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        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

           Thursday, February 4, 2010, Vol. 13, No. 024

                            Headlines



A U S T R A L I A

AKRON: Calls In Taylor Woodings as Voluntary Administrators
KSUBI: Tax Office Opposes Proposal to Sell Label
LYCO INNOVATIONS: Investor to Buy Ballarat Building for AU$2.5 Mi.
SOUTHERN SHIPPING: Tasmanian Buyers Keen on Buying Two Ships


C H I N A

CHINA CITIC: Fitch Downgrades Individual Rating to 'D' From 'C/D'
CHINA MERCHANTS: Fitch Downgrades Individual Rating to D From C/D
SHANGHAI ZENDAI: Moody's Reviews 'B2' Corporate Family Rating


H O N G  K O N G

FU JI FOOD: HyComm Wireless Consortium Eyes Bid
RICH DYNASTY: Court to Hear Wind-Up Petition on March 3
STARGREAT CORPORATION: Placed Under Voluntary Wind-Up Proceedings
SUN KEE: Creditors' Meeting Set for February 22
SUN MOTOR: Commences Wind-Up Proceedings

SUN MOTOR MANUFACTORY: Commences Wind-Up Proceedings
SUN MOTOR OEM: Commences Wind-Up Proceedings
SUN MOTOR PRECISION: Commences Wind-Up Proceedings
SYBASE 365: Members' Final Meeting Set for March 3
TAT CHOI: Members' Final Meeting Set for March 5

TING FUNG: Members' Final Meeting Set for March 6
TRADE WILL: Members' Final Meeting Set for March 1
WARD EASTON: Member' Final Meeting Set for March 5
WAY GIANT: Members' Final Meeting Set for March 1
WELCOME GROUP: Members' Final General Meeting Set for March 1

ZOLA TECH: Members' Final Meeting Set for March 2


I N D I A

ARSS INFRASTRUCTURE: CARE Assigns 'CARE B' Rating on Various Debts
IDBI BANK: Moody's Assigns Ratings on US$1.5 Bil. Note Programme
KAMAT HOTELS: CARE Cuts Rating on INR194.85cr Loan to 'CARE BB+'
LALCHAND JEWELLERS: CRISIL Puts 'BB+' Rating on INR130MM Debt
MIDCO LIMITED: ICRA Assigns 'LBB+' Rating on INR282MM LT Loans

RAJASTHAN TRANSMISSION: ICRA Rates INR50MM Limits at 'LB+'
SHIRDI COUNTRY: ICRA Assigns 'LB' Rating on INR600 Mil. LT Loan
SHREE MAHESHWAR: CARE Rates INR451cr LT Bank Debts at 'CARE BB'
SHREE VAISHNAV: CRISIL Reaffirms 'BB+' Rating on Cash Credit
SPHERIS INDIA: US Parent Files for Bankruptcy to Sell Assets

WORLDFA: ICRA Reaffirms 'LBB-' Rating on INR178.3MM Bank Debts


J A P A N

HUIS TEN: May Seek Financial Aid from Corporate Turnaround Body
JAPAN AIRLINES: To Decide on U.S. Alliance This Month
JAPAN AIRLINES: U.S. Court Issues Injunction on Creditor Actions
KBC GROEP: To Sell Unprofitable Unit in Japan
TOSHIBA CORP: To Close One NAND Factory in Japan


K O R E A

KUMHO ASIANA: Creditors to Provide Financial Aid to Two Units


M A L A Y S I A

HO HUP: Bourse Grants Two-Month Extension to Submit Revised Plan
RHYTHM CONSOLIDATED: Sha Thiam Fook Steps Down as Receiver
WONDERFUL WIRE: Total Default Reaches MYR82.27 Mil. as of Jan. 31


N E W  Z E A L A N D

STRATEGIC FINANCE: May Face Receivership, Analyst Says


S I N G A P O R E

TOUGHEN ELECTRICAL: Creditors Get 18.216% Recovery on Claims


X X X X X X X X

* Global Firms Still Nervous About Recovery, E&Y Says




                         - - - - -


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


AKRON: Calls In Taylor Woodings as Voluntary Administrators
-----------------------------------------------------------
The Sydney Morning Herald reports that accountancy and corporate
recovery firm Taylor Woodings has been appointed as voluntary
administrator to two companies trading as Akron, one of Victoria's
largest civil contractor and designer.

Taylor Woodings partners Ross Blakeley, Michael Ryan and Quentin
Olde were appointed by directors in a meeting on February 1, the
Herald says.

"Over the coming days, we will conduct an investigation into the
financial affairs of the companies.  Following this, we will be in
a position to determine the best way forward for AKRON," the
Herald quoted Mr. Blakeley as saying in a statement.

The first creditors' meeting will be held in Melbourne on
Thursday, February 11.

Ben Butler at Herald Sun reports that the ANZ has taken an
AU$18 million hit from Akron's collapse.

The Sun relates that the collapse makes it more likely Akron's
banker, ANZ, will seek the money from parent company Norka
Holdings, which is not in administration.  ANZ could demand from
Norka Holdings about $19.2 million in construction indemnities run
up by Akron Roads, Shelbay and two other companies, the Sun notes
citing company accounts filed last year.

The Sun states that it is believed ANZ has since reduced its
exposure to less than $18 million, which it has all but written
off.

Founded in 1969, Akron -- http://www.akron.com.au/-- is civil
design and construction contractor company based in the Australia.
It employs about 190 permanent staff and more than 250
contractors.


KSUBI: Tax Office Opposes Proposal to Sell Label
------------------------------------------------
Ben Butler at Herald Sun reports that the Australian Tax Office
has opposed a deal to sell Sydney fashion label Ksubi to a group
of rag traders.

The report says Ksubi's trade creditors will see "little if any
return" under a proposal that would see Quiksilver founder Harry
Hodge and Ksubi's distributor, Bleach, pay $5 million for the
business in installments until March 2013.

According to the report, creditors have been told the company also
kept "insufficient" books and records and owed $8 million when it
went to the wall on January 12.

Citing minutes of a January 20 creditors' meeting, the Sun relates
that Ksubi has a $4.3 million secured debt to Westpac.  As Ksubi
directors Dan Single and George Gorrow worked the Sydney party
circuit in 2008, their label was racking up a $7 million loss for
the year, according to the minutes obtained by Herald Sun.

The report relates Mr. Billingham said there was "no doubt that
the books and records of the company were insufficient, therefore
the statutory assumption of insolvency will apply."

"He added that he did not believe that the directors have any
significant financial assets, which would make it commercially
viable to pursue any insolvent trading claims," the minutes
record.

As reported in the Troubled Company Reporter-Asia Pacific on
January 12, 2010, Tsubi Pty Ltd, the Australian company behind
local denim fashion label ksubi, has been placed into voluntary
administration.  Paul Billingham and Said Jahani at Grant Thornton
Australia were appointed as the company's administrators.

Created in 2000, the ksubi label is well known for its jeans and
denim range. The company employs about 20 people and operates
three stores Australia and one in New York.


LYCO INNOVATIONS: Investor to Buy Ballarat Building for AU$2.5 Mi.
------------------------------------------------------------------
ABC Ballarat reports that an investor is preparing to buy the
former Lyco Innovations building in Ballarat for up to AU$2.5
million.

According to the report, real estate agent Andrew Lewis said the
train builder Alstom will lease the building for storage for at
least two years.

"The owners of the site are obviously not looking to lease the
site, they're looking to sell it, so because we've managed to find
a tenant for the site we've then managed to find an investor
who'll buy the property and lease it to the winning contractor for
Alstom," the report quoted Mr. Lewis as saying.

Originally Beaufort-based, Lyco centralized its operations to
Ballarat in 2005.  The company manufactures high-quality
commercial-grade equipment to the food processing industry.

Lyco Innovations was placed into receivership on March 31, 2009.
Lyco made eight of its staff redundant in November to lower the
company's operational costs.  It also implemented a four-day week
work for up to 12 weeks, which was intended to retain workers in
anticipation of business picking up.


SOUTHERN SHIPPING: Tasmanian Buyers Keen on Buying Two Ships
------------------------------------------------------------
The Dominion Group, the company hired to sell the two former
Flinders Island freight ships owned by Southern Shipping Co. Pty
Ltd, said it has received tenders from potential Tasmanian buyers,
ABC News reports.

The report says Dominion Group is selling the Matthew Flinders
Three and the Southern Condor Two after Southern Shipping went
into receivership.

The receivers, PKF Accountants, said discussions with Southern
Shipping's workforce and creditors are continuing, the report
notes.

As reported in the Troubled Company Reporter-Asia Pacific on
January 22, 2010, The Sydney Morning Herald said receivers have
been appointed to Southern Shipping Co. Pty Ltd, which operates a
government-contracted sea freight and passenger service.

Altan Djenab and Dennis Turner of PKF Chartered Accountants and
Business Advisers were appointed receivers and managers of
Southern Shipping.

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


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


CHINA CITIC: Fitch Downgrades Individual Rating to 'D' From 'C/D'
-----------------------------------------------------------------
Fitch Ratings has downgraded the Individual ratings of China
Merchants Bank and China CITIC Bank to 'D' from 'C/D', reflecting
both banks' noticeable deterioration in capital and rising on- and
off-balance-sheet credit risk in the wake of last year's very
rapid loan growth.  The assessment was conducted in conjunction
with a review of all 16 Chinese commercial banks under the
agency's coverage.  The ratings of all other banks were affirmed.

"All Chinese banks have come under strain to some degree over the
past year, but the weakening in financial performance has been
most striking at CMB and CNCB," said Charlene Chu, Senior Director
and Head of Fitch's Financial Institutions Ratings in Beijing.
"As a result, it is difficult to justify that their Individual
ratings should continue to be higher than most of the other
nationwide banks, whose Individual ratings are currently at 'D'
and 'D/E'."

