TCRAP_Public/100208.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, February 8, 2010, Vol. 13, No. 026

                            Headlines



A U S T R A L I A

GRIFFIN COAL: Administrators Aim to Sell Mining Company as Whole


C H I N A

CITIGROUP INC: Eyes Expansion of Operations in Asia
SHANGHAI ZENDAI: Fitch Puts 'B+' Rating on Negative Watch
VENETIAN MACAU: Bank Debt Trades at 5% Off in Secondary Market
XINHUA SPORTS: Receives Non-Compliance Notice From NASDAQ


H O N G  K O N G

FOUNTAIN SPRING: Cheung Pui Chung Appointed as New Liquidator
GOLD RESULTS: Cheung Pui Chung Appointed as New Liquidator
GOOD BEST: Cheung Pui Chung Appointed as New Liquidator
HAPPY TALENT: Cheung Pui Chung Appointed as New Liquidator
JADA BIOTECH: Members' and Creditors Meetings Set for March 4

JOYFUL FALCON: Creditors' Proofs of Debt Due February 26
KINGSTON (ASIA): Creditors' Proofs of Debt Due March 10
LEUNG CHIK: Members' Final Meeting Set for March 1
LONDA INVESTMENT: Cheung Pui Chung Appointed as New Liquidator
RICHARD YUEN: Members' Final General Meeting Set for March 3

SERVICE COMPANY: Inability to Pay Debts Prompts Wind-Up
SHENZHEN TOOLING: Members' Final Meeting Set for March 5
STREAMVPM ASIA: Creditors' Proofs of Debt Due February 19
STYLATRADE INTERNATIONAL: Final Meetings Set for March 4
THERMOTECH CORPORATION: Members' Final Meeting Set for March 5


I N D I A

AIR INDIA: Crew Threatens to Go on Strike Over Contract Extension
AIR INDIA: INR1,200cr Gov't. Budget Allocation Expected
BANK OF BARODA: Cancels Plan to Sell US$-Denominated Bonds
BANK OF INDIA: Moody's Assigns Rating on Senior Unsecured Notes
JAKRAYA SUGAR: ICRA Puts'LBB' Rating on INR469.20MM Bank Debts

JODHANI EXPORTS: CRISIL Reaffirms'P4' Ratings on Bank Debts
MSP COKES: CRISIL Reaffirms 'BB+' Rating on INR850MM Term Loan
NALINI JEWELLERS: CRISIL Puts'P4' Ratings on Various Bank Debts
NEW HORIZONS: ICRA Places'LBB+' Rating on INR3MM LT Bank Limit
NRC INDUSTRIES: ICRA Assigns 'LBB' Rating on INR111MM Bank Debts

SHREE HARI: CRISIL Assigns 'B-' Rating on INR216.7MM Term Loan
SPHERIS INDIA: US Parent Files for Bankruptcy to Sell Assets
SREE LALITHA: ICRA Assigns 'LBB' Rating on INR101.1MM Term Loan
SUDIVA SPINNERS: CRISIL Places'B' Rating on INR199.5MM Term Loan
SURESH ANGADI: Fitch Assigns 'B' Rating on Proposed Long-Term Loan

UKB ELECTRONICS: ICRA Assigns 'LBB+' Rating on INR117.5MM Debts
VASISHTA CONSTRUCTIONS: Weak Liquidity Cues CRISIL'B-' Ratings
WOCKHARDT LTD: Told to Deposit Sale Proceeds in a Separate Account


I N D O N E S I A

PERUSAHAAN GAS: Raises Up to IDR15 Trillion for Acquisition Fund


J A P A N

HITACHI LTD: Posts JPY21.8BB Net Profit in Quarter Ended Dec. 31
HITACHI LTD: Plans to Raise Investment in Indonesia
JAPAN AIRLINES: ETIC to Borrow JPY355 Bil. to Provide Aid
JAPAN AIRLINES: Might Stick with American Airlines
SANYO ELECTRIC: Posts JPY44.7 Bil. Net Loss in 9Mos. Ended Dec. 31

SHINSEI BANK: Aims to Unload Unprofitable Investments


M A L A Y S I A

HOCK SIN: Auditors' Unqualified Opinion Prompts PN17 Listing
WONDERFUL WIRE: Revised Restructuring Scheme Approved


P H I L I P P I N E S

EXPRESS TELECOM: Bayantel Seeks Restraining Order


S I N G A P O R E

BOSTON ASSET: Court to Hear Wind-Up Petition on February 12
CP SOLUTIONS: Court to Hear Wind-Up Petition on February 19
GLOBAL SOURCE: Creditors' Proofs of Debt Due March 8
INTERMEDIA NETWORK: Court to Hear Wind-Up Petition on February 19
M+ CORP: Court to Hear Wind-Up Petition on February 26

MAN JING: Court to Hear Wind-Up Petition on February 12
STERLING HUMAN: Court to Hear Wind-Up Petition on February 26




                         - - - - -


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


GRIFFIN COAL: Administrators Aim to Sell Mining Company as Whole
----------------------------------------------------------------
Sarah McDonald at Bloomberg News reports that the administrators
of Griffin Coal Mining Co. want to sell the firm as a whole rather
than auction its assets separately.

Citing court document on the Federal Court of Australia's Web
site, Bloomberg discloses that Griffin, Western Australia's
oldest mining company, and associated companies owe more than
AU$1 billion (US$881 million) to creditors including Australia &
New Zealand Banking Group Ltd., the tax office and U.S.
bondholders.

The document, dated Feb. 2, relates to a successful application
from administrators to extend the deadline for convening a second
creditors meeting, Bloomberg notes.

Administrator Brian McMaster told Bloomberg in a telephone
interview on February 4 that selling the company as a whole is
more appealing as it avoids having to gain approvals to transfer
mining leases, valued at about AU$728.5 million as of June.

Mr. McMaster, according to Bloomberg, said KordaMentha hasn't had
the leases valued or appointed a sale adviser, as it has been
focusing on fixing operational issues.

"We're doing a bit of landscaping before we put the house on the
market," Mr. McMaster was quoted by Bloomberg as saying.
Griffin's current operations are generating positive cashflow,
according to Mr. McMaster.

Bloomberg relates the court documents cited Mr. McMaster as saying
that while a "significant" number of parties have expressed
interest in buying Griffin, none have commenced formal due
diligence., the court document cites McMaster as saying.  He
expects to be able to provide more details on the timetable for a
sale or recapitalization by mid-April, according to the document.

                        About Griffin Coal

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

                           *     *     *

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


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


CITIGROUP INC: Eyes Expansion of Operations in Asia
---------------------------------------------------
Jon Jacobs at eFinancialCareers last week reported that Citigroup
Inc. is among institutions that are focusing or re-focusing global
growth ambitions on Asia, especially China and India.

According to eFinancialCareers, Citi's Chief Executive Vikram
Pandit told the Financial Times Wednesday in Hong Kong that a big
part of Citicorp is its emerging market franchise and Asia-Pacific
is a substantial part of it.  "And you will see us expanding
across Asia-Pacific this year," Mr. Pandit told FT, according to
eFinancialCareers.

According to eFinancialCareers, Mr. Pandit's remarks to the FT
refute speculation the firm would sell off some Asian assets as
part of an ongoing plan to shrink its balance sheet and pay down
debt.  eFinancialCareers said Mr. Pandit related that expansion
plans this year include Japan, India, China, Indonesia, Malaysia
and Hong Kong.  eFinancialCareers said Mr. Pandit was touring
major Asian cities last week.

eFinancialCareers noted that Citi owns stakes in two Chinese
development banks and one Indian bank.  Citi opened six retail
branches in Hong Kong Wednesday, raising its total there to 32.
On China's mainland, Citi has 28 branches in nine cities and has
said it is in "active conversations' with a local brokerage firm
for a joint venture to underwrite and trade stocks in Shanghai.
Citi is also seeking approvals in India to add to the 42 retail
branches it operates in that country


SHANGHAI ZENDAI: Fitch Puts 'B+' Rating on Negative Watch
---------------------------------------------------------
Fitch Ratings has placed Shanghai Zendai Property Limited's 'B+'
Long-term foreign currency Issuer Default Rating on Rating Watch
Negative.  This rating action follows Zendai's announcement of a
planned acquisition of a land parcel in Shanghai for CNY9.2bn.
The 'B+' issue rating of Zendai's US$150m notes due 2012 has also
been placed on RWN.

