TCRAP_Public/100211.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

           Thursday, February 11, 2010, Vol. 13, No. 029

                            Headlines



A U S T R A L I A

AUSTRALIAN AGRICULTURAL: Posts AU$53.7MM Loss for 2009
AUSTRALIAN ZIRCON: To Close Mindarie Mine Next Week
CENTRO PROPERTIES: ASIC Issues Stop Orders on Unsolicited Offers
CMC CAIRNS: 25 Associated Firms Placed In Liquidation


C H I N A

CHAODA MODERN: Moody's Reviews 'Ba3' Corporate Family Rating
NEW ORIENTAL: Posts US$3.17-Mil. Net Loss in September 30 Quarter
SEMICONDUCTOR MFG: Fourth Qtr Loss Widens to US$299.7 Million


H O N G  K O N G

ARCHITECTURAL PRECAST: Borrelli, Briscoe Step Down as Liquidators
CHINA AERONAUTICAL: Creditors Get 20% Recovery on Claims
FOOD THERAPY: Creditors' Proofs of Debt Due February 28
GAINDAY INVESTMENTS: First Meetings Slated for February 19
IMAGI INTERNATIONAL: Shuts Down Animation Studio; Lays Off Staff

PHENIX OPTICS: Members' Final Meeting Set for March 10
POTTERY AGENTS: Placed Under Voluntary Wind-Up Proceedings
RIGHT CAPITAL: Lui and To Step Down as Liquidators
RYODEN SERVICES: Members' Final Meeting Set for March 10
SANICON INVESTMENT: Members' Final Meeting Set for March 12

SANYO ELECTRONIC: Inability to Pay Debts Prompts Wind-Up
SOHOMILANO INNOVATIVE: Members' Final Meeting Set for March 5
TAI LUNG: Members' Final Meeting Set for March 18
TIANLI INVESTMENT: Creditors' Proofs of Debt Due March 11
VERTEX CHINA: Seng and Cheng Down as Liquidators

YEE TAT: Commences Wind-Up Proceedings


I N D I A

ACG HOSPITALITY: CRISIL Rates INR200 Mil. Term Loan 'B-'
ADINATH RE-ROLLING: ICRA Assigns 'LBB+' Rating on Bank Limits
AIR INDIA: Mulls Shifting Focus on Domestic Routes
DCM LIMITED: ICRA Reaffirms 'LD' Rating on Convertible Debenture
JET AIRWAYS: In Talks with FedEx Over Partnership

JET AIRWAYS: Passenger Traffic Up for Fourth Consecutive Month
JOHARILAL AGARWALA: CRISIL Puts 'BB+' Rating on Cash Credit
METCUT TOOLINGS: CRISIL Reaffirms 'BB+' Rating on Term Loan
MADHYA PRADESH: CRISIL Rates INR140MM Cash Credit at 'BB+'
MIDAS GOLDEN: CRISIL Assigns 'BB' Rating on INR5.2MM LT Loan

MURLIWALA AGROTECH: CRISIL Assigns 'BB-' Rating on Cash Credit
NAVA BHARAT: CRISIL Reaffirms 'BB' Rating on INR9.5BB Term Loan
PALIWAL INFRASTRUCTURE: CRISIL Assigns 'D' Ratings on Term Loan
PERFECT RETREADS: CRISIL Places 'LBB+' Rating on Cash Credit
PRAMOD TELECOM: CRISIL Assigns 'B' Rating on INR19.7MM Term Loan

RAI SAHEB: CRISIL Assigns 'B' Ratings on Various Bank Debts
SRI BALMUKUND: CRISIL Places 'BB+' Rating on INR63MM Term Loan
VISHAKHA IRRIGATION: CRISIL Puts 'BB-' Rating on Term Loan


I N D O N E S I A

BERAU COAL: Moody's Withdraws 'B1' Corporate Family Rating


J A P A N

BEST DENKI: JCR Withdraws Ratings on Senior Debts
JAPAN AIRLINES: Bridge Loan May Reach as Much as JPY655 Bil.
JLOC XXX: S&P Puts Ratings on Certs. on CreditWatch Negative


M A L A Y S I A

FOUNTAIN VIEW: Summary Judgment Against Units Granted
PRIME UTILITIES: Bursa Malaysia to Delist Securities on Feb. 22
RHYTHM CONSOLIDATED: Court Issues Wind-Up Order
TALAM CORP: Unit Enters Into Shares Sale Deal With Encik Yunas
WWE HOLDINGS: Ibsul Agrees to Withdraw Winding-Up Notice


N E W  Z E A L A N D

ABC LEARNING: Kiwi Arm Up For Sale Again as Local Buyer Backs Out
RENAISSANCE CORP: Breaches Banking Covenants; Reports Pre-tax Loss


X X X X X X X X

LEHMAN BROTHERS: To Divest 12 Asian Investments as Prices Rise




                         - - - - -


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


AUSTRALIAN AGRICULTURAL: Posts AU$53.7MM Loss for 2009
------------------------------------------------------
Australian Agricultural Company Limited released its full year
financial results for the year ended December 31, 2009.

In line with the guidance previously provided, the Company
incurred a AU$53.7 million loss for the full year, compared to a
AU$38.7 million loss for the previous corresponding period ended
December 31, 2008.

Key pointes include:

   * After tax loss of AU$53.7 million (2008: loss of AU$38.7
     million)

   * Operating cash outflow of AU$56.4 million (2008: inflow of
     AU$10.7 million)

   * Property valuation decrease of 3% or AU$16 million (2008:
     increase of 6% or AU$39 million)

   * Positive non-cash benefit of AU$14 million from movement in
     The Company's interest rate swap position (2008: loss of
     AU$20 million)

   * Net Tangible Asset valuation of AU$2.42 per share (2008:
     AU$2.63 per share)

   * Gearing improvement to 32% (38% in previous corresponding
     period)

   * AU$330 million debt successfully refinanced, fulfilling 2010
     And 2011 debt maturity obligations

   * David Farley appointed CEO on December 1, 2009

   * Executive team continuing to build - Kerrie Parker appointed
     CFO, Troy Setter appointed GM Cattle Trading.

Newly appointed CEO David Farley said the results were adversely
affected by extreme climatic factors which combined with a range
of external market factors, created a unique adverse trading
outcome.

"AAco had faced 'a perfect storm' of external factors during the
year that led to an extremely poor result.  Droughts and flooding
led to serious cattle losses, significantly higher rates of calf
mortality and reduced herd weight gains," Mr. Farley said in a
statement.

"AAco also faced below average cattle prices during the year, and
the negative impact of the strong appreciation of the Australian
dollar."

"Despite those external pressures, the value of the Company's land
assets had held up well," Mr. Farley added.

Mr. Farley also said that since his appointment he had been
working with the board on a strategic review of the company.

"The review is progressing well, and we are developing a strategy
that will strengthen the business and best position AAco for a
profitable future," he said.

"We expect to provide details on the strategic review before the
Company holds its annual general meeting in May 2010," Mr. Farley
said.

Australian Agricultural Company Limited (ASX:AAC) --
http://www.aaco.com.au/--  is engaged in the business of
operation of grazing and farming properties; cattle breeding,
growing, feedlotting and trading, and wholesale marketing.  The
Company operates in two business segments: cattle and farming
operations, and wholesale beef.  The Company operates an
integrated cattle production system across 22 cattle stations
(plus two feedlots and three farms) located throughout Queensland
and the Northern Territory covering approximately 8.2 million
hectares.


AUSTRALIAN ZIRCON: To Close Mindarie Mine Next Week
---------------------------------------------------
More than 20 workers at a mineral sands mine, which is owned by
Australian Zircon NL, will lose their jobs as operations at the
site will end next week, ABC News reports.

ABC says the Australian Zircon mine located at Mindarie in the
east of South Australia has been in the hands of an administrator
since October when mining at the site was stopped.  The remaining
workers have been processing stockpiled ore.

But administrator Bryan Hughes said the operation was
unsustainable, ABC relates.

"That ongoing processing of the stockpile was always being
monitored and scrutinized closely and only to continue while it
was still profitable," Mr. Hughes told ABC.

"The rehabilitation work continues out at Mindarie and that will
continue until all the rehabilitation is finalised and that
obviously keeps the workforce out there to some extent."

In December, the administrator told The Advertiser six bidders had
been short-listed for the mothballed zircon mine, with final
offers due by mid-January.  There is no update on this process at
the moment, The Advertiser says.

According to The Advertiser, Australian Zircon's largest
shareholder, DCM Decometal had pumped in AU$6 million towards
priority payments such as employees' pay and banks repayments.
Talks were underway to get another AU$8 million through a deed of
company arrangement, The Advertiser notes.

                       About Australian Zircon

Australian Zircon NL (ASX:AZC) -- http://www.auzircon.com.au/
-- is engaged in construction and commissioning of its Mindarie
Zircon mine in the South Australian sector of the Murray Basin.
In addition, the company has continued exploration for zircon and
titanium minerals on its tenements in South Australia.  The
company has exploration regions in both Western Australia and New
South Wales.

In October 2009, Australian Zircon NL and its subsidiaries, Mallee
Minerals Separations Pty Ltd ACN 112 481 884, and Steiner Holdings
Pty Ltd ACN 009 461 223, appointed Bryan Hughes of Pitcher
Partners as Administrator pursuant to Section 436A of the
Corporations Act.


CENTRO PROPERTIES: ASIC Issues Stop Orders on Unsolicited Offers
----------------------------------------------------------------
The Australian Securities & Investments Commission on February 5,
2010, issued final stop orders on unsolicited offers made by
Tankstream Funds Management Limited to investors in 16 unlisted
Centro MCS property syndicates.