The downgrade of CMB reflects the deterioration in core capital,
and significant rise in leverage stemming from the recent bout of
rapid loan growth and the acquisition of Hong Kong-based Wing Lung
Bank in 2008.  Subtracting intangibles from the acquisition, CMB's
ratios of tangible equity/assets and Tier 1 CAR dropped to 3.8%
and 6.6% in Q309 respectively, making it one of the thinner
capitalized Chinese banks under the agency's coverage.  Fitch
notes that CMB's planned CNY22 billion rights issue should bolster
capitalization considerably; however, even after this exercise
core capital is likely to remain just on par with other Chinese
peers rated 'D'.

CMB's established retail franchise, solid loan loss reserve
coverage and more diversified revenues continue to stand out
against peers, but the agency believes these strengths are
insufficient to outweigh its high leverage.  At end-June 2009, CMB
held CNY19.3 in loans (excluding discounted bills) and acceptances
for every CNY1 in tangible equity, which is 43% more than the
average of other 'C/D' and 'D' rated Chinese banks.

CNCB's downgrade is driven by the material rise in credit risk and
accelerating capital erosion from very rapid loan growth in 2009.
Just two years ago, CNCB stood as one of the best capitalized
banks in China, but since then most capitalization measures have
deteriorated noticeably.  From 2007 to end-Q309, the ratios of
tangible equity/assets, Tier 1 CAR and tangible equity/net loans
fell by 107bp, 330bp and 425bp to 7.2%, 9.8% and 10.6%,
respectively.  Meanwhile, management has publicly stated that Tier
1 and Total CARs could erode another 100bp in Q409 from CNCB's
acquisition of a 70% stake in the Hong Kong-based CITIC
International Financial Holding, which is aimed at giving CNCB a
broader platform outside of the mainland.

CNCB's loan portfolio expanded 49% through Q309 -- more than 12pp
above the average for mid-tier Chinese banks -- and now comprises
69% of total assets compared to 57% for its listed peers.  Fitch
is concerned about CNCB's medium-term asset quality outlook given
the pace of recent loan growth, its high corporate exposure (90%
of total loans outstanding in H109), and the weakening in Chinese
enterprise profits since 2008.  With only 30% of loans backed by
collateral or pledged assets, CNCB also is exposed to
comparatively greater losses in the event of a rise in defaults.

Fitch notes that both CMB and CNCB are carrying additional hidden
credit risk from the re-packaging of loans into wealth management
products, for which they were the most active issuers in terms of
the number of products sold in 2009.  This activity is another
area of concern as Fitch believes Chinese banks remain
reputationally exposed to losses on these products post-sale.
Neither bank releases comprehensive data on the nominal amount of
loans that have been re-packaged into wealth management products.

The current ratings of China's 16 commercial banks are:

China Merchants Bank:

  -- Individual rating downgraded to 'D' from 'C/D'; and
  -- Support rating affirmed at '2'

China CITIC Bank:

  -- Individual rating downgraded to 'D' from 'C/D'; and
  -- Support rating affirmed at '2'

Industrial & Commercial Bank of China:

  -- Foreign currency long-term IDR affirmed at 'A'; Stable
     Outlook;

  -- Individual rating affirmed at 'D';

  -- Support rating affirmed at '1'; and

  -- Support rating floor affirmed at 'A'

China Construction Bank:

  -- Foreign currency long-term IDR affirmed at 'A'; Stable
     Outlook;

  -- Short-term IDR affirmed at 'F1';

  -- Individual rating affirmed at 'D';

  -- Support rating affirmed at '1'; and

  -- Support rating floor affirmed at 'A'

Bank of China:

  -- Foreign currency long-term IDR affirmed at 'A'; Stable
     Outlook;

  -- Short-term IDR affirmed at 'F1';


  -- Individual rating affirmed at 'D';

  -- Support rating affirmed at '1'; and

  -- Support rating floor affirmed at 'A'

Agricultural Bank of China:

  -- Individual rating affirmed at 'E'; and
  -- Support rating affirmed at '1'

Bank of Communications:

  -- Foreign currency long-term IDR affirmed at 'A-'; Stable
     Outlook;

  -- Short-term IDR affirmed at 'F2';

  -- Individual rating affirmed at 'D';

  -- Support rating affirmed at '1'; and
     Support rating floor affirmed at 'A-'

Shanghai Pudong Development Bank:

  -- Individual rating affirmed at 'D', and
  -- Support rating affirmed at '3'

China Minsheng Banking Corporation:

  -- Individual rating affirmed at 'D'; and
  -- Support rating affirmed at '3'

Industrial Bank:

  -- Individual rating affirmed at 'D', and
  -- Support rating affirmed at '3'

China Everbright Bank:

  -- Individual rating affirmed at 'D/E', and
  -- Support rating affirmed at '2'

Shenzhen Development Bank:

  -- Individual rating affirmed at 'D/E'; and
  -- Support rating affirmed at '3'

Hua Xia Bank:

  -- Individual rating affirmed at 'D/E'; and
  -- Support rating affirmed at '3'

Guangdong Development Bank:

  -- Individual rating affirmed at 'D/E'; and
  -- Support rating affirmed at '3'

Bank of Shanghai:

  -- Foreign currency long-term IDR affirmed at 'BB-'; Stable
     Outlook;

  -- Short-term IDR affirmed at 'B';

  -- Individual rating affirmed at 'D';

  -- Support rating affirmed at '3'; and

  -- Support rating floor affirmed at 'BB-'

Bank of Beijing:

  -- Individual rating affirmed at 'D', and
  -- Support rating affirmed at '3'.


CHINA MERCHANTS: Fitch Downgrades Individual Rating to D From C/D
-----------------------------------------------------------------
Fitch Ratings has downgraded the Individual ratings of China
Merchants Bank and China CITIC Bank to 'D' from 'C/D', reflecting
both banks' noticeable deterioration in capital and rising on- and
off-balance-sheet credit risk in the wake of last year's very
rapid loan growth.  The assessment was conducted in conjunction
with a review of all 16 Chinese commercial banks under the
agency's coverage.  The ratings of all other banks were affirmed.

"All Chinese banks have come under strain to some degree over the
past year, but the weakening in financial performance has been
most striking at CMB and CNCB," said Charlene Chu, Senior Director
and Head of Fitch's Financial Institutions Ratings in Beijing.
"As a result, it is difficult to justify that their Individual
ratings should continue to be higher than most of the other
nationwide banks, whose Individual ratings are currently at 'D'
and 'D/E'."

The downgrade of CMB reflects the deterioration in core capital,
and significant rise in leverage stemming from the recent bout of
rapid loan growth and the acquisition of Hong Kong-based Wing Lung
Bank in 2008.  Subtracting intangibles from the acquisition, CMB's
ratios of tangible equity/assets and Tier 1 CAR dropped to 3.8%
and 6.6% in Q309 respectively, making it one of the thinner
capitalized Chinese banks under the agency's coverage.  Fitch
notes that CMB's planned CNY22bn rights issue should bolster
capitalization considerably; however, even after this exercise
core capital is likely to remain just on par with other Chinese
peers rated 'D'.

CMB's established retail franchise, solid loan loss reserve
coverage and more diversified revenues continue to stand out
against peers, but the agency believes these strengths are
insufficient to outweigh its high leverage.  At end-June 2009, CMB
held CNY19.3 in loans (excluding discounted bills) and acceptances
for every CNY1 in tangible equity, which is 43% more than the
average of other 'C/D' and 'D' rated Chinese banks.

CNCB's downgrade is driven by the material rise in credit risk and
accelerating capital erosion from very rapid loan growth in 2009.
Just two years ago, CNCB stood as one of the best capitalized
banks in China, but since then most capitalization measures have
deteriorated noticeably.  From 2007 to end-Q309, the ratios of
tangible equity/assets, Tier 1 CAR and tangible equity/net loans
fell by 107bp, 330bp and 425bp to 7.2%, 9.8% and 10.6%,
respectively.  Meanwhile, management has publicly stated that Tier
1 and Total CARs could erode another 100bp in Q409 from CNCB's
acquisition of a 70% stake in the Hong Kong-based CITIC
International Financial Holding, which is aimed at giving CNCB a
broader platform outside of the mainland.

CNCB's loan portfolio expanded 49% through Q309 -- more than 12pp
above the average for mid-tier Chinese banks -- and now comprises
69% of total assets compared to 57% for its listed peers.  Fitch
is concerned about CNCB's medium-term asset quality outlook given
the pace of recent loan growth, its high corporate exposure (90%
of total loans outstanding in H109), and the weakening in Chinese
enterprise profits since 2008.  With only 30% of loans backed by
collateral or pledged assets, CNCB also is exposed to
comparatively greater losses in the event of a rise in defaults.

Fitch notes that both CMB and CNCB are carrying additional hidden
credit risk from the re-packaging of loans into wealth management
products, for which they were the most active issuers in terms of
the number of products sold in 2009.  This activity is another
area of concern as Fitch believes Chinese banks remain
reputationally exposed to losses on these products post-sale.
Neither bank releases comprehensive data on the nominal amount of
loans that have been re-packaged into wealth management products.