Fitch acknowledges that the land parcel, which is to be used for a
mixed-use commercial property project, is well-located, given its
proximity to the Bund in Shanghai.  However, the total development
cost, estimated to be well over CNY10bn, is high for a company of
Zendai's size, which had total assets of CNY8.8m at end-H109.
Fitch believes that the company's capital structure may be
adversely affected despite its intention to form a JV for this
project.

Fitch notes that details of the planned acquisition are still not
available.  The agency aims to resolve the Rating Watch when the
details -- including ownership structure, funding plans and
project timeline -- become available; this is expected in
February.  Any significant increase in Zendai's debt levels may
result in a downgrade.


VENETIAN MACAU: Bank Debt Trades at 5% Off in Secondary Market
--------------------------------------------------------------
Participations in a syndicated loan under which Venetian Macau US
Finance Co., LLC, is a borrower traded in the secondary market at
95.16 cents-on-the-dollar during the week ended Friday, Feb. 5,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents a drop of
0.54 percentage points from the previous week, The Journal
relates.  The Company pays 550 basis points above LIBOR to borrow
under the facility.  The debt matures on May 25, 2011, and carries
Moody's B3 rating and Standard & Poor's B- rating.

Meanwhile, participations in a syndicated loan under which Las
Vegas Sands Corp. is a borrower traded in the secondary market at
87.31 cents-on-the-dollar during the week ended Friday, Feb. 5,
2010, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents a drop of
0.77 percentage points from the previous week, The Journal
relates.  The Company pays 175 basis points above LIBOR to borrow
under the facility.  The debt matures on May 1, 2014, and carries
Moody's B3 rating and Standard & Poor's B- rating.

The syndicated loans are two of the biggest gainers and losers
among 180 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended Friday.

Venetian Macau US Finance Co., LLC (also known as VML US Finance
LLC), and Venetian Macau Limited are wholly owned subsidiaries of
Las Vegas Sands.  Venetian Macau Limited owns the Sands Macau in
the People's Republic of China Special Administrative Region of
Macau and is also developing additional casino hotel resort
properties in Macau.

Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE: LVS) --
http://www.lasvegassands.com/-- owns and operates The Venetian
Resort Hotel Casino, The Palazzo Resort Hotel Casino, and an expo
and convention center.  The company also owns and operates the
Sands Macao, the first Las Vegas-style casino in Macao, China.

As reported by the TCR on Aug. 4, 2009, Moody's placed Las Vegas
Sands Corp.'s ratings, including its 'B3' Corporate Family Rating,
on review for possible downgrade.  Moody's cited weak operating
results and heightened concern regarding the Company's ability to
maintain compliance with financial covenants, among other things.

The Company also carries 'B-' issuer credit ratings from Standard
& Poor's.


XINHUA SPORTS: Receives Non-Compliance Notice From NASDAQ
---------------------------------------------------------
Xinhua Sports & Entertainment Limited has received a notice from
The NASDAQ Stock Market stating that for 30 consecutive business
days the bid price for the Company's American Depository Shares,
which trade on the NASDAQ Global Market, has closed below the
minimum $1.00 per ADS, as required by Marketplace Rule 5450(a)(1)
for continued listing on the NASDAQ Global Market.  This
notification has no effect on the listing of the Company's ADSs on
the NASDAQ Global Market at this time, though an indicator will be
displayed with all Company quotation information to reflect the
bid price deficiency.

The February 4, 2010 letter indicates that in accordance with
Marketplace Rule 5810(c)(3)(A), the Company will regain compliance
with the minimum bid requirement if at any time before August 3,
2010 (180 calendar days from the date of the letter) the bid price
for the Company's ADSs closes at $1.00 or above per ADS for a
minimum of 10 consecutive business days.

In the event the Company does not regain compliance with the
minimum bid price rule by August 3, 2010, NASDAQ will provide the
Company with written notification that its ADSs are subject to
delisting from the NASDAQ Global Market.  At that time, pursuant
to Marketplace Rule 5810(c)(3)(A), the Company may be eligible for
an additional grace period of 180 calendar days if it meets all
initial listing requirements, with the exception of the bid price,
for listing on the NASDAQ Capital Market and submits an
application to transfer to the NASDAQ Capital Market.
Alternatively, the Company may appeal NASDAQ's determination to
delist its ADSs at that time.

The Company intends to actively monitor the closing bid price of
its ADSs between now and August 3, 2010 and will evaluate
available options to resolve the deficiency and regain compliance
with the minimum bid price requirement under the NASDAQ
Marketplace Rules.

                            About XSEL

Headquartered in Beijing, Xinhua Sports & Entertainment Limited --
http://www.xsel.com/-- is a sports and entertainment media
company in China.  The company employs more than 1,000 people and
has offices and affiliates in major cities throughout China
including Beijing, Shanghai, Guangzhou, Shenzhen and Hong Kong.


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


FOUNTAIN SPRING: Cheung Pui Chung Appointed as New Liquidator
-------------------------------------------------------------
Cheung Pui Chung on January 18, 2010, was appointed as liquidator
of Fountain Spring Development Limited.

Cheung Pui Chung replaces Wong Kin Lun who stepped down as the
company's liquidator.

The liquidator may be reached at:

         Cheung Pui Chung
         San Toi Building, 14/F
         137-139 Connaught Road
         Central, Hong Kong


GOLD RESULTS: Cheung Pui Chung Appointed as New Liquidator
----------------------------------------------------------
Cheung Pui Chung on January 18, 2010, was appointed as liquidator
of Gold Results Development Limited.

Cheung Pui Chung replaces Wong Kin Lun who stepped down as the
company's liquidator.

The liquidator may be reached at:

         Cheung Pui Chung
         San Toi Building, 14/F
         137-139 Connaught Road
         Central, Hong Kong


GOOD BEST: Cheung Pui Chung Appointed as New Liquidator
-------------------------------------------------------
Cheung Pui Chung on January 18, 2010, was appointed as liquidator
of Good Best Investment Limited.

Cheung Pui Chung replaces Wong Kin Lun who stepped down as the
company's liquidator.

The liquidator may be reached at:

         Cheung Pui Chung
         San Toi Building, 14/F
         137-139 Connaught Road
         Central, Hong Kong


HAPPY TALENT: Cheung Pui Chung Appointed as New Liquidator
----------------------------------------------------------
Cheung Pui Chung on January 18, 2010, was appointed as liquidator
of Happy Talent Industries Limited.

Cheung Pui Chung replaces Wong Kin Lun who stepped down as the
company's liquidator.

The liquidator may be reached at:

         Cheung Pui Chung
         San Toi Building, 14/F
         137-139 Connaught Road
         Central, Hong Kong


JADA BIOTECH: Members' and Creditors Meetings Set for March 4
-------------------------------------------------------------
Members and creditors of Jada Biotech Limited will hold their
final meetings on March 4, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at the Room 3, 8/F., Yue Xiu Building, 160 Lockhart
Road, Wan Chai, in Hong Kong.

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


JOYFUL FALCON: Creditors' Proofs of Debt Due February 26
--------------------------------------------------------
Creditors of Joyful Falcon Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Feb. 26,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

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


KINGSTON (ASIA): Creditors' Proofs of Debt Due March 10
-------------------------------------------------------
Kingston (Asia) Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by March 10, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 5, 2010

The company's liquidator is:

         Chan Carmen
         Tern Centre, 12/F, Tower 1
         237 Queen's Road
         Central, Hong Kong


LEUNG CHIK: Members' Final Meeting Set for March 1
--------------------------------------------------
Members of Leung Chik Agriculture Foundation Limited will hold
their final general meeting on March 1, 2010, at 2:00 p.m., at the
21.5 Milestone, Castle Peak Road, Chik Yuen, Lam Tei, Tuen Mun,
New Territories.

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


LONDA INVESTMENT: Cheung Pui Chung Appointed as New Liquidator
--------------------------------------------------------------
Cheung Pui Chung on January 18, 2010, was appointed as liquidator
of Londa Investment Limited.

Cheung Pui Chung replaces Wong Kin Lun who stepped down as the
company's liquidator.

The liquidator may be reached at:

         Cheung Pui Chung
         San Toi Building, 14/F
         137-139 Connaught Road
         Central, Hong Kong


RICHARD YUEN: Members' Final General Meeting Set for March 3
------------------------------------------------------------
Members of Richard Yuen Productions Limited will hold their final
general meeting on March 3, 2010, at 11:00 a.m., at the Rm. 104,
1/F., Hing Yip Comm. Ctr., 272-284 Des Voeux Rd. Central, in H.K.

