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                     A S I A   P A C I F I C

           Friday, February 12, 2010, Vol. 13, No. 030

                            Headlines



A U S T R A L I A

E2E MANAGEMENT: In Liquidation; Ferrier Hodgson Appointed
LUXE STUDIOS: Ferrier Hodgson Takes Over Receiver Role
VISION (BRISBANE): Colliers, CapLand Appointed as Sale Managers


C H I N A

CHINESE FUTURE: Moody's Gives Negative Outlook on 'Ba2' Rating


H O N G  K O N G

BEA'S INNOVATE: Moody's Cuts Rating on Hybrid Instruments to Ba3
CITIC KA: Moody's Cuts Rating on Jr. Subordinated Debt to Ba1
CKWB-UT2: Moody's Cuts Rating on Jr. Subordinated Debt to Ba1
CO-WIN RESTAURANT: Court Enters Wind-Up Order
CROSS PROFIT: Court Enters Wind-Up Order

E S I COURIER: Court to Hear Wind-Up Petition on March 10
LING'S LINKAGE: Court to Hear Wind-Up Petition on March 24
MANSONDA HOLDINGS: Court to Hear Wind-Up Petition on April 7
MATEDESIGN LIMITED: Court Enters Wind-Up Order
NEWCASTLE ADVERTISING: Court to Hear Wind-Up Petition on March 3

PEARLHOST LIMITED: Court Enters Wind-Up Order
PRIESTER AVIATION: Court Enters Wind-Up Order
OASIS GROWTH: Creditors Get 5.5% Recovery on Claims
OCEAN MARK: Court Enters Wind-Up Order
ODD HK: Court Enters Wind-Up Order

SMART ASIA: Court to Hear Wind-Up Petition on April 7
SMART ASIA WATCHES: Court to Hear Wind-Up Petition on April 7
SOUTH CHINA: Court to Hear Wind-Up Petition on March 10


I N D I A

ARSHIT GEMS: CARE Assigns 'CARE B' Rating on INR69cr LT Bank Debts
AUROBINDO INSTITUTE: CARE Rates INR108.5cr LT Loan at 'CARE B'
DURABUILD TECHNOLOGIES: CRISIL Assigns Junk Ratings on Bank Debts
GODHANI IMPEX: CARE Reaffirms 'CARE BB' Rating on INR45cr LT Loan
HARYANA CITY: CARE Assigns 'CARE BB' on Various Bank Facilities

JHUNJHUNWALA TRADING: ICRA Rates INR137.5MM Bank Limit at 'LBB'
KAUR SAIN: CRISIL Lifts Ratings on INR349.7MM Term Loan to 'B+'
KINGFISHER AIRLINES: Likely to Raise INR400cr to Repay Debts
KINGFISHER AIRLINES: 40 Senior Pilots Quit In a Month
NEELA SYSTEMS: CRISIL Assigns 'B' Rating on INR120MM Term Loan

PARABOLIC DRUGS: CARE Places 'CARE BB' Rating on LT Bank Debts
RAJ AGRO: Small Net Worth Cues 'B+' Rating on INR120MM Loan
ROYAL BANK: May Lay Off 70 Retail Loans Staff in Indian Unit
SHREE ARIHANT: CRISIL Assigns 'BB' Rating on INR60MM Cash Credit
SHREE CONVEYOR: CRISIL Places 'B' Ratings on Various Bank Debts

SURUCHI FOODS: Low Net Worth Cues CRISIL 'BB-' Ratings
VYAPTI INFRABUILD: CRISIL Rates INR65MM Term Loans at 'B-'
WOOLWAYS (INDIA): CRISIL Assigns 'B' Rating on INR2.9MM Term Loan


I N D O N E S I A

STAR ENERGY: Fitch Assigns 'B+' Rating on US$350 Mil. Notes
STAR ENERGY: Moody's Assigns 'B2' Rating on Senior Secured Debt


J A P A N

JLOC XXVIII: Moody's Downgrades Ratings on Class C & D Certs.
PIONEER CORPORATION: Moody's Monitors Issuance of Common Stocks
PIONEER CORP: S&P Changes Outlook on 'B+' Rating to Stable


K O R E A

DOOSAN HEAVY: Annual Loss Widens to KRW328 Billion
HYNIX SEMICONDUCTOR: Numonyx-Micron Deal Has Adverse Effect
HYUNDAI MOTOR: To Name Vice Chairman Chung as Executive Director
KUMHO ASIANA: Creditors to Provide Fresh Loans on Two Units
NORTEL NETWORKS: LG-Nortel, Acton to Launch JV in N. America

SSANGYONG MOTOR: Inks Contract to Export Vehicles to Vietnam


N E W  Z E A L A N D

BIG SKY: Owner's Firms Owe NZ$5.74 Mil. to South Island Creditors
BRADLEY & BRADLEY: Under SFO Prove Over NZ$12 Mil. Missing Funds


S I N G A P O R E

BARANG BARANG PTE: Placed Under Creditors' Voluntary Liquidation


X X X X X X X X

* Moody's Expects Default Rate to Decline Sharply in 2010

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


E2E MANAGEMENT: In Liquidation; Ferrier Hodgson Appointed
---------------------------------------------------------
Morgan Kelly and John Melluish of Ferrier Hodgson were appointed
Voluntary Liquidators of E2E Management Pty Limited on February 5,
2010.

The Liquidators are presently assessing the merits of a legal
action available to the company and debtor collections.

A creditors' meeting will be held on February 22, 2010, at
10:00 a.m. at the office of Ferrier Hodgson, Level 13, 225 George
Street, Sydney NSW 2000, in Australia.

E2E Management Pty Limited is a privately owned print management
company based in Australia.


LUXE STUDIOS: Ferrier Hodgson Takes Over Receiver Role
------------------------------------------------------
Morgan Kelly and John Melluish of Ferrier Hodgson on January 8,
2010, were appointed as Receivers and Managers of Luxe Studios Pty
Limited and 279-283 Liverpool Street, East Sydney, pursuant to the
provisions contained in a registered debenture charge created by
the Company in favor of the National Australia Bank Limited.

Armstrong Wily were appointed Receivers and Managers of Luxe
Studios Pty Limited and Luxe Productions Pty Limited on
November 10, 2009, pursuant to an order of the Supreme Court of
New South Wales.

The Court-appointed Receivers continued to operate the business of
Luxe Productions Pty Limited from the Property during the period
November 10, 2009, to February 5, 2010.

In an update, Ferrier Hodgson said Morgan Kelly and John Melluish
on February 5, 2010, took control of the Company and the Property
in their capacity as Receivers and Managers and have entered into
a lease agreement with Luxe Studios and Productions Pty Limited
who are continuing to trade from the Property.

Luxe Productions Pty Limited provides photography studios for
short-term hire.


VISION (BRISBANE): Colliers, CapLand Appointed as Sale Managers
---------------------------------------------------------------
Deloitte partners, Chris Campbell, Simon Cathro and John Greig,
the Voluntary Administrators of Vision (Brisbane) Pty Limited and
Vision Developer (Qld) Pty Ltd, have confirmed the appointment of
Jeff Dolan from Colliers International and Damian Winterburn from
CapLand Real Estate Advisors, to jointly manage the sale of the
landmark Vision development site fronting Mary and Margaret
Streets in the Brisbane CBD.

Deloitte said in a statement that the DA approval has been given
for a mixed use project on the site, that if built, will be the
tallest building in Brisbane.  The project which was originally
due to be completed by May 2012, comprises seven levels of
basement car parking, three levels of retail, 15 levels of office
space, two observation decks and 53 levels of residential
apartments.

The current DA provides for 109,138sqm of gross floor area and 763
car parks that can be completed in a series of stages.

Mr. Campbell confirmed the Voluntary Administrators have control
of the site and construction company Grocon is maintaining the
site.  AU$25 million of excavation, piling and shoring works of
the seven level basement have already been completed.

Mr. Campbell also confirmed that at the first creditors meeting
held on January 28, creditors were told that presales equate to
71 per cent by number and 40 per cent by value (or AU$266 million)
of the 402 residential apartments.  "Mr. Campbell highlighted that
deposits for pre sales of AU$24 million are being held in trust
and that the penthouse and higher floor level apartments had not
been released for sale prior to his appointment.

"The Voluntary Administrators have already received significant
interest in the landmark site, which will be marketed for sale
through a six week 'offer to purchase or restructure' campaign,"
he said.

To allow that process to complete and for the Administrators to
consider possible restructure offers that require a Deed of
Company Arrangement, Mr. Campbell also confirmed that the Federal
Court of Australia has granted the Administrators a three month
extension to convene the second meeting of creditors.

Vision (Brisbane) Pty Limited and Vision Developer (Qld) Pty were
placed in administration on January 15, 2010.


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


CHINESE FUTURE: Moody's Gives Negative Outlook on 'Ba2' Rating
--------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook of Chinese Future Corporation's Ba2 corporate family
rating and B1 foreign currency bond rating.

"The change in outlook reflects Moody's concern that Chinese
Future's overall credit metrics could weaken in the near term due
to the 1) expiration of the "Easy Access" program; and 2)
unexpected increase in capex pursuant to the government's
requirement to upgrade the 123km Hangzhou Ring Road," say Wonnie
Chu, a Moody's Analyst.

The "Easy Access" program accounted for about 40% of Chinese
Future's FY2009 revenue.  Moody's previously expected that the
ramping up of the toll-by-weight program in 2H09 would offset the
revenue decline, but the program has been delayed to 1H2010.  In
addition, the government's requirement to beautify the ring road
in preparation for the Shanghai Expo, and to upgrade it in time
for the special inspection by the Ministry of Transportation,
could further pressure the company's cash flow.

"Together these factors suggest that the company's projected
coverage ratios will come under pressure over the next 12-18
months -- its projected Operating company DSCR of 1.3x and Holding
company EBITDA/ Interest of 1.1-1.5x are weak for the current
rating level," says Chu, also Moody's Lead Analyst for the
company.

Moody's draws certain comfort from the fact that the company has
taken steps to preserve cash by refinancing its debt with smaller
amortization requirements and the non-recurring nature of the
additional capex.

The possibility of a rating upgrade in the near term is limited
given the negative rating outlook.  However, the outlook could
revert to stable if the company manages its capex requirements,
such that Opco DSCR is above 1.7x and Holdco EBITDA/Interest
exceeds 1.5x on a sustained basis.

On the other hand, the ratings could be downgraded if 1) it fails
to ramp up its toll-by-weight program to offset revenue decline;
and/or 2) actual capex spent exceeds Moody's expectations, such
that Opco DSCR falls below 1.5x and Holdco EBITDA/Interest falls
below 1.3x on a sustained basis.

The last rating action with regard to Chinese Future was taken on
December 22, 2005, when the ratings were affirmed following the
completion of its notes issuance.

Chinese Future Corporation is a private investment holding company
incorporated in October 2005.  Through its subsidiaries it has
acquired the concession rights for 25 years to the ring road from
the Hangzhou government.  The ring road, completed at the end of
2003, is a 123km expressway that encircles Hangzhou, the capital
city of Zhejiang Province in China.


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


BEA'S INNOVATE: Moody's Cuts Rating on Hybrid Instruments to Ba3
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on certain
hybrid securities of Hong Kong banks and their subsidiaries.

The affected banks are Bank of East Asia, and its subsidiary,
Innovate Holdings, CITIC Ka Wah Bank and its subsidiary CKWH-UT2,
Dah Sing Bank, Hongkong and Shanghai Banking Corporation, Standard
Chartered Bank (Hong Kong), and Wing Hang Bank.

These actions are in line with Moody's revised "Guidelines for
Rating Bank Hybrids and Subordinated Debt" published in November
2009.

Moody's downgraded these institutions' cumulative junior
subordinated debt securities ("Upper Tier 2 Issues") and BEA's
perpetual non-cumulative hybrid instrument ("Hybrid Tier 1 Issue")
ratings.

This concludes the review for possible downgrade that began on
November 18, 2009.

The outlooks for the ratings of DSB, HKBK, SCBHK and WHB are
stable; those of BEA and CKWB as well as their subsidiaries are
negative because the outlooks of their other debt and deposit
ratings are negative.  All other ratings on these banks remain
unchanged.

Prior to the global financial crisis, Moody's had incorporated
into its ratings the assumption that support provided by national
governments and central banks to shore up a troubled bank would,
to some extent, benefit subordinated debt holders as well as
senior creditors.  In many cases, however, the expected systemic
support for these instruments has not been forthcoming.  The
revised methodology largely removes Moody's previous assumptions
of systemic support, resulting in the rating actions.

In addition, the revised methodology generally widens the notching
on a hybrid's rating that is based on the instrument's features.

                     Rating Actions in Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment.  The
Adjusted BCA reflects a bank's standalone credit strength,
including parental and/or cooperative support, if applicable, but
excludes systemic support.

The Adjusted BCA for BEA is Baa2, the same as its BCA, since the
parental and cooperative support does not provide any rating
uplift.

The Adjusted BCA for CKWB is Baa2, is one notch higher than its
Baa3 BCA, since the parental support does provide rating uplift.

The Adjusted BCA for DSB is A3, the same as its BCA, since the
parental and cooperative support does not provide any rating
uplift.

The Adjusted BCA for HKBK is Aa2, the same as its BCA, since the
parental and cooperative support does not provide any rating
uplift.

The Adjusted BCA for SCBHK is A1, the same as its BCA, since the
parental and cooperative support does not provide any rating
uplift.

The Adjusted BCA for WHB is A2, the same as its BCA, since the
parental and cooperative support does not provide any rating
uplift.

Moody's expects that of these six banks, only BEA, HKBK, and SCBHK
would receive systemic support.

The main features of the hybrid instruments issued by these banks
and a discussion of the way Moody's rates them follow.

The Upper Tier 2 Issues of BEA, CKWB, DSB, and WHB have similar
structures.  They are perpetual.  The issuers can choose to defer
any interest payments of the issues at their discretion if no
dividend has been declared or paid on any class of the issuers'
share capital during the 12 months prior to the coupon payment
date of the issues.  Any deferred interest is cumulative.  The
instruments have a junior subordinated claim in liquidation and
rank senior to preferred shares and common shares.  Moody's
usually rates this kind of instrument two notches below the
Adjusted BCA for issuers without systemic support and one notch
below the Adjusted BCA for those with systemic support.

