TCRAP_Public/100129.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, January 29, 2010, Vol. 13, No. 020

                            Headlines



A U S T R A L I A

CITY PACIFIC: Fund Avoids Fire Sale; AU$82-Mln. Loan Extended
GRIFFIN COAL: Court Grants Extension to Convene Creditor's Meeting
TZ LIMITED: QVT Supports Rescue Plan, to Swap Debt for Equity


C H I N A

AGRICULTURAL BANK: IPO May Not Happen This Year, China Daily Says
DDS: Workers Demand Back Pay After Firm's Sudden Closure
* CHINA: Dairy Products Found to Contain Melamine Recalled


H O N G  K O N G

CASTLE FINANCE: S&P Raises Rating on EUR133 Mil. Floating Notes
LUMENA RESOURCES: Moody's Downgrades Corp. Family Rating to 'B2'
MAJORETTE HK: Lui and Yuen Appointed as Liquidators
MARATHON ASSET: Chiu and Har Step Down as Liquidators
MARUBENI CHEMICALS: Members' Final General Meeting Set for Feb. 22

MARVELLOUS ERA: Members' Final General Meeting Set for Feb. 26
MEDIA PARTNERS: Philip Brendan Gilligan Steps Down as Liquidator
MOULIN GLOBAL: Creditors Get 5.9% Recovery on Claims
MOULIN HOLDINGS: Creditors Get 6% Recovery on Claims
NITCHES (FAR EAST): Court to Hear Wind-Up Petition on Feb. 24

OAKMAN DEAN: Barrett and Williams Appointed as Liquidators
PATTERN ENTERPRISES: Annual Meetings Set for February 22
PERFECT CONCEPT: Court Enters Wind-Up Order
PCCW SMATV: Seng and Lo Appointed as Liquidators
PHILAND ENTERPRISES: Wong and Fung Step Down as Liquidators

PHOENIX GARMENT: Contributories and Creditors to Meet on Feb. 26
PLANER INVESTMENTS: Creditors' Proofs of Debt Due February 19
POLYWIN ENGINEERING: Annual Meetings Set for February 26
PROSPERITY SILK: Court Enters Wind-Up Order
ROCKWAY TECHNOLOGY: First Meetings Slated for February 10

ROYAL DOULTON: Creditors' Proofs of Debt Due February 5
SAUCONY ASIA: Creditors' Proofs of Debt Due February 22


I N D I A

AIR INDIA: To Get INR1,200cr Equity Infusion from Government
AIR INDIA: Third Quarter Loss Narrows to INR14.74 Million
AVANI PROJECTS: Fitch Assigns 'B-' Rating with Stable Outlook
BANK OF BARODA: Moody's Cuts Rating on Upper Tier 2 Notes to Ba1
BANK OF INDIA: Moody's Rating on Cuts Upper Tier 2 Notes to Ba1

EASTERN SILK: CRISIL Assigns 'BB' Rating on INR600 Mil. Term Loan
HEAVEN DEALERS: CRISIL Rates INR99.5 Million Cash Credit at 'BB-'
ICICI BANK: Moody's Cuts Rating on Upper Tier 2 Notes to Ba1
IDBI BANK: S&P Assigns Ratings on US$1.5 Bil. Medium-Term Notes
LOHIA PAPER: CRISIL Places 'B+' Rating on INR80 Mil. Term Loan

MEKKO STEEL: Delay in Term Loan Repayment Cues CRISIL Junk Ratings
P & R ENGINEERING: CRISIL Puts 'D' Ratings on INR340MM Term Loan
MODERN PREFAB: CRISIL Places 'B+' Rating on INR33.2 Mil. Term Loan
P & R GOGRIPUR: Delays in Interest Payment Cues CRISIL 'D' Ratings
R. K. & SONS: CRISIL Assigns 'BB+' Rating on INR7.5MM Overdraft

S.M. AUTO: CRISIL Assigns 'BB+' Rating on INR66 Mil. Term Loan
SPICEJET LTD: Expects to Post Profit This Year on Higher Traffic
SREE KUMAR: CRISIL Rates INR74.4 Million Term Loan at 'B-'
STATE BANK OF INDIA: Moody's Cuts Hybrid Tier 1 Secs. Rtng. to Ba2


I N D O N E S I A

BANK MANDIRI: Support Cues Fitch to Upgrade Subsidiary's Ratings
CHANDRA ASRI: S&P Affirms 'B+' Long-Term Corporate Credit Rating
MATAHARI PUTRA: Moody's Reviews 'B1' Corporate Family Rating
MATAHARI PUTRA: S&P Puts 'B+' Rating on CreidtWatch Negative


J A P A N

ALL NIPPON: To Promote Int'l Flights as 'Pillar' of Growth in 2010
CORSAIR NO 2: S&P Assigns Swap Risk Ratings on Swap Agreements
L-JAC 6: Moody's Downgrades Ratings on Various Classes of Notes
SPANSION INC: Committee Wants to Sue Spansion Japan
WILLCOM INC: JCR Downgrades Ratings on Senior Debts to 'C'


K O R E A

KUMHO LIFE: Penalized Over Investment Losses


N E W  Z E A L A N D

* NEW ZEALAND: Export Falls 2.8% in December 2009 Quarter


X X X X X X X X

FORD MOTOR: Reports $1.4-Bil. Q4 2009 Revenue in Asia, Africa

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


CITY PACIFIC: Fund Avoids Fire Sale; AU$82-Mln. Loan Extended
-------------------------------------------------------------
Pacific First Mortgage Fund, formerly known as City Pacific First
Mortgage Fund, has avoided an asset fire sale after Commonwealth
Bank of Australia extended an AU$82 million loan facility for the
beleaguered fund, The Sydney Morning Herald reports.

Fund manager Balmain Trilogy said the new loan facility will now
expire on June 30, 2010, and will be renewable every year if CBA
remains comfortable with the fund's performance, the report says.

According to the Herald, Balmain Trilogy's joint chief executive
Andrew Griffin said the bank's decision enhanced the fund's
ability to improve recoveries from its assets and prevented a fire
sale of some assets.

"As a lender to the fund CBA is entitled to act immediately to
recover its loan funds," the report cited Mr. Griffin as saying in
a statement.  "Had they done this a fire sale of some fund assets
would have been forced.  Their decision to extend the loan removes
this damaging consequence and enables us to better protect the
asset values," he said.

The report relates Mr. Griffin said CBA's loan extension was a
significant win for unitholders of the fund and Balmain was
comfortable the fund could comply with the new terms.

"We are now able to map the future of the fund with greater
certainty and finalise a strategy to restarting some payments to
unitholders," he said.  Unitholders, CBA and the Australian
Securities and Investments Commission will be consulted throughout
this process, he added.

                        About City Pacific

City Pacific Limited (ASX:CIY) -- http://www.citypac.com.au/
-- is engaged in funds management, including acting as responsible
entity and manager of four registered managed investment schemes
(City Pacific First Mortgage Fund (formerly City Pacific Mortgage
Trust), City Pacific Income Fund, City Pacific Managed Fund and
City Pacific Private Fund), property, financial services,
investment/trading activities and operations.  The Company
conducts business in five primary segments, being funds
management, property, financial services, investment/trading and
operating. On July 2, 2007, the Company acquired Australian
Beneficial Finance Pty Ltd., which is a mortgage manager
specializing in residential mortgage origination and management,
and commercial and development funding.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Aug. 4,
2009, that receivers and managers have been appointed to City
Pacific Ltd following the loss of its AU$630 million mortgage fund
to Balmain Trilogy.

City Pacific's banker, the Commonwealth Bank, called in Ian Carson
and Daniel Bryant from PPB to act as receivers and managers
because the company is unable to pay debts of more than AU$100
million.  PPB partner Ian Carson said City Pacific's loss of the
fund had had a "significant impact upon (its) ability to service
its debts and remain viable".

The TCR-AP reported on Aug. 31, 2009, that City Pacific Ltd has
been put into liquidation after a federal court judge ordered
liquidator Andrew Wily and David Hurst of Sydney insolvency firm
Armstrong Wily to wind up the company.  The application to have
Armstrong Wily appointed was made by creditor Hlbc Commercial on a
debt of AU$3,060.


GRIFFIN COAL: Court Grants Extension to Convene Creditor's Meeting
------------------------------------------------------------------
The Federal Court in Perth has granted Griffin Coal administrators
an extension before they have to call another creditors meeting,
The Sydney Morning Herald reports.

The report says Kordamentha applied on Thursday to the federal
court to delay the creditors meeting until May 1 at the latest, as
it goes through the books of the Ric Stowe-controlled coal miner.

According to the report, administrator Brian McMaster told a
creditors meeting 10 days after Griffin went into administration
on January that he would apply for the extension due to the
complexity of the matter.  By law, the report notes, a second
creditors meeting has to be held within 30 days.

Justice Neil McKerracher yesterday granted the extension, with
KordaMentha able to apply for further extensions if necessary, the
report notes.

                         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.


TZ LIMITED: QVT Supports Rescue Plan, to Swap Debt for Equity
-------------------------------------------------------------
QVT Fund LP and Quintessence Fund L.P. announced their support for
the rescue plan proposed by the directors of TZ Limited (ASX:
TZL).  If passed by shareholders, this rescue plan will allow QVT
to convert approximately AU$28.6 million of debt into TZ shares.

QVT believes the rescue plan is in the best interests of all
shareholders and will significantly benefit TZ and all
shareholders, as, rather than enforcing its claim for repayment of
AU$28.6 million, QVT is acquiring shares at a price that is above
TZ's last trading price (AU$0.96) and agreeing to place shares in
escrow for a twelve month period.

QVT is a long term investor in TZ and believes that its interests
are aligned with those of other shareholders.  QVT believes in the
company's unique technology, product development opportunities and
its dedicated staff, who have remained committed during this
trying period.

In December 2007, QVT subscribed for AU$24 million worth of
convertible notes.  TZ failed to pay QVT the annual interest
payments on these notes in both 2008 and 2009.

Since June 2009, QVT has worked with the current board of the
company on a restructure that would repay QVT without destroying
value for shareholders.  In furtherance of this effort, QVT
invested an additional AU$2 million in the company to sustain TZ's
operations and agreed to a moratorium on the outstanding debt owed
to it.

As set out in TZ's Notice of Annual General Meeting and other
materials dispatched to shareholders and released on ASX on 27
January 2010, the company's Independent Expert, Lonergan Edwards &
Associates Limited, has strongly recommended that TZ shareholders
approve the rescue plan (in the absence of a superior proposal)
because:

    * If the rescue plan is not implemented (and in the absence of
      a superior proposal, the likelihood of which they consider
      remote), TZ shareholders are highly unlikely to receive any
      value for their TZ shares because TZ is likely to be placed
      in administration;

    * The rescue plan implicitly values TZ's existing shares (in
      total) at AU$48.6 million; and

    * TZ shareholders will therefore be significantly better off
      if the rescue plan is approved.

The rescue plan requires approval by TZ's shareholders at the
company's Annual General Meeting on February 26, 2010.  QVT urges
all shareholders to support the rescue plan by voting IN FAVOUR of
the resolutions.

QVT itself is ineligible to vote on the rescue plan resolutions,
but will vote in favor of the re-appointment of the current
directors of TZ: Chairman Mark Bouris, Kenneth Ting and Willem de
Vlugt.

For Further Information Call:

     In Australia & Asia:
        Tim Allerton
        City PR
        +61 2 9267 4511

     Worldwide:
        Shawn Pattison/Patrick Clifford
        The Abernathy MacGregor Group
        +1 (212) 371-5999


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C H I N A
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AGRICULTURAL BANK: IPO May Not Happen This Year, China Daily Says
-----------------------------------------------------------------
Agricultural Bank of China's initial public offering may not
happen this year as differences still persist over the future of
the bank's business related to the agriculture sector and farmers,
China Daily reports citing a source familiar with the matter.

"Though the bank is basically ready for the initial public
offering (IPO), top policymakers are yet to reach a consensus on
whether to run the lender as a commercial entity or maintain its
rural finance unit as a policy lending arm of the State," the
source told China Daily, on condition of anonymity due to the
sensitive nature of the issue.

