TCRAP_Public/100202.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, February 2, 2010, Vol. 13, No. 022

                            Headlines



A U S T R A L I A

ABC LEARNING: Aussie Bank Seizes Sports Venue on Mortgage Default
GEOS INTERNATIONAL: Placed in Administration on AU$10-Mil. Debt


H O N G  K O N G

ADRIAN CONSTRUCTION: Court to Hear Wind-Up Petition on March 17
ASM INTERNATIONAL: Creditors' Proofs of Debt Due February 26
CHEESECAKE CAFE: Court Enters Wind-Up Order
CHAMPAGNE JEWELRY: Court to Hear Wind-Up Petition on March 10
CHINALAND INDUSTRIES: Members' Final Meeting Set for March 5

CONCORD EXPRESS: Commences Wind-Up Proceedings
CONCORD EXPRESS: Creditors' Meeting Set for February 11
CONMAX ENGINEERING: Final Meetings Set for March 1
DE CORO: Wardell, Chan and Ip Appointed as Liquidators
ECLIPSE ENTERTAINMENT: Member' Final Meeting Set for March 1

EASY REACH: Creditors' Proofs of Debt Due March 19
FUVANKA INDUSTRIES: Commences Wind-Up Proceedings
GARDEN HOTELS: Members' Final Meeting Set for March 1
GEM CRYSTAL: Members' and Creditors Final Meetings Set for March 5
GRAND LOYAL: Court Enters Wind-Up Order

* HONG KONG: Gov't. May Make Concessions on Bankruptcy Bill


I N D I A

ALLAHABAD BANK: Fitch Gives Positive Outlook; Affirms 'C/D' Rating
ARASKA DIAMOND: CRISIL Rates INR35 Mil. Packing Credit at 'P4'
ARPIT PROJECTS: CRISIL Rates INR1.54 Billion Term Loan at 'B'
CHANDIGARH IRON: Weak Liquidity Prompts CRISIL Junk Ratings
H. M. PIPES: Delay in Term Loan Repayment Cues CRISIL 'D' Ratings

JAI JAGDISH: CRISIL Assigns 'BB-' Rating on INR25MM Cash Credit
KALP DIAMONDS: CRISIL Assigns 'P4' Ratings on Various Bank Debts
KONASEEMA GAS: Inadequate Cash Flows Cue CRISIL Junk Ratings
PIONEER WINCON: CRISIL Lifts Rating on Cash Credit to 'B-'
PRETTY JEWELLERY: CRISIL Puts 'P4' Rating on Packing Credit

REFLEXIONS NARAYANI: CRISIL Rates INR160 Mil. Term Loan at 'BB-'
SACHDEVA STEEL: CRISIL Places 'BB-' on INR20MM Cash Credit Limit
SAHDEV JEWELLERS: CRISIL Reaffirms 'P4' Ratings on Various Debts
SAMAL AUTO: CRISIL Rates INR160MM Cash Credit at 'BB-'
SHILPI CABLE: Fitch Assigns 'B' National Long-Term Rating

TULSI TRADING: CRISIL Assigns 'B+' Rating on INR150MM Cash Credit
WESTERN INDIA: CRISIL Places 'BB+' Rating on INR34.2MM Term Loan
WOCKHARDT LTD: Fourth Quarter Loss Narrows to INR181.23cr
YAMIR PACKAGING: CRISIL Assigns 'BB-' Rating on INR66MM Term Loan


I N D O N E S I A

PT CENTRAL PROTEINAPRIMA: Fitch Cuts Issuer Default Rating to 'RD'


J A P A N

HUIS TEN: Financial Assistance Difficult, HIS Chairman Says
JAPAN AIRLINES: To Make Quick Decision on Delta, American Alliance
JAPAN AIRLINES: U.S. Court Grants Preliminary Injunction
KANSAI INTERNATIONAL: Panel Proposes to Bail Out Kansai Airport
SPANSION INC: Stay of Patent Spat with Samsung Approved

VICTOR CO: S&P Withdraws 'BB' Short-Term Corporate Credit Ratings


K O R E A

HYNIX SEMICONDUCTOR: Creditors Extend Bid Deadline Until Feb. 12
HYUNDAI MOTOR: Auto Sales Rise 50.4% in January
SSANGYONG MOTOR: Auto Sales Increase to 4,421 in January


M A L A Y S I A

NIKKO ELECTRONIC: Gets Summons from Toyopack for MYR257T of Claims
OCI BERHAD: Scheme Creditors to Meet on February 22


N E W  Z E A L A N D

APPLE FIELDS: Delisted from NZX; to List on Alternative Market


T A I W A N

AU OPTRONICS: Posts NT$7.9 Bil. Net Loss in Quarter Ended Dec. 31
AU OPTRONICS: To Invest Additional JPY15 Bil. in M.Setek


X X X X X X X X

* BOND PRICING: For the Week to January 25 to January 29, 2010





                         - - - - -


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


ABC LEARNING: Aussie Bank Seizes Sports Venue on Mortgage Default
-----------------------------------------------------------------
The Commonwealth Bank of Australia seized control of the Dome,
South Australia's home of basketball, after its owner, ABC
Learning Centre founder Eddy Grove, failed to pay mortgage, The
Sydney Morning Herald reports.

According to the report, a spokesman from CBA said Mr. Groves had
stopped paying the multimillion-dollar mortgage, forcing the bank
to take possession of the stadium.

Ferrier Hodgson was appointed as agent for the bank as mortgagee
in possession and is organizing the sales process, SMH says.

"We hope to be in a position to have it on the market shortly,"
Ferrier Hodgson partner, David Kidman was quoted by SMH as saying.

Mr. Groves acquired the stadium in 2006 as part of a rescue deal
that included the sale of the two Adelaide-based national
basketball teams to Mal Hemmerling, the report discloses.

                          About ABC Learning

Based in Australia, ABC Learning Centers Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd.  On January 26,
2007, it acquired La Petite Holdings Inc.  On February 2, 2007, it
acquired Forward Steps Holdings Ltd. On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centers Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.

Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.


GEOS INTERNATIONAL: Placed in Administration on AU$10-Mil. Debt
---------------------------------------------------------------
Eight English-language schools run by GEOS International Colleges
Oceania have been placed in voluntary administration, leaving
2,300 international students facing the prospect of losing their
places, smartcompany.com.au reports.

Justin Walsh and Adam Nikitins of Ernst & Young have been
appointed voluntary administrators to nine companies which operate
the eight schools located in Melbourne, Sydney, Adelaide, Perth,
Brisbane, Gold Coast and Cairns, smartcompany.com.au says.

Students and staff are owed more than $10 million in pre-paid fees
and entitlements, The Australian reports.

The Australian relates Mr. Justin Walsh said remaining funds "are
vastly insufficient to continue trading".

The Australian understands students, landlords and agents could be
owed about $10 million, while the entitlements of the nearly 400
staff also run into the millions.

According to smartcompany.com.au, the administrators said they
will now work with "the Federal Department of Education,
Employment and Workplace Relations and relevant state government
departments in relation to alternative arrangements for students."

"Government agencies will also be holding information meetings for
affected students in relation to consumer protection and
alternative arrangements from Wednesday this week."

                          About GEOS

GEOS, which stands for Global Education Opportunities and
Services, was founded in Japan in 1973 by Tsuneo Kusunoki.
GEOS Oceania is part of the GEOS Group, which operates language
schools in North America, Europe, Singapore, South Africa, Korea
and New Zealand.  The schools have about 390 employees and about
2,300 international students from a number of different countries.


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


ADRIAN CONSTRUCTION: Court to Hear Wind-Up Petition on March 17
---------------------------------------------------------------
A petition to wind up the operations of Adrian Construction
Limited will be heard before the High Court of Hong Kong on
March 17, 2010, at 9:30 a.m.

The Construction Industry Council filed the petition against the
company on January 11, 2010.

The Petitioner's solicitors are:

          Lovells
          One Pacific Place, 11/F
          88 Queensway
          Hong Kong


ASM INTERNATIONAL: Creditors' Proofs of Debt Due February 26
------------------------------------------------------------
ASM International Limited, which is in creditors' voluntary
liquidation, requires its creditors to file their proofs of debt
by February 26, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Li Wai See
         Unit 2601, 26/F
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


CHEESECAKE CAFE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order January 11, 2010, to
wind up the operations of The Cheesecake Cafe Limited.

The company's liquidator is Yuen Tsz Chun, Frank.


CHAMPAGNE JEWELRY: Court to Hear Wind-Up Petition on March 10
-------------------------------------------------------------
A petition to wind up the operations of Champagne Jewelry
Manufacturer Limited will be heard before the High Court of
Hong Kong on March 10, 2010, at 9:30 a.m.

Wong Tai Ying filed the petition against the company on January 5,
2010.

The Petitioner's solicitors are:

          Messrs. C Y Chan & Co.
          Admiralty Centre
          Room 602, Tower 2
          18 Harcourt Road, Admiralty
          Hong Kong


CHINALAND INDUSTRIES: Members' Final Meeting Set for March 5
------------------------------------------------------------
Members of Chinaland Industries Limited will hold their final
general meeting on March 5, 2010, at 3:00 p.m., at the 8/F., Gold
& Silver Commercial Building, 12-18 Mercer Street, Central, in
Hong Kong.