Each of Innovate's Hybrid Tier 1 stapled securities consists of a
50-year, unsecured, cumulative, interest-paying subordinated note
issued by the parent, BEA, which has been stapled to a perpetual
preference share issued by Innovate.  The investors would hold
only the preference shares of Innovate upon any assignment event.
The preference shares would then become dividend-paying.  The
dividend will be reduced if there is insufficient distributable
profit.  The issuer can choose to skip any of the issue's interest
payments at its discretion if no dividend has been declared or
paid on any class of the issuer's share capital during the 12
months prior to the coupon payment dates of the instruments.  Any
deferred interest is non-cumulative.  The preference shares only
rank in priority to the ordinary shares of BEA.  Moody's usually
rates this type of instrument four notches below the issuer's
Adjusted BCA.

HKBK's Upper Tier 2 Issues are perpetual.  Interest deferral would
be mandatory if the issuer were insolvent, defined as (1) being
unable to pay debts as they fall due and (2) its liabilities
exceeding its assets.  Interest deferral is optional if the issuer
has not paid or declared a dividend in either of the two
immediately preceding interest periods.  The instruments have a
junior subordinated claim in liquidation and rank senior only to
preferred shares and common shares.  Moody's usually rates this
kind of instrument taking into account potential systemic support.

SCBHK does not currently have Upper Tier 2 in issue.  However,
under the Group's Euro MTN debt Programme (where SCBHK is one of
the issuers), Upper Tier 2 issues (Junior Subordinated notes)
could be issued.  SCBHK's Upper Tier 2 Issues are perpetual.
Interest deferral would be mandatory if the issuer were insolvent,
which is defined as (1) unable to pay debts as they fall due and
(2) its liabilities exceeding its assets.  The issuer can choose
to defer any interest payment if the Upper Tier 2 Issues qualifies
as Upper Tier 2 capital or it is in breach of the requirements
contained in capital regulations.  The instruments have a junior
subordinated claim in liquidation and rank senior only to
preferred shares and common shares.  Moody's usually rates this
kind of instrument taking into account potential systemic support.

The individual rating actions on the Hong Kong banks' hybrid
securities and/or those that were issued or can be issued under
existing MTN programmes:

* BEA: Junior subordinated debts were downgraded to Baa3.

* BEA's Innovate: Non-cumulative hybrid instruments were
  downgraded to Ba3.

* CKWB and CKWB's CKWB-UT2: Junior subordinated debts were
  downgraded to Ba1.

* DSB: Junior subordinated debts were downgraded to Baa2.

* HKBK: Junior subordinated debts were downgraded to Aa3.

* SCBHK: Junior subordinated debts were downgraded to A2.

* WHB: Junior subordinated debts were downgraded to Baa1.

The last rating actions for all these Hong Kong banks or
institutions were taken on November 18, 2009, when their hybrid
securities ratings were placed on review for possible downgrade.

These banks are all headquartered in Hong Kong.

BEA had assets of HK$411.9 billion (US$53.1 billion) as of end-
June 2009.

CKWB had assets of HK$117.2 billion (US$15.1 billion) as of end-
June 2009.

DSB had assets of HK$115.1 billion (US$14.9 billion) as of end-
June 2009.

HKBK had assets of HK$4,385.3 billion (US$565.8 billion) as of
end-June 2009.

SCBHK had assets of HK$642.2 billion (US$82.9 billion) as of end-
June 2009.

WHB had assets of HK$141.5 billion (US$18.3 billion) as of end-
June 2009.


CITIC KA: Moody's Cuts Rating on Jr. Subordinated Debt to Ba1
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on certain
hybrid securities of Hong Kong banks and their subsidiaries.

The affected banks are Bank of East Asia, and its subsidiary,
Innovate Holdings, CITIC Ka Wah Bank and its subsidiary CKWH-UT2,
Dah Sing Bank, Hongkong and Shanghai Banking Corporation, Standard
Chartered Bank (Hong Kong), and Wing Hang Bank.

These actions are in line with Moody's revised "Guidelines for
Rating Bank Hybrids and Subordinated Debt" published in November
2009.

Moody's downgraded these institutions' cumulative junior
subordinated debt securities ("Upper Tier 2 Issues") and BEA's
perpetual non-cumulative hybrid instrument ("Hybrid Tier 1 Issue")
ratings.

This concludes the review for possible downgrade that began on
November 18, 2009.

The outlooks for the ratings of DSB, HKBK, SCBHK and WHB are
stable; those of BEA and CKWB as well as their subsidiaries are
negative because the outlooks of their other debt and deposit
ratings are negative.  All other ratings on these banks remain
unchanged.

Prior to the global financial crisis, Moody's had incorporated
into its ratings the assumption that support provided by national
governments and central banks to shore up a troubled bank would,
to some extent, benefit subordinated debt holders as well as
senior creditors.  In many cases, however, the expected systemic
support for these instruments has not been forthcoming.  The
revised methodology largely removes Moody's previous assumptions
of systemic support, resulting in the rating actions.

In addition, the revised methodology generally widens the notching
on a hybrid's rating that is based on the instrument's features.

                     Rating Actions in Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment.  The
Adjusted BCA reflects a bank's standalone credit strength,
including parental and/or cooperative support, if applicable, but
excludes systemic support.

The Adjusted BCA for BEA is Baa2, the same as its BCA, since the
parental and cooperative support does not provide any rating
uplift.

The Adjusted BCA for CKWB is Baa2, is one notch higher than its
Baa3 BCA, since the parental support does provide rating uplift.

The Adjusted BCA for DSB is A3, the same as its BCA, since the
parental and cooperative support does not provide any rating
uplift.

The Adjusted BCA for HKBK is Aa2, the same as its BCA, since the
parental and cooperative support does not provide any rating
uplift.

The Adjusted BCA for SCBHK is A1, the same as its BCA, since the
parental and cooperative support does not provide any rating
uplift.

The Adjusted BCA for WHB is A2, the same as its BCA, since the
parental and cooperative support does not provide any rating
uplift.

Moody's expects that of these six banks, only BEA, HKBK, and SCBHK
would receive systemic support.

The main features of the hybrid instruments issued by these banks
and a discussion of the way Moody's rates them follow.

The Upper Tier 2 Issues of BEA, CKWB, DSB, and WHB have similar
structures.  They are perpetual.  The issuers can choose to defer
any interest payments of the issues at their discretion if no
dividend has been declared or paid on any class of the issuers'
share capital during the 12 months prior to the coupon payment
date of the issues.  Any deferred interest is cumulative.  The
instruments have a junior subordinated claim in liquidation and
rank senior to preferred shares and common shares.  Moody's
usually rates this kind of instrument two notches below the
Adjusted BCA for issuers without systemic support and one notch
below the Adjusted BCA for those with systemic support.

Each of Innovate's Hybrid Tier 1 stapled securities consists of a
50-year, unsecured, cumulative, interest-paying subordinated note
issued by the parent, BEA, which has been stapled to a perpetual
preference share issued by Innovate.  The investors would hold
only the preference shares of Innovate upon any assignment event.
The preference shares would then become dividend-paying.  The
dividend will be reduced if there is insufficient distributable
profit.  The issuer can choose to skip any of the issue's interest
payments at its discretion if no dividend has been declared or
paid on any class of the issuer's share capital during the 12
months prior to the coupon payment dates of the instruments.  Any
deferred interest is non-cumulative.  The preference shares only
rank in priority to the ordinary shares of BEA.  Moody's usually
rates this type of instrument four notches below the issuer's
Adjusted BCA.

HKBK's Upper Tier 2 Issues are perpetual.  Interest deferral would
be mandatory if the issuer were insolvent, defined as (1) being
unable to pay debts as they fall due and (2) its liabilities
exceeding its assets.  Interest deferral is optional if the issuer
has not paid or declared a dividend in either of the two
immediately preceding interest periods.  The instruments have a
junior subordinated claim in liquidation and rank senior only to
preferred shares and common shares.  Moody's usually rates this
kind of instrument taking into account potential systemic support.

SCBHK does not currently have Upper Tier 2 in issue.  However,
under the Group's Euro MTN debt Programme (where SCBHK is one of
the issuers), Upper Tier 2 issues (Junior Subordinated notes)
could be issued.  SCBHK's Upper Tier 2 Issues are perpetual.
Interest deferral would be mandatory if the issuer were insolvent,
which is defined as (1) unable to pay debts as they fall due and
(2) its liabilities exceeding its assets.  The issuer can choose
to defer any interest payment if the Upper Tier 2 Issues qualifies
as Upper Tier 2 capital or it is in breach of the requirements
contained in capital regulations.  The instruments have a junior
subordinated claim in liquidation and rank senior only to
preferred shares and common shares.  Moody's usually rates this
kind of instrument taking into account potential systemic support.

The individual rating actions on the Hong Kong banks' hybrid
securities and/or those that were issued or can be issued under
existing MTN programmes:

* BEA: Junior subordinated debts were downgraded to Baa3.

* BEA's Innovate: Non-cumulative hybrid instruments were
  downgraded to Ba3.

* CKWB and CKWB's CKWB-UT2: Junior subordinated debts were
  downgraded to Ba1.

* DSB: Junior subordinated debts were downgraded to Baa2.

* HKBK: Junior subordinated debts were downgraded to Aa3.

* SCBHK: Junior subordinated debts were downgraded to A2.

* WHB: Junior subordinated debts were downgraded to Baa1.

The last rating actions for all these Hong Kong banks or
institutions were taken on November 18, 2009, when their hybrid
securities ratings were placed on review for possible downgrade.

These banks are all headquartered in Hong Kong.

BEA had assets of HK$411.9 billion (US$53.1 billion) as of end-
June 2009.

CKWB had assets of HK$117.2 billion (US$15.1 billion) as of end-
June 2009.

DSB had assets of HK$115.1 billion (US$14.9 billion) as of end-
June 2009.

HKBK had assets of HK$4,385.3 billion (US$565.8 billion) as of
end-June 2009.

SCBHK had assets of HK$642.2 billion (US$82.9 billion) as of end-
June 2009.

WHB had assets of HK$141.5 billion (US$18.3 billion) as of end-
June 2009.


CKWB-UT2: Moody's Cuts Rating on Jr. Subordinated Debt to Ba1
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on certain
hybrid securities of Hong Kong banks and their subsidiaries.

The affected banks are Bank of East Asia, and its subsidiary,
Innovate Holdings, CITIC Ka Wah Bank and its subsidiary CKWH-UT2,
Dah Sing Bank, Hongkong and Shanghai Banking Corporation, Standard
Chartered Bank (Hong Kong), and Wing Hang Bank.

These actions are in line with Moody's revised "Guidelines for
Rating Bank Hybrids and Subordinated Debt" published in November
2009.

Moody's downgraded these institutions' cumulative junior
subordinated debt securities ("Upper Tier 2 Issues") and BEA's
perpetual non-cumulative hybrid instrument ("Hybrid Tier 1 Issue")
ratings.

This concludes the review for possible downgrade that began on
November 18, 2009.

The outlooks for the ratings of DSB, HKBK, SCBHK and WHB are
stable; those of BEA and CKWB as well as their subsidiaries are
negative because the outlooks of their other debt and deposit
ratings are negative.  All other ratings on these banks remain
unchanged.

Prior to the global financial crisis, Moody's had incorporated
into its ratings the assumption that support provided by national
governments and central banks to shore up a troubled bank would,
to some extent, benefit subordinated debt holders as well as
senior creditors.  In many cases, however, the expected systemic
support for these instruments has not been forthcoming.  The
revised methodology largely removes Moody's previous assumptions
of systemic support, resulting in the rating actions.

In addition, the revised methodology generally widens the notching
on a hybrid's rating that is based on the instrument's features.

                     Rating Actions in Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment.  The
Adjusted BCA reflects a bank's standalone credit strength,
including parental and/or cooperative support, if applicable, but
excludes systemic support.

The Adjusted BCA for BEA is Baa2, the same as its BCA, since the
parental and cooperative support does not provide any rating
uplift.

The Adjusted BCA for CKWB is Baa2, is one notch higher than its
Baa3 BCA, since the parental support does provide rating uplift.

The Adjusted BCA for DSB is A3, the same as its BCA, since the
parental and cooperative support does not provide any rating
uplift.

The Adjusted BCA for HKBK is Aa2, the same as its BCA, since the
parental and cooperative support does not provide any rating
uplift.

The Adjusted BCA for SCBHK is A1, the same as its BCA, since the
parental and cooperative support does not provide any rating
uplift.

The Adjusted BCA for WHB is A2, the same as its BCA, since the
parental and cooperative support does not provide any rating
uplift.

Moody's expects that of these six banks, only BEA, HKBK, and SCBHK
would receive systemic support.

The main features of the hybrid instruments issued by these banks
and a discussion of the way Moody's rates them follow.

The Upper Tier 2 Issues of BEA, CKWB, DSB, and WHB have similar
structures.  They are perpetual.  The issuers can choose to defer
any interest payments of the issues at their discretion if no
dividend has been declared or paid on any class of the issuers'
share capital during the 12 months prior to the coupon payment
date of the issues.  Any deferred interest is cumulative.  The
instruments have a junior subordinated claim in liquidation and
rank senior to preferred shares and common shares.  Moody's
usually rates this kind of instrument two notches below the
Adjusted BCA for issuers without systemic support and one notch
below the Adjusted BCA for those with systemic support.

Each of Innovate's Hybrid Tier 1 stapled securities consists of a
50-year, unsecured, cumulative, interest-paying subordinated note
issued by the parent, BEA, which has been stapled to a perpetual
preference share issued by Innovate.  The investors would hold
only the preference shares of Innovate upon any assignment event.
The preference shares would then become dividend-paying.  The
dividend will be reduced if there is insufficient distributable
profit.  The issuer can choose to skip any of the issue's interest
payments at its discretion if no dividend has been declared or
paid on any class of the issuer's share capital during the 12
months prior to the coupon payment dates of the instruments.  Any
deferred interest is non-cumulative.  The preference shares only
rank in priority to the ordinary shares of BEA.  Moody's usually
rates this type of instrument four notches below the issuer's
Adjusted BCA.