"The crux is whether the bank's rural finance arm will continue to
enjoy government subsidies after the share flotation.  Otherwise,
the bank could be listed as originally scheduled," the source
said.

China Daily had earlier reported that the bank intends to raise up
to CNY150 billion through an IPO as early as April this year.

Agricultural Bank has weaker capital ratios than its three largest
domestic rivals even after getting US$19 billion from the
government in October 2008, potentially making it less attractive
to equity investors, according to Bloomberg News.

Agricultural Bank of China -- http://www.abchina.com/-- one of
China's largest state-owned commercial banks, specializes in
financing and providing services to agricultural, industrial,
commercial, and transportation enterprises in rural areas.  The
bank also offers personal banking, credit cards, and foreign
exchange services.  Founded in 1951, ABC operates approximately
31,000 branches and banking offices, as well as more than 30
provincial-level offices, serving every county in China.  Overseas
it operates branches in Hong Kong and Singapore, and
representative offices in London, New York, and Tokyo.

                           *     *     *

Agricultural Bank of China continues to carry Moody's BFSR 'E+'
rating and Fitch's "E" Individual Rating.


DDS: Workers Demand Back Pay After Firm's Sudden Closure
--------------------------------------------------------
Authorities in Shenzhen, Guangdong province, on Wednesday started
paying workers whose wages have been defaulted by a courier
company DDS due to its sudden closure, China Daily reports.

But thousands of workers in the company's branches in other cities
in the province, including Guangzhou, Foshan and Dongguan, are
still in a tough run for repayment from local governments, China
Daily says.

The report relates that DDS closed all its businesses early last
week due to an over-heated expansion of its business on the
mainland, leaving thousands of workers unpaid.  The company has
defaulted on as much as CNY4.86 million (US$715,000) in workers'
pay in Shenzhen following its closure, the report says.

According to the Daily, DDS's chairman, Gao Wei, has been detained
for further investigation and his assets were frozen after the
company was unable to pay its debts.

Founded in October 1997, Shenzhen-based DDS is a private express
delivery company.  It employs at least 10,000 workers and operates
more than 800 branches in China and Hong Kong.


* CHINA: Dairy Products Found to Contain Melamine Recalled
----------------------------------------------------------
China Daily reports that three Chinese companies have been found
selling milk products tainted with melamine, the industrial
chemical responsible for the deaths of six children and injuring
300,000 in 2008.

The Daily, citing local media reports, says three batches of milk
products have been ordered off shelves by the health department in
Guizhou province because they contain melamine.  These products
are:

   * a batch of products produced by the Shandong Zibo Lusaier
     Dairy Company Ltd on April 25, 2009;

   * a batch of popsicles produced by the Liaoning Tieling Wuzhou
     Food Company Ltd on April 9, 2009; and

   * a batch of popsicles produced by the Laoting Kaida
     Refrigeration Plant at Tangshan, Hebei province on March 19,
     2009.

According to the report, the National Business Daily said that the
melamine-tainted products were found and banned in Sichuan
province and Jiangsu province last December.  A government body in
Beijing ordered the investigation, the report says.

China Daily relates Wang Dingmian, former chairman of the
Guangdong Provincial Dairy Association, said the products likely
contained tainted milk recalled after the 2008 scandal but which
somehow made its way back into the market.


================
H O N G  K O N G
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CASTLE FINANCE: S&P Raises Rating on EUR133 Mil. Floating Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the
EUR133 million floating?rate, secured, collateralized debt
obligation series 1 issued by Castle Finance I Ltd.  At the same
time, the rating was removed from CreditWatch with positive
implications, where it was placed on Jan. 14, 2010.

S&P reviewed the credit quality of the securitized assets using
the synthetic rated overcollateralization scores and results from
S&P's supplemental tests: the largest obligor and largest industry
tests.  These results measure the degree by which the credit
enhancement of a tranche exceeds the stressed loss rate assumed
for a given rating scenario.

The SROC scores and test results show an improvement in the credit
quality of the underlying portfolios, which along with a higher-
than-expected recovery on defaulted reference names in the
portfolios, indicate sufficient credit support at the higher
rating levels.

    Deal Name                        Rating To   Rating From
    ---------                        ---------   -----------
    Castle Finance I Ltd. Series 1   B-          CCC+/Watch Pos

Notes:

1.  Where the final price on defaulted reference names in CDO
    portfolios is not known, S&P's analysis takes into
    consideration the auction results for these names from the
    International Swaps and Derivatives Association, Inc.

2.  In accordance with the criteria for rating CDO transactions
    certain factors such as credit stability and rating
    sensitivity to modeling parameters may be considered in
    assigning ratings to CDO tranches, in addition to the
    supplemental tests, the Monte Carlo default simulation
    results, and the associated cash flow modeling.  Such risks in
    transactions may be assessed on a case-by-case basis and the
    ratings may be qualitatively adjusted to a rating level
    different than that indicated by the various quantitative
    results.  The tranches' final ratings reflect the result of
    any such qualitative adjustments.


LUMENA RESOURCES: Moody's Downgrades Corp. Family Rating to 'B2'
----------------------------------------------------------------
Moody's Investors Service has downgraded Lumena Resources Corp's
corporate family and senior unsecured bond ratings to B2.  The
rating outlooks are stable.

This completes the rating review initiated on 30 December 2009,
following Lumena's announcement that its controlling shareholder,
Mr Suolang Duoji, had pledged a stake of about 20.5% in the
company for a short term loan from Bank of China International.

"The pledging of a major stake in the company by the chairman and
founder for his own purpose raises Moody's concern over Lumena's
corporate governance and shareholder ambitions," says Elizabeth
Allen, a Moody's Vice President.  "In particular, Lumena has a
very short track record as a listed entity and thus lack a history
of strong governance or transparency."

Moody's understands that Mr. Suolang has other private investments
including (1) the Hummer brand, a recent, high-profile acquisition
in China, and (2) a polymer & fiber business.  He considered
Lumena his most significant investment.  While there is generally
no competition or limited related party transactions between
Lumena and these companies, the share pledge brings into question
the shareholder's intention and his funding needs.

Admittedly, the pledge of shares by Lumena's largest shareholder
may not have any immediate impact on the company's operation or
financial position.  However, it does add a degree of uncertainty
about the stability of Lumena's financial profile and financial
policy.

Mr Suolang, through Nice Ace Technology Ltd, owns approximately
37.5% of the company.  If the BOCI loan payment is not met and the
bank takes control of the pledged shares, "change of control
event" for Lumena's US$250 million 12% Senior Notes due 2014 could
be triggered.  In this scenario, the company would have to offer
to purchase all outstanding notes -- which it may not be able to
do.

The B2 ratings continue to reflect Lumena's position as a small
player with a single product in the broad chemical sector,
balanced by its being one of the leading producers of thenardite,
or anhydrous sodium sulphate, in China.  The company's
traditionally high profit margin is a key rating support for
Lumena's financial profile and thus allows some room for price and
demand volatility.  However, the company's liquidity profile is
weak, reflecting its high capex needs and the lack of any
alternative banking facilities.

The stable outlook captures these risk factors, while
acknowledging that the company's business fundamentals remain
largely unchanged.

An upgrade to the rating in the near term is unlikely, given
Lumena's relatively short track record and the recent downgrade.

Upward rating pressure could emerge over time if the company can
1) maintain its sound financial profile as it goes through its
investment cycle; 2) sustain its high profit margins for existing
and new products; 3) strengthen its balance sheet and/or back-up
liquidity arrangements and 4) demonstrate an improvement in
corporate governance practices.

Downward rating pressure could emerge if 1) profitability and cash
flow were to decline materially; 2) the company were to carry out
higher-than-expected debt-funded investments and capex; 3)
evidence were to show cash leakage to major shareholders or
related parties; and 4) the company's liquidity profile were to
weaken.  Credit metrics that Moody's would consider for a rating
downgrade include Debt/EBITDA exceeding 4-4.5x and EBITDA interest
coverage falling below 4x.  The rating could also be downgraded
should the change of control provision be invoked.

The last rating action on Lumena was taken on 30 December, 2009
when Moody's placed the company's B1 corporate family and bond
ratings on review for possible downgrade.

Lumena Resources Corp. mines, processes, and manufactures natural
thenardite products.  Thenardite is also known as anhydrous sodium
sulphate, a basic chemical.  Lumena operates two mines and
processing facilities in Sichuan Province in China with an annual
production capacity of around 1.6 million tons.  It was listed on
the Hong Kong Stock Exchange in June 2009.


MAJORETTE HK: Lui and Yuen Appointed as Liquidators
---------------------------------------------------
Kennic Lai Hang Lui and Yuen Tsz Chun Frank on January 8, 2010,
were appointed as liquidators of Majorette Hong Kong Limited.

The liquidators may be reached at:

         Kennic Lai Hang Lui
         Yuen Tsz Chun Frank
         KLC Kennic Lui & Co.
         Ho Lee Commercial Bldg., 5/F
         38-44 D'Aguilar Street
         Central, Hong Kong


MARATHON ASSET: Chiu and Har Step Down as Liquidators
-----------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Marathon Asset Management HK Limited on January 19, 2010.


MARUBENI CHEMICALS: Members' Final General Meeting Set for Feb. 22
------------------------------------------------------------------
Members of Marubeni Chemicals & Plastics (Hong Kong) Limited will
hold their final general meeting on February 22, 2010, at 5:45
p.m., at the Level 28, Three Pacific Place, 1 Queen's Road East,
in Hong Kong.

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


MARVELLOUS ERA: Members' Final General Meeting Set for Feb. 26
--------------------------------------------------------------
Members of Marvellous Era Limited will hold their final general
meeting on February 26, 2010, at 2:01 p.m., at the Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

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


MEDIA PARTNERS: Philip Brendan Gilligan Steps Down as Liquidator
----------------------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of Media
Partners International Holdings Limited on January 12, 2010.


MOULIN GLOBAL: Creditors Get 5.9% Recovery on Claims
----------------------------------------------------
Moulin Global Eyecare Holdings Limited, which is in liquidation,
will pay the fourth interim dividend to its creditors on Jan. 29,
2010.

The company will pay 5.9% for ordinary claims.

The company's liquidators are:

         Desmond Chung Seng Chiong
         Roderick John Sutton
         The Hong Kong Club Building, 14/F
         3A Chater Road
         Central, Hong Kong


MOULIN HOLDINGS: Creditors Get 6% Recovery on Claims
----------------------------------------------------
Moulin Holdings (H.K.) Company Limited, which is in liquidation,
paid the third interim dividend to its creditors on Jan. 22, 2010.

The company paid 6% for ordinary claims.

The company's liquidators are:

         Desmond Chung Seng Chiong
         Roderick John Sutton
         c/o Ferrier Hodgson Limited
         The Hong Kong Club Building, 14/F
         3A Chater Road
         Central, Hong Kong


NITCHES (FAR EAST): Court to Hear Wind-Up Petition on Feb. 24
-------------------------------------------------------------
A petition to wind up the operations of Nitches (Far East) Limited
will be heard before the High Court of Hong Kong on February 24,
2010, at 9:30 a.m.


OAKMAN DEAN: Barrett and Williams Appointed as Liquidators
----------------------------------------------------------
Richard Joseph Barrett and Rory John Williams on January 13, 2010,
were appointed as liquidators of Oakman Dean Limited.


PATTERN ENTERPRISES: Annual Meetings Set for February 22
--------------------------------------------------------
Members and creditors of Pattern Enterprises (International)
Limited will hold their annual meetings on February 22, 2010, at
11:00 a.m., and 11:30 a.m., respectively at the 62/F, One Island
East, 18 Westlands Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PERFECT CONCEPT: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order August 26, 2008, to
wind up the operations of Perfect Concept Investment Limited.

The company's liquidators are Tsui Ka Kui and Wong Yin Yee.


PCCW SMATV: Seng and Lo Appointed as Liquidators
------------------------------------------------
Natalia K M Seng and Susan Y H Lo on January 8, 2010, were
appointed as liquidators of PCCW Smatv Limited.

The liquidators may be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


PHILAND ENTERPRISES: Wong and Fung Step Down as Liquidators
-----------------------------------------------------------
Wong Ming Lai and Fung Tze Wa stepped down as liquidators of
Philand Enterprises Limited on January 20, 2010.


