TCRAP_Public/100203.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

           Wednesday, February 3, 2010, Vol. 13, No. 023

                            Headlines



A U S T R A L I A

BURRANGONG MEAT: In Receivership; More Than 300 Jobs Affected
CARTER HOLT: More Job Losses at Nangwarry Plant; Inquiry Sought
ELDERSLIE FINANCE: Founder Files for Personal Bankruptcy


C H I N A

FORD MOTOR: Resumes Vehicle Production in China
GENERAL MOTORS: Extends Tengzhong's Deadline to Close Hummer Sale


H O N G  K O N G

HANG FUNG: Court to Hear Wind-Up Petition on March 17
HERITAGE COLLECTIONS: Creditors' Proofs of Debt Due March 1
HK PROFESSIONAL: Creditors' Proofs of Debt Due February 26
HOI TIM: Creditors' Proofs of Debt Due March 5
HUI SHING: Court Enters Wind-Up Order

IMAG TECHNOLOGY: Court to Hear Wind-Up Petition on February 10
JADE ALLIANCE: Court Enters Wind-Up Order
JMI DESIGN: Member' Final Meeting Set for March 5
JOHNSON ELECTRIC: Member' Final Meeting Set for March 5
LP DISPLAYS: Members' and Creditors Meetings Set for February 10

MANYLINK LIMITED: Members' Final Meeting Set for March 1
MAXSTEP LIMITED: Members' Final Meeting Set for March 1
MP ENGINEERING: Court to Hear Wind-Up Petition on February 17
NTS LIMITED: Court to Hear Wind-Up Petition on February 24
ONWAY ENGINEERING: First Meetings Set for February 10


I N D I A

AJAY METALLICS: CRISIL Places 'B' Rating on INR40.5 Mil. Term Loan
BANK OF BARODA: Moody's Assigns 'Ba2' Rating on Tier 1 Notes
BHUVEE PROFILES: CRISIL Rates INR1.15 Bil. Term Loan at 'BB+'
INDO POWER: Fitch Upgrades National Long-Term Rating to 'BB'
KAMSRI FLEX: Weak Liquidity Prompts CRISIL Junk Ratings

KARUNA MANAGEMENT: Fitch Assigns 'BB-' National Long-Term Rating
KITCHEN GRACE: CRISIL Places 'B+' Rating on INR80MM Term Loan
KOTA DALL: ICRA Assigns 'LBB+' on INR190MM Fund Based Limits
KRISHNAMURTHY SPINNING: ICRA Rates INR164.2MM Term Loan at 'LBB-'
ORANGE COUNTY: CRISIL Assigns 'BB-' Rating on INR187.5MM LT Loan

PELICAN RUBBER: Low Net Worth Prompts CRISIL 'BB' Ratings
RAGHUVIR FERRO: CRISIL Assigns 'BB' Rating on INR50MM Cash Credit
RAJ INDUSTRIES: CRISIL Places 'B+' Ratings on Various Bank Debts
RAJASTHAN TRANSMISSION: ICRA Rates INR50 Mil. Bank Debts at 'LB+'
SHANKER VITTAL: ICRA Places 'LB' Rating on INR120 Mil. Term Loan

SRINIVASA SPINTEX: ICRA Rates INR194.5MM Term Loan at 'LBB'
SSV FAB: ICRA Places 'LBB+' Rating on INR65.6 Mil. Term Loans
SURYACHAMBAL POWER: CRISIL Cuts Rating on INR273MM Loan to 'BB+'
TATA MOTORS: January 2010 Vehicle Sales Up 77%
TATA MOTORS: Swings to INR400cr Consolidated Profit in Q3

TRISHUL EXOTIC: ICRA Reaffirms 'LBB-' Rating on INR90.1MM Debts
ULTRA DRUGS: CRISIL Assigns 'BB-' Rating on INR40.7MM Term Loan
VEELINE MEDIA: CRISIL Rates INR24 Million Term Loan at 'BB-'
VISHVA VISHAL: ICRA Assigns 'LBB+' Rating on INR146.7MM Bank Debts


I N D O N E S I A

BANK MANDIRI: Eyeing IDR6.9 Trillion Net Profit This Year
LISTRINDO CAPITAL: Moody's Affirms 'Ba2' Senior Debt Rating
PT DAVOMAS ABADI: S&P Raises Corporate Credit Rating to 'CCC+'


J A P A N

JAPAN AIRLINES: New Management "Neutral" on Alliance Talks
L-JAC 7: S&P Downgrades Ratings on 11 Classes of Trust Certs.
TOSHIBA CORP: To Expand TV Production in Indonesia
TOSHIBA CORP: Posts JPY10.63BB Net Loss in 3rd Qtr Ended Dec. 31


K O R E A

HYNIX SEMICONDUCTOR: Creditors in Talks with Hanwha or GS Group


M A L A Y S I A

OILCORP BERHAD: Winding-Up Petition Withdrawn
WWE HOLDINGS: Extraordinary General Meeting Set for February 12


P H I L I P P I N E S

LEGACY GROUP: Unit's Former Chief Arrested Over Fictitious Loans


T A I W A N

ASUSTEK COMPUTER: Swings to Profit in Q4 on Demand Recovery
HANNSTAR DISPLAY: Posts NT$4.3 Bil. Net Loss in Fourth Quarter


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars





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


BURRANGONG MEAT: In Receivership; More Than 300 Jobs Affected
-------------------------------------------------------------
More than 300 abattoir workers at Burrangong Meat Processors in
the southwest New South Wales town of Young have lost their jobs
after the town's biggest employer closed its doors, The Sydney
Morning Herald reports.

Employees were called into a meeting on Tuesday and told the plant
had been placed into receivership and was closing immediately, the
report says.

According to the Herald, workers won't know until later today
whether they'll receive all their entitlements.

ABC News relates Young's mayor Stuart Freudenstein said it has
come as a shock to the whole community.

Workers said the drought and high stock prices may have been a
contributing factor to the plant's closure, ABC News notes.

The company's managing director, Grant Edmonds, according to ABC,
said the closure was due to a number of factors including a
AU$4 million power plant going over budget.

Burrangong Meat Processors Pty Ltd -- http://www.bmpmeat.com.au/
-- is owned and operated by The Edmonds Group, an Australian meat
processing and distribution company established in 1984.


CARTER HOLT: More Job Losses at Nangwarry Plant; Inquiry Sought
---------------------------------------------------------------
Carter Holt Harvey, a south Australia forestry firm, will axe 130
jobs, after last year cutting 90 jobs at the plywood plant, The
Australian reports.

The report says the company on Monday told workers at its
Nangwarry plywood manufacturing plant of the decision to shed the
130 jobs by March 26 this year.

ABC News reports that the forestry union wants an inquiry into the
timber industry to stop more jobs being cut from the sector in
South Australia.

Forestry union secretary Brad Coates, according to ABC News, said
there is no guarantee the company will maintain what will become a
skeleton work force.

According to ABC, Mr. Coates wants an inquiry into how Forestry SA
runs with what he says are costs well above those in other states.

Carter Holt Harvey is Australasia's leading forest products
company, with significant interests in wood products, pulp, paper
and packaging.  Carter Holt Harvey brands include Bestwood,
Customwood, Ecoply, Kopine and Pinex.


ELDERSLIE FINANCE: Founder Files for Personal Bankruptcy
--------------------------------------------------------
The founder of Elderslie Finance Corporation, Peter George, has
filed for personal bankruptcy with debts of AU$10 million,
Anthony Klan at The Australian reports.

Mr. George has told authorities he has "retired" and has
outstanding debts to eight creditors, including Gold Coast-based
entrepreneur Nigel Purves, advisory firm Clayton Utz and taxation
accountants MGI Melbourne.

Perpetual Trustees, representing a string of lenders, sued Mr.
George in August last year, claiming compensation for
"misappropriation of fund monies," The Australian recalls.

According to the report, Perpetual claims it is owed AU$7.28
million by Mr. George, who has denied the allegations.

Mr. George bought Elderslie in 1994 for about AU$3 million, and
raised AU$140 million from ordinary investors via an aggressive
marketing campaign in the four years leading up to its collapse.

Receivers PricewaterhouseCoopers said the group's investors were
expected to recover as little as 10 cents in the dollar in a wind-
up that could take up to five years, according to The Australian.

As reported in Troubled Company Reporter-Asia Pacific on July 31,
2009, the Australian Securities & Investments Commission approved
a public examination into Elderslie Finance's auditor Trood Pratt
& Co, chartered accountants, to be conducted by PwC.

                      About Elderslie Finance

Elderslie Finance Corporation is an independent, Australian-owned
structured finance and investment management group.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 3, 2008, Elderslie Finance Corporation has been placed into
receivership following a Federal Court order allowing its trustee,
Perpetual Trustees WA Ltd, to appoint a receiver, after several
rescue plans for the ailing company fell through.  Perpetual
Trustees appointed Gregory Hall and Philip Carter of
PricewaterhouseCoopers as the receivers for Elderslie Finance.

On September 22, 2008, the Supreme Court of New South Wales
entered an order to have Elderslie Finance Corporation Limited's
operations wound up.


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


FORD MOTOR: Resumes Vehicle Production in China
-----------------------------------------------
China Daily reports that a joint venture partner of Ford Motor Co.
resumed making buses in China after determining that the gas pedal
assembly doesn't have the same problem that forced a recall of
millions of Toyota vehicles.

The Wall Street Journal's Matthew Dolan has reported that Ford
Motor stopped production of a full-size commercial vehicle in
China after discovering that the gas pedal used came from the
supplier involved in the recall at Toyota Motor Co.  The Journal
reported that Ford spokesman Said Deep indicated the production
halt affects the diesel version of Ford's full-size Transit
Classic commercial vehicle that Ford makes in China with one of
its joint-venture partners, Jiangling Motors Corp.

The Journal noted Ford said that so far there have been no reports
in China of Ford drivers experiencing the same type of
uncontrolled acceleration problems that prompted Toyota to issue a
massive recall and halt sales of most of its popular models in the
U.S.

As widely reported, Toyota said it is suspending the U.S. sale and
production of eight models involved in an earlier recall.  Those
models account for more than half its U.S. deliveries and include
top-selling Camry and Corolla cars.

                             About Ford Motor

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

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

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

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

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


GENERAL MOTORS: Extends Tengzhong's Deadline to Close Hummer Sale
-----------------------------------------------------------------
According to Dow Jones Newswires' Patricia Jiayi Ho, a spokeswoman
for machinery manufacturer Sichuan Tengzhong Heavy Industrial
Machinery Co., said Monday the deadline for the Chinese company to
buy General Motors Co.'s truck brand Hummer has been pushed back
from the end of January to the end of February.

According to Dow Jones, Zhao Tong, a spokeswoman for a public
relations firm hired by Tengzhong, GM and Tengzhong agreed to
extend the deadline.

Dow Jones recalls GM completed an agreement in October to sell
Hummer to Tengzhong.

As reported by the Troubled Company Reporter on October 13, 2009,
GM and Sichuan Tengzhong entered into a definitive agreement that
will allow Tengzhong to acquire GM's premium all-terrain HUMMER
brand.  Under the terms of the definitive agreement, the buyer
will acquire the ownership of the HUMMER brand, trademark and
tradenames, as well as specific IP license rights necessary for
the manufacture of HUMMER vehicles.  The buyer will also assume
the existing dealer agreements relating to HUMMER's dealership
network.

Tengzhong will purchase HUMMER through an investment entity, in
which it will hold an 80 percent stake.  Mr. Suolang Duoji, a
private entrepreneur with holdings that include the Hong Kong-
listed thenardite producer Lumena, will hold the remaining 20%
stake.  Financial terms of the agreement were not disclosed.