At the meeting, Richard Yuen Cheuk Fang, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SERVICE COMPANY: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------------
Members of Service Company One Limited on January 20, 2010,
resolved to voluntarily wind up the company's operations due to
its inability to pay debts when due.

The company's liquidators are:

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


SHENZHEN TOOLING: Members' Final Meeting Set for March 5
--------------------------------------------------------
Members of Shenzhen Tooling and Equipment Supplies Limited will
hold their final meeting on March 5, 2010, at 3:00 p.m., at the
24/F., Hang Wai Commercial Building, 231-233 Queen's Road East,
Wanchai, in Hong Kong.

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


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

The company's liquidators are:

         Edward Simon Middleton
         Patrick Cowley
         Alexandra house, 27th Floor
         18 Chater Road
         Central, Hong Kong


STYLATRADE INTERNATIONAL: Final Meetings Set for March 4
--------------------------------------------------------
Members and creditors of Stylatrade International holdings Limited
will hold their final meetings on March 4, 2010, at 10:30 a.m.,
and 11:00 a.m., respectively at the Room 3, 8/F., Yue Xiu
Building, 160 Lockhart Road, Wan Chai, in Hong Kong.

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


THERMOTECH CORPORATION: Members' Final Meeting Set for March 5
---------------------------------------------------------------
Members of Thermotech Corporation Limited will hold their final
general meeting on March 5, 2010, at 4:35 p.m., at the Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


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


AIR INDIA: Crew Threatens to Go on Strike Over Contract Extension
-----------------------------------------------------------------
The Times of India reports that the 7,500-strong Aviation Industry
Employees' Guild has threatened to take "drastic steps" like
strike in Air India and AI Express unless their contract, which
will expire this year, is extended.

The Times recalls that AI Express had taken over 400 airhostesses
and flight attendants on contract in 2005 for five years.

The report, citing DGCA rules, says no cabin crew should fly for
more than 1,000 hours.  With this, staffers have been asked to
limit flying to 1,000 hours to avoid strict action.

"AI Express is short of cabin crew and some of our people are
grounded as they have already done the mandatory 1,000 hours.  In
such a situation, the airline should extend our contracts," an
airhostess told The Times of India.

According to the report, Guild general secretary George Abraham,
in a letter sent to AI CMD Arvind Jadhav, said that since AI
Express has expanded operations and is calling for new cabin crew
recruits through some agency, there's no "justifiable reason" to
remove the 435 cabin crew employees on contract.

Guild leaders have recently met Jadhav to discuss this issue and
ward off any industrial action by convincing the management to
retain the employees, the report adds.

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

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

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

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

                          About Air India

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


AIR INDIA: INR1,200cr Gov't. Budget Allocation Expected
-------------------------------------------------------
The Economic Times reports that Union Civil Aviation Minister
Praful Patel said Air India is expected to have a INR1,200 crore
allocation in the forthcoming budget.

Mr. Patel also said that he expected the INR800 crore equity
infusion process into Air India by the Government to be completed
over the next eight to 10 days, the report says.

The Times relates Mr. Patel had said that while the infusion was
likely to occur over the next few days, the Government wanted Air
India to take "extraordinary" measures for its turnaround.

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

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

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

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

                          About Air India

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


BANK OF BARODA: Cancels Plan to Sell US$-Denominated Bonds
----------------------------------------------------------
Bank of Baroda canceled its planned benchmark sale of bonds
denominated in U.S. dollars, Bloomberg News reports citing three
people familiar with the matter.

Bloomberg's sources said the bank had planned to sell five- year
notes priced to yield about 250 basis points over the benchmark
mid-swap rate.  A benchmark sale is typically $500 million in
size.

"We're in a temporary period where markets are gripped with risk
aversion and if you need to come to market now, you're going to
have to pay up," Tim Condon, chief Asia economist at ING Groep NV
in Singapore, told Bloomberg in a telephone interview on Friday.
"If you can afford to wait, it's in your best interests to.  I
think that must be the advice most debt capital market players are
giving their clients at this point."

The sale would have matched India's largest in U.S. dollars this
year.  Indian Oil Corp., the country's biggest state-owned
refiner, issued $500 million of five-year, 4.75 percent notes last
month, according to data compiled by Bloomberg.

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  Bank of Baroda has branches in the Bahamas,
Belgium, the Fiji Islands, Mauritius, Republic of South Africa,
Seychelles, Singapore, Sultanate of Oman, United Arab Emirates,
the United Kingdom, and the United States of America.

                          *     *     *

As of February 5, 2010, Bank of Baroda continues to carry Moody's
foreign LT Bank Deposits at 'Ba1'.


BANK OF INDIA: Moody's Assigns Rating on Senior Unsecured Notes
---------------------------------------------------------------
Moody's Investors Service has assigned Baa2 long-term foreign
currency rating to Bank of India's proposed senior unsecured notes
under its US$2.0 billion medium-term note programme issued through
its foreign branches.  This debt issuance is rated at the same
level as India's foreign currency debt ceiling of Baa2 and carries
a stable outlook.  The exact amount of the issuance has yet to be
decided.

Bank of India's Baa2 FC senior unsecured rating is derived from
its D+ bank financial strength rating, which maps to a baseline
credit assessment of Ba1, and Moody's assessment of a high
probability of systemic support in the event of need.  The BFSR
reflects the bank's significant market presence, comfortable
liquidity profile and adequate profitability.

However, Moody's notes that the rating is constrained by Bank of
India's high single-party exposure concentration to the Indian
government through government securities, similar to other Indian
banks.

Bank of India, as a majority government-owned bank, enjoys a very
high probability of systemic support in Moody's view, leading to
two notches of uplift for the Baa2 long-term global local currency
deposit rating from the Ba1 BCA.

The bank's most recent results (ending December 2009) point to a
significant 40% year-on-year reduction in net profit for the first
three quarters of financial year 2009/10 (FY2010).  Moody's
ascribes the reduction in net profitability to rising provisions,
increases in funding costs and other operating expenses.  Profit
before provisions and contingencies decreased by 15.2% year-on-
year due to lower non-interest income and rising funding costs.

Bank of India's asset quality weakened during the first nine
months of FY2010 as a result of declines in performing and
previously restructured loans.  The ratio of non-performing loans
to gross loans (NPL ratio) rose to 2.67% at the end of December
2009 from 1.63% in the previous year, while the net NPL ratio
increased to 1.03% from 0.52% over the same period.  Moody's notes
that although the bank's asset quality weakened, it is still at an
affordable level given the entity's core profitability and
capitalization levels.  Capitalization remained strong with the
total capital adequacy ratio (Basel II) at 13.6% and the Tier 1
ratio at 9.38% as of the end of December 2009, improving from
13.39% and 8.92%, respectively, at the end of 2008, especially
following the INR3.25 billion of hybrid Tier 1 notes that the bank
issued during Q3 FY2010.

The last rating action on Bank of India was taken on January 27,
2010, when Moody's downgraded the rating on its upper Tier 2
subordinated notes to Ba1 from Baa2 and confirmed the Ba2 rating
on the perpetual hybrid Tier 1 notes.

Bank of India, headquartered in Mumbai, had assets of
INR2,496 billion (US$53.2 billion) as of the end of December 2009.


JAKRAYA SUGAR: ICRA Puts'LBB' Rating on INR469.20MM Bank Debts
---------------------------------------------------------------
ICRA has assigned an'LBB' rating to the Term Loans and Fund Based
Cash Credit Limits of Jakraya Sugar Limited aggregating to
INR 469.20 million and INR 180.80 respectively.

The rating takes into account the project construction risks
involved in the on-going construction of the sugar plant with
Commercial Operation Date (CoD) expected in sugar year (SY) 2011
and the relatively lower size of operations with 2500 TCD (Tonnes
Crushed per Day) crushing capacity.  The CoD of the project has
been delayed by about an year as compared to the original schedule
because of delays in equity infusion required prior to
disbursement of loans.  ICRA notes that post-commissioning, the
company would remain exposed to agro-climatic risks, cyclical
trends in sugar business and government regulations prevalent in
the sugar business in terms of cane pricing and release orders.
The ratings are however supported by the fact that the requisite
approvals and clearances for the sugar plant are in-place, the
term loans have been tied-up and about 85% of the equity portion
has been brought in. Post-commissioning of operations, the forward
integration into co-generation unit would negate to some extent
the effect of sugar cyclicality. The Statutory Minimum Price (SMP)
linked sugarcane payments in Maharashtra state would also partly
mitigate the risks of downturn in sugar prices.