The orders follow Tankstream making a series of unsolicited offers
for up to 50 per cent of the interests on issue in various Centro
MCS property syndicates in November 2009.  The Centro MSC
syndicates are registered managed investment schemes, with total
assets under management of approximately AU$1.5 billion as at
June 30, 2009.

In return for their interests in the Centro MCS syndicates,
investors were offered interests in the Pelorus Property Trust
(PPT), an unlisted scheme for which Tankstream is the responsible
entity.

In ASIC's view, Tankstream's offer documents and product
disclosure statement (PDS) relating to the PPT did not adequately
disclose information required under the Corporations Act (the
Act).  The documents did not appropriately identify Tankstream as
the offeror, or clearly explain the nature of a PPT investment.
They did not adequately explain Tankstream's basis for estimating
the fair value of interests in the relevant Centro MCS syndicate
or the value of interests in PPT.  Further, the PDS implied that
interests in PPT would be able to be traded on the Australian
Securities Exchange without complying with Corporations Act
requirements designed to ensure that listing is promptly achieved.

ASIC made interim stop orders on December 24, 2009, pending the
holding of a hearing on January 13, 2010.

The final stop orders protect the position of Centro MCS investors
by preventing Tankstream from making any further unsolicited
offers and from acting on any acceptances received to date.
Investors who accepted the offer are not required to take any
action.

However, they do not prevent Tankstream from making a future offer
to Centro MCS investors, so long as the offer documents and PDS
comply with the requirements of the Act.

They relate to offers made by Tankstream to investors in the
Centro MCS schemes numbered 4, 5, 6, 8, 9 10, 11, 12, 14, 15, 16,
17, 18, 19NZI, 19 and 20.

Centro MCS is the direct property division of Centro Properties
Group and manages investments in 35 syndicates with a total value
of AU$3.2 billion in Australia and US$2.5 billion in the U.S.

                      About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

                           *     *     *

Centro owes its creditors as much as AU$6.6 billion and its
deadline to repay these debts has been extended four times since
December 2007, when the company's market value plunged.

On Jan. 16, 2009, the TCR-AP reported that Centro Properties Group
obtained a three-year extension on its AU$3.9 billion of the
senior syndicated debt facility.  It also obtained extension of
the debt facilities within Super LLC (Centro's US joint venture
investment with Centro Retail Trust (CER) and CMCS 40).


CMC CAIRNS: 25 Associated Firms Placed In Liquidation
-----------------------------------------------------
The liquidator of CMC Cairns Pty Ltd said that 25 associated CMC
companies have also gone into liquidation, ABC News reports.

CMC Cairns Pty Ltd is a Queensland-based construction company.
The company went into voluntary administration in May, owing
between AU$17 million and AU$18 million to 400 unsecured
creditors.  It also owed nearly AU$98 million to its financiers.

The company was placed in liquidation in September after the
directors failed to sign a deed of company arrangement.

ABC News says liquidators SV Partners is investigating a range of
issues, including the relationships between the companies and
whether CMC Cairns traded while insolvent.

According to the report, liquidator David Stimpson said it is
likely all but one of the secured creditors will be paid out, but
it is unlikely unsecured creditors will see any returns.

Mr. Stimpson said it is possible more companies in the group will
go into liquidation, ABC relates.


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


CHAODA MODERN: Moody's Reviews 'Ba3' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has put Chaoda Modern Agriculture
(Holdings) Ltd's Ba3 corporate family on review for possible
upgrade.

"The rating action follows Chaoda's repayment of its
US$225 million guaranteed senior note, which matured on
February 8, 2010," says Wonnie Chu, a Moody's Analyst.

"Post-repayment, Chaoda is in a net cash position and its overall
credit profile -- including strong financial metrics and liquidity
profile, as well as a resilient business model -- are comparable
to higher rated peers in the region," adds Chu.

"The company also generated positive free cash flow in FY2009, and
has demonstrated a track record for managing the challenge of
large debt repayments in an uncertain credit environment, and
which is one of Moody's rating concerns.  It did this by raising
equity and reducing its discretionary capex to conserve cash for
debt repayments," says Mr. Chu.

In this review, Moody's will assess Chaoda's future business plan
and its financial policy for funding growth and for meeting its
medium-term funding needs.

Moody's last rating action with respect to Chaoda was taken on
June 18, 2009, when the company's corporate family and foreign
currency debt ratings were upgraded to Ba3 from B1 following the
completion of its share placement.

Chaoda's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
the company's i) business risk and competitive position compared
to others within the industry; ii) capital structure and financial
risk; iii) projected performance over the near to intermediate
term; and iv) management's track record and tolerance for risk.

These attributes were compared against other issuers both within
and outside of Chaoda's core industry; Chaoda's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Chaoda Modern Agriculture (Holdings) Ltd is a vertically-
integrated agricultural company.  It mainly produces and
distributes fruit and vegetables in China and is also involved in
livestock breeding and sales.


NEW ORIENTAL: Posts US$3.17-Mil. Net Loss in September 30 Quarter
---------------------------------------------------------------
New Oriental Energy & Chemical Corp. and subsidiaries reported a
net loss of US$3,173,415 for the three months ended September 30,
2009, an increase of US$2,582,969, or 437.46%, as compared to a
net loss of US$590,446 for the three months ended September 30,
2008.

Revenues for the three months ended September 30, 2009, were
US$7,553,115, which represented a decrease of 47.04% from the same
period in the prior year.

The Company reported a net loss of US$6,324,929 for the six months
ended September 30, 2009, compared to net income of US$246,123 for
the six months ended September 30, 2008.

Revenues for the six months ended September 30, 2009, were
US$15,937,433, which represented a decrease of 47.07% from the
same period in the prior year.

                          Balance Sheet

At September 30, 2009, the Company's consolidated balance sheets
showed total assets of US$61,286,830, total liabilities of
US$53,585,749, and total stockholders' equity of US$7,701,081.

The Company's consolidated balance sheets at September 30, 2009,
also showed strained liquidity with US$11,889,784 in total current
assets available to pay US$49,405,854 in total current
liabilities.

A full-text copy of the Company's quarterly report on Form 10-Q is
available at no charge at http://researcharchives.com/t/s?5149

                          Going Concern

The Company had a net loss of US$6,324,929 for the six months
ended September 30, 2009, and has a working capital deficit of
US$37,516,070 at September 30, 2009.

The Company will need to obtain additional financing to continue
operations beyond 2009.  Its primary source of capital is cash
generated from operations as well as through loans.  If the
Company is unable to obtain additional financing, it will not be
able to sustain its operations and would likely be required to
cease its operations.

"These matters raise substantial doubt about the Company's ability
to continue as a going concern."

Management recognizes that the Company's continuation as a going
concern is dependent upon its ability to generate sufficient cash
flow to allow the Company to continue the development of its
business plans and satisfy its current and long-term obligations
on a timely basis.  The Company believes that it will be able to
complete the necessary steps in order to meet its cash
requirements for the next twelve months.

The major shareholder has committed to provide financial
assistance of RMB50 to RMB80 million (approximately US$7.3 million
to US$11.7 million) over the next few years, if necessary.

On October 23, 2009, the Company obtained a short-term bank loan
for RMB3.9 million (approximately US$570,000 with an interest rate
of 10.62% per annum from Rural Credit Cooperatives, which is due
on October 15, 2010.  The Company's construction in progress is
pledged as collateral for the short-term bank loan.

                        About New Oriental

New Oriental Energy & Chemical Corp. (NASDAQ: NOEC - News) --
http://www.neworientalenergy.com/-- is an emerging coal-based
alternative fuels and specialty chemical manufacturer based in
Henan Province, in The Peoples's Republic of China.  The Company's
core products are urea and other coal-based chemicals primarily
utilized as fertilizers.  All of the Company's sales are made
through a network of distribution partners in the PRC.


SEMICONDUCTOR MFG: Fourth Qtr Loss Widens to US$299.7 Million
-------------------------------------------------------------
Bloomberg News reports that Semiconductor Manufacturing
International Corp. posted its eighth straight quarterly loss
after charging US$299.7 million to cover a litigation settlement
with competitor Taiwan Semiconductor Manufacturing Co.

Citing SMIC's statement to Hong Kong's stock exchange, Bloomberg
discloses that the company's net loss widened to US$482.3 million,
or 0.02 cents a share, from US$139.5 million, or 0.01 cents, a
year earlier.  Fourth quarter sales rose 22% to US$333.1 million
from a year earlier and were 3% higher than in the previous three
months, Bloomberg relates.

According to Bloomberg, the Chinese company, whose shares have
gained 76% since David Wang replaced founder Richard Chang as
Chief Executive Officer in November, said it is in talks to sell a
stake to a prospective investor.

Mr. Wang said, "2010 looks to be a good year for the semiconductor
industry.  We believe it will also be an important step on our
journey toward sustained profitability."

"Overall, revenue growth was in-line with expectations for fourth
quarter of 2009, and the percentage of gross margin increased 10
fold over the previous quarter. This was due to an increase in our
average selling price per wafer, total wafer shipments, and
factory utilization," Mr. Wang added.

Bloomberg says the company forecasted revenue in the current
quarter to range from flat to a 2% increase.

Meanwhile, Bloomberg News reports that Semiconductor Manufacturing
also announced the appointment of Gary Tseng, former chief
financial officer of Taiwan Semiconductor, as chief financial
officer.  Simon Yang, former chief technology officer of Chartered
Semiconductor Manufacturing Ltd., was named as chief operating
officer and Chris Chi as chief business officer.