The deal is awaiting approval from the Chinese government, Ms.
Zhao said, according to Dow Jones.  She declined to elaborate, the
report adds.

                      About Sichuan Tengzhong

The investment entity buying Hummer will be jointly owned by
Tengzhong and private entrepreneur Suolang Duoji. Tengzhong will
hold 80 percent of the entity and Mr. Suolang 20 percent.

Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd. is one of
China's major privately owned engineering companies. Tengzhong is
a manufacturer of heavy machinery equipment with a presence in
special-use vehicles, road and bridge construction equipment and
construction and energy industry equipment.

Since its establishment, Tengzhong has quickly become a major
manufacturer of machinery and construction components through a
series of successful acquisitions. Tengzhong prides itself on its
automated manufacturing equipment, its processing systems,
significant research and development initiatives and commitment to
innovation.

Mr. Suolang Duoji, a private entrepreneur from Sichuan Province
has holdings that include thenardite producer Lumena which was
recently listed on the Hong Kong Stock Exchange.

                       About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

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


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


HANG FUNG: Court to Hear Wind-Up Petition on March 17
-----------------------------------------------------
A petition to wind up the operations of Wang Fung Electric Wire
Factory Limited will be heard before the High Court of
Hong Kong on March 17, 2010, at 9:30 a.m.

Ho Ying Hung Winnie filed the petition against the company on
January 6, 2010.

The Petitioner's solicitors are:

          Rowdget W. Young & Co.
          Wings Building, 3/F
          110-116 Queen's Road Central
          Hong Kong


HERITAGE COLLECTIONS: Creditors' Proofs of Debt Due March 1
-----------------------------------------------------------
Creditors of Heritage Collections Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 1, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on January 18, 2010.

The company's liquidator is:

         Tam Chi Chung
         Cheong K. Building, Room 804
         84-86 Des Voeux Road
         Central, Hong Kong


HK PROFESSIONAL: Creditors' Proofs of Debt Due February 26
----------------------------------------------------------
Hong Kong Professional Art Supplies 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


HOI TIM: Creditors' Proofs of Debt Due March 5
----------------------------------------------
Creditors of Hoi Tim Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 5, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on January 19, 2010.

The company's liquidator is:

         Mak Wah
         Flat A, 12th Floor
         60 Broadway
         Mei Foo Sun Chuen
         Kowloon


HUI SHING: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on January 18, 2010,
to wind up the operations of Hui Shing Noodle Factory Limited.

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


IMAG TECHNOLOGY: Court to Hear Wind-Up Petition on February 10
--------------------------------------------------------------
A petition to wind up the operations of Imag Technology
(Hong Kong) Limited will be heard before the High Court of
Hong Kong on February 10, 2010, at 9:30 a.m.

Ya Hsin Industrial Co., Ltd., filed the petition against the
company on December 8, 2009.

The Petitioner's solicitors are:

          Messrs. Yu, Chan & Yeung
          Tung Ning Building, Room 1505
          No. 2 Hillier Street, Sheung Wan
          Hong Kong


JADE ALLIANCE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on January 5, 2010,
to wind up the operations of Jade Alliance Steel Limited.

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


JMI DESIGN: Member' Final Meeting Set for March 5
-------------------------------------------------
Members of JMI Design Limited will hold their final meetings on
March 5, 2010, at 10:30 a.m., at the Room 602, 6/F, East Town
Building, 41 Lockhart Road, Wan Chai, in Hong Kong.

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


JOHNSON ELECTRIC: Member' Final Meeting Set for March 5
-------------------------------------------------------
Members of Johnson Electric Enterprises Limited will hold their
final meeting on March 5, 2010, at 9:00 a.m., at the 12 Science
Park East Avenue, 6/F., Hong Kong Science Park, Shatin, New
Territories, in Hong Kong.

At the meeting, Yip Chee Lan and Li Wai Fan, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


LP DISPLAYS: Members' and Creditors Meetings Set for February 10
----------------------------------------------------------------
Members and creditors of LP Displays International Limited will
hold their annual meetings on February 10, 2010, at 2:00 p.m., and
2:30 p.m., respectively at the offices of Baker Tilly Hong Kong,
12/F, China Merchants Tower, Shun Tak Centre, 168-200 Connaught
Road, Central, in Hong Kong.

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


MANYLINK LIMITED: Members' Final Meeting Set for March 1
--------------------------------------------------------
Members of Manylink Limited will hold their final meeting on
March 1, 2010, at 10:00 a.m., at the 19th Floor, Seaview
Commercial Building, 21-24 Connaught Road West, in Hong Kong.

At the meeting, Andrew C. C. Ma and Felix K. L. Lee, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MAXSTEP LIMITED: Members' Final Meeting Set for March 1
-------------------------------------------------------
Members of Maxstep Limited will hold their final meeting on
March 1, 2010, at 9:30 a.m., at the 19th Floor, Seaview Commercial
Building, 21-24 Connaught Road West, in Hong Kong.

At the meeting, Andrew C. C. Ma and Felix K. L. Lee, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MP ENGINEERING: Court to Hear Wind-Up Petition on February 17
-------------------------------------------------------------
A petition to wind up the operations of MP Engineering Company
Limited will be heard before the High Court of Hong Kong on
February 17, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

          Messrs. Kevin Cheung & Co.
          Hong Kong Trade Centre
          Unit 101, 1st Floor
          161-167 Des Voeux Road Central
          Hong Kong


NTS LIMITED: Court to Hear Wind-Up Petition on February 24
----------------------------------------------------------
A petition to wind up the operations of NTS Limited will be heard
before the High Court of Hong Kong on February 24, 2010, at
9:30 a.m.

Lau Chun Man filed the petition against the company on Dec. 21,
2009.


ONWAY ENGINEERING: First Meetings Set for February 10
-----------------------------------------------------
Creditors and contributories of Onway Engineering Limited will
hold their first meetings on February 10, 2010, at 10:30 a.m., and
11:30 a.m., respectively at the Official Receiver's Office, 10th
Floor, Queensway Government Offices, in Hong Kong.

At the meeting, E.T. O'Connell, the company's official receiver
and provisional liquidator, will give a report on the company's
wind-up proceedings and property disposal.


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I N D I A
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AJAY METALLICS: CRISIL Places 'B' Rating on INR40.5 Mil. Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to Ajay Metallics
Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR60.0 Million Cash Credit Limit      B/Stable (Assigned)
   INR40.5 Million Term Loan              B/Stable (Assigned)
   INR4.5 Million Bank Guarantee          P4 (Assigned)

The ratings reflect AMPL's small scale of operations and exposure
to risks relating to cyclicality in the steel industry, and
aggressive debt-funded capital expenditure plan, restricting its
financial risk profile over the medium term. These rating
weaknesses are partially offset by the benefits that AMPL derives
from its strategic location in Wada (Maharashtra), which is a hub
for steel long products.

Outlook: Stable

CRISIL believes that AMPL will maintain a stable credit risk
profile backed by strong demand for its products in the Wada
region. The outlook may be revised to 'Positive' if AMPL's
revenues and profitability increase more than expected, or if it
attains greater integration in operations.  Conversely, the
outlook may be revised to 'Negative' if sub-optimal utilization of
capacity results in deterioration in operating margins, or if the
company contracts more debt than expected to fund capex.

                       About Ajay Metallics

Ajay Metallics, incorporated in 2004 by Mr. Vijay Gupta and
Mr. Ajay Gupta, has started its commercial operations in December
2009.  The company manufactures steel ingots from steel scrap and
sponge iron, which it procures from the local market.  Currently,
the company has a manufacturing capacity of about 26,000 tonnes
per annum (TPA) of steel ingots.  Its manufacturing facility is in
Wada (Maharashtra), which is a hub for the steel long products
segment?the end user of steel ingots.


BANK OF BARODA: Moody's Assigns 'Ba2' Rating on Tier 1 Notes
------------------------------------------------------------
Moody's Investors Service assigned Baa2 foreign currency rating
to Bank of Baroda's proposed senior debt notes under its
US$1.5 billion medium-term note programme.  According to the terms
and conditions of the programme, Bank of Baroda may issue any of
these foreign currency debt instruments:

  -- Senior unsecured notes, rated Baa2;

  -- Lower Tier 2 subordinated notes, rated Baa3;

  -- Upper Tier 2 subordinated notes (junior subordinated), rated
     Ba1; and

  -- Perpetual hybrid Tier 1 notes, rated Ba2.

The ratings for junior subordinated notes (Upper Tier 2) and
perpetual hybrid Tier 1 notes reflect the recent changes to the
way Moody's rates hybrid securities.  According to Moody's new
guidelines for such ratings, Bank of Baroda's upper Tier 2
subordinated notes were downgraded to Ba1 from Baa3 and its
perpetual hybrid Tier 1 notes were confirmed at Ba2.  Bank of
Baroda's other ratings were unaffected.  This concluded the review
for possible downgrade on the ratings that was initiated on 18
November 2009.  For more details, please refer to the press
release "Moody's downgrades Indian banks' hybrid securities
ratings", issued on 27 January 2010.

Bank of Baroda's Baa2 FC senior unsecured rating is driven by its
D+ bank financial strength rating, which maps to a baseline credit
assessment of Ba1, as well as the imputed systemic support given
the bank's public-sector status as a majority government-owned
bank.  The BFSR reflects the bank's significant market presence,
improved asset quality, comfortable liquidity profile and adequate
profitability.  However, Moody's notes that the rating is
constrained by Bank of Baroda's high exposure concentration to the
Indian government through government securities, similar to other
Indian banks.

Moody's believes that Bank of Baroda, as a majority government-
owned bank, enjoys a very high probability of systemic support,
leading to two notches of uplift for the Baa2 long-term global
local currency deposit rating from the Ba1 BCA.  Bank of Baroda's
long-term senior unsecured foreign currency debt rating is set at
the same level as its long-term GLC deposit rating and also stands
equal to India's Baa2 foreign currency bond ceiling.

The bank's nine-month results ending December 2009 point to an
impressive 45.9% year-on-year increase in net profit reflecting a
better than expected recovery in net interest margins as well as
write-backs of provisions on its investment book.  The bank's net
interest income increased by 12.7%, fee-based income rose by
26.9%, while provisions for non-performing loans and bad debts
written-off increased significantly, although the gross NPL ratio
of the bank marginally improved to 1.43% at the end of December
2009 compared to 1.5% in December 2008.  The bank had a healthy
capital adequacy ratio of 14.65% as of December 2009 with the Tier
1 ratio at 9.31%, compared to a CAR of 13.2% in December 2008.

The last rating action on Bank of Baroda was taken on 27 January
2010 when Moody's downgraded the rating on its upper Tier 2
subordinated notes to Ba1 from Baa3 and confirmed the Ba2 rating
on the perpetual hybrid Tier 1 notes.

Bank of Baroda, headquartered in Mumbai, had assets of
INR2,503 billion (US$53.3 billion) as of end-December 2009.


BHUVEE PROFILES: CRISIL Rates INR1.15 Bil. Term Loan at 'BB+'
-------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Bhuvee Profiles &
Stainless Pvt Ltd's term loan facility.

   Facilities                    Ratings
   ----------                    -------
   INR1150 Million Term Loan     BB+/Stable (Assigned)

The rating reflects BPSPL's exposure to risks related to
implementation of its ongoing project of setting up a hot-rolled
mild steel (MS) and stainless steel (SS) coil and plate
manufacturing plant, and to intense competition from established
players in the steel industry.  These rating weaknesses are
partially offset by the benefits that BPSPL derives from its
promoters' experience in the steel industry, and the expected
vertical integration of the company's operations with that of
group companies over the medium term.