                        About Jakraya Sugar

Jakraya Sugar Limited was incorporated in May 2007.  The company
is promoted by Mr. Birappa Bhagwan Jadhav.  The company is
currently setting up a sugar plant at Watwate Village in Mohol
Taluka of Solapur district in Maharashtra at a project cost of
INR 762.6 million, which will be funded through term loans of
INR 469.2 million and promoter equity contribution of INR 293.4
million.  The plant crushing capacity would be 2500 TCD (Tonnes
Crushed per Day) in the first phase further expandable to 3500
TCD.  The sugar mill would also be forward integrated into co-
generation, with the capacity of the co-gen unit being at 11 MW.
In the second phase the company plans to increase co-gen capacity
to 16 MW and add a 45 KLPD distillery plant.


JODHANI EXPORTS: CRISIL Reaffirms'P4' Ratings on Bank Debts
-----------------------------------------------------------
CRISIL has reaffirmed its 'P4' rating on the bank facilities of
Jodhani Exports.

   Facilities                             Ratings
   ----------                             -------
   INR52.0 Million Packing Credit         P4 (Reaffirmed)
   INR208.0 Million Post-Shipment Credit  P4 (Reaffirmed)

The rating reflects Jodhani Exports' weak financial flexibility
owing to the partnership nature of its business, low net worth,
and exposure to revenue concentration risks. These weaknesses are
mitigated by the promoters' vast experience in the diamond
business.

Jodhani Exports, formed in 1989 by Mr. Limba Jodhani and Mr. Mohan
Jodhani, is a partnership firm engaged in the cutting, polishing
and marketing of diamonds.  The firm deals in diamonds of sizes
less than 10 pointers (0.10 carat).  On March 31, 2008 there was a
split in the partnership of the firm, with four partners retiring
to start a new diamond firm.  Jodhani Exports now has five active
partners: Mr. Limba Jodhani manages purchases, Mr. Ravji Jodhani
manages sales, and Mr. Sanjay Jodhani manages the firm's marketing
activities. The remaining two active partners manage the
manufacturing activities.

Jodhani Exports reported a profit after tax (PAT) of INR5.40
million on net sales of INR595.02 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR
18.27 million on net sales of INR 722.74 million for the previous
year.


MSP COKES: CRISIL Reaffirms 'BB+' Rating on INR850MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facility of MSP Cokes Pvt. Ltd.
continues to reflect the risks related to project implementation,
and susceptibility of margins to cyclicality in end-user pig iron
industry.  The company's proposed coke oven plant is further
delayed by eight months and is now expected to commence operations
only by April 2010.  These weaknesses are mitigated by MSP Cokes'
moderate business risk profile, supported by the integrated
operations of the MSP group.  The rating also factors in the
reschedulement of term loan repayments contracted for the coke
oven project.

   Facilities                   Ratings
   ----------                   -------
   INR850 Million Term Loan     BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MSP Cokes will commence commercial production
as per the revised timeline.  The outlook may be revised
to'Positive' in case of better than expected capacity utilization
leading to strong accruals.  Conversely, the outlook may be
revised to'Negative' if there is any further delay in completion
of the project, or the company's volume or profit declines
substantially as against anticipated.

MSP Cokes, incorporated in 2008, is setting up a coke oven plant
at Jharsugda (Orissa).  The configuration of the plant will be
non-recovery and eco-friendly; it will produce low-ash
metallurgical coke.  The company is expected to start commercial
operations from April 2010, a delay in implementation by 12
months.  The project is mainly a backward integration for the
group company MSP Metallics Ltd, which is implementing an
integrated steel plant in an adjacent place. The coke produced by
MSP Cokes is expected to be utilised for manufacturing pig iron by
MSP Metallics Ltd.


NALINI JEWELLERS: CRISIL Puts'P4' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4+' to the bank facilities of
Nalini Jewellers.

   Facilities                               Ratings
   ----------                               -------
   INR20 Million Export Packing Credit      P4+ (Assigned)
   INR100 Million Foreign Bills Purchased   P4+ (Assigned)
   INR20 Million Standby Line of Credit     P4+ (Assigned)
   INR85 Million Letter of Credit/Bank      P4+ (Assigned)
                           Guarantee*
   * Limits are fully Interchangeable between Letter of credit
     and Bank Guarantee

The rating reflects NJ's small scale of operations and weak
financial risk profile marked by low net worth and weak margins.
These rating weaknesses are partially offset by NJ's prudent
business management practices and reasonable financial flexibility
because of tight control over credit extended to its overseas
customers.

                      About Nalini Jewellers

Nalini Jewellers was incorporated in 1985 as a partnership firm by
Mr. Vijay Kumar Jain, Mrs. Nalini Jain, and her father,
Mr. Jagatbhushan Jain.  Currently, there are four partners in the
firm, with Mr. Vijay Kumar Jain, Mrs. Nalini Jain, and their two
sons, Mr. Sakait Jain and Mr. Nikhil Jain, each holding 25 per
cent stake.  The firm mainly exports gold jewellery to the US and
the UK, and has limited sales in the domestic market. NJ sources
its gold requirement from MMTC Ltd through a gold loan account.

NJ reported a profit after tax of INR2.5 million on net sales of
INR445 million for 2008-09 (refers to financial year, April 1 to
March 31), against INR4.3 million and INR500 million,
respectively, for 2007-08.


NEW HORIZONS: ICRA Places'LBB+' Rating on INR3MM LT Bank Limit
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR 3.0 million long
term fund based bank limit of New Horizons Limited.  The outlook
of the rating is stable.  ICRA has also assigned an A4+ rating to
the Rs 283.0 million short term fund based and Rs 40.0 million
short term non fund based bank limits of the company.

The ratings factor in the established position of NHL in the
business of manufacturing and exporting leather industrial safety
gloves and other related products, improvement in return on
capital employed that has been primarily driven by a growth in
operating profitability, although negatively impacted by
the recession in the first half of the current financial year,
moderate capital structure and coverage indicators, and
comfortable liquidity.  The ratings also take into account the
vulnerability of the company's profits to the economic downturn
given the sharp slowdown in business levels during the
current financial year, susceptibility of profit margins to any
adverse regulation by the Indian Government including possible
discontinuation of fiscal incentives beyond 2010-11, recent change
in the ownership pattern wherein a majority of shareholding
changed hands, and the exposure to foreign currency contracts that
may result in exchange rate risk, although moderated by hedging
mechanisms.

New Horizons Limited (NHL) was founded in 1976 as a private
limited company involved in the manufacture of industrial leather
gloves.  The entity was converted into a closely held limited
company under the current name in 1983.  The company is primarily
engaged in the production of industrial leather gloves, garments,
and other protective equipment including cotton garments. NHL has
its own tannery and three stitching units in Kolkata.  The tannery
and cutting units have capacities of over 1 million sq. ft. of
leather per month, and the stitching units have a total capacity
of 0.58 million pairs of gloves per month. The units are ISO
9001:2000 and DNV certified.  The company's production is
entirely exported to the USA and Europe.  During 2008-09, sales
made to the USA increased to 50% of the total sales, up from 20%
in 2007-08.

During 2008-09, NHL recorded a profit after tax of INR 27.7
million on the back of an operating income of INR1001.9 million.
In the first half of the current year 2009-10, the company posted
an operating income and profit after tax of INR 192.5 million and
INR 6.5 million respectively.


NRC INDUSTRIES: ICRA Assigns 'LBB' Rating on INR111MM Bank Debts
----------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to the INR111
million fund based facilities of NRC Industries Limited.  The
rating carries a stable outlook.  ICRA has also assigned a short
term rating of A4 to the INR200 million non-fund based facilities
of NRC.

ICRA's ratings take into consideration the intensely competitive
nature of the conveyor belt industry and exposure of the business
to raw material price volatility which has resulted in modest
operating and net margins.  Moderate profitability coupled with
highly leveraged capital structure has resulted in average debt
protection metrics for NRC, while high working capital intensity
has resulted in stretched liquidity position.  The ratings however
draw comfort from the experience of the promoters in the conveyor
belt manufacturing business, the company's long track record of
operations, its established brand name, reputed client base, and
the healthy demand outlook for conveyor belt manufacturing
industry driven by infrastructure growth in the country.  Going
forward, NRC's ability to scale up its operations and improve its
liquidity position through better working capital management will
remain key rating sensitivities.