                 About Semiconductor Manufacturing

Headquartered in Shanghai, China, Semiconductor Manufacturing
International Corporation -- http://www.smics.com/-- is one
of the leading semiconductor foundries in the world and the
largest and most advanced foundry in Mainland China, providing
integrated circuit (IC) manufacturing service at 0.35 micron to
65 nanometer and finer line technologies.  SMIC has a 300-
millimeter wafer fabrication facility (fab) and three 200mm
wafer fabs in its Shanghai mega-fab, two 300mm wafer fabs in its
Beijing mega-fab, a 200mm wafer fab in Tianjin, a Shenzhen
facility under construction, and an assembly and testing
facility in Chengdu. SMIC also has customer service and
marketing offices in the U.S., Europe, and Japan, and a
representative office in Hong Kong.

In addition, SMIC manages and operates a 200mm wafer fab in
Chengdu owned by Cension Semiconductor Manufacturing Corporation
and a 300mm wafer fab in Wuhan owned by Wuhan Xinxin
Semiconductor Manufacturing Corporation.

                           *     *     *

Semiconductor Manufacturing International Corporation posted a net
loss of US$44.10 million for the year ended December 31, 2006, and
a net loss of US$19.46 million for the same period in 2007.  The
company also posted a net loss of US$440.23 million for the year
ended December 31, 2008.


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


ARCHITECTURAL PRECAST: Borrelli, Briscoe Step Down as Liquidators
-----------------------------------------------------------------
Cosimo Borrelli and Stephen Briscoe stepped down as liquidators of
Architectural Precast Limited on January 27, 2010.


CHINA AERONAUTICAL: Creditors Get 20% Recovery on Claims
--------------------------------------------------------
China Aeronautical Technology Fund Limited, which is in
liquidation, will pay the first dividend to its creditors on
February 17, 2010.

The company will pay 20% for all claims.

The company's liquidator is:

         John Robert Lees
         c/o John Lees Associates
         Henley Building, 20/F
         5 Queen's Road Central
         Hong Kong


FOOD THERAPY: Creditors' Proofs of Debt Due February 28
-------------------------------------------------------
Creditors of Food Therapy Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
February 28, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chiu Tak Sing
         Wellborne Commercial Centre
         Room 1108, 11/F
         8 Java Road, North Point
         Hong Kong


GAINDAY INVESTMENTS: First Meetings Slated for February 19
----------------------------------------------------------
Creditors and contributories of Gainday Investments Limited will
hold their first meeting on February 19, 2010, at 2:30 p.m., and
2:00 p.m., respectively at the JCG Building, Unit A, 14/F, 16
Mongkok Road, Mongkok, Kowloon, in Hong Kong.

At the meeting, Ng Kwok Wai and Lui Chi Kit, the company's
provisional liquidators, will give a report on the company's wind-
up proceedings and property disposal.


IMAGI INTERNATIONAL: Shuts Down Animation Studio; Lays Off Staff
----------------------------------------------------------------
The Associated Press reports that Imagi International Holdings
Ltd. said it has stopped funding its computer animation studio,
which is behind "TMNT" and "Astro Boy", to further preserve its
limited liquidity and shareholder value.

The studio will ask a Hong Kong court to name liquidators, the AP
relates.

According to the report, Imagi said it will continue to develop
movie ideas and outsource the actual animation work to mainland
China and other countries, where costs are lower.

Citing Imagi's latest financial results, the AP discloses that the
company reported a net loss of HK$726 million for the six months
ended September 30, 2009.  Imagi also owes some HK$36 million in
back pay to the 350 employees it laid off, the AP notes citing a
report from Hong Kong's Apple Daily newspaper.

The AP says "Astro Boy," Imagi's second production after "TMNT",
fared poorly at the box office when it was released in October
2009.

Imagi International Holdings Limited (HKG:0585) --
http://www.imagius.com/web/eng/-- is a HongKong-based investment
holding company.  The Company is engaged in the development and
production of animated feature films using computer generated
imagery (CGI) technology.  The Company's production studios are
located at Chai Wan (Hong Kong) with development and marketing
operation based in Los Angeles, California, and an office in
Tokyo. It operates mainly in North America and Hong Kong.  The
Company's subsidiaries include Diamond Century International
Limited, Great Trend International Limited, which are engaged in
investment holding. Highland Fling, Inc, which is engaged in the
Production management of computer graphics (CG) animation
pictures. iDream Production Limited, which is engaged in provision
of CG and special effects production services in respect of
pictures.


PHENIX OPTICS: Members' Final Meeting Set for March 10
------------------------------------------------------
Members of Phenix Optics (HK) Co., Limited will hold their final
general meeting on March 5, 2010, at 10:00 a.m., at the Suites
06-12, 33/F., Shui On Centre, 6-8 Harbour Road, Wanchai, in Hong
Kong.

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


POTTERY AGENTS: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on January 29, 2010,
members of Pottery Agents (HK) Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chan Yau Choi
         Causeway Bay Comm. Bldg, Rm 1101A
         1-5 Sugar St., Hong Kong

RIGHT CAPITAL: Lui and To Step Down as Liquidators
--------------------------------------------------
Lui Wan Ho and To Chi Man stepped down as liquidators of Right
Capital Development Limited on February 1, 2010.


RYODEN SERVICES: Members' Final Meeting Set for March 10
--------------------------------------------------------
Members of Ryoden Services (China) Limited will hold their final
general meeting on March 10, 2010, at 10:00 a.m., at the 7th
Floor, 321 Java Road, North Point, in Hong Kong.

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


SANICON INVESTMENT: Members' Final Meeting Set for March 12
-----------------------------------------------------------
Members of Sanicon Investment Limited will hold their final
general meeting on March 12, 2010, at 10:15 a.m., at the 5th
Floor, Jardine House, 1 Connaught Place, Central, in Hong Kong.

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


SANYO ELECTRONIC: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------------
Members of Sanyo Electronic Components (HK) Limited on February 1,
2010, resolved to voluntarily wind up the company's operations due
to its inability to pay debts when it fall due.

The company's liquidators are:

         Edward Simon Middleton
         Chan Mei Lan
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong


SOHOMILANO INNOVATIVE: Members' Final Meeting Set for March 5
-------------------------------------------------------------
Members of Sohomilano Innovative Industries Limited will hold
their final general meeting on March 5, 2010, at 10:00 a.m., at
the Flat A, 17/F., On Loong Commercial Building, 276-278 Lockhart
Road, Wanchai, in Hong Kong.

At the meeting, Tjon Yose Manuel Sie Fo, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TAI LUNG: Members' Final Meeting Set for March 18
-------------------------------------------------
Members of Tai Lung Communication Company Limited will hold their
final general meeting on March 18, 2010, at 11:00 a.m., at the Rua
Da Bacia Sul, Ed. Pou Choi GdnLe Meng Kok, 22-Andar-C, in Macau.

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


TIANLI INVESTMENT: Creditors' Proofs of Debt Due March 11
---------------------------------------------------------
Creditors of Tianli Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 11, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on January 25, 2010.

The company's liquidator is:

         He Jun
         China Merchant Bank Building, Room 1601
         581 Qing Nian Road
         Construction Avenue
         Wu Han City, China


VERTEX CHINA: Seng and Cheng Down as Liquidators
------------------------------------------------
Natalia Seng Sze Ka Mee and Cheng Pik Yuk stepped down as
liquidators of Vertex China Investment (Hong Kong) Limited on
January 27, 2010.


YEE TAT: Commences Wind-Up Proceedings
--------------------------------------
Creditors of Yee Tat Plumbing Drainage Engineering Company
Limited, on January 26, 2010, passed a resolution to voluntarily
wind-up the company's operations.

The company's provisional liquidator is:

         Danvil Chan Kin Hang
         Ginza Square, Room 2301, 23/F
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


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


ACG HOSPITALITY: CRISIL Rates INR200 Mil. Term Loan 'B-'
--------------------------------------------------------
CRISIL has reaffirmed its rating of 'B-/Negative' on ACG
Hospitality Pvt Ltd's term loan facility.

   Facilities                    Ratings
   ----------                    -------
   INR200 Million Term Loan*     B-/Negative (Reaffirmed)

   *Term loan has been availed from State Bank of India

The rating reflects ACGHPL's weak financial risk profile and
exposure to risks relating to cyclicality in the hotel industry.
These rating weaknesses are partially offset by the benefits that
ACGHPL derives from the near-completion status of its three-star
hotel project, Signature Grand, and its promoters' experience in
the hospitality businesses.

For arriving at its ratings, CRISIL has treated the unsecured
loans of INR151.3 million that ACGHPL received from its promoters
as equity, as the promoters have provided an undertaking stating
that they will convert these loans into equity by April 2010;
these unsecured loans, apart from being interest free, are also
subordinated to bank loans, as an undertaking of non-withdrawal of
unsecured loans whilst ACGHPL has access to bank lines has been
provided to the banker-State Bank of India.

Outlook: Negative

CRISIL believes that ACGHPL's revenues and profitability will come
under stress in the short term because of lower occupancy rates in
the initial period of operation.  CRISIL has also taken into
account the undertaking from the management to infuse further
funds into the company to bridge any shortfall in debt
obligations.  The rating may be downgraded if there are further
time and cost overruns on its ongoing hotel project or if ACGHPL
is unable to meet its maturing debt obligations on time.
Conversely, the outlook may be revised to 'Stable' if ACGHPL
achieves better than expected cash flows resulting in improved
debt protection measures, or if the management infuses additional
funds into the company, thus relieving the expected liquidity
crunch.

                       About ACG Hospitality

ACG Hospitality Pvt Ltd's, incorporated in 2007, is constructing a
three-star hotel to be named Signature Grand in western Delhi, at
a total project cost of around INR420 million. The 7-floor, 40-
room hotel, with a restaurant and 3 banquet halls, is expected to
commence operations by the end of February 2010.


