fiscal management framework should rectify
shortcomings of the Fiscal Responsibility and Budget Management
Act (FRMBA) of 2003," noted the study.

To build greater resilience to withstand future crisis, India will
also need to provide fast acting social 'stabilizers' to help poor
communities.  This could include quick support for workers laid
off as a result of a recession.  On the monetary policy front,
policymakers should make the consumer price index the primary
indicator of inflation, instead of the current two-tier
measurement system, which leads to inconsistencies and confusion.

In other parts of South Asia, the study recommends wide-ranging
measures to shore up the resilience of economies' such as
expanding the diversity of exports, reducing fiscal and current
account deficits, cutting banks' bad loans, and lowering
dependence on imported oil.


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


ARPENI PRATAMA: Fitch Downgrades Issuer Default Ratings to 'C'
--------------------------------------------------------------
Fitch Ratings has downgraded PT Arpeni Pratama Ocean Line Tbk's
Long-term foreign and local currency Issuer Default Ratings to 'C'
from 'CCC', and its National Long-term rating to 'C(idn)' from
'B+(idn)'.  The rating on Arpeni's US$ senior unsecured notes due
2013 has also been downgraded to 'C' from 'CC '.  The Recovery
Rating of the US$ notes has been lowered to 'RR6' from 'RR5'.
Fitch has removed the ratings from Rating Watch Negative.  The
agency is not providing a Rating Outlook due to the high level of
credit risk inherent in a 'C' IDR.

These rating actions follow the publication of Arpeni's financial
statements for the nine-month period to end-September 2009, which
showed a significantly weakened balance sheet and liquidity,
despite a marginal improvement in EBITDA.  Fitch believes that
Arpeni's dismal liquidity and weaker-than-expected operating cash
generation are likely to result in a debt restructuring that may
constitute a Coercive Debt Exchange under Fitch's CDE criteria.

Arpeni's indebtedness increased driven by liabilities relating to
derivatives, which rose to IDR606 billion at 30 September 2009
versus IDR194 billion at 30 June 2009.  At the same time, Arpeni's
unrestricted cash balances fell to around US$12 million from
US$70 million.  In Q309, the company provided US$30m of its cash
reserves as collateral for loans of related parties, which Fitch
notes raises questions on corporate governance.  Moreover, working
capital facilities due December 2009 and January 2010, which are
typically rolled-over for one year, have been rolled-over for only
three months.

The company's accounts receivable still remain high with a balance
of IDR1,214 billion at September 2009 (IDR1,425 billion a quarter
earlier).  Fitch notes that the age profile of receivables has
deteriorated sharply, with more than 50% of the receivables due
for more than 90 days (and over a quarter due more than 180 days)
at September 2009, compared to 4% at December 2008.  As such, the
adequacy of the IDR51bn provision made in Q309 remains
questionable.

As highlighted by Fitch in 2009, Arpeni does not comply with
financial covenants on its debt obligations.  As per management,
Arpeni has, to date, not received any notice of default from its
lenders for breach of financial covenants.  However, the agency
notes the situation with concern, given the cross default
provisions attached to many of Arpeni's debt obligations and its
current weak liquidity.  Several derivative contracts were unwound
in December 2009, resulting in the crystallization of a liability
of US$33m.  At the same time, Arpeni is in discussions with its
secured bank lenders for a standstill on principal payments until
end-March 2010.

Arpeni's management is of the view that recovery of accounts
receivables and a recapitalization exercise by end-March 2010 can
help the company avert a debt restructuring.  However, given the
challenges highlighted above, Fitch believes that the likelihood
of a debt restructuring is imminent.

The recovery rating on the US$ notes has been lowered to 'RR6' to
recognize the lower recovery prospects for noteholders in the
event of a default given higher liabilities stemming from
derivatives, and the weaker quality of its accounts receivables.


* INDONESIA: Gov't. Expect to Cut Losing State Firms to 10
----------------------------------------------------------
Antara News reports that State Enterprises Minister Mustafa
Abubakar said the government aims to reduce the number of state
firms suffering losses to 10 in 2010 from 20 the previous year
worth totally around IDR143.8 billion compared to IDR1.17
trillion.

"Reducing the number of state firms suffering losses is not
ambitious but realistic target," the news agency quoted Mustafa as
as saying.

Mustafa told Antara News that the State Enterprises Ministry will
go ahead with its program of corporate restructuring, regrouping,
merger and acquisition as part of efforts to improve the state
firms' performance.

Among the state firms that still suffer losses are PT Djakarta
Lloyd, PT Industri Sandang, PT Survei Udara Penas, Perum Produksi
Film Negara (PFN), and PT Pradnya Paramitra, the report notes.
Three state firms, however, managed to make profit last year after
suffering losses for years, Mustafa said.


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


CAFES 4: Moody's Reviews Ratings on Various Certificates
--------------------------------------------------------
Moody's Investors Service has placed the ratings for the Class A
through D and X trust certificates issued by Cafes 4 on review for
possible downgrade.  The final maturity of the trust certificates
will take place in November 2011.