At the meeting, HO Hoi Lam and Man Fung Ying, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CONCORD EXPRESS: Commences Wind-Up Proceedings
----------------------------------------------
Members of Concord Express International Logistics Limited, on
January 25, 2010, passed a resolution to voluntarily wind-up the
company's operations.

The company's provisional liquidators are:

         Messrs Yuen Shu Tong
         Pang Hon Chung
         Malaysia Building, 3/F
         50 Gloucester Road
         Wanchai, Hong Kong


CONCORD EXPRESS: Creditors' Meeting Set for February 11
-------------------------------------------------------
Creditors of Concord Express International Logistics Limited will
hold their meeting on February 11, 2010, at 11:30 a.m., for the
purposes provided for in Sections 241, 242, 243, 244 and 255A of
the Companies Ordinance.

The meeting will be held at the 3/F., Malaysia Building, 50
Gloucester Road, Wanchai, in Hong Kong.


CONMAX ENGINEERING: Final Meetings Set for March 1
--------------------------------------------------
Members and creditors of Conmax Engineering Limited will hold
their final meetings on March 1, 2010, at 11:00 a.m., and 11:30
a.m., respectively at the 12th Floor, Grand Buildings, 15-18
Connaught Road Central, in Hong Kong.

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


DE CORO: Wardell, Chan and Ip Appointed as Liquidators
------------------------------------------------------
James Wardell, Chan Wai Dune Charles and Jackson IP on
September 15, 2009, were appointed as liquidators of De Coro
Limited.

The liquidators may be reached at:

         James Wardell
         Chan Wai Dune Charles
         Jackson IP
         CCIF Corporate Advisory Services Limited
         Rm. 1601-1602, 16/F
         One Hysan Avenue
         Causeway Bay, Hong Kong


ECLIPSE ENTERTAINMENT: Member' Final Meeting Set for March 1
------------------------------------------------------------
Sole Member of Eclipse Entertainment Limited will hold a final
meeting on March 1, 2010, at 10:00 a.m., at the 8th Floor,
Gloucester Tower, The Landmark, 15 Queen's Road Central, in Hong
Kong.

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


EASY REACH: Creditors' Proofs of Debt Due March 19
--------------------------------------------------
Easy Reach Electric Motor Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by March 19, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on January 22, 2010

The company's liquidators are:

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


FUVANKA INDUSTRIES: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Fuvanka industries Limited, on January 28, 2010, passed
a resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


GARDEN HOTELS: Members' Final Meeting Set for March 1
-----------------------------------------------------
Members of Garden Hotels (Holdings) Limited will hold their final
general meeting on March 1, 2010, at 11:30 a.m., at the Conference
Room 7101, 71/F Two International Finance Centre, 8 Finance
Street, Central, in Hong Kong.

At the meeting, Ying Hing Chiu and Yeung Betty Yuen, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GEM CRYSTAL: Members' and Creditors Final Meetings Set for March 5
------------------------------------------------------------------
Members and creditors of Gem Crystal Limited will hold their final
meetings on March 5, 2010, at the 8/F., Gold & Silver Commercial
Building, 12-18 Mercer Street, Central, in Hong Kong.

At the meeting, HO Hoi Lam and Man Fung Ying, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


GRAND LOYAL: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on January 11, 2010,
to wind up the operations of Grand Loyal Enterprises Limited.

The company's liquidator is Yuen Tsz Chun, Frank.


* HONG KONG: Gov't. May Make Concessions on Bankruptcy Bill
-----------------------------------------------------------
Bloomberg News, citing the South China Morning Post, reports that
the government may make concessions to companies and trade unions
to try to win support for a planned bankruptcy bill.

According to Bloomberg, the Morning Post said this is the third
time in the past 10 years that the government has tried to get
approval for a corporate rescue bill that aims to give troubled
companies a six months' grace period to reorganize or find a
buyer.

The Morning Post recalled that the government previously failed to
win agreement on issues including the level of payouts given to
workers in the event of bankruptcy, according to Bloomberg.


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


ALLAHABAD BANK: Fitch Gives Positive Outlook; Affirms 'C/D' Rating
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on India's Allahabad Bank's
National Long Term Rating to Positive from Stable, and
simultaneously affirmed its National Long-term rating at
'AA(ind)', Individual rating at 'C/D', Support rating at '3' and
its INR5.2 billion Lower Tier 2 Bonds at 'AA(ind)'.

Over the last 12 to 24 months, AB has made structural improvements
which, in Fitch's opinion, have improved its ability in
negotiating potential asset quality deterioration.  Also,
strengthening balance sheet, reduction in income volatility and
preserving equity have gained higher importance in the bank's
overall strategy.

Fitch notes that AB has strengthened its loan loss coverage ratio,
reduced market risk on its investment portfolio, albeit from a
higher level, and lowered its reliance on wholesale deposits.  The
bank's technology, which has lagged peer government banks, is also
being upgraded and the core banking software covered 82% of the
bank's business in December 2009.  While these developments are
positive for AB's credit profile, in the agency's opinion, AB
needs to further strengthen its balance sheet and improve quality
of earnings for its credit profile to be commensurate with peers
rated 'AA+(ind)' on the national rating scale.

The extent and quality of AB's restructured loans (H110: 4.5% of
loans; system average 4.4%) are in line with peer government
banks.  NPL accrual in FY10 could be slower than in FY09 but
credit cost is expected to increase, especially in FY11 when the
majority of restructured loans fall due.  Consistently high
inflation has triggered some liquidity tightening by the regulator
in January 2010, but it may not lead to a commensurate increase in
the bank lending rate as demand for credit remains low.  Fitch
however expects AB's net interest margin to widen slightly in the
near term due to downward repricing of deposit rates till H111.
AB made significant treasury gains in H110; treasury gains have
declined since then due to hardening of bond yields and Fitch
expects the trend to continue in the near term.  Overall, Fitch
expects lower profitability in FY10 and FY11 (as measured by ROA;
9M10: 1.29%), led by an increase in credit cost.

AB's loan growth has generally been in line with the banking
system, and it does not plan aggressive gains in market share of
loans.  Also the bank's plans to continue conservative dividend
payout would help preserve equity.  Fitch expects the bank's
current level of capital to be adequate to fund business growth in
the medium-term.

AB is 55%-owned by the Government of India.  It traditionally
operated in central and eastern India (over 25% of loans), though
in recent years has increased its focus on northern and western
India.


ARASKA DIAMOND: CRISIL Rates INR35 Mil. Packing Credit at 'P4'
--------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank loan facilities
of Araska Diamond Pvt Ltd, which is part of the DSM group. The
rating reflects the DSM group's stretched financial risk profile,
marked by build-up in the receivables, high gearing levels, and
weak debt protection measures.  These weaknesses are partially
offset by the benefits that the group derives from the experience
of its promoters in the diamond jewellery business.

   Facilities                              Ratings
   ----------                              -------
   INR65.0 Million Post Shipment Credit    P4 (Assigned)
   INR35.0 Million Packing Credit          P4 (Assigned)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of ADPL and Pretty Jewellery Pvt Ltd.
This is because ADPL and PJPL (together referred to as the DSM
group) have common management team, are in the same line of
business and have operational and financial linkages.

Set up in 1976 by Mr. Shailesh Mehta, the DSM group commenced
operations under S R Diamonds, a proprietorship firm engaged in
the export of polished diamonds, which was taken over by ADPL in
2008-09.  The group polishes and trades in diamonds and
manufactures diamond-studded jewellery; it caters primarily to the
export market. The DSM group expanded its diamond polishing
business by setting up Ultimate Gems Pvt Ltd and DSM Jewels in FY
2003, in addition to ADPL; it entered the diamond-studded
jewellery manufacturing business in 2002 by setting up PJPL.

ADPL reported a net loss of INR21.7 million on net sales of
INR292.6 million for 2008-09 (refers to financial year, April 1 to
March 31), as against a PAT of INR6.0 million on net sales of
INR362 million for 2007-08.


ARPIT PROJECTS: CRISIL Rates INR1.54 Billion Term Loan at 'B'
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the term loan of
Arpit Projects Ltd

   Facilities                             Ratings
   ----------                             -------
   INR1.54 Billion Term Loan Facility     B/Stable (Assigned)

The rating reflects APL's exposure to increasing competition, and
its promoters' lack of experience in the hotel industry.  The
company is also exposed to project implementation risks, because
of pending approvals from various authorities on its ongoing
project.  These rating weaknesses are partially offset by the
company's management tie-up with Country Development & Management
Services (CDMS), thereby ensuring operational and brand support.

Outlook: Stable

CRISIL believes that APL will continue to face project
implementation and demand risks.  The outlook may be revised to
'Positive' if the company's hotel is commercially launched on
schedule, and if the company reports more-than-expected revenues
on a sustained basis.  Conversely, the outlook may be revised to
'Negative' if APL undertakes larger-than-expected debt-funded
capital expenditure (capex) projects, or if there is delay in
commencement of commercial operations.