ADINATH RE-ROLLING: ICRA Assigns 'LBB+' Rating on Bank Limits
-------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR300 million bank
limits (INR200 million cash credit facility and INR100 million
term loan) of Adinath Re-rolling Private Limited.  The outlook on
the long term rating is stable.

The assigned rating factors in the low value-addition in ARPL's
operations leading to low operating profitability in the business;
the limited ability of the company to pass on price fluctuations
to its customers and risks associated with the ongoing steel
project, which is further accentuated by the lack of a track
record  of ARPL in running steel-making operations,
notwithstanding the experience of a group company in production of
steel products.  The rating however favorably considers the long
experience and established position of the promoters in the
business of trading steel long products, a conservative capital
structure and a diversified and stable client base that mitigates
offtake risk for the company's project to an extent. ICRA also
draws comfort from the financial closure achieved for the steel
project.


AIR INDIA: Mulls Shifting Focus on Domestic Routes
--------------------------------------------------
The Economic Times reports that National Aviation Company of India
Ltd (NACIL), Air India's holding company, has discussed with
Boeing the possibility of converting remaining longhaul and twin-
aisle Boeing-777s into 737s that can be used on Indian Airline
routes.

"AI's long-haul routes will not help reviv[e] the airline because
of their losses.  For survival, we have to look at IA kind of
model.  NACIL is joining Star Alliance and international routes
can be served by alliance partners, with AI operating on some less
loss-making or profitable routes,? the report quoted a source as
saying.

According to the report, a Boeing official said AI had ordered 23
B-777s, as part of the purchase plan.  Of which 17 B-777 s have
been already given and three more will be sent this year. "AI has
talked about deferring deliveries or substituting the remaining
three B-777 s into other smaller aircraft.  The airline is yet to
get back with a final word,? ET's sources said.

The reports states that NACIL has to work out a fresh proposal at
the earliest after the Group of Ministers (GoM) rejected the
company's previous revival plans.  AI needs almost INR3,000 crore
for paying interests on loans annually.

A senior official at AI told ET that "In the last GoM, airline
showed its accumulated losses could be to the tune of INR20,000
crore by 2013.  Annual interest on working capital loan is
INR2,000 crore and INR660 crore is the interest on aircraft loans.
So, interest amount alone is INR2,660 crore annually.  As of now,
there's no light at the end of this tunnel.?

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd 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.


DCM LIMITED: ICRA Reaffirms 'LD' Rating on Convertible Debenture
----------------------------------------------------------------
ICRA has reaffirmed 'LD' rating assigned to the INR2,168.1 million
Partly Convertible Debenture program of DCM Limited.  The rating
re-affirmation takes into account DCM's continued delays in
meeting its interest and principal obligations to banks, financial
institutions and other investors.


JET AIRWAYS: In Talks with FedEx Over Partnership
-------------------------------------------------
Jet Airways (India) Ltd is in initial discussions with FedEx Corp.
for a dedicated cargo airline that it wishes to set up either as a
joint venture or in alliance with the multinational logistics
firm, livemint.com reports citing an independent consultant as
well as two executives of the airline familiar with the
development.

The report relates that a senior executive at Jet Airways who
didn't want to be identified because he is not one of the
airline's authorized spokespersons, confirmed that the two
companies were in talks but added that it was premature to speak
of details.

The second Jet Airways executive, who too did not want to be
identified, said FedEx was a logical choice as a partner,
livemint.com notes.

"Jet Airways is looking at serving domestic and international
destinations. So it would be ideal to have a partner with a global
reach,? the second executive told livemint.com.

According to the report, Jet Airways, promoted by non-resident
Indian Naresh Goyal, had originally planned to launch a cargo
airline in partnership with Deutsche Lufthansa AG, but the global
economic slowdown put paid to these plans.

The revival of Jet Airway's cargo plans, livemint.com says, comes
a few days after Kingfisher Airlines Ltd launched a new door-to-
door express cargo delivery service, Kingfisher Xpress, on
February 2.

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- provides air transportation.  The geographic segments of the
company are domestic and international.  The company has a
frequent flyer program named Jet Privilege wherein the passengers
who uses the services of the airline become services of the
airline become members of Jet Privilege and accumulates miles to
their credit.  The company's subsidiaries include Jet Lite (India)
Limited, Jetair Private Limited, Jet Airways LLC, Trans
Continental e Services Private Limited, Jet Enterprises Private
Limited, Jet Airways of India Inc., India Jetairways Pty Limited
and Jet Airways Europe Services N.V.  On April 20, 2007, the
company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


JET AIRWAYS: Passenger Traffic Up for Fourth Consecutive Month
--------------------------------------------------------------
Jet Airways (India) Ltd. announced a fourth consecutive month of
growth for January 2010.

Jet Airways comprehensively improved on its impressive performance
in December 2009, reporting a 30% surge in international passenger
traffic for January 2010 vis-a-vis the same period last year.
Domestic passenger traffic in January 2010 also registered a 26%
increase, as compared to the same period last year.

The airlines' average seat factor for its international operations
for January 2010 also stood at an impressive 84.9%, reflecting a
growing passenger demand for the airline's award-winning
international product.

JetLite, Jet Airways' all-economy subsidiary, similarly posted a
12.8% growth in passenger traffic on a seat factor of 75% in
January 2010.

The robust growth figures have been registered despite disruption
in flight schedules over North India due to inclement weather and
the fog in Delhi during the month of January 2010.

"Four consecutive months of growth reaffirms the fact that Jet
Airways is set to further consolidate its leadership position in
Indian skies," Jet Airways Chief Executive Officer Nikos Kardassis
said.

As part of the company's strategic expansion program, the airline
has introduced new routes for its guests on the international and
domestic sector.  Enhanced connectivity on the Delhi?Doha sector,
coupled with an all new Boeing 737-700 JetLite service on the
Kolkata?Agartala?Kolkata sector will offer guests enhanced
seamless connectivity to several destinations across India, as
well as to the Gulf and ASEAN regions.


JOHARILAL AGARWALA: CRISIL Puts 'BB+' Rating on Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Joharilal Agarwala Sales Pvt Ltd, which is part of
the Joharilal group.

   Facilities                         Ratings
   ----------                         -------
   INR160.00 Million Cash Credit      BB+/Stable (Assigned)
   INR50.00 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect the Joharilal group's weak financial risk
profile, marked by high gearing, weak debt protection measures,
and large working capital requirements. These rating weaknesses
are partially offset by the benefits that the group derives from
its promoters experience in the packaging industry and the group's
moderate business risk profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JASPL, Abhinandan Interexim Pvt Ltd
(AIPL), and Sri Balmukund Polyplast Pvt Ltd.  This is because the
companies, together referred to as the Joharilal group, are under
a common management, operate in similar lines of business, and
have significant operational and financial linkages.

CRISIL has treated unsecured loans of INR66 million in 2008-09
(refers to financial year, April 1 to March 31) as neither debt
nor equity, as the same cannot be withdrawn from the business
without the permission of the bankers.

Outlook: Stable

CRISIL believes that the Joharilal group will maintain its market
position over the medium term, backed by its established clientele
and promoters' experience.  The outlook may be revised to
'Positive' if the group scales up its operations and its operating
margins improve significantly.  Conversely, the outlook may be
revised to 'Negative' if the group's revenues decline sharply, or
it undertakes any large debt-funded capital expenditure program,
weakening its financial risk profile further.

                          About the Group

Set up in 1982 by Mr. Joharilal Agarwala, JASPL (formerly
Joharilal Agarwala Sales) converted into private limited company
in 2002.  The company started as a distributor of Indian
Petrochemicals Corporation Ltd (IPCL) and became Reliance
Industries Ltd's (RIL's) distributor in 2002.  The company is sole
distributor for RIL's plastic granules in Bihar and Jharkhand. Mr.
Ajay Kumar Agarwala joined JASPL in 1990 and has been managing the
company ever since.

Set up in 1993 in Kolkata (West Bengal), AIPL was non-operational
till 2006. It commenced operations after it acquired Arihant
Polyfilm in 2006.  The company manufactures multi-layer polythene
films and currently has a capacity of 180 tonnes per month. These
are used in packing of milk and milk products, and edible oils.

SBPPL, set up in June 2004, was acquired by the Agarwal family in
2005. The company manufactures polypropylene (PP) and high density
polyethylene (HPDE) woven bags and sheets with or without
lamination. Its plant in Howrah (West Bengal) has a capacity of
7500 tonnes per annum.

JASPL reported a profit after tax (PAT) of INR6 million on an
operating income of INR40 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR3 million on an
operating income of INR47 million for 2007-08.

The Joharilal group reported a profit after tax (PAT) of INR15
million on operating income of INR876 million for 2008-09, against
a PAT of INR9 million on operating income of INR744 million for
2007-08.


METCUT TOOLINGS: CRISIL Reaffirms 'BB+' Rating on Term Loan
-----------------------------------------------------------
CRISIL's rating on Metcut Toolings Pvt Ltd's bank facilities
continues to reflect MTPL's below-average financial risk profile
marked by small net worth and moderate debt protection measures,
small scale of operations, and exposure to risks related to
intense competition. These weaknesses are partially offset by
MTPL's healthy operating efficiencies and diversified end-user
industry base.

   Facilities                      Ratings
   ----------                      -------
   INR35.5 Million Cash Credit     BB+/Stable (Reaffirmed)
   INR62.0 Million Term Loan*      BB+/Stable (Reaffirmed)

  *Includes a proposed limit of INR21.5 million.