PHOENIX GARMENT: Contributories and Creditors to Meet on Feb. 26
----------------------------------------------------------------
Contributories and creditors of Phoenix Garment Enterprises
Limited will hold their first meetings on February 26, 2010, at
2:45 p.m., and 3:00 p.m., respectively at Unit 511, 5/F, Tower 1,
Silvercord, 30 Canton Road, Tsimshatsui, Kowloon in Hong Kong.

At the meeting, Ho Man Kit Horace and Kong Sze Man Simone, the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.


PLANER INVESTMENTS: Creditors' Proofs of Debt Due February 19
-------------------------------------------------------------
Creditors of Planer Investments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 19, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Vui Cheong
         Hong Kong Trade Centre
         161-167 Des Voeux Road Central
         Hong Kong


POLYWIN ENGINEERING: Annual Meetings Set for February 26
--------------------------------------------------------
Members and creditors of Polywin Engineering Limited will hold
their annual meetings on February 26, 2010, at 2:00 p.m., and 2:30
p.m., respectively at the 62/F, One Island East, 18 Westlands
Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PROSPERITY SILK: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order December 24, 2009, to
wind up the operations of Prosperity Silk & Fabric Limited.

The company's liquidator is Mat Ng.


ROCKWAY TECHNOLOGY: First Meetings Slated for February 10
---------------------------------------------------------
Contributories and creditors of Rockway Technology Limited will
hold their first meetings on February 10, 2010, at 2:00 p.m., and
2:15 p.m., respectively at Unit 511, 5/F, Tower 1, Silvercord, 30
Canton Road, Tsimshatsui, Kowloon in Hong Kong.

At the meeting, Ho Man Kit Horace and Kong Sze Man Simone, the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.


ROYAL DOULTON: Creditors' Proofs of Debt Due February 5
-------------------------------------------------------
Creditors of Royal Doulton Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 5, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


SAUCONY ASIA: Creditors' Proofs of Debt Due February 22
-------------------------------------------------------
Creditors of Saucony Asia Pacific Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 22, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

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


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


AIR INDIA: To Get INR1,200cr Equity Infusion from Government
------------------------------------------------------------
Air India could receive INR1,200 crore as equity support from the
government after the next meeting of the Group of Ministers
scheduled on February 3, The Hindu Business Line reports.

Official sources told Business Line that the cost reduction and
revenue enhancement measures that the airline has undertaken will
be examined at the meeting.

The Hindu reports that the meeting comes in the backdrop of the
recommendations of the Parliamentary Standing Committee on
Transport, Tourism and Culture that the National Aviation Company
of India Limited (NACIL) be converted into a holding company of
NACIL-A and NACIL-I as separate functional units for global and
domestic airlines.

Meanwhile, The Hindu says the Civil Aviation Ministry has
dismissed as "incorrect and baseless" the reports that government
was considering a de-merger of the national carrier.

According to the Hindu, a spokesperson said the Ministry "has no
move afoot for the AI-IA demerger.  The merger was a carefully
thought out process and a collective decision of all agencies of
the Government of India."

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd., Air
India's holding company, was seeking INR14,000 crore in
equity infusion, soft loans and grants to cope up with mounting
losses.

The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding due to excess capacity, lower
yield, a drop in passenger numbers, an increase in fuel prices and
the effects of the global slowdown.  Air India's losses have
almost doubled to over INR4,000 crore in 2008-09 compared to
INR2,226 crore in 2007-08), according to the Hindustan Times.

In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.

The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months, and has been segregated
under operational efficiency, product improvement, organization
building and financial restructuring, the Business Standard said.

                          About Air India

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


AIR INDIA: Third Quarter Loss Narrows to INR14.74 Million
---------------------------------------------------------
Air India posted a net loss of INR14.74 billion in its fiscal
third quarter ended Dec. 31, 2009, a 9.7% improvement from the
INR16.32 billion deficit reported in the year-ago period, ATW
Daily News.

According to the report, the carrier cited a 24.8% increase in
passenger numbers to 3.2 million and a 14.4-point surge in load
factor to 69.7% as drivers of the improvement.

The report says revenue rose 3% to INR38.52 billion, a "modest"
performance resulting from "low yields on both the domestic and
international routes due to market conditions" and operating loss
narrowed 25% to INR8.64 billion from INR11.52 billion in the three
months ended Dec. 31, 2008.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd., Air
India's holding company, was seeking INR14,000 crore in equity
infusion, soft loans and grants to cope up with mounting losses.

The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding due to excess capacity, lower
yield, a drop in passenger numbers, an increase in fuel prices and
the effects of the global slowdown.  Air India's losses have
almost doubled to over INR4,000 crore in 2008-09 compared to
INR2,226 crore in 2007-08), according to the Hindustan Times.

In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.

The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months, and has been segregated
under operational efficiency, product improvement, organization
building and financial restructuring, the Business Standard said.

                          About Air India

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


AVANI PROJECTS: Fitch Assigns 'B-' Rating with Stable Outlook
-------------------------------------------------------------
Fitch Ratings has assigned India's Avani Projects and
Infrastructure Limited's cash credit limits of INR290.0 million an
expected 'B-(ind)' rating with a Stable Outlook.  The previously
assigned expected 'B-(ind)' rating to APIL's long-term loan will
now apply to a reduced amount of INR660.1m (previously
INR1.0 billion).  Final ratings are contingent upon receipt of
final documents conforming to information already received.

These rating actions update the same published by the agency on
January 11, 2010, and reflects changes in APIL's debt/limits as
sanctioned by the banking system.


BANK OF BARODA: Moody's Cuts Rating on Upper Tier 2 Notes to Ba1
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on certain
Indian banks' hybrid securities, in line with its revised
Guidelines for Rating Bank Hybrids and Subordinated Debt,
published in November 2009.  Moody's downgraded Indian banks'
cumulative junior subordinated debt securities ("Upper Tier 2
Notes") as well as the perpetual non-cumulative hybrid instruments
("Hybrid Tier 1 Notes").  This concludes the review for possible
downgrade that began on 18 November 2009.  The rating outlook for
all Indian banks affected is stable.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to support a troubled bank would, to
some extent, benefit the subordinated debt holders as well as the
senior creditors.  The systemic support for these instruments has
not been forthcoming in many cases.  The above-mentioned revised
guidelines largely remove previous assumptions of systemic
support, resulting in the rating action.  In addition, this
revised methodology generally widens the notching on a hybrid's
rating that is based on the instrument's features.

                     Rating Action In Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment (Adjusted
BCA).  The Adjusted BCA reflects the bank's stand-alone credit
strength as expressed through its Baseline Credit Assessment (BCA)
and includes uplift for parental and/or cooperative support, if
applicable.  The Adjusted BCA excludes systemic support.

The Adjusted BCA for each Moody's-rated public-sector bank in
India, which reflects support from the government as parent, is:

* For State Bank of India, the Adjusted BCA is Baa2 and is the
  same as its BCA since the parental/government support does not
  provide any ratings uplift.

* For Bank of Baroda, it is Baa2 and is two notches higher than
  its Ba1 BCA due to the parental/government support providing
  ratings uplift.

* For Bank of India, it is Baa2 and is two notches higher than its
  Ba1 BCA due to the parental/government support providing ratings
  uplift.

* For Canara Bank, it is Baa2 and is one notch higher than its
  Baa3 BCA due to the parental/government support providing
  ratings uplift.

* For Union Bank of India, it is Baa2 and is two notches higher
  than its Ba1 BCA due to the parental/government support
  providing ratings uplift.

On the other hand, the Adjusted BCA for each of the three private-
sector banks in India rated by Moody's (ICICI Bank Ltd, HDFC Bank
Ltd and Axis Bank Ltd) is Baa2 and is in line with their
respective BCA.  These private-sector banks do not benefit from
any parental or systemic support in their hybrid ratings.

The main features of the hybrid instruments typically issued by
the above Moody's-rated Indian Banks and the way Moody's rates
them are:

-- The Upper Tier 2 Notes have a maturity of at least 15 years.
    The issuer can defer any interest payments at its discretion
    if its capital adequacy ratio is below the minimum regulatory
    requirement of 9% or if it reports a net loss, defined as a
    negative balance in the profit and loss account contained
    within reserves and surplus of the issuer's balance sheet.  If
    the issuer has only a net loss, but does not breach the CAR
    trigger, then it can make interest payments provided it gets
    the regulator's approval.  Any deferred interest is
    cumulative.  The instrument has a junior subordinated claim in
    liquidation and ranks only more senior to Tier 1 Notes and
    common equity.  Moody's generally rates this kind of junior
    subordinated instruments two notches below an issuer's
    Adjusted BCA.

-- The Hybrid Tier 1 Notes are perpetual with a coupon skip
    mechanism similar to those in the Upper Tier 2 Notes above.
    However, any unpaid interest is non-cumulative.  In
    liquidation, the Hybrid Tier 1 Notes rank junior to the Upper
    Tier 2 Notes and only senior to common equity.  Moody's
    generally rates such Hybrid Tier 1 instruments three notches
    below an issuer's Adjusted BCA.

The above-mentioned rating actions on Moody's-rated Indian banks'
hybrid securities that were issued or can be issued under their
existing international MTN programmes are:

-- State Bank of India: Upper Tier 2 Notes were downgraded to Ba1
    from Baa3 and the perpetual Hybrid Tier 1 securities were
    downgraded to Ba2 from Ba1.

-- ICICI Bank Ltd: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were downgraded to Ba2 from
    Ba1.

-- Bank of Baroda: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were confirmed at Ba2.

-- Bank of India: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were confirmed at Ba2.

-- Canara Bank: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were confirmed at Ba2.

-- HDFC Bank Ltd: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were downgraded to Ba2 from
    Ba1.

-- Union Bank of India: Upper Tier 2 Notes were downgraded to Ba1
    from Baa3 and the Hybrid Tier 1 Notes were confirmed at Ba2.

-- Axis Bank Ltd: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were downgraded to Ba2 from
    Ba1.

The last rating action for all Moody's-rated Indian banks was
taken on 17 December 2009 when their long-term foreign currency
deposit rating was upgraded to Ba1 from Ba2, in line with the
recent upgrade of India's foreign currency deposit ceiling.

Headquartered in Mumbai, State Bank of India had assets of
INR9.644 trillion (US$184.8 billion) as of end-March 2009.

Headquartered in Mumbai, ICICI Bank Ltd had assets of
INR3.793 trillion (US$72.7 billion) as of end-March 2009.

Headquartered in Mumbai, Bank of Baroda had assets of
INR2.274 trillion (US$43.6 billion) as of end-March 2009.

Headquartered in Mumbai, Bank of India had assets of
INR2.255 trillion (US$43.2 billion) as of end-March 2009.

Headquartered in Bangalore, Canara Bank had assets of
INR2.175 trillion (US$41.7 billion) as of end-March 2009.

Headquartered in Mumbai, HDFC Bank Ltd had assets of
INR1.833 trillion (US$35.1 billion) as of end-March 2009.

Headquartered in Mumbai, Union Bank of India had assets of
INR1.610 trillion (US$30.9 billion) as of end-March 2009.

Headquartered in Mumbai, Axis Bank Ltd had assets of
INR1.477 trillion (US$28.3 billion) as of end-March 2009.


BANK OF INDIA: Moody's Rating on Cuts Upper Tier 2 Notes to Ba1
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on certain
Indian banks' hybrid securities, in line with its revised
Guidelines for Rating Bank Hybrids and Subordinated Debt,
published in November 2009.  Moody's downgraded Indian banks'
cumulative junior subordinated debt securities ("Upper Tier 2
Notes") as well as the perpetual non-cumulative hybrid instruments
("Hybrid Tier 1 Notes").  This concludes the review for possible
downgrade that began on 18 November 2009.  The rating outlook for
all Indian banks affected is stable.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to support a troubled bank would, to
some extent, benefit the subordinated debt holders as well as the
senior creditors.  The systemic support for these instruments has
not been forthcoming in many cases.  The above-mentioned revised
guidelines largely remove previous assumptions of systemic
support, resulting in the rating action.  In addition, this
revised methodology generally widens the notching on a hybrid's
rating that is based on the instrument's features.