                       About Arpit Projects

APL was incorporated in 1995 in Rajasthan. Currently, the company
trades in securities and commodities.  It plans to purchase a
four-star hotel in Gurgaon from Gurgaon Recreation Park Limited
(GRPL), for which land was allotted by Haryana State Industrial
Development Corporation.  The hotel is expected to become fully
commercially operational by October 2010 and partially before
March 31, 2010. The total cost of the project is INR2.32 billion.
APL has paid an advance of INR200 million to GRPL.

As APL reported a profit after tax (PAT) of INR1.3 million on net
sales of INR61.8 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.0 million on net
sales of INR28.0 million for 2007-08.


CHANDIGARH IRON: Weak Liquidity Prompts CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Chandigarh Iron and Steel Company Ltd, part of the Srirama group.
The ratings reflect the delay by CISCL in servicing its term loan;
the delay has been caused by CISCL's weak liquidity due to the
start-up phase of its operations.

   Facilities                       Ratings
   ----------                       -------
   INR80 Million Cash Credit        D (Assigned)
   INR43 Million Term Loan          D (Assigned)
   INR79 Million Proposed Long      D (Assigned)
       Term Bank Loan Facility
   INR2.5 Million Bank Guarantee    P5 (Assigned)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of CISCL and Sri Ram Steels Ltd (SRSL,
rated 'D/P5', by CRISIL).  This is because the two companies,
together referred to as the Srirama group, are under the same
management, in the same line of business, and share high degree of
operational linkage and have fungible cash flows. The entire
output of SRSL is used as input for CISCL, against extended
credit. The two companies have also provided cross-corporate
guarantees for each other's bank facilities.

                          About the Group

The Srirama group commenced operations in 1981 by setting up SRSL
for manufacturing mild steel billets.  Subsequently in 2006-07
(refers to financial year, April 1 to March 31), the management,
with a view to forward integrate the operations started the
construction of a rolling mill for manufacturing thermo-
mechanically treated (TMT) steel bars under CISCL.  At present
SRSL has a capacity of 500 tonnes per day (tpd). CISCL commenced
commercial production in July 2009, with a capacity of 272 tpd,
raw material (billets) are procured entirely from SRSL. Both the
manufacturing units are in Himachal Pradesh and are enjoy several
fiscal benefits.

The Srirama group reported a profit after tax (PAT) of INR42
million on net sales of INR 1.75 billion for 2008-09, against a
PAT of INR32 million on net sales of INR1.01 billion for 2007-08.


H. M. PIPES: Delay in Term Loan Repayment Cues CRISIL 'D' Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to H. M. Pipes Pvt Ltd's
bank facilities.  The ratings reflect delay by HMPPL in servicing
its term loans owing to its weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR92.5 Million Cash Credit Limit      D (Assigned)
   INR9.0 Million Term Loan               D (Assigned)
   INR80.0 Million Bank Guarantee         P5 (Assigned)

HMPPL, incorporated in 2000, is a Class AA contractor. It is in
the business of manufacturing and selling polyethylene pipes,
including permanently lubricated high-density polyethylene (PLB
HDPE) duct pipes, and polypropylene random (PPR) pipes.  These
pipes are mainly used by telecommunication companies in laying
cables, and for laying water pipes.  HMPPL manufactures the PLB
HDPE pipes in eight different colors and different thicknesses
ranging from 20 millimetres to 450 millimetres.  The company has a
production capacity of around 11,000 tonnes per annum, and is
presently utilizing around 30.00 per cent of its installed
capacity.

HMPPL reported a profit after tax (PAT) of INR11.3 million on net
sales of INR538 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR2 million on net sales
of INR258 million for 2007-08.


JAI JAGDISH: CRISIL Assigns 'BB-' Rating on INR25MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Jai Jagdish Ship Breakers Pvt Ltd, which is part of
the Sachdeva group.

   Facilities                             Ratings
   ----------                             -------
   INR25.0 Million Cash Credit Limit      BB-/Stable (Assigned)
   INR225.0 Million Letter of Credit      P4+ (Assigned)

The ratings reflect the Sachdeva group's weak financial risk
profile marked by operating losses incurred in 2008-09 (refers to
financial year, April 1 to March 31), exposure to intense
competition in the ship-breaking industry, and susceptibility to
cyclicality and adverse regulatory changes in the ship-breaking
industry.  These rating weaknesses are partially offset by the
Sachdeva group's promoters' industry experience, and the benefits
that the group is expected to derive from the healthy growth
prospects in the ship-breaking industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JJSL and Sachdeva Steel Products - Ship
Breaking Unit (SSP). This is because the entities, together
referred to as the Sachdeva group, are under a common management,
and have operational and financial linkages (including fungible
cash flows).

Outlook: Stable

CRISIL believes that the Sachdeva group will benefit from healthy
growth prospects in the ship-breaking industry over the medium
term.  The outlook may be revised to 'Positive' if the group
generates more-than-expected sales, and improves its profitability
and debt protection metrics.  Conversely, the outlook may be
revised to 'Negative' in case the group's margins decline sharply,
most likely because of a sharp decline in steel scrap prices, and
the group failing to recover the cost of ship purchase.

                          About the Group

JJSL was incorporated in 1998.  It is in the business of
dismantling ships.  The company was incorporated as an extension
of the ship-breaking operations of the Sachdeva group.  The group
was already carrying out ship-breaking operations through SSP.

SSP, a partnership firm, was set up in 1994. SSP and JJSL form the
ship-breaking division of the Sachdeva Group.

The Sachdeva group reported a net loss of INR32.7 million on net
sales of INR440 million for 2008-09 (refers to financial year,
April 1 to March 31), against a Profit after Sales of INR2.6
million on net sales of INR224 million for 2007-08.


KALP DIAMONDS: CRISIL Assigns 'P4' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to Kalp Diamonds' bank
facilities.  The rating reflects Kalp Diamonds' large working
capital requirements and modest scale of operations in the diamond
industry. These rating weaknesses are partially offset by the
benefits that the firm derives from its promoters' experience in
the diamond manufacturing and exports business.

   Facilities                                 Ratings
   ----------                                 -------
   INR70.0 Million Post Shipment Credit       P4 (Assigned)
   INR30.0 Million Packing Credit             P4 (Assigned)
   INR20.0 Million Standby Line of Credit     P4 (Assigned)

Kalp Diamonds is a partnership firm engaged in manufacturing and
trading of rough and polished diamonds.  Currently, Mr. Anandlal
Shah looks after the manufacturing operations of Kalp Diamonds in
Surat (Gujarat).  His son, Mr. Bhavik A Shah, and son-in-law, Mr.
Jayesh Shah, look after the procurement and marketing aspects in
Mumbai.

Kalp Diamonds reported a profit after tax (PAT) of INR0.1 million
on net sales of INR440 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR8 million on net
sales of INR360 million for 2007-08.


KONASEEMA GAS: Inadequate Cash Flows Cue CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has downgraded its rating on Konaseema Gas Power Ltd's bank
facilities to 'D' from 'B/Stable', as KGPL has not paid its recent
interest instalments.  This is because of KGPL's inadequate cash
flows from operations.

   Facilities                        Ratings
   ----------                        -------
   INR12.59 Billion Term Loan        D (Downgraded from
                                        'B/Stable')

   INR1 Billion Proposed Long-Term   D (Downgraded from
                Bank Loan Facility      'B/Stable')

Promoted jointly by VBC Ferro Alloys Ltd, VBC Industries Ltd, and
Elgitread (India) Ltd, KGPL has set up a 445-megawatt (MW) natural
gas-based combined-cycle power plant at Devarapalli in Andhra
Pradesh's East Godavari district.  KGPL has commenced open cycle
operations from June 4, 2009.  The company has a power purchase
agreement for 15 years with the AP power distribution companies
for the sale of 80 per cent of its generated power; the remaining
20 per cent will be sold on merchant basis.


PIONEER WINCON: CRISIL Lifts Rating on Cash Credit to 'B-'
----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Pioneer
Wincon Pvt Ltd to 'B-/Stable/P4' from 'D/P5'.

   Facilities                           Ratings
   ----------                           -------
   INR375.00 Million Cash Credit        B-/Stable (Upgraded from
                                                   'D')
   INR200.00 Million Letter of Credit   P4 (Upgraded from 'P5')

The upgrade follows the repayment of PWPL's outstanding short-term
loan of INR50 million, on which PWPL had defaulted in July 2009,
and the closure of all letters of credit on due date by PWPL since
September 2009.  The company's liquidity has improved in 2008-09
owing to the liquidation of its inventory.  The upgrade also
reflects CRISIL's belief that PWPL will continue to service debt
obligations in a timely manner over the medium term, backed by its
improved liquidity.

The rating reflects PWPL's weak financial risk profile, limited
product diversity, and exposure to risks associated with commodity
price volatility. These weaknesses are partly offset by healthy
market position in the small turbine segment aided by the vast
experience of its promoters.