The individual rating actions are listed below.

  -- Class A, Review for Possible Downgrade; previously,
     Downgraded to Aa2 from Aaa on June 24, 2009

  -- Class B, Review for Possible Downgrade; previously,
     Downgraded to A3 from Aa2 on June 24, 2009

  -- Class C, Review for Possible Downgrade; previously,
     Downgraded to Baa3 from A2 on June 24, 2009

  -- Class D, Review for Possible Downgrade; previously,
     Downgraded to B1 from Baa2 on June 24, 2009

  -- Class X, Review for Possible Downgrade; previously,
     Downgraded to Aa2 from Aaa on June 24, 2009

  -- Cafes 4, effected in July 2008, represents the securitization
     of a non-recourse loan and cash.

In light of Japan's current liquidity crisis, Moody's is concerned
that refinancing possibilities for existing CMBS borrowers are
declining significantly, and that real estate prices will remain
stressed.

Moody's had applied higher stress to its recovery assumptions for
those loans that are more likely to default than in normal market
conditions for the rating actions conducted in June/July 2009.

The previous rating actions reflected Moody's concern about the
likelihood of collateral recovery, based on recovery stress at 25%
on the loan (regarded as having a high likelihood of default).

The underlying property is an office/retail building in a central
Tokyo area.  Moody's received the most recent PM report from the
servicer to confirm relevant information on the property, such as
actual rents and occupancy status.

Present cash flow from the property is under stress because the
asset manager's operational policy has resulted in some tenants'
eviction from the property and the latest occupancy rate is lower
than Moody's expectation at the time of the previous rating
actions.

In its review, Moody's will factor in its growing concerns over
expected further recovery stress on the disposition price because
the fundamental profitability of the underlying property -- after
the time of its default -- is deteriorating further than assumed
in the previous rating actions.

Moody's will conduct hearings with the special servicer about its
strategies and prospects for collateral recovery.  It will receive
the newest appraisal report from the servicer.  It will examine
issues such as the recovery schedule and amount from the property.

All these factors will be considered to decide whether to confirm
or downgrade all classes.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


FUJI HEAVY: Files JPY35 Bil. Suit Against Japanese Gov't.
---------------------------------------------------------
Fuji Heavy Industries Ltd. has filed a lawsuit against the
Japanese government seeking to recover JPY35 billion in expenses
related to the manufacture of the U.S.-designed Apache attack
helicopter, The Japan Times reports.

According to the report, company spokesman Fusao Watanabe said
Fuji Heavy wants compensation from the Defense Ministry for
license fees it paid to Boeing Co. for AH-64D helicopters.  The
ministry, which agreed to buy 62 helicopters, only placed orders
for 10, Mr. Watanabe said.

As reported in the Troubled Company Reporter-Asia Pacific on
May 12, 2009, Bloomberg said Fuji Heavy Industries Ltd. expects to
record its second straight annual loss of JPY55 billion (US$554
million) in the year ending March 2010.  The company posted a net
loss of JPY69.93 billion in the fiscal year ended March 31, 2009.

                         About Fuji Heavy

Based in Tokyo, Japan, Fuji Heavy Industries Ltd. (TYO:7270) --
http://www.fhi.co.jp/english/-- is a global manufacturer of
transportation and aerospace-related products and the maker of
Subaru automobiles.  It has four business divisions.  The main
products of the Automobiles division include Legacy, Impreza,
Forester, Tribeca, Stella, R1, R2, Pleo and Sabmer.  Its Subaru
automotive business manufactures, repairs and sells minicars,
small cars, passenger cars and their components.  Through the
Aerospace division, FHI is engaged in the manufacture, repair and
sales of airplanes, aerospace-related machinery and their
components.  The Industrial Products division is engaged in the
manufacture, repair and sales of power generators, engine-equipped
machinery, Robin engines, pumps, agricultural machinery,
construction machinery and other machine tools.  The Other
division manufactures, sells, repairs and services sweeper and
eco-related machinery, garbage collection vehicles and specialized
vehicles.  The Other division is also engaged in real estate
leasing.

                           *     *     *

As of December 21, 2009, Fuji Heavy Industries Ltd. continues to
carry Mikuni Credit Ratings 'BB' mortgage debt and senior debt
ratings.


JAPAN AIRLINES: DBJ, Key Creditors Accept Court-Back Rehab Plan
---------------------------------------------------------------
The state-owned Development Bank of Japan and other key creditor
banks of Japan Airlines Corp. have officially decided to accept a
court-backed rehabilitation plan being drawn up for the struggling
carrier, Kyodo News reports citing unnamed sources.

Kyodo relates that with the effective go-ahead from the previously
reluctant commercial creditor banks, the Enterprise Turnaround
Initiative Corp. of Japan may announce its turnaround plan for JAL
Tuesday, when the carrier will also file for bankruptcy protection
under the Corporate Rehabilitation Law.  JAL's delisting is also
expected soon afterward, Kyodo notes.

                          COO Appointment

Kyodo News, citing sources, reports that ETIC is considering
appointing the president of Japan Air Commuter Co., a subsidiary
of JAL as the struggling airline's new chief operating officer.