Outlook: Stable

CRISIL believes that MTPL will maintain its business and financial
risk profiles over the medium term on the back of healthy
profitability and its established customer base.  The outlook may
be revised to 'Positive' if the company registers higher-than-
expected revenue growth and significantly increases its net worth.
Conversely, the outlook may be revised to 'Negative' if MTPL's
revenues or profitability decline steeply, leading to
deterioration in its financial risk profile.

Incorporated in 1989, Metcut Toolings Pvt Ltd manufactures
carbide-cutting tools used mainly in the automotive industry.  The
company deals in both standard and customized tools, and provides
complete cutting solutions.  Its plant in Dharwad (Karnataka) has
capacity to manufacture 50,000 components per annum. The company
also undertakes servicing of tools on job work basis.

MTPL reported a profit after tax (PAT) of INR1 million on net
sales of INR94 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR6.6 million on net sales
of INR102 million for 2007-08.


MADHYA PRADESH: CRISIL Rates INR140MM Cash Credit at 'BB+'
----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Madhya Pradesh Agro
Food Industries Ltd's cash credit facility.

   Facilities                      Ratings
   ----------                      -------
   INR140.0 Million Cash Credit    BB+/Stable (Assigned)

The rating reflects MP Agro's moderately weak financial risk
profile marked by low networth, high gearing despite moderate debt
protection measures, the high customer concentration in its
revenue profile, its susceptibility to fluctuations in raw
material prices, and its highly working-capital-intensive
operations.  These rating weaknesses are partially offset by the
benefits that MP Agro derives from its promoters' experience in
the agricultural commodities and weaning foods business.

Outlook: Stable

CRISIL believes that MP Agro's scale of operations will remain
moderate and profitability will remain vulnerable to raw material
price fluctuations.  The outlook may be revised to 'Positive' if
the company's capital structure improves substantially.
Conversely, the outlook may be revised to 'Negative' if the
company's expected order book declines, or if sharp increases in
food grain prices or changes in state government policy adversely
affect the company's revenues and profitability.

                       About Madhya Pradesh

Incorporated in 2004 with an equity participation of 11% from the
Government of Madhya Pradesh (MP), MP Agro commenced operations in
2006-07 (refers to financial year, April 1 to March 31).  The
company manufactures ready-to-eat weaning foods/nutritional
supplements for sale to the Government of MP's nodal agency, MP
State Industrial Development Corporation (MPSIDC).  These items
are distributed through the government's health department to
below-poverty-line families in rural areas. MP Agro has a unit in
Bhopal (Madhya Pradesh) with a capacity of around 84,000 tonnes
per annum (tpa).  Until 2008-09, the company derived 50% of its
revenues from trading in grains. This business was discontinued in
2009-10 following increase in off-take by MPSIDC.

MP Agro reported a profit after tax (PAT) of INR15 million on net
sales of INR782.7 million for 2008-09, against a PAT of INR3.4
million on net sales of INR201.6 million for 2007-08.


MIDAS GOLDEN: CRISIL Assigns 'BB' Rating on INR5.2MM LT Loan
------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Negative' to the long-term
bank facilities of Midas Golden Distilleries Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR5.20 Million Long-Term Loan   BB/Negative (Assigned)
   INR150.0 Million Cash Credit     BB/Negative (Assigned)

The rating reflects Midas's exposure to regulatory risks in the
Indian-made foreign liquor (IMFL) industry, below-average
profitability because of under-utilization of capacity, and sub-
par financial risk profile because of provisioning for income-tax
(IT) and legal disputes.  These rating weaknesses are partially
offset by the healthy demand prospects for IMFL in Tamil Nadu, and
Midas's established relationships with leading IMFL companies for
key brands supplied to The Tamil Nadu State Marketing Corporation
Ltd.

Outlook: Negative

Despite the healthy demand for IMFL in Tamil Nadu, CRISIL believes
that Midas will register only moderate business growth over the
medium term, because of intensifying competition and regulatory
risks.  The company's financial risk profile is expected to
register only a modest improvement, in line with the moderate
increase in sales volumes, over the medium term.  The 'Negative'
outlook also factors in the likely adverse impact on Midas's
financial risk profile of any adverse ruling in its ongoing legal
disputes.  The rating may be downgraded in case of a steep decline
in the company's sales volumes, including because of regulatory
reasons, or in case of an adverse outcome in the pending disputes.
Conversely, the outlook may be revised to 'Stable' in the event of
a favorable decision in the disputed cases.

                        About Midas Golden

Incorporated in 2002, the Chennai-based Midas is an Midas Golden
Distilleries Pvt Ltd bottling and manufacturing company with
installed capacity of 97.2 million litres per annum (11 million
cases). In 2008-09 (refers to financial year, April 1 to March
31), the company sold 3.77 million cases, and as on March 31,
2009, had a market share of around 11% in the 35-million cases
IMFL market in Tamil Nadu.

For 2008-09, Midas reported a profit after tax (PAT) of INR73
million on net sales of INR1.9 billion, against a net loss of
INR399 million on net sales of INR1.3 billion for 2007-08.  The
net loss in 2007-08 was largely because of provision of INR406
million for tax disputes, and the PAT in 2008-09 is after
considering a write-back of tax provision of INR82 million because
of a favorable ruling. For the nine months ended December 31,
2009, the company reported net sales of INR1.2 billion.


MURLIWALA AGROTECH: CRISIL Assigns 'BB-' Rating on Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Murliwala
Agrotech Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR110.0 Million Cash Credit     BB-/Stable (Assigned)
   INR30.0 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect Murliwala's weak financial risk profile marked
by low net worth, moderately high gearing, and weak debt
protection measures, the customer concentration in its revenue
profile, its susceptibility to fluctuations in raw material
prices, and its working-capital-intensive operations. These rating
weaknesses are partially offset by the benefits that Murliwala
derives from its promoters' experience in the agricultural
commodities and weaning foods business.

Outlook: Stable

CRISIL believes that Murliwala's scale of operations will remain
small and profitability will remain vulnerable to raw material
price fluctuations, and that its financial risk profile will
remain weak expected high gearing.  The outlook may be revised to
'Positive' if the company's financial risk profile and liquidity
improve substantially, or if the company scales up its operations
considerably, led by successful bids for contracts after March
2010. Conversely, the outlook may be revised to 'Negative' if the
company receives fewer orders than expected, or if a sharp
increase in food grain prices impacts its revenues and
profitability, or if its receivables are stretched.

                     About Murliwala Agrotech

Incorporated in 1996, Murliwala Agrotech Pvt Ltd manufactures
ready-to-eat weaning foods and nutritional supplements for sale to
Rajasthan and Gujarat state government departments, under the
Integrated Child Development Services program.  These items are
for free distribution to below-poverty-line families in rural
India. Murliwala has a manufacturing unit in Udaipur (Rajasthan),
with a capacity of around 54,270 tonnes per annum. Murliwala also
exports a small proportion of baby food supplements to Africa,
through the United Nations International Children's Emergency
Fund.

Murliwala reported a profit after tax (PAT) of INR7 million on net
sales of INR438.2 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3.3 million on net sales
of INR451.8 million for 2007-08.


NAVA BHARAT: CRISIL Reaffirms 'BB' Rating on INR9.5BB Term Loan
---------------------------------------------------------------
CRISIL's rating on the term loan facility of Nava Bharat Energy
India Ltd continue to reflect NBEIL's exposure to implementation-
related risks in its ongoing projects, and its below-average
financial risk profile.  These rating weaknesses are partially
offset by NBEIL's good growth prospects, backed by robust demand
for power.

   Facilities                       Ratings
   ----------                       -------
   INR9500 Million Term Loan *      BB/Stable (Reaffirmed)
   * Proposed facility

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of NBEIL and Nava Bharat Projects Ltd
(NBPL). This is because NBEIL is a wholly owned subsidiary of
NBPL, which is a holding company for all the power projects
undertaken by the Nava Bharat group.

Outlook: Stable

CRISIL believes that NBEIL will continue to face significant
implementation-related risks in its ongoing projects. The outlook
may be revised to 'Positive' if the projects are funded prudently
and implemented on schedule. Conversely, inability to tie up funds
for the projects, or larger-than-expected additional debt-funded
capital expenditure, leading to deterioration in the company's
financial risk profile, may result in an outlook revision to
'Negative'.

                          About Nava Bharat

Nava Bharat Energy India Ltd is a special purpose vehicle (SPV)
promoted by Nava Bharat Ventures Ltd, which is in the business of
ferro alloys, power, and sugar. NBPL is the holding company for
all the power projects undertaken by the Nava Bharat group.  NBPL
owns 50% of Nava Bharat Power Pvt Ltd, an SPV formed with the
Malaxmi group to undertake a 2250-megawatt (MW) greenfield power
project in Orissa.  NBEIL is a wholly owned subsidiary of NBPL.

NBEIL is currently setting up two greenfield thermal power plants,
with a combined capacity of 300 MW, in Andhra Pradesh at a total
cost of INR13.9 billion.


PALIWAL INFRASTRUCTURE: CRISIL Assigns 'D' Ratings on Term Loan
---------------------------------------------------------------
CRISIL has assigned its rating of 'D' to Paliwal Infrastructure
Pvt Ltd's term loan facility.  The rating reflect delay by PIPL in
repayment of its term loan obligations, owing to weak liquidity

   Facilities                       Ratings
   ----------                       -------
   INR1070.0 Million Term Loan      D (Assigned)

Paliwal Infrastructure Pvt Ltd was incorporated in 2000 by the
promoters of the Ludhiana-based Paliwal group.  The company bought
a commercial property, RMZ Futura, in Hyderabad, from RMZ Corp in
2005, and has leased out the property to several tenants,
including entities in the Deloitte group.  PIPL acquired the
property for INR2.15 billion, funded through bank debt of INR1.45
billion, lease deposits of INR250 million, and through the
promoters' own funds.  RMZ Futura, an approved software technology
park (STP), has over 0.38 million square feet of leaseable area,
generating rental income of about INR320 million per annum.