Outlook: Stable

CRISIL believes that Pioneer Wincon Pvt Ltd (PWPL) will maintain a
stable business risk profile on the back of established position
in the small wind turbines segment, which is reflected in a
healthy order book.  The outlook may be revised to 'Positive' if
significant and sustainable improvement in profitability and cash
accruals or fresh equity infusion leads to improvement in PWPL's
financial risk profile.  Conversely, the outlook may be revised to
'Negative' in case of higher-than-expected debt-funded capital
expenditure or delay in receivables or increase in inventory
leading to lower-than-expected profitability and weak debt
protection metrics.

                       About Pioneer Wincon

PWPL, promoted by the Pioneer Asia group, Sivakasi (Tamil Nadu),
was set up in 1996. PWPL manufactures windmills in the 250
kilowatt (KW) segment, and also undertakes turnkey projects for
setting up windmills.

For 2008-09 (refers to financial year, April 1 to March 31), PWPL
posted a net loss of INR34 million on net sales of INR889 million;
it reported a profit after tax (PAT) of INR18 million on net sales
of INR1.48 billion for 2007-08.


PRETTY JEWELLERY: CRISIL Puts 'P4' Rating on Packing Credit
-----------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank loan facilities
of Pretty Jewellery Pvt Ltd, which is part of the DSM group. The
rating reflects the DSM group's stretched financial risk profile,
marked by build-up in the receivables, high gearing levels, and
weak debt protection measures.  These weaknesses are partially
offset by the benefits that the group derives from the experience
of its promoters in the diamond jewellery business.

   Facilities                             Ratings
   ----------                             -------
   INR55.0 Million Post Shipment Credit   P4 (Assigned)
   INR55.0 Million Packing Credit         P4 (Assigned)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of PJPL and Araska Diamond Private
Limited.  This is because PJPL and ADPL (together referred to as
the DSM group) have common management team, are in the same line
of business and have operational and financial linkages.

Set up in 1976 by Mr. Shailesh Mehta, the DSM group commenced
operations under S R Diamonds, a proprietorship firm engaged in
the export of polished diamonds, which was taken over by ADPL in
2008-09.  The group polishes and trades in diamonds and
manufactures diamond-studded jewellery; it caters primarily to the
export market.  The DSM group expanded its diamond polishing
business by setting up Ultimate Gems Pvt Ltd and DSM Jewels in FY
2003, in addition to ADPL; it entered the diamond-studded
jewellery manufacturing business in 2002 by setting up PJPL.

PJPL reported a net loss of INR33.5 million on net sales of
INR250 million for 2008-09 (refers to financial year, April 1 to
March 31), as against a PAT of INR14.9 million on net sales of
INR293 million for 2007-08


REFLEXIONS NARAYANI: CRISIL Rates INR160 Mil. Term Loan at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' on Reflexions
Narayani Impex Pvt Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR160.00 Million Term Loan          BB-/Stable (Assigned)
   INR20.00 Million Packing Credit      P4+ (Assigned)
   INR20.00 Million Foreign Bills       P4+ (Assigned)
   Negotiated/Foreign Bills Purchased

The ratings reflect RNIPL's exposure to risks relating to small
scale of operations, to economic slowdown, to intense competition
in the leather goods exports industry, and customer concentration
in revenue profile.  These weaknesses are partially offset by the
company's moderate financial risk profile, marked by low gearing.

Outlook: Stable

CRISIL believes that RNIPL's business risk profile will remain
constrained over medium term due to vulnerability to the economic
slowdown.  The outlook may be revised to 'Positive' if RNIPL's
operating income and profitability are significantly higher than
that expected.  Conversely, the outlook may be revised to
'Negative' if the company is unable to increase its revenues, or
the revenues from commercial building project is lower than
expected constraining its ability to honour its debt obligations
on time.

                     About Reflexions Narayani

Set up in 1994 by Mr. Satyabrata Mukhopadhyay, RNIPL manufactures
leather products such as wallets, purses, bags, passport/credit
card holder, and pencil cases.  The company has three factories at
Kolkata, and exports all its products.

RNIPL reported a profit after tax (PAT) of INR35 million on
operating income of INR174 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR20
million on operating income of INR132 million for 2007-08.


SACHDEVA STEEL: CRISIL Places 'BB-' on INR20MM Cash Credit Limit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Sachdeva Steel Products - Ship Breaking Unit, which
is part of the Sachdeva group.

   Facilities                             Ratings
   ----------                             -------
   INR20.0 Million Cash Credit Limit      BB-/Stable (Assigned)
   INR180.0 Million Letter of Credit      P4+ (Assigned)

The ratings reflect the Sachdeva group's weak financial risk
profile marked by operating losses incurred in 2008-09 (refers to
financial year, April 1 to March 31), exposure to intense
competition in the ship-breaking industry, and susceptibility to
cyclicality and adverse regulatory changes in the ship-breaking
industry.  These rating weaknesses are partially offset by the
Sachdeva group's promoters' industry experience, and the benefits
that the group is expected to derive from the healthy growth
prospects in the ship-breaking industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSP and Jai Jagdish Ship Breakers Pvt
Ltd.  This is because the entities, together referred to as the
Sachdeva group, are under a common management, and have
operational and financial linkages (including fungible cash
flows).

Outlook: Stable

CRISIL believes that the Sachdeva group will benefit from healthy
growth prospects in the ship-breaking industry over the medium
term.  The outlook may be revised to 'Positive' if the group
generates more-than-expected sales, and improves its profitability
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' in case the group's margins decline sharply,
most likely because of a sharp decline in steel scrap prices, and
the group failing to recover the cost of ship purchase.

                          About the Group

SSP, a partnership firm, was set up in 1994. SSP and JJSL form the
ship-breaking division of the Sachdeva Group.

JJSL was incorporated in 1998. It is in the business of
dismantling ships. The company was incorporated as an extension of
the ship-breaking operations of the Sachdeva group. The group was
already carrying out ship-breaking operations through SSP.

The Sachdeva group reported a net loss of INR32.7 million on net
sales of INR440 million for 2008-09 (refers to financial year,
April 1 to March 31), against a Profit after Sales of INR2.6
million on net sales of INR224 million for 2007-08.


SAHDEV JEWELLERS: CRISIL Reaffirms 'P4' Ratings on Various Debts
----------------------------------------------------------------
CRISIL has reaffirmed its rating of 'P4' to Sahdev Jewellers' bank
facilities.

   Facilities                                    Ratings
   ----------                                    -------
   INR132 Million Bills Discounting Facility     P4(Reaffirmed)
   INR232 Million Letter of Credit Facility      P4(Reaffirmed)
   INR186 Million Proposed Short-Term Bank       P4(Reaffirmed)
                                Facilities

The ratings reflect Sahdev's weak financial risk profile, and
exposure to risks relating to intense competition in the jewellery
industry, and to customer and geographical concentration in its
revenue profile.  These rating weaknesses are partially offset by
the benefits that the firm derives from its promoters' experience
in the hand-crafted jewellery business.

Set up in 1998 by Mr. Vasudev Sahdev, Sahdev manufactures gold
jewellery and exports mostly to Dubai.  The firm has a
manufacturing facility at Noida Special Economic Zone (NSEZ) in
Noida (Uttar Pradesh) and is setting up another facility in the
same location.  Its operations are currently being handled by Mr.
Ravi Sahdev, son of the founder, Mr. Vasudev Sahdev, and partner
in the entity.

Sahdev reported a profit after tax (PAT) of INR18.3 million on net
sales of INR1.99 billion for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3.8 million on net sales
of INR1.19 billion for 2007-08.


SAMAL AUTO: CRISIL Rates INR160MM Cash Credit at 'BB-'
------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the cash credit
facility of Samal Auto (India) Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR160.0 Million Cash Credit     BB-/Stable (Assigned)

The rating reflects Samal Auto's sub-par financial risk profile
marked by high gearing and modest net worth, and average scale of
operations, with limited diversity both in terms of its product
profile and geography.  These weaknesses are partially offset by
the company's good business relationship with Tata Motors Ltd
(TML, rated 'A/Stable/P1' by CRISIL).

Outlook: Stable

CRISIL expects Samal Auto's business levels to witness a gradual
improvement over the medium term, driven by increase in sale of
heavy commercial vehicles (HCVs) of TML.  However, the company's
financial risk profile will remain constrained because of its
modest net worth and high gearing.  The outlook may be revised to
'Positive' if there is a significant increase in Samal Auto's
business levels and net worth, resulting in better debt protection
measures and improved capital structure.  Conversely, sluggish
business levels, deterioration in profitability, or increase in
debt could result in the outlook being revised to 'Negative'.

                         About Samal Auto

Samal Auto was incorporated in November 2006 and started
commercial operations from May 2007.  The company is an authorized
dealer for TML's HCVs in about 14 districts of western Orissa.

Samal Auto is part of a group of entities promoted by the Samal
family.  The businesses of the other entities in the group
include: civil construction, sale and distribution of spare parts
of TML's CVs, and servicing of TML's HCVs.  The group is primarily
managed by Mr. Gangadhar Samal (managing director of Samal Auto)
and his elder brother Mr. Ramesh Chandra Samal (a director in
Samal Auto). The Samal family holds 100 per cent stake in Samal
Auto.