                     Rating Action In Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment (Adjusted
BCA).  The Adjusted BCA reflects the bank's stand-alone credit
strength as expressed through its Baseline Credit Assessment (BCA)
and includes uplift for parental and/or cooperative support, if
applicable.  The Adjusted BCA excludes systemic support.

The Adjusted BCA for each Moody's-rated public-sector bank in
India, which reflects support from the government as parent, is:

* For State Bank of India, the Adjusted BCA is Baa2 and is the
  same as its BCA since the parental/government support does not
  provide any ratings uplift.

* For Bank of Baroda, it is Baa2 and is two notches higher than
  its Ba1 BCA due to the parental/government support providing
  ratings uplift.

* For Bank of India, it is Baa2 and is two notches higher than its
  Ba1 BCA due to the parental/government support providing ratings
  uplift.

* For Canara Bank, it is Baa2 and is one notch higher than its
  Baa3 BCA due to the parental/government support providing
  ratings uplift.

* For Union Bank of India, it is Baa2 and is two notches higher
  than its Ba1 BCA due to the parental/government support
  providing ratings uplift.

On the other hand, the Adjusted BCA for each of the three private-
sector banks in India rated by Moody's (ICICI Bank Ltd, HDFC Bank
Ltd and Axis Bank Ltd) is Baa2 and is in line with their
respective BCA.  These private-sector banks do not benefit from
any parental or systemic support in their hybrid ratings.

The main features of the hybrid instruments typically issued by
the above Moody's-rated Indian Banks and the way Moody's rates
them are:

-- The Upper Tier 2 Notes have a maturity of at least 15 years.
    The issuer can defer any interest payments at its discretion
    if its capital adequacy ratio is below the minimum regulatory
    requirement of 9% or if it reports a net loss, defined as a
    negative balance in the profit and loss account contained
    within reserves and surplus of the issuer's balance sheet.  If
    the issuer has only a net loss, but does not breach the CAR
    trigger, then it can make interest payments provided it gets
    the regulator's approval.  Any deferred interest is
    cumulative.  The instrument has a junior subordinated claim in
    liquidation and ranks only more senior to Tier 1 Notes and
    common equity.  Moody's generally rates this kind of junior
    subordinated instruments two notches below an issuer's
    Adjusted BCA.

-- The Hybrid Tier 1 Notes are perpetual with a coupon skip
    mechanism similar to those in the Upper Tier 2 Notes above.
    However, any unpaid interest is non-cumulative.  In
    liquidation, the Hybrid Tier 1 Notes rank junior to the Upper
    Tier 2 Notes and only senior to common equity.  Moody's
    generally rates such Hybrid Tier 1 instruments three notches
    below an issuer's Adjusted BCA.

The above-mentioned rating actions on Moody's-rated Indian banks'
hybrid securities that were issued or can be issued under their
existing international MTN programmes are:

-- State Bank of India: Upper Tier 2 Notes were downgraded to Ba1
    from Baa3 and the perpetual Hybrid Tier 1 securities were
    downgraded to Ba2 from Ba1.

-- ICICI Bank Ltd: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were downgraded to Ba2 from
    Ba1.

-- Bank of Baroda: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were confirmed at Ba2.

-- Bank of India: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were confirmed at Ba2.

-- Canara Bank: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were confirmed at Ba2.

-- HDFC Bank Ltd: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were downgraded to Ba2 from
    Ba1.

-- Union Bank of India: Upper Tier 2 Notes were downgraded to Ba1
    from Baa3 and the Hybrid Tier 1 Notes were confirmed at Ba2.

-- Axis Bank Ltd: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were downgraded to Ba2 from
    Ba1.

The last rating action for all Moody's-rated Indian banks was
taken on 17 December 2009 when their long-term foreign currency
deposit rating was upgraded to Ba1 from Ba2, in line with the
recent upgrade of India's foreign currency deposit ceiling.

Headquartered in Mumbai, State Bank of India had assets of
INR9.644 trillion (US$184.8 billion) as of end-March 2009.

Headquartered in Mumbai, ICICI Bank Ltd had assets of
INR3.793 trillion (US$72.7 billion) as of end-March 2009.

Headquartered in Mumbai, Bank of Baroda had assets of
INR2.274 trillion (US$43.6 billion) as of end-March 2009.

Headquartered in Mumbai, Bank of India had assets of
INR2.255 trillion (US$43.2 billion) as of end-March 2009.

Headquartered in Bangalore, Canara Bank had assets of
INR2.175 trillion (US$41.7 billion) as of end-March 2009.

Headquartered in Mumbai, HDFC Bank Ltd had assets of
INR1.833 trillion (US$35.1 billion) as of end-March 2009.

Headquartered in Mumbai, Union Bank of India had assets of
INR1.610 trillion (US$30.9 billion) as of end-March 2009.

Headquartered in Mumbai, Axis Bank Ltd had assets of
INR1.477 trillion (US$28.3 billion) as of end-March 2009.


EASTERN SILK: CRISIL Assigns 'BB' Rating on INR600 Mil. Term Loan
-----------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Negative' to the term loan
facility of Eastern Silk Industries Ltd and has reaffirmed its
rating on the company's short-term facilities at 'P4+'.

   Facilities                            Ratings
   ----------                            -------
   INR600 Million Term Loan              BB/Negative (Assigned)
   INR964 Million Bank Guarantee and     P4+
                   Letter of Credit@
   INR3151 Million Packing Credit
   Limits* (Enhanced from INR2486 Mil.)  P4+

   *Interchangeable with bills purchase/ Standby Line of Credit

The ratings reflect Eastern Silk's large exposure to group
companies, geographical concentration in revenue profile,
vulnerability to volatility in prices of key raw materials and to
economic cycles, and weakened liquidity due to delays in payment
by customers and upcoming preference and debt repayment
obligations.  These rating weaknesses are partially offset by the
company's established position as a silk exporter with integrated
processing capabilities.

Outlook: Negative

CRISIL believes that Eastern Silk will continue to face pressures
on its realization of receivables because of the current weak
market conditions.  The rating could be downgraded in case
continued delays in realization of receivables lead to over-
utilization of bank limits or delays in meeting maturing debt
obligations.  Conversely, the outlook may be revised to 'Stable'
if Eastern Silk's liquidity improves, most likely because of
significant improvement in profitability or timely payments by
customers.

                         About Eastern Silk

Set up in 1946, Eastern Silk manufactures silk yarn, fabrics and
made-ups, home furnishings, fashion fabrics, handloom fabrics,
double-width fabrics, and embroidered fabrics.  Over the years,
the company has bagged various awards from export promotion
councils and is also recognised as a Golden Star Trading House by
the Government of India.

For 2008-09 (refers to financial year, April 1 to March 31),
Eastern silk reported a profit after tax (PAT) of INR192 million
on net sales of INR5.1 billion, against a PAT of INR581 million on
net sales of INR4.82 billion for 2007-08.


HEAVEN DEALERS: CRISIL Rates INR99.5 Million Cash Credit at 'BB-'
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Heaven Dealers Pvt
Ltd's cash credit facility.

   Facilities                         Ratings
   ----------                         -------
   INR99.5 Million Cash Credit        BB-/Stable (Assigned)

The rating reflects Heaven's exposure to risks relating to
funding, implementation and saleability of its large, ongoing
commercial real estate project, cyclicality inherent in the Indian
real estate industry, geographical concentration in its revenue
profile, and limited experience of its promoters in the
development of large commercial real estate projects.  These
rating weaknesses are partially offset by Heaven's comfortable
capital structure.

Outlook: Stable

CRISIL believes that Heaven will remain sensitive to project
implementation risks, timeliness of inflow of customer advances,
and saleability of its commercial and residential units.  The
outlook may be revised to 'Positive' if Heaven reports high
bookings and large customer advances, leading to larger-than-
expected cash inflows. Conversely, the outlook may be revised to
'Negative' in case the completion of the company's ongoing project
gets delayed, most likely because of delays in receipt of customer
advances or lower-than-expected bookings.

                       About Heaven Dealers

Incorporated in 1995, Heaven initially traded in plastic products
and plastic granules.  The company diversified into construction
and real estate development.  Currently, the company is engaged in
two lines of business?plastic processing and trading, and
development of residential and commercial real estate projects.
About 70 per cent of its revenues were derived from construction
activities in the past three years, and the remainder from trading
of plastic products and granules.  The company has three ongoing
projects; one involves the construction of a commercial mall at
Joka (Kolkata).  Heaven has also undertaken two residential
projects through a joint venture with two group companies, Payal
Departmental Store Pvt Ltd and Gopalka Motors Finance Ltd.  Heaven
also undertakes land development projects - it has developed
around 500,000 square feet of land over the past four years.

Heaven reported a profit after tax (PAT) of INR0.3 million on net
sales of INR24.7 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.2 million on net sales
of INR19.6 million for 2007-08.


ICICI BANK: Moody's Cuts Rating on Upper Tier 2 Notes to Ba1
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on certain
Indian banks' hybrid securities, in line with its revised
Guidelines for Rating Bank Hybrids and Subordinated Debt,
published in November 2009.  Moody's downgraded Indian banks'
cumulative junior subordinated debt securities ("Upper Tier 2
Notes") as well as the perpetual non-cumulative hybrid instruments
("Hybrid Tier 1 Notes").  This concludes the review for possible
downgrade that began on 18 November 2009.  The rating outlook for
all Indian banks affected is stable.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to support a troubled bank would, to
some extent, benefit the subordinated debt holders as well as the
senior creditors.  The systemic support for these instruments has
not been forthcoming in many cases.  The above-mentioned revised
guidelines largely remove previous assumptions of systemic
support, resulting in the rating action.  In addition, this
revised methodology generally widens the notching on a hybrid's
rating that is based on the instrument's features.

                     Rating Action In Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment (Adjusted
BCA).  The Adjusted BCA reflects the bank's stand-alone credit
strength as expressed through its Baseline Credit Assessment (BCA)
and includes uplift for parental and/or cooperative support, if
applicable.  The Adjusted BCA excludes systemic support.

The Adjusted BCA for each Moody's-rated public-sector bank in
India, which reflects support from the government as parent, is:

* For State Bank of India, the Adjusted BCA is Baa2 and is the
  same as its BCA since the parental/government support does not
  provide any ratings uplift.

* For Bank of Baroda, it is Baa2 and is two notches higher than
  its Ba1 BCA due to the parental/government support providing
  ratings uplift.

* For Bank of India, it is Baa2 and is two notches higher than its
  Ba1 BCA due to the parental/government support providing ratings
  uplift.

* For Canara Bank, it is Baa2 and is one notch higher than its
  Baa3 BCA due to the parental/government support providing
  ratings uplift.

* For Union Bank of India, it is Baa2 and is two notches higher
  than its Ba1 BCA due to the parental/government support
  providing ratings uplift.

On the other hand, the Adjusted BCA for each of the three private-
sector banks in India rated by Moody's (ICICI Bank Ltd, HDFC Bank
Ltd and Axis Bank Ltd) is Baa2 and is in line with their
respective BCA.  These private-sector banks do not benefit from
any parental or systemic support in their hybrid ratings.

The main features of the hybrid instruments typically issued by
the above Moody's-rated Indian Banks and the way Moody's rates
them are:

-- The Upper Tier 2 Notes have a maturity of at least 15 years.
    The issuer can defer any interest payments at its discretion
    if its capital adequacy ratio is below the minimum regulatory
    requirement of 9% or if it reports a net loss, defined as a
    negative balance in the profit and loss account contained
    within reserves and surplus of the issuer's balance sheet.  If
    the issuer has only a net loss, but does not breach the CAR
    trigger, then it can make interest payments provided it gets
    the regulator's approval.  Any deferred interest is
    cumulative.  The instrument has a junior subordinated claim in
    liquidation and ranks only more senior to Tier 1 Notes and
    common equity.  Moody's generally rates this kind of junior
    subordinated instruments two notches below an issuer's
    Adjusted BCA.

-- The Hybrid Tier 1 Notes are perpetual with a coupon skip
    mechanism similar to those in the Upper Tier 2 Notes above.
    However, any unpaid interest is non-cumulative.  In
    liquidation, the Hybrid Tier 1 Notes rank junior to the Upper
    Tier 2 Notes and only senior to common equity.  Moody's
    generally rates such Hybrid Tier 1 instruments three notches
    below an issuer's Adjusted BCA.