HKBK's Upper Tier 2 Issues are perpetual.  Interest deferral would
be mandatory if the issuer were insolvent, defined as (1) being
unable to pay debts as they fall due and (2) its liabilities
exceeding its assets.  Interest deferral is optional if the issuer
has not paid or declared a dividend in either of the two
immediately preceding interest periods.  The instruments have a
junior subordinated claim in liquidation and rank senior only to
preferred shares and common shares.  Moody's usually rates this
kind of instrument taking into account potential systemic support.

SCBHK does not currently have Upper Tier 2 in issue.  However,
under the Group's Euro MTN debt Programme (where SCBHK is one of
the issuers), Upper Tier 2 issues (Junior Subordinated notes)
could be issued.  SCBHK's Upper Tier 2 Issues are perpetual.
Interest deferral would be mandatory if the issuer were insolvent,
which is defined as (1) unable to pay debts as they fall due and
(2) its liabilities exceeding its assets.  The issuer can choose
to defer any interest payment if the Upper Tier 2 Issues qualifies
as Upper Tier 2 capital or it is in breach of the requirements
contained in capital regulations.  The instruments have a junior
subordinated claim in liquidation and rank senior only to
preferred shares and common shares.  Moody's usually rates this
kind of instrument taking into account potential systemic support.

The individual rating actions on the Hong Kong banks' hybrid
securities and/or those that were issued or can be issued under
existing MTN programmes:

* BEA: Junior subordinated debts were downgraded to Baa3.

* BEA's Innovate: Non-cumulative hybrid instruments were
  downgraded to Ba3.

* CKWB and CKWB's CKWB-UT2: Junior subordinated debts were
  downgraded to Ba1.

* DSB: Junior subordinated debts were downgraded to Baa2.

* HKBK: Junior subordinated debts were downgraded to Aa3.

* SCBHK: Junior subordinated debts were downgraded to A2.

* WHB: Junior subordinated debts were downgraded to Baa1.

The last rating actions for all these Hong Kong banks or
institutions were taken on November 18, 2009, when their hybrid
securities ratings were placed on review for possible downgrade.

These banks are all headquartered in Hong Kong.

BEA had assets of HK$411.9 billion (US$53.1 billion) as of end-
June 2009.

CKWB had assets of HK$117.2 billion (US$15.1 billion) as of end-
June 2009.

DSB had assets of HK$115.1 billion (US$14.9 billion) as of end-
June 2009.

HKBK had assets of HK$4,385.3 billion (US$565.8 billion) as of
end-June 2009.

SCBHK had assets of HK$642.2 billion (US$82.9 billion) as of end-
June 2009.

WHB had assets of HK$141.5 billion (US$18.3 billion) as of end-
June 2009.


CO-WIN RESTAURANT: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on December 30, 2009,
to wind up the operations of Co-Win Restaurant Limited.

The company's liquidator is Bruno Arboit.


CROSS PROFIT: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on January 5, 2010,
to wind up the operations of Cross Profit Limited.

The company's liquidator is Bruno Arboit.


E S I COURIER: Court to Hear Wind-Up Petition on March 10
---------------------------------------------------------
A petition to wind up the operations of E S I Courier (HK) Limited
will be heard before the High Court of Hong Kong on March 10,
2010, at 9:30 a.m.

Wong Chun Yip Dio filed the petition against the company on
January 6, 2010.


LING'S LINKAGE: Court to Hear Wind-Up Petition on March 24
----------------------------------------------------------
A petition to wind up the operations of Ling's Linkage Limited
will be heard before the High Court of Hong Kong on March 24,
2010, at 9:30 a.m.

TYS Limited trading as Trane Service Hong Kong filed the petition
against the company on January 20, 2010.

The Petitioner's Solicitors are:

          Paul C.K. Tang & Co.
          Pearl Oriental House, 25/F
          60 Stanley Street
          Central, Hong Kong


MANSONDA HOLDINGS: Court to Hear Wind-Up Petition on April 7
------------------------------------------------------------
A petition to wind up the operations of Mansonda Holdings Limited
will be heard before the High Court of Hong Kong on April 7, 2010,
at 9:30 a.m.

DBS Bank (Hong Kong) filed the petition against the company on
January 21, 2010.

The Petitioner's Solicitors are:

          Siao, Wen and Leung
          Wing On Central Building, 7/F
          26 Des Voeux Road Central
          Hong Kong


MATEDESIGN LIMITED: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on December 29, 2009,
to wind up the operations of Matedesign Limited.

The company's liquidator is Mat Ng.


NEWCASTLE ADVERTISING: Court to Hear Wind-Up Petition on March 3
----------------------------------------------------------------
A petition to wind up the operations of Newcastle Advertising
Limited will be heard before the High Court of Hong Kong on
March 3, 2010, at 9:30 a.m.

Chung Him Wai filed the petition against the company on
December 28, 2009.


PEARLHOST LIMITED: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on December 22, 2009,
to wind up the operations of Pearlhost Limited.

The company's liquidator is Bruno Arboit.


PRIESTER AVIATION: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on January 5, 2010,
to wind up the operations of Priester Aviation Limited.

The company's liquidator is Mat Ng.


OASIS GROWTH: Creditors Get 5.5% Recovery on Claims
---------------------------------------------------
Oasis Growth and Income Investments Limited, which is in
liquidation, will pay interim dividend to its creditors on
February 12, 2010.

The company will pay 5.5% for all claims.

The company's liquidator is:

         Edward Middleton
         Patrick Cowley
         Alexandra House, 27/F
         18 Chater Road
         Central, Hong Kong


OCEAN MARK: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on December 24, 2009,
to wind up the operations of Ocean Mark Limited.

The company's liquidator is Bruno Arboit.


ODD HK: Court Enters Wind-Up Order
----------------------------------
The High Court of Hong Kong entered an order on November 30, 2009,
to wind up the operations of ODD HK Limited.

The company's liquidator is Bruno Arboit.


SMART ASIA: Court to Hear Wind-Up Petition on April 7
-----------------------------------------------------
A petition to wind up the operations of Smart Asia Holdings
Limited will be heard before the High Court of Hong Kong on
April 7, 2010, at 9:30 a.m.

DBS Bank (Hong Kong) filed the petition against the company on
January 21, 2010.

The Petitioner's Solicitors are:

          Siao, Wen and Leung
          Wing On Central Building, 7/F
          26 Des Voeux Road Central
          Hong Kong


SMART ASIA WATCHES: Court to Hear Wind-Up Petition on April 7
-------------------------------------------------------------
A petition to wind up the operations of Smart Asia Watches Limited
will be heard before the High Court of Hong Kong on April 7, 2010,
at 9:30 a.m.

DBS Bank (Hong Kong) filed the petition against the company on
January 21, 2010.

The Petitioner's Solicitors are:

          Siao, Wen and Leung
          Wing On Central Building, 7/F
          26 Des Voeux Road Central
          Hong Kong


SOUTH CHINA: Court to Hear Wind-Up Petition on March 10
-------------------------------------------------------
A petition to wind up the operations of South China House of
Consultants Limited will be heard before the High Court of Hong
Kong on March 10, 2010, at 9:30 a.m.

Taiwan Kolin Company Limited filed the petition against the
company on January 4, 2010.

The Petitioner's Solicitors are:

          Wilkinson & Grist
          Prince's Building, 6/F
          Chater Road, Central
          Hong Kong


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


ARSHIT GEMS: CARE Assigns 'CARE B' Rating on INR69cr LT Bank Debts
------------------------------------------------------------------
CARE has assigned the rating of 'CARE B' to the Long-term Bank
Facilities of Arshit Gems.  This rating is applicable for
facilities having tenure of more than one year.  Facilities with
this rating are considered to offer low safety for timely
servicing of debt obligations and carry very high credit risk.
Such facilities are susceptible to default.

CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position
within the band covered by the rating symbol.  The rating assigned
by CARE is based on the capital deployed by the partners and the
financial strength of the firm at present.  The rating may undergo
a change in case of withdrawal of capital or of the unsecured
loans brought in by the partners in addition to changes in the
financial performance and other relevant factors.

                                Amount
   Facilities                (INR crore)         Ratings
   ----------                -----------         -------
   Long-term Bank Facilities     69.00           'CARE B'

Rating Rationale

The rating is constrained by the constitution of the firm being a
partnership firm, increasing interest cost, high proportion of
debtors to sales with no ECGC cover, long working capital cycle
and very low profitability margins as compared to industry norm,
liquidity constraints, low operational cash flows, high exposure
to exchange rate fluctuations, strong competition from large
number of players in organized & unorganized sectors and global
slowdown and its impact on Gems & Jewellery industry.

The rating considers the experience of the partners of AG in the
diamond business and geographically-diversified clientele base.

The ability of AG to ensure profitable operations given the
economic slowdown, and timely collection of receivables remain the
key rating sensitivities.

AG was incorporated in 1988 as a partnership firm.  The firm is
engaged in importing rough diamonds, cutting, polishing them and
then exporting them to various destinations round the globe from
the past 21 years.

As per provisional results, on a total income of INR161.02 crore,
AG earned a PAT of INR2.80 crore in FY09.  The decline in net
sales by 21.19% in FY09 was mainly on account of the economic
slowdown and lower demand from the major buyers. PAT margins
improved in FY09 (as per provisional results) at 1.74% mainly on
account of profit from exchange rate fluctuations (depreciation of
Indian Rupee).  But for this extraordinary profit, the firm would
have reported an operating loss of INR0.69 crore.

The overall gearing ratio of the firm improved to 1.27x as on
March 31, 2009 from 1.62x as on March 31, 2008. The working
capital cycle had increased to 246 days in FY09 from 232 days in
FY08 on account of increase in collection period.


AUROBINDO INSTITUTE: CARE Rates INR108.5cr LT Loan at 'CARE B'
--------------------------------------------------------------
CARE has assigned a 'CARE B' rating to the Long-term Bank
Facilities of Sri Aurobindo Institute of Medical Sciences.
Facilities with 'Single B' rating are considered to offer low
safety for timely servicing of debt obligations and carry very
high credit risk.  Such facilities are susceptible to default.

                                Amount
   Facilities                (INR crore)         Ratings
   ----------                -----------         -------
   Long-term Bank Facilities     108.50          'CARE B'

Rating Rationale

The rating factors in SAIMS' unsatisfactory debt servicing rack
record in the past, weak financial profile marked by the
accumulated losses since inception, short track record of
operations, weak financial discipline, ongoing predominantly debt
funded capex plan which is expected to worsen debt protection
ratios and highly regulated environment in education sector.
These weaknesses are, however, partially offset by the vast
experience of promoters and strong brand presence of SAIMS in
Madhya Pradesh.

The timely servicing of debt obligations, ability of SAIMS to
improve its profitability and cash flow situation are the key
rating sensitivities.

Established in June, 2003, SAIMS is a society promoted by
Dr. Vinod Bhandari and his wife Dr. Manjushree Bhandari, eminent
medical practitioners of Indore. SAIMS started with MBBS course in
FY05 and added BDS (in FY07) and other courses like paramedical,
nursing, some certificate courses, engineering and management in
its existing campus. SAIMS also has a 750-bed hospital in Indore.

During FY09, SAIMS reported negative surplus of INR1.34 crore on a
total operating income of INR29.41 crore. During FY10, till
October 31, 2009 SAIMS had received tuition fees of INR20.26
crore.


DURABUILD TECHNOLOGIES: CRISIL Assigns Junk Ratings on Bank Debts
-----------------------------------------------------------------
CRISIL's ratings on Durabuild Technologies Pvt Ltd's bank
facilities continue to reflect Durabuild's continuously overdrawn
cash credit limits (which were not regularized for 30 days) due to
devolvement of letters of credit and stretched liquidity.

   Facilities                               Ratings
   ----------                               -------
   INR461.4 Million Term Loan*                 D
   INR232.6 Million Proposed Long-Term         D
                 Bank Loan Facilities^         D
   INR186.0 Million Cash Credit~               D
   INR140.0 Million Letter of Credit#          P5

   *Reduced from INR506.6 million  .
   ^Enhanced from INR123.4 million.
   ~Reduced from INR280 million.

   #Enhanced from INR110 million; interchangeable
    between letter of credit/bank guarantee/buyer's
    credit.

Durabuild, promoted by Mr. Kishore Musale, is a manufacturer of
aluminium composite panels (ACPs).  The company began operations
in 2004 by trading in ACPs, and later set up its own manufacturing
plant. It has an installed capacity to produce 2 million square
meters per annum (msmpa) of ACPs.  Furthermore, as part of a
backward integration process, Durabuild commissioned a coil colour
coating plant in June 2007, with estimated capacity of 13 msmpa.
The coated coils are an intermediate step in the production
process for ACPs.

ACPs constitute a modern cladding material used for external
facades and interiors. It is used primarily in the construction
and real estate industries for cladding exterior walls, columns,
roofs, canopies, shop fronts, and elevation of buildings.


GODHANI IMPEX: CARE Reaffirms 'CARE BB' Rating on INR45cr LT Loan
-----------------------------------------------------------------
CARE has reaffirmed the 'CARE BB+' rating assigned to the Long-
term Bank Facilities of Godhani Impex aggregating INR45 crore This
rating is applicable for facilities having tenure of over one
year.  Facilities with this rating are considered to offer
inadequate safety for timely servicing of debt obligations. Such
facilities carry high credit risk.  The rating assigned by CARE is
based on the capital deployed by the partners and the current
financial strength of the firm.  The rating may undergo change in
case of withdrawal of capital or of the unsecured loans brought in
by the partners in addition to the financial performance and other
relevant factors.

                                Amount
   Facilities                (INR crore)         Ratings
   ----------                -----------         -------
   Long-term Bank Facilities     45              CARE BB+

Rating Rationale

The rating is constrained by deteriorated financial profile
characterized by subdued profitability margins for FY09 due to the
challenging business environment in the target markets and foreign
exchange losses, high level of receivables and resultant long
working capital cycle.  The rating considers experience of the
partners in the diamond business and capital support by the
partners. Ability of the firm to improve its financial position in
subdued economic conditions coupled with increasing competition
from a large number of players in organized and unorganized
sectors are the key rating sensitivities

GI, a partnership firm, was formed in March 2005 by three brothers
from Odhavjibhai Godhani family, engaged in processing and
exporting of diamonds.  The major export destinations of GI are
USA, UAE, Hong Kong and Belgium.