According to Kyodo, the government-backed turnaround body and JAL
have shortlisted Masaru Onishi and several other candidates to be
second-in-command to Kyocera Corp. founder Kazuo Inamori, who has
agreed to become the next chief executive officer.

Shigemi Kurusu, president of subsidiary JAL Express, is also
believed to be in the running, Kyodo adds.

              No Decision Yet on Delta, AMR Alliance

Chris Cooper and Mary Schlangenstein at Bloomberg News report that
Japan Airlines said it hasn't decided on alliance proposals from
Delta Air Lines Inc. or AMR Corp.'s American Airlines as it moves
toward a probable filing for bankruptcy restructuring.

Sze Hunn Yap, the JAL's spokeswoman, told Bloomberg "We haven't
reached a decision."  Ms. Yap's comment comes after the Yomiuri
Newspaper reported on Saturday that the company and Delta Air
reached a basic agreement on a tie-up covering code-sharing
services, Bloomberg relates.

As reported in the Troubled Company Reporter-Asia Pacific on
January 8, 2010, Mariko Sanchanta at The Wall Street Journal said
AMR Corp.'s American Airlines has increased its investment offer
into Japan Airlines by US$300 million to US$1.4 billion.

On December 17, 2009, the TCR-AP, citing The Wall Street Journal's
Mariko Sanchanta and Dow Jones Newswires' Doug Cameron, reported
that American Airlines said it may increase a proposed capital
investment in Japan Airlines and draw on financial support from
other members of their Oneworld alliance.

According to the report, Gerard Arpey, chairman and chief
executive of American parent AMR Corp., also offered to make JAL
the airline's "exclusive partner" in the region, as it intensified
efforts to fend off a rival offer from Delta Air Lines Inc.

Early in December, AMR said it could inject $1.1 billion into JAL
with its partner TPG Inc., the private-equity group, and support
from members of its Oneworld alliance.  According to the Journal,
the pledged support had previously been in the form of logistical
and management help for JAL, but Mr. Arpey hinted the partners
could also provide capital.

Delta and its partners in the rival SkyTeam alliance have said
they may revise their proposal to inject $500 million into JAL and
provide a $200 million loan and a $300 million revenue guarantee.
Delta hasn't said whether other SkyTeam members would inject funds
into JAL.  The Journal said Richard Anderson, Delta's CEO, met
with Seiji Maehara, Japan's Minister of Land, Infrastructure,
Transport and Tourism, early in December to explain his company's
proposal in more detail.

The Oneworld alliance includes British Airways, Qantas, Cathay
Pacific, Iberia, LAN, Finnair and Mexicana.

                         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 holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 4, 2009, Standard & Poor's Ratings Services lowered to
'SD' (selective default) from 'CC' its long-term corporate credit
ratings on Japan Airlines Corp. and Japan Airlines International
Co. Ltd., its wholly owned subsidiary, and removed the ratings
from CreditWatch.  At the same time, Standard & Poor's maintained
its senior unsecured debt ratings on both companies at 'CCC' and
kept the ratings on CreditWatch with developing implications.  On
Sept. 18, 2009, S&P placed the corporate credit and senior
unsecured debt ratings on both companies on CreditWatch with
negative implications and maintained the CreditWatch status on
Oct. 16, 2009, and Nov. 4, 2009.  On Nov. 13, 2009, S&P maintained
its CreditWatch status on the corporate ratings on both companies
and revised to developing its CreditWatch status on the senior
unsecured debt ratings.

The TCR-AP reported on Nov. 3, 2009, that Moody's Investors
Service downgraded the long-term debt rating and issuer rating of
Japan Airlines International Co., Ltd. to Caa1 from B1, and will
continue to review both ratings for further possible downgrade.


JAPAN AIRLINES: ETIC Announces Present Strategy of Support Plan
---------------------------------------------------------------
The Enterprise Turnaround Initiative Corp. (ETIC) announced on
January 13 their present strategy of support plan for Japan
Airlines Corp.

The ETIC, a quasi sovereign turnaround fund, said it is in process
of forming a business revitalization plan to support Japan
Airlines, in which ETIC intend to ensure all of its business
operations on and off the grounds to be performed smoothly without
any interruption as usual with sufficient amount of capital.
The business revitalization plan, among other things, will
include:

   * All the credits related to the regular business are to be
     protected. i.e.) No change is to take place in the payments
     related with these credits.

   * No influence over the usage of the flight tickets.
     i.e.) All the flight tickets are to be used as usual
     including changes, refunds and etc.

   * The leasing fees under the Aircraft Leasing agreements are
     to be paid as usual.

   * No changes on "frequent flyer mileage".  i.e.) It can be
     used as usual.

   * Flight coupons issued for the shareholders are valid until
     the original maturity dates.