PIPL reported a net loss of INR118.3 million on net operating
income of INR313 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a profit after tax (PAT) of
INR92.6 million on net operating income of INR301 million for
2007-08.


PERFECT RETREADS: CRISIL Places 'LBB+' Rating on Cash Credit
------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR120 million cash
credit facility of Private Limited.  The outlook on the long term
rating is stable.

The assigned ratings take into account PRPL's thin operating
margins and high working capital intensity both of which are
inherent to the automotive dealership business and stretched
capital structure of the company.  PRPL's capital structure is
stretched with high gearing (2.27 times, FY09); with most of the
debt (-87%, FY09) being related to working capital borrowing.
ICRA also notes that PRPL's sales have declined sharply in FY09
and it has underperformed as compared to its principals (TML, MSIL
and HHML) across each dealership segment (CV, PV and 2W).

The ratings, nevertheless, recognize the promoters experience in
the dealership business and the diversified revenue mix across two
wheelers, passenger vehicles and commercial vehicle dealership,
each from different OEM.  ICRA also draws comfort from the PRPL's
strong credential as the sole commercial vehicle dealer of TML in
the six districts of Saurashtra and amongst leading dealers of
MSIL passenger vehicles and HHML motorcycles in Saurashtra region.

PRPL was started as a tyre retreading company in 1988 by its main
promoter Mr Suryakant Patel.  The company then ventured into the
auto services business by launching the first computerized wheel
alignment and wheel balancing services for cars and LCVs in the
Saurashtra region.  In 1995, PRPL entered into the dealership of
passenger vehicles of Maruti Suzuki India Limited (MSIL, erstwhile
Maruti Udyog Limited) in Rajkot.  Since then the company has
expanded its presence and started dealership of Hero Honda motors
Limited in September 2000, followed by dealership of commercial
vehicles (CVs) of Tata motors Limited in August 2003.  PRPL is the
sole dealer of TML's CV in six out of seven districts (barring
Jamnagar) of Saurashtra region.  PRPL has well diversified
presence across Saurashtra region with owned showrooms at Rajkot,
Junagadh, Verawal and Morvi and the company is the largest dealer
of TML's CV and second largest dealer of MSIL passenger vehicles
in Saurashtra region.

Recent Result During first nine months of FY10, PRPL has reported
a net profit of INR13.5 million on an operating income of
INR2058.9 million.


PRAMOD TELECOM: CRISIL Assigns 'B' Rating on INR19.7MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Pramod Telecom
Pvt Ltd's bank facilities.

   Facilities                           Ratings
   ----------                            -------
   INR90.0 Million Cash Credit Limit     B/Stable (Assigned)
   INR19.7 Million Term Loan             B/Stable (Assigned)
   INR25.0 Million Letter of Credit      P4 (Assigned)
   INR65.0 Million Bank Guarantee        P4 (Assigned)

The ratings reflect PTPL's weak financial risk profile, large
working capital requirements, and exposure to risks relating to
customer concentration in its revenue profile and limited pricing
flexibility.  These rating weaknesses are partially offset by
PTPL's established track record in the wireline telecom equipment
industry.

Outlook: Stable

CRISIL believes that PTPL will benefit from established
relationships with customers such as Bharat Sanchar Nigam Ltd
(BSNL) and Mahanagar Telephone Nigam Ltd over the medium term.
However, PTPL's financial risk profile will remain constrained by
high gearing and weak debt protection measures.  The outlook may
be revised to 'Positive' if PTPL's capital structure improves,
backed by fresh equity infusion or if the company improves its
debt protection measures and revenue diversity. Conversely, the
outlook may be revised to 'Negative' in case the company's
profitability is adversely affected by fluctuations in raw
material prices or large debt-funded capital expenditure, further
deteriorating its weak financial risk profile.

                        About Pramod Telecom

Pramod Telecom Pvt Ltd, set up in 2000 as a partnership firm by
Mr. Praveen Chandra, was converted into a private limited company
in 2001. It manufactures telecom equipment such as electronic push
button telephones, caller ID phones, energy efficient products,
and solar modules and products. The company has capacity to
manufacture 2.4 million instruments per annum at its facility in
Lucknow (Uttar Pradesh), which is operating at a utilization level
of about 80%.

PTPL reported a profit after tax (PAT) of INR5.1 million on net
sales of INR440 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR5.6 million on net sales
of INR179 million for 2007-08.


RAI SAHEB: CRISIL Assigns 'B' Ratings on Various Bank Debts
-----------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of The Rai Saheb Rekhchand Mohata Spinning & Weaving
Mills Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR820.9 Million Term Loan       B/Stable (Assigned)
   INR245 Million Cash Credit       B/Stable (Assigned)
                   Limit*
   INR55 Million Standby Line       B/Stable (Assigned)
                  of Credit
   INR50 Million Short Term Loan    P4 (Assigned)
   INR50 Million Letter of Credit   P4 (Assigned)
   INR10 Million Bank Guarantee     P4 (Assigned)

   *includes sub limit of INR145 million EPC/BD/EBD

The ratings reflect RSR's low profitability and weak financial
risk profile, marked by a high gearing because of debt funding of
its large working capital requirements and capital expenditure.
These weaknesses are mitigated by the extensive industry
experience of RSR's promoters, and its long-standing customer
relationships.

Outlook: Stable

CRISIL believes that RSR's financial risk profile will continue to
be weak, owing to its high gearing level.  The outlook may be
revised to 'Negative' in case of lower-than-expected improvement
in RSR's profitability, or if the company undertakes large debt-
funded capex programs, resulting in increased gearing. Conversely,
the outlook may be revised to 'Positive' in case of significant
and sustained improvement in RSR's margins and financial risk
profile.

                          About Rai Saheb

Incorporated in 1898, RSR manufactures cotton, polyester, and
viscose yarn and fabric. The company has two manufacturing units,
both in Hinganghat (Maharashtra).  For 2008-09 (refers to
financial year, April 1 to March 31), RSR reported a net loss of
INR37 million on total revenues of INR1.476 billion, against a net
loss of INR18 million on total revenues of INR1.548 billion for
the previous year. For the nine months ended December 31, 2009,
the company reported a net loss of INR29 million on net sales of
INR1.268 billion.


SRI BALMUKUND: CRISIL Places 'BB+' Rating on INR63MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Sri Balmukund Polyplast Pvt Ltd, which is part of
the Joharilal group.

   Facilities                            Ratings
   ----------                            -------
   INR140.00 Million Cash Credit*        BB+/Stable (Assigned)
   INR27.00 Million Standby Line         BB+/Stable (Assigned)
                     of Credit
   INR63.00 Million Term Loan            BB+/Stable (Assigned)
   INR25.00 Million Letter of Credit*    BB+/Stable (Assigned)
   INR17.70 Million Bank Guarantee       P4+ (Assigned)

  * Cash Credit and Letter of Credit are 100% interchangeable.

The ratings reflect the Joharilal group's weak financial risk
profile, marked by high gearing, weak debt protection measures,
and large working capital requirements.  These rating weaknesses
are partially offset by the benefits that the group derives from
its promoters experience in the packaging industry and the group's
moderate business risk profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SBPPL, Joharilal Agarwala Sales Pvt Ltd
(JASPL), and Abhinandan Interexim Pvt Ltd.  This is because the
companies, together referred to as the Joharilal group, are under
a common management, operate in similar lines of business, and
have significant operational and financial linkages.

CRISIL has treated unsecured loans of INR66 million in 2008-09
(refers to financial year, April 1 to March 31) as neither debt
nor equity, as the same cannot be withdrawn from the business
without the permission of the bankers.

Outlook: Stable

CRISIL believes that the Joharilal group will maintain its market
position over the medium term, backed by its established clientele
and promoters' experience. The outlook may be revised to
'Positive' if the group scales up its operations and its operating
margins improve significantly. Conversely, the outlook may be
revised to 'Negative' if the group's revenues decline sharply, or
it undertakes any large debt-funded capital expenditure program,
weakening its financial risk profile further.

                          About the Group

SBPPL, set up in June 2004, was acquired by the Agarwal family in
2005. The company manufactures polypropylene (PP) and high density
polyethylene (HPDE) woven bags and sheets with or without
lamination.  Its plant in Howrah (West Bengal) has a capacity of
7500 tonnes per annum.

Set up in 1982 by Mr. Joharilal Agarwala, JASPL (formerly
Joharilal Agarwala Sales) converted into private limited company
in 2002.  The company started as a distributor of Indian
Petrochemicals Corporation Ltd and became Reliance Industries
Ltd's distributor in 2002.  The company is sole distributor for
RIL's plastic granules in Bihar and Jharkhand.  Mr. Ajay Kumar
Agarwala joined JASPL in 1990 and has been managing the company
ever since.

Set up in 1993 in Kolkata (West Bengal), AIPL was non-operational
till 2006. It commenced operations after it acquired Arihant
Polyfilm in 2006. The company manufactures multi-layer polythene
films and currently has a capacity of 180 tonnes per month. These
are used in packing of milk and milk products, and edible oils.

SBPPL reported a profit after tax (PAT) of INR6 million on an
operating income of INR71 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR4 million on an
operating income of INR60 million for 2007-08.