GI posted total income of INR142 crore in FY09 against INR132
crore in FY08 and PAT of INR0.02 crore in FY09 against INR2.84
crore in FY08.  However PAT levels were affected on account of
foreign exchange loss on imports of INR18 crore.  The overall
gearing ratio of the firm stood at 1.57x as on March 31, 2009.


HARYANA CITY: CARE Assigns 'CARE BB' on Various Bank Facilities
---------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities of Haryana City Gas Distribution Ltd.  This rating is
applicable for facilities having tenure of more than one year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations.  Such facilities
carry high credit risk.

These ratings are assigned to the long-term bank facilities
aggregating INR25.94 crore.

                                     Amount
   Facilities                     (INR crore)     Ratings
   ----------                     -----------     -------
   Long-term Fund Based Limits      20.94         'CARE BB'
   Long-term Non-Fund Based Limits   5.00         'CARE BB'

Rating Rationale

The ratings are constrained by very short track record of
operations of the company and delays in implementation of the
project leading to constrained cash flow position.  The ratings
also take into account the present status of financial closure for
the remaining phases of the project.

However, the ratings are supported by exclusivity in respect of
natural gas distribution in the city of Gurgaon and favorable
demand potential of natural gas in the city due to its growing
acceptance as economical and environment friendly fuel as well as
easing supply constraints after the start of natural gas
production from KG basin.

Going forward, the ability of the company to complete the overall
project within envisaged schedule and cost, its ability to secure
supply of natural gas at reasonable cost and early receipt of
authorization for distribution of the gas by PNGRB would be the
key rating sensitivities.

Haryana City Gas Distribution Ltd is a part of SKN-Bentex group
and was incorporated in the year 2000 for distribution of natural
gas by creating an infrastructure of pipeline network.  The
company is currently setting up gas distribution infrastructure in
the city of Gurgaon (Haryana) to be supplied to transport,
domestic, industrial and commercial segments.

The overall project is divided into five phases to be implemented
up to 2013.  Phase I has been completed by March 2009.  The
company operates 3 CNG stations in the city of Gurgaon as at the
end of November 2009.

The company started its operations in March 2009.  As on March 31,
2009 the overall gearing of the company was 1.14.  For the half
year ended September 30, 2009, the company reported CNG sales of
INR5.5 crore and the sales have been increasing month on month due
to setting up of new CNG stations and capacity expansion of the
existing stations.


JHUNJHUNWALA TRADING: ICRA Rates INR137.5MM Bank Limit at 'LBB'
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to Rs 137.50 million fund based
limits of Jhunjhunwala Trading Private Limited.

The rating is constrained by the high market risks associated with
the project in the western suburbs of Mumbai which it is currently
executing and the likely increase in gearing levels given the
capex requirements.  The performance of the company also remains
exposed to the profitability of the partnerships and joint
ventures involved in real estate projects which have significant
investments from JTPL.  The market risks are also heightened
because of the fact that a major portion of the company's ongoing
projects remain unsold, funds/revenue from which is crucial for
the company to meet its debt repayment obligations due from FY
2011.  The rating favorably  factors in the promoter's established
track record in business of real estate construction and
favorable demand scenario of real estate projects in the western
suburbs of Mumbai where JTPL's projects are presently located.

Jhunjhunwala Trading Pvt. Ltd. was established in the year 1992 as
a private limited company.  JTPL is engaged in the business of
construction and development of residential projects in the
western suburbs of Mumbai.  The company has its registered office
in Mumbai.

JTPL is a part of Jhunjhunwala Group which has completed 10
projects consisting of 12 buildings and a total saleable area of
1.60 million sq. ft. All the projects are located in the western
suburbs of Mumbai and have had good sales and visibility in the
region. The group has also completed commercial projects in Pune.

The company earned net profit of INR 4.80 million on an operating
income of INR 117.3 million for the year ended March 31, 2009, and
net profit of INR 11.6 million on an operating income of
INR18.6 million for the year ended March 31, 2008.


KAUR SAIN: CRISIL Lifts Ratings on INR349.7MM Term Loan to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on Kaur Sain Spinners long-term
bank facilities to 'B+/Stable' from 'C'; the rating on the
company's short-term facilities has been reaffirmed at 'P4'.

   Facilities                       Ratings
   ----------                       -------
   INR170.00 Million Cash Credit    B+/Stable (Upgraded from 'C')
   INR349.7 Million Term Loan       B+/Stable (Upgraded from 'C')
   INR40.00 Million Letter of       P4 (Reaffirmed)
                     Credit
   INR9.5 Million Bank Guarantee    P4 (Reaffirmed)

The rating upgrade reflects the timely payment of debt obligations
by Kaur Sain from April 2009.  The company's debt servicing
capability has improved from the weak levels in the past,
supported by increase in sales following the fast ramp up of
utilisation of its newly added capacity, and improvement in its
profitability because of cost efficient operations.

The ratings reflect Kaur Sain's weak financial risk profile marked
by high gearing, low net worth, and weak debt protection measures.
The gearing, which was at 2.32 times as on March 31, 2009, is
expected to remain above 2 times over the near term, driven by
increase in short-term borrowings for working capital requirements
and debt-funded capital expenditure (capex) planned in 2010-11
(refers to financial year, April 1 to March 31).  The ratings also
reflect the company's moderate scale of operations and
vulnerability to fluctuations in raw material prices.  These
weaknesses are partially offset by the promoters' extensive
experience in the yarn business.

Outlook: Stable

CRISIL believes that Kaur Sain's capital structure will remain
leveraged on account of debt raised for the recent capex and the
capex planned for the medium term.  The outlook may be revised to
'Positive' if the company reports higher-than-expected sales and
profitability, or completes and stabilizes capacity enhancement
earlier than expected, leading to improvement in sales and cash
accruals.  Conversely, the outlook may be revised to 'Negative' if
Kaur Sain reports lower-than-expected revenues and profitability,
or in case of any delay in implementing the capacity enhancement,
affecting the company's liquidity.

                          About Kaur Sain

Incorporated in September 1997, Kaur Sain manufactures polyester
spun yarn.  The company is promoted by Mr. Sushil Kumar Mittal and
his brothers.  Kaur Sain, which became operational in 2002, has an
installed capacity of 32,928 spindles.  Group company Kaur Sain
Spinning Mills Ltd manufactures polyester and cotton yarn; another
group company, Kaur Sain Spinning Mills, manufactures texturised
synthetic yarn.

Kaur Sain reported a net loss of INR11.5 million on sales of
INR605 million for 2008-09, against a PAT of INR2.8 million on
sales of INR364 million for 2007-08.


KINGFISHER AIRLINES: Likely to Raise INR400cr to Repay Debts
------------------------------------------------------------
Kingfisher Airlines is likely to come out with a rights issue
offering shareholders one equity share for every one they hold to
raise nearly INR400 crore to retire mounting debt, The Economic
Times reports.

The report, citing persons close to the development, relates that
Kingfisher might offer as much as a 70% discount over the current
market price of the stock to its shareholders.

The troubled carrier has appointed SBI Capital as the arranger for
the issue, the Times says.

                  New International Routes Approved

Separately, The Economic Times reports that Kingfisher Airlines
said it has got the approval for flying on seven new international
routes.

The report says the new routes are New Delhi-London-New Delhi, New
Delhi-Hong Kong-New Delhi, New Delhi-Bangkok-New Delhi, New Delhi-
Dubai-New Delhi, Mumbai-Colombo-Mumbai, Mumbai-Bangkok-Mumbai and
Mumbai-Dubai-Mumbai.

Citing Kingfisher's statement, the Times says the government has
granted traffic rights on these routes.  The New Delhi-London and
the New Delhi-Hong Kong routes would be operated "soon", the
report adds.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd, serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines reported a net loss of INR16.09 billion for
the year ended March 31, 2009, compared with a net loss of
INR1.89 billion in the year ended March 31, 2008.

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.


KINGFISHER AIRLINES: 40 Senior Pilots Quit In a Month
-----------------------------------------------------
Kingfisher Airlines has seen 40 of its senior pilots quit over the
past month as a cut in the number of planes and routes limits
opportunities, The Economic Times reports citing company sources.

The report relates that a total of 100 pilots have left the
company in the past year, 16% of its total strength of 600.

According to the report, a Kingfisher spokesperson confirmed that
the pilots had resigned, but said this was in no way out of the
ordinary.

The majority of those quitting are at the commander level, senior
pilots with more than 2,000 hours of flying time and who are in
charge of the plane during flights, the Times notes.  Sources said
another 20 pilots are set to put in their papers, the report adds.

The Economic Times states that the recent attrition excludes 100
trainee pilots Kingfisher benched three months ago after it cut
its domestic capacity by 22% and brought down the number of
flights per day to 350 from 600 about a year ago.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines reported a net loss of INR16.09 billion for
the year ended March 31, 2009, compared with a net loss of
INR1.89 billion in the year ended March 31, 2008.

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.


NEELA SYSTEMS: CRISIL Assigns 'B' Rating on INR120MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Neela Systems
Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR120.0 Million Term Loan       B/Stable (Assigned)
   INR80.0 Million Cash Credit      B/Stable (Assigned)
   INR100.0 Million Letter of       P4 (Assigned)
      Credit & Bank Guarantee

The ratings reflect Neela Systems' modest scale of operations in
the water treatment plants and modular process systems industry,
and its stretched liquidity position on account of delayed
realizations from customers.  These rating weaknesses are
partially offset by the benefits that Neela Systems derives from
its track record of timely project delivery, and its technical
expertise in the water treatment systems segment.

Outlook: Stable

CRISIL believes that Neela Systems will continue to benefit from
its established relationships with customers and suppliers, and
its promoters' experience in the water treatment systems industry,
over the medium term.  The outlook may be revised to 'Positive' if
Neela Systems diversifies its product base, demonstrates
sustainability in its operating margin, and improves collection
efficiency in respect of its customers, or through fresh infusion
of long-term funds into the company, improves its liquidity
position.  Conversely, the outlook may be revised to 'Negative' in
case of significant deterioration in the company's operating
margin, debt protection metrics, or liquidity position.

                        About Neela Systems

Neela Systems, incorporated in 2007 by Mr. Himanshu Shah and his
wife Mrs. Manisha Shah, manufactures and sets up water treatment
plants and modular process systems.  The company caters mainly to
the pharmaceuticals, cosmetics, and food and beverages industries.
It has its manufacturing facility in Wada near Mumbai.

Neela India Pvt Ltd, incorporated in 1989 by Mr. Himanshu Shah and
Mrs. Manisha Shah and engaged in the same line of business, has
been merged with Neela Systems with effect from August 1, 2009.
The manufacturing facility of Neela India at Vasai, near Mumbai,
is being sold.

Neela India reported a profit after tax (PAT) of INR61.9 million
on net sales of INR555 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR53.8 million on
net sales of INR426 million for 2007-08.


PARABOLIC DRUGS: CARE Places 'CARE BB' Rating on LT Bank Debts
--------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities of Parabolic Drugs Ltd.  This rating is applicable for
facilities having tenure of more than one year.  Facilities with
this rating are considered to offer inadequate safety for timely
servicing of debt obligations. Such facilities carry high credit
risk.

Also, CARE has assigned a 'PR4' rating to the Short-term Bank
Facilities of PDL.  This rating is applicable for facilities
having tenure up to one year.  Facilities with this rating would
have inadequate capacity for timely payment of short-term debt
obligations and carry very high credit risk.  Such facilities are
susceptible to default.

These ratings are assigned to both long-term and short-term bank
facilities aggregating INR506.93 crore.

                                 Amount
   Facilities                 (INR crore)       Ratings
   ----------                 -----------       -------
   Long-term Bank Facilities    342.93          CARE BB
   Short-term Bank Facilities   164.00          PR4

Rating Rationale

The ratings are constrained by, adverse impact on PDL's liquidity
position in FY09 on account of delay in realization of payments
from export sales, high level of overall gearing which would
worsen with significant, largely debt-funded capital expenditure,
volatility in prices of imported raw material along-with exposure
to exchange risk on account of imports and liabilities denominated
in foreign currency, though partially mitigated because of direct
exports.  However, the ratings derive strength from the strong
growth in revenue reported in past, experienced management,
product approvals and certificates of suitability in USA, EU and
other regulated markets, reputed client base and strong focus on
R&D activities.

Going forward, the company's ability to augment cash flows and
stabilization of the ongoing projects remain the key rating
sensitivities.

Parabolic Drugs Ltd was incorporated as a public limited company
in 1996 promoted by Mr. Pranav Gupta and Mr. Vineet Gupta, with
financial assistance from Punjab State Industrial Development
Corporation.  PDL is mainly engaged in the manufacturing of
pharmaceutical API and API Intermediates.

PDL has got the US FDA approval for supplying 6-APA to US markets.
PDL has also been granted Certificates of Suitability by European
Directorate for the Quality of Medicines (EDQM) for two of its
products.  As on November 30, 2009, PDL had filed 15 Drug Master
Files (DMF) applications in EU, US and other markets.

During the period FY 2006-2009, PDL's operating income has grown
at a healthy CAGR of 64.66% on account of introduction of expanded
product range including Oral Cephalosporin and Sterile Injectible)
products and expansion of existing facilities.  PDL recorded
operating income of INR395 crore with PBILDT of INR60 crore in
FY09.  In H1FY10, PDL has reported a total operating income of
INR232 cr, and earned PAT of INR17 cr.


RAJ AGRO: Small Net Worth Cues 'B+' Rating on INR120MM Loan
-----------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Raj Agro Mills Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR100.0 Million Cash Credit Limit   B+/Stable (Assigned)
   INR120.0 Million Term Loan           B+/Stable (Assigned)
   INR145.0 Million Letter of Credit    P4 (Assigned)

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

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

Outlook: Stable

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

                         About the Group

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

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

RAML reported a net loss of INR41.9 million on net sales of
INR1273.2 million for 2008-09, as against a profit after tax of
INR20.3 million on net sales of INR1150.6 million for 2007-08.