The current ratings of China's 16 commercial banks are:

China Merchants Bank:

  -- Individual rating downgraded to 'D' from 'C/D'; and
  -- Support rating affirmed at '2'

China CITIC Bank:

  -- Individual rating downgraded to 'D' from 'C/D'; and
  -- Support rating affirmed at '2'

Industrial & Commercial Bank of China:

  -- Foreign currency long-term IDR affirmed at 'A'; Stable
     Outlook;

  -- Individual rating affirmed at 'D';

  -- Support rating affirmed at '1'; and

  -- Support rating floor affirmed at 'A'

China Construction Bank:

  -- Foreign currency long-term IDR affirmed at 'A'; Stable
     Outlook;

  -- Short-term IDR affirmed at 'F1';

  -- Individual rating affirmed at 'D';

  -- Support rating affirmed at '1'; and

  -- Support rating floor affirmed at 'A'

Bank of China:

  -- Foreign currency long-term IDR affirmed at 'A'; Stable
     Outlook;

  -- Short-term IDR affirmed at 'F1';


  -- Individual rating affirmed at 'D';

  -- Support rating affirmed at '1'; and

  -- Support rating floor affirmed at 'A'

Agricultural Bank of China:

  -- Individual rating affirmed at 'E'; and
  -- Support rating affirmed at '1'

Bank of Communications:

  -- Foreign currency long-term IDR affirmed at 'A-'; Stable
     Outlook;

  -- Short-term IDR affirmed at 'F2';

  -- Individual rating affirmed at 'D';

  -- Support rating affirmed at '1'; and
     Support rating floor affirmed at 'A-'

Shanghai Pudong Development Bank:

  -- Individual rating affirmed at 'D', and
  -- Support rating affirmed at '3'

China Minsheng Banking Corporation:

  -- Individual rating affirmed at 'D'; and
  -- Support rating affirmed at '3'

Industrial Bank:

  -- Individual rating affirmed at 'D', and
  -- Support rating affirmed at '3'

China Everbright Bank:

  -- Individual rating affirmed at 'D/E', and
  -- Support rating affirmed at '2'

Shenzhen Development Bank:

  -- Individual rating affirmed at 'D/E'; and
  -- Support rating affirmed at '3'

Hua Xia Bank:

  -- Individual rating affirmed at 'D/E'; and
  -- Support rating affirmed at '3'

Guangdong Development Bank:

  -- Individual rating affirmed at 'D/E'; and
  -- Support rating affirmed at '3'

Bank of Shanghai:

  -- Foreign currency long-term IDR affirmed at 'BB-'; Stable
     Outlook;

  -- Short-term IDR affirmed at 'B';

  -- Individual rating affirmed at 'D';

  -- Support rating affirmed at '3'; and

  -- Support rating floor affirmed at 'BB-'

Bank of Beijing:

  -- Individual rating affirmed at 'D', and
  -- Support rating affirmed at '3'.


SHANGHAI ZENDAI: Moody's Reviews 'B2' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has put Shanghai Zendai Property Ltd's
B2 corporate family and senior unsecured ratings on review for
possible downgrade.

The review follows a confirmed report that Zendai has acquired a
piece of land in Shanghai for a total consideration of
RMB9.22 billion (around HK$10.5 billion).  Of this amount, Zendai
has already paid a deposit of RMB450 million.

"The scale of the transaction is substantial compared to Zendai's
total asset of HK$8.8 billion as of June 2009," says Kaven Tsang,
a Moody's AVP/Analyst.

"Moody's also notes that Zendai is considering jointly developing
the land with investors, but the shareholding structure and
cooperation details have not yet been finalized," says Tsang, also
Moody's lead analyst for the company.

With estimated cash holding of around HK$1.3 billion, Zendai will
have to raise additional debt to fund the transaction even if it
decides to bring in other investors, thereby pressuring its
existing credit metrics to the extent that they may not support
its current B2 ratings.

"The sizable scale of this investment will also raise the
company's exposure to execution and development risks," adds
Tsang.

In its review, Moody's will focus on the investment structure and
funding strategy of the project and the impact of the transaction
on Zendai's credit profile.  Moody's will also access Zendai's
ultimate funding requirement and its ability to raise necessary
financing.

Moody's last rating action with regard to Zendai occurred on
January 11 2010, when it revised the company's outlook to stable
from negative.

Shanghai Zendai Property Ltd is a mainland China property
developer focusing on the development, investment, and management
of residential and commercial properties in China.  The group
currently has property projects under development in twelve cities
in three regions, including northern China, Shanghai and adjacent
areas, and Hainan Province.


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


FU JI FOOD: HyComm Wireless Consortium Eyes Bid
-----------------------------------------------
Bloomberg News reports that a group of investors may bid for
struggling Fu Ji Food & Catering Services Holdings Ltd.

According to Bloomberg, Stanley Choi Chiu Fai, executive director
at Simsen International Corp., a loan financing provider, said the
group proposing the purchase has earmarked HK$1 billion (US$129
million) for the acquisition and development.

The consortium comprises HyComm Wireless and Cai Dabiao, founder
of the "Real Kungfu" Chinese fast food chain, Bloomberg says.

The report notes Mr. Choi, who's investing in a personal capacity,
said the consortium wants to acquire Fu Ji because it remains
positive on Fu Ji's outlook and that of China's food and catering
industry.

Bloomberg says the group wouldn't break up Fu Ji Food if the
acquisition goes through, which Choi hopes to complete within two
to three months.

As reported in the Troubled Company Reporter-Asia Pacific on
October 23, 2009, Fu Ji Food and Catering Services Holdings filed
a petition to wind up the company with the Hong Kong High Court.
Deloitte Touche Tohmatsu has been appointed as the provisional
liquidator.

Bloomberg said financing was too complicated for Fu Ji and it
wants to solve its funding problems by liquidating.

Based in Hong Kong, FU JI Food and Catering Services Holdings
Limited (HKG:1175) -- http://www.fujicatering.com/-- is engaged
in the provision of catering services; the operation of Chinese
Restaurants and theme restaurants, and the production and sale of
convenience food products.


RICH DYNASTY: Court to Hear Wind-Up Petition on March 3
-------------------------------------------------------
A petition to wind up the operations of Rich Dynasty Enterprises
Limited will be heard before the High Court of Hong Kong on
March 3, 2010, at 9:30 a.m.

The Bank of China (Hong Kong) Limited filed the petition against
the company on November 10, 2009.

The Petitioner's solicitors are:

          Anthony Chang & Partners
          Lippo Centre, 3903 Tower 2
          88 Queensway Central
          Hong Kong


STARGREAT CORPORATION: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------------
At an extraordinary general meeting held on January 20, 2010,
creditors of Stargreat Corporation Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Michel Henricus Bots
         Kit Ying Zelinda Ng
         The Center, 31/F
         99 Queen's Road
         Central, Hong Kong


SUN KEE: Creditors' Meeting Set for February 22
-----------------------------------------------
Creditors of Sun Kee Customer Service Co., Limited will hold their
meeting on February 22, 2010, for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at the Unit B, 8/F., Eastern Flower
Centre, 22-24 Cameron Road, Tsimshatsui, Kowloon, in Hong Kong.


SUN MOTOR: Commences Wind-Up Proceedings
----------------------------------------
Members of Sun Motor Holding Company Limited, on January 28, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidators are:

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


SUN MOTOR MANUFACTORY: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Sun Motor Manufactory Limited, on January 28, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidators are:

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


SUN MOTOR OEM: Commences Wind-Up Proceedings
--------------------------------------------
Members of Sun Motor OEM Company Limited, on January 28, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidators are:

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


SUN MOTOR PRECISION: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Sun Motor Precision Products Limited, on January 28,
2010, passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidators are:

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


SYBASE 365: Members' Final Meeting Set for March 3
--------------------------------------------------
Members of Sybase 365 Limited will hold their final general
meeting on March 3, 2010, at 11:00 a.m., at the 1/F., Xiu Ping
Comm. Bldg., 104 Jervois Street, Sheung Wan, in Hong Kong.

At the meeting, Fung Wing Yuen and Robin Pang Ho Choi, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


TAT CHOI: Members' Final Meeting Set for March 5
------------------------------------------------
Members of Tat Choi Enterprises Limited will hold their final
general meeting on March 5, 2010, at 11:00 a.m., at the 905
Silvercord, Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, in Hong
Kong.

At the meeting, James T. Fulton and Cordelia Tang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


TING FUNG: Members' Final Meeting Set for March 6
-------------------------------------------------
Members of Ting Fung Industrial Company Limited will hold their
final general meeting on March 6, 2010, at 10:00 a.m., at the Room
1004, Harvest Building, 29-37 Wing Kut Street, Central, in Hong
Kong.

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


TRADE WILL: Members' Final Meeting Set for March 1
--------------------------------------------------
Members of Trade Will Limited will hold their final meeting on
March 1, 2010, at 10:30 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.


WARD EASTON: Member' Final Meeting Set for March 5
--------------------------------------------------
Members of Ward Easton Liang Limited will hold their final
meetings on March 5, 2010, at 11:00 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.


WAY GIANT: Members' Final Meeting Set for March 1
-------------------------------------------------
Members of Way Giant Limited will hold their final meeting on
March 1, 2010, at 11:00 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.


WELCOME GROUP: Members' Final General Meeting Set for March 1
-------------------------------------------------------------
Members of Welcome Group Finance and Management Limited will hold
their final general meeting on March 1, 2010, at 10:00 a.m., at
the Flat C, 4/F., Good Luck Industrial Building, 105 How Ming
Street, Kwun Tong, Kowloon, in Hong Kong.

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


ZOLA TECH: Members' Final Meeting Set for March 2
-------------------------------------------------
Members of Zola Tech International Co. Limited will hold their
final meeting on March 2, 2010, at 10:00 a.m., at the 3/F, Rammon
House, 101 Sai Yeung Choi Street South, Mongkok, in Kowloon.

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


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


ARSS INFRASTRUCTURE: CARE Assigns 'CARE B' Rating on Various Debts
------------------------------------------------------------------
CARE has assigned a 'CARE B' rating to the long-term/medium term
bank facilities of ARSS Infrastructure Projects Ltd.  Facilities
with 'CARE B' rating are considered to offer low safety for timely
servicing of debt obligations and carry very high credit risk.
Such facilities are susceptible to default.

Further, CARE has assigned a 'PR4' rating to the short-term bank
facilities of ARSS.  Facilities with 'PR4' rating would have
inadequate capacity for timely payment of short-term debt
obligations and carry very high credit risk. Such facilities are
susceptible to default.