NRC Industries Limited is a public limited company engaged in the
manufacturing of conveyor and transmission belts.  The company was
incorporated in 1985 and was earlier known as Eastern
Rubbers Private Limited.  Subsequently the constitution of the
company was changed to public limited and it was renamed as NRC
Industries Limited.  NRC has been promoted by Mr. Ranbir Singh and
is currently being managed by him and his sons, Mr. Tarunjit Singh
and Mr. Arvinder Singh.  The entire shareholding of NRC is held by
the promoters and their family members. The company is registered
as an SSI unit and its manufacturing facility is located in
Amritsar (Punjab) with an installed annual capacity of 600000
running metres of conveyor belts.


SHREE HARI: CRISIL Assigns 'B-' Rating on INR216.7MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to the bank
facilities of Shree Hari Spintex Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR50.0 Million Cash Credit Limit      B-/Negative (Assigned)
   INR216.7 Million Term Loan *           B-/Negative (Assigned)
   INR5.8 Million Bank Guarantee          P4 (Assigned)

  * Including a proposed limit of INR39.2 million.

The ratings reflect SHS's weak financial risk profile marked by
high gearing and low cash accruals, small scale of operations, and
aggressive expansion plans.  These weaknesses are, however,
partially offset by the benefits that the company derives from the
stable demand for cotton yarn.

Outlook: Negative

CRISIL believes that SHS's financial risk profile may worsen over
the medium term, given the company's aggressive expansion plans.
The ratings may be downgraded if the company's profitability, and
consequently, its cash accruals remain low, as that may adversely
affect its debt servicing ability over the medium term.
Conversely, the outlook may be revised to 'Stable' in case of
significant and sustainable increase in the company's liquidity,
cash accruals, and consequently, financial flexibility.

                         About Shree Hari

Shree Hari Spintex Ltd, promoted by Mr. Rakesh Kumar, began
operations in 2007-08 (refers to financial year, April 1 to March
31); 2008-09 was the first full year of commercial production. The
company is engaged in the manufacture of cotton yarn (between 16
and 32 counts) and has its manufacturing unit in Bhatinda, Punjab.
It procures J-34 cotton from the local market in Bhatinda. The
company has an installed capacity of 13,200 spindles.

SHS reported a loss of INR24 million on net sales of INR190
million for 2008-09.


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.


SREE LALITHA: ICRA Assigns 'LBB' Rating on INR101.1MM Term Loan
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR101.1 million term
loans and INR55.0 million fund-based bank limits of Sree Lalitha
Parameswari Spinning Mills Private Limited.  The outlook on the
rating is stable. ICRA has also assigned an A4 rating to INR 9.0
million fund based limits and INR 5.0 million non-fund based bank
limits of LPS.

The ratings factor in the Company's small scale of operations
(12,000 spindles) restricting economies of scale and financial
flexibility. LPS's operating margins remain susceptible to high
volatility in cotton costs.  Cotton spinning industry is highly
fragmented and is characterized by high competitive intensity.
The company's bargaining power with customers is limited as it
sells most of its yarn through merchant yarn exporters. The
ratings however take note of the significant experience of
promoters in cotton trading and ginning and the location advantage
of being situated in Guntur, a major cotton growing belt of India.
ICRA notes that the Company has recently restructured its term
loans with its bankers during March, 2009.

                        About Sree Lalitha

Sree Lalitha Parameswari Spinning Mills Private Limited is
primarily engaged in the production of cotton yarn.  Incorporated
in 2005, the Company has an installed capacity of 12000 spindles
and it started commercial operations in August, 2006.  The Company
started operating at full capacity from April, 2007.  LPS's
manufacturing facility is located in Chebrolu, near Guntur (Andhra
Pradesh).  The directors and their relatives & friends hold 100
per cent stake in the Company.

Recent performance (Provisional)

The Company reported a net profit before tax of INR180 million on
operating income of INR332 million for the six months ending
September 31, 2009, against profit before tax of INR 24 million on
operating income of INR187 million for the year ended March 31,
2009.


SUDIVA SPINNERS: CRISIL Places'B' Rating on INR199.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Sudiva Spinners
Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR75.00 Million Cash Credit Limit*    B/Stable (Assigned)
   INR199.50 Million Term Loan            B/Stable (Assigned)
   INR10.00 Million Bank Guarantee        P4 (Assigned)

   *Including EPC sub limit of INR40 million

The ratings reflect SSPL's small scale, and limited track record
of operations, and weak financial risk profile.  These rating
weaknesses are partially offset by the benefits that SSPL derives
from its promoters' experience in the textile industry.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit from its
promoters' industry experience over the medium term. However, the
company's financial risk profile is expected to remain constrained
because of its weak debt protection metrics.  The outlook may be
revised to 'Positive' if SSPL's profitability increases, thereby
improving its financial risk profile.  Conversely, the outlook may
be revised to 'Negative' in case the company's financial risk
profile deteriorates, most likely because of large debt-funded
capital expenditure.

                      About Sudiva Spinners

Incorporated in 2007 by Mr. Varun Laddha, SSPL manufactures open-
end yarn and cotton, and viscose-based yarn ranging from 6 to 24
counts and 20 to 30 counts, respectively.  The company's plant in
Bhilwara (Rajasthan) has 1248 rotors with a production capacity of
300 tonnes per month (tpm).

SSPL reported a net loss of INR8.6 million on net sales of INR189
million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss of INR0.6 million on net sales of
INR3 million for 2007-08.


SURESH ANGADI: Fitch Assigns 'B' Rating on Proposed Long-Term Loan
------------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'B (ind)' to
India-based Suresh Angadi Education Foundation's proposed long-
term loan of INR100 million.  The Outlook is Stable.

The ratings factor in the short track record of Angadi Institute
of Technology and Management, the educational institute sponsored
by the trust, and the fact that the capital expenditure project
for setting up the institute's infrastructure is still in the
implementation stage, with full completion expected by March 2011.
Furthermore, the ratings are constrained by the highly stretched
projected levels of credit metrics such as debt/operating surplus
and interest cover during the initial years of operation of FY10
and FY11.  The timely completion of the project and stabilization
of operations, with maximum levels of admissions and fee income,
will likely improve its credit metrics from FY12 onwards.  Fitch
will assign final ratings upon receiving the sanction letter for
the term loan.

The ratings draw comfort from the demand for engineering and
management education in Belgaum, Karnataka and nearby locations
such as Hubli and Dharwad, which has enabled the institute to
achieve over 80% admissions in the first academic year.  AITM is
the sixth engineering and management institute in the Belgaum
district.

Timely completion of the ongoing capex project and achievement of
projected levels of fee income and operating surplus could be
positive for its ratings, whereas delays in completion of the
project, resulting in lesser than the projected level of fee
income and operating surplus would be considered negative for its
ratings.  In addition, a sustained decline in interest cover below
1.0x would also pressure its ratings.

Suresh Angadi Education Foundation is a not for profit trust
established in December 2008.  The trust has established Angadi
Institute of Technology and Management in Belgaum, Karnataka for
running engineering and management courses.  The institute has
been operational from August 2009 onwards.  Presently, the
institute has 201 students in engineering and 48 students in
management course.  The institute is affiliated to the Karnataka
Government sponsored Visvesvaraya Technological University and is
subject to fee and intake mix regulations, including reservations
applicable to technical colleges in the state.


UKB ELECTRONICS: ICRA Assigns 'LBB+' Rating on INR117.5MM Debts
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to INR117.50 million fund based
facilities of UKB Electronics Private Limited.  ICRA has also
assigned an A4+ rating, to INR325 million non fund based limits of
UKB Electronics Private Limited.

The ratings take into account intensely competitive nature of the
cable industry and modest scale of operations of UKB. Further the
ratings are also inhibited by susceptibility of UKB's
profitability to adverse movements in raw material prices and
volatility in exchange rates.  This apart, the funding for
Company's expansion plans in-order to cater to the export market,
is yet to be tied up.  Nevertheless, the ratings draw comfort from
significant experience of the promoters in the Copper Cable (and
other wiring devices) Industry and UKB's established relationship
with major institutional clients which have resulted in repeat
orders in the past.  Further, the ratings also derive comfort from
attempts made by the company to create presence across value-
chain.  This is evidenced by moderate level of backward
integration achieved by the company and extension of product
portfolio to include relatively high value added products.