ROYAL BANK: May Lay Off 70 Retail Loans Staff in Indian Unit
------------------------------------------------------------
ABN Amro India, which is owned by the Royal Bank of Scotland, may
lay off about 70 employees in its retail loans business, as the
British bank continues to sell off assets to focus in its home
market, The Economic Times reports citing people familiar with the
matter.

According to the report, RBS has offered them some positions in
the collections and wealth management departments.  However, more
than 60 employees may opt for voluntary retirement scheme and will
have to leave by April 7.

The report notes that this is at least the second time that ABN is
laying off staff in India.  The bank had, in late 2008, laid off
around 300 employees.  "When they reviewed the business in
November last year, they decided to further trim the head count,"
report quoted an executive as saying.

According to the Times, ABN Amro in India has been slipping in the
last year or so after scores of executives quit the company as RBS
struggled for survival during the credit crisis and regulatory
issues prevented it from selling Indian business as part of its
deal to sell the Asian unit to Australia's ANZ Bank.

The Economic Times says the bank has decided to freeze fresh
retail loans, including credit cards and personal loans, to
prevent a deterioration in its bad loans, as it inches closer to
sale of its trimmed down retail banking to Asia-focused UK bank,
HSBC.

                             About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 22,
2009, Fitch Ratings upgraded The Royal Bank of Scotland Group's
(RBS Group) and The Royal Bank of Scotland's Individual Ratings to
'D/E' from 'E' and removed the Rating Watch Positive.  The upgrade
of the Individual Ratings reflects improvements in the group's
capital combined with some progress in restructuring the balance
sheet.


SHREE ARIHANT: CRISIL Assigns 'BB' Rating on INR60MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to Shree
Arihant Tradelinks India Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR60.0 Million Cash Credit Limit      BB/Stable (Assigned)
   INR179.0 Million Letter of Credit      P4+ (Assigned)

The ratings reflect SATL's weak financial risk profile, and
exposure to risks relating to consistent decline in operating
margins, to cyclicality in end-user industries, and to customer
concentration in revenue profile.  These weaknesses are partially
offset by the benefits that the company derives from its
promoters' track record and improvement in working capital cycle.

Outlook: Stable

CRISIL believes that SATL will maintain a stable credit risk
profile backed by promoter's experience and established customer
base.  The outlook may be revised to 'Positive' if the company
reports high profitability and undertakes efficient working
capital management.  Conversely, the outlook may be revised to
'Negative' if the company contracts large debt to fund its capital
expenditure leading to stress on its debt protection measures.

                        About Shree Arihant

Set up in 1999, Shree Arihant Tradelinks India Pvt Ltd commenced
manufacturing operations in June 2005. It manufactures low ash
metallurgical (LAM) coke at its plant located at Gandhidham
(Gujarat).  It has capacity of 72,000 tonnes per annum (one
battery of 21 ovens) and is currently operating at almost full
capacity utilization.  SATL plans to double its existing capacity
by setting up another LAM coke manufacturing facility at its
existing premises which is planned to be funded in a debt-to-
equity ratio of 1:1. It also plans to set up a waste-heat recovery
power plant in future.

SATL reported a profit after tax (PAT) of INR5.2 million on net
sales of INR1084.5 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.1 million on net
sales of INR715.8 million for 2007-08.


SHREE CONVEYOR: CRISIL Places 'B' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'B/Negative/P4' ratings to Shree Conveyor
Systems Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR26.5 Million Cash Credit Limit      B/Negative (Assigned)
   INR37.0 Million Working Capital        B/Negative (Assigned)
                  Demand Loan
   INR13.1 Million Term Loan              B/Negative (Assigned)
   INR34.4 Million Proposed Long Term     B/Negative (Assigned)
              Bank Loan Facility
   INR80.0 Million Bank Guarantee         P4 (Assigned)
   INR9.0 Million Letter of Credit        P4 (Assigned)

The ratings reflect SCSPL's large working capital requirements
leading to weak financial risk profile and stretched liquidity,
its small scale of operations, and the customer concentration in
its revenues.  These rating weaknesses are partially offset by the
benefits that SCSPL derives from its promoters' experience in the
material handling and mineral processing equipment industry, and
its established relationships with its customers.

Outlook: Negative

CRISIL believes that SCSPL's financial risk profile will
deteriorate over the medium term because of increasing working
capital requirements.  The ratings may be downgraded in case of
more-than-expected deterioration in the company's financial risk
profile because of high utilization of cash accruals on account of
greater-than-expected increase in working capital cycle.
Conversely, the outlook may be revised to 'Stable' if the
company's financial risk profile improves, led by capital infusion
or improvement in its working capital cycle or profitability.

                        About Shree Conveyor

Incorporated in 1990 by Mr. V S Madan, SCSPL manufactures material
handling and mineral processing equipment, systems, and
components.  The company undertakes turnkey projects which involve
detailed study, designing, engineering, manufacturing, and
commissioning.

SCSPL reported a profit after tax (PAT) of INR0.2 million on net
sales of INR131.3 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.1 million on net sales
of INR120.6 million for 2007-08.


SURUCHI FOODS: Low Net Worth Cues CRISIL 'BB-' Ratings
------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Suruchi Foods
Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR300.0 Million Cash Credit           BB-/Stable (Assigned)
   INR20.0 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect Suruchi's weak financial risk profile marked
by low net worth, high gearing, and weak debt protection measures,
the high customer concentration in its revenue profile, its
susceptibility to fluctuations in raw material prices, and its
large working capital requirements.  These rating weaknesses are
partially offset by the benefits that Suruchi derives from its
promoters' experience in the agricultural commodities and weaning
foods business, and its strong order book from the Government of
Uttar Pradesh (GoUP).

Outlook: Stable

CRISIL believes that Suruchi's profitability will remain
vulnerable to raw material price fluctuations, and its financial
risk profile will remain weak because of 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 diversifies its customer base.  Conversely, the
outlook may be revised to 'Negative' if the company faces delays
in realizing its receivables, or if sharp increases in food grain
prices adversely affect the company's revenues and profitability.

                        About Suruchi Foods

Incorporated in 1986, Suruchi commenced operations in 1999.
Suruchi manufactures ready-to-eat weaning foods and nutritional
supplements for sale to UP state government departments, under the
Integrated Child Development Services programme.  These items are
for free distribution to below-poverty-line families in rural
India.  Suruchi has a manufacturing unit in Noida (Uttar Pradesh),
with a capacity of around 50,400 tonnes per annum. Until 2007-08
(refers to financial year, April 1 to March 31), the company also
traded in grains, which accounted for 23 per cent of its revenues.
This activity was discontinued in 2008-09.

Suruchi reported a profit after tax (PAT) of INR3.1 million on net
sales of INR686.6 million for 2008-09, against a PAT of INR3.3
million on net sales of INR835.1 million for 2007-08.


VYAPTI INFRABUILD: CRISIL Rates INR65MM Term Loans at 'B-'
----------------------------------------------------------
CRISIL has assigned its rating of 'B-/Negative' to the rupee term
loan facility of Vyapti Infrabuild Private Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR65.0 Million Rupee Term Loans       B-/Negative (Assigned)

The rating reflects VIPL's weak financial risk profile, marked by
weak liquidity.  The rating also factors in VIPL's exposure to
risks relating to delays in project construction, resulting in
delays in generation of operating cash flows, and limited real
estate development track record. These weaknesses are partially
offset by the financial support that VIPL receives from its
promoters.

Outlook: Negative

CRISIL believes that VIPL's liquidity will be stretched over the
medium term, owing to delays in commencement of its mall-cum-
office project, Vishv Arcade, and in sale of developed property.
The rating may be downgraded, if the company's liquidity
deteriorates from current levels.  Conversely, the outlook may be
revised to 'Stable' if there is substantial improvement in the
saleability of the project.

                      About Vyapti Infrabuild

Set up in January 2008 by the Bhavsar family, Vyapti Infrabuild
Private Ltd is a closely held real estate development company.
VIPL's promoters have over the past two decades developed 19
residential projects in and around Ahmedabad, under different
partnership firms to avail of income tax benefits.  In 2007, the
promoters decided to bring all future projects under a single
company, and hence incorporated VIPL in January 2008.  VIPL is
developing its first mall-cum-office project?Vishv Arcade?with a
total saleable area of 37,580 square feet, at a cost of INR145
million.


WOOLWAYS (INDIA): CRISIL Assigns 'B' Rating on INR2.9MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Negative/P4' to Woolways
(India) Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR52.5 Million Cash Credit Limit      B/Negative (Assigned)
   INR2.9 Million Term Loan               B/Negative (Assigned)
   INR76.5 Million Packing Credit         P4 (Assigned)
   INR5.0 Million Letter of Credit        P4 (Assigned)
   INR6.5 Million Bank Guarantee          P4 (Assigned)

The ratings reflect WIL's moderate financial risk profile,
exposure to risks relating to setting up a greenfield hydro-power
project, and customer concentration in revenue profile.  These
weaknesses are partially offset by the benefits that WIL derives
from its diversified product portfolio.

Outlook: Negative

WIL plans to undertake a hydro-power project in Himachal Pradesh.
The company has never undertaken a project of this scale and
nature, and its success in implementing such projects is yet to be
demonstrated.  The ratings may be downgraded if large debt funding
of further capital expenditure, or significant delays in
implementation of the project, lead to deterioration in WIL's
financial risk profile.  The outlook may be revised to 'Stable' if
the company successfully implements the project without
significant time and cost overruns.

                      About Woolways (India)

Set up in 1985 as a proprietary company by Mr. Rakesh Nayar, WIL
(formerly, Woolways Industries) converted into a closely held
public limited company in 1994.  The company manufactures and
exports hosiery knitwear, children's garments, and thermal wear
from its facilities in Ludhiana (Punjab).  As on November 30,
2009, the company had nine retail showrooms selling children's
garments, spread over northern India.

WIL was listed on the Bombay Stock Exchange (BSE) in 1995.  The
trading in the company's share was suspended and the company was
delisted from BSE in 2004.

WIL reported a profit after tax (PAT) of INR5.6 million on net
sales of INR847.5 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.9 million on net
sales of INR541.1 million for 2007-08.


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


STAR ENERGY: Fitch Assigns 'B+' Rating on US$350 Mil. Notes
-----------------------------------------------------------
Fitch Ratings has assigned a final rating of 'B+' and a final
Recovery Rating of 'RR4' to Indonesia's Star Energy Geothermal
(Wayang Windu) Limited's US$350 million senior secured notes.

This rating action follows the completion of the notes issue and
receipt of documents conforming to information previously
received.  The final ratings are the same as the expected ratings
assigned on January 26, 2010.

SEG is one of the largest geothermal electricity producers in
Indonesia, with total installed capacity of 227MW.  It has
exclusive rights to exploit and utilize geothermal resources at
the Wayang Windu contract area located in the highlands of West
Java.


STAR ENERGY: Moody's Assigns 'B2' Rating on Senior Secured Debt
---------------------------------------------------------------
Moody's Investors Service has assigned the B2 senior secured debt
rating on the US$350 million 11.5% notes due 2015 issued by Star
Energy Geothermal (Wayang Windu) Limited.

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

The proceeds from the issue will refinance outstanding debt under
an existing bank facility, fund an interest reserve account for
the bond,and partially fund developmental costs related to the
proposed Unit 3 expansion.

Moody's notes that the final structure of the notes has changed
with the addition of a fixed principal amortization schedule of
US$12.5 million payable semi-annually in the third and fourth
years, should Star Energy not be able to deliver evidence showing
that development of Unit 3 commenced prior to January 1, 2013.

Moody's sees no rating impact, as the amortizing feature will
reduce some of the refinancing risk at maturity and spread it out
across earlier years, in the event Unit 3 does not go forward.
Furthermore, the tightening of the Fixed Charge Coverage Ratio and
Limitation of Restricted Payment covenant and the addition of the
prohibition on payments and modifications to the shareholder loan
agreement or subordination deed will provide additional protection
to the bondholders.

The last rating action on Star Energy was on 26 January 2010, when
Moody's assigned the company a B2 corporate family rating and a
(P)B2 senior secured bond rating.

Star Energy Geothermal (Wayang Windu) Limited (Star Energy) is one
of the largest geothermal power stations in Indonesia, with 227 MW
of operational capacity.  It operates a geothermal energy resource
area on the island of Java.  Star Energy began commercial
operations in June 2000 with Unit 1, a 110MW geothermal turbine-
generator unit.  The company increased its installed generation
capacity by 117MW in March 2009 with the start of commercial
operations at Unit 2, raising total installed capacity to 227MW.
Star Energy has the right to develop and sell up to 400MW to PLN.


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


JLOC XXVIII: Moody's Downgrades Ratings on Class C & D Certs.
-------------------------------------------------------------
Moody's Investors Service has downgraded the Class C and D Senior
trust certificates issued by JLOC XXVIII Trust as well as the
Mezzanine Specified Bonds issued by Harajuku Holding Tokutei
Mokuteki Kaisha.  The final maturity for both transactions will
take place in October 2012.

The individual rating actions are listed below.

  -- Class C Trust Certificates, downgraded to Baa3 from A3;
     previously, A3 placed under review for possible downgrade on
     December 25, 2009

  -- Class D Trust Certificates, downgraded to Caa2 from Ba3;
     previously, Ba3 placed under review for possible downgrade on
     December 25, 2009.

  -- Mezzanine Specified Bond, downgraded to Caa3 from B3;
     previously, B3 placed under review for possible downgrade on
     December 25, 2009

The JLOC XXVIII Senior Trust and Mezzanine Specified Bonds, issued
in October 2005, comprise a liquidating CMBS transaction.

The JLOC XXVIII Senior Trust was originally secured by senior
specified bonds issued by two TMK, which were backed by 567
properties.  The specified bonds -- issued by Nakano Holding TMK -
- were redeemed in full in July 2006.

The remaining specified bonds were issued by Harajuku Holding TMK,
and were originally backed by 329 properties or property trust
certificates; thus far, of this total, 158 properties have been
disposed of.