                                  Amount
   Facilities                  (INR crore)       Ratings
   ----------                  -----------       -------
   Long-term bank facilities      280.6          'CARE B'
   Short-term bank facilities       5.0          'PR4'
   LT/ST bank facilities          550.0          'CARE B'/'PR4'

Rating Rationale

The above ratings factor in strained liquidity position leading to
occasional delays in servicing lease financing installments,
number of pending litigations against the company and/or the
promoters, relatively small size, intense competition from
unorganized and foreign players leading to decline in
profitability margin, high labor intensiveness of the activity,
limited geographical diversification and working capital intensive
nature of the industry.  The ratings also factor in experience of
promoters in construction business, impressive client portfolio
and continuous thrust being given by the Government for
infrastructure development.

Ability of the company to improve its profitability, maintain
healthy order book position, timely debt servicing and improvement
in the outlook of the economy will remain the key rating
sensitivities.

ARSS, incorporated in May 2000 was promoted by Shri Subhash
Agarwal of Bhubaneswar and his three brothers, or carrying out
construction of railway infrastructure.  The company started
execution of railway infrastructure projects in the state of
Orissa and gradually expanded, but to a limited extent to other
states (like Chattisgarh, Rajasthan, Jharkhand, Haryana and Tamil
Nadu).  There are number of pending litigations against the
company and/or the promoters, including a criminal case.

ARSS has an impressive client portfolio with a healthy order book
position of about INR2,887.8 crore as on Nov.15, 2009. In FY09,
the company earned PBILDT of INR105.0 crore and PAT (after defd.
tax provision) of INR51.1 crore on contract revenue of INR617.9
crore.  Contract revenue witnessed a significant growth over the
last three years on account of increased order inflow coupled with
a continuous improvement in bidding eligibility.  Higher revenue
coupled with cost savings due to efficient contract management led
to increase in PBILDT, which together with lower increase in
capital charges led to increase in PAT  level. Accordingly, PAT
margin improved except for FY09.  Long-term debt-equity ratio
remained range bound over the last three account closing dates.
But overall gearing ratio has been generally on the higher side
and deteriorated as on March 31, 2009, on account of incremental
bank borrowings to support the increased level of operation and
relatively lower accretion of profit to reserves. Interest
coverage, although declined from 5.02 in FY08 to 3.61 in FY09 due
to higher interest expenses, was comfortable.  Though the
liquidity position of the company as reflected by current ratio,
as on the last three account closing dates, was adequate, ARSS is
facing strain on the liquidity front, leading to the occasional
delays in servicing lease financing instalments with NBFC.  The
performance in H1FY10 was also satisfactory and it achieved PAT &
GCA of INR24.4 crore & INR31.0 crore respectively on contract
revenue of INR340.2 crore.


IDBI BANK: Moody's Assigns Ratings on US$1.5 Bil. Note Programme
----------------------------------------------------------------
Moody's Investors Service has assigned foreign currency ratings to
the US$1.5 billion medium-term note programme of IDBI Bank Limited
(India).  Any senior unsecured notes issued under this programme
will be assigned long-term foreign currency ratings of Baa3, any
Lower Tier 2 subordinated notes will be rated at Ba1, Upper Tier 2
subordinated notes at Ba2 and Perpetual Hybrid Tier 1 notes at
Ba3.

The Baa3 rating on the senior unsecured notes is in line with the
bank's local currency deposit rating and incorporates IDBI Bank
Limited's standalone financial strength and rating uplift due to
the high likelihood of support from the Government of India in the
event of need.  The bank's standalone rating takes into account
its improving interest margins, profitability indicators and
capitalization, but is constrained by significant borrowing and
funding concentrations.

The rating of the FC Lower Tier 2 subordinated notes is set at
Ba1, one notch below the senior debt rating.

As for the ratings of the Upper Tier 2 subordinated notes (junior
subordinated) and Perpetual Hybrid Tier 1 notes, Moody's has
followed the notching practices as explained in the press release
titled "Moody's downgrades Indian banks' hybrid securities
ratings", published on 27 January 2010.  According to the press
release, Moody's concluded its reviews of Indian hybrid securities
and implemented the approach explained in a Special Comment
("Moody's Guidelines for Rating Bank Hybrid Securities and
Subordinated Debt") published in November 2009.  The ratings of
IDBI Bank Limited's corresponding debt categories followed the
same rationale.

     The Rationale for Rating Bank Hybrid Securities in India

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment.  The
Adjusted BCA for the Moody's-rated public-sector banks in India,
which are majority government-owned, benefits from
parental/government support based on the systemic support anchor
for India of Baa2.  For IDBI Bank Limited, the Adjusted BCA is set
at Baa3, which is three notches higher than its Ba3 BCA because of
the parental/government support providing rating uplift.

Below are the main features of the hybrid instruments issued by
the Moody's-rated Indian banks and Moody's approach to rating
them:

The Upper Tier 2 Notes have a maturity of at least 15 years.  The
issuer can defer any interest payments at its discretion if its
capital adequacy ratio is below the minimum regulatory requirement
(currently 9%) or if it reports a net loss, defined as a negative
balance in the balance of the profit and loss account contained
within reserves and surplus on the issuer's balance sheet.  If the
issuer has only a net loss, but does not breach the CAR trigger,
then it can make interest payments provided it gets the
regulator's approval.  Any deferred interest is cumulative.  The
instrument has a junior subordinated claim in liquidation and
ranks only more senior to Tier 1 Notes and common equity.  Moody's
rates these instruments two notches below the Adjusted BCA, which
for IDBI Bank Limited is placed at Ba2.

The Hybrid Tier 1 Notes are perpetual, with a coupon skip
mechanism similar to those in the Upper Tier 2 Notes above.
However, any unpaid interest is non-cumulative.  In liquidation,
the Hybrid Tier 1 Notes rank junior to the Upper Tier 2 Notes and
only senior to common equity.  Moody's generally rates such Hybrid
Tier 1 instruments three notches below an issuer's Adjusted BCA.
For IDBI Bank Limited this rating is set at Ba3.

The last rating action for IDBI Bank Limited was taken on 17
December 2009 when its long-term foreign currency deposit rating
was upgraded to Ba1 from Ba2, in line with the upgrade of India's
foreign currency deposit ceiling.

Headquartered in Mumbai, India, IDBI Bank Limited reported assets
of INR2,033 billion (US$42 billion) as of the end of
December 2009.


KAMAT HOTELS: CARE Cuts Rating on INR194.85cr Loan to 'CARE BB+'
----------------------------------------------------------------
CARE has revised the rating of Long-term Bank Facilities of Kamat
Hotels (India) Limited from 'CARE BBB+' to 'CARE BB+'.  This
rating is applicable for facilities having tenure of more than one
year.  Facilities with 'BB+' rating are considered to offer
inadequate safety for timely servicing of debt obligations. Such
facilities carry high credit risk.

Also, CARE revised rating from 'PR3+' to 'PR4' rating to the
Short-term Bank Facilities of KHIL.  This rating is applicable for
facilities having tenure up to one year.  Facilities with 'PR
Four' rating would have inadequate capacity for timely payment of
short-term debt obligations and carry very high credit risk. Such
facilities are susceptible to default.

CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position
within the band covered by the rating symbol.

                                  Amount
   Facilities                  (INR crore)       Ratings
   ----------                  -----------       -------
  Long-term Rupee Loan           194.85         'CARE BB+'
  Short-term Rupee Loans          16.30         'PR4'

Rating Rationale

The revision in ratings takes into account steep decline in
average Revenue Per Available Room (RevPAR) for KHIL's hotel
properties in the wake of global financial crisis and the Mumbai
terror attacks resulting in sharp decline in profitability
margins, cash loss for half year ended September 2009 leading to
liquidity mismatches and unsatisfactory debt servicing track
record.  The ratings are also constrained by project risk
associated with ongoing expansions, the use of short-term funds
for long term purposes, redemption pressure of Foreign Currency
Convertible Bonds (FCCB) in FY2012, concentration risk on the
flagship property 'The Orchid', lack of international sales and
marketing alliance and the inherent cyclical nature of the hotel
industry.

The ratings continue to factor the strength from the promoters'
experience in hospitality industry, strong brand image and
locational advantage of KHIL's prime property - 'The Orchid', in
terms of close proximity to Mumbai airport and to commercial
business districts of North Mumbai.

KHIL's ability to raise sufficient internally generated funds
towards its ongoing projects, complete the same as per schedule
and achieve the envisaged occupancy and ARR for its properties are
the key rating sensitivities.

Incorporated in 1986, KHIL was promoted by Late Mr. Venkatesh
Krishna Kamat and his associates, with the main object of setting
up and running of hotels and related business.  KHIL operates the
eco-friendly certified five-star hotel 'The Orchid' and a three
star business hotel 'VITS' in Mumbai.  The 'The Orchid' became
fully operational with 245 rooms during FY2000.  KHIL also
operates small to medium sized hotels under budget category and
caters to both business and leisure travelers. KHIL has a total
room inventory of around 571 rooms.  In FY09, sales declined
sharply by --% mainly due to drop in room revenue due to the
terror attacks in Mumbai and global economic slowdown.  PBILDT
margin declined to 33.5% from 46.9% compared to last year mainly
due to drastic fall in revenue and high level of fixed cost in the
total cost structure.  As per the un-audited results for H1FY10,
KHIL incurred a cash loss of about INR9 crore on a total income of
INR43.38 crore.


LALCHAND JEWELLERS: CRISIL Puts 'BB+' Rating on INR130MM Debt
-------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Lalchand Jewellers Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR130.0 Million Cash Credit      BB+/Stable (Assigned)
   INR100.0 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect Lalchand's stretched financial risk profile,
because of working-capital-intensive operations, vulnerability of
its operating margin to volatility in gold prices, and exposure to
risks relating to small scale of operations, and geographic
concentration in revenue profile.  These weaknesses are, however,
partially offset by the benefits that Lalchand derives from its
established market position and the promoters' strong experience
in the jewellery retail business.