The above-mentioned rating actions on Moody's-rated Indian banks'
hybrid securities that were issued or can be issued under their
existing international MTN programmes are:

-- State Bank of India: Upper Tier 2 Notes were downgraded to Ba1
    from Baa3 and the perpetual Hybrid Tier 1 securities were
    downgraded to Ba2 from Ba1.

-- ICICI Bank Ltd: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were downgraded to Ba2 from
    Ba1.

-- Bank of Baroda: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were confirmed at Ba2.

-- Bank of India: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were confirmed at Ba2.

-- Canara Bank: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were confirmed at Ba2.

-- HDFC Bank Ltd: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were downgraded to Ba2 from
    Ba1.

-- Union Bank of India: Upper Tier 2 Notes were downgraded to Ba1
    from Baa3 and the Hybrid Tier 1 Notes were confirmed at Ba2.

-- Axis Bank Ltd: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were downgraded to Ba2 from
    Ba1.

The last rating action for all Moody's-rated Indian banks was
taken on 17 December 2009 when their long-term foreign currency
deposit rating was upgraded to Ba1 from Ba2, in line with the
recent upgrade of India's foreign currency deposit ceiling.

Headquartered in Mumbai, State Bank of India had assets of
INR9.644 trillion (US$184.8 billion) as of end-March 2009.

Headquartered in Mumbai, ICICI Bank Ltd had assets of
INR3.793 trillion (US$72.7 billion) as of end-March 2009.

Headquartered in Mumbai, Bank of Baroda had assets of
INR2.274 trillion (US$43.6 billion) as of end-March 2009.

Headquartered in Mumbai, Bank of India had assets of
INR2.255 trillion (US$43.2 billion) as of end-March 2009.

Headquartered in Bangalore, Canara Bank had assets of
INR2.175 trillion (US$41.7 billion) as of end-March 2009.

Headquartered in Mumbai, HDFC Bank Ltd had assets of
INR1.833 trillion (US$35.1 billion) as of end-March 2009.

Headquartered in Mumbai, Union Bank of India had assets of
INR1.610 trillion (US$30.9 billion) as of end-March 2009.

Headquartered in Mumbai, Axis Bank Ltd had assets of
INR1.477 trillion (US$28.3 billion) as of end-March 2009.


IDBI BANK: S&P Assigns Ratings on US$1.5 Bil. Medium-Term Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned these ratings to IDBI
Bank's proposed debt issues under the bank's US$1.5 billion
medium-term notes program:

* 'BBB-' rating on the senior unsecured notes,

* 'BB+' rating on the lower Tier 2 subordinate, and

* 'BB' rating on the upper Tier 2 subordinated and hybrid Tier 1
  notes.

The lower Tier 2 subordinated notes will have a minimum maturity
of five years, or 63 months (if issued between Jan. 1 and March 31
of any year), and the upper Tier 2 subordinated notes will have a
minimum maturity of 15 years.  The hybrid Tier 1 notes are
perpetual and have no maturity.  However, a call option on the
instruments (upper Tier 2 and hybrid Tier 1) is permissible, with
RBI's prior approval, after the instrument has run for at least 10
years.  Proceeds from these issues will be used to fund IDBI's
foreign offices as well as for general corporate purposes.

The senior notes will constitute direct, unconditional, unsecured
and unsubordinated obligations of the bank, and shall at all times
rank pari passu with all other unsecured obligations.  The
subordinated notes (lower Tier 2 and upper Tier 2) will constitute
the unsecured and subordinated obligations.  They will be
subordinate to the claims of the senior debt holders.  Upper Tier
2 notes will be further subordinated to lower Tier 2 notes of the
bank and rank pari passu with all subordinated debt in their
respective class.  The payment obligation on the hybrid Tier 1
notes will rank junior to the claims of holders of senior and
subordinated debt but senior to the claims of holders of
preference and equity shares.

The rating differential between the senior unsecured notes and the
lower Tier 2 subordinated notes reflects the latter's subordinated
nature.  The 'BB' rating on the upper Tier 2 subordinated notes
and hybrid Tier 1 notes reflects subordination as well as an
interest deferral option on these notes.  This interest deferral
feature is linked to the compliance of the regulatory capital
adequacy ratio and a "net loss" condition.

A "net loss" is defined as a negative balance in the "balance in
the profit and loss account," a component of the "Reserves and
Surplus" as shown in the bank's most recent quarterly or as the
case may be, annual unconsolidated balance sheet.  If the bank's
RCAR is below the minimum regulatory requirement stipulated by the
Reserve Bank of India, skipping interest payments for hybrid tier-
1 is mandatory but the bank will have the option to make interest
payments for upper Tier-2, if it does not fail the profit test.
As of Sept. 30, 2009, the RCAR of IDBI stood at stood at 11.9%,
compared with the minimum regulatory requirement of 9%.  If the
bank is in compliance with the RCAR but reports a "net loss," the
bank will require the regulator's permission before it can make
interest payments on the notes.  As of March 31, 2009, the balance
in the P&L account stood at Indian rupees (INR) 712 million.

For investment grade issuers, Standard & Poor's recognizes equity
capital credit in the bank's adjusted total equity for hybrid
capital instruments that have maturity of at least 20 years.
Hence, Standard & Poor's will recognize equity capital credit of
up to 33% of the bank's adjusted common equity for the proposed
hybrid Tier 1 notes.  No capital credit will be recognized for
lower Tier 2 and upper Tier 2 capital.


LOHIA PAPER: CRISIL Places 'B+' Rating on INR80 Mil. Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Lohia Paper &
Board Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR17.5 Million Cash Credit Limit     B+/Stable (Assigned)
   INR80.0 Million Term Loan             B+/Stable (Assigned)
   INR3.0 Million Letter of Credit       P4 (Assigned)

The ratings reflect LPBPL's weak financial risk profile, small
scale of operations, exposure to intense competition in the
newsprint paper segment, and susceptibility to unfavorable changes
in regulatory policies.  These weaknesses are partially offset by
the benefits that the company derives from its established
customer base.

Outlook: Stable

CRISIL believes that LPBPL will maintain its business and
financial risk profile over the medium term on the back of an
established customer base and healthy operating profitability. The
outlook maybe revised to 'Positive' if LPBPL's financial risk
profile improves, most likely because of healthy topline growth or
more-than-expected cash accruals.  Conversely, the outlook maybe
revised to 'Negative' in case the company's financial risk profile
deteriorates, most likely because of larger-than-expected debt-
funded capital expenditure.

                         About Lohia Paper

Set up in 2005, LPBPL manufactures newsprint paper from waste
paper. The company's plant in Durg (Chhattisgarh) commenced
commercial production in October 2008, and has a capacity of 12000
tonnes per annum (tpa).

LPBPL reported a profit after tax (PAT) of INR0.6 million on net
sales of INR92.8 million for 2008-09 (refers to financial year,
April 1 to March 31).


MEKKO STEEL: Delay in Term Loan Repayment Cues CRISIL Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Mekko Steel and Power
Pvt Ltd's bank facilities.  The ratings reflect delay by Mekko in
servicing its term loan; the delay has been because of Mekko's
weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR30 Million Cash Credit           D (Assigned)
   INR96.4 Million Term Loan           D (Assigned)
   INR3.2 Million Letter of Credit     P5 (Assigned)
   INR3 Million Bank Guarantee         P5 (Assigned)

Mekko, set up in 2005 by Mr. Yusuf Mekkoth as a closely held
company, manufactures sponge iron.  It commenced commercial
production in December 2008.  The company has a total capacity of
around 30,000 tonnes per annum at its manufacturing unit in
Raigarh (Chhatisgarh).

Mekko reported a net loss of INR5.7 million on net sales of INR59
million for 2008-09 (refers to financial year, April 1 to
March 31).


P & R ENGINEERING: CRISIL Puts 'D' Ratings on INR340MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its rating of 'D' to the bank facility of P &
R Engineering Services Private Limited.

   Facilities                       Ratings
   ----------                       -------
   INR340.0 Million Term Loan*      D (Assigned)

   *Includes INR110.0 Million proposed term loan

The rating reflects instances of delays in servicing of monthly
interest payments to banks by 10 to 20 days.

The company is setting up a 7.5 MW small hydroelectric power
project (SHEP) at Brenwar, Jammu & Kashmir.  The company was
allotted by Jammu & Kashmir State Power Development Corporation
(JKSPDC) under the state's hydel policy, 2003 vide letter of
intent issued in July, 2005.  The Brenwar SHEP was originally
conceptualized as a 5-MW run of the river plant to be set up
across the Doodhganga Nalla, the tributary of the Jhelum river.
After the hydrological studies, the plant capacity was increased
to 7.5 MW in the second phase.  The company started generation
from 5 MW plant on October 13, 2009.  The company has signed a
bulk transmission and wheeling agreement with JKSPDC.  It is yet
to sign a long-term PPA with a third party for sale of power
generated by the project.  Earlier, the company was incorporated
in 1999, to carry out structural steel works, which was the
business of P&R Engineering services, a proprietorship firm of the
director.  There were no operations in the company till the HEP
construction activities began during 2007-08.

There were no sales for the company in 2008-09.  The operations of
the company started in October 2009.


MODERN PREFAB: CRISIL Places 'B+' Rating on INR33.2 Mil. Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Modern Prefab
Systems Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR170.0 Million Cash Credit        B+/Stable (Assigned)
   INR33.2 Million Term Loan           B+/Stable (Assigned)
   INR150.0 Million Bank Guarantee/    P4 (Assigned)
            Letter of Credit

The ratings reflect Modern Prefab's weak financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics, working-capital-intensive operations, the
vulnerability of its operating margins to fluctuations in raw
material prices, and its small scale of operations.  These rating
weaknesses are partially offset by the benefits that Modern Prefab
derives from its promoters' experience in the metal fabrication
industry.

Outlook: Stable

CRISIL believes that Modern Prefab's financial risk profile will
remain weak and scale of operations, small, over the medium term.
The outlook may be revised to 'Positive' if Modern Prefab improves
its financial risk profile, most likely by generating more-than-
expected cash accruals by increasing its scale of operations.
Conversely, the outlook may be revised to 'Negative' if the
company's working capital management deteriorates, thereby
weakening its liquidity, or if it undertakes large, debt-funded
capital expenditure programmes.

                        About Modern Prefab

Set up in 1996 by Mr. Subhash Kapoor as a partnership firm, Modern
Prefab was incorporated as a private limited company in 1997.
Modern Prefab manufactures prefabricated modular re-locatable
shelters, pre-engineered building roofing, wall cladding systems,
heavy-duty inter-locking concrete pavers, polyurethane foam (PUF)
panels, and other building materials.  The company caters to the
defence and paramilitary forces, government institutions, and
private players. Currently, Mr. Aditya Kapoor and Mr. Jagdeep
Mathur are responsible for the overall management of the company,
while Mr. Subhash Kapoor is partially active in the business
operations.  The company has its manufacturing unit at Manesar
(Haryana).

Modern Prefab reported a profit after tax (PAT) of INR2.4 million
on net sales of INR380 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR1.2 million on net
sales of INR162.8 million for 2007-08.


P & R GOGRIPUR: Delays in Interest Payment Cues CRISIL 'D' Ratings
------------------------------------------------------------------
CRISIL has assigned its rating of 'D' to the term loan facility of
P & R Gogripur Hydro Power Private Limited.  The rating reflects
instances of delays in servicing of monthly interest payments to
banks by 10 to 20 days.

   Facilities                       Ratings
   ----------                       -------
   INR150.0 Million Term Loan       D (Assigned)

The company is setting up a 2 MW hydroelectric power project (HEP)
allotted by Haryana Renewable Energy Development Agency (HAREDA)
on October 31st, 2006. PRGHPPL was established as a special
purpose vehicle (SPV) by Mr. Paveljeet Singh Ruppal (Managing
Director) and Mrs. Pradeep Kaur (Director), to bid for a mini
hydro power project in the state of Haryana.  It was awarded the
2-MW Gogripur hydro power project by Haryana Renewable Energy
Development Agency (HAREDA) in October, 2006.  It is a canal based
small hydel project that envisages the utilization of head
available at supplementary canal to main Yamuna canal in the
village of Gogripur.  Under the policy governing the project,
PRGHPPL is required to sell its entire generated units to Haryana
State Electricity Board (HSEB).  The company has been offered a
40-year PPA with Haryana Power Purchase Centre (HPPC) with a price
of INR 3.67/KWh for a period of five years from the day of
commencement of operations (escalation of 1.5% per year).  The PPA
has been submitted to HPPC for approval. The project is expected
to commence operations from April 2010.