The Joharilal group reported a profit after tax (PAT) of INR15
million on operating income of INR876 million for 2008-09, against
a PAT of INR9 million on operating income of INR744 million for
2007-08.


VISHAKHA IRRIGATION: CRISIL Puts 'BB-' Rating on Term Loan
----------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4' ratings to Vishakha
Irrigation Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR100.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR37.5 Million Term Loan             BB-/Stable (Assigned)
   INR30.0 Million Letter of Credit      P4 (Assigned)
   INR20.5 Million Bank Guarantee        P4 (Assigned)

The ratings reflect VIPL's weak financial risk profile marked by
high gearing and weak debt protection measures, and its exposure
to risks relating to start-up phase of operations, large working
capital requirements, and adverse changes in regulations in the
micro-irrigation systems industry. These rating weaknesses are
partially offset by VIPL's improving market position, and
increasing revenue visibility because the company recently
received certifications and approvals from six state governments
for selling its products.

Outlook: Stable

CRISIL believes that VIPL will increase its sales over the medium
term, given the recently obtained approvals and certifications.
The outlook may be revised to 'Positive' if the sales are higher
than expected, and if there is a significant improvement in the
company's profitability, thereby strengthening its debt protection
measures.  Conversely, the outlook may be revised to 'Negative' if
VIPL faces delays in receiving payments from the state
governments, or undertakes a large debt-funded capital expenditure
program, leading to deterioration in its capital structure.

                     About Vishakha Irrigation

Incorporated in March 2008, Vishakha Irrigation Pvt Ltd is a
wholly owned subsidiary of Vishakha Industries, a 50:50 joint
venture between the Doshi family and Adani Agro Pvt Ltd.

VIPL was set up for manufacturing irrigation products, such as
drips and sprinklers, used in farming. The current capacity of the
company is 900 tonnes per annum (tpa) for in-line and online
drips, and 2100 tpa for sprinklers VIPL commenced commercial
production in April 2009.


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


BERAU COAL: Moody's Withdraws 'B1' Corporate Family Rating
----------------------------------------------------------
Moody's Investor Services has withdrawn its B1 local currency
corporate family rating for PT Berau Coal.  Moody's has withdrawn
this rating for business reasons.

The last rating action was on 14th December 2006 when Moody's
assigned Berau's B1/stable corporate family rating following the
completion of Empire Capital Resources Pte Limited's
US$325 million bond issuance exercise which was guaranteed by
Berau.

Berau is Indonesia's fifth largest producer and exporter of
thermal coal.  It operates three active mines at a single site in
East Kalimantan.  It has estimated resources of approximately
1.9 billion tons, with probable and proven reserves estimated at
280 million tons.


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


BEST DENKI: JCR Withdraws Ratings on Senior Debts
-------------------------------------------------
Japan Credit Ratings Agency, Ltd., has withdrawn the rating on
senior debts of Best Denki Co., Ltd., following redemption of the
euroyen convertible bonds due in 2010.

As reported in the Troubled Company Reporter-Asia Pacific on
January 15, 2010, JCR downgraded ratings on senior debts and
outstanding bonds of Best Denki Co., Ltd. from BB+ to BB,
respectively, revising the rating outlook from Negative
to Stable.

Best Denki Co., Ltd. (TYO:8175) is a Japan-based company mainly
engaged in the sale of home electric appliances and information
communication equipment.  It has five business segments.  The
Electrical Home Appliance Retailing segment is involved in the
sale of electrical home appliances and information communications
equipment, as well as the sale of broadband-related information
technology products.  The Electrical Home Appliance Wholesaling
segment is engaged in the sale of products to its subsidiaries,
associated companies and franchised stores.  The Credit segment is
involved in the consumer loan business.  The Service segment is
engaged in the delivery of goods and the provision of post-sale
services, such as repair.  The Others segment is involved in the
construction, expansion and renovation of stores and houses, the
sale of land and buildings, as well as the leasing, amusement,
convenience store, printing and recruitment service businesses.


JAPAN AIRLINES: Bridge Loan May Reach as Much as JPY655 Bil.
------------------------------------------------------------
The bridge loans being extended to Japan Airlines Corp. by the
Development Bank of Japan and the Enterprise Turnaround Initiative
Corp of Japan may eventually reach a higher-than-expected JPY655
billion, Reuters reports citing the Nikkei newspaper.

Reuters relates the Nikkei said JAL needs around JPY600 billion in
bridge loans.

According to Reuters, the business daily said the Development Bank
of Japan is expected to extend a total of JPY300 billion in bridge
loans while the remaining JPY355 billion will be provided by the
ETIC.

The Nikkei, as cited by Reuters, said bridge loans from both
entities is planned to be replaced by loans from private financial
institutions once the state-backed ETIC's turnaround plan receives
court approval this summer.

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)


JLOC XXX: S&P Puts Ratings on Certs. on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on JLOC XXX
Trust Certificates' classes B to D floating-rate trust
certificates and JLOC XXX Satellite Trust's classes Mezz C-1 and
Mezz C-2 mezzanine trust certificates on CreditWatch with negative
implications.  At the same time, Standard & Poor's affirmed its
ratings on JLOC XXX Trust Certificates' classes A and X.

The CreditWatch placements are based on these factors:

(1) Although the asset manager is proceeding with the liquidation
    of the real estate properties backing one of the transaction's
    two remaining specified bonds (property-liquidation type; one
    specified bond representing about 35.7% of the total initial
    issuance amount of the floating-rate trust certificates and
    the Satellite Trust mezzanine trust certificates that are due
    to mature in December 2010), the sales of the properties have
    fallen behind schedule.  In light of recent real estate market
    conditions, uncertainty appears to be mounting over the prices
    at which the properties are likely to be liquidated.

(2) With regard to the other remaining specified bond (one
    specified bond representing about 15.1% of the total initial
    issuance amount of the floating-rate trust certificates and
    the Satellite Trust mezzanine trust certificates that are due
    to mature in November 2011), there appears to be uncertainty
    over the recovery prospects of the related collateral
    properties, based on the possibility that the specified bond
    may not be redeemed on the maturity date and the properties
    may need to be liquidated.

The loan-to-value ratio has improved because a principal amount
equivalent to about 66.6% of the total initial issuance amount of
the floating-rate trust certificates and the Satellite Trust
mezzanine trust certificates has already been redeemed, indicating
that principal redemption of the upper tranches is proceeding.
Accordingly, S&P is affirming its 'AAA' rating on the class A
floating-rate trust certificates.

S&P intends to review the ratings on the five tranches that S&P
placed on CreditWatch negative after considering a number of
factors, including the asset manager's property sales plan and the
recovery prospects of the properties backing the aforementioned
two specified bonds.

Although S&P affirmed its rating on class X, S&P is considering
amending the rating methodology for interest-only certificates,
which include class X of this transaction.  If the proposal is
adopted, it could affect the rating on class X.

JLOC XXX Trust Certificates and JLOC XXX Satellite Trust form a
two-tier transaction that is Japan's largest-ever CMBS
transaction.  The floating-rate trust certificates and the
Satellite Trust mezzanine trust certificates were initially
secured by a total of six specified bonds, which were originally
backed by 126 real estate properties.  The transaction was
arranged by Morgan Stanley Japan Securities Co. Ltd., and ORIX
Asset Management & Loan Services Corp. acts as the servicer for
this transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by JLOC XXX Trust
Certificates' legal final maturity date in 2014 for the class A
floating-rate trust certificates; the full payment of interest and
ultimate repayment of principal by the legal final maturity date
for the class B to D floating-rate trust certificates; and the
timely payment of available interest for the interest-only class X
floating-rate trust certificates.  The ratings also address the
ultimate repayment of principal and the full payment of interest
by the legal final maturity date in 2014 for the class Mezz C-1
and Mezz C-2 Satellite Trust mezzanine trust certificates.

              Ratings Placed on Creditwatch Negative

                   JLOC XXX Trust Certificates
JPY333.8 billion floating-rate trust certificates due April 2014

       Class   To              From   Initial issue amount
       -----   --              ----   --------------------
       B       AA/Watch Neg    AA     JPY35.4 bil.
       C       A/Watch Neg     A      JPY37.3 bil.
       D       BBB/Watch Neg   BBB    JPY35.5 bil.

                         Ratings Affirmed

                   JLOC XXX Trust Certificates
JPY333.8 billion floating-rate trust certificates due April 2014

   Class   Rating   Initial issue amount
   -----   ------   --------------------
   A       AAA      JPY225.6 bil.
   X       AAA      JPY333.8 bil. (initial notional principal)

              Ratings Placed On Creditwatch Negative

                    JLOC XXX Satellite Trust
JPY9.3 billion Satellite Trust mezzanine trust certificates due
                           April 2014

      Class      To             From   Initial issue amount
      -----      --             ----   --------------------
      Mezz C-1   BB/Watch Neg   BB     JPY8.3 bil.
      Mezz C-2   BB/Watch Neg   BB     JPY1.0 bil.


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


FOUNTAIN VIEW: Summary Judgment Against Units Granted
-----------------------------------------------------
Fountain View Development Berhad said that the Honorable Judge has
allowed Maybank Islamic Berhad's application for Summary Judgment
against its wholly-owned subsidiaries, Everange Sdn Bhd and MZ
Development Sdn Bhd.  The Summary Judgment was allowed on the
basis that there were no triable issues.

The Company said its Solicitors will file an appeal against the
decision.