Outlook: Stable

CRISIL believes that Lalchand will maintain its business risk
profile over the medium term, backed by its established market
position in Bhubaneshwar (Orissa).  The outlook may be revised to
'Positive' if Lalchand's financial risk profile improves because
of an increase in cash accruals and an improvement in capital
structure.  Conversely, the outlook may be revised to 'Negative'
in case of any pressure on profitability.

About Lalchand Jewellers

Lalchand commenced operations as a small gold counter
proprietorship firm in Bhubaneshwar (Orissa) in 1960.  The firm
was incorporated as a private limited company in 1995.  The
company is currently managed by Mr. Sanjay Hans, son of the
founder, Mr. Lalchand Hans.  Mr. Sanjay Hans joined the firm in
the early 1990s and has about two decades of experience in the
retail jewellery business.  Lalchand is a retailer for gold,
diamond, and third-party branded jewellery (such as Dia,
Nakshatra, ARY), high-end watches (diamond-studded, gold-plated
brands such as Rado and Citizen), and pens.  Lalchand has been in
the jewellery business for over five decades, and is a well-known
brand in Bhubaneshwar.  The company owns one of the biggest gold
jewellery showrooms in Orissa.

Lalchand reported a profit after tax (PAT) of INR15.2 million on
net sales of INR855.6 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR6.6 million on net
sales of INR674.9 million for 2007-08.


MIDCO LIMITED: ICRA Assigns 'LBB+' Rating on INR282MM LT Loans
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating with a stable outlook to the
long term fund-based bank facilities of INR282 million of Midco
Limited.  ICRA has also assigned a short term rating of A4+ to the
INR160 million non-fund based bank facilities of Midco.

The ratings are constrained by Midco's high dependence on public
sector oil marketing companies resulting in volatility in demand
for petrol pumps and uncertain growth outlook, high proportion of
fixed costs resulting in strained profitability indicators, and
increase in competition due to entry of international players.
The ratings are however underpinned by Midco's established track
record and its position of market leader in petroleum dispensing
units segment in India, moderate gearing levels, healthy order
book position, and synergies with its associate companies (Oilco
Services (India) Limited and Hexagon-Midco India Pvt. Ltd.) which
allow the company to offer integrated solutions to oil marketing
companies.

                            About MIDCO

MIDCO was incorporated in the year 1949 as the first domestic
supplier of Petroleum Dispensing Units (PDUs) to the Indian
petroleum industry.  Over the years, the company has catered not
just to the needs of domestic oil companies, but has also exported
these units to Africa, Middle East, South Asia and the erstwhile
USSR.  Midco currently makes various models of dispensing units
and LPG dispensing stations on Turnkey basis, and is one of the
largest suppliers of such units to oil companies in the country.
Midco achieved its highest turnover of INR 975.4 million in FY2008
when it sold a total of 10,728 petrol dispending units that year.

In the year 2000, the Midco demerged its installation,
commissioning, maintenance and other operational activities into
as associate company Oilco Services (India) Limited.  Midco has
also formed joint venture company, Hexagon-Midco India Private
Limited (HMI), with 49% equity interest held by Midco and 51% by
Polymer Composite Asia Sdn Bhd, a subsidiary of Hexagon Holdings
Bhd. of Malaysia.  The principal activity of HMI is to undertake
the business of corporate retail signages and convenience store
systems, particularly for petrol stations in India.

MIDCO has its head-office is in Mumbai and runs its production
from Vatva, Ahmedabad.  The factory in Vatva has a production
capacity of 37,000 nozzle pumps a year employees over 100 ITI
certified workmen and 30 engineers and supervisors.  The facility
in Vatva also houses the factory of HMI.


RAJASTHAN TRANSMISSION: ICRA Rates INR50MM Limits 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
capita 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 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.

                   About Rajasthan Transmission

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 (RCCPL) 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.


SHIRDI COUNTRY: ICRA Assigns 'LB' Rating on INR600 Mil. LT Loan
---------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR 600.00 million, long-
term loan of Shirdi Country Inns Private Limited.  The rating
reflects recent delays in debt servicing by the part of the
company. SCIPL's financial profile is weak with a highly leverage
capital structure on account of debt funded capex in past, and
negative free cash flows.  SCIPL has small scale of operations
making it vulnerable to competition from entrenched players; the
company's performance in recent periods has been impacted by
declines in ARR and RevPAR across both properties due to revailing
market condition in Pune hotel industry.  ICRA also notes that
SCIPL is exposed to significant geographical concentration risk,
as both of its hotels are located in and around Pune.  The company
is trying to diversify its presence by setting up another hotel in
Shirdi, which is expected to be operational from May 2010. ICRA
however draws comfort from promoter's experience in development of
commercial property which has resulted in lower development cost
per room and good operational parameters exhibited by the company
by virtue of its location.

Shirdi Country Inns Private Limited was incorporated in Jul-05,
with an objective of starting, operating and maintaining hotels in
India. SCIPL is a part of Lakshman Karia Group, engaged in real
estate development since last 14 years. SCIPL is a closely held
private limited company with Mr. Karia and his family holding 100%
of company's share.  The company currently has two 5-star hotels
(as per DoT classification) operational in Pune and another 5-
star hotel is coming up at Shirdi which is expected to be
operational by May 2010.

Recent Results

During 2008-09, SCIPL has reported a net profit of INR4.50 million
on an operating income of INR188.22 million. Net profit margin has
declined from 12.49% in FY08 to 2.39% in FY09 on account of
declining RevPAR and loss making Hinjewadi property.


SHREE MAHESHWAR: CARE Rates INR451cr LT Bank Debts at 'CARE BB'
---------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities aggregating INR451 crore of Shree Maheshwar Hydel Power
Corporation Ltd.  This rating is applicable for facilities having
tenure of more than one year.  Facilities with this rating are
considered to offer inadequate safety for timely servicing of debt
obligations. Such facilities carry high credit risk.

                                  Amount
   Facilities                  (INR crore)       Ratings
   ----------                  -----------       -------
   Long-term Bank Facilities      451.00          'CARE BB'
                (Term Loan)

Rating Rationale

The rating take into account the risks associated with the
residual implementation of the project especially rehabilitation &
resettlement work, delays in execution of the project in the past
resulting in cost escalations and irregularities in interest
servicing during construction period.

The rating considers high degree of progress achieved in project
execution including financial tie-ups, experienced management,
availability of off-take arrangement and favorable industry
scenario.

Going forward, timely infusion of residual equity, effective
completion and subsequent efficient operations of the project
shall be the key rating sensitivities.

Shree Maheshwar Hydel Power Corporation Ltd. is setting up a 400-
MW run-of-the-river hydroelectric plant on river Narmada near
Mandleshwar, Dist Khargone, Madhya Pradesh (MP).  The project
comprises 10 vertical types Kaplan turbines of 40 MW each housed
in the Power House and a dam of 3,420 meters length with of a
height of 36 meters.

The total cost of the project is estimated to be INR2,760.90 cr
and is proposed to be financed by a mix of equity (30%) and debt
(70%).  As on December 2009, SMHPCL had raised INR344 cr as equity
and INR1,848 cr as debt aggregating INR 2,192 cr.


SHREE VAISHNAV: CRISIL Reaffirms 'BB+' Rating on Cash Credit
------------------------------------------------------------
CRISIL's rating on the cash credit facility of Shree Vaishnav
Alloys Pvt Ltd (SVAPL), a part of the Shree Vaishnav group,
continue to reflect pressure on the group's operating margin as a
result of its presence in a highly fragmented steel industry, and
exposure to risks relating to volatile raw material prices and to
cyclicality in demand for real estate.  These weaknesses are
partially offset by the group's moderate financial risk profile,
and established presence in the steel industry, supported by a
strong brand equity and market position.

   Facilities                        Ratings
   ----------                        -------
   INR150.0 Million Cash Credit      BB+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SVAPL with those of SVAPL's associates,
Shree Vaishnav Industries Pvt Ltd, and Shree Vaishnav Ispat Pvt
Ltd, collectively referred to as the Shree Vaishnav group, as the
three companies have common product and end-user profiles,
significant inter-company transactions, common promoters, and
cross guarantees to bankers for the credit facilities.

Outlook: Stable

CRISIL expects the Shree Vaishnav group's business risk profile to
remain stable backed by steady operating cash flows. The outlook
may be revised to 'Positive' if the company's liquidity profile
improves significantly, or if it is able to achieve greater
revenue diversification.  Conversely, the outlook may be revised
to 'Negative' if the group's capital structure and operating
margin deteriorate from current levels, or in case the group
undertakes a large, debt-funded capital expenditure programme.

                          About the Group

SVAPL manufactures thermo-mechanically treated (TMT) bars. The
company's manufacturing unit is at Wada, with a capacity of 60,000
tonnes per annum (tpa).  The company's brand, Vaishnav, has high
visibility in the market.  For 2008-09 (refers to financial year,
April 1 to March 31), the company, on a standalone basis, reported
a profit after tax (PAT) of INR24 million on net sales of INR1529
million, against a PAT of INR24 million on net sales of INR1353
million for the preceding year.

The other companies of the Shree Vaishnav group are SVI and SVIPL.
While SVIPL also manufactures TMT bars, SVI operates in the
structural steel segment.  The group has a combined capacity of
270,000 tonnes per annum (tpa).  It is planning to set up a new
project for epoxy coating of fabricated products under a new
entity; plans, however, are still in the initial stages.

The Shree Vaishnav group, on a consolidated basis, reported a
profit after tax (PAT) of INR76 million on net sales of INR4.2
billion for 2008-09, as against a PAT of INR58 million on net
sales of INR3.3 billion in the preceding year.