Established in 1996, UKB Electronics Private Limited was promoted
by the Tayal family having more than a decade of relevant
experience in the Cable industry.  The company is a closely held
private limited company engaged in manufacture of copper cables
and other wiring devices.  For the financial year ended March 31.
2009, the company reported an operating income of INR 533.10
million and a net profit of INR6.20 million as compared to an
operating income of INR 412.70 million and a net profit of
INR 5.10 million for the financial year ended March 31, 2008.


VASISHTA CONSTRUCTIONS: Weak Liquidity Cues CRISIL'B-' Ratings
---------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to Vasishta
Constructions Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR30.0 Million Cash Credit            B-/Negative (Assigned)
   INR20.0 Million Overdraft Facility     B-/Negative (Assigned)
   INR225.0 Million Bank Guarantee        P4 (Assigned)

The ratings reflect VCPL's weak liquidity because of large working
capital requirements, and exposure to risks relating to its
limited track record in executing large contracts.  These rating
weaknesses are partially offset by VCPL's moderate financial risk
profile marked by low gearing and satisfactory debt protection
measures, and its healthy order book.

Outlook: Negative

CRISIL believes that VCPL's credit risk profile will be
constrained because of its weak liquidity and large working
capital requirements.  The ratings may be downgraded if the
company generates lower-than-expected revenues and accruals,
leading to further pressure on its liquidity and debt servicing
ability. Conversely, the outlook may be revised to'Stable' if the
company establishes a strong track record of completing large
projects without time and cost overruns, and maintains healthy
profitability.

                   About Vasishta Constructions

Incorporated in 1991 by Mr. M Nagaraju, VCPL is a construction and
infrastructure development company based in Hyderabad.  VCPL
undertakes projects in the irrigation, roads and bridges, and
building construction segments.  The promoters also have interests
in aquaculture and real estate development.

VCPL reported a profit after tax (PAT) of INR30.2 million on net
sales of INR973.0 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR15.4 million on net
sales of INR497.0 million for 2007-08.


WOCKHARDT LTD: Told to Deposit Sale Proceeds in a Separate Account
------------------------------------------------------------------
The Bombay High Court has asked Wockhardt Ltd. to deposit the
proceeds from a proposed sale of its nutrition business to U.S.
drug maker Abbott Laboratories Inc. in a separate account with
ICICI Bank Ltd. if its foreign unsecured creditors allow this deal
to go through, livemint.com reports.

The Economic Times relates Wockhardt's foreign lenders said they
would not object to proposed sale of its nutritional business to
Abbott if the sale proceeds received were to be put in a separate
account till their case was pending in the High Court.

Foreign lenders, including Barclays and Caylon, have filed
petitions in Bombay High Court seeking winding up of Wockhardt,
the Times recalls.

Meanwhile, the Economic Times reports that another foreign
unsecured lender of the pharmaceutical company, Citibank, has also
issued a notice for winding up Wockhardt after the latter failed
to repay debts.

                         About Wockhardt Ltd

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

                           *     *     *

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

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

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

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


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


PERUSAHAAN GAS: Raises Up to IDR15 Trillion for Acquisition Fund
----------------------------------------------------------------
PT Perusahaan Gas Negara said Thursday that it was raising as much
as IDR15 trillion (US$1.6 billion) to buy stakes in natural gas
blocks and operators to meet fuel demand, The Jakarta Post
reports.

The Post quoted PGN's president director Hendi Prio Santoso as
saying that "It's basically to strengthen our gas supply
capability."

According to the report, it is the first time that PGN has
announced plans to acquire gas fields since it only served as a
distributor, with state energy firm PT Pertamina the government's
arm for holding oil and gas blocks.

"We have already set aside around IDR3.4 trillion this year from
our internal cash to finance the acquisition plan," the Post cited
Hendi saying.  "However, we could upsize our acquisition funds
[through commercial loans] up to IDR10 trillion to IDR15 trillion,
if we use internal funds for acquisition as base equity."

Hendi, who was speaking at a signing ceremony marking Pertamina-
PGN partnership to build the West Java floating liquefied natural
gas terminal, said PGN would not seek majority shares in the
blocks or companies, preferring to hold strategic partnerships
instead.

"Our objective is not to operate the blocks or control the
producers. To secure gas supply, we want the blocks to be operated
by experienced companies," Hendi added.

                              About PGN

Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk --
http://www.pgn.co.id/-- is a gas and energy company that is
comprised of two core businesses: distribution and transmission.
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices.  These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements.  Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar.  On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements.  The company is 59.4% owned by the
Government of Indonesia.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 9, 2009, Moody's Investors Service affirmed Perusahaan
Gas Negara's Ba2 corporate family rating.  At the same time,
Moody's upgraded the senior unsecured debt rating of PGN Euro
Finance 2003 Ltd, which is guaranteed by Perusahaan Gas Negara, to
Ba2 from Ba3.  The outlook on all ratings is stable.


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


HITACHI LTD: Posts JPY21.8BB Net Profit in Quarter Ended Dec. 31
----------------------------------------------------------------
Hitachi Limited reported a net profit of JPY21.88 billion for the
three months ended December 31, 2009, compared with a net loss of
JPY371.1 billion a year earlier, Bloomberg News reports.  Revenues
fell to JPY2.16 trillion from JPY2.26 trillion the previous year.

Bloomberg says the company narrowed its forecast of losses for the
fiscal year ending March and now predicts a net loss of JPY210
billion, versus its previous forecast for a JPY230 billion loss.
Hitachi, according to Bloomberg, maintained its revenue forecast
at JPY8.70 trillion, but said it expects operating profits to rise
as cost cutting measures continue to take effect.

According to Bloomberg, the company also announced on Thursday a
leadership shakeup involving its CEO and other top management,
meant to improve the company's fortunes after years of lackluster
performance.

Bloomberg relates the company said it was replacing its president
and chief executive officer, Takashi Kawamura, along with several
other senior managers for the next fiscal year starting in April.

Mr. Kawamura will be replaced by Hiroaki Nakanishi, a vice
president who first joined the company in 1970 and has overseen
various of its businesses in Europe and the U.S, Bloomberg notes.

A full-text copy of the Company's consolidated financial results
for the third quarter ended December 31, 2009, is available at no
charge at: http://ResearchArchives.com/t/s?5105

                           About Hitachi

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- develops a
diversified product mix ranging from electricity generation
systems to consumer products and electronic devices.  The Company
has seven segments: Information & Telecommunication Systems,
Electronic Devices, Power & Industrial Systems, Digital Media &
Consumer Products, High Functional Materials & Components,
Logistics, Services & Others and financial services.  In April
2008, Hitachi acquired a majority ownership interest in M-Tech
Information Technology, Inc.  In April 2008, Hitachi, Ltd.
established a wholly owned subsidiary, Hitachi Information &
Telecommunication Systems Global Holding Corporation. In March
2008, Hitachi Consulting, the global consulting company of
Hitachi, acquired JMN Associates.  On March 16, 2009, the Company
made Hitachi Koki Co., Ltd. a subsidiary via share purchase.  On
March 18, 2009, the Company made Hitachi Kokusai Electronic Inc. a
subsidiary via share purchase.

                           *     *     *

For the 2008 fiscal year ended March 31, 2009, Hitachi incurred a
third annual loss of JPY788 billion.  For the 2007 fiscal year
ended March 31, 2008, Hitachi posted a net loss of JPY58.12
billion, compared with a net loss of JPY32.79 billion for year
ended March 31, 2007.


HITACHI LTD: Plans to Raise Investment in Indonesia
---------------------------------------------------
Antara News reports that Hitachi Ltd's Chief Executive & Chief
Innovation Officer for Asia, Yasunori Taga, said Hitachi Asia Ltd.
intends to expand its investment in Indonesia.

"We have planned so far to invest in Indonesia and we want to
realize it as soon as possible," the news agency cited Mr. Taga as
saying in a Media Briefing Hitachi Young Leaders Initiative Alumni
Forum.

Antara relates Mr. Taga said Indonesia is a potential country with
abundance of energy namely gas, liquefied natural gas (LNG), coal,
and others.  Mr. Taga said he currently focuses on social
infrastructure development sector such as railway system,
transportation facility, or other business which has direct
contribution to Indonesian economic progress, Antara adds.

"We have had business line here in high voltage transformation but
it is still for export purposes to Middle East," Antara quoted
Mr. Taga as saying.  According to the news agency, Mr. Taga
admitted that he had yet to define for sure the kind of investment
Hitachi Asia Ltd. would make in Indonesia.