Outlook: Stable

CRISIL believes that BPSPL will continue to benefit from its
promoters' experience in the steel industry.  The outlook may be
revised to 'Positive' if BPSPL's financial risk profile improves,
most likely because of a significant increase in revenues and
improvement in profitability.  Conversely, the outlook may be
revised to 'Negative' in case BPSPL's financial risk profile
deteriorates, most likely because of decline in revenues and
profitability, or delay in implementation and stabilization of its
ongoing project.

                        About Bhuvee Profiles

BPSPL, promoted by Mr. Anjani Kumar Goyal, is setting up a hot-
rolled MS and SS coil and plate manufacturing plant with a
capacity of 0.8 million tonnes per annum (tpa).  The plant is
scheduled to be implemented in two phases.  Phase I of the
project, with an installed capacity of 0.3 million tpa of MS/SS
plates, commenced commercial operations in September 2008. Phase
II is expected to commence operation during 2010-11 (refer to
financial year, April 1 to March 31).  The manufacturing unit is
located at Dhenkanal (Orissa).

BPSPL reported a profit after tax (PAT) of INR4.8 million on net
sales of INR478.6 million for 2008-09.


INDO POWER: Fitch Upgrades National Long-Term Rating to 'BB'
------------------------------------------------------------
Fitch Ratings has upgraded India's Indo Power Projects Ltd's
National Long-term rating to 'BB(ind)' from 'BB-(ind)'.  The
Outlook is Stable.  The agency has also taken these ratings
action:

  -- INR13.5 million long term loan: upgraded to 'BB(ind)' from
     'BB- (ind)';

  -- INR36 million fund-based limits: upgraded to 'BB(ind)' from
     'BB- (ind)';

  -- INR1.4 million long term loan: assigned 'BB(ind)';

  -- INR54 million fund based limits: assigned 'BB(ind)

  -- INR710 million non-fund-based limits: affirmed at 'F4(ind)';
     and INR640 million non-fund-based limits: assigned 'F4(ind)'.

The upgrade of the Long-term rating reflects an improvement in
IPPL's leverage (Debt/EBITDA) levels, margin expansions and robust
order book position of INR4bn (4.1x FY09 revenues).  Leverage
improved at end-March 2009 to 1.4x (FY07: 6.2x).  Fitch notes that
the company continues to have a large cash balance, as at end-
December 2009, though a majority of this is maintained as margin
money for its non-fund-based limits.  IIPL has seen a consistent
improvement in EBITDA margins to 6.2% in FY09 from around 2%
before FY07, as there has been a shift in the order portfolio
(towards projects being executed independently rather than as a
subcontractor).  However, the agency notes that these margins are
lower than industry peers as the company seeks to mitigate its
receivables risk by entering into back-to-back contracts with its
suppliers, thereby managing its cash flow and liquidity.

Factors constraining the ratings include client concentration
risk, low interest coverage, high level of debtor days, and marked
seasonality (about 60% of revenues are recorded in Q4 of the
financial year).  IPPL has two key clients accounting for 75% of
its order book -- Government of Manipur (37.5%) and Power Grid
Corporation of India Ltd (PGCIL, 37.5%).  The company expects that
the shift of the projects portfolio, from State Governments to the
inclusion of substantial orders from PGCIL recently, to shorten
the receivables period.  This is likely to help in margin
expansion as a lower debtor cycle will enable the company to
obtain better terms from their suppliers.  Despite the company's
low leverage levels, interest coverage has been low given the high
level of non-fund-based debt.

Negative rating factors include deterioration in credit metrics on
the back of a fall in profitability or working capital strain.  On
the contrary, a sustained improvement in the interest coverage
ratio and liquidity, along with a higher order book
diversification, may lead to a positive rating action.

Started in 1978, IPPL now has the technical and financial
strength to independently undertake various rural electrification
projects.  In FY09, the company had revenues of INR970 million
(FY08: INR364 million) and EBITDA of INR60 million (FY08:
INR21 million).  At end-March 2009, total debt was INR86 million,
while cash balance was INR292 million (illiquid fixed deposits:
INR242 million).  IPPL had leverage of 1.4x and interest coverage
of 1.5x.  For 9M FY10, IPPL had revenues of INR439 million, EBITDA
of INR59 million and net profit of INR18 million.  At end December
2009, debt was INR85 million and total cash was INR312 million
(FDs - INR304 million).


KAMSRI FLEX: Weak Liquidity Prompts CRISIL Junk Ratings
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Kamsri
Flex Forms Pvt Ltd to 'D/P5' from 'B/Negative/P4'.  The downgrade
reflects delays by Kamsri in servicing interest and term loan
repayment obligations, because of weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR36.3 Million Long Term Loan        'D' (Downgraded from
                                             'B/Negative')

   INR45.0 Million Cash Credit Limits    'D' (Downgraded from
                                             'B/Negative')

   INR5.0 Million Stand by Line of       'P5' (Downgraded from P4)
                   Credit Limits

   INR2.5 Million Letter of Credit       'P5' (Downgraded from P4)
                            Limits
   INR2.0 Million Bank Guarantee Limits  'P5' (Downgraded from P4)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Kamsri and Shreya Prints (Shreya).
This is because Kamsri and Shreya, together referred to as the
Kamsri group, are in the same line of business, have intra-group
operational and financial linkages, including fungible cash flows,
and are under a common management. Further, the management has
merged Shreya with Kamsri with effect from November 2009.

                          About the Group

Set up in 1991 by Mr. S Suresh, Kamsri manufactures cartons from
duplex board and paper.  It supplies packaging products mainly to
the pharmaceutical, health care, and textile industries.  Kamsri
has merged the business of Shreya, a group entity, with Kamsri
during November 2009.  Shreya, set up in 1999, produces paper
products, excluding cartons. Kamsri proposes to set up its own
facility, and increase its capacity, at a cost of INR30 million,
over the near term.

For 2008-09 (refers to financial year, April 1 to March 31), the
Kamsri group reported a profit after tax (PAT) of INR6.3 million
on net sales of INR167.2 million, as against a PAT of INR8.5
million on net sales of INR148.3 million in the previous year.


KARUNA MANAGEMENT: Fitch Assigns 'BB-' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has assigned India's Karuna Management Services Pvt
Ltd a National Long-term rating of 'BB-(ind)' with a Stable
Outlook.  Fitch has also assigned National ratings of 'BB-
(ind)'/'F4(ind)' to Karuna's fund-based limits aggregating
INR137.5m, and a National Short-term rating of 'F4 (ind)' to its
non-fund based limits aggregating INR30.0m.

The ratings reflect Karuna's credibility as a distributor of
mobile phones, and its established relationship, of over a decade,
with Samsung India Electronics Pvt Ltd.  The company also benefits
from SIEL's strong market position in the Indian mobile industry
and its business model which protects Karuna from volatility in
prices of mobile phones (SIEL fixes both the purchase and selling
prices of mobile phones).  Karuna does not have any long-term
loans, and total debt includes working capital debt and unsecured
loans.  Also, the inventory ageing profile of its business is
favorable, as a large part of its inventory is less than 15 days
old.

Its ratings are constrained by the small scale of operations, thin
EBITDA margins (FY06-FY09: 0.8x-1.2x), in line with the trends in
this industry and a reflection of competitive pressures.  Karuna's
financial leverage has been high -- 5.15x-6.75x over FY06-FY09,
with interest cover declining consistently during this period, to
1.48x in FY09 (FY06: 2.16x).

Positive rating actions could be triggered if there is a
consistent increase in EBITDA margin resulting in leverage below
5.0x on a sustainable basis.  Conversely, an increase in the total
debt pulling Debt/EBITDA above 7.0x on a sustainable basis could
act as a negative rating trigger.

Karuna achieved revenues of INR1550.79 million in FY09 (FY08:
INR1247.7 million).  Total debt is INR115.72 million (FY08:
INR77.26 million), which comprises of working capital debt
(INR112.27 million) and unsecured loans (INR3.45 million).  Karuna
reported negative net free cash flow of INR38 million in FY09
(FY08: negative INR18.13 million), mainly as a result of an
increase in the operating working capital requirements; Fitch
expects net free cash flow to remain negative in the short-to-
medium term considering the working capital intensive nature of
business.

Karuna was incorporated in 1995, starting out with the dealership
of Vodafone.  It subsequently started trading in handsets and also
assumed the re-distribution of Samsung GSM mobile phone.  From
April 2009, Karuna became a National Distributor for three states
(Orissa, Jharkhand and Bihar), while continuing to be
redistribution stockers in certain parts of West Bengal and
Orissa.


KITCHEN GRACE: CRISIL Places 'B+' Rating on INR80MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Kitchen Grace (India) Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR17.5 Million Cash Credit*        B+/Stable (Assigned)
   INR80.0 Million Term Loan**         B+/Stable (Assigned)
   INR5.0 Million Letter of Credit     P4 (Assigned)
   INR10.0 Million Bank Guarantee      P4 (Assigned)

   *Includes proposed limit of INR7.5 Million
   **Includes proposed limit of INR8.0 Million

The ratings reflect KGIPL's small scale of operations,
concentration in its revenue profile, its exposure to risks
related to intense competition in the modular kitchen industry,
and expected deterioration in financial risk profile due to large
debt-funded capital expenditure (capex).  These weaknesses are
mitigated by the benefits that the company derives from its
established brand and promoters' experience in the modular kitchen
business.

Outlook: Stable

CRISIL expects KGIPL to maintain its healthy operating
profitability, and continue to benefit from its established brand.
The outlook could be revised to 'Positive' if KGIPL improves its
scale of operations and net worth significantly. Conversely, the
outlook could be revised to 'Negative' if the company undertakes
additional, large debt-funded capex, or faces significant pressure
on revenue and margins, leading to deterioration in its financial
risk profile.

                        About Kitchen Grace

Set up in 1988 by Mr. Snehal Vasani, KGIPL (formerly Inner space,
a proprietorship concern) manufactures fully fitted modular
kitchens under the Kitchen Grace brand.  The company also markets
kitchen accessories.  KGIPL operates in two segments - retail, and
projects in residential apartments.  It has its sole manufacturing
facility in Pune, and dealers in Mumbai, Pune (Maharashtra),
Kolkata, and Visakhapatnam (Andhra Pradesh).

Mr. T T Ahuja, Mr. Rajesh Ahuja, and Mr. Monesh Ahuja, partners of
the firm, Sleek International, picked up a 50-per cent stake in
KGIPL in March 2009.

KGIPL reported a profit after tax (PAT) of INR7.55 million on net
sales of INR48.93 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR5.22 million on net
sales of INR34.71 million for 2007-08.


KOTA DALL: ICRA Assigns 'LBB+' on INR190MM Fund Based Limits
------------------------------------------------------------
ICRA has assigned ?LBB+? rating to INR190 million fund based
limits of Kota Dall Mill.  The long-term rating has a stable
outlook.  ICRA has also assigned ?A4+? rating to INR270 million
non-fund based limits of KDM.

ICRA ratings factor in KDM's modest scale of operations in its
core business of manufacturing wheat flour and energy foods,
limited bargaining power vis-a-vis its principle customers- the
state governments and strong competitive pressures.  These factors
have resulted in modest profitability indicators, which coupled
with relatively high debt levels has resulted in into modest debt
protection indicators for the firm.  This situation is unlikely to
change in the medium term.  The ratings however derive strength
from significant demand in the medium term faced by the firm,
since majority of its revenues are derived from supplying energy
food to Rajasthan and Gujarat government under the ICDS
(Integrated Child Development Services) scheme.  Going forward,
KDM is likely to secure a large order from the Gujarat Government.
However, the ability of the firm to execute orders of such a large
magnitude in a cost efficient manner remains to be seen.  ICRA has
also factored in KDM's constitution as a partnership firm while
assigning the rating.