SPHERIS INDIA: US Parent Files for Bankruptcy to Sell Assets
------------------------------------------------------------
Spheris Inc., has entered into an agreement under which MedQuist
Inc. and CBay Inc., portfolio companies of CBaySystems Holdings
Ltd., have agreed to purchase substantially all of Spheris' assets
pursuant to a transaction that is to be implemented under Section
363 of the United States Bankruptcy Code.

To commence the sale process, Spheris and certain of its
affiliates filed voluntary petitions for relief under Chapter 11
of the United States Bankruptcy Code in the United States
Bankruptcy Court for the District of Delaware.  The Company
expects its operations to continue as usual during the
restructuring process.  Spheris India, a subsidiary of the
Company, will be part of the prospective transaction but will not
file for bankruptcy.

Robert Butler, Chief Restructuring Officer of Spheris, stated,
"Throughout the past year, Spheris has taken steps to strengthen
its operations and customer service, and these initiatives are
achieving solid results.  Spheris has also been engaged in
constructive discussions with certain key constituents of the
Company to identify ways to enhance financial flexibility for our
operations.  We expect customers will continue to receive high-
performing services through a company with a stronger capital
structure."

Tony James, Chief Operating Officer of Spheris, added, "Spheris is
committed to maintaining the highest levels of customer
satisfaction and we will remain focused on our operations
throughout this process.  We expect the transition to be seamless
for our customers and we appreciate their continued support.  I
would also like to thank the dedicated employees of Spheris for
their commitment to the Company and for working hard to provide
the outstanding service quality and quick turnaround times that
our customers expect."

Prior to the Court approval of the MedQuist/CBay agreement, there
will be a court-supervised auction process to facilitate
competitive bidding by other qualified bidders.  The auction
process is intended to achieve the highest price possible for the
assets and provide the Company with an efficient way to address
its capital structure without disrupting operations.  The bidding
procedures, if approved, would require interested parties to
submit binding offers to acquire some or all of the Company's
assets within approximately 30 days of Court approval of the bid
procedures.  If qualified bids are submitted, an auction would be
held a few days prior to the sale hearing.  A Court hearing
approving the sale to the winning bidder would be held soon after
the conclusion of the auction, followed by a final closing.  If
the MedQuist/CBay agreement is approved and the conditions
thereunder satisfied, Spheris expects that the transaction will be
completed in the first half of 2010.

"MedQuist is a natural partner for Spheris," commented Peter
Masanotti, MedQuist CEO. "We share a common belief that superior
quality in clinical documentation is an essential component of
efficient healthcare operations and quality medical outcomes.
Spheris' customers can look forward to capitalizing on MedQuist's
extensive suite of services and technologies, along with the
strength of our combined experience, knowledge, and culture of
best-in-class service."

If the purchase agreement is approved and the conditions therein
satisfied, it is expected that the transaction will be completed
in the first half of 2010.

                      $15-Mil. DIP Financing

In addition, a syndicate of lenders has confirmed that they will
enter into a Senior Secured Super-Priority Debtor-in-Possession
Financing Agreement among the debtors under the bankruptcy case,
with Ableco, L.L.C., as Collateral Agent, and Cratos Capital
Management LLC, as Administrative Agent, to provide up to $15
million in Debtor-in-Possession financing upon the terms and
conditions set forth therein, including entry of an order of the
Court approving the financing.  The financing facility will be
used to fund ongoing operations and repay outstanding revolving
credit loans under its pre-petition credit facility as of the
filing date.

In conjunction with the bankruptcy filing, the Company also filed
a number of customary motions to continue to support its
employees, customers and suppliers during the financial
restructuring process and to facilitate a seamless transition to
new ownership.  As part of these motions, the Company has asked
the Court for additional authorizations, including permission to
continue paying employee wages, salaries and health benefits
without interruption.

                          About MedQuist

MedQuist (Nasdaq: MEDQ) -- http://www.medquist.com/-- provides
medical transcription services, and is a leader in technology-
enabled clinical documentation workflow.  MedQuist's enterprise
solutions -- including mobile voice capture devices, speech
recognition, Web-based workflow platforms, and global network of
medical editors -- help healthcare facilities improve patient
care, increase physician satisfaction, and lower operational
costs.

Approximately 69.5% of MedQuist's outstanding common stock is held
by CBay Inc., a  wholly owned subsidiary of CBaySystems Holdings
Ltd. (AIM: CBAY), a holding company with investments in medical
transcription, healthcare technology and healthcare financial
services.  CBaySystems Holdings Ltd.'s portfolio includes
businesses providing medical transcription, healthcare technology,
and healthcare financial services including MedQuist Inc., CBay
Systems & Services Inc., CBay Systems (India) Private Ltd., and
Mirrus Systems.

                           About Spheris

Based in Franklin, Tennessee, Spheris Inc. --
http://www.spheris.com/-- is a global provider of clinical
documentation technology and services.


WORLDFA: ICRA Reaffirms 'LBB-' Rating on INR178.3MM Bank Debts
--------------------------------------------------------------
ICRA has reaffirmed 'LBB-' rating to INR178.3 million fund based
limits.  The outlook on long term rating is stable.  ICRA has also
reaffirmed A4 rating to the INR5 million non fund based bank
limits of Worldfa.

The credit quality rating reflects the relatively high credit risk
profile arising out of the significant competitive pressures in
the business in which Worldfa 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.  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 (2.52 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 Worldfa

Worldfa Exports was incorporated in year 1986 as a proprietorship
firm under the name of World Fashions.  In 2003 it has been
incorporated as a Private Limited company.  The company is engaged
in the business of manufacturing and selling Stainless Steel
Utensils and Home Furnishing articles in the international Market.
Majority of the sales mix comprise steel utensils which are
manufactured as per customer's specifications.  Worldfa also
manufactures home furnishing articles like Cushion Covers,
Bath Mats, Table mats etc.  The company is managed by Mr Parmod
Gupta who has more than 20 years of experience in the steel
industry. Wolrdfa also has a group company Trishul Exotic Private
Limited which is managed by the brother of Mr Parmod Gupta;
Trishul is also in the manufacturing and export of Stainless Steel
Utensils.


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


HUIS TEN: May Seek Financial Aid from Corporate Turnaround Body
---------------------------------------------------------------
Theme park operator Huis Ten Bosch Co. may consider applying for
financial support from state-backed Enterprise Turnaround
Initiative Corp. of Japan, The Japan Times reports.

Sources said the theme park in Sasebo, Nagasaki Prefecture, has
started to consider the use of ETIC, which has judged that the
theme park's liquidation would deal a severe blow to the regional
economy, including employment.

According to the report, Land, Infrastructure, Transport and
Tourism Minister Seiji Haehara has referred to the possibility of
using the corporate turnaround entity to help revive the theme
park.

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

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


JAPAN AIRLINES: To Decide on U.S. Alliance This Month
-----------------------------------------------------
Japan Airlines will announce its decision by February whether it
wants to forge alliance with Delta Air Lines Inc. and AMR Corp.'s
American Airlines, according to a report from The Nikkei Business
Daily.

The Center for Asia Pacific Aviation, citing the Japanese Mainichi
newspaper, said JAL has dumped its alliance with American Airlines
and oneworld in favor of Delta and SkyTeam.  The Japanese flagship
carrier, however, denied the news.

Enterprise Turnaround Initiative Corp. of Japan, which is
overseeing JAL's restructuring program, estimates the Delta/JAL
alliance as driving JPY9.2 billion or US$102 million in benefits,
rising to JPY17.2 billion or US$191 million if the carriers
receive antitrust immunity -- some three times the reported
benefits flowing from JAL's alliance with American Airlines,
according to the Mainichi Newspaper.

The report added that oneworld members, led by American Airlines,
have been vigorously lobbying to retain JAL in the grouping and
had offered to invest US$1.4 billion in JAL and strengthen
cooperation with core members.  Delta offered a total
US$1.02 billion in financial support to JAL, including
US$500 million in new investment, but offers of foreign financing
for JAL have been declined by ETIC, the report said.

Delta chief executive Richard Anderson, during a conference call
on January 26, 2010, said they continue to seek a tie-up with JAL.
In an official statement, Delta confirmed that it "has been in
discussion with JAL in hopes of forming a strategic SkyTeam
partnership that would provide significant benefits for JAL and
all of its stakeholders."

MarketWatch, citing The Yomiuri Shinbun, had reported that as of
January 15 Delta has reached an agreement with JAL "on a
comprehensive tie-up that mainly features code-sharing flight
services," noting that both airlines "are likely to officially
sign the deal after it's endorsed by new JAL top management to be
inaugurated after the JAL group applies for the application of
the Corporate Rehabilitation Law."

      American Airlines Warns Fight if JAL Switches Alliance

American Airlines warned JAL that it will face a messy fight if it
switches allegiance and forms a close partnership with Delta, The
Chicago Tribune said.

American Airlines, according to the report, would lose a longtime
partner in JAL, which links the U.S. carrier's passengers to a
host of cities within Japan and northern Asia, and would find
itself a bit player in the northern Pacific market.  The report
added that although American expects to prevail in its cause, its
chief executive officer, Gerard Arpey, ridiculed the notion that
Delta and JAL quickly could gain antitrust approval for a venture
that would control about 60% of the market.

           U.S. Yet To Decide on JAL Antitrust Immunity

If Japan Airlines decides on an alliance with either Delta or
American, it will need to file antitrust immunity with U.S.
authorities.

The U.S. Department of Transportation has informed the Japanese
Government that it has yet to decide on whether to grant antitrust
immunity to a potential alliance between JAL and an American
carrier, the MarketWatch cited the Nikkei.  The U.S. Department
also said it could not offer any guarantees of immunity, according
to the report.