There is no sales history of the company as the project has not
commenced operations as on date.


R. K. & SONS: CRISIL Assigns 'BB+' Rating on INR7.5MM Overdraft
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to R. K. & Sons'
bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR7.50 Million Overdraft             BB+/Stable (Assigned)
   INR120.00 Million Bank Guarantee*     P4+ (Assigned)

   *Includes a proposed limit of INR80.00 Million

The ratings reflect RK's geographically concentrated revenue
profile, lack of project diversity, and exposure to risks related
to the tender-based business and to intense competition in the
construction industry; the ratings also factor in RK's limited
eligibility to bid for large projects because of its low net
worth.  These rating weaknesses are partially offset by RK's
healthy financial risk profile marked by healthy gearing and debt
protection measures, and its promoters' extensive experience in
the construction industry.

Outlook: Stable

CRISIL believes that RK will maintain its comfortable financial
risk profile over the medium term, backed by low debt levels and a
moderate order book size.  The outlook may be revised to
'Positive' if RK substantially enhances its scale of operations
and increases its revenue diversity, while maintaining its
profitability.  Conversely, the outlook may be revised to
'Negative' if the firm's profitability margins deteriorate
steeply; or if it undertakes a large, debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile; or in case of significant withdrawal of capital by
the partners.

                        About R. K. & Sons

RK was set up in 1979 as a partnership concern by Mr. R
Thangavelu, Mr. R Ganesan and Mr. R Ashwin Balaji. RK executes
civil construction works, with a focus on road and bridge works,
for government and private sector companies.  The projects are
largely undertaken in Tamil Nadu, and the firm operates from its
office in Salem (Tamil Nadu). RK had an order book of around
INR600 million as on December 31, 2009.

RK reported a profit after tax (PAT) of INR31 million on net sales
of INR224 million for 2008-09 (refers to financial year, April 1
to March 31), against a PAT of INR12 million on net sales of
INR144 million for 2007-08.


S.M. AUTO: CRISIL Assigns 'BB+' Rating on INR66 Mil. Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to S.M. Auto
Engineering Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR100 Million Cash Credit*       BB+/Stable (Assigned)
   INR66 Million Term Loan           BB+/Stable (Assigned)
   INR100 Million Proposed LT        BB+/Stable (Assigned)
          Bank Loan Facility
   INR11 Million Letter of Credit    P4+(Assigned)
   INR2.5 Million Bank Guarantee     P4+(Assigned)

   *Includes FCNRB of INR40 Million

The ratings reflect the expected decline in SM Auto's financial
risk profile over the near to medium term, driven by its large
debt-funded capital expenditure, the company's customer
concentration in revenue profile, large working capital
requirements, and susceptibility to fluctuations in raw material
prices.  These rating weaknesses are partially offset by SM Auto's
established relationships with large and established automotive
original equipment manufacturers (OEMs), its promoters' experience
in the automotive-component manufacturing business, diverse
product profile, and centralised design and development facility.

Outlook: Stable

CRISIL believes that SM Auto will maintain its business risk
profile on the back of its established relationships with
customers, over the medium term. SM Auto's financial risk profile
will, however, remain constrained over the medium term, as its
gearing is expected to remain high and its net worth, small. The
outlook may be revised to 'Positive' if SM Auto's capital
structure improves significantly, or if revenues from its new
capacities are more than expected. Conversely, the outlook may be
revised to 'Negative' if SM Auto undertakes further large debt-
funded capex or reports a decline in its operating margin.

                          About S.M. Auto

Incorporated in 1976, SM Auto has four manufacturing plants. Its
main products include two-wheeler exhaust systems, rear
suspensions, heat exchangers, such as aluminium radiators, inter-
cooler, oil cooler, connecting rods, rear-axle assemblies, and
sheet metal and machined assemblies.  The company's main customers
are Bajaj Auto Ltd, Tata Motors Ltd, Mercedes Benz India Ltd,
Force Motors Ltd and Piaggio Vehicles Pvt Ltd.  SM Auto has also
recently started exporting radiators.  The company is planning to
set up a fifth manufacturing unit in Pitampur (Madhya Pradesh).
The company has capability to design, develop, and manufacture
components, assemblies and modules for the automobile industry.
Its centralised design and development facility includes tool
rooms, computer-aided design (CAD) facility, and other development
software.

SM Auto reported a profit after tax (PAT) of INR124.8 million on
net sales of INR1.32 billion for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR13.5 million on
net sales of INR1.68 billion for 2007-08.


SPICEJET LTD: Expects to Post Profit This Year on Higher Traffic
----------------------------------------------------------------
Anirban Chowdhury at Dow Jones Newswires reports that SpiceJet
Ltd. Chief Executive Sanjay Aggarwal said the carrier expects to
post a net profit in the current financial year through March
because of higher passenger traffic.

Mr. Aggarwal told Dow Jones Newswires that Spicejet plans to raise
between $50 million and $75 million in the next fiscal year to
fund its expansion plans.  The company may use the funds "for
either organic or inorganic growth," he said.

"We are growing at a faster rate than the industry and we expect
our passenger traffic to grow 15% to 20% in the fourth quarter
(ending March 31)," Dow Jones quoted Mr. Aggarwal as saying.

Meanwhile, The Times of India reports that SpiceJet on Tuesday
said it is planning to hire about 140 to 150 employees to meet the
manpower requirements for the four new aircraft it would add this
year, besides flying abroad.

According to the Times, the low-cost airline also has plans to
enter international destinations later this year.  "We have
applied to the regulatory authorities to fly to Sri Lanka, the
Maldives, Nepal and Bangladesh," the Times quoted Mr. Aggarwal as
saying.

                          About SpiceJet

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

                          *     *     *

SpiceJet Limited booked annual net losses of INR707.43 million in
2007 and INR1.33 billion in 2008.


SREE KUMAR: CRISIL Rates INR74.4 Million Term Loan at 'B-'
----------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to the bank
facilities of Sree Kumar Agro Oils Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR60 Million Cash Credit           B-/Negative (Assigned)
   INR74.4 Million Term Loan           B-/Negative (Assigned)
   INR0.6 Million Bank Guarantee       P4 (Assigned)

The ratings reflect SKAOPL's weak financial risk profile, marked
by high gearing and weak debt protection metrics, and its exposure
to risks related to intense competition and small scale of
operations in the edible oil industry, and product concentration
in revenue profile.  These rating weaknesses are partially offset
by the benefits that the company derives from its well-experienced
management team.

Outlook: Negative

CRISIL believes that SKAOPL will continue to face pressures
because of the company's low operating margin and hence, low cash
accruals. The rating may be downgraded if there is a sharp decline
in SKAOPL's revenues or operating margin, most likely because of
lower-than-expected production level.  Conversely, the outlook may
be revised to 'Stable' in case of sustained improvement in the
company's financial risk profile, most likely driven by increased
revenues, more-than-expected cash accruals, and comfortable
liquidity.

Incorporated in October 2007, SKAOPL commenced commercial
production in October 2008.  It manufactures Rice Bran Oil and De-
Oiled Rice Bran in its solvent extraction plant at Bhimavaram,
Andhra Pradesh.  The company has rice bran processing capacity of
300 tonnes per day (tpd) and refining capacity of 70 tpd.

SKAOPL reported a net loss of INR4.0 million on net sales of
INR158 million for 2008-09 (refers to financial year, April 1 to
March 31).


STATE BANK OF INDIA: Moody's Cuts Hybrid Tier 1 Secs. Rtng. to Ba2
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on certain
Indian banks' hybrid securities, in line with its revised
Guidelines for Rating Bank Hybrids and Subordinated Debt,
published in November 2009.  Moody's downgraded Indian banks'
cumulative junior subordinated debt securities ("Upper Tier 2
Notes") as well as the perpetual non-cumulative hybrid instruments
("Hybrid Tier 1 Notes").  This concludes the review for possible
downgrade that began on 18 November 2009.  The rating outlook for
all Indian banks affected is stable.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to support a troubled bank would, to
some extent, benefit the subordinated debt holders as well as the
senior creditors.  The systemic support for these instruments has
not been forthcoming in many cases.  The above-mentioned revised
guidelines largely remove previous assumptions of systemic
support, resulting in the rating action.  In addition, this
revised methodology generally widens the notching on a hybrid's
rating that is based on the instrument's features.

                     Rating Action In Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment (Adjusted
BCA).  The Adjusted BCA reflects the bank's stand-alone credit
strength as expressed through its Baseline Credit Assessment (BCA)
and includes uplift for parental and/or cooperative support, if
applicable.  The Adjusted BCA excludes systemic support.

The Adjusted BCA for each Moody's-rated public-sector bank in
India, which reflects support from the government as parent, is:

* For State Bank of India, the Adjusted BCA is Baa2 and is the
  same as its BCA since the parental/government support does not
  provide any ratings uplift.

* For Bank of Baroda, it is Baa2 and is two notches higher than
  its Ba1 BCA due to the parental/government support providing
  ratings uplift.

* For Bank of India, it is Baa2 and is two notches higher than its
  Ba1 BCA due to the parental/government support providing ratings
  uplift.

* For Canara Bank, it is Baa2 and is one notch higher than its
  Baa3 BCA due to the parental/government support providing
  ratings uplift.

* For Union Bank of India, it is Baa2 and is two notches higher
  than its Ba1 BCA due to the parental/government support
  providing ratings uplift.

On the other hand, the Adjusted BCA for each of the three private-
sector banks in India rated by Moody's (ICICI Bank Ltd, HDFC Bank
Ltd and Axis Bank Ltd) is Baa2 and is in line with their
respective BCA.  These private-sector banks do not benefit from
any parental or systemic support in their hybrid ratings.

The main features of the hybrid instruments typically issued by
the above Moody's-rated Indian Banks and the way Moody's rates
them are:

-- The Upper Tier 2 Notes have a maturity of at least 15 years.
    The issuer can defer any interest payments at its discretion
    if its capital adequacy ratio is below the minimum regulatory
    requirement of 9% or if it reports a net loss, defined as a
    negative balance in the profit and loss account contained
    within reserves and surplus of the issuer's balance sheet.  If
    the issuer has only a net loss, but does not breach the CAR
    trigger, then it can make interest payments provided it gets
    the regulator's approval.  Any deferred interest is
    cumulative.  The instrument has a junior subordinated claim in
    liquidation and ranks only more senior to Tier 1 Notes and
    common equity.  Moody's generally rates this kind of junior
    subordinated instruments two notches below an issuer's
    Adjusted BCA.

-- The Hybrid Tier 1 Notes are perpetual with a coupon skip
    mechanism similar to those in the Upper Tier 2 Notes above.
    However, any unpaid interest is non-cumulative.  In
    liquidation, the Hybrid Tier 1 Notes rank junior to the Upper
    Tier 2 Notes and only senior to common equity.  Moody's
    generally rates such Hybrid Tier 1 instruments three notches
    below an issuer's Adjusted BCA.

The above-mentioned rating actions on Moody's-rated Indian banks'
hybrid securities that were issued or can be issued under their
existing international MTN programmes are:

-- State Bank of India: Upper Tier 2 Notes were downgraded to Ba1
    from Baa3 and the perpetual Hybrid Tier 1 securities were
    downgraded to Ba2 from Ba1.

-- ICICI Bank Ltd: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were downgraded to Ba2 from
    Ba1.

-- Bank of Baroda: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were confirmed at Ba2.

-- Bank of India: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were confirmed at Ba2.

-- Canara Bank: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were confirmed at Ba2.

-- HDFC Bank Ltd: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were downgraded to Ba2 from
    Ba1.

-- Union Bank of India: Upper Tier 2 Notes were downgraded to Ba1
    from Baa3 and the Hybrid Tier 1 Notes were confirmed at Ba2.