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 4, 2009, Standard & Poor's Ratings Services lowered to
'SD' (selective default) from 'CC' its long-term corporate credit
ratings on Japan Airlines Corp. and Japan Airlines International
Co. Ltd., its wholly owned subsidiary, and removed the ratings
from CreditWatch.  At the same time, Standard & Poor's maintained
its senior unsecured debt ratings on both companies at 'CCC' and
kept the ratings on CreditWatch with developing implications.  On
Sept. 18, 2009, S&P placed the corporate credit and senior
unsecured debt ratings on both companies on CreditWatch with
negative implications and maintained the CreditWatch status on
Oct. 16, 2009, and Nov. 4, 2009.  On Nov. 13, 2009, S&P maintained
its CreditWatch status on the corporate ratings on both companies
and revised to developing its CreditWatch status on the senior
unsecured debt ratings.

The TCR-AP reported on Nov. 3, 2009, that Moody's Investors
Service downgraded the long-term debt rating and issuer rating of
Japan Airlines International Co., Ltd. to Caa1 from B1, and will
continue to review both ratings for further possible downgrade.


JAPAN AIRLINES: ETIC to Reveal Rehab Plan Tomorrow, Maehera Says
----------------------------------------------------------------
Kyodo News reports that Japan's Transport Minister Seiji Maehara
confirmed Friday that the Enterprise Turnaround Initiative Corp.
of Japan will announce its rehabilitation plan for Japan Airlines
Corp. tomorrow, January 19, the same day JAL is expected to file
for bankruptcy.

Mr. Maehara, after a meeting with Prime Minister Yukio Hatoyama,
said the carrier would receive the remaining JPY145 billion from
the JPY200 billion credit line extended by state-owned Development
Bank of Japan later Friday, according to Kyodo.

"If there is JPY200 billion, enough funds will be available, even
if various problems become reality," the reports quoted
Mr. Maehara as saying.  "We are going to take thorough measures in
various ways to ensure there is no interruption to operations, so
please feel safe to continue using JAL," he added.

According to the report, the move to acquire the rest of the loans
from the DBJ is aimed at stemming growing credit fears and
securing sufficient spare cash to finance commercial transactions
to keep JAL's operations intact, even after it files for
bankruptcy proceedings.

                             About JAL

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 4, 2009, Standard & Poor's Ratings Services lowered to
'SD' (selective default) from 'CC' its long-term corporate credit
ratings on Japan Airlines Corp. and Japan Airlines International
Co. Ltd., its wholly owned subsidiary, and removed the ratings
from CreditWatch.  At the same time, Standard & Poor's maintained
its senior unsecured debt ratings on both companies at 'CCC' and
kept the ratings on CreditWatch with developing implications.  On
Sept. 18, 2009, S&P placed the corporate credit and senior
unsecured debt ratings on both companies on CreditWatch with
negative implications and maintained the CreditWatch status on
Oct. 16, 2009, and Nov. 4, 2009.  On Nov. 13, 2009, S&P maintained
its CreditWatch status on the corporate ratings on both companies
and revised to developing its CreditWatch status on the senior
unsecured debt ratings.

The TCR-AP reported on Nov. 3, 2009, that Moody's Investors
Service downgraded the long-term debt rating and issuer rating of
Japan Airlines International Co., Ltd. to Caa1 from B1, and will
continue to review both ratings for further possible downgrade.


MAZDA MOTOR: In Talks to Split Ford Joint Venture in China
----------------------------------------------------------
The Wall Street Journal's Norihiko Shirouzu reports that a person
close to Mazda Motor Corp. said the Japanese auto maker is
discussing with Ford Motor Co. possible ways to split their joint
venture in China and establish a new structure for cooperating
with their common Chinese partner.

The Journal says Ford and Mazda now jointly work with Chongqing
Changan Automotive Co. in China.  The three companies share two
major manufacturing bases, in the southwestern city of Chongqing
and the eastern city of Nanjing.

The Journal's source said Mazda and Ford are discussing possible
ways to split those China operations into two separate entities,
with the Chongqing operations owned and operated by Ford and
Changan, and the Nanjing base by Mazda and Changan.  According to
the Journal, Japan's Nihon Keizai Shimbun business daily reported
in its Sunday edition that Mazda and Ford will dissolve their
joint venture in China by 2012.

The person told the Journal said the move is partly driven by
Ford's decision in 2008 to raise money by reducing its controlling
stake in Mazda to 13% from one third.  That source said Mazda now
feels less need to coordinate its strategy in China with Ford and
is seeking "more operational freedom" to boost its presence in the
country, which last year surpassed the U.S. as the world's largest
auto market.

That source said the Companies haven't yet made a final decision,
however, and any such plan would require the Chinese government's
official blessing before it could go ahead. "It remains only a
possibility that we're trying to realize until Beijing approves
it," the knowledgeable person said, according to the Journal.

The Journal says moreover Mazda and Ford will continue to
cooperate around the world as "strategic partners" even if they do
change their China arrangement, the person said.  The two
companies remain committed to producing cars jointly at a plant
near Detroit.

The Journal relates that Ken Haruki, a Mazda spokesman in Japan,
declined to comment on the report, saying that "nothing has been
decided."  Spokesmen for Ford didn't immediately respond to
requests for comment.  A Changan spokesman couldn't be reached
Sunday night.