Responding to Japanese media reports suggesting that the U.S. and
Japan had pre-arranged to approve antitrust applications, the U.S.
Government said it could block antitrust immunity applications
from Japan's carriers, The Wall Street Journal said citing a U.S.
Department of Transportation memo.

                            About JAL

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

                           *     *     *

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                            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)


KBC GROEP: To Sell Unprofitable Unit in Japan
---------------------------------------------
KBC Groep NV may sell its unprofitable brokerage unit in Japan,
Bloomberg News reports citing two people with knowledge of the
matter.

Bloomberg's sources said KBC is in advanced talks with several
potential buyers to sell KBC Securities Japan, which employs about
100 equity research and trading staff in Tokyo.

The unit has posted losses for the past three fiscal years in an
industry that cut staff in Japan by 6 percent in the 12 months
ended Dec. 31, Bloomberg relates citing research by Japan
Securities Dealers Association and data filed by KBC with
regulators in Tokyo.

Kiyomi Ando, a Tokyo-based spokeswoman for KBC, said possible
bidders for the KBC business could include the brokerage units of
large Japanese banks, or lenders from overseas that are expanding
equity research in Japan.

                      Restructuring Agreement

As reported by the Troubled Company Reporter-Europe on Nov. 20,
2009, The Financial Times said the KBC Groep reached an agreement
with the European Commission on its restructuring.  According to
the FT, KBC will slim its balance sheet by nearly a fifth and
reimburse EUR7 billion (US$10.5 billion) of state aid by 2013
through the winding down of its businesses and through asset
disposals.  The FT noted that while KBC will sell its merchant
banking and private banking arms, float part of its Czech banking
operation and forgo any acquisitions in the medium term, the group
will retain banking and insurance operations in its core markets.
The KBC restructuring will cut the bank's risk-weighted assets by
25% and entail no capital increase, the FT said.  The group will
pay back the EUR7 billion of state aid it received from the
Belgian and Flemish governments through retained earnings, and by
paying no dividend until 2011 at the earliest, the FT disclosed.

                        About KBC Groep NV

Headquartered in Brussels, Belgium, KBC Groep NV a.k.a KBC Group
NV (EBR:KBC) -- http://www.kbc.com/-- is engaged in banking,
insurance and wealth management for private banking clients,
retail customers and medium-sized enterprises.  It has expertise
in asset management and the financial markets.  The company's
activity is composed of five divisions: the Belgium, the Central &
Eastern Europe and Russia (CEER), the Merchant Banking, the
European Private Banking, and the Shared Services & Operations
business units.  Each of these units has its own management
committee and oversees both the banking and the insurance
activities.  The company is active in Belgium and in other
selected countries, including Hungary, Poland, Slovakia, Czech
Republic, Bulgaria, Romania, Serbia and Russia.  KBC Groep NV also
operates to a less extent in the United States and in Southeast
Asia.  The company has three subsidiaries: KBC Bank, KBC Insurance
and KBL European Private Bankers.


TOSHIBA CORP: To Close One NAND Factory in Japan
------------------------------------------------
Toshiba Corp. plans to close one of its two domestic NAND
factories this year and concentrate assembly of memory chips at
the other plant, Reuters reports citing the Nikkei business daily.

Reuters says targeted for closure is Toshiba LSI Package Solution
Corp's plant in Miyawaka, Fukuoka Prefecture.  Production
equipment and about 400 employees will be relocated to Toshiba's
Yokkaichi plant in Mie Prefecture.

According to Reuters, the company will position Japan as its base
for research and development, and testing while accelerating its
shift to mass production overseas in a bid to trim costs.

                        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
=========


KUMHO ASIANA: Creditors to Provide Financial Aid to Two Units
-------------------------------------------------------------
JoongAng Daily reports that the creditors of Kumho Asiana Group
have decided to provide financial support to two of the
conglomerates' affiliates, Kumho Industrial and Kumho Tire.

Kumho Asiana Group said the creditors have signaled their intent
to lend a total of KRW380 billion (US$328 million) to help the
small and midsize suppliers of the two companies.

According to the report, the creditors held a meeting yesterday to
officially approve a move to pump KRW280 billion into Kumho
Industrial.  The creditors will also hold another meeting next
week regarding giving KRW100 billion to Kumho Tire, the report
notes.

"We've decided to provide new funding quickly, although Kumho
Industrial and Kumho Tire have not even stared on their debt
workout programs, because there are suppliers that are currently
suffering huge financial pressures," a creditor who requested
anonymity told JoongAng.

Chin Dong-soo, the chairman of the Financial Services Commission,
however, insisted that before the new funding is provided to the
affiliates, Kumho Asiana Group's owning family should first reach
into their own pockets to help out, JoongAng relates.

"Kumho owners should take out a substantial amount of their
personal assets in exchange for the creditors' new funding and
also get the approval of the labor union," the report quoted Chin
as saying.

                          Jobs, Wages Cut

Bloomberg News reports that Kumho Tire Co. proposed cutting
factory staff by 30% and wages by 20% as the company restructures
to cut debt.

Kim Young Sik, a spokesman for parent company Kumho Asiana Group,
said Kumho Tire made the proposal to its labor union, Bloomberg
relates.

As reported in Troubled Company Reporter-Asia Pacific on Jan. 25,
2010, The Korea Herald said the creditors of Kumho Industrial
Co. and Kumho Tire have started conducting due diligence and are
likely to come up with the details of the debt-workout plans in
February.  The creditors have named two accounting and consulting
firms PricewaterhouseCoopers Korea and Deloitte Anjin LLC, to
begin due diligence of the two financially troubled firms.

The TCR-AP, citing The Korea Herald, reported on August 6, 2009,
that Kumho Asiana has been suffering from a liquidity crisis,
which observers describe as a typical case of acquisition
indigestion.  In a bid to ease a cash shortage, the conglomerate
in July decided to re-sell the controlling stakes and management
rights of Daewoo Engineering & Construction, after acquiring it in
2006 for KRW6.4 trillion.  Bloomberg said creditors including
Shinhan Bank may force the company to repay KRW3.9 trillion
(US$3.2 billion) by June if they exercise an option to sell Daewoo
Engineering shares they hold back to Kumho Asiana.

Kumho Asiana is seeking to sell between 50% and 72% of the
builder, Bloomberg said citing people with knowledge of the
matter.

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

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

                        About Kumho Asiana

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


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


HO HUP: Bourse Grants Two-Month Extension to Submit Revised Plan
----------------------------------------------------------------
As reported in the Troubled Company Reporter-Asia Pacific on
January 28, 2010, Ho Hup Construction Berhad asked the Bursa
Securities to extend the period to submit proposed revised scheme
for three months from February 4, 2010, to May 4, 2010.

In an update, Ho Hup disclosed that the bourse granted an
extension of time of two months up to April 4, 2010, for the
Company to submit a revised plan to the relevant authorities
pursuant to the provisions of PN17 of Bursa Securities' Listing
Requirements.

As stated within the Bursa Approval, the extension of time granted
to Ho Hup is without prejudice to Bursa Securities' right to
proceed to suspend the trading of the securities of the Company
and to commence de-listing procedures against the Company in the
event:

   * the Company is unable to submit its regularization plan
     to the relevant authorities for approval within the
     Extended Timeframe;

   * the Company fails to obtain the approval from any of the
     approving authorities necessary for the implementation
     of its regularization plans and does not appeal to the
     approving authorities within the timeframe (or extended
     timeframe, as the case may be) prescribed to lodge an
     appeal;

   * the Company does not succeed in its appeal against the
     decision of the approving authorities; or

   * the Company fails to implement its regularization plan
     within the timeframe or extended timeframes stipulated
     by the approving authorities.

                           About Ho Hup

Ho Hup Construction Company Bhd is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The company operates in three
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, and manufacturing, which
includes manufacturing and distribution of ready-mixed concrete
and concrete spun piles.  The company's subsidiaries include Ho
Hup Construction Company (India) Private Limited, Ho Hup
Construction Company Berhad (Madagascar Branch), Ho Hup
Corporation (Mauritius) Ltd, Ho Hup Corporation (South Africa) Pty
Ltd, Ho Hup Equipment Rental Sdn Bhd, Ho Hup Geotechnics Sdn Bhd,
Ho Hup Jaya Sdn Bhd, Mekarani Heights Sdn Bhd, Intermax Resources
Sdn Bhd and Timeless Element Sdn Bhd.

                           *     *     *

Messrs. Ernst & Young have expressed a disclaimer opinion in the
company's 2007 audited financial statements.  As a result, the
company became an affected listed issuer pursuant to paragraph 2.1
of the PN17/2005.  The auditors cited these factors that indicate
the existence of material uncertainties, which may cast
significant doubt on the ability of the group and the company to
continue as a going concerns:

   * the group and the company reported a net loss of
     MYR46.16 mil. and MYR19.04 mil. respectively during the year
     ended December 31, 2007.  As of that date, the group's
     current liabilities exceeded its current assets by
     MYR83.62 mil.  In addition, the recognition of the liability
     may increase the group's net current liabilities by
     MYR43.9 million;

   * Should the outcome of the arbitration case between the
     company and the Government of Madagascar be unfavorable to
     the company, the liquidity of the group and the company would
     be adversely affected; and

   * the Secured Bank Guarantees amounting to MYR43.41 mil. have
     been called upon by the Govt. of Madagascar from the
     Guarantor Bank following the dismissal of the company's
     application for leave to the Federal Courts on July 8, 2008.
     On July 25, 2008, the Guarantor Bank has paid MYR43.41 mil.
     to the  Govt. of Madagascar.  No provision has been made for
     the amounts of bank guarantees demanded by the Govt. of
     Madagascar but the amounts have been disclosed as Contingent
     Liabilities.  The non-recognition of the liability arising
     from the demand of bank guarantees by the Govt. of Madagascar
     is not in accordance with Financial Reporting Standards in
     Malaysia.  The  auditors were unable to perform sufficient
     appropriate audit procedures to ascertain whether the
     corresponding debit represents a recoverable amount or an
     expense in the income statement.