Kota Dall Mill is a partnership firm engaged in the production and
sale of food products like atta (Wheat Flour) and energy foods for
babies/lactating mothers. KDM was incorporated in 1984 by Agarwal
brothers (Mr. Rajendra Agarwal and Mr. Shambhu Agarwal).  However,
the main thrust on the business was provided in 2002 when firm
received an order for supplying energy food to Govt. of Rajasthan.
Thereafter, the firm also received energy food food supply orders
from Govt. of Gujarat in 2007.  Apart from the supply to
governments which forms a majority of the firm's revenues, a small
portion of the revenues is also derived from the sales of flour
and related products under the firm's own brand - ?Swastik?.  KDM
currently has two operational units based in Kota, Rajasthan with
a combined wheat processing capacity of 90000 MTPA.  In addition,
a new unit is being developed in its group company's (Multimetals
Limited) premises to cater to the additional requirements from the
Governmentof Gujarat.


KRISHNAMURTHY SPINNING: ICRA Rates INR164.2MM Term Loan at 'LBB-'
-----------------------------------------------------------------
ICRA has assigned 'LBB-' rating to INR164.2 million term loan and
INR78.9 million fund based facilities of Krishnamurthy Spinning
Mills Private Limited.  The outlook on the long-term rating is
stable. ICRA has also assigned an A4 rating to INR6.9 million non-
fund based facilities of KSMPL.

The assigned ratings are constrained by KSMPL's financial profile
characterized by high gearing and stretched debt coverage
indicators and vulnerability to intensely competitive spun yarn
industry.  KSMPL's small scale of operations and commoditized
nature of the cotton yarn limits the pricing power in a fragmented
industry.  The  ratings  however,  favorably  factor in  the
promoter's  significant experience in cotton ginning,  location
advantage on account of proximity to a major cotton growing
area, low power tariffs in the state and fiscal incentives offered
by the state government which helps in improving operating
profitability.

Krishnamurthy Spinning Mills Private Limited was incorporated in
2006-07 and is engaged in the manufacturing of grey cotton yarn.
The promoter s of KSMPL, Mr. V. Krishnamurthy and Mr. V.S. Subba
Rao, have more than three decades of experience in cotton ginning
and trading.  KSMPL has a spinning mill in Guntur district of
Andhra Pradesh with an installed capacity of 12,360 spindles and
started commercial production of yarn in October 2007.


ORANGE COUNTY: CRISIL Assigns 'BB-' Rating on INR187.5MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Orange County
Resorts & Hotels Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR187.50 Million Long Term Loan      BB-/Stable (Assigned)
   INR10.00 Million Cash Credit          BB-/Stable (Assigned)
   INR2.50 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect Orange County's below-average financial risk
profile, and exposure to risks relating to geographical
concentration in revenue profile.  These rating weaknesses are
partially offset by Orange County's healthy track record, and
reputed brand presence in the premium hotels segment.

Outlook: Stable

CRISIL believes that Orange County will continue to benefit from
its brands' good reputation in the hospitality industry over the
medium term.  The outlook may be revised to 'Positive', if
substantial improvement in capital structure and accruals result
in a stronger financial risk profile for Orange County.
Conversely, the outlook may be revised to 'Negative' if there is
significant decline in Orange County's hotels' average room rate
(ARR) and occupancy, or if the company undertakes large, debt-
funded capital expenditure programmes, thereby weakening its
financial risk profile.

                     About Orange County

Orange County was incorporated by amalgamating Tropical Retreat
Ltd and Ramapuram Holidays Resort in 1994.  The company, promoted
by Mr. Emmanuel Ramapuram and his brothers, got its present name
in April 2006. It runs two resorts in Karnataka ? one each at
Coorg and Kabini.  The company is likely to begin construction of
a new resort at Hampi in Karnataka in April 2010; the resort is
likely to be opened in 2012.

Orange County reported a profit after tax (PAT) of INR11 million
on net sales of INR282 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR7 million on net
sales of INR223 million for 2007-08.

PELICAN RUBBER: Low Net Worth Prompts CRISIL 'BB' Ratings
---------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the various
bank facilities of Pelican Rubber Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR197.5 Million Cash Credit *     BB/Stable (Assigned)
   INR70 Million Term Loan            BB/Stable (Assigned)
   INR72.5 Million Letter of Credit   P4+ (Assigned)
                   & Bank Guarantee
   * Includes interchangeable packing credit & standby
     line of credit limits

The ratings reflect Pelican's weak financial risk profile marked
by high gearing and low net worth, and exposure to risks relating
to fluctuations in the prices of butyl rubber and in rupee
movements. These weaknesses are, however, partially offset by
Pelican's established presence in the butyl rubber tubes segment.

Outlook: Stable

CRISIL believes that Pelican will benefit from its established
presence in the butyl rubber tubes segment, and strong brand. The
outlook may be revised to 'Positive' if Pelican strengthens its
business risk profile through greater diversity, while maintaining
stable operating margins. Conversely, the outlook may be revised
to 'Negative' if the company undertakes large debt-funded capital
expenditure, leading to deterioration in the company's financial
risk profile.

                         About Pelican Rubber

Incorporated in 1996 by Mr Shiv Shanker Agarwal and his brother
Mr. Shyam Sunder Agarwal, Pelican manufactures around 180 sizes of
butyl rubber tubes used in tyres sold under the 'Avon' brand.  The
product range includes tubes for two- and three-wheelers,
passenger cars, jeeps, trucks and earth movers. The company
supplies tubes directly to tyre manufacturers, state governments
for their state transport vehicles, distributors, and dealers
across the country.

Pelican reported a profit after tax (PAT) of INR51 million on net
sales of INR805 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR12 million on net
sales of INR715 million for 2007-08.


RAGHUVIR FERRO: CRISIL Assigns 'BB' Rating on INR50MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Raghuvir Ferro Alloy Pvt Ltd, a part of the SBL
group.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        BB/Stable (Assigned)
   INR50 Million Letter of Credit   P4+ (Assigned)
   INR25 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect RFAPL's exposure to risks related to
cyclicality and marginal market share in the ferro and silico
manganese industry, and its high revenue concentration. These
weaknesses are, however, partially offset by the SBL group's
comfortable combined financial risk profile, backed by its
moderate gearing and cash accruals.

As part of this rating exercise, CRISIL has combined the financial
risk profiles of RFAPL, Special Blast Ltd (SBL), and Chhattisgarh
Steel & Power Ltd (CSPL), together, herein, referred to as the SBL
group. This is because SBL and RFAPL have provided corporate
guarantee for CSPL's term loan of INR730 million, raised from the
State Bank of India and the State bank of Indore for its 30
megawatts power project.  As no strong operational linkages exist
between the three companies, CRISIL has not combined their
business risk profiles.

Outlook: Stable

CRISIL believes that RFAPL will maintain its business risk
profile, backed by its established presence in the ferro alloy
industry. However, the business risk profile will remain
constrained by its small scale of operations.  The outlook may be
revised to 'Positive' if RFAPL generates higher-than-expected
profitability.  Conversely, the outlook may be revised to
'Negative' if the company undertakes aggressive, debt-funded
capital expenditure, or generates lower-than-expected
profitability, leading to deterioration in its financial risk
profile.

                       About Raghuvir Ferro

Incorporated in 1985, RFAPL is engaged in the production of ferro
and silico manganese.  It has an installed capacity to produce
20,040 tones of ferro and silico manganese per annum.  The company
procures manganese ore mainly from Manganese Ore (India) Ltd and
Tata Iron and Steel Co Ltd, and procures coke from Coal India Ltd.

RFAPL reported a profit after tax (PAT) of INR8.3 million on net
sales of INR555.9 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR15.4 million on net
sales of INR478.6 million for 2007-08.


RAJ INDUSTRIES: CRISIL Places 'B+' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Raj Industries.

   Facilities                         Ratings
   ----------                         -------
   INR60.0 Million Cash Credit        B+/Stable (Assigned)
   INR20.0 Million Stand By Line      B+/Stable (Assigned)
                       of Credit
   INR87.3 Million Term Loan          B+/Stable (Assigned)
   INR80.0 Million Letter of Credit   P4 (Assigned)

The ratings reflect RI's weak financial risk profile marked by
small net-worth base, high gearing and weak debt protection
measures; and its exposure to risks relating to the fragmented
nature of, and intense competition in, the edible oil segment, and
to risks associated with stabilization of new capacities.  These
weaknesses are partially offset by the company's improving
operating efficiencies because of its integrated operations.

For arriving at its ratings, CRISIL has combined the financial
risk profiles of Raj Agro Mills Ltd, and Raj Industries,
collectively referred to as the Raj group.  This is because both
the entities have operational linkages, and a common promoter
group and management.

Outlook: Stable

CRISIL expects Raj group's financial risk profile to remain
constrained because of its high gearing and large capital
expenditure (capex) requirements over the near to medium term. The
outlook may be revised to 'Positive' in case of significant growth
in the group's profitability and topline, leading to better-than-
expected debt protection indicators. Conversely, the outlook may
be revised to 'Negative' in case the group undertakes more than
expected debt funded capex, leading to more pressure on its
already leveraged capital structure and weakening its debt
protection measures

                          About the Group

RI, which was set up in 2004, manufactures toilet soap noodles and
finished soap.  The firm sells its product to large soap
manufacturers such as Hindustan Unilever Ltd and ITC Ltd.  Its
facility in Nalagarh (Himachal Pradesh) has installed capacity of
144 tonnes per day (tpd) of soap noodles, and 36 tpd of finished
soap.

RAML, the flagship company of the Raj group, was incorporated in
1990. RAML manufactures refined oil and vanaspati, besides by-
products such as fatty acids, wax, and gums.  Its facility in
Ludhiana (Punjab) has installed capacity to produce 100 tpd of
refined oil. The company sells its product to traders as well as
large edible oil manufacturers such as Marico Ltd and Amrit
Banaspati Company Ltd.

RI reported a profit after tax (PAT) of INR5.2 million on net
sales of INR486.6 million for 2008-09, as against a PAT of INR18.8
million on net sales of INR308.5 million for 2007-08.


RAJASTHAN TRANSMISSION: ICRA Rates INR50 Mil. Bank Debts at 'LB+'
-----------------------------------------------------------------
ICRA has assigned rating of 'LB+' to the INR50 million fund based
limits of Rajasthan Transmission Wires Private Limited.  ICRA has
also assigned rating of A4 to INR80 million non fund based lines
of RTWPL.

ICRA's non-investment ratings factor in RTWPL's modest scale of
operations, low profitability and high gearing levels of the
company. Further, there has been a significant increase in the
pricing pressures on the aluminium conductors industry following a
worsening of the supply-demand position, which is expected to
further intensify the competitive pressures from both large
players as well as the unorganized sector.  This apart, the
ratings are also constrained by low pending order book and high
working capital (WC) intensity of operations (arising out of high
level of debtors) leading to negative cash generation from
operations (as measured by net cash accruals adjusted for working
capital changes)  & consequently stretched liquidity as measured
by unutilized bank limits.  The ratings are however supported by
the promoter's long track record and nearly three decades of
experience in the power cable industry, a positive outlook on
volumes in the long-term driven by the large quantum of
investments expected in  the  power sector & entry of the company
into Low tension and Arial bunched cables.  The ratings also
derive comfort from the fact that the sales orders have Price
variation clauses which provide cushion to the company's
profitability against the fluctuation of raw material prices.

Rajasthan Transmission Wires Private Limited commenced operations
in the year 1978, with the main object to manufacture all types of
conductors and cables.  In 2005, RTWPL separated its subsidiary
company Rajasthan cables & Conductors Private Limited and has
reported a growth in its revenue from INR63.1 million in FY05 to
INR315.6 million in FY09.  Currently, the company is headed by Mr.
RP Jain and his son, Mr. Atul Jain.  The company is mainly engaged
in manufacturing of all types of conductors.  Recently, it has
also entered into Aerial bunched conductors, XLPE and PVC cables
and control cables.