The Journal says Mr. Haruki confirmed that Mazda plans to move
production of its Mazda 3 compact car, currently made at the Ford
joint venture's plant in Chongqing, to its base in Nanjing by the
middle of this year.

The Journal's source said that shifting the production base for
the Mazda 3 is a precursor to the potential move change in the
Mazda-Ford joint venture with Changan.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The company provides financial
services through Ford Motor Credit Company.

At September 30, 2009, the Company had US$203.106 billion in total
assets against US$210.376 billion in total liabilities.

On March 4, 2009, Ford deferred future interest payments on its
6.50% Junior Subordinated Convertible Debentures due January 15,
2032, beginning with the April 15, 2009 quarterly interest
payment.

                          *     *     *

As reported by the Troubled Company Reporter on November 4, 2009,
Moody's Investors Service upgraded the senior unsecured rating of
Ford Motor Credit Company LLC to B3 from Caa1.  This follows
Moody's upgrade of Ford Motor Company's corporate family rating to
B3 from Caa1, with a stable outlook.  Ford Credit's long-term
ratings remain on review for further possible upgrade.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.  Ford
Motor Co. carries a long-term issuer default rating of 'CCC', with
a positive outlook, from Fitch Ratings.

                         About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The company has a global network.

                          *     *     *

Mazda Motor Corp. continues to carry Mikuni Credit Ratings'
mortgage debt and senior debt ratings of 'BB'.


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


KUMHO ASIANA: Creditors Set to Agree on Units' Debt Rescheduling
----------------------------------------------------------------
Yonhap News reports that the creditor banks of Kumho Asiana Group
are set to agree to reschedule the debts of two of the group's
units this week in return for massive restructuring efforts.

The news agency relates Korea Development Bank (KDB), the main
creditor of Kumho Asiana, has sent documents to other banks asking
whether they agree to roll over or reschedule debts of Korea Kumho
Petrochemical Co. and Asiana Airlines Inc. by the end of this
year.

According to the report, the creditors this week plan to clinch a
deal calling for such support in exchange to several conditions
including improved finances at the two companies through massive
restructuring.

The creditors may also consider putting Kumho Petrochemical, the
group's de facto holding company, under the debt workout program
if its restructuring efforts do not meet their expectations,
Yonhap says.

As reported in the Troubled Company Reporter-Asia Pacific on
January 7, 2010, Yonhap News said creditor banks of Kumho
Industrial agreed to freeze debt repayments by the builder for
three months.  During the period, the creditors will come up with
a plan to put Kumho Industrial back on track after a due diligence
is conducted on the builder.  According to Yonhap, Woori Bank said
Kumho Industrial will be required to carry out a self-rescue plan
that includes the sale of non-core assets and cost-cutting efforts
in return for the three-month debt freeze.  The creditors plan to
provide fresh loans to Kumho Industrial to help revive the company
as soon as possible, Yonhap added.

Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap reported.

According to Bloomberg data, the group's net debt was KRW2.21
trillion as of September 30, 2009 -- more than double the KRW998.5
billion it had at the end of 2005 before Kumho Asiana bought 72%
of Daewoo Engineering for KRW6.43 trillion.  Kumho Tire's net debt
stood at KRW1.71 trillion at the end of September 2009.

                       About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


SSANGYONG MOTOR: Four Foreign Buyers Eye Stake in Ssangyong
-----------------------------------------------------------
Bloomberg News, citing the Seoul Economic Daily, reports that
three to four foreign companies are interested in buying a stake
in Ssangyong Motor Co.

The Korean-language newspaper, citing court-appointed manager Lee
Yoo Il, said Ssangyong has contacted potential arrangers of a
sale, which it hopes to complete this year, Bloomberg relates.

Bloomberg notes the paper said Ssangyong aims to choose a
preferred bidder before September.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  In
February, the Seoul Central District Court accepted Ssangyong's
application to rehabilitate under court protection.  The court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker.

A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted
a revival plans to the Seoul Central District Court seeking
capital reduction and a debt-for-equity swap by creditors.

A South Korean bankruptcy court approved in December Ssangyong
Motor's restructuring plan despite opposition by some bondholders,
the TCR-AP reported on Dec. 18, 2009.

"We came to this decision as Ssangyong's value as a going concern
exceeds that of liquidation and it is judged as being capable of
carrying out the turnaround plan," The Wall Street Journal quoted
a presiding judge as saying.

Yonhap News said Ssangyong vowed to get itself in order over the
next three years.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.


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


EASY MIND: Closes South Island Operations; 50 Jobs Affected
-----------------------------------------------------------
The South Island operation of the Easy Mind child care service has
been closed by liquidators, resulting in the loss of almost 50
full time jobs, Radio New Zealand reports.

According to the report, former Dunedin regional manager Linda
Harvey said a buyer has been found for the company's operations in
the North Island, but a sale of its South Island assets has fallen
through.

The liquidators said they were unable to secure short term cash to
pay staff and educators and the Ministry of Education did not
consider it appropriate to advance any further funding, the
New Zealand Press Association reports.