For 2008-09 (refers to financial year, April 1 to March 31), Samal
Auto reported a net profit of INR7.13 million on net revenues of
INR2.44 billion, against a net profit of INR11.37 million on net
revenues of INR2.15 billion for 2007-08.


SHILPI CABLE: Fitch Assigns 'B' National Long-Term Rating
---------------------------------------------------------
Fitch Ratings has assigned India's Shilpi Cable Technologies
Limited a National Long-term rating of 'B(ind)'.  The Outlook is
Stable.  Fitch has also assigned a 'B(ind)' rating to the
company's outstanding term loans of INR470.5 million, and rates
its fund based limits of INR250 million and non fund based limits
of INR580.3 million at 'B(ind)'/'F4(ind)'.

Shilpi's ratings reflect its sponsors' over 20 years of track
record in the cable manufacturing industry and it also considers
the growth potential of the radio frequency cables industry in
India, which is correlated with the growth in the telecom sector.
In addition, the majority of the Indian RF cable requirement is
imported from China and to date, there are few domestic
competitors in the industry, providing growth potential for
Shilpi.  The company has also signed formal long-term agreements
with Tata Teleservices and Ericsson for supplying cables, which
provides revenue visibility in the medium-term.  The company does
not plan to incur any capex in the short-medium term, which should
improve its financial leverage.  The average utilization of fund-
based working capital limits has been close to 90% over the past
year.

However, the ratings are constrained by liquidity stress faced by
the company since inception and its short history in RF cable
manufacturing; the unit only begun operations in September 2008.
Shilpi's main raw material is copper, which contributes around 80%
of Shilpi's raw material cost.  The company procures copper at
spot prices, which are linked to international London Metal
Exchange prices, making it prone to price volatility risk and
forex risk, thereby impacting profitability.  Also, the balance
sheet of Shilpi is highly geared, with a debt of INR769 million on
an equity base of INR262 million as on FYE09, and it faces
concentration risk with its top two customers contributing to more
than 44% of its FY09 revenues.

Positive rating factors include a substantial increase in revenues
along with a reduction in financial leverage.  On the other hand,
debt-led capex or an inability to increase revenues per
projections, resulting in lower EBITDA and increased financial
leverage would be negative for the ratings.

Shilpi, formerly named Rosenberger Shilpi Cable Technologies
Limited, was a 50:50 joint venture set up between Shilpi
Communications Private Limited and Rosenberger Hochfrequenztechnik
GmbH & Co., Germany.  However, owing to a dispute between these
two companies, the joint venture ended in August 2008 when Shilpi
Communications acquired the shares of Rosenberger at a cost of
INR220 million, and the company is now fully owned by Shilpi
group.  Shilpi is in the business of manufacturing RF cables and
has an installed capacity of 8165km of "7/8" cables pa and 10080KM
of "0.5" cables pa.

Shilpi recorded revenues of INR484 million in FY09, with an
EBITDAR margin of 20.2% and net income of INR1.4 million.


TULSI TRADING: CRISIL Assigns 'B+' Rating on INR150MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable' to the cash credit
of Tulsi Trading Corporation.

   Facilities                      Ratings
   ----------                      -------
   INR150.0 Million Cash Credit    B+/Stable (Assigned)

The ratings reflect Tulsi's strained financial risk profile marked
by its weak capital structure, and its exposure to risks related
to government regulations regarding the liquor industry.  These
rating weaknesses are partially offset by Tulsi's established
position as a beer and spirits distributor.

Outlook: Stable

CRISIL believes that Tulsi will maintain its business risk profile
on the back of its established position in the distribution of
Indian-made foreign liquor (IMFL) and beer.  The outlook may be
revised to 'Positive' if Tulsi's financial risk profile improves
because of significant improvement in its capital structure,
operating margin, and revenues.  Conversely, the outlook may be
revised to 'Negative' if Tulsi's debt protection measures
deteriorate because of lower-than-expected growth in its operating
revenues and margins and any adverse changes in the regulatory
framework which might impact the operating metrics.

                        About Tulsi Trading

Tulsi was set up in 1972 by Mr. Somjimal Fatnani, as a
proprietorship concern, at Ulhasnagar (Maharashtra).  His son, Mr.
Ram Fatnani, took over the business after his death in 1990. Tulsi
is the distributor of United Breweries limited for Thane and
Raigad districts.

Tulsi reported a profit after tax (PAT) of INR9.8 million on net
sales of INR1043 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR8.95 million on net
sales of INR911 million for 2007-08.


WESTERN INDIA: CRISIL Places 'BB+' Rating on INR34.2MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Positive/P4+' to the bank
facilities of The Western India Plywoods Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR34.20 Million Term Loan           BB+/Positive (Assigned)
   INR270.00 Million Cash Credit        BB+/Positive (Assigned)
   INR50.00 Million Letter of Credit    P4+ (Assigned)
                    & Bank Guarantee

The ratings reflect WIPL's below-average financial risk profile
marked by high gearing, and its large working capital
requirements.  These weaknesses are partially offset by WIPL's
established market position in the domestic hardboard and plywood
industry backed by stable revenues, diversified operations, and
integrated manufacturing facilities.

For arriving at its ratings, CRISIL has combined the financials of
WIPL and WIPL's subsidiaries, The Kohinoor Saw Mill Company and
Southern Veneers and Woodworks Ltd.

Outlook: Positive

CRISIL expects a significant improvement in the financial risk
profile of WIPL over the medium term, given the company's
improving operating margin.  The ratings may be upgraded in case
of more-than-expected increase in WIPL's cash accruals, resulting
in improvement in its capital structure.  Conversely, the outlook
may be revised to 'Stable' if the company's revenues decline or
margin deteriorates, thereby adversely affecting its liquidity, or
if the company undertakes a large, debt-funded capital expenditure
programme, thereby further constraining its capital structure.

                        About Western India

Established in 1945 by the late Mr. A K Kaderkutty in Kerala, WIPL
started operations as a manufacturer of sawed timber and plywood.
Today, WIPL is one of the leading manufacturers of hardboards in
India.  The company's operations are now managed by Mr. P K
Mohamed and Mr. P K Mayan Mohamed, son and grandson, respectively,
of Mr. Kaderkutty.

For 2008-09 (refers to financial year, April 1 to March 31), WIPL
reported a profit after tax (PAT) of INR54 million on net sales of
INR877 million, against a PAT of INR36 million on net sales of
INR754 million for the previous year.


WOCKHARDT LTD: Fourth Quarter Loss Narrows to INR181.23cr
---------------------------------------------------------
Wockhardt Ltd disclosed its unaudited consolidated financial
results for the quarter ended December 31, 2009.

The company posted a net loss of INR181.23 crore for the fourth
quarter ended December 31, 2009, compared with a net loss of
INR357.84 crore in the same period in 2008.  Consolidated net
sales stood at INR889.33 crore while operating profit (EBIDTA) was
INR134 crore.

For the fiscal year ended December 31, 2009, Wockhardt posted a
net loss of INR435.54 crore on sales of INR3,629.44 crore,
compared with a net loss of INR138.86 crore on sales of
INR3,589.78 crore from a year ago period.

India-based Wockhardt Limited (BOM:532300) --
http://www.wockhardt.com/--- is a pharmaceutical company.  The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited.  The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.  In
November 2007, the Company completed the acquisition of Morton
Grove Pharmaceuticals Inc.  In May 2007, the Company completed the
acquisition of Megma Lerads, France.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 17, 2009, Fitch Ratings downgraded Wockhardt Limited's
National Long-term rating to 'D' from 'C(ind)'.  Fitch
simultaneously downgraded Wockhardt's long-term debt instruments:

  -- INR2,000 million long-term non-convertible debenture
     programme downgraded to 'D' from 'C(ind)'

  -- INR2,500 million long-term loans and INR2,500 million
     non fund-based cash credit facilities downgraded to 'D'
     from 'C(ind)'

The rating of Wockhardt's INR1,450 million non fund-based limit
was downgraded to 'F5(ind)' on April 8, 2009.


YAMIR PACKAGING: CRISIL Assigns 'BB-' Rating on INR66MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to Yamir
Packaging Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR90.0 Million Cash Credit Limit*     BB-/Stable (Assigned)
   INR66.0 Million Term Loan              BB-/Stable (Assigned)
   INR110.0 Million Letter of Credit**    P4+ (Assigned)

   *Limits with a cap of INR60 million on cash credit against
    book debt and stock

   ** Letter of credit for import of machinery

The ratings reflect YPPL's average financial risk profile, which
is expected to deteriorate due to large debt-funded capital
expenditure, and exposure to risks relating to customer
concentration in revenue profile, and small scale of operations in
the intensely competitive packaging industry.  These weaknesses
are partially offset by the benefits that YPPL derives from its
promoters' experience in the packaging industry.

Outlook: Stable

CRISIL believes that Yamir Packaging Pvt Ltd will maintain its
business risk profile over the medium term backed by its sustained
operating margin and its established customer base.  The company's
financial risk profile is expected to be constrained over the
medium term on account of its recent debt-funded capex and
working-capital-intensive operations.  The outlook may be revised
to 'Positive' if the company registers higher-than-expected growth
in revenues, while maintaining its operating margin, and if its
capital structure improves substantially.  Conversely, the outlook
may be revised to 'Negative' if the company's capacity utilization
remains subdued, resulting in lower-than-expected sales and cash
accruals leading to liquidity pressures.