Established in 1995, Hitachi Asia has been marketing various
products and services for the industrial sector such as power
generators, transmission networks and distribution systems,
industrial components and equipment, air conditioners, elevators,
and escalators.

                           About Hitachi

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- develops a
diversified product mix ranging from electricity generation
systems to consumer products and electronic devices.  The Company
has seven segments: Information & Telecommunication Systems,
Electronic Devices, Power & Industrial Systems, Digital Media &
Consumer Products, High Functional Materials & Components,
Logistics, Services & Others and financial services.  In April
2008, Hitachi acquired a majority ownership interest in M-Tech
Information Technology, Inc.  In April 2008, Hitachi, Ltd.
established a wholly owned subsidiary, Hitachi Information &
Telecommunication Systems Global Holding Corporation. In March
2008, Hitachi Consulting, the global consulting company of
Hitachi, acquired JMN Associates.  On March 16, 2009, the Company
made Hitachi Koki Co., Ltd. a subsidiary via share purchase.  On
March 18, 2009, the Company made Hitachi Kokusai Electronic Inc. a
subsidiary via share purchase.

                           *     *     *

For the 2008 fiscal year ended March 31, 2009, Hitachi incurred a
third annual loss of JPY788 billion.  For the 2007 fiscal year
ended March 31, 2008, Hitachi posted a net loss of JPY58.12
billion, compared with a net loss of JPY32.79 billion for year
ended March 31, 2007.


JAPAN AIRLINES: ETIC to Borrow JPY355 Bil. to Provide Aid
---------------------------------------------------------
Enterprise Turnaround Initiative Corp. of Japan, who is overseeing
the restructuring of Japan Airlines Corp., will borrow from a
group of five banks a total of JPY355 billion (or US$3.9 billion)
for six months starting January 28, 2010, mostly in aid for the
bankrupt Japanese flagship air carrier, Bloomberg News said in a
January 26 report, citing people who are knowledgeable of the
matter.

The report said ETIC, in early January, asked 39 local and
overseas banks to bid in an auction to provide government-
guaranteed loans.  The fund is arranging JPY600 billion in bridge
loans for Japan Air with Development Bank.  The fund is also
providing JPY300 billion in capital to the bankrupt carrier.

According to the same report, Mizuho Financial Group Inc. will be
the biggest lender to ETIC.  Bloomberg's sources, who declined to
be identified as the discussions are private, however did not
disclose how much Mizuho will lend to ETIC.

In papers filed with the U.S. Bankruptcy Court for the Southern
District of New York, where JAL is commencing a Chapter 15
proceeding, Mizuho owns 35,303,000 ordinary shares and 80,000,000
Class A shares of Japan Airlines Corporation.

Masako Shiono, a spokeswoman for Mizuho, Japan's third biggest
bank by market value, declined to comment and an official at ETIC
also declined to comment, Bloomberg said.

                            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: Might Stick with American Airlines
--------------------------------------------------
Mariko Sanchanta and Mike Esterl at The Wall Street Journal report
that Japan Airlines Corp. is leaning toward maintaining its
longstanding alliance with AMR Corp.'s American Airlines instead
of teaming up with Delta Air Lines Inc.

The Journal, citing people close to the protracted tug-of-war for
Asia's largest carrier, relates that American's bid to keep JAL
has gained traction recently at least in part because of growing
concerns a JAL-Delta partnership would trigger antitrust concerns
in the U.S.

The Troubled Company Reporter, citing the Wall Street Journal,
said on January 13, 2010, that Japanese government officials were
pushing JAL to choose Delta as its new alliance partner over
American.  People familiar with the matter told the Journal at
that time that JAL received official advice that a tie-up with
Delta would be more advantageous on the grounds that Delta has a
more robust trans-Pacific flight network and a stronger Asian
network than American.

The Journal now relates one person close to the deliberations said
JAL's new chairman, Kazuo Inamori, started from scratch in
deciding whether Asia's biggest carrier by revenue should ally
itself with Fort Worth, Texas-based American or Atlanta-based
Delta in a joint venture on trans-Pacific flights.

Mr. Inamori, who took over as JAL's chairman Feb. 1, has had
conversations with officials in Washington focusing on whether a
Delta-JAL tie-up would receive antitrust immunity, the Journal's
source added.

The Journal relates the Enterprise Turnaround Initiative Corp. of
Japan, the quasi-governmental body that is tasked with
restructuring JAL, is also favoring a broader tie-up with
American.

JAL plans to tell Delta as early as this week that it will
terminate the tie-up negotiation, while together with American the
Japanese airline will apply for anti-trust immunity with the US
Department of Transportation within this month, the AFP reports
citing the Nikkei business daily.

Masaru Onishi, the new president of JAL, said an official decision
on a partner is slated to be made this week or early next week,
the Journal notes.

                         About AMR Corp.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                         *     *     *

AMR carries a 'CCC' issuer default rating from Fitch Ratings.  It
has 'Caa1' corporate family and probability of default ratings
from Moody's.  It has 'B-' corporate credit rating, on watch
negative, from Standard & Poor's.

                      About Delta Air Lines

With its acquisition of Northwest Airlines, Atlanta, Georgia-based
Delta Air Lines (NYSE: DAL) -- http://www.delta.com/or
http://www.nwa.com/-- became the world's largest airline
following merger with Northwest Airlines in 2008.  From its hubs
in Atlanta, Cincinnati, Detroit, Memphis, Minneapolis-St. Paul,
New York-JFK, Salt Lake City and Tokyo-Narita, Delta, its
Northwest subsidiary and Delta Connection carriers offer service
to more than 376 destinations worldwide in 66 countries and serves
more than 170 million passengers each year.   The merger closed on
October 29, 2008.

Northwest and 12 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).

Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

Delta Air Lines and Northwest Airlines carry a 'B/Negative/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's.

                             About JAL

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based 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)


SANYO ELECTRIC: Posts JPY44.7 Bil. Net Loss in 9Mos. Ended Dec. 31
------------------------------------------------------------------
Sanyo Electric Co., Ltd. disclosed its consolidated financial
results for the nine months up to the third quarter of fiscal year
(FY) 2010 (April 1, 2009 to December 31, 2009).

Sanyo reported a net loss of JPY44.7 billion for the nine months
ended December 31, 2009, compared with a net profit of JPY18.3
billion a year earlier.

The nine month period from April 1, 2009 to December 31, 2009
ended with consolidated net sales of JPY1.21 trillion, a decrease
of 15.5% over the same period last year.

For the consumer business segment, sales decreased 12.7% over the
same period last year to JPY473.5 billion, primarily due to
sluggish sales of digital cameras and projectors despite success
in the thriving navigation systems business.  The commercial
business segment experienced a 19.5% sales decrease over the same
period last year to end at JPY156.6 billion, attributed mainly to
the decreased sales of commercial air conditioning units, kitchen
equipment, and food showcases.  For the component business
segment, which includes such products as rechargeable batteries,
photovoltaic systems, semiconductors and electronic components,
sales decreased 15.8% over the same period last year to JPY563.5
billion due to the falling prices of lithium-ion batteries, and
sluggish sales of semiconductors and electronic components,
although there were strong sales in photovoltaic systems in Japan.
Semiconductors and electronic components showed some recovery in
the third quarter (from October 1, 2009 to December 31, 2009),
with the sales of optical pickups doubling over the same period
last year.

Sales in Japan decreased 8.5% over the same period last year to
JPY483.9 billion, and overseas sales also decreased 19.6% over the
same period last year to JPY727.7 billion.

Operating income decreased 35.4% (JPY10.9 billion) to JPY19.9
billion over the same period last year.  In addition to the
reduction in sales, the deficit balance of JPY9.0 billion in the
first quarter has affected the results.  Losses from continuing
operations before taxes increased by JPY31.0 billion over the same
period last year to end at JPY33.5 billion.  This was primarily
due to additional expenses related to the tender offer by
Panasonic for SANYO shares, washer/dryer recalls and TV recalls in
addition to the additional structural reforms and losses from sold
assets.

Koichi Maeda, Executive Vice President of SANYO, commented, "SANYO
became a member of Panasonic Group last December." He added, "As a
member of the Panasonic Group, we will push forward in our energy
and environment business areas, focusing on such products and
technologies as photovoltaic systems and lithium-ion batteries,
which will contribute to the Group's image as it accomplishes the
goal to become the No.1 electronics company in the world, focusing
on environmental innovation."