Easy Mind was put into liquidation earlier this month, NZPA says.

Established in Hamilton, New Zealand, Easy Mind Ltd --
http://www.easymind.co.nz/-- provides early childhood education.
It has 15 centres in the Waikato, Whitianga, Gisborne, Hawke's
Bay, Manawatu, Wairarapa, Otago and Southland.


STRATEGIC FINANCE: Further Provision Triggers Another Review Event
------------------------------------------------------------------
Strategic Finance Ltd. on Friday informed its investors that a
further increase in its provisions for bad loans will trigger
negotiations with its trustee, The New Zealand Herald reports.

Strategic Finance is already in negotiations with its trustee
after failing to meet a payment target in its moratorium agreement
on January 7, the report says.

The Herald relates the Company said in a letter to investors that
the board has decided to make a further bad debt provision of
NZ$106 million, which will produce a loss after tax of NZ$84
million in the six months to December 31 accounts.

The increased provisioning also reduces the company's total loan
book value to less than 75% of the aggregate of principal owed to
debenture holders, depositors and subordinated notes holders, the
report states.

Denis Thom, chairman of Strategic Finance, said this triggers a
"review event" under the moratorium terms.

"Whilst the general view is that the property sector has
stabilized, and this may create the opportunity to recover against
provisioning previously made and an improved market for the
realization of property securities held by Strategic Finance,
nevertheless we have recently seen some of our larger lending
exposures become more distressed as first mortgage lenders have
moved to appoint receivers to undertake aggressive enforcement and
recovery activity," Mr. Thom wrote.

The report notes this made the outcome for Strategic Finance in
realizing assets uncertain.  The company said its directors
believed it was prudent to make a full provision for loss.

                      About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  It has four main
business activities: Lending within the property sector; Non-
property lending and investments; Corporate advisory and
management services, and Underwriting services.  Lending within
the property sector is its primary activity with a focus on
providing finance for property development and property
investment activities.  It was offering motor vehicle lending
under non-property lending and investments.  The Company, and in
some circumstances through its wholly owned subsidiary Strategic
Advisory Limited, provides specialist advisory and management
services to the property and corporate sectors for which it
receives fee income.  It may provide underwriting services.
These services include the underwriting of property related
share or debt securities offered by a promoter through a
registered prospectus.  It receives fees for such services.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
August 8, 2008, Strategic Finance Limited suspended redemptions of
its secured debenture stock and subordinated notes.  The company
also ceased accepting subscriptions for debenture stock and
subordinated notes under its current prospectus and investment
statement.  The company owed NZ$325 million to 15,000 investors,
according to various reports.

On Dec. 22, 2008, the TCR-AP reported that Strategic Finance
gained the approval from debenture stockholders, depositors and
noteholders of its moratorium proposal.

Under the moratorium plan, the company will, subject to the
availability of funds as the assets of Strategic Finance
are realized, make quarterly repayments of principal and interest
through to December 2013, to its stockholders, deposit holders and
subordinated note holders, in accordance with existing priority
arrangements, as the assets of Strategic Finance are realized.

Under the moratorium proposal, interest on investments was re-set
at August 7, 2008, to 8.0% across the board for all
securityholders, including BOSIAL for its main bank facility
(interest that accrues on the prior ranking BOSIAL facilities of
NZ$25 million will continue to accrue at the existing ordinary
rate).


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


BENGUET CORP: Receives Notice of Default from PNB
-------------------------------------------------
Benguet Corp. has received a notice of default from the Philippine
National Bank covering its remaining debt worth PHP1.2 billion,
abs-cbnNEWS.com reports.

Citing Benguet's disclosure to the Philippine Stock Exchange, the
report relates the miner received on January 11 a notice from the
trustee bank stating that its secured obligation covered by the
Mortgage Trust Indenture (MTI) was already due and payable.

According to the report, the miner questioned the issuance of the
notice, saying its settlement offer to creditors was still
pending, and the validation of the list of creditors of record has
not yet been completed.

The report notes the company also said some of its creditors have
not yet given their positions on its settlement offer.  The offer,
which was amended last December 17, contained specific timeframe
for the settlement of Benguet's remaining debt, the report states.

Benguet offered to settle its debt either by purchasing 20% of
the outstanding principal amount in cash or by purchasing it for
$2 million and dacion of Antamok Mill, abs-cbnNEWS.com discloses.

Benguet's creditors include Investment 2234 Philippines Fund 1
(SPV-AMC) Inc., Calyon Credit Agricole CIB, Philippine Distressed
Asset Asia Pacific (SPV-AMC) 1 Inc., Bank of America, Marathon
Master Fund Ltd., Asset Pool A (SPV-AMC) 1 Inc., and the
Philippine National Bank.

                       About Benguet Corp.

Benguet Corporation (PSE:BC) -- http://www.benguetcorp.com/-- is
engaged in chromite and gold mining and production, exploration,
research and development, and water projects.  The Company
explores for mines, produces and markets gold, refractory
chromite, nickel laterite ore, limestone and aggregates, and
through its subsidiaries, provides eco-tourism, engineering and
construction, reforestation, trucking and warehousing services,
sells industrial equipment and supplies, develops water resources
and real estate projects.