                       About Yamir Packaging

Yamir Packaging Pvt Ltd, incorporated in 2000 in Bharuch, Gujarat,
manufactures cartons that are used as packaging material in food,
pharmaceuticals, and consumer goods industries.

YPPL has an installed capacity to manufacture 3 million cartons
per day and is presently operating at about 60 per cent
utilization.  The company manufactures various cartons such as
three layer liner, metallised polyester film, and laminated and
printed cartons.  The company has a reputed clientele such as
Gujarat Cooperative Milk Marketing Federation (GCMMF (Amul); rated
AAA/Stable/P1+ by CRISIL)), S Narendrakumar & Company (Everest
Masala), Hindustan Pencils Pvt. Ltd., Cadila Healthcare Ltd
(Cadila; rated AA+/Stable/P1+ by CRISIL), Aventis Pharma Ltd.,
Glenmark Pharmaceuticals Ltd (A+/Negative/P1).

YPPL reported a profit after tax (PAT) of INR13 million on net
sales of INR323 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR7 million on net
sales of INR263 million for 2007-08.


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


PT CENTRAL PROTEINAPRIMA: Fitch Cuts Issuer Default Rating to 'RD'
------------------------------------------------------------------
Fitch Ratings has downgraded Indonesia's PT Central Proteinaprima
Tbk's Long-term foreign currency Issuer Default Rating to 'RD'
from 'C'.  Fitch has affirmed the 'C' rating of the US$325 million
senior unsecured notes due in 2012, issued by Blue Ocean Resources
Pte Ltd and guaranteed by CPP and its subsidiaries, reflecting a
recovery rating of 'RR4'.  The ratings have been removed from
Rating Watch Negative.

The rating actions follow CPP's failure to pay the
US$17.875 million semi-annual coupon on the notes on January 27,
2010, when a 30-day grace period for the coupon payment ended.
The company continues to face tight liquidity primarily on the
back of a virus contamination in its shrimp ponds.

CPP is currently in the process of executing a six-month
standstill agreement with the noteholders.  CPP's IDR will be
upgraded to 'C' once the standstill agreement becomes effective.
Further rating actions will depend on the outcome of the debt
restructuring the company intends to carry out during the
standstill period.


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


HUIS TEN: Financial Assistance Difficult, HIS Chairman Says
-----------------------------------------------------------
H.I.S. Corp Chairman Hideo Sawada told the rehabilitation
administrator of the Huis Ten Bosch that it will be difficult to
provide financial assistance to theme park under the "current
circumstances," Japan Today reports.

The report relates a senior H.I.S. official said H.I.S. believes
such assistance will be difficult because the cost of repairing
the park's facilities would cost between JPY20 billion and JPY30
billion over the next five to 10 years, much more than its earlier
estimate of "about JPY10 billion in 10 years."

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

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


JAPAN AIRLINES: To Make Quick Decision on Delta, American Alliance
------------------------------------------------------------------
Chris Cooper at Bloomberg News reports that Japan Airlines Corp.
Chief Executive Officer Kazuo Inamori said the carrier wants to
make a quick decision on whether to remain in an alliance with
American Airlines or switch to one with Delta Air Lines Inc.

Meanwhile, Bloomberg News reports that Alan Joyce, chief executive
officer of Oneworld alliance member Qantas Airways Ltd., commented
on attempts to keep Japan Airlines in the carrier grouping.

"We are part of the team that's trying to keep JAL in Oneworld.
We have talked to JAL about our experience with low-cost carriers,
with Jetstar in Singapore, and that we could help them with the
same thing in Japan," Mr. Joyce told Bloomberg in an interview in
Singapore on Monday.

"That's part of the bid to try and keep JAL within Oneworld.  We
are not interested in any equity, but we are interested in giving
our expertise to JAL in terms of low-cost carriers and helping
them develop a low-cost model, which they are interested in."

                            About JAL

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

                           *     *     *

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

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

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


JAPAN AIRLINES: U.S. Court Grants Preliminary Injunction
--------------------------------------------------------
Judge James M. Peck of the U.S. Bankruptcy Court for the Southern
District of New York granted Japan Airlines Corporation, Japan
Airlines International Co., Ltd., and JAL Capital Co., Ltd.,
preliminary injunction to protect them from creditor actions or
lawsuits in the U.S. as they reorganize in their main bankruptcy
proceedings in Tokyo, Japan.

Prior to the U.S. Court's entry of the preliminary injunction
order, the Debtors amended their proposed preliminary injunction
order to incorporate the provisions agreed to by the Debtors to
resolve informal responses to the Application that the Debtors
received.

Beginning January 27, 2010 and continuing until the date of the
entry of the U.S. Court of a recognition motion:

(a) the protections of Sections 361 and 362 of the Bankruptcy
     Code apply with respect to the Debtors and their property
     in the territorial jurisdiction of the United States;

(b) the Foreign Representative is established as the Debtors'
     representative with full authority to administer their
     assets and affairs in the United States, including,
     without limitation, making payments on account of their
     prepetition and postpetition obligations;

(c) the Foreign Representative is entrusted with the
     administration or realization of all or part of the
     Debtors' assets in the United States, including, without
     limitation, all of the Debtors' assets that may have been
     transferred to parties in the United States;

(d) all persons and entities are enjoined from seizing,
     attaching or enforcing or executing liens or judgments
     against the Debtors' property in the United States or from
     transferring, encumbering or otherwise disposing of or
     interfering with the Debtors' assets or agreements in the
     United States without the express consent of the Foreign
     Representative;

(e) all persons and entities are enjoined from commencing or
     continuing, including the issuance or employment of
     process of, any judicial, administrative or any other
     action or proceeding involving or against the Debtors or
     their assets or proceeds thereof that are located in the
     United States, or to recover a claim or enforce any
     judicial, quasi-judicial, regulatory, administrative or
     other judgment, assessment, order, lien or arbitration
     award against the Debtors or their assets or proceeds
     thereof that are located in the United States; and

(f) the Foreign Representative has the right and power to
     examine witnesses, take evidence or deliver information
     concerning the Debtors' assets, affairs, rights,
     obligations or liabilities.

The Foreign Representative, in connection with his appointment as
the Debtors' trustee in the Japan Proceeding or as the "foreign
representative" in the Chapter 15 Cases; and the Debtors, are
granted the full protections and rights available pursuant to
Section 1519(a)(1)-(3) of the Bankruptcy Code.

Pursuant to Rule 65(b) of the Federal Rules of Civil Procedure,
made applicable to the Chapter 15 Cases pursuant to Rule 7065 of
the Federal Rules of Bankruptcy Procedure, no notice to any person
is required prior to entry and issuance of the Order.

The Court authorized the banks and financial institutions with
which the Debtors maintain bank accounts or on which checks are
drawn or electronic payment requests made in payment of
prepetition or postpetition obligations to continue to service and
administer the Debtors' bank accounts without interruption and in
the ordinary course and to receive, process, honor and pay any and
all checks, drafts, wires and automatic clearing house transfers
issued, whether before or after the Petition Date and drawn on the
Debtors' bank accounts by respective holders and makers thereof
and at the direction of the Foreign Representative or the Debtors,
as the case may be.

The Foreign Representative having confirmed that it has elected in
accordance with applicable Japanese insolvency law to assume,
accept, validate and perform the Debtors' obligations under the
Debtors' interline agreements and clearinghouse agreements and
billing and settlement agreements administered by the
International Air Transport Association (IATA), the IATA Clearing
House, Airlines Clearing House, Inc. and Universal Air Travel
Plan, Inc., the Debtors and the Foreign Representative, as the
case may be, are authorized to perform in accordance with the
Industry Agreements, including without limitation (a) to honor and
pay outstanding prepetition and postpetition claims arising in the
ordinary course of business under the Industry Agreements, and (b)
to process customary payments and transfers and to honor customary
transfer requests made by Debtors and other participants pursuant
to the Industry Agreements.

Notwithstanding anything to the contrary contained in the
Preliminary Injunction Order or in the Court's January 19, 2010
Order to Show Cause with Temporary Restraining Order, the
provisions of Sections 362 and 1520 of the Bankruptcy Code are
modified, nunc pro tunc to January 19, 2010, solely to the extent
necessary to permit performance of, and under, the Industry
Agreements by the Debtors and other parties to the agreements and
by financial institutions involved in implementing the agreements.

The Debtors are asking the U.S. Court to recognize their Japan
Proceeding as a "foreign main proceeding" as defined in Section
1502(4) of the Bankruptcy Code and Eiji Katayama, Esq., at Abe,
Ikubo & Katayama, as "foreign representative" as defined in
Section 101(24) of the Bankruptcy Code, unless otherwise extended
pursuant to Section 1519(b).