SHANKER VITTAL: ICRA Places 'LB' Rating on INR120 Mil. Term Loan
----------------------------------------------------------------
ICRA has assigned 'LB' rating to the INR120.0 million term loan
programme of The Shanker Vittal Motor Company Limited.  The rating
takes into account SVMC's modest scale of operations, its
relatively high gearing level and its stretched liquidity profile.
Moreover, the ratings take into consideration, significant market
risk on account of low bookings in commercial center project. The
rating, however, derives comfort from the long experience of
promoters as well as the brand recognition enjoyed by the company
in South Canara region in Karnataka.

Incorporated in 1929 by Mr. Aroor Lakshminarayan Rao as a
passenger transport company, The Shanker Vittal Motor Company
Limited was primarily engaged in the operation of buses in
Karnataka (primarily in South Canara district), Kerala and
Maharashtra. However, over the last two decades, the
company has reduced its exposure in  this line of business and is
currently focused on real estate development projects in and
around Mangalore. Apart from this, the company is also engaged in
operating a petrol bunk (licensed by Bharat Petroleum) in Udupi,
Karnataka.  In FY2008-09, the company reported a net loss of
INR1.7 million on an operating income of INR36 million as against
a net profit of INR0.6 million on an operating income of INR21
million in 2007-08.


SRINIVASA SPINTEX: ICRA Rates INR194.5MM Term Loan at 'LBB'
-----------------------------------------------------------
ICRA has assigned 'LBB' ratings to INR194.5 million term loan,
INR50.0 million fund based and INR8.0 million non-fund based
facilities of Sri Srinivasa Spintex Private Limited.  The outlook
on the long-term ratings is stable.

The assigned ratings factor in SSSPL's nascent stage of operations
and weak financial profile characterized by high gearing and
stretched debt coverage indicators. The small scale of operations
and commoditized nature of the grey cotton yarn renders the
company vulnerable to the intense competition in a fragmented
industry which limits the pricing power of the company.  The
rating however, favorably factors in the low power tariffs in the
state and fiscal incentives offered by the state government which
helps in improving operating profitability and provides
competitive advantage to the spinning mills in the state.

Sri Srinivasa Spintex Private Limited was incorporated in July
2006 and is engaged in the manufacturing of grey cotton yarn.  The
promoter of SSSPL, Mr. E. Konda Babu has been involved in the
trading of fertilizers, pesticides and agro chemicals for over two
decades. SSSPL has a spinning mill in West Godavari district of
Andhra Pradesh with an installed capacity of 18,000 spindles.  It
started commercial production of yarn in August 2008 with an
installed capacity of 4,000 spindles which was increased to 18,000
spindles in January 2009.


SSV FAB: ICRA Places 'LBB+' Rating on INR65.6 Mil. Term Loans
-------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR65.6 million term
loans and INR90.0 million fund based limits of SSV Fab Industries
Private Limited.  The outlook for the rating is stable.  ICRA has
also assigned an A4+ rating to the INR10.0 million non fund based
limits.

The assigned ratings are constrained by SSV's moderate scale of
operations in a highly fragmented industry, strong bargaining
power of its key suppliers, exposure to volatility in raw material
prices, lack of adequate operating history and a leveraged capital
structure as indicated by a gearing of 1.83 times as on March 31,
2009. The ratings, however, draw comfort from the established
presence of the promoter groups in the High Density  Polyethylene
(HDPE) and Polypropylene (PP) bags manufacturing industry and
moderate debt repayment obligations in the long term.

SSV, which was incorporated in 2007, is a manufacturer of High
Density Polyethylene (HDPE) bags and Polypropylene (PP) bags.
These bags are used as industrial packaging materials ideally
suited for fetilisers, cement, sugar and food grains. SSV has its
manufacturing facilities in Jeedimetla Industrial Estate,
Hyderabad with a total capacity of 8400 MT per annum as on
September 30, 2009. SSV is jointly promoted by the Ahmedabad based
Ransaria family and the Hyderabad based Reddy family and
Sirajuddin family. Each of the promoter families has their own
independent HDPE/PP bag manufacturing unit. Ranasaria Poly Pack is
promoted by the Ranasaria family, S.V. Sacks Pvt. Ltd. is
promoted by the Reddy family and S.S. Industries is promoted by
the Sirajuddin family. The company had an installed capacity of
around 7000 MT per annum in March 2009 which was increased to
around 8400 MT per annum in September 2009. The capacity
utilisation for FY2009 was about 74%.

In FY2009, SSV reported a profit after tax of INR4.7 million on a
net sale of INR385 million.


SURYACHAMBAL POWER: CRISIL Cuts Rating on INR273MM Loan to 'BB+'
----------------------------------------------------------------
CRISIL has downgraded its rating on SuryaChambal Power Ltd's long-
term bank facility to 'BB+/Stable' from 'BBB-/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR55.0 Million Working Capital   BB+/Stable (Downgraded from
                       Demand Loan               BBB-/Stable)

   INR45.0 Million Overdraft         BB+/Stable (Downgraded from
                                                 BBB-/Stable)

   INR273.0 Million Term Loan        BB+/Stable (Downgraded from
                                                BBB-/Stable)

The downgrade reflects the expected deterioration in SCPL's
financial risk profile and liquidity, driven by large debt-funded
capital expenditure (capex) of INR525 million (4.5 times its net
worth as on March 31, 2009). The rating action also reflects
SCPL's lower-than-expected financial performance in 2009-10 owing
to plant outage for two months, decline in prices of certified
emission reductions (CER), and increased prices of mustard husk
(primary biomass), which is expected to result in a low operating
margin for the year.

The rating continues to reflect SCPL's stable revenues under the
power purchase agreement (PPA) the company has with Rajasthan
Rajya Vidyut Prasaran Nigam Ltd, and SCPL's healthy cash accruals
from CER sales. These strengths are partially offset by SCPL's
below-average financial risk profile, exposure to risks relating
to fluctuations in biomass costs, and concentration in its revenue
profile.

Outlook: Stable

CRISIL expects SCPL to generate stable revenues from its existing
7.5-MW plant on the back of its PPA with RRVPN that entails
assured off-take of power at a fixed tariff.  However, the
financial risk profile will be constrained on account of the large
debt-funded capex.  The outlook may be revised to 'Positive' if
the promoters infuse funds in the new 10-megawatt (MW) greenfield
biomass-based power project, thereby improving the company's
capital structure or if SCPL generates higher-than-expected
profitability, most likely due to decline in biomass prices.
Conversely, the outlook may be revised to 'Negative' if the
company faces delays or cost-overruns in the commencement of the
new plant, or if unplanned outages in the existing plant result in
low plant loading factor, impacting the company's cash flows.

                      About SuryaChambal Power

SuryaChambal Power Ltd operates a 7.5-MW biomass-based power plant
near Kota (Rajasthan), which became operational in June 2006.
Finanzhaus Burkle & Co (FBC), a Switzerland-based financial
investor, holds 78.9 per cent stake in SCPL, while the remainder
is held by MC Bagrodia & Associates.  SCPL is implementing a 10-MW
greenfield biomass-based power project at a cost of INR525
million; 66 per cent of the cost will be funded by debt.  The
project will be based in Khatoli (Rajasthan) and the primary
biomass will be mustard husk.  The company has received all the
required approvals from the government agencies. Financial closure
has been achieved, and the plant is expected to be operational by
September 2011.

SCPL reported a profit after tax (PAT) of INR15.0 million on net
sales of INR247.8 million for 2008-09, against a PAT of INR15.9
million on net sales of INR205.1 million for 2007-08.


TATA MOTORS: January 2010 Vehicle Sales Up 77%
----------------------------------------------
Tata Motors Ltd. reported a total sale of 65,478 vehicles in
January 2010, a growth of 77% over 36,931 vehicles sold in January
2009.  The company's domestic sales of Tata commercial and
passenger vehicles for January 2010 were 62,202 nos., a 74 %
growth over 35,704 nos. sold in January last year.

Cumulative sales (including exports) for the company for the
fiscal at 498,108 nos., recorded a growth of 24 % over 400,284
nos. sold last year.

Commercial Vehicles

The company's sales of commercial vehicles in January 2010 in the
domestic market were 35,957 nos., the second highest ever and a
107% growth compared to 17,373 vehicles sold in January last year.
LCV sales were 20,255 nos., the highest ever and a growth of 75%
over January last year. M&HCV sales stood at 15,702 nos., a growth
of 170% over January last year.

Cumulative sales of commercial vehicles in the domestic market for
the fiscal are 291,125 nos., a growth of 37% over last year.
Cumulative LCV sales are 174,276 nos., a growth of 45% over last
year, while M&HCV sales stood at 116,849 nos., a growth of 26%
over last year.

Passenger Vehicles

The passenger vehicles business reported a total sale and
distribution offtake of 28,547 nos. (26,245 Tata + 2,302 Fiat) in
the domestic market in January 2010, the highest ever and a 43%
increase compared to 19,911 nos. (18,331 Tata + 1,580 Fiat) in
January last year.  Sales of Tata cars, at 22,707 nos. are the
highest ever and a growth of 47% over January 2009. Sales of the
Tata Nano were 4,001 nos.  The Indica range sales were 11,448
nos., the highest this fiscal though flat over January last year.
The Indigo range recorded sales of 7,258 nos., the highest ever
since the Indigo's launch in 2002 and a growth of 83% over January
last year.  The Sumo/Safari range accounted for sales of 3,538
nos., the highest this fiscal and a growth of 21% over January
last year.

Jaguar Land Rover sales continued their upward trend since launch
in June with their highest sales in January.

Cumulative sales and distribution offtake of passenger vehicles in
the domestic market for the fiscal are 200,573 nos. (180,184 Tata
+ 20,389 Fiat), against 162,425 nos. (157,439 Tata + 4,986 Fiat)
last year, a growth of 23%.  Cumulative sales of the Nano are
21,535 nos.  Cumulative sales of the Indica range at 91,295 nos.,
reported a growth of 6%.  Cumulative sales of the Indigo family
are 41,724 nos., higher by 3%, coming into the positive territory
for the first time this fiscal based on the growing acceptance of
the newly launched Indigo Manza. Cumulative sales of the
Sumo/Safari range are 25,630 nos., lower by 17%.

Exports

The company's sales from exports at 3,276 vehicles in January 2010
registered a growth of 167% compared to 1,227 vehicles in January
last year.  The cumulative sales from exports for the fiscal at
26,799 nos. are lower by 12% over 30,293 nos. in the same period
last year.

                          About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

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

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


TATA MOTORS: Swings to INR400cr Consolidated Profit in Q3
---------------------------------------------------------
Tata Motors Ltd reported revenues (net of excise) of INR8979.90
crores on a stand-alone basis for the quarter ended December 31,
2009, of the financial year 2009-10, a growth of 88.7% compared to
INR4758.62 crores in the corresponding quarter last year.

The company's operating margins (EBITDA) came in at 12.8%, an
improvement of 1092 basis points compared with the corresponding
quarter of the previous year.  Volume recovery and marginal price
increase undertaken in October 2009 to combat strengthening
commodity prices aided the company to maintain double digit
margins.

Profit before Tax for the quarter was INR555.04 crores (loss in Q3
2008-09: INR419.15 crores, after considering notional foreign
exchange loss (net) of INR225.73 crores) and Profit after Tax was
INR400.14 crores (loss in Q3 2008-09: INR263.26 crores).

"Introduction of new products and strong continued growth in the
existing portfolio, along with government stimulus, a benign
liquidity environment and overall economic recovery, has driven
domestic demand revival during the current year," Tata Motors said
in a statement.