                           *     *     *

Jaime F. Del Rosario at Sycip Gorres Velayo and Co. raised
significant doubt on Benguet Corporation's ability to continue as
a going concern saying that the group has incurred cumulative
losses of PHP4.8 billion and PHP4.3 billion in 2008 and 2007,
respectively, which resulted to a capital deficiency of PHP1.6
billion and PHP1.3 billion as of December 31, 2008, and 2007,
respectively.  The Group's current liabilities exceeded its
current assets by PHP3.8 billion and PHP3.1 billion as of Dec. 31,
2008 and 2007, respectively.  In addition, the Group was unable to
pay its maturing bank loans and related interests of PHP3.6
billion and PHP3.1 billion as of December 31, 2008 and 2007,
respectively.


SARMIENTO MANAGEMENT: Sheriff Auctions Off 24% Stake in Vitarich
----------------------------------------------------------------
A 24% stake in Vitarich Corp., which was foreclosed by
Metropolitan Bank and Trust Co., has been sold, Doris Dumlao at
the Philippine Daily Inquirer reports.

According to the Inquirer, the shares were owned by Sarmiento
Management Corp., Medityre Corp., Sarphil Corp., LS Sarmiento and
Co. Inc. and Luz M. Sarmiento.  Prior to the transaction, the
shareholders had a combined stake of more than 47% in Vitarich, or
193 million shares, BusinessWorld Online relates.

Ms. Dumlao says Vitarich told the Philippine Stock Exchange on
January 13 that the Provincial Sheriff of Bulacan conducted the
auction sale of 97.55 million shares mortgaged to Metrobank.  At
the market price of PHP0.41 apiece, the shares are worth about
PHP39 million.

"These shares were mortgaged to Metrobank and was used to settle
the debt.  The foreclosure was involuntary," Ma. Victoria M.
Sarmiento, corporate secretary of Sarmiento Management Corp. and
the treasurer of Vitarich, told BusinessWorld in an interview.

BusinessWorld relates Ms. Sarmiento said the group would not have
done it if it is "not a global settlement of loans with
Metrobank."

Bulacan, Philippines-based Vitarich Corporation --
http://www.vitarich.com/-- is among the leading integrated
producers and wholesalers of poultry and animal feed products in
the Philippines.  The company also develops, produces and sells
animal health products.

Vitarich has been under corporate rehabilitation since 2006
because of difficulties in paying off PHP3.23 billion in loans to
various creditors, according to BusinessWorld Online.

The Company reported net loss worth PHP264.2 million in 2008.


VITARICH CORP: Sheriff Auctions Off 24% Stake
---------------------------------------------
A 24% stake in Vitarich Corp., which was foreclosed by
Metropolitan Bank and Trust Co., has been sold, Doris Dumlao at
the Philippine Daily Inquirer reports.

According to the Inquirer, the shares were owned by Sarmiento
Management Corp., Medityre Corp., Sarphil Corp., LS Sarmiento and
Co. Inc. and Luz M. Sarmiento.  Prior to the transaction, the
shareholders had a combined stake of more than 47% in Vitarich, or
193 million shares, BusinessWorld Online relates.

Ms. Dumlao says Vitarich told the Philippine Stock Exchange on
January 13 that the Provincial Sheriff of Bulacan conducted the
auction sale of 97.55 million shares mortgaged to Metrobank.  At
the market price of PHP0.41 apiece, the shares are worth about
PHP39 million.

"These shares were mortgaged to Metrobank and was used to settle
the debt.  The foreclosure was involuntary," Ma. Victoria M.
Sarmiento, corporate secretary of Sarmiento Management Corp. and
the treasurer of Vitarich, told BusinessWorld in an interview.

BusinessWorld relates Ms. Sarmiento said the group would not have
done it if it is "not a global settlement of loans with
Metrobank."

Bulacan, Philippines-based Vitarich Corporation --
http://www.vitarich.com/-- is among the leading integrated
producers and wholesalers of poultry and animal feed products in
the Philippines.  The company also develops, produces and sells
animal health products.

Vitarich has been under corporate rehabilitation since 2006
because of difficulties in paying off PHP3.23 billion in loans to
various creditors, according to BusinessWorld Online.

The Company reported net loss worth PHP264.2 million in 2008.


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


AC EQUIPMENTS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on January 8, 2010,
to wind up the operations of AC Equipments Pte Ltd.

Standard Chartered Bank filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


B.K.B. ENGINEERING: Creditors' Proofs of Debt Due February 1
------------------------------------------------------------
Creditors of B.K.B. Engineering Constructions Pte Ltd, which is in
compulsory liquidation, are required to file their proofs of debt
by February 1, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Seshadri Rajagopalan
         Aaron Loh Cheng Lee
         One Raffles Quay
         North Tower, Level 18
         Singapore 048583


CES-FORT PTE: Creditors' Proofs of Debt Due February 15
-------------------------------------------------------
Ces-Fort Pte Ltd, which is in liquidation, requires its creditors
to file their proofs of debt by Feb. 15, 2010, to be included in
the company's dividend distribution.