-- Axis Bank Ltd: Upper Tier 2 Notes were downgraded to Ba1 from
    Baa3 and the Hybrid Tier 1 Notes were downgraded to Ba2 from
    Ba1.

The last rating action for all Moody's-rated Indian banks was
taken on 17 December 2009 when their long-term foreign currency
deposit rating was upgraded to Ba1 from Ba2, in line with the
recent upgrade of India's foreign currency deposit ceiling.

Headquartered in Mumbai, State Bank of India had assets of
INR9.644 trillion (US$184.8 billion) as of end-March 2009.

Headquartered in Mumbai, ICICI Bank Ltd had assets of
INR3.793 trillion (US$72.7 billion) as of end-March 2009.

Headquartered in Mumbai, Bank of Baroda had assets of
INR2.274 trillion (US$43.6 billion) as of end-March 2009.

Headquartered in Mumbai, Bank of India had assets of
INR2.255 trillion (US$43.2 billion) as of end-March 2009.

Headquartered in Bangalore, Canara Bank had assets of
INR2.175 trillion (US$41.7 billion) as of end-March 2009.

Headquartered in Mumbai, HDFC Bank Ltd had assets of
INR1.833 trillion (US$35.1 billion) as of end-March 2009.

Headquartered in Mumbai, Union Bank of India had assets of
INR1.610 trillion (US$30.9 billion) as of end-March 2009.

Headquartered in Mumbai, Axis Bank Ltd had assets of
INR1.477 trillion (US$28.3 billion) as of end-March 2009.


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


BANK MANDIRI: Support Cues Fitch to Upgrade Subsidiary's Ratings
----------------------------------------------------------------
Fitch Ratings has upgraded PT Bank Syariah Mandiri's National
Long-term rating to 'AA-(idn)' from 'A+(idn)' and the bank's
subordinated Islamic bond I/2007 to 'A+(idn)' from 'A(idn)'.  The
Outlook is Stable.

BSM's rating upgrades are largely driven by support from its
parent bank, state-owned Bank Mandiri (Persero) Tbk
('BB+'/'AA+(idn)'), and also its satisfactory performance with
higher non performing financings mitigated by increased loan loss
reserves and capitalization.  Based on Fitch's assessment, the
commitment from Bank Mandiri is reflected in the sole ownership
and the financial and technical assistance provided in the
development of BSM's sharia banking operations.

Bank Mandiri continues to provide financial assistance to BSM
through a planned IDR500 billion capital injection -- of this,
IDR200 billion had been made until end-2009, with the rest to be
injected over the next few years.  The capital injection is
expected to help keep BSM's total CAR at around 12% (end-9M09:
13.3%).  Fitch also derives comfort from the existence of cross
default clauses in Bank Mandiri's offshore borrowings to support
its subsidiary, and its written commitment to the central bank to
support BSM in the event of financial difficulty.

BSM's core profitability -- as measured by pre-provision profit --
declined to 4.0% of average assets (2008: 4.6%; 2007: 3.8%) due to
a fall of its net financing margin.  During 9M09, non-performing
financing was up to 5.9%, from 5.6% in 2008, mainly driven by the
weakening of a few corporate borrowers; the bank is actively
negotiating and monitoring this situation closely.  To anticipate
the increasing risk due to further asset quality deterioration,
during 9M09 BSM raised its loan loss cover ratio to 89% (2008:
77%), although this is below the 130% of commercial banks' average
loan loss coverage (as calculated by Fitch) at end-9M09.

BSM started business as a sharia bank in 1999.  BSM is a wholly-
owned subsidiary of Bank Mandiri.


CHANDRA ASRI: S&P Affirms 'B+' Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term corporate credit rating on Indonesia-based PT
Chandra Asri.  The outlook is stable.  At the same time, S&P
affirmed its 'B+' foreign-currency issue rating on the proposed
senior secured notes to be issued by Altus Capital Pte. Ltd. and
guaranteed by Chandra Asri.  These notes, originally scheduled for
launch in the fourth quarter of 2009, were postponed because of
the market conditions prevailing at the time.

The issue rating on Altus' proposed notes issuance reflects the
unconditional and irrevocable guarantee by Chandra Asri and its
subsidiary PT Styrindo Mono Indonesia.  Altus Capital, a wholly
owned entity of PT Chandra Asri, was established solely for the
purpose of issuing debt securities, and will lend the proceeds of
the notes to Chandra Asri.  The rating on the notes is subject to
finalization of documentation, and confirmation of amounts and
terms.

S&P expects some of the proceeds from the proposed notes issue to
be used to repay in full the outstanding amount on an existing
term loan facility, without the company incurring any prepayment
penalty.  S&P also expects Chandra Asri to use any remaining
amount to repay an existing subordinated loan provided by a former
shareholder, Strategic Investment Holdings Ltd.

"The affirmed rating on Chandra Asri reflects the company's
cyclical commodity chemicals business, exposure to rising
feedstock costs, and limited product and operational diversity,"
said Standard & Poor's credit analyst Allan Redimerio.  "These
risks are partially offset by the company's entrenched market
position in Indonesia, its favorable domestic demand, cost
advantages from its domestic vertically integrated facilities, and
moderate leverage."

The stable outlook on the long-term corporate credit rating on
Chandra Asri reflects S&P's expectation that the company will
maintain its leading market position and competitive cost
advantage in Indonesia.  The rating could be lowered if there is a
material deterioration in the company's cash flow generation.  The
rating could be raised if the company improves its business risk
profile, while maintaining a moderate leverage position.


MATAHARI PUTRA: Moody's Reviews 'B1' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has placed PT Matahari Putra Prima Tbk's
B1 corporate family and senior unsecured bond ratings on review
for possible downgrade.

The rating action is in response to the Matahari's recent
announcement of its proposed sale of its subsidiary Matahari
Department Store valuing at approximately US$770 million.  The
sale is subject to regulatory approvals.

"While the proceeds to be received will greatly improve Matahari's
near-term liquidity -- with the result of a net cash position --
Moody's is concerned that the sale of MDS will negatively impact
the company's operating and business risk profiles," says Ken
Chan, a Moody's Vice President.

"The sale will result in a loss of MDS's EBITDA contribution to
Matahari, which represents approximately 60-70% of the company's
EBITDA annually," says Mr. Chan, adding that, "MDS is the largest
department store operator in terms of market share in Indonesia
and is highly profitable with EBITDA margins of 10-12%."

There also remains a high level of uncertainty over the ultimate
usage of the sale proceeds.

Moody's notes that the bond indentures are loose on the type of
replacement assets that the company can re-invest into, a
situation which could result in a material change in its business
risk profile.

Matahari may choose to pay down a major portion of its debt.
Moody's also notes that the company will need to redeem the
outstanding bond amount in full if the cash portion is below 75%
of the total sales proceeds under the bond indentures.

Despite the potential for lower leverage, Matahari's overall
credit profile may not support the original B1 rating, if it
organically grows its food business, which has lower profit
margins.  The overall operating scale of the company will also be
much smaller.

In its review, Moody's will evaluate Matahari's intended use of
the proceeds and its expansion strategy, and their resultant
impact on the company's overall credit profile upon the successful
completion of this transaction.

The last rating action for Matahari was taken on 13 July 2009,
when Moody's assigned a B1 senior unsecured rating and affirmed
its B1 corporate family rating.

PT Matahari Putra Prima Tbk. is a leading retailer in Indonesia
with multiple retail formats.  It operates department stores,
hypermarkets, supermarkets and family entertainment outlets in
over 50 cities in the country.  The Lippo group controls about 57%
of Matahari's equity interest.


MATAHARI PUTRA: S&P Puts 'B+' Rating on CreidtWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate
credit rating and 'axBB' ASEAN scale rating on Jakarta-based
multi-format retailer PT Matahari Putra Prima Tbk. on CreditWatch
with negative implications.  At the same time, Standard & Poor's
also placed the issue ratings on US$200 million 10.75% senior
notes due Aug. 7, 2012, issued by Matahari's wholly owned special-
purpose subsidiary, Matahari International B.V., on CreditWatch
with negative implications.

The CreditWatch reflects the likelihood that Matahari's credit
profile may weaken if this transaction takes place, which still
depends on shareholders and regulatory approvals.  Based on
publicly available information, Matahari will indirectly own more
than 20% of Meadow Asia Co., the acquirer of the department
stores, with CVC Capital Partners ultimately owning the balance.

"Matahari's main business, and the source of most of its cash
flows, will be its food business, which for the nine months ended
September 2009 contributed 46% of Matahari's consolidated sales of
Indonesian rupiah (IDR) 10.4 trillion," said Standard & Poor's
credit analyst Manuel Guerena.  "Margins in the food business are
less than half of those of Matahari Department Store (MDS), the
retail unit being sold."

However, while the business profile will likely be smaller and
less diversified, Matahari's financial risk profile will depend on
how it decides to strengthen its business once MDS' sale is
executed, including its resulting debt level.  As of September
2009, balance sheet financial obligations amounted to IDR4
trillion, while its cash and short-term investment balance was
IDR3.7 trillion (excluding the divestment proceeds of about
US$770 million).

Nevertheless, the final terms negotiated for this transaction will
determine if there is a direct effect on the terms and conditions
of the senior notes, which are unconditionally and irrevocably
guaranteed by Matahari.

Matahari is the largest retailer in Indonesia, with the biggest
number of stores -- about 90 department stores, 48 hypermarkets,
26 supermarkets, 53 pharmacy outlets, 90 family entertainment
centers, and 11 international bookstores operating in more than 50
cities across Indonesia at the end of 2009.  The company
restructured its department store unit by transferring the assets
to PT Pacific Utama Tbk.; Matahari currently owns 90.8% in Pacific
Utama and remains the operator of the department stores.

The CreditWatch placement will be resolved upon a review of the
final terms and execution of the transaction, the potential direct
impact on the notes, and on Matahari's plans for the sale's
proceeds.  The rating on the company and on the notes may be
affirmed or lowered based on this review.


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


ALL NIPPON: To Promote Int'l Flights as 'Pillar' of Growth in 2010
------------------------------------------------------------------
Kyodo News reports that All Nippon Airways Co. said it will
promote its international flights as the "pillar" of its growth in
fiscal 2010 by capitalizing on the "biggest business opportunity"
to be created by the expansion of two core airports in the Tokyo
metropolitan area.

But the plan calls for closing or cutting back on operations on
unprofitable routes, including between Kansai International
Airport in Osaka Prefecture and Seoul's Gimpo airport, to reduce
costs and improve profitability, the report says.

Kyodo relates that ANA, in its business plan for the year that
begins April 1, said it will start seven weekly round-trip flights
between Narita airport and Munich on July 1 by taking advantage of
an increase in landing and departure slots at the Chiba Prefecture
airport from March 28.

According to the report, ANA will also increase the number of
flights between Narita and Ho Chi Minh City in Vietnam to seven
per week from the current five, effective March 28, and will fly
more frequently between Narita and the Chinese cities of Shenyang
and Hangzhou, starting the same day.

The report notes the airline is set to cash in on the Oct. 31
conversion of Haneda airport in Tokyo, long restricted to a
largely domestic role, into a 24-hour hub for short and long-
distance international flights to tap into demand in Asia.

                     About All Nippon Airways

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

                          *     *     *

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


CORSAIR NO 2: S&P Assigns Swap Risk Ratings on Swap Agreements
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned portfolio swap risk
"srp" ratings to credit default swap agreements in three Japanese
synthetic CDO transactions.

On Oct. 29, 2009, S&P withdrew the credit ratings on Corsair
(Jersey) No. 2 Ltd.'s series 45 JPY3 billion fixed rate secured
portfolio credit-linked loan and series 46 JPY3 billion fixed rate
secured portfolio credit-linked loan, and Eirles Two Ltd.'s
JPY4 billion L1 Credit Linked Secured Loan 2004-4.  The rating
withdrawals reflected S&P's view that S&P lacked adequate
information to continue to provide opinions on the
creditworthiness of the aforementioned three tranches following
the withdrawal of the credit ratings on the collateral securities
of the related transactions.