The remaining top 10 properties -- based on Moody's current value
-- account for approximately 45% of the portfolio; and residential
properties located outside Tokyo account for approximately 45%.

Moody's received the asset adviser's new asset disposal plan last
December.  The previous review reflected Moody's growing concerns
about the need to reconsider its assumptions as of last June about
collateral recovery and its disposal scenarios.

According to the new plan, scheduled disposal prices will decline
from the levels proposed in the previous plan of last March.

Additionally, although according to the previous plan the asset
adviser was to sell all of the remaining properties by this
September, they are now unlikely to be even sold at the balloon
Moody's that had initially assumed as being October of this year.

In addition, the disposal of the high-value properties may now be
postponed.

Moody's interviewed the asset adviser on its current disposal
activities and strategies.  Consequently, Moody's new estimate for
disposal prices is approximately 24% lower than the initial value.

Moody's sees increasing uncertainty on collateral recovery as the
disposal of some properties, including the high-value ones, may
now be postponed.

Also, the disposition has been underway at levels near Moody's
stressed scenarios assumed in last June.  Hereafter, Moody's
thinks it will be necessary to closely monitor the trend of
disposal prices and property-sales system of the asset adviser
after the balloon Moody's assumed, as well as the disposal
progress.

After the foregoing reviews, this rating action reflects Moody's
concern of the likelihood that the underlying properties could be
sold at prices lower than initial allocated loan amounts, and that
realized losses expected in the future -- with the progress of the
asset advisor's plan -- could lead to the impairment of the Class
C and D trust certificates and the Mezzanine Specified Bond.

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


PIONEER CORPORATION: Moody's Monitors Issuance of Common Stocks
---------------------------------------------------------------
Moody's Investors Service says that it will monitor the progress
and effects of a planned issuance of common stock shares by
Pioneer Corporation (B2 with negative outlook).

In its announcement on February 9, 2010, Pioneer said that it
would issue 80 million new shares of common stock, the total
proceeds of which (about JPY28 billion, based on February 9, 2010,
share price) would be determined later in February, with the
actual payment made in early March.  The funds will be used mainly
for strengthening its car electronics business.

Pioneer will issue its new shares to Honda Motor Co., Ltd. (A1),
Mitsubishi Electric Corporation (A1), and Mitsubishi Chemical
Corporation (not rated), through a third-party allotment, and
raise about JPY5.6 billion.

Honda has been a major client of the OEM business of Pioneer's car
electronics business.  MELCO and Mitsubishi Chemical have decided
to form alliances with Pioneer on the development of car
navigation systems and organic light-emitting diode lighting,
respectively.

Pioneer had originally intended to raise about JPY40 billion to
meet the funding needed for its restructuring and redemption of
about JPY60 billion in convertible bonds due in March 2011.
However, it is now planning to use its own funds to cover its
current funding requirements.  Pioneer believes that the
reductions of operating loss and restructuring costs, as well as
the sale of assets (including the site of its former head office),
will allow it to generate sufficient funds.

Moody's will take no rating action at this moment, but will
monitor the progress of Pioneer's plan, as a successful stock
issue could result in improvements to its financial flexibility
and balance sheet.

To assess the impact on the rating, Moody's will consider the
amount raised through the offering and Pioneer's use of the
proceeds, as well as the impact of the alliances.  Moody's will
also examine the company's medium-term operating performance and
financial policy.

The last rating action for Pioneer took place on October 2, 2009,
when Moody's downgraded the company's issuer rating from B1 to B2
with negative outlook.

Pioneer Corporation, headquartered in Kanagawa, is a leading
manufacturer of car electronics and home electronics products.


PIONEER CORP: S&P Changes Outlook on 'B+' Rating to Stable
----------------------------------------------------------
Standard & Poor's Ratings Services revised to stable from negative
its outlook on its 'B+' long-term corporate credit rating on
Pioneer Corp.  The action reflects Feb. view that uncertainty over
Pioneer's funding plans over the next 12 to 24 months has
diminished, based on growing signs that the company's business
performance is bottoming out and that it is progressing in making
concrete funding plans.  At the same time, S&P affirmed its 'B+'
long-term corporate credit and senior unsecured ratings on the
company.

Under plans to completely withdraw from the plasma TV business --
a segment that has continued to incur substantial losses -- within
fiscal 2009 (ending March 31, 2010), Pioneer has been allocating
greater management resources to its car electronics business.  It
also has been conducting large-scale structural reforms, such as
slimming down its domestic and overseas production and sales
systems, and making sizable personnel reductions.  As a result,
S&P sees the deterioration in Pioneer's business performance as
nearing an end, evidenced by the operating profits posted by the
company in the quarter ended Dec. 31, 2009, its first profit in
seven quarters.  In addition, Pioneer is making progress in
planning concrete funding activities, which include raising
capital through a public stock offering and a third party
allocation, and to dispose of assets, such as the sale of its
former headquarters.  S&P also sees clearer indications that the
company's relationships with creditor banks have been stabilizing.
Given Pioneer's redemption of JPY60 billion in convertible bonds
due March 2011, uncertainty over the company's funding for the
next 12 to 24 months was strong.  However, Standard & Poor's
concluded that this uncertainty has diminished based on the
company's business bottoming out and the progress it is making
with fundraising plans.

Standard & Poor's will continue to scrutinize Pioneer's funding
plans, such as capital raising measures and asset disposals, its
business performance for fiscal 2009 (ending March 31, 2010), as
well as its business strategies and financial policies for fiscal
2010 and onward.  The rating may see upward movement if S&P sees
Pioneer as highly likely to implement its funding plans and
improve its financial position in the medium term by stabilizing
its business.  Conversely, the rating may come under downward
pressure if the uncertainty over Pioneer's funding increases again
or S&P sees its financial position as likely to further
deteriorate due to considerable losses for fiscal 2010 stemming
from reduced business growth.

                           Ratings List

                  Outlook Action/Ratings Affirmed

                           Pioneer Corp.

                     Corporate Credit Rating

                                To                 From
                                --                 ----
  Foreign Currency              B+/Stable/NR       B+/Negative/NR
  Local Currency                B+/Stable/--       B+/Negative/--

                         Ratings Affirmed

                           Pioneer Corp.

            Senior Unsecured                       B+


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


DOOSAN HEAVY: Annual Loss Widens to KRW328 Billion
--------------------------------------------------
The Korea Herald, citing Yonhap News, reports that Doosan Heavy
Industries & Construction Co. said its earnings dropped last year
on increased costs and loss from equity ties with affiliates.

The Herald says net loss reached KRW328 billion last year,
compared with a loss of KRW65.9 billion a year earlier.  Sales
increased 10% to KRW6.28 trillion over the cited period, and
operating income dropped 15% to KRW404 billion, the report notes.

Based in South Korea, Doosan Heavy Industry & Construction Co.
(SEO:034020) -- http://www.doosanheavy.com--  is engaged in
supplying industrial facilities to both domestic and international
plant markets.


HYNIX SEMICONDUCTOR: Numonyx-Micron Deal Has Adverse Effect
-----------------------------------------------------------
Bloomberg News reports that NH Investment & Securities Co. said
Thursday that Micron Technology Inc.'s $1.27 billion acquisition
of Numonyx Holdings BV will be "negative" to Hynix Semiconductor
Inc.

Bloomberg says Hynix and Numonyx currently operate a chipmaking
venture in China and have an agreement to cooperate on developing
NAND flash-memory technology.

Seo Won Seok, an analyst at NH Investment in Seoul who rates Hynix
"buy", wrote in a note that he expects "Hynix's cooperation with
Numonyx will be difficult to continue after this acquisition,"
Bloomberg relates.

Dow Jones Newswires reports that Hynix didn't rule out the
possibility that it could end its partnership with Numonyx.

"We don't anticipate a significant impact even if the partnership
ends," Dow Jones cited Hynix in a statement.

According to Dow Jones, Hynix also said it is currently
considering whether it should buy back the Numonyx stake, adding
such a move could temporarily burden its financial position.

                  Falls on Stake Sale Speculations

Bloomberg reports that Hynix fell in Seoul trading on speculation
creditors may not attract bidders for their stake by today's
[February 12] deadline.  Hynix, says Bloomberg, also fell on
concern that Numonyx may not be able to continue cooperation with
the chipmaker after its purchase by Micron.

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

Hynix's creditors last week extended the deadline for accepting
bids for a controlling stake in the memory chipmaker until
February 12 after failing to receive any bids by the January 29
deadline.

Dow Jones News reported that a person familiar with the matter
said the creditors may consider a block sale if bidding fails for
the second time, which analysts agree is the right move.

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

                         CEO to Step Down

Hynix Semiconductor creditors said Wednesday that the company's
incumbent head is set to step down after three years, according to
Yonhap News.

The news agency relates that Kim Jong-kap, former vice minister of
the Ministry Commerce, Industry and Energy, now merged into the
Ministry of Knowledge Economy, was hired to take the helm of Hynix
in March 2007 with a tenure of three years.

                           About Hynix

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

                           *     *     *

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

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


HYUNDAI MOTOR: To Name Vice Chairman Chung as Executive Director
----------------------------------------------------------------
Hyundai Motor Co. said Wednesday its board decided to name Vice
Chairman Chung Eui-sun as an executive director, Yonhap News
reports.

The appointment of 39-year-old Chung, the only son of Hyundai
Motor Chairman Chung Mong-koo, to the role of executive director
is subject to approval by shareholders, Yonhap relates citing
Hyundai's regulatory filing.

If approved, says Yonhap, the junior Chung will replace Hyundai
Motor Vice Chairman Lee Jeong-dae at the company's board.

Hyundai will hold an annual shareholders' meeting on March 12,
Yonhap notes.

                        About Hyundai Motor

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

                           *     *     *

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

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


KUMHO ASIANA: Creditors to Provide Fresh Loans on Two Units
-----------------------------------------------------------
The Korea Development Bank said that the creditor banks of ailing
Kumho Asiana Group have decided to offer KRW380 billion (US$326
million) in fresh loan to the group's two units under a debt
rescheduling scheme, TradingMarkets.com reports.

KDB, the group's main creditor, said the creditors will lend
KRW280 billion to Kumho Industrial Co., the report says.  They
will also provide KRW100 billion in fresh loan to Kumho Tire Co.
and open a line of credit worth up to US$30 million for the tire
producer, KDB said.

According to the report, the creditors' decision came after the
family owners of the group agreed Monday with creditors to put up
their entire stake in the group's affiliates as collateral to
ensure its survival.

Meanwhile, Bloomberg News reports that Yonhap News said Kumho
Tire's labor union declined to support a layoff plan as requested
by creditors.

The Korean-language news agency, citing bank and labor union
officials that it didn't identify, reported that the pledge is
part of prerequisites for creditors to provide KRW100 billion in
fresh loans and US$30 million in credits for goods purchases,
according to Bloomberg.

As reported in Troubled Company Reporter-Asia Pacific on
August 6, 2010, The Korea Herald said that Kumho Asiana Group has
been suffering from a liquidity crisis, which observers describe
as a typical case of acquisition indigestion.  In a bid to ease a
cash shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering &
Construction, after acquiring it in 2006 for KRW6.4 trillion.
Bloomberg said creditors including Shinhan Bank may force the
company to repay KRW3.9 trillion (US$3.2 billion) by June if they
exercise an option to sell Daewoo Engineering shares they hold
back to Kumho Asiana.

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

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

                        About Kumho Asiana

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


NORTEL NETWORKS: LG-Nortel, Acton to Launch JV in N. America
------------------------------------------------------------
LG-Nortel, a Korean global telecommunications solution provider
and Accton Technology Corporation, a Taiwanese global
telecommunications equipment company, announced that they signed
an agreement to form a joint venture that will offer voice and
data solutions for North American small and medium businesses
(SMBs) and large enterprises.

The agreement was signed in Hsinchu, Taiwan by Jae Ryung Lee,
chief executive officer of LG-Nortel and A.J. Huang, the chairman
of Accton Group. LG-Nortel will own 60% share in the joint venture
and Accton Group will own 40%.  The new company will be
tentatively named Edgecore Networks Inc., which was a subsidiary
of Accton and a specialized North American sales company for
network solutions.  And the joint venture will be established by
mid February from headquarters in Irvine, California, USA.

The joint venture will combine the SMB voice and data product
expertise of LG-Nortel with Edgecore Networks' marketing
and sales capability, SMB channels, and logistics skills.
Combining these capabilities will position the joint venture to
take full charge of the SMB and enterprise equipment business of
LG-Nortel and Accton across the USA and Canada.  Both companies
will cooperate in every aspect of their businesses including R&D,
manufacturing, marketing, new business development, and brand
use.

"LG-Nortel is taking another bold step in North America," said
Lee.  "Like LG-Nortel, Accton is an innovative leader in its
market.  This partnership will provide significant new
opportunities to reinforce our brand, increasing our global
competitiveness and helping our customers embrace the future
opportunities and challenges of the converged communications
market."

"The establishment of this joint venture will significantly
enhance LG-Nortel's presence in North America," said Leith Tessy,
chief operating officer of LG-Nortel.  "Businesses have more
complex communications challenges than ever, and the combination
of our companies' respective strengths will provide an
unparalleled opportunity to help them meet those challenges."

"The demands of North American customers are directly connected to
the overall trend towards global communication," said Huang.  "The
brand value and voice platform technology that LG-Nortel provides,
paired with Accton's distribution and manufacturing capacity, and
our local network reach, will make this joint venture a powerful
combination that will deliver significant benefits for companies
across North America."

North America's highly-competitive SMB telecommunications solution
is expected to comprise 27% (US$5.7B) of the global market in
2010.  Through the joint venture, LG-Nortel will bring its
telecommunications solutions directly to the North American
SMB and enterprise market.  With a broad portfolio including LG-
Nortel's voice products and Accton's data products, the joint
venture will help both companies strengthen their position in the
highly competitive convergence market.