A full-text copy of the Preliminary Injunction Order is available
for free at http://bankrupt.com/misc/JAL_PreInjunctionOrd.pdf

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

                       *     *     *

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

Japan Airlines Corp. filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


KANSAI INTERNATIONAL: Panel Proposes to Bail Out Kansai Airport
---------------------------------------------------------------
A key transport ministry panel is looking at assisting the debt-
ridden operator of Kansai International Airport Co. in a way that
is likely to be fiercely opposed by the Finance Ministry and local
governments, The Japan Times reports.

Citing a draft of the report, released on Saturday, the Times
relates the panel proposes to use the proceeds from Narita
International Airport Corp.'s initial public offering later this
year to bail out its Kansai counterpart, which is burdened by over
JPY1 trillion in interest-bearing debt.

The proposal, according to The Japan Times, clashes with one by
the Finance Ministry to appropriate some of the Narita IPO
proceeds to pay down the massive national debt.  The IPO date has
not yet been set, the report notes.


SPANSION INC: Stay of Patent Spat with Samsung Approved
-------------------------------------------------------
Law360 reports that a bankruptcy judge on Thursday signed off on a
deal between Spansion Inc. and Samsung Electronics Co. Ltd. to
stay a multimillion-dollar flash memory patent litigation before
the U.S. International Trade Commission and elsewhere until the
Debtor can complete its reorganization.

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)


VICTOR CO: S&P Withdraws 'BB' Short-Term Corporate Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB' long-term and
'B' short-term corporate credit ratings on Victor Co. of Japan
Ltd. (JVC Corp.), at the company's request.


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


HYNIX SEMICONDUCTOR: Creditors Extend Bid Deadline Until Feb. 12
----------------------------------------------------------------
Hynix Semiconductor Inc. creditors said Monday that they have
extended the deadline for accepting bids for a controlling stake
in the memory chipmaker until February 12, Yonhap News reports.

According to Yonhap News, The Korea Exchange Bank, Hynix's lead
creditor, said it believes "there are some companies that did not
have enough time to go over buying the stake, as they were in the
middle of setting up management plans for the new year."

Jung-Ah Lee at Dow Jones Newswires has reported that Hynix
creditors will look into other possible ways to unload their 28%
stake in the chip maker after failing to receive any bids by the
January 29 deadline.

Dow Jones related that the KEB said no company submitted bids to
acquire Hynix Semiconductor.  "After having discussions with the
shareholders and advisers, (KEB) will decide on the (stake sale)
plan as soon as possible, including selling a part of the stake
that would help (Hynix) maintain a stable management and corporate
governance structure," Hynix said.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 27, 2009, Hynix Semiconductor's creditors re-invited fresh
bids for the sale of a combined 28% holding in the chipmaker and
receive letters of intent from potential investors by January
after Hyosung Corp. dropped its bid.

Invitational notices for South Korean companies to submit bids
went out Dec. 20.  Letters of intent to buy Hynix will be accepted
by Jan. 29, Kyodo News said.  No local company has so far shown
any interest in the offer.

The stake sale, which is estimated to be worth KRW4.5 trillion, is
being managed by Credit Suisse Ltd., Woori Investment & Securities
Co. and state-run Korea Development Bank.

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2010, Moody's Investors Service changed to stable from
negative the outlook for Hynix Semiconductor Inc's B1 corporate
family and senior unsecured bond ratings.  The rating action has
been prompted by the sharp rebound in the company's operating
performance and improved liquidity profile.

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


HYUNDAI MOTOR: Auto Sales Rise 50.4% in January
-----------------------------------------------
Yonhap News reports that Hyundai Motor Co. said Monday it sold
269,841 units in January, up 50.4% from a year ago.

The news agency relates Hyundai said in a regulatory filing that
its domestic sales soared 68.9% to 59,774 units while overseas
sales surged 45.9% to 210,067 units.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 13, 2009, Moody's Investors Service revised to stable from
negative the outlook of the Baa3 issuer and senior unsecured bond
ratings for Hyundai Motor Company and its guaranteed subsidiary
Hyundai Motor Manufacturing Alabama LLC.  Moody's also revised the
Ba1 Corporate Family Rating outlook of Kia Motors Corp. to stable
from negative.

The TCR-AP reported on December 11, 2009, that Fitch Ratings
revised the Outlook on Hyundai Motor's and Kia Motors' foreign
currency Long-term Issuer Default Ratings to Positive from
Negative, and simultaneously affirmed them at 'BB+'.  The agency
also affirmed the 'BB+' rating on both companies' senior unsecured
debt and the Short-term IDRs at 'B'.

HMC's and Kia's Long-term IDR was downgraded to 'BB+' with
Negative Outlook in January 2009, due to concerns that the global
auto market downturn would negatively impact the profitability and
key credit metrics of the companies to an extent that is not
commensurate to investment grade levels.


SSANGYONG MOTOR: Auto Sales Increase to 4,421 in January
--------------------------------------------------------
Ssangyong Motor Co. said Monday it sold 4,421 units last month, up
from 1,644 units sold for the same period a year ago, Yonhap News
reports.

Domestic sales jumped 75.4 percent to 2,015 units and exports more
than quadrupled to 2,406 units, Ssangyong said in a regulatory
filing.

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

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

A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted
a revival plans to the Seoul Central District Court seeking
capital reduction and a debt-for-equity swap by creditors.  A
South Korean bankruptcy court approved in December Ssangyong
Motor's restructuring plan despite opposition by some bondholders,
the TCR-AP reported on Dec. 18, 2009.  Yonhap News said Ssangyong
vowed to get itself in order over the next three years.


===============
M A L A Y S I A
===============


NIKKO ELECTRONIC: Gets Summons from Toyopack for MYR257T of Claims
------------------------------------------------------------------
Nikko Electronics Bhd. has been served a Summons dated Dec. 30,
2009, from Messrs. Nor Ding & Co, Advocates & Solicitors, acting
for Toyopack Industries Sdn Bhd claiming a total of MYR257,601.37
purportedly being monies due and owed to Toyopack for goods sold
and delivered to Nikko.

Nikko is seeking the necessary legal advise to resolve this
matter.

Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                         *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko will also be suspending its business activities to
prevent incurring further losses.


OCI BERHAD: Scheme Creditors to Meet on February 22
---------------------------------------------------
Pursuant to an order by the High Court of Malaya on November 24,
2009, OCI Berhad will convene a meeting of Class A- Secured
Creditors and Class B-Unsecured Creditors, on February 22, 2010,
at 3:00 p.m. and 3:30 p.m., respectively.  The meeting will be
held at Gallery 1, Level 3, Concord Hotel, Shah Alam, No 3 Jalan
Tengku Ampuan Zabedah C9/C, in Shah Alam.

At the meeting, the creditors will be asked to approve, with or
without modifications, the Proposed Scheme of Arrangement between
OCI and the Scheme Creditors.

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world.  On January 24, 2006, the Company disposed off its entire
51% equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer as Ernst & Young
expressed substantial doubt regarding the company's ability to
continue as a going concern after having audited the company's
financial statements for the year ended June 30, 2007.  The
auditor points to the company's losses and, together with its
subsidiaries, the default on the repayment of various financial
obligations.


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


APPLE FIELDS: Delisted from NZX; to List on Alternative Market
--------------------------------------------------------------
Jazial Crossley at The National Business Review reports that
Apple Fields Ltd. has finally delisted, following a shareholder
vote on Thursday.  The company plans to list on an alternative
market.  The company however plans to list on an alternative
market, NBR says.

"The meeting also passed the resolution requiring the company to
list on an alternative exchange as soon as possible," the report
quoted Apple Fields Chairman Gordon Stewart as saying.

NBR reported last month that the delisting was expected after
lender St. Laurence put 10 of 25 sections at its Takamatua
development up for mortgagee sale.

The company, which first listed in 1986, entered a trading halt
earlier this month after it was late delivering its annual report
to NZX, the report says.

According to the report, the delisting was effective immediately,
with the company's final share price at five cents.  Its 2009
interim report, the final data available, showed a NZ$300,000
loss.

Apple Fields reported a NZ$2.75 million net loss for the year
ended September 30, 2008.  For the half year ended March 31, 2009,
Apple Fields posted NZ$300,000 net loss.

Headquartered in Christchurch, New Zealand, Apple Fields Limited
(NZE:APF ) -- http://www.applefields.co.nz/-- is engaged in
property development in Canterbury region.  The Company's major
project is the development of Noble Village at Yaldhurst for
residential and business areas.  The Company is involved in two
projects, the sale of the sections at Takamatua and management of
the development of the property owned by Noble Investments
Limited.  The Company's wholly owned subsidiaries include
Takamatua West Limited and Haneworth Holdings Limited.


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


AU OPTRONICS: Posts NT$7.9 Bil. Net Loss in Quarter Ended Dec. 31
-----------------------------------------------------------------
AU Optronics Corp. posted a net loss of NT$7.9 billion in the
fourth quarter of last year, compared with a net loss of NT$26.6
billion a year ago.

For the fourth quarter ended December 31, 2009, AUO posted
consolidated revenue of NT$114.9 billion, up 3.3% from the
previous quarter.  The company's operating income was NT$1.9
billion.