                            About Sanyo

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


SHINSEI BANK: Aims to Unload Unprofitable Investments
-----------------------------------------------------
Bloomberg News reports that Shinsei Bank Ltd. Chief Executive
Officer Masamoto Yashiro said the Japanese lender aims to "clean
up" unprofitable investments on its books this quarter.

"I want to clean up all our negative legacy assets by the end of
March," Bloomberg cited Mr. Yashiro as saying in a video
presentation given to investors on Thursday.  "It's important to
do this conservatively."

According to Bloomberg, Shinsei on Feb. 3 reported a net income of
JPY11.2 billion for the three months ended Dec. 31, compared with
a loss of JPY12.8 billion a year earlier.  Bloomberg notes the
bank left unchanged its full-year profit forecast of JPY10
billion, citing the potential for impairments and charges on real
estate, consumer lending and other assets.

Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Moody's Investors Service affirmed Shinsei Bank,
Limited's ratings, while the ratings outlook remains negative.
The ratings affected are its D+ bank financial strength rating,
Baa3 baseline credit assessment, A3/P-2 long- and short-term
deposit ratings, A3 senior unsecured debt rating, Baa1 senior and
junior subordinated debt ratings, and Baa3 preferred securities
rating.


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


HOCK SIN: Auditors' Unqualified Opinion Prompts PN17 Listing
------------------------------------------------------------
Hock Sin Leong Group Berhad is now listed as an Amended Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the company
triggered the PN17 listing as its external auditors have
expressed, albeit, an unqualified opinion and have emphasized that
the Group incurred a net loss of MYR26,587,834 during the year
ended September 30, 2009, and as of that date, the Group?s current
liabilities exceeded its current assets by MYR28,172,442.

As a listed Company under the Amended PN17 of the Bursa
Securities, the HSLG is required to submit a reform plan to
regularize its financial condition.  The plan will be submitted
for approval to the Securities Commission and other relevant
authorities.  In the event the Company fails to comply with all
the provisions of PN 17, Bursa Securities may commence delisting
proceedings against the company.

Hock Sin Leong Group Berhad -- http://www.hslg.com.my/-- is an
investment holding company.  It also provides management services
to its subsidiary companies.  The Company, through its
subsidiaries, is engaged in consumer electrical and electronics
industry in Malaysia.


WONDERFUL WIRE: Revised Restructuring Scheme Approved
-----------------------------------------------------
TA Securities Holdings Berhad, on behalf of the Board of Directors
of Wonderful Wire & Cable Berhad, disclosed that the Ministry of
International Trade and Industry of Malaysia on January 29
approved the Company?s Revised Proposed Restructuring Scheme,
subject to the Company having obtained the approval by the
Securities Commission of Malaysia for the Revised PRS.

In addition, MITI has also granted the Company an extension of
three years to comply the equity condition imposed by the MITI.

The Company said it is required to step up its efforts to comply
with the equity condition imposed by the MITI within the
Stipulated Timeframe and is required to submit a yearly report,
informing the MITI the measures taken by the Company in meeting
the equity conditions imposed by the MITI.

                       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.


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


EXPRESS TELECOM: Bayantel Seeks Restraining Order
-------------------------------------------------
The Malaya Business Insight reports that Bayan Telecommunication
Inc. and Marifil Holding Inc. have asked the Supreme Court to
issue a temporary restraining order against the rehabilitation
plan for debt-ridden Express Telecommunications Co.

The report relates Bayantel said the plan could result in the
dilution of the Lopez firms' equity from 46% to 8% due to a
proposed debt to equity swap.

The Malaya, citing a 103-page petition filed by Bayantel and
Marifil, states that the two firms asked the SC to nullify the
implementation of the Extelcom rehab plan and replace it with
Bayantel's proposed alternative rehab plan which will allow
the two companies to enter into commercial partnership for the re-
launching of wireless local loop (WLL) and cellular services.

According to the BusinessMirror, the two companies are also asking
the SC to:

   -- issue a preliminary injunction so that Extelcom, its
      rehabilitation receiver, and creditor-turned-shareholder
      Trans Digital Excel (TDE) Inc. are prohibited from
      implementing the said orders; and

   -- reverse the appellate court's December 2009 order.

Under Bayantel's alternative rehabilitation plan, says the Malaya,
Extelcom will enter into a commercial agreement with Bayantel in
which Extelcom will allow Bayantel to use its frequency in the 800
mhz range, in exchange for a share of Bayantel provincial WLL
revenues and a share of Bayantel earnings from roaming services
for foreign visitors using CDMA based cellular phone services.

Extelcom filed for corporate rehabilitation with a Manila trial
court in 2006.  The court granted the petition, but Bayantel, an
Extelcom major creditor, and Marifil Holdings Corp., an Extelcom
major stockholder, opposed the rehabilitation plan and proposed
their own alternative plans.

                          About Extelcom

Established in December 1988, Express Telecommunication Co., Inc.
(Extelcom) -- http://www.extelcom.com/is a joint venture of
Marifil Holdings owned by Bayan Telecommunications Holdings Corp,
(BayanTel) the telecommunications arm of Benpres Holdings Corp.
(Benpres), Scott Sproule Cellular and Digital Excel Development,
and Mayon Holdings, Inc. whose shareholders also own GMA Network.


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


BOSTON ASSET: Court to Hear Wind-Up Petition on February 12
-----------------------------------------------------------
A petition to wind up the operations of Boston Asset Management
Pte Ltd (formerly known as Universal Network Education Pte Ltd)
will be heard before the High Court of Singapore on February 12,
2010, at 10:00 a.m.

Alliance Investment Bank Berhad (formerly known as Alliance
Merchant Bank Berhad) filed the petition against the company on
January 15, 2010.

The Petitioner's solicitor is:

          Tan Kok Quan Partnership
          No. 8 Shenton Way
          #47-01, Singapore 068811


CP SOLUTIONS: Court to Hear Wind-Up Petition on February 19
-----------------------------------------------------------
A petition to wind up the operations of CP Solutions Pte Ltd will
be heard before the High Court of Singapore on February 19, 2010,
at 10:00 a.m.

Tay Swee Sze (Judicial Manager of CP Solutions Pte Ltd) filed the
petition against the company on January 25, 2010.

The Petitioner's solicitors are:

          Lawrence Quahe & Woo LLC
          123 Penang Road
          #05-12 Regency House
          Singapore 238465


GLOBAL SOURCE: Creditors' Proofs of Debt Due March 8
----------------------------------------------------
Global Source Merchandising Pte Ltd, which is in creditors'
voluntary liquidation, requires its creditors to file their proofs
of debt by March 8, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


INTERMEDIA NETWORK: Court to Hear Wind-Up Petition on February 19
-----------------------------------------------------------------
A petition to wind up the operations of Intermedia Network
Services Pte Ltd will be heard before the High Court of Singapore
on February 19, 2010, at 10:00 a.m.

Singapore Telecommunication Limited filed the petition against the
company on January 27, 2010.

The Petitioner's solicitors are:

          Messrs Lim & Lim
          8 Wilkie Road
          #04-09 Wilkie Edge
          Singapore 228095


M+ CORP: Court to Hear Wind-Up Petition on February 26
------------------------------------------------------
A petition to wind up the operations of M+ Corp Pte Ltd (formerly
known as MBO Capital Pte. Ltd) will be heard before the High Court
of Singapore on February 26, 2010, at 10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company on January 29, 2010.

The Petitioner's solicitors are:

          Robert Wang & Woo LLC
          9 Temasek Boulevard
          #32-01 Suntec Tower 2
          Singapore 038989


MAN JING: Court to Hear Wind-Up Petition on February 12
-------------------------------------------------------
A petition to wind up the operations of Man Jing Trading Pte Ltd
will be heard before the High Court of Singapore on February 12,
2010, at 10:00 a.m.

Kong Su Koon filed the petition against the company on January 20,
2010.

The Petitioner's solicitors are:

          Looi & Co
          No. 101 Upper Cross Street
          #05-56 People?s Park Centre
          Singapore 058357


STERLING HUMAN: Court to Hear Wind-Up Petition on February 26
-------------------------------------------------------------
A petition to wind up the operations of Sterling Human Resources
Pte Ltd will be heard before the High Court of Singapore on
February 26, 2010, at 10:00 a.m.

Tan Tiow Lheng Robin filed the petition against the company on
February 1, 2010.

The Petitioner's solicitors are:

          T S OON & BAZUL
          36, Robinson Road
          #08-01/06 City House
          Singapore 068877


                         *********

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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