RHYTHM CONSOLIDATED: Sha Thiam Fook Steps Down as Receiver
----------------------------------------------------------
Rhythm Consolidated Berhad said that Sha Thiam Fook on January 26
ceased to act as receiver and manager Monosetia Sdn Bhd, a wholly
owned subsidiary of the company.

Bank Perusahaan Kecil & Sederhana Malaysia Berhad (SME Bank) had
appointed Sha Thiam Fook as the Receiver and Manager of the
specific property of Monosetia Sdn Bhd.

Based in Malaysia, Rhythm Consolidated Bhd is an investment
holding company.  The Company operates in five business segments:
publishing, trading and distribution of books, paper stationery,
printing paper and instruction manuals; manufacturing of music
books, novels, educational books and paper stationery; import,
wholesale and retail of paper products; marketing of diaries,
organizers, leather and polyvinyl chloride (PVC) folders, wallets,
bags, rain coats and others, and information and communication
technology, which includes credit cards terminal development and
solutions, and system application developer and system support.
During the fiscal year ended June 30, 2007 (fiscal 2007), the
Company acquired an additional 15% of interest in its associated
company namely, Rhythm ICT Services Sdn. Bhd., formerly known as
IQ Card Services Sdn Bhd, (ICT).  As a result, the Company owns
55% interest in ICT, and ICT became a subsidiary of the Company.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2009, Rhythm Consolidated Berhad was considered as an
Affected Listed Issuer under Practice Note No. 17/2005 of the
Bursa Malaysia Securities Berhad as the company was unable to
provide a solvency declaration to Bursa as per the announcement of
default in payment by Monosetia Sdn Bhd.


WONDERFUL WIRE: Total Default Reaches MYR82.27 Mil. as of Jan. 31
-----------------------------------------------------------------
Wonderful Wire & Cable Berhad disclosed that together with its
subsidiary, WWC Oil & Gas (Malaysia) Sdn. Bhd, the company's total
default reached MYR82,276,332.63 as of January 31, 2010, which
comprises of:

Wonderful Wire's loans:

                                              Principal & Interest
    Lender                    Facility          Outstanding (MYR)
    -------                   --------        --------------------
CIMB Bank Berhad          Short Term Advance      11,273,526.35
                          Overdraft                2,528,472.96

CIMB Factor Lease Berhad  Leasing                  4,345,449.79

Malayan Banking Berhad    Term Loan               34,918,286.25
                            Overdraft              5,688,913.70

RHB Islamic Bank Berhad   Term Financing          20,823,599.65
                           Revolving Credit        2,344,130.53

Bank Muamalat Malaysia    Hire Purchase Car Loan      20,386.00

Orix Rentec (M)           Rental of office
Sdn. Bhd.                 equipment                   66,144.00
                                                  -------------
                                         Total:   82,008,909.25

WWC Oil & Gas (Malaysia) Sdn. Bhd.'s loan:

                                              Principal & Interest
    Lender                    Facility          Outstanding (MYR)
    -------                   --------        --------------------
  CIMB Factor Lease Bhd.      Leasing                267,423.38

                       About Wonderful Wire

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.


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


STRATEGIC FINANCE: May Face Receivership, Analyst Says
------------------------------------------------------
The New Zealand Herald reports that analyst John Kidd of McDouall
Stuart said Tuesday that receivership or a Hanover-style debt-for-
equity swap are looming as the most likely outcomes for Strategic
Finance.

Citing Mr. Kidd's weekly commentary, the Herald relates Mr. Kidd
noted that the company's latest loan write-offs alongside its
failure to make an initial payment to investors last month meant
it had now triggered two "events of review" under its moratorium.

"There is no doubt that Strategic is struggling . . . investors
appear to have increasing grounds to question Strategic's
management," the report cited Mr. Kidd as saying.  "With the terms
of the existing moratorium no longer feasible, receivership or
some form of debt-for-equity arrangement similar to the recent
Hanover/Allied Farmers deal present as the most likely outcomes,"
he said.

According to the report, the company's management is in
negotiations with trustee Perpetual Trust over Strategic's future
and Perpetual's Matthew Lancaster last week said these were
progressing.

                      About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provides specialist financial and advisory services to the
property and corporate sectors.  The Company operates in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-operating
subsidiary is Strategic Properties No.1 Limited.  In May 2009, the
Company incorporated a subsidiary, Gulf Property Holdings Limited.

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

                           *     *     *

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

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

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

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


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


TOUGHEN ELECTRICAL: Creditors Get 18.216% Recovery on Claims
------------------------------------------------------------
Toughen Electrical Pte Ltd will declare the first and final
dividend on February 8, 2010.

The company will pay 18.216% to the received claims.

The company's liquidator is:

         Winston Loong Sie Yoke
         c/o Winston Loong & Co.
         140 Chow House #06-03
         Chow House
         Singapore 068907


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


* Global Firms Still Nervous About Recovery, E&Y Says
-----------------------------------------------------
A comprehensive survey of senior executives at nearly 900 major
companies worldwide by Ernst & Young reveals a very different
business environment compared to 12 months ago but highlights a
corporate world that for the most part is still nervous about
recovery.

In January 2009, an Ernst & Young study, Opportunities in
Adversity, asked companies about their key strategic priorities
for 2009.  Nearly three-quarters said they were focused on
securing the survival of their present business and only 19% said
they were looking to take advantage of the recession to pursue new
market opportunities.  As part of Ernst & Young's ongoing Lessons
from change program, new research shows that by the beginning of
December 2009, the percentage looking to pursue new opportunities
this year has risen to 34%.  Over half (53%) of companies,
however, still agreed that surviving 2010 would still remain a
challenge.

However, after the actions that many were forced to take earlier
in the year it was not surprising companies were seeing progress
with fewer still focused on improving the performance of their
current assets, down from 39% to 27%, and the proportion still
restructuring their business also declined from 37% to 27%.

John Murphy, Global Managing Partner-Markets, Ernst & Young said,
"The spirit of optimism has increased, but it is essentially
fragile in nature.  A pick up in confidence is not surprising,
given the massive global government stimulus working its way
through the economy and the larger developing and emerging
economies beginning to rebound.  Companies may be less worried
about survival over the next 12 months, but the return to a
healthy operating environment is still some way off."

A significant minority are generating growth in EBITDA

Surprisingly, for a significant minority 2009 was a year when
earnings improved.  More than one third of companies surveyed
reported that earnings before interest, depreciation and
amortization (EBITDA) had grown by over 5% in the last 12 months.
Remarkably in the context of a global recession, 7% of all
businesses had seen a more than 20% increase in earnings.

Forty-five per cent of the companies based in Asia-Pacific and
with a turnover of between US$100 million and US$500 million
reported in excess of 5% EBITDA growth.  One-third of the very
largest organizations surveyed (turnover exceeding US$10 billion)
also reported EBITDA growth exceeding 5%.

In Latin America (26%), Western Europe (28%) and Eastern Europe
(29%) the proportion reporting 5% EBITDA growth or more was lower.
By sector, more than 40% of pharmaceutical, aerospace and defense
and banking companies exceeded the 5% growth threshold.
Corporates in the oil and gas, manufacturing and automotive
sectors were far more likely to report flat or declining earnings.

Mr. Murphy added, "As we predicted last January, despite the
turmoil and the challenges in 2009 there were some outright
winners -- companies that have found opportunity in the adversity.
Judging by our research, a picture is emerging across countries
and sectors of a group of companies that share a certain
performance agenda, particularly around achieving speed-to-market.
They are faster in making and executing decisions to take
advantage of their changing markets."

But a way to go before earnings back at pre-recession levels

While they are out of crisis mode, corporates are now turning
their attention to when there will be a full recovery in earnings.
Approximately one-third saw revenue growth returning within six
months, one-third said by the start of 2011 and the final third
not for at least two years.  Only 1% was pessimistic enough to say
it would never return to pre-recession levels.  Mr. Murphy added:
"Revenue growth -- not just earnings growth -- is now the burning
platform for corporate, many of whom see recovery, certainly in
the short to medium term, as sluggish."

And what will happen in 2010?

How were companies planning to improve their performance this
year? Three-quarters of respondents said they believed that there
were still major costs savings to be made in their organization
through improved efficiency.  A high proportion of companies (72%)
felt they needed to increase the flexibility of their operations
through reducing fixed costs, particularly among support functions
and improving productivity.

The next most popular response was optimizing the markets they
serve (64%) via new market entry, new products or new channels,
and through revitalizing the business model (64%) with new
thinking around organizational structure, core competencies and
new business collaborations.  Respondents also believed that
accelerating their decision making processes and execution (63%)
and strengthening their management talent (62%) would be critical
to improve their chances of success.

80% look to growth despite problems with accessing capital

Exactly half of all businesses agreed that restricted access to
capital will continue to constrain their growth prospects over the
next year, yet a significant minority of respondents (30%) said
they intended to take an aggressive growth-oriented stance as the
demand outlook in their markets is improving.  A further 49% of
corporates said that they intended to pursue growth
opportunistically, as the prospects for recovery in their markets
remain unclear.  The remaining fifth of companies said that their
strategic focus will remain squarely on cost control until the
market improves.

Mr. Murphy concluded, "It is clear that many companies are seeking
to learn the lessons of the changed market.  Although there is no
silver bullet -- no single action that will deliver success -- our
research has identified a number of action programs which sets
high-performing companies apart.  For instance, they have a
deeper, broader understanding of their markets and the risks
involved.  Furthermore, they are more innovative in strategy and
structure than their competitors and are more collaborative with
partners.  These successful companies are essentially equipping
themselves for the new economy and navigating a new future for
themselves."


                         *********

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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