For the full year 2009, the company reported a net loss of NT$27.2
billion, compared with earnings of NT$21.6 billion in 2008.
Revenue fell 15.2% from a year ago to NT$359.3 billion.

For the year of 2009, AUO's large-sized panels totaled to 89.6
million units, up 12.5% year-over-year.  In terms of small- and
medium-sized panels, the shipment was over 228.6 million units, an
increase of 21.6% from the previous year.

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

                          *     *     *

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


AU OPTRONICS: To Invest Additional JPY15 Bil. in M.Setek
--------------------------------------------------------
AU Optronics Corp. announced its decision, approved by its Board
of Directors on January 29, to subscribe new shares to be issued
by M.Setek for seizing the highly-growing Solar market
opportunities and accelerating establishment of key material
capacity.  AUO will invest JPY15 billion to strengthen its
strategic position in solar value chain.

"For strengthening its strategic position in Solar value chain,
AUO decided to subscribe new shares to be issued by M.Setek for
further expanding the capacity and enhancing financial
healthiness," AUO said in statement.

Meanwhile, AUO said it will provide the experiences of flexible
reactions to the fast changing industry and its management
resources.  The investment will help M.Setek to perform better in
operation, sales, and finance, and will be able to develop Japan
and overseas market.  After the cash investment to its operation,
M.Setek's construction of the second fab in Soma will be
completed.  The capacity of monocrystal silicon will be
significantly increased from 3,000 tons to 7,000 tons. This will
be the best support for AUO to expand its solar business
aggressively.

AUO has actively invested in solar business and planned for both
solar upstream and downstream value chains.  AUO has shipped its
solar modules to Europe since June 2009.  The first solar park
project in Hungen city, Germany was also on-grid by end of 2009.
The 3MWp solar-power plant using AUO's PV modules can supply
electricity for 800 households.  In addition to establishing a
Reliability Lab for PV module's quality assurance, AUO is building
a module production line in Taichung and the line will be ramped
up in Q1 2010.  AUO is also recruiting a large number of R&D
talents for the energy business and plans to build up the first
solar business operation base in China.  With the strategy of
providing the total solution, AUO will cooperate with the partners
in the industrial value chain to develop the solar market
globally.

                        About AU Optronics

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

                          *     *     *

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


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


* BOND PRICING: For the Week to January 25 to January 29, 2010
--------------------------------------------------------------


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

   AUSTRALIA
   ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.00
AINSWORTH GAME           8.00    12/31/2011   AUD       0.76
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.94
ANTARES ENERGY          10.00    10/31/2013   AUD       2.00
AUROX RESOURCES          7.00    06/30/2010   AUD       0.80
BECTON PROP GR           9.50    06/30/2010   AUD       0.53
BOUNTY INDUSTRIES       10.00    06/30/2010   AUD       0.03
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.13
CHINA CENTURY           12.00    09/30/2010   AUD       0.82
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.50
GRIFFIN COAL MIN         9.50    12/01/2016   USD      49.87
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.35
JPM AU ENF NOM 1         3.50    06/30/2010   USD       8.18
MINERALS CORP           10.50    09/30/2011   AUD       0.67
NATIONAL WEALTH          6.75    06/16/2026   AUD      68.03
NEW S WALES TREA         1.00    09/02/2019   AUD      63.07
ORCHARD INVEST           7.36    12/15/2010   AUD      29.50
PRAECO P/L               7.13    07/28/2020   AUD      71.45
RESOLUTE MINING         12.00    12/31/2012   AUD       1.02
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.05
SUNCORP METWAY           6.75    09/23/2024   AUD      52.08
SUNCORP METWAY           6.75    10/06/2026   AUD      58.30
TIMBERCORP LTD           8.90    12/01/2010   AUD      26.10
VERO INSURANCE           6.15    09/07/2025   AUD      71.33

   CHINA
   -----

JIANGXI COPPER           1.00    09/22/2016   CNY      73.08

   HONG KONG
   ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      24.62


   INDIA
   -----

AFTEK INFOSYS            1.00    06/25/2010   USD      65.00
AKSH OPTIFIBRE           1.00    01/29/2010   USD      52.00
GEMINI COMMUNICA         6.00    07/18/2012   EUR      55.00
PYRAMID SAIMIRA          1.75    07/04/2012   USD      10.00
SUBEX AZURE              2.00    03/09/2012   USD      62.00
WANBURY LTD              1.00    04/23/2012   EUR      71.50

   INDONESIA
   ---------

BSD KOTA MANDIRI        15.000   10/20/2011   IDR      63.99
MOBILE-8 TELECOM        12.375   06/15/2017   IDR      63.00

   JAPAN
   -----

AIFUL CORP               1.58    05/26/2011   JPY      69.32
AIFUL CORP               1.50    10/20/2011   JPY      61.73
AIFUL CORP               6.00    12/12/2011   JPY      70.00
AIFUL CORP               6.00    12/12/2011   JPY      69.53
AIFUL CORP               1.20    01/26/2012   JPY      56.22
AIFUL CORP               1.99    03/23/2012   JPY      52.95
AIFUL CORP               1.22    04/20/2012   JPY      50.94
AIFUL CORP               1.63    11/22/2012   JPY      50.85
AIFUL CORP               1.74    05/28/2013   JPY      49.91
AIFUL CORP               1.99    10/19/2015   JPY      49.85
COVALENT MATERIAL        2.87    02/18/2013   JPY      61.98
CSK CORPORATION          0.25    09/30/2013   JPY      68.77
FUKOKU MUTUAL            4.50    09/28/2025   EUR      72.75
JAL SYSTEM               2.94    12/18/2013   JPY      23.28
JAPAN AIRLINES           3.10    01/22/2018   JPY      21.16
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      58.14
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      56.48
SHINSEI BANK             5.63    12/29/2049   GBP      74.50
TAKEFUJI CORP            9.20    04/15/2011   USD      69.95
TAKEFUJI CORP            9.20    04/15/2011   USD      67.25
TAKEFUJI CORP            8.00    11/01/2017   USD      25.75
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.15

   MALAYSIA
   --------

ADVANCE SYNERGY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.15
CRESCENDO CORP B         3.75    01/11/2016   MYR       0.78
DUTALAND BHD             4.00    04/11/2013   MYR       0.50
DUTALAND BHD             4.00    04/11/2013   MYR       0.40
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.00
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.01
HUAT LAI RESOURC         5.00    03/28/2010   MYR       0.46
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.15
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.80
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.69
MITHRIL BHD              3.00    04/05/2012   MYR       0.64
NAM FATT CORP            2.00    06/24/2011   MYR       0.20
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.23
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.63
RUBBEREX CORP            4.00    08/14/2012   MYR       1.55
SCOMI GROUP BHD          4.00    12/14/2012   MYR       0.11
TRADEWINDS PLANT         2.00    02/08/2012   MYR       0.63
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.11
TRC SYNERGY              5.00    01/20/2012   MYR       1.20
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.28
YTL CEMENT BHD           5.00    11/10/2015   MYR       1.90

   NEW ZEALAND
   -----------

ALLIED FARMERS           9.60    11/15/2011   NZD      71.46
ALLIED NATIONWID        11.52    12/29/2049   NZD      50.00
BLUE STAR PRINT          9.10    09/15/2012   NZD      70.00
CAPITAL PROP NZ          8.00    04/15/2010   NZD       8.40
CONTACT ENERGY           8.00    05/15/2014   NZD       1.02
FLETCH BUILD FIN         8.85    03/15/2010   NZD       8.00
FLETCHER BUI             8.50    03/15/2015   NZD       8.50
FLETCHER BUILDIN         7.55    03/15/2011   NZD       7.50
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.13
INFRASTR & UTIL          8.50    09/15/2013   NZD      12.50
INFRATIL LTD             8.50    11/15/2015   NZD      10.40
INFRATIL LTD             8.50    02/15/2020   NZD      66.54
INFRATIL LTD            10.18    12/29/2049   NZD      66.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.37
MANUKAU CITY             6.90    09/15/2015   NZD       1.01
MARAC FINANCE           10.50    07/15/2013   NZD       0.09
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      49.01
SKY NETWORK TV           4.01    10/16/2016   NZD      56.53
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.92
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.75
TOWER CAPITAL            8.50    04/15/2014   NZD       1.01
TRUSTPOWER LTD           8.50    09/15/2012   NZD       8.45
TRUSTPOWER LTD           8.50    03/15/2014   NZD       9.80
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.94
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.35


   SINGAPORE
   ---------

BLUE OCEAN              11.00    06/28/2012   USD      29.87
DAVOMAS INTL FIN         5.50    12/08/2014   USD      54.32
SENGKANG MALL            8.00    11/20/2012   SGD       0.10
UNITED ENG LTD           1.00    03/03/2014   SGD       1.30
WBL CORPORATION          2.50    06/10/2014   SGD       2.16

   SOUTH KOREA
   -----------

KUMHO INDUSTRIAL        10.80    10/23/2010   KRW      58.77
KUMHO INDUSTRIAL        10.80    12/14/2010   KRW      50.40

   SRI LANKA
   ---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      66.30




                         *********

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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