                        About LG-Nortel

LG-Nortel is a joint venture of LG Electronics and Nortel.
Established in 2005, LG-Nortel provides leading edge
telecommunications equipment and network solutions, spanning
wired and wireless technologies, to service provider and
enterprise customers in Korea and around the world.  LG-Nortel is
also actively developing next generation solutions for global
markets, with over 750 skilled R&D engineers currently focused on
wireless broadband technology evolution and the development of
powerful new product lines.  For more information on LG-Nortel,
visit www.lg-nortel.com.

              About Accton Technology Corporation

Accton Technology Corporation is a global premier provider of
networking and communications solutions for top tier networking,
computer, and telecommunications vendors.  Leveraging its advanced
software applications and state-of-the-art ASIC, Accton
collaborates with its strategic partners to design, develop and
manufacture innovative, leading-edge technologies in Zero Time.
The company's constantly-evolving core technology and its highly-
qualified global workforce make it possible for Accton to deliver
superior products that are affordable and robust.  For more
information about Accton and its subsidiaries, visit:

                   http://www.accton.com

                About Edgecore Networks Inc.

Edgecore Networks, Inc., formerly a subsidiary of Accton
Technology, was a global provider of application-driven
performance networking solutions designed to meet and exceed
customer requirements and maximize return on investment.  As a
joint venture between LG-Nortel and Accton, it will focus on SMB
&Enterprise business across the USA and Canada with a broad
portfolio including voice and data products.  For more
information, visit Edgecore Networks at:

                 http://www.edgecorenetworks.com/


                       About Nortel Networks

Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers.  The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion.  The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies.  As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.

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


SSANGYONG MOTOR: Inks Contract to Export Vehicles to Vietnam
------------------------------------------------------------
Seonjin Cha at Bloomberg News reports that Ssangyong Motor Co.
signed a contract to provide Kyron sport-utility vehicles to
Xuankien Vinaxuki Motor in Vietnam.

The company said in a regulatory filing that the vehicles will be
provided in kit forms to be assembled in Vietnam starting from
Feb. 11, 2010 until the end of 2014, according to Bloomberg.

The value of the contract with the Vietnamese company was not
provided, Bloomberg adds.

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

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

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


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


BIG SKY: Owner's Firms Owe NZ$5.74 Mil. to South Island Creditors
-----------------------------------------------------------------
The Southland Times reports that a group of broke property
development firms, run by Paul Graeme Martin, owed millions of
dollars to dozens of South Island creditors.

According to the report, Mr. Martin is the director of Big Sky
Developments, Springvale Creek, Clyde Developments, Turtle Soup,
Central Otago Water Company and Lake Te Anau View, all in
liquidation.

The amount owed to almost 50 unsecured creditors, preferential
creditors and secured creditors is NZ$5.74 million, the report
says.

Southland Times relates liquidator Marie Inch, of Insolvency
Management Ltd, said it was processing nine liquidations involving
Mr. Martin.

The report says property management firm Moore & Percy is owed a
valuation fee by the Central Otago Water Company, which was placed
in liquidation in November and owes preferential creditors
NZ$113,388 and NZ$88,284 to unsecured creditors.

Big Sky, which was behind the development of 50 4.4ha lifestyle
lots, was placed in liquidation by the High Court in Christchurch
in December 2008, the report notes.


BRADLEY & BRADLEY: Under SFO Prove Over NZ$12 Mil. Missing Funds
----------------------------------------------------------------
The Serious Fraud Office has started its probe into five companies
connected to investment firm Bradley & Bradley, which is in
liquidation, The New Zealand Herald.

The New Zealand Herald says the investigation comes after the
disappearance of around NZ$12 million of investors' money.  The
report says the investigators had been unable to find any investor
money after the business, owned by Remuera coupe Mike and Jackie
Bradley, collapsed in December.

According to the report, liquidators Brian Mayo-Smith and David
O'Connor of BDO Auckland said they had tracked down 36 investors,
with an average amount outstanding of around NZ$300,000 or more.

The report says the only assets liquidators had identified was
some office furniture.

Mr. O'Connor said much of investors' money was said to have been
invested overseas but they had been unable to find proper
financial and accounting records, the report notes.

Bradley & Bradley businesses under SFO's probe are B'On Financial
Services, B'On Financial Services NZ, Bradley O'Neill Financial
Planners, Bradley O'Neill Financial Services and Rosehip Nominees.


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


BARANG BARANG PTE: Placed Under Creditors' Voluntary Liquidation
----------------------------------------------------------------
KLW Holdings Limited said it has decided to place its 71% owned
subsidiary, Barang Barang Pte Ltd, under creditors' voluntary
liquidation due to the continued weak performance of KLW's retail
business, Reuters reports.

Reuters reports the Company also said that for fiscal 2009, it
continues to register loss due to the continued weak performance
of its retail business and the effects of the slowdown in consumer
spending for its products.

Further details on the voluntary liquidation will be announced in
due course, Reuters notes.

Barang Barang Pte Ltd is a subsidiary of KLW Holdings Limited, a
Singapore-based investment holding company.


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


* Moody's Expects Default Rate to Decline Sharply in 2010
---------------------------------------------------------
Overall, a record-high 261 Moody's-rated corporate issuers
defaulted globally on a total $328.9 billion of debt in 2009, up
from $280.6 billion in 2008, said Moody's Investors Service in its
23rd annual default study.  "In contrast to 2008, when bank and
financial institution defaults accounted for 80% of total default
volume, non-financial defaulters drove default volume in 2009?
accounting for roughly 75% of volume and 80% of defaulted
issuers," says Moody's Director of Default Research Kenneth Emery.

Moody's default rate forecasting model, under its baseline
scenario, now projects that the speculative-grade default rate
will fall sharply to 3.3% by the fourth quarter of 2010.  "The
sharp forecasted drop in the default rate assumes an ongoing
economic recovery and stable credit spreads through 2010.  Under a
more pessimistic scenario, however, where the current economic
recovery falters and credit spreads move higher, the default rate
would fall to only 7.2%," Emery said.

"Moody's forecasting model has performed quite well in this cycle,
especially relative to other models and commentators.  In January
2009, when the default rate stood at 4.4%, the baseline forecast
was for a 15% default rate at year-end 2009?compared to the 13%
that materialized.  And as far back as January 2009, Moody's model
signaled the default rate would peak in November 2009 and be
followed by substantial declines in 2010," added Emery.

The default rate for all rated corporate issuers rose to 5.4% at
the end of 2009 from 2.0% at year-end 2008.

Measured on a dollar volume basis, Moody's global speculative-
grade bond default rate ended 2009 at 15.6%, up from 2008's level
of 5.9%. Among all Moody's-rated issuers, the volume-weighted
default rate increased from 2.2% in 2008 to 2.6% in 2009.

Across regions, 200 of 2009's defaulters were North American
issuers (191 in the U.S and 9 in Canada) with defaulted debt
volumes totaling $291.0 billion. In Europe, 30 Moody's-rated
corporate issuers defaulted on $15.5 billion of debt. The
remaining defaulters were Latin-American and Asian issuers.

The average recovery rate for defaulted senior unsecured bonds, as
measured by post-default trading prices, rose to 37.7% in 2009
from 33.8% in 2008.  The increase was triggered by higher recovery
rates for distressed exchange defaults.  Excluding distressed
exchanges, the average senior unsecured bond recovery rate in 2009
was a low 25.4%.

Moody's annual corporate default study, "Corporate Default and
Recovery Rates, 1920-2009," is available at www.moodys.com.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company            Ticker            (US$MM)          (US$MM)
  -------            ------            ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW       AHGN              16.93          -8.23
AMA GROUP LTD          AMA               39.03          -0.86
ANTARES ENERGY L       AZZ               13.71          -1.96
ARC EXPLORATION        ARX               56.83         -15.05
AUSTAR UNITED          AUN              508.84        -310.06
AUSTRAILIAN Z-PP       AZCCA             77.74          -2.57
AUSTRALIAN ZIRC        AZC               77.74          -2.57
BCD RESOURCES OP       BCO               21.37         -54.57
BCD RESOURCES-PP       BCOCC             21.37         -54.57
BIRON APPAREL LT       BIC               19.71          -2.22
CENTRO PROPERTIE       CNP            14725.10        -495.30
CHALLENGER INF-A       CIF             2307.01        -104.58
CHEMEQ LTD             CMQ               25.19         -24.25
CITY PACIFIC LTD       CIY              171.50          -6.38
ELLECT HOLDINGS        EHG               18.25         -15.49
HEALTH CORP LTD        HEA               13.26          -0.01
HYRO LTD               HYO               21.50         -14.83
JAMES HARDIE NV        JHXCC           2120.70        -153.00
JAMES HARDIE-CDI       JHX             2120.70        -153.00
MAC COMM INFR-CD       MCGCD           8104.42        -103.34
RESIDUAL ASSC-EE       RAGXF            597.33        -126.96
SHELL VILLAGES A       SVC               13.47          -1.66
TERRITORY RESOUR       TTY               78.23          -3.34
TOOTH & CO LTD         TTH              127.62         -78.92
VERTICON GROUP         VGP               14.22         -24.60


CHINA

AMOI ELECTRONI-A       600057           186.72        -176.17
ANHUI KOYO GROUP       979               43.55         -32.06
BAO LONG ORIENTA       600988            16.38          -3.24
CHANG LING GROUP       561               33.36         -13.70
CHENGDU UNION-A        693               52.17          -7.60
CHINA EAST AIR-A       600115         10663.62        -669.02
CHINA KEJIAN-A         35                83.78        -182.39
DANDONG CHEM F-A       498              100.50        -111.14
DONGGUAN FANGD-A       600656            62.02         -10.11
DONGXIN ELECTR-A       600691            20.72          -6.13
GAOXIN ZHANGTO-A       2075             119.52         -30.48
GUANGDONG HUAL-A       600242            19.85          -1.62
GUANGDONG KEL-A        921              650.07        -103.76
GUANGMING GRP -A       587               48.72         -47.59
GUANGXI BEISHE-A       600556           103.12        -138.38
GUANGXIA YINCH-A       557               19.31         -37.90
HEBEI BAOSHUO -A       600155           133.67        -361.69
HEBEI JINNIU C-A       600722           241.28        -228.12
HUDA TECHNOLOG-A       600892            21.31          -2.90
HUNAN ANPLAS CO        156               51.58         -70.84
JIANGSU CHINES-A       805               12.86         -10.34
LIAOYUAN DEHENG        600699           138.72          -6.69
QINGHAI SUNSHI-A       600381            50.90         -26.09
SHAANXI QINLIN-A       600217           233.97         -21.07
SHANG HONGSHENG        600817            17.94        -396.97
SHANG LIANHUA-A        600617            15.68          -1.54
SHANG LIANHUA-B        900913            15.68          -1.54
SHANGHAI WORLDBE       600757           181.37        -127.60
SHENZ CHINA BI-A       17                27.97        -264.11
SHENZ CHINA BI-B       200017            27.97        -264.11
SHENZHEN DAWNC-A       863               28.09        -157.71
SHENZHEN KONDA-A       48               195.27         -14.90
SHENZHEN SHENX-A       34                23.96        -166.32
SHENZHEN ZERO-A        7                 61.82          -3.40
SHIJIAZHUANG D-A       958              235.06         -54.14
SICHUAN DIRECT-A       757              128.39        -118.67
SUNTEK TECHNOL-A       600728            37.92         -21.21
TAIYUAN TIANLO-A       600234            50.40         -25.24
TIANJIN MARINE         600751            82.40         -30.39
TIANJIN MARINE-B       900938            82.40         -30.39
TIBET SUMMIT I-A       600338            78.16         -14.22
TOPSUN SCIENCE-A       600771           183.02        -138.22
WINOWNER GROUP C       600681            10.72         -71.85
WUHAN BOILER-B         200770           349.55         -74.89
WUHAN GUOYAO-A         600421            11.45         -39.41
XIAMEN OVERSEA-A       600870           286.40        -145.07
YUEYANG HENGLI-A       622               37.27         -15.53
YUNNAN MALONG-A        600792           145.38         -30.28
ZHANGJIAJIE TO-A       430               45.95          -4.59


HONG KONG

21 HOLDINGS LTD        1003              43.65          -4.26
ASIA TELEMEDIA L       376               16.62          -5.37
CHAOYUE GROUP LT       147               42.69        -127.80
CHINA CYBER PORT       8206              12.62         -25.85
CHINA EAST AIR-H       670            10663.62        -669.02
CHINA GOLDEN DEV       162              253.00          -2.72
EGANAGOLDPFEIL         48               557.89        -132.86
FULBOND HLDGS          1041              60.26         -14.42
HISENSE ELEC-H         921              650.07        -103.76
HUTCHISON TELE H       215             2400.10        -366.06
MITSUMARU EAST K       2358              38.17          -1.45
NEW CITY CHINA         456              113.18          -9.93
NGAI LIK INDL          332              132.82          -4.76
PAC PLYWOOD            767               75.64          -5.41
PALADIN LTD            495              157.69          -6.23
PALADIN LTD -PRE       642              157.69          -6.23
PCCW LTD               8               5990.93        -394.97
PERCEPTION DIG         8248              31.21          -4.64
PROVIEW INTL HLD       334              412.85        -191.26
WAI CHUN MINING        660               12.79         -14.60
WAYTUNG GLOBAL G       21                12.33          -2.96


INDONESIA

ASIA PACIFIC           POLY             481.76        -847.67
DAVOMAS ABADI          DAVO             272.59         -17.19
ERATEX DJAJA           ERTX              10.05         -15.29
JAKARTA KYOEI ST       JKSW              28.00         -39.75
KARWELL INDONESI       KARW              10.28          -8.09
MULIA INDUSTRIND       MLIA             349.54        -393.20
PANASIA FILAMENT       PAFI              51.27          -4.30
PANCA WIRATAMA         PWSI              28.57         -34.35
PRIMARINDO ASIA        BIMA              10.97         -20.00
STEADY SAFE TBK        SAFE              12.27          -4.84
SURABAYA AGUNG         SAIP             248.50         -92.41
TEIJIN INDONESIA       TFCO             185.09         -14.27
UNITEX TBK             UNTX              15.67         -14.25