The sales volume for the quarter (including exports) stood at
165,413 vehicles.  This is a growth of 67.5% over sales of 98,760
vehicles in Q3 2008-09, which witnessed steep decline in volumes
impacted by the financial crisis.

In the domestic market, Commercial Vehicles sales increased by
88.8% to 93,520 units leading to a market share of 64.3%.  With a
growth of 121.6% in Q3 2009-10 over sales in Q3 2008-09, the
Medium and Heavy Commercial Vehicle segment witnessed a year-on-
year growth for the second quarter in a row in the current fiscal
year.  Light Commercial Vehicles, led by the continued strong
performance of the Ace and its variants and on the low base of
previous year, witnessed significant growth of 70.5% over Q3 2008-
09.  While investment in infrastructure projects, continuing
stimulus support and smooth implementation of the change in
emission norms would influence the magnitude of growth in the
coming quarters, the company has planned several new product
launches to defend and improve its market position.

Passenger Vehicles, including Fiat and Jaguar and Land Rover
vehicles distributed in India, grew by 46% in the domestic market
to 61,593 units.  The market share for Tata passenger vehicles for
the period stood at 11.8%.  The company launched the new Indigo
Manza during the quarter which saw the Indigo range sales grow by
63.5% over Q3 2008-09, substantially higher than the 35% growth of
the Entry Mid-size Sedan market.  The company has also ramped up
the production rate of the Nano at the plant in Uttarakhand, and
has till December 31, 2009 delivered 17,537 units of Nano. Along
with Fiat, the company has a joint market share of 13.1% in the
industry.

The company's revenues (net of excise) were INR23363.35 crores in
the nine month period April to December 2009, a growth of 24.5%
compared to INR18,765.91 crores in the corresponding period of
last year.  Profit before Tax was INR2009.93 crores, an increase
of 607.8% compared to INR283.95 crores (after considering notional
foreign exchange loss (net) of INR632.55 crores) in the nine month
period last year, while Profit after Tax was INR1643.04 crores, a
growth of 300.9% over INR409.84 crores in the corresponding period
last year.

A full-text copy of the Company's audited financial results for
the quarter and nine months ended December 31, 2009, is available
at no charge at http://ResearchArchives.com/t/s?4fb8

                         About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

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

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


TRISHUL EXOTIC: ICRA Reaffirms 'LBB-' Rating on INR90.1MM Debts
---------------------------------------------------------------
ICRA has reaffirmed the 'LBB-' rating to the Rs 90.1 million fund
based bank limits of Trishul Exotic Pvt Ltd.  The outlook on long
term rating is stable.  ICRA has also reaffirmed A4 rating to the
INR1 million non fund based bank limits of Trishul Exotic Pvt Ltd.

The credit quality rating reflects the relatively high credit risk
profile arising out of the significant competitive pressures in
the business in which Trishul is operating and which is also
reflected in the poor profitability shown by the company in the
past. Given the slow recovery of key Western markets like U.S, U.K
it is unlikely that there would be any significant improvements
in  the  company's profitability in the near term but over the
medium term significant improvements in the margin could be
expected.  The rating is also constrained by the high working
capital intensity which has in turn resulted in the company
largely generating negative cash from operations (net cash
accruals adjusted for working capital changes) in the past.  This
has in turn resulted in stretched liquidity (as evidenced by high
bank utilization levels).  As the working capital has largely been
debt funded, this has resulted in high gearing (2.55 as on March
31, 2009) and below average coverage indicators. The rating
however drives comfort from the long experience of the promoter in
the business and the strong control of the promoter over the
operations of the business

                        About Trishul Exotic

Trishul Exotic Private Limited was incorporated in year 2001 prior
to that it was running as a proprietorship firm. The company is
engaged in the business of manufacturing and selling Stainless
Steel Utensils in the international Market. The Stainless steel
utensils are manufactured as per customer's specifications. The
company  is managed by Mr Ram Babu Gupta who has more  than 20
years of experience in the steel industry. Trishul also has a
group company Worldfa Exports Pvt Ltd which is managed by brother
of Mr Ram Babu Gupta; Worldfa is also in the manufacturing and
export of Stainless Steel Utensils, apart from that Worldfa also
exports home furnishings.


ULTRA DRUGS: CRISIL Assigns 'BB-' Rating on INR40.7MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4' ratings to the bank
facilities of Ultra Drugs Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR50 Million Cash Credit Facility*    BB-/Stable (Assigned)
   INR40.7 Million Term Loan*             BB-/Stable (Assigned)
   INR10 Million Letter of Credit         P4 (Assigned)

   *Includes proposed limit of INR10 million for
    cash credit and INR8.2 million for term loan.

The ratings reflect UDL's large working capital requirements,
small scale of operations, and exposure to intense competition
because of high market fragmentation.  These rating weaknesses are
partially offset by UDL's sound operating efficiencies supported
by fiscal benefits available for its unit.

Outlook: Stable

CRISIL expects UDL's scale of operations to remain small over the
medium term. The outlook maybe revised to 'Positive' in case of
significant increase in UDL's scale of operations or increase in
its operating margin.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates,
most likely because of larger-than-expected debt-funded capital
expenditure, considerable delay in ramping up sales, or decline in
its operating margin.

                         About Ultra Drugs

UDL, established in 2006, is into manufacturing pharmaceutical
products; it is present mainly in the contract manufacturing
segment.  The company is managed by Mr. Sangram Singh, who
purchased UDL from Mr. Prem Gupta and Mr. R.K. Garg in January
2007. UDL's first unit came up in Solan, Himachal Pradesh, in
June 2007 for manufacturing injectibles, tablets, and capsules.
This unit is in the tax-benefit zone ? it is exempted from excise
duty till 2017, and from income tax till 2012 (30 per cent income
tax exemption thereafter till 2017).

For 2008-09 (refers to financial year, April 1 to March 31), UDL
reported a profit after tax of INR1 million on net revenues of
INR163 million, against a negligible net loss of INR0.01 million
on net revenues of INR36 million for 2007-08.


VEELINE MEDIA: CRISIL Rates INR24 Million Term Loan at 'BB-'
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Veeline Media Ltd's
bank facilities.  The rating reflects VML's limited track record
in the water dispenser business, small scale of operations, and
limited earnings diversity.  These rating weaknesses are partially
offset by VML's established relationships with key customers.

   Facilities                    Ratings
   ----------                    -------
   INR61 Million Cash Credit     BB-/Stable (Assigned)
   INR24 Million Term Loan       BB-/Stable (Assigned)

Outlook: Stable

CRISIL believes that VML will continue to benefit from its
association with key customers over the medium term.  The outlook
may be revised to 'Positive' if the company improves its business
risk profile, supported by stabilization of its newly established
product line, thereby increasing topline growth rate and operating
margin.  Conversely, the outlook may be revised to 'Negative' if
VML's financial risk profile deteriorates, most likely because of
large, debt-funded capital expenditure/acquisition or lesser-than-
expected sales of its new products.

                        About Veeline Media

Veeline Media Ltd (erstwhile Veeline Exports Pvt Ltd), set up in
1989 by Mr. Anil Kumar Gupta started manufacturing water dispenser
units from 2009 as the audio division business volumes began
declining over the past few years.  The capacity of the water
dispenser plant is about 10,000 pieces in two shifts per month.
VML's clients for water dispenser units include Voltas Ltd
(Voltas), Videocon Industries Ltd, Blue Star Ltd (Blue Star) and
Usha International Ltd (Usha).

VML reported a net loss of INR28 million on net sales of INR101
million for 2008-09, against a profit after tax (PAT) of INR10
million on net sales of INR136 million for 2007-08.


VISHVA VISHAL: ICRA Assigns 'LBB+' Rating on INR146.7MM Bank Debts
------------------------------------------------------------------
ICRA has assigned a rating of 'LBB+' to the INR146.7 million fund
based facilities of Vishva Vishal Engineering Limited.  ICRA has
also assigned an A4+ rating to the INR15.0 million non fund based
facilities of VVEL.  The assigned ratings of VVEL factor in risks
arising out of small scale of operations of VVEL, which results in
limited economies of scale and bargaining power vis-a-vis
customers or suppliers, exposure of its core refractory business
to cyclicality of its main consumer -- the steel industry -- and
limited track record of the company in fabrication business, where
the company is currently undergoing major expansion.

The ratings are constrained by significant portion of performance
linked revenues in the refractory business which could result in
volatilities in cash flows. The ratings are also constrained by
high financial risks arising out of the corporate guarantee of
INR600 million given by VVEL to its group company Bhilai
Engineering Corporation (BEC) which exposes the company to high
contingent risk in case of default by BEC. However, the ratings
are supported by established track record of the promoters in the
steel and refractory business, healthy profitability of the
company over the years and low gearing of the company resulting in
comfortable interest and debt coverage indicators.

Vishva Vishal Engineering Limited (VVEL) was incorporated in March
1985. The company was promoted by the Jain family who has been
associated with the steel industry for over 30 years.  The
company is primarily engaged in manufacturing refractories. The
flagship company of the promoters is Bhilai Engineering
Corporation Limited (BEC), with a turnover of INR4575 Million  and
Profit After Tax (PAT) of INR100.6 million in FY2009 which and is
primarily engaged in manufacturing coke oven batteries. The other
group companies include BEC Strips Limited, Nagpur Fabriforge (P)
Limited and Bharat Industrial Works.

For FY 2009, VVEL has reported PAT of INR32.77 million on the back
of an operating income of INR401.9 million.


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


BANK MANDIRI: Eyeing IDR6.9 Trillion Net Profit This Year
---------------------------------------------------------
The Jakarta Post reports that PT Bank Mandiri is aiming a net
profit of IDR6.9 trillion (US$736 million) this year, or an
increase of 15% from last year, by taking up projects already in
the pipeline.

"The shareholders' meeting agreed that this year Mandiri would
target IDR6.9 trillion to IDR7 trillion in net profit," State-
Owned Enterprises Minister Mustafa Abubakar told the Post.

Mustafa, according to the Post, was optimistic Mandiri could
follow through, given that the Indonesian banking sector had
improved by 80%.

According to the report, Mustafa also said Mandiri planned to
apply for a full banking license in Malaysia to tap the country's
large reserve of migrant workers from Indonesia.

Mandiri reported net profit of IDR6 trillion last year, up from
IDR5.31 trillion in 2008.  To reach its 2010 target, the bank is
eyeing 20 percent growth in credit, Mustafa said.

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 21, 2009, Moody's Investors Service lowered Bank
Mandiri's global local currency deposit ratings to Baa3 from Baa2.
The revised rating carries a stable outlook.  The foreign currency
long-term deposit rating was raised to Ba3 from B1.  The revised
rating carries a stable outlook.  All other ratings are unaffected
and carry stable outlooks: foreign currency short-term deposit of
Not Prime and BFSR of 'D-'.

The TCR-AP reported on September 2, 2009, that Fitch Ratings
affirmed PT Bank Mandiri (Persero) Tbk's Long-term foreign and
local currency Issuer Default Ratings at 'BB' with a Stable
Outlook, Short-term rating at 'B', National Long-term rating at
'AA+(idn)', Individual at 'C/D', Support rating at '3' and Support
Rating Floor at 'BB-'.


LISTRINDO CAPITAL: Moody's Affirms 'Ba2' Senior Debt Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 senior unsecured
debt rating on the US$300 million 9.25% notes due 2015 issued by
Listrindo Capital B.V.  The notes are unconditionally and
irrevocably guaranteed by Cikarang Listrindo.

The rating has been removed from its provisional status following
the completion of the bond issue.  The outlook on the rating is
stable.

The bond proceeds will be used to pay down in full the outstanding
principal amount on Cikarang's long-term back loan, to finance the
part of the expansion plan and for general corporate purposes.