Fountain View Development Berhad is a Malaysia-based investment
holding company.  The Company operates in four segments:
Plantation, Property development, Investment and Elimination. The
Company principally operates in Malaysia.  Its subsidiaries
includes Citra Tani Sdn. Bhd., Everange Sdn. Bhd., Fountain View
Land Sdn. Bhd., Invescor Ventures Sdn. Bhd., Bentayan Holdings
Sdn. Bhd., Fountain View Realty Sdn. Bhd., Bentayan Properties
Sdn. Bhd., Mujur Zaman Sdn. Bhd., MZ Development Sdn. Bhd. and
Extrogold Sdn. Bhd.

Fountain View Development Berhad has been considered as an
Affected Listed Issuer under Practice Note No. 17 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(h) of
the PN17 for having an insignificant business or operation.

The Company's unaudited second quarterly financial result ended
June 30, 2009, recorded no revenue resulting in the Company
triggering Paragraph 2.1 (h) of the PN17.


PRIME UTILITIES: Bursa Malaysia to Delist Securities on Feb. 22
---------------------------------------------------------------
Prime Utilities Berhad will be de-listed from the official list
of Bursa Malaysia Securities Bhd on February 22 for not having
adequate level of financial condition to warrant continued
listing.

The delisting will push through unless the Company files an appeal
regarding the Bursa's ruling by February 12 or within 5 market
days.

Prime Utilities Berhad is a Malaysia-based investment holding
company.  Through its subsidiaries, the Company is engaged in
property development.  The Company's wholly owned subsidiaries
include PUB Properties Sdn. Bhd. and PUB Development Sdn. Bhd.  In
addition, Prime Utilities Berhad has a 52 % interest in Supreme
Annexe Sdn. Bhd., Berkat Gagah Sdn. Bhd. and LBCN Development Sdn.
Bhd.

                          *     *     *

Prime Utilities Berhad has been classified as an affected issuer
under Amended Practice Note No. 17/2005 of the Bursa Malaysia
Securities Bhd's Listing Requirements for having an insignificant
business or operations.


RHYTHM CONSOLIDATED: Court Issues Wind-Up Order
-----------------------------------------------
Rhythm Consolidated Berhad disclosed in a regulatory filing that
the Court has allowed Syarikat Perumahan Pegawai Kerajaan Sdn
Bhd's winding-up application against the company.  As such, a
winding-up order has now been issued against the Company.

RCB will liaise with the Penang Insolvency Department in relation
to the matter.

The Company's board would seek an immediate legal advice on the
next course of action.

Rhythm Consolidated, meanwhile, said that Alliance Bank Malaysia
Berhad has withdrawn its wind-up petition against the Company
since the Court already granted a winding-up order in the case of
SPPK against RCB.

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

                           *     *     *

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


TALAM CORP: Unit Enters Into Shares Sale Deal With Encik Yunas
--------------------------------------------------------------
Talam Corporation Berhad said that its subsidiary G.L. Development
Sdn Bhd, on January 29, 2010, entered into a sale of shares
agreement with Encik Yunas Bin Ismail to acquire one ordinary
share of MYR1.00 each or 50% equity interest in Crest Envy Sdn Bhd
for a total consideration of MYR1.00) only.

Crest Envy was incorporated in Malaysia on October 8, 2007, under
the Companies Act, 1965, has an authorized share capital of
RM100,000-00 comprising 100,000 ordinary shares of RM1.00 each and
an issued and paid-up share capital of RM2.00. The principal
activities of CE are investment holding and property development.

GLD was incorporated in Malaysia on 6 September 1979 under the
Companies Act, 1965, has an authorized share capital of RM500,000-
00 comprising 500,000 ordinary shares of RM1.00 each and an issued
and paid-up share capital of RM250,000.00. The principal
activities of GLD are property investment and development.

The Acquisition is not subject to the approval of the shareholders
of Talam.

                         About Talam Corp.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


WWE HOLDINGS: Ibsul Agrees to Withdraw Winding-Up Notice
--------------------------------------------------------
WWE Holding Bhd, on February 8, 2010, discontinued its appeal to
the Court of Appeal in relation to the High Court's dismissal of
WWE's application to restrain Ibsul Holdings Sdn Bhd ("Ibsul?)
from filing a winding up petition against WWE.

WWE said Ibsul has agreed to withdraw its section 218 Companies
Act winding up notice against the Company.

Ibsul and WWE also agreed that the arbitration between them in
relation to disputes arising in the project to construct the
Jelutong Sewage Treatment Plant shall proceed.

On August 4, WWE filed an appeal to the Court of Appeal in
relation to this decision together with an application to the High
Court for an Erinford Injunction, which would restrain Ibsul
Holdings presenting or proceeding with any winding up petition
against WWE until the disposal of WWE's appeal to the Court of
Appeal.

The High Court subsequently granted the Erinford Injunction on
August 7, 2009.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 16, 2008, WWE Holdings Bhd was served with a Notice on
October 14, 2008, by Messrs Jamaluddin Ibrahim & Associates, for
Ibsul Holdings Sdn Bhd (IBSUL), which claims for MYR21,303,023.43
-- alleged to be the total outstanding amount, which the company
denies and disputes.

Ibsul is a sub-contractor engaged by WWE to carry out the
construction and completion of the Civil and Structural, Building
Services and Infrastructure works for the Jelutong Sewage Project.

                      About WWE Holdings

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

                           *     *     *

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


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


ABC LEARNING: Kiwi Arm Up For Sale Again as Local Buyer Backs Out
-----------------------------------------------------------------
The New Zealand arm of childcare business ABC Learning Centres is
on the market again after six months of negotiations with a
potential local buyer came to nothing, The New Zealand Herald
reports.

The Herald relates receiver Chris Cowan of McGrath Nicol in Sydney
said the party they had been in exclusive negotiations with since
August had now withdrawn.

"We have had some further approaches from parties so we may look
to go into another programme of sale," the report quoted Mr. Cowan
as saying.

According to the Herald, the receivers of ABC have been trying to
sell the Kiwi subsidiary since the Australian parent collapsed in
late 2008 owing AU$1.6 billion.

However, the report notes, the 127 New Zealand childcare centres
and College of Early Childhood Education were never in
receivership.  The New Zealand arm remained a good business with
annual profits up 30%, the report notes.

Mr. Cowan said the Australian and New Zealand sale processes had
been handled separately, with the Australian buyer not interested
in operations on this side of the Tasman, according to the Herald.

                         About ABC Learning

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

                           *     *     *

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

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


RENAISSANCE CORP: Breaches Banking Covenants; Reports Pre-tax Loss
------------------------------------------------------------------
Renaissance Corporation disclosed its preliminary unaudited
results for the year ended December 31, 2009.

The company reported a preliminary unaudited pre-tax loss of
NZ$2.7 million for the full year 2009, compared with a NZ$1.2
million profit for the 2008 year.  Revenue increased by 2.7%, from
NZ$189.6 million in 2008 to NZ$194.8 million.

A total of NZ$3.425 million one-off expenses and write offs were
made during the year.  NZ$1.789 millin of these were dealt with
"above the line? before EBITDA was calculated.  In summary these
charges were:

   -- NZ$1.025 million - stock obsolescence and stocktake
      variances.

   -- NZ$0.592 million - costs associated with changes in the
      senior executive team.

   -- NZ$0.172 million - other recognitions.

Renaissance said it has also reviewed assets for impairment and
opted to write off NZ$1.636 million of goodwill and intangible
assets:

   -- NZ$0.881 million - goodwill.  Of this NZ$0.791 million is
      all the goodwill associated with Insite Technology.
      NZ$0.090 million is associated with Educational Computers
      which has been absorbed into Student IT and, as a result,
      has lost its identity.

   -- NZ$0.755 million ? final charges relating to the cessation
      of the Txttunes, Widget and Renaissance Indemnity
      initiatives.

Most of these charges had no cash consequences.  As a result the
Renaissance balance sheet shows net debt of just NZ$1.055 million
at December 31, 2009, and shareholder funds are NZ$12.6 million.

The company said it has breached one of its banking covenants
relating to interest cover.  Details of the 2009 result and the
breach have been discussed with the bank.

"New CEO Richard Webb has commenced a full review of the business
and during his preliminary analysis has recommended that the
organization structure be realigned to better serve its customers
to lift revenue growth," the company said in a statement.

"As part of this realignment the balance date of the company will
move to September 30 to improve the company's ability to forecast
earnings in an environment where the December quarter is
seasonally high and volatile."

Mr. Webb will detail his plans when the annual report is released
in March.

Based in New Zealand, Renaissance Corporation Limited (NZE:RNS) --
http://www.renaissance.co.nz/-- imports and distributes computer
hardware and software.  It has four segments: Apple Division,
Renaissance Brands, Renaissance Technical Services Group, and
Renaissance Education Division.  Apple and Brands distributes
computers, associated peripheral hardware and computer software.
Digital services develops and markets digital services, which
include the provision of Internet-based, e-commerce business
solutions, assembly of built-to-order personal computers, notebook
computers and computer servers, service and warranty support for
computer products sold to its customers and the sale of
independent artists' digital music.  Renaissance Education
Division markets and sells digital technology products and
services in all areas of New Zealand pre-school, primary,
secondary and tertiary education sectors.  MagnumMac Limited
markets and sells Apple products, associated peripheral hardware
and computer software to its digital technology consumers.


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


LEHMAN BROTHERS: To Divest 12 Asian Investments as Prices Rise
--------------------------------------------------------------
Cathy Chan and Daniel Ten Kate at Bloomberg report that the
liquidators of Lehman Brothers' Hong Kong units expect to divest a
dozen more of their Asian investments and loans in the next three
months after recovering more than 100% on 11 positions.

"We've been working these positions as any investment bank would,"
said Edward Middleton of KPMG China, an affiliate of KPMG
International, one of the court-appointed liquidators.

                        About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

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


                         *********

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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