INDIA

ALCOBEX METALS         AML               16.59         -21.47
ASHIMA LTD             ASHM              59.92         -47.15
BALAJI DISTILLER       BLD               51.16         -38.38
BELLARY STEELS         BSAL             451.68        -108.50
BHAGHEERATHA ENG       BGEL              22.65         -28.20
CFL CAPITAL FIN        CEATF             14.31         -40.04
COMPUTERSKILL          CPS               14.90          -7.56
CORE HEALTHCARE        CPAR             185.36        -241.91
DCM FINANCIAL SE       DCMFS             16.54         -10.99
DIGJAM LTD             DGJM              98.77         -14.62
DISH TV INDIA          DITV             422.08        -127.61
DUNCANS INDUS          DAI              116.96        -183.24
GANESH BENZOPLST       GBP               77.84         -41.87
GEM SPINNERS LTD       GEMS              15.23          -0.11
GLOBAL BOARDS          GLB               25.15          -0.79
GSL INDIA LTD          GSL               37.04         -42.34
GSL NOVA PETROCH       GSLN              44.39          -0.93
GUJARAT SIDHEE         GSCL              59.44          -0.66
HARYANA STEEL          HYSA              10.83          -5.91
HENKEL INDIA LTD       HNKL             102.05         -10.24
HFCL INFOTEL LTD       HFCL             151.65         -85.81
HIMACHAL FUTURIS       HMFC             406.63        -210.98
HINDUSTAN PHOTO        HPHT              68.94       -1147.18
HINDUSTAN SYNTEX       HSYN              12.68          -1.79
HMT LTD                HMT              139.31        -277.69
ICDS                   ICDS              13.30          -6.17
INDIA FOILS LTD        IF                22.01          -2.04
INFOMEDIA 18 LTD       INF18             35.80          -1.94
INTEGRAT FINANCE       IFC               45.56         -43.27
ITI LTD                ITI             1116.21          -0.80
JCT ELECTRONICS        JCTE             122.54         -50.00
JD ORGOCHEM LTD        JDO               10.46          -1.60
JENSON & NIC LTD       JN                15.93         -74.33
JIK INDUS LTD          KFS               20.63          -5.62
JK SYNTHETICS          JKS               13.51          -3.03
JOG ENGINEERING        VMJ               50.08         -10.08
KALYANPUR CEMENT       KCEM              32.04         -26.76
KERALA AYURVEDA        KRAP              13.41          -0.59
KINGFISHER AIR         KAIR            1458.64        -418.91
LLOYDS FINANCE         LYDF              27.68          -8.64
LLOYDS STEEL IND       LYDS             358.94         -83.14
MILLENNIUM BEER        MLB               36.39          -3.20
MILTON PLASTICS        MILT              18.31         -40.44
NATH PULP & PAP        NPPM              13.59         -39.13
NICCO UCO ALLIAN       NICU              28.84         -56.77
ORIENT PRESS LTD       OP                16.70          -0.09
PANCHMAHAL STEEL       PMS               51.02          -0.33
PANYAM CEMENTS         PYC               38.84          -0.64
PARASRAMPUR SYN        PPS              111.97        -317.11
PAREKH PLATINUM        PKPL              61.08         -88.85
PEACOCK INDS LTD       PCOK              11.40         -14.40
PIRAMAL LIFE SC        PLSL              32.05          -3.73
POLAR INDS LTD         PLI               11.61         -22.28
RAMA PHOSPHATES        RMPH              34.07          -1.19
RATHI ISPAT LTD        RTIS              44.56          -3.93
RELIGARE TECHNOV       RTCL              44.13          -1.46
RENOWNED AUTO PR       RAP               14.12          -1.25
ROLLATAINERS LTD       RLT               22.97         -22.24
ROYAL CUSHION          RCVP              20.22         -62.97
RPG CABLES LTD         RPG               51.43         -20.19
SCOOTERS INDIA         SCTR              13.29          -0.58
SHALIMAR WIRES         SWRI              24.49         -49.90
SHAMKEN COTSYN         SHC               23.13          -6.17
SHAMKEN MULTIFAB       SHM               60.55         -13.26
SHAMKEN SPINNERS       SSP               42.18         -16.76
SHREE RAMA MULTI       SRMT              63.73         -52.93
SIDDHARTHA TUBES       SDT               70.93         -12.09
SIL BUSINESS ENT       SILB              12.46         -19.96
SOUTHERN PETROCH       SPET            1543.61         -35.61
SPICE COMMUNICAT       SPCM             263.69         -19.68
SPICEJET LTD           SJET             147.98         -84.65
STERLING HOL RES       SLHR              52.91          -0.63
STI INDIA LTD          STIB              28.05          -8.04
TAMILNADU TELE         TNT               10.26          -4.14
TATA TELESERVICE       TTLS             793.63         -74.64
TRIUMPH INTL           OXIF              58.46         -14.18
TRIVENI GLASS          TRSG              24.39          -8.90
UNIWORTH LTD           WW               145.71        -114.87
USHA INDIA LTD         USHA              12.06         -54.51
VENTURA TEXTILES       VRTL              14.25          -0.33
WINDSOR MACHINES       WML               14.50         -28.14
WIRE AND WIRELES       WNW              102.42         -37.06
WIRE AND WIRE-PP       WNWPP            102.42         -37.06


JAPAN

ARDEPRO                8925             345.61        -207.11
COMMERCIAL RE          8866             296.85          -0.35
COSMOS INITIA CO       8844            1652.69        -564.01
DDS INC                3782              10.68          -5.70
FLIGHT SYS CONSU       3753              14.88          -1.07
HARAKOSAN CO           8894             265.03         -21.41
ICHITAN CO LTD         5645              99.16          -4.38
JIPANGU HOLDINGS       2684              15.05          -8.38
L CREATE CO LTD        3247              42.34          -9.15
LCA HOLDINGS COR       4798              49.52          -2.24
NESTAGE CO LTD         7633              11.77         -12.20
PROPERST CO LTD        3236             303.29        -415.76
RAYTEX CORP            6672              61.49          -3.49
SAIKAYA CO LTD         8254             398.46         -17.56
SHINWA OX CORP         2654              61.39         -12.95
SOWA JISHO CO LT       3239              17.45         -33.84
TERRANETZ CO LTD       2140              11.63          -4.29


KOREA

AJU MEDIA SOL-PF       44775             13.82          -1.25
CL LCD CO LTD          35710             55.59         -14.79
DAHUI CO LTD           55250            186.00          -1.50
DAISHIN INFO           20180            740.50        -158.45
ELIM EDU CO LTD        46240             34.03          -3.75
KYSYS CO LTD           15390             10.67          -6.27
MOBO CO LTD            51810            196.64         -11.98
ORICOM INC             10470             82.65         -40.04
PAPERCOREA INC         1020             310.53        -154.09
PRIME ENTMT            17170             31.47         -19.37
ROCKET ELEC-PFD        425               68.58          -2.14
ROCKET ELECTRIC        420               68.58          -2.14
SAMT CO LTD            31330            303.86         -77.57
SOLAR & TECH CO        30390             11.47          -0.59
STARMAX CO LTD         17050             50.13         -25.44
TAESAN LCD CO          36210            187.94        -546.26
TONG YANG MAGIC        23020            355.15         -25.77
UTX CO LTD             45880             19.76          -2.85
YOUILENSYS CORP        38720            166.70         -12.34


MALAYSIA

AXIS INCORPORATI       AXIS              35.44         -79.33
HARVEST COURT          HAR               11.12          -7.48
HO HUP CONSTR CO       HO                71.66          -1.27
LITYAN HLDGS BHD       LIT               14.28         -29.49
POLY TOWER VENTU       PTV               58.06          -5.45
RHYTHM CONSOLIDA       RCB               11.08          -1.32
WONDERFUL WIRE         WW                11.54         -15.64
WWE HOLDINGS BHD       WWE               66.48          -1.52


NEW ZEALAND

DOMINION FINANCE       DFH              258.90         -55.31


PHILIPPINES

APEX MINING 'B'        APXB              51.26          -8.97
APEX MINING-A          APX               51.26          -8.97
BENGUET CORP 'B'       BCB               75.49         -37.05
BENGUET CORP-A         BC                75.49         -37.05
CYBER BAY CORP         CYBR              12.93         -79.23
EAST ASIA POWER        PWR               50.80        -139.42
FIL ESTATE CORP        FC                37.29         -11.36
FILSYN CORP A          FYN               22.00         -10.28
FILSYN CORP. B         FYNB              22.00         -10.28
GOTESCO LAND-A         GO                18.68         -10.86
GOTESCO LAND-B         GOB               18.68         -10.86
MRC ALLIED             MRC               13.04          -3.68
PICOP RESOURCES        PCP              105.66         -23.33
PRIME ORION PHIL       POPI              90.35          -5.12
STENIEL MFG            STN               28.67          -1.48
UNIVERSAL RIGHTF       UP                45.12         -13.48
UNIWIDE HOLDINGS       UW                52.80         -56.18
VICTORIAS MILL         VMC              178.06         -36.66


SINGAPORE

ADV SYSTEMS AUTO       ASA               11.79         -12.81
ADVANCE SCT LTD        ASCT              67.58         -14.05
CARRIERNET GLOBA       CARG              14.29          -0.02
CHUAN SOON HUAT        CSH               29.97         -19.29
FALMAC LTD             FAL               10.12          -6.80
HL GLOBAL ENTERP       HLGE              93.73         -15.67
JURONG TECH IND        JTL               98.76        -227.28
LINDETEVES-JACOB       LJ               160.48         -86.70
OCEAN INTERNATIO       OCEAN             61.66         -13.72
PACIFIC CENTURY        PAC               17.86          -4.52
SUNMOON FOOD COM       SMOON             19.29         -10.67
TIGER AIRWAYS          TGR              122.90         -71.92
TT INTERNATIONAL       TTI              303.82         -38.09
WESTECH ELECTRON       WTE               28.29         -12.86


THAILAND

ABICO HLDGS-F          ABICO/F           12.07          -9.54
ABICO HOLDINGS         ABICO             12.07          -9.54
ABICO HOLD-NVDR        ABICO-R           12.07          -9.54
BANGKOK RUBBER         BRC               87.00         -64.96
BANGKOK RUBBER-F       BRC/F             87.00         -64.96
BANGKOK RUB-NVDR       BRC-R             87.00         -64.96
CENTRAL PAPER IN       CPICO             10.22        -216.07
CENTRAL PAPER-F        CPICO/F           10.22        -216.07
CENTRAL PAPER-NV       CPICO-R           10.22        -216.07
CIRCUIT ELEC PCL       CIRKIT            17.39         -88.00
CIRCUIT ELEC-FRN       CIRKIT/F          17.39         -88.00
CIRCUIT ELE-NVDR       CIRKIT-R          17.39         -88.00
DATAMAT PCL            DTM               12.69          -6.13
DATAMAT PCL-NVDR       DTM-R             12.69          -6.13
DATAMAT PLC-F          DTM/F             12.69          -6.13
ITV PCL                ITV               33.79         -87.51
ITV PCL-FOREIGN        ITV/F             33.79         -87.51
ITV PCL-NVDR           ITV-R             33.79         -87.51
K-TECH CONSTRUCT       KTECH             39.74         -33.07
K-TECH CONSTRUCT       KTECH/F           39.74         -33.07
K-TECH CONTRU-R        KTECH-R           39.74         -33.07
KUANG PEI SAN          POMPUI            17.15         -12.12
KUANG PEI SAN-F        POMPUI/F          17.15         -12.12
KUANG PEI-NVDR         POMPUI-R          17.15         -12.12
MALEE SAMPRAN          MALEE             56.30          -3.46
MALEE SAMPRAN-F        MALEE/F           56.30          -3.46
MALEE SAMPR-NVDR       MALEE-R           56.30          -3.46
PATKOL PCL             PATKL             51.03         -29.87
PATKOL PCL-FORGN       PATKL/F           51.03         -29.87
PATKOL PCL-NVDR        PATKL-R           51.03         -29.87
PICNIC CORPORATI       PICNI            162.04         -79.86
PICNIC CORPORATI       PICNI/F          162.04         -79.86
PICNIC CORPORATI       PICNI-R          162.04         -79.86
PONGSAAP PCL           PSAAP             25.97          -4.74
PONGSAAP PCL           PSAAP/F           25.97          -4.74
PONGSAAP PCL-NVD       PSAAP-R           25.97          -4.74
SAFARI WORLD PUB       SAFARI           102.74         -23.19
SAFARI WORLD-FOR       SAFARI/F         102.74         -23.19
SAFARI WORL-NVDR       SAFARI-R         102.74         -23.19
SAHAMITR PRESS-F       SMPC/F            31.18         -14.94
SAHAMITR PRESSUR       SMPC              31.18         -14.94
SAHAMITR PR-NVDR       SMPC-R            31.18         -14.94
SUNWOOD INDS PCL       SUN               19.86         -13.03
SUNWOOD INDS-F         SUN/F             19.86         -13.03
SUNWOOD INDS-NVD       SUN-R             19.86         -13.03
THAI-DENMARK PCL       DMARK             15.72         -10.10
THAI-DENMARK-F         DMARK/F           15.72         -10.10
THAI-DENMARK-NVD       DMARK-R           15.72         -10.10
TRANG SEAFOOD          TRS               11.52          -1.25
TRANG SEAFOOD-F        TRS/F             11.52          -1.25
TRANG SFD-NVDR         TRS-R             11.52          -1.25
UNIVERSAL S-NVDR       USC-R             97.74         -40.29
UNIVERSAL STARCH       USC               97.74         -40.29
UNIVERSAL STAR-F       USC/F             97.74         -40.29


TAIWAN

CHIEN TAI CEMENT       1107             202.45         -22.41
HELIX TECH-EC          2479T             23.39         -24.12
HELIX TECH-EC IS       2479U             23.39         -24.12
HELIX TECHNOL-EC       2479S             23.39         -24.12
TAIWAN KOL-E CRT       1606U            507.21        -147.14
TAIWAN KOLIN-EN        1606V            507.21        -147.14
TAIWAN KOLIN-ENT       1606W            507.21        -147.14
VERTEX PREC-ENTL       5318T             43.04          -2.31
VERTEX PRECISION       5318              43.04          -2.31
YEU TYAN MACHINE       8702              39.57        -271.07


                         *********

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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