Moody's notes that the final structure of the notes has changed.
Rather than a bullet bond maturity, the notes now include a
partial amortizing feature with principal payments of
US$50 million in January 2013, US$50 million in January 2014, and
US$200 million at maturity in January 2015.  Furthermore, the
notes include an offshore interest reserve account in which
Cikarang will pre-fund the semi-annual interest payments on a
monthly basis.

Moody's sees no impact from the changes in the notes' structure.
The amortizing feature will reduce some of the refinancing risk at
maturity and spread it out across earlier years, while the
offshore interest reserve account will provide additional
protection to bondholders.

The last rating action on Cikarang was 13 January 2010 when
Moody's assigned the Ba2 corporate family rating and the (P)Ba2
senior secured bond rating.

PT Cikarang Listrindo is the exclusive IPP supplier of electricity
to a wide range of mostly foreign-owned companies in five
industrial estates in the Cikarang area outside Jakarta.  It owns
and operates a 518MW natural gas-fired combined cycle power
station, and distributes directly to the companies located on the
industrial estates.  Its current capacity expansion plan, upon
completion, will increase the company's installed generation
capacity to 646MW.  It also has an offtake agreement for part of
its power with PT Perusahaan Listrik Negara (PLN, Ba2/stable).
Cikarang is owned by three Indonesian families.


PT DAVOMAS ABADI: S&P Raises Corporate Credit Rating to 'CCC+'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Indonesia-based cocoa processor PT Davomas Abadi
Tbk. to 'CCC+' from 'D'.  The outlook is negative.  At the same
time, S&P assigned S&P's 'CCC+' issue rating to the company's
US$119 million variable rate guaranteed senior secured notes due
December 2014.  S&P also withdrew the 'D' issue rating on the
US$238 million 11% guaranteed senior secured notes bonds due in
2011 as these were exchanged for the 2014 notes.  Both bonds were
issued by Davomas International Finance Co. Ltd. and are
guaranteed by Davomas.

"We raised the ratings to reflect S&P's view that Davomas'
liquidity risks have reduced for at least the next 12 months
following a decrease in the coupon rate of its notes due 2014 to
5.5% for the first year of issuance.  In addition, the company has
the option to meet coupon payments in kind through the issue of
new notes with a coupon rate of 13.75%," said Standard & Poor's
credit analyst Wee Khim Loy.  "The rating on Davomas also reflects
the risks of operating in a single site in Tangerang, West Java, a
limited product range and high customer concentration risk, where
the top five customers account for more than 70% of total
revenue."

The lower coupon rate and the payment-in-kind option are available
only in the first year of issue, i.e. in 2010.  In subsequent
years, the coupon rate would increase to 11%, the same rate as the
old notes.  As a part of the restructuring exercise, the company
also received an interest-free shareholders' loan of US$33 million
in November 2009, which it plans to use for working capital.
Following the completion of the exchange offer in December 2009,
Davomas' debt levels decreased to US$119 million from
US$238 million and the maturity profile lengthened to December
2014.

Davomas' operating environment is improving but remains weak.  The
company shut down its operations in May 2009 following sluggish
demand for cocoa products in its main markets of the U.S. and
Europe.  With the global economy showing signs of recovery and an
improvement in the prices of cocoa products, the company restarted
its production facilities in November 2009, but it is still
operating at less than its average capacity of more than 80% in
2007.  Although the prices of cocoa butter and cocoa powder should
improve significantly in 2010, S&P expects the company to operate
at less than 70% capacity this year, given high raw material
prices and limited financial flexibility.  Despite lower debt
levels, S&P expects Davomas' financial risk profile to remain
highly leveraged in 2010 with ratios of debt to EBITDA and debt to
capitalization likely to exceed 5x and 60%, respectively.

"The negative outlook on the rating reflects Standard & Poor's
expectation that Davomas' operating performance will remain
challenging and vulnerable to volatile cocoa bean prices.  In
addition S&P expects the company to maintain a highly leveraged
financial risk profile and limited financial flexibility," said
Ms. Loy.  "The likelihood is also limited that the rating will be
raised in the near term.  The rating is likely to be lowered if
the company is unable to maintain adequate liquidity to meet its
future coupon payments or is unable to improve its operating
performance, resulting in further depletion of its cash balance."


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


JAPAN AIRLINES: New Management "Neutral" on Alliance Talks
----------------------------------------------------------
Japan Airlines Corp.'s new management team said they will examine
from scratch alliance talks with U.S. carriers American Airlines
Inc. and Delta Air Lines Inc., The Japan Times reports.

The report relates new JAL President Masaru Onishi said during his
first news conference that internal discussions are ongoing and
the carrier has a "neutral" stance.

The Japan Times says speculation had been rife that JAL will form
a business tieup with Delta and switch to the Delta-led SkyTeam
global airline alliance.  It is currently part of the oneworld
grouping led by American Airlines.

According to the report, Mr. Onishi along with new Chief Executive
Officer Kazuo Inamori said they will break away from the past to
reconstruct the airline now that its rehabilitation process has
started.

"As a longtime business manager, JAL's reconstruction will be
possible if the rehabilitation plan is (carefully carried out),"
the Times quoted Mr. Inamori as saying.

                             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)


L-JAC 7: S&P Downgrades Ratings on 11 Classes of Trust Certs.
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 11
classes of trust certificates and a trust loan issued under the L-
JAC 7 Trust Beneficial Interest and Trust Loan transaction and
kept the ratings on CreditWatch with negative implications.  At
the same time, Standard & Poor's lowered its ratings on another
nine classes and removed the ratings from CreditWatch with
negative implications.  In addition, S&P kept the ratings on two
other classes on CreditWatch negative.  S&P had placed the ratings
on all the aforementioned 22 classes and the trust loan on
CreditWatch negative on Dec. 7, 2009.  Meanwhile, S&P also
affirmed the ratings on the class J-1, K-1, and X trust
certificates issued under the same transaction.

The rating actions (of the 20 classes and the trust loan) are
based on these factors.

(1) One of the transaction's underlying loans (representing about
    9.  7% of the total initial issuance amount of the
    transaction), which is backed by an office building located in
    Minato-ward, Tokyo, defaulted in March 2009.  According to the
    servicer, procedures relating to the sale of the
    aforementioned office building are in progress, and S&P has
    lowered its assumption with respect to the likely collection
    amount from the loan to reflect the expected sales price of
    the property.

(2) S&P has finalized its assessment of the recovery prospects of
    one (one specified bond representing about 13.6% of the total
    initial issuance amount of the transaction) of the four
    underlying loans/specified bonds (two loans and two specified
    bonds representing a combined 58.0% or so of the total initial
    issuance amount of the transaction) that are due to mature by
    the end of December 2010.  Given current real estate market
    conditions, S&P has revised downward its assumption with
    respect to the likely recovery amount from the sale of the
    related collateral property based on the possibility that the
    specified bond might not be redeemed on the maturity date, and
    the property may need to be liquidated.

(3) S&P has yet to finalize its assessments of the recovery
    prospects of the other three underlying loans/specified bonds
    that are due to mature by the end of December 2010.  With
    regard to one of these three loans/specified bonds (one loan
    representing about 15.4% of the total initial issuance amount
    of the transaction), which is backed by a business hotel and
    extended-stay limited-service apartments, S&P assumed that it
    is likely that the estimated collection amount from the loan
    would be lower than its current assumption in the case of a
    loan default, and S&P has reflected its view in the ratings.

In S&P's latest ratings review, S&P assumed that the likely total
recovery amount from the sale of the properties backing the
defaulted loan and the specified bond mentioned under (1) and (2)
would be about 53.8% of S&P's initial assumption of the combined
value of the properties.

Meanwhile, since S&P has to yet finalize its assessments of the
recovery prospects of the remaining three loans/specified bonds
that are due to mature by the end of December 2010, S&P kept the
ratings on the relevant tranches (13 tranches and a trust loan) on
CreditWatch with negative implications.  Upon completion, S&P
intends to review its ratings on those tranches/trust loan.

At this point, Standard & Poor's has affirmed its ratings on the
class J-1, K-1, and X trust certificates.  However, S&P is
considering amending the rating methodology for interest-only
certificates, which include class X of this transaction.  If the
proposal is adopted, it could affect the rating on class X.

L-JAC 7 is a multi-borrower CMBS transaction initially secured by
four specified bonds and four nonrecourse loans that were
originally extended to eight obligors.  The specified bonds and
nonrecourse loans were originally backed by 16 real estate
properties and real estate beneficial interests.  The transaction
was arranged by Lehman Brothers Japan Inc. Premier Asset
Management Co. is the transaction servicer.

The ratings reflect S&P's opinion of the likelihood of full and
timely payment of interest and the ultimate repayment of principal
by the transaction's legal final maturity date in 2014 for the
class A trust certificates and the trust loan, the full payment of
interest and ultimate repayment of principal by the legal final
maturity date for the class B to K-1 certificates, and the timely
payment of available interest for the class X certificates.

         Ratings Lowered And Kept On Creditwatch Negative

         L-JAC 7 Trust Beneficial Interest and Trust Loan
       JPY38.96 billion Trust certificates due October 2014

                                            Initial issue   Coupon
Class      To              From            amount          type
-----      --              ----            -------------   ------
A           AA+/Watch Neg   AAA/Watch Neg   JPY11.75 bil.   Floating Rate
Trust Loan  AA+/Watch Neg   AAA/Watch Neg   JPY8.50 bil.    Floating Rate
B           A+/Watch Neg    AA/Watch Neg    JPY3.15 bil.    Floating Rate
C           BBB-/Watch Neg  A/Watch Neg     JPY3.14 bil.    Floating Rate
D-2         BB/Watch Neg    BBB/Watch Neg   JPY1.10 bil.    Floating Rate
D-3         B/Watch Neg     BBB/Watch Neg   JPY0.60 bil.    Floating Rate
E-2         BB-/Watch Neg   BBB-/Watch Neg  JPY0.56 bil.    Floating Rate
E-3         B-/Watch Neg    BBB-/Watch Neg  JPY0.27 bil.    Floating Rate
F-1         B+/Watch Neg    BB-/Watch Neg   JPY0.80 bil.    Floating Rate
F-2         B+/Watch Neg    BB+/Watch Neg   JPY0.49 bil.    Floating Rate
G-1         B-/Watch Neg    B+/Watch Neg    JPY0.71 bil.    Floating Rate
G-2         B-/Watch Neg    BB/Watch Neg    JPY0.48 bil.    Floating Rate

            Ratings Lowered, Off Creditwatch Negative

         L-JAC 7 Trust Beneficial Interest and Trust Loan

Class  To    From            Initial issue amount   Coupon type
-----  --    ----            --------------------   -----------
F-3     CCC   BB+/Watch Neg   JPY0.26 bil.           Floating Rate
G-3     CCC   BB/Watch Neg    JPY0.26 bil.           Floating Rate
H-1     CCC   B/Watch Neg     JPY0.68 bil.           Floating Rate
H-2     CCC   BB-/Watch Neg   JPY0.64 bil.           Floating Rate
H-3     CCC   BB-/Watch Neg   JPY0.30 bil.           Floating Rate
I-1     CCC   B-/Watch Neg    JPY0.65 bil.           Floating Rate
I-2     CCC   B+/Watch Neg    JPY0.62 bil.           Floating Rate
I-3     CCC   B+/Watch Neg    JPY0.33 bil.           Floating Rate
J-2     CCC   B/Watch Neg     JPY0.53 bil.           Floating Rate

                  Ratings Kept On Watch Negative

         L-JAC 7 Trust Beneficial Interest and Trust Loan

  Class   Rating          Initial issue amount      Coupon type
  -----   ------          --------------------      -----------
  D-1     BB+/Watch Neg   JPY1.88 bil.              Floating Rate
  E-1     BB/Watch Neg    JPY0.61 bil.              Floating Rate

                         Ratings Affirmed

         L-JAC 7 Trust Beneficial Interest and Trust Loan

    Class   Rating   Initial issue amount      Coupon type
    -----   ------   --------------------      -----------
    J-1     CCC      JPY0.50 bil.              Floating Rate
    K-1     CCC      JPY0.15 bil.              Floating Rate
    X       AAA      JPY38.96 bil. (Initial notional principal)


TOSHIBA CORP: To Expand TV Production in Indonesia
--------------------------------------------------
Toshiba Corp., through its subsidiary PT Toshiba Consumer Product
Indonesia (TCPI), plans to expand its television factory in
Cikarang, West Java, with an additional investment of about US$35
million, The Jakarta Post reports.