The company's liquidator is:

         Teo Boon Tieng
         c/o Blk 336 Smith St #04-306
         New Bridge Centre
         Singapore 050336


JANN JIAR: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on January 8, 2010,
to wind up the operations of Jann Jiar Rubber Pte Ltd.

Eastland Produce Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


KINGMAC INT'L: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on January 8, 2010,
to wind up the operations of Kingmac Int'l Pte Ltd.

Standard Chartered Bank filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


MEGAVISA SOLUTIONS: Creditors Get 100% & 3.36& Recovery on Claims
-----------------------------------------------------------------
Megavisa Solutions (Singapore) Pte Ltd, which is in liquidation,
will declare the dividend on February 3, 2010.

The company will pay 100% to preferential claims and 3.36% to
unsecured claims.

The company's liquidator is:

         Bob Yap Cheng Ghee
         C/O Kpmg Advisory Services Pte. Ltd.
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


PIONEER SMITH: Court to Hear Wind-Up Petition on January 29
-----------------------------------------------------------
A petition to wind up the operations of Pioneer Smith (S) Pte Ltd
will be heard before the High Court of Singapore on January 29,
2010, at 10:00 a.m.

Chuan Leong Metalimpex Co. Pte Ltd filed the petition against the
company on January 7, 2010.

The Petitioner's solicitor is:

          Messrs Vijay and Co
          101 Upper Cross Street
          #06-10 People?s Park Centre
          Singapore 058357


TURRET CONSTRUCTION: Creditors Get 0.1931% Recovery on Claims
-------------------------------------------------------------
Turret Construction Pte Ltd declared the second and final dividend
on December 17, 2009.

The company paid 0.1931% to the received claims.

The company's liquidator is:

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


UNIVERSIS CORP: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on January 8, 2010,
to wind up the operations of Universis Corp (S) Pte. Ltd.

The Bank Of East Asia, Limited filed the petition against the
company.

The company's liquidator is:

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


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


* Southeast Asia Recovering from Crisis, ADB Says
-------------------------------------------------
Southeast Asian economies are recovering faster than expected from
the global economic crisis, but in the longer term will need to
make financial, fiscal and structural adjustments to buffer
themselves against future shocks, says a new study commissioned by
the Asian Development Bank (ADB).

The study, Impact and Policy Responses - Indonesia, Philippines
and Thailand, noted that key developing economies in the region
were initially hurt by the sharp slump in demand for exports and
outflows of foreign capital that emerged during the crisis.  But
they have been able to rebound relatively quickly, aided by both
their own internal actions such as stimulus packages, and the
swift action taken by developed countries to avert a prolonged
slump. Overseas remittances also provided a cushion, which reduced
the impact of the crisis.  The study particularly points to the
much greater resilience of most Southeast economies compared to
the 1997-98 Asian financial crisis.

The study, prepared by Centennial Group International, is among
several reports that are being discussed at a two-day regional
forum, "Impact of the Global Economic and Financial Crisis",
organized by ADB at its headquarters in Manila on January 14 to
January 15.  Top officials including policymakers, finance
ministers, heads of central banks, business leaders and
development experts from nearly 20 countries from developing Asia
are taking part in the forum.

Indonesia was able to put in place swap lines and other financial
support arrangements to restore investor confidence, thanks to
policy measures taken since 1997.  Record prices received for
commodities in the years preceding the slump also helped provide a
savings buffer for rural households.  At the same time, the report
said the sharp outflows of foreign capital and the fall in value
of the rupiah in late 2008 could have hurt the country badly if
the domestic economy was not as resilient and if steps had not
been taken globally to boost investor confidence.

"It is fair to say Indonesia came perilously close to a financial
crisis in late 2008 and remains vulnerable to financial shocks so
the financial dimension of the economy still requires policy
attention," the study noted.

With the economy recovering, policymakers should look to exit the
accommodative monetary policy taken in response to the crisis, as
it could stoke inflation.  But this needs to be carefully timed.
At the same time, it is important that structural reforms be
accelerated, particularly in the infrastructure sector, while
poorly targeted fiscal subsidies should be replaced with targeted
cash transfers.

In the Philippines, prospects for 2010 look relatively good with
domestic factors such as rebuilding work in the wake of two
devastating typhoons in 2009, and national elections, likely to
fuel growth.  Remittances from its millions of overseas workers
played a vital role in cushioning the country from the worst
effects of the crisis, but in the long run, the study said it will
have to reduce its reliance on this income source, and look to
diversify the economy.

Thailand's export-driven economy is also starting to rebound as
global demand begins to recover, although domestic political
concerns are likely to remain a drag. An absence of inflationary
pressure and low resource utilization gives the authorities scope
to maintain loose monetary policy for now, but in the longer term
the country will need to rebalance its economy, putting greater
emphasis on domestic demand to drive growth.


                         *********

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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