The "srp" ratings were assigned to each CDS agreement of the
aforementioned transactions based on current portfolio information
and updated CDO criteria.  This type of rating takes into
consideration only the creditworthiness of the reference portfolio
of the CDS, and it does not address either counterparty risk
(protection buyer/seller) or the specific amount of termination
payments that would be payable under the swap
transaction.

                           Ratings List

                    Corsair (Jersey) No.2 Ltd.
                   Series 45 credit default swap

         Rating    Amount       Scheduled Termination Date
         ------    ------       --------------------------
         CCC+srp   JPY3 bil.    March 16, 2012

                  Series 46 credit default swap

         Rating    Amount       Scheduled Termination Date
         ------    ------       --------------------------
         B-srp    JPY3 bil.    April 1, 2015

                          Eirles Two Ltd.
                 TAPAS 2004-4 credit default swap

         Rating    Amount       Scheduled Termination Date
         ------    ------       --------------------------
         BB-srp   JPY4 bil.    Dec. 24, 2011


L-JAC 6: Moody's Downgrades Ratings on Various Classes of Notes
---------------------------------------------------------------
Moody's Investors Service has downgraded these L-JAC 6 CMBS Trust
Certificates; their final maturity will take place in October
2016.

  -- Class A, downgraded to Aa2 from Aaa; previously, Aaa placed
     under review for possible downgrade on December 25, 2009

  -- Class B-1, downgraded to A2 from Aa2; previously, Aa2 placed
     under review for possible downgrade on December 25, 2009

  -- Class C-1, downgraded to Baa3 from A3; previously, A3 placed
     under review for possible downgrade on December 25, 2009

  -- Class D-1, downgraded to Ba3 from Baa3; previously, Baa3
     placed under review for possible downgrade on December 25,
     2009

  -- Class E-1, downgraded to B2 from Ba2; previously, Ba2 placed
     under review for possible downgrade on December 25, 2009

  -- Class F-1, downgraded to B3 from Ba3; previously, Ba3 placed
     under review for possible downgrade on December 25, 2009

  -- Class G-1, downgraded to B3 from B1; previously, B1 placed
     under review for possible downgrade on December 25, 2009

  -- Class X-2, downgraded to Aa2 from Aaa; previously, Aaa placed
     under review for possible downgrade on December 25, 2009

L-JAC 6 Trust, effected in November 2007, represents the
securitization of two non-recourse loans.

The current rating action reflects Moody's concerns over the need
to review the sustainable value of a property backing a loan
maturing in March 2010.

Although the property is a large office building in central Tokyo,
and more than 95% of its over 30,000 m2 rentable area is occupied
by a sole tenant and its subsidiaries, the actual rent remains
more than 20% lower than Moody's expectation at the time of the
initial rating two years ago.

Moody's interviewed the asset manager about its leasing plan, cost
management, refinancing strategy, and disposition activities for
the loan when it matures, in March 2010.

As a result of the interview, Moody's is of the view that the
fundamental profitability of the property is likely to remain
lower than assumed when the rating was first assigned, for some
time.  Moody's has assumed an estimated average rent that is 25%
lower than its initial assumption, with operating costs roughly
the same as previously.  As a result, sustainable net cash flow
has declined 27% from Moody's initial assumption.

Thus, although the property is in central Tokyo, with good traffic
access and high scarcity value, Moody's value has been re-assessed
at 31% less than the initial value, as profitability is lower than
initially estimated.

This rating action reflects Moody's concern of the likelihood of
collateral recovery, according to the property's re-assessed
value.  However, for the senior classes, Moody's considers that a
sufficient special servicing period of more than six years from
loan maturity in March 2010 to the final maturity of the trust
certificates in October 2016 could be effective to collection
activities even if the loan defaults.

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.


SPANSION INC: Committee Wants to Sue Spansion Japan
---------------------------------------------------
The Official Committee of Unsecured Creditors in Spansion Inc.'s
cases seeks the U.S. Bankruptcy Court's authority to commence and
prosecute certain preference claims of the Debtors' estates
against Spansion Japan Limited.  The Committee relates that it has
conducted a detailed investigation of certain intercompany
transfers and determined that a significant portion of the
transfers are avoidable as preferential transfers under Section
547 of the Bankruptcy Code.

"After an exhaustive analysis of information provided by the
Debtors to the Committee's advisors, it is now clear that the
Preferential Transfers total millions of dollars," says Blake M.
Cleary, Esq., at Young, Conaway, Stargatt & Taylor LLP, in
Wilmington, Delaware.  "However, to date, the Debtors have
refused the Committee's requests to commence an adversary
proceeding against SJL seeking avoidance of any Transfers deemed
to be preferential."

The Debtors' statement of financial affairs and schedules of
assets and liabilities for Spansion LLC filed on June 26, 2009
list intercompany transfers from Spansion LLC to Spansion Japan
within the one year period prior to the Petition Date totaling in
excess of $800 million.  Upon investigation, the Committee has
determined that approximately $48 million of the Transfers are
Preferential Transfers not otherwise subject to applicable
defenses.

                        About Spansion Inc.

Spansion Inc. (Pink Sheets: SPSNQ) -- http://www.spansion.com/--
is a Flash memory solutions provider.  Spansion is a former joint
venture of AMD and Fujitsu.

Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690).  On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.

Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A.
Posin, Esq., at Latham & Watkins LLP, have been tapped as
bankruptcy counsel.  Michael R. Lastowski, Esq., at Duane Morris
LLP, is the Delaware counsel.  Epiq Bankruptcy Solutions LLC, is
the claims agent.  The United States Trustee has appointed an
official committee of unsecured creditors in the case.  As of
September 30, 2008, Spansion disclosed total assets of
US$3,840,000,000, and total debts of US$2,398,000,000.

Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480).  The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes.  It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.

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


WILLCOM INC: JCR Downgrades Ratings on Senior Debts to 'C'
----------------------------------------------------------
Japan Credit Rating Agency, Ltd. has downgraded the ratings on
senior debts and bonds of Willcom, Inc., on senior debts and bonds
of the issuer from #CCC to #C, maintaining them on Credit Monitor
with Negative direction.

Senior debts: #C/Negative

  Issue     Amount     Issue Date  Due Date    Coupon  Rating
  -----     ------     ----------  ----------  ------  ------
bonds no.1  JPY35 Bil. 06/27/2005  06/27/2012  2.35%   #C/Negative

JCR said that although Willcom, Inc., applied for Business
Revitalization ADR procedures on September 24, 2009 and requested
the financial institutions for debt rescheduling, it has not yet
arrived at an agreement with financial institutions since that
time 4 months earlier.  A net decrease by 40,000 monthly in the
number of subscribers for the PHS has continued, lowering the cash
flow generation capacity.  In addition, given the burden of the
future capital expenditures for XGP (the next generation PHS), it
is considered that likelihood of regeneration within the framework
of Business Revitalization ADR was lowered than before.

JCR downgraded the ratings on the Company to "C," maintaining them
on Credit Monitor, because JCR considers that it is now more
likely that the Company will opt for rehabilitation under
bankruptcy protection and will fall into default.

Willcom, Inc., provides wireless data and voice services to
corporate and individual customers throughout Japan.  Willcom is
the largest operator employing Personal Handyphone System (PHS)
technology.


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


KUMHO LIFE: Penalized Over Investment Losses
--------------------------------------------
The Financial Supervisory Service has penalized Kumho Life
Insurance Co. and top two executives for incurring KRW280 billion
(US$241.3 million) in losses stemming from risky investments,
Yonhap News reports.

The report says the insurer will be prohibited from starting
operations in non-insurance sectors for three years.

According to the news agency, the penalties also include a ban on
current Kumho CEO Park Byung-wook and previous head Choi Byung-gil
from taking an executive post in any financial institution for
three years.  The FSS said Mr. Park can stay in his current
position, but is barred from running for a second term, Yonhap
relates.

Yonhap reports that the financial regulator held the two CEOs and
the firm accountable for KRW280 billion in losses stemming from
investments in overseas derivatives, equities and real-estate
funds made between 2002 and 2008.

The Troubled Company Reporter-Asia Pacific reported on June 8,
2009, that Kumho Asiana Group has been looking for a buyer for its
life insurance arm Kumho Life Insurance since September 2008 but
the insurer's huge deficit is hampering the move.  The insurer
would need further capital infusion from its parent group first to
attract a potential buyer.

Kumho Life Insurance saw its deficit grow to nearly KRW200 billion
for the fiscal year 2008, much bigger than the originally
estimated KRW100 billion, under new accounting standards.  Its
solvency margin ratio stands at around 120% as of April, far below
the 150% recommended by regulators, according to the Korea Times.

Established in 1988, Kumho Life Insurance Co, Ltd. is a South
Korean insurance company with headquarters in Sinmunro-1-ga
Jongno-gu Seoul, Korea.


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


* NEW ZEALAND: Export Falls 2.8% in December 2009 Quarter
---------------------------------------------------------
New Zealand's merchandise import values declined 3.2% in the
December 2009 quarter, compared with the September 2009 quarter,
the fifth consecutive quarterly fall, according to the country's
statistics agency.

Statistics New Zealand said the decline for the December 2009
quarter was widespread, with falls in capital goods, intermediate
goods, and consumption goods being partly offset by increases in
passenger cars and petrol and avgas.

Similarly, merchandise export values fell 2.8% in the December
2009 quarter, after removing seasonal effects, the fourth
consecutive quarterly decrease for exports.  The decline for the
December 2009 quarter was dominated by falls in milk powder,
butter, and cheese, and crude oil.  In the December 2009 quarter
milk powder, butter, and cheese recorded the largest decrease and
is now at its lowest value since the September 2007 quarter.

Quarterly seasonally adjusted imports and exports both recorded
their highest ever values in the 2008 year, and have consistently
declined since then.  Imports have dropped 24.6% since peaking in
the September 2008 quarter, while exports have dropped 17.3
percent since peaking in the December 2008 quarter.

The seasonally adjusted trade balance for the December 2009
quarter was a deficit of $170 million (1.8% of exports), following
deficits of 2.6% and 2.3% of exports in the June and September
2009 quarters respectively.  The most recent quarterly seasonally
adjusted trade surplus was in the December 2001 quarter.

In the month of December 2009, merchandise imports declined 18.6%
($776 million) from December 2008, led by mechanical machinery and
equipment.  Merchandise exports declined 11.3% ($433 million) in
December 2009, compared with December 2008, with the largest falls
coming from milk powder, butter, and cheese; aircraft and parts;
and meat and edible offal.  Since peaking in the latter part of
2008 the trends for imports and exports have declined 25.0% and
14.9% respectively, although the rate of decline appears to have
eased in recent months.


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


FORD MOTOR: Reports $1.4-Bil. Q4 2009 Revenue in Asia, Africa
-------------------------------------------------------------
Ford Motor Company says for the fourth quarter of 2009, Ford Asia
Pacific Africa reported a pre-tax operating profit of $19 million,
compared with a loss of $208 million a year ago.  The improvement
reflects primarily favorable net pricing, China joint venture
profits and structural cost reductions. Fourth quarter revenue was
$1.6 billion, up from $1.4 billion a year ago.

On Thursday, Ford reported a full year 2009 pre-tax operating
profit, excluding special items, of $454 million, a $7.3 billion
improvement over a year ago.  The company said it now expects to
be profitable for full year 2010 on a pre-tax basis excluding
special items, for North America, total Automotive and total
company, with positive Automotive operating-related cash flow.

Ford's fourth quarter revenue was $35.4 billion, up $6.4 billion
from a year ago. Revenue for the full year was $118.3 billion, a
decline of $19.8 billion versus a year ago.

Ford posted full year net income of $2.7 billion, or 86 cents per
share, driven in part by favorable net pricing, structural cost
reductions, net gains on debt reduction actions and strong Ford
Credit results.  This marks the company's first full year of
positive net income since 2005 and a $17.5 billion improvement
over 2008.

A full-text copy of Ford's earnings release is available at no
charge at http://ResearchArchives.com/t/s?4ef6

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 Sept. 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 Nov. 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.


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

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW  ZEALAND

DOMINION FINANCE      DFH           258902749.12    -55312405.88

PHILIPPINES


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

SINGAPORE


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


THAILAND

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


TAIWAN

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


                         *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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