According to the report, Industry Minister Muhamad S. Hidayat said
in Jakarta on Saturday that the expansion will be part of the
company's plan to make Indonesia into its production hub for
Southeast Asia.

"It means the company's local factory will not only produce TV
sets for the Indonesian market but also for export," Hidayat told
Jakarta Post.  The expansion would be carried in stages in line
with the country's economic conditions, he added.

Meanwhile, Bloomberg News reports that Toshiba Corp. plans to sell
$400 million worth of power-generation equipment by 2015 in a
joint venture with India's JSW Group as the South Asian nation
seeks to double capacity in the next seven years.

Atsuhiko Izumi, corporate vice president of Toshiba, told
reporters in Chennai, that the joint venture, in which Toshiba
owns 75 percent, expects to get its first customer in 2010,
according to Bloomberg.

?The Indian market has grown faster than expected and we expect it
to be a 15 to 20 gigawatt market in the next few years,? Bloomberg
quoted Mr. Izumi as saying.

Together with nuclear-reactor sales targeted at the U.S., the
U.K., South Africa and China, Toshiba wants to expand thermal
power-plant equipment sales in India, Bloomberg notes.

                        About Toshiba Corp.

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

                          *     *     *

As of February 2, 2010, Toshiba Corporation continues to carry
Fitch Ratings 'BB' Long-term FC and LC Issuer Default Ratings,
'B' Short-term FC and LC Issuer Default Ratings and 'BB' Senior
unsecured notes ratings.


TOSHIBA CORP: Posts JPY10.63BB Net Loss in 3rd Qtr Ended Dec. 31
----------------------------------------------------------------
Toshiba Corporation reported a net loss of JPY10.63 billion
for the three months ended December 31, 2009, compared to a net
loss of JPY121.14 billion for the same period of 2008.

The company booked an operating income of JPY10.22 billion for the
quarter ended December 31, 2009, a reversal from a JPY157.68
billion operating loss in the previous year.

Toshiba's consolidated net sales rose 6.1% to JPY1.578 trillion
from JPY1.488 trillion a year earlier.  This was influenced by
economic stimulus packages implemented in various countries, which
contributed to a gradual upturn.

For nine months ended December 31, 2009, Toshiba reported a net
loss of JPY68.3 billion on net sales of JPY4.53 trillion, compared
with a net loss of JPY159.6 billion on net sales of JPY4.98
trillion for the same period last year.

A full-text copy of the Company's Consolidated Results for the
First Nine Months and the Third Quarter of the Fiscal Year Ending
March 2010 is available at no charge at
http://ResearchArchives.com/t/s?4fb6

                        About Toshiba Corp.

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

                           *     *     *

As of February 2, 2010, Toshiba Corporation continues to carry
Fitch Ratings 'BB' Long-term FC and LC Issuer Default Ratings,
'B' Short-term FC and LC Issuer Default Ratings and 'BB' Senior
unsecured notes ratings.


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


HYNIX SEMICONDUCTOR: Creditors in Talks with Hanwha or GS Group
---------------------------------------------------------------
Bloomberg News, citing Wow TV, reports that the creditors of Hynix
Semiconductor Inc. are in talks to sell their controlling stake in
the chipmaker to South Korea's GS Group or Hanwha Group.

Bloomberg relates the Korean-language cable-television news
channel said the creditors plan to sell part of their stake in a
block deal if they fail to find a buyer this time.

Pyun Sung Jun, a spokesman for Seoul-based Hanwha, told Bloomberg
that the company has no plans to acquire Hynix.

According to The Wall Street Journal's Evan Ramstad, no South
Korean company submitted a bid for a $3 billion stake in Hynix
Semiconductor Co. by the January 29 deadline, a development that
will test the government's commitment to privatizing key
industries.  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.

Hynix 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 reported.  But the lack of bidders
in the prolonged auction process thus far could force government
officials to consider exposing the company to outside shareholders
it doesn't control, Mr. Ramstad says.

"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 has 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.


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


OILCORP BERHAD: Winding-Up Petition Withdrawn
---------------------------------------------
As reported in the Troubled Company Reporter-Asia Pacific on
November 17, 2009, OilCorp Berhad disclosed in a regulatory filing
that a winding up petition has been served against Oil-Line
Engineering & Associates Sdn. Bhd, a wholly owned subsidiary of
the Company, by Mechmar Cochran Boilers (M) Sdn. Bhd.  The claim
under the petition amounted to MYR663,000.00.

In an update, OilCorp said Mechmar has withdrawn the winding up
petition with liberty to file afresh.  As such, the Court ordered
the Petition to be struck off and the Court deposit returned to
Mechmar.

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.


WWE HOLDINGS: Extraordinary General Meeting Set for February 12
---------------------------------------------------------------
WWE Holdings Bhd will convene an Extraordinary General Meeting
at 10:00 a.m. on February 12, 2010, at the Royal Ballroom, Kelab
Golf Sultan Abdul Aziz Shah, No.1, Rumah Kelab, Jalan Kelab Golf
13/6, 40100 Shah Alam, in Selangor Darul Ehsan.

At the meeting, the shareholders will be asked to pass a
resolution in relation to the proposed disposal of a 3-storey
detached factory at No. 3, Jalan Apollo U5/194, Bandar Pinggiran
Subang, Seksyen U5, 40150 Shah Alam, Selangor Darul Ehsan by WWE
to B.H.L. Alloy Wheel Sdn Bhd for a total cash consideration of
MYR3.60 million.

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.


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


LEGACY GROUP: Unit's Former Chief Arrested Over Fictitious Loans
----------------------------------------------------------------
A former president of a closed Legacy Group bank was arrested last
week in connection with a case involving the creation of a
fictitious loan, BusinessWorld Online reports.

BusinessWorld relates that Romualdo I. Lugtu, former president of
the closed The Center Rural Bank and former director and vice
president for loans and credit of another closed Legacy bank,
Banco Paranaque, was arrested on Thursday by the Makati police.

According to the report, Mr. Lugtu and two other officers of The
Center Rural Bank were charged in 2006 by the Philippine Deposit
Insurance Corp. for the creation of a fictitious loan, which is
considered an unsafe and unsound banking practice.
The transaction involved the amount of PHP12 million from a total
of 335 loans, the report notes.

PDIC general counsel lawyer Romeo Mendoza Jr., according to
BusinessWorld, said that the arrest was a welcome development.

                         About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/-- was a conglomerate of banks and pre-
need companies.  The banks offered various financial products and
the pre-need firms offered pension, education and memorial plans.
Other members of The Group provided credit cards, micro-lending
and automotive financing services.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, the Philippine Daily Inquirer said that the Legacy
Group allegedly amassed between PHP15 billion and PHP25 billion in
deposits over the last three years due to an aggressive marketing
scheme, which promised depositors 20% in annual returns.  To
address risk concerns, the Inquirer stated, the cash deposits
were spread out through the Legacy chain of banks to keep each
deposit within the maximum limit of the PDIC.

Celso G. de los Angeles, Jr. owns 13 banks with 29 branches
nationwide under the Legacy banner.

In 2008, the BSP shuttered the Rural Bank of Paranaque; Rural Bank
of Bais (in Negros Oriental province); Pilipino Rural Bank (in
Cebu); Rural Bank of San Jose (in Batangas); Philippine
Countryside Bank (in Cebu); Dynamic Bank (Rural Bank of Calatagan,
in Batangas); San Pablo City Development Bank; Nation Bank (in
Bacolod City) and the Bank of East Asia (in Cebu) due to
insolvency.


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


ASUSTEK COMPUTER: Swings to Profit in Q4 on Demand Recovery
-----------------------------------------------------------
Charmian Kok at Dow Jones Newswires reports that Asustek Computer
Inc. swung to a higher-than-expected net profit of NT$5.66 billion
(US$176.86 million) in the fourth quarter, helped by a recovery in
consumer demand for notebook computers.

Asustek didn't give a year-earlier figure in a statement Monday,
but it previously reported it had a net loss of NT$2.80 billion in
the same period of 2008. The average forecast in a Dow Jones
Newswires poll of five analysts was for a net profit of NT$5.13
billion in the three months ended Dec. 31.

Dow Jones relates the company said its revenue rose to NT$79.78
billion from NT$52.71 billion in the same period a year earlier.

ASUSTeK Computer Inc. -- http://www.asus.com.tw/-- is principally
engaged in the provision of computers, communications and consumer
electronics (3C) solutions.  The Company offers desktop
motherboards, server motherboards, three-dimension graphics
display cards, audio cards, laptops, servers, smart personal
digital assistant (PDA) mobile phones, liquid crystal displays
(LCDs), LCD televisions, broadband communication products, compact
disc read-only memory (CD ROM) drives, digital versatile disc
(DVD) drives, disc carving machines and Eee personal computers
(PCs), among others.  The Company distributes its products in
domestic market and to overseas markets, including the United
States, Canada, Asia Pacific, Europe and Africa.

                           *     *     *

As of January 4, 2010, Asustek Computer continues to carry
Fitch Ratings 'BB+' long-term foreign currency issuer default
ratings.


HANNSTAR DISPLAY: Posts NT$4.3 Bil. Net Loss in Fourth Quarter
--------------------------------------------------------------
Jason Tan at The Taipei Times reports that HannStar Display Corp.
sank into the red in the fourth quarter due partly to antitrust
lawsuit costs.

According to the report, the company posted losses of NT$4.3
billion in the fourth quarter of 2009, an improvement from losses
of NT$8.2 billion in the same period a year ago.

The company wrote off litigation costs of NT$1.6 billion for the
price-fixing probes, including one initiated by the US Department
of Justice, the report notes.

The Taipei Times says HannStar's fourth-quarter sales were NT$14.1
billion, a rise of more than 150% from a year ago, but down 20%
from the third quarter.

The report relates HannStar president David Joe told a Webcast
investor conference on Monday that he was ?cautiously optimistic?
on first-quarter prospects, which would be mainly driven by
Chinese demand for consumer electronics, including monitors,
notebooks and handsets, as the Lunar New Year approaches.
Average selling prices (ASP) of its panels should see single-digit
increase from the fourth quarter, he said.

The company's panel shipments declined 8.3% sequentially to 4.8
million units in the fourth quarter, with ASP down 11.7 percent to
US$91.

                      About Hannstar Display

Based in Taipei, Taiwan, Hannstar Display Corp. (TPE:6116) --
http://www.hannstar.com-- is principally engaged in the research,
development, design, manufacture, sale and maintenance of thin
film transistor liquid crystal display (TFT-LCD) products.  The
Company's principal product portfolio consists of TFT-LCDs for
notebook personal computers (PCs), monitors, LCD televisions,
automobile navigation systems, open access (OA) products,
audiovisual (AV) products, Internet access (IA) products,
netbooks, digital photo frames, language learning machines, smart
mobile phones, portable media players (PMPs), personal navigation
systems, portable digital video disc (DVD) players, automobile
screens, industrial screens and others.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

April 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York, NY
       Contact: http://www.turnaround.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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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