TCRAP_Public/100218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, February 18, 2010, Vol. 13, No. 034

                            Headlines



A U S T R A L I A

CONNECTEAST GROUP: Half Year Loss Narrows to AU$43.2 Million
CONNECTOR MOTORWAYS: Bondholders' Claim Hikes Debt to AU$1.9BB
KLEENMAID: Appliance Product To Go on Sale Again on February 20
KSUBI: In Liquidation; Joint Venture Likely to Buy Business
NARHEX LIFE: Calls In Voluntary Administrators

TRANSURBAN GROUP: Hasn't Received Further Takeover Bids


C H I N A

UTSTARCOM INC: Has $48.5MM Investment Deal; to Move HQ to Beijing


H O N G  K O N G

LUEN FAI: Court Enters Wind-Up Order
LUN TAI: Members' Final Meeting Set for March 12
LYDENY DEVELOPMENT: Court Enters Wind-Up Order
KAI CHUN: Members' Final Meeting Set for March 12
KIANA PRINCIPAL: Members' Final Meeting Set for March 12

M & T INTERNATIONAL: Creditors' Meeting Set for March 5
MACKAY HOLDINGS: Court to Hear Wind-Up Petition on March 24
MERCATOR MARINE: Court Enters Wind-Up Order
MING FAT: Court to Hear Wind-Up Petition on March 17
MLA FINANCIAL: Creditors' Proofs of Debt Due March 1

MULTI-CONCEPT GROUP: Court Enters Wind-Up Order
NAL LOGISTICS: Chan Kam Shing Steps Down as Liquidator
NAMWING FOOD: Court Enters Wind-Up Order
NISCA (HK): Creditors' Proofs of Debt Due March 15
OCEAN WAY: Court Enters Wind-Up Order

PERCEPTIVE INVESTMENTS: Creditors' Proofs of Debt Due March 15
PERFECT SHARP: Court to Hear Wind-Up Petition on March 17
PREMIER DRAGON: Court Enters Wind-Up Order
PO LUEN: Court to Hear Wind-Up Petition on April 4
POLYGRACE INTERNATIONAL: Inability to Pay Debts Prompts Wind-Up


I N D I A

AI COTTON: Low Net Worth Prompts CRISIL 'B+' Ratings
ALACRITY SECURITIES: CRISIL Assigns 'P4' Ratings on Bank Debts
ASL FORTUNE: ICRA Assigns 'LB' Rating on INR90MM Bank Facilities
BHASIN VENTURES: Small Net Worth Cues CRISIL 'B+' Ratings
EASTERN COPPER: Low Net Worth Prompts CRISIL 'B+' Ratings

GANDHAR COALS: CRISIL Rates INR125MM Letter of Credit at 'P4'
GAYATRI SUITINGS: ICRA Assigns 'LBB' Rating on INR47MM Term Loan
GNA DURAPARTS: CRISIL Reaffirms 'BB+' Rating on INR230MM Loan
GVG INDUSTRIES: CRISIL Assigns 'BB-' Rating on INR60MM Cash Credit
HARSO STEELS: ICRA Places 'LBB+' Rating on INR125MM Bank Limits

HIGHLAND PRODUCE: CRISIL Lifts Ratings on Various Debts to 'BB+'
KRUTI ASSOCIATES: Small Net Worth Cues CRISIL 'B' Ratings
KUMARAGIRI SPINNERS: CRISIL Places Junk Ratings on INR173.6MM Loan
NIDHI MINING: CARE Assigns 'BB' Rating to Various Bank Facilities
NITESH RESIDENCY: ICRA Assigns 'LBB' Rating on INR3.13BB Term Loan

NSL TEXTILES (EDLAPADU): ICRA Rates INR320MM Bank Debts at 'LBB'
NSL TEXTILES: CRISIL Places 'LBB' Rating on INR490MM Bank Debts
OMKAR TEXTILE: CARE Assigns 'CARE BB' on INR23.61cr LT Bank Debts
R.B. JODHAMAL: CRISIL Rates INR22 Mil. Cash Credit at 'BB+'
S.V.S. PROJECTS: Low Net Worth Cues CRISIL 'BB+' Rating

SEVA AUTOMOTIVE: CRISIL Reaffirms 'B+' Rating on Cash Credit
SHREE RADHE: CRISIL Assigns 'BB-' on Various Bank Facilities
SUVIDHI RAYONS: Low Profitability Prompts ICRA 'LBB' Ratings
TATA MOTORS: To Mothball TCP Site; Up to 3,000 Jobs at Risk
TEEKAY MARINES: ICRA Assigns 'LBB' Rating on INR43.5MM Term Loans

VISHALSS ENTERPRISES: CRISIL Rates 'BB' Rating on INR10MM Loan
VISHWARUPA STEEL: CRISIL Puts 'BB-' Ratings on Various Bank Debts
YESHASHVI STEELS: Delay in Loan Repayment Cues CRISIL Junk Ratings


I N D O N E S I A

BANK NEGARA: To Seek IDR6 Trillion of External Funds This Year
PAL INDONESIA: To Slash 900 Jobs Next Month


J A P A N

AMERICAN INT'L: Names Timothy Schiltz as Chairman of AIG Star
JAPAN AIRLINES: Wins U.S. Bankruptcy Court Protection
JLOC39 CMBS: Moody's Takes Rating Actions on Various Classes
MIZUHO CAPITAL: Moody's Cuts Preferred Stock Rating to B1
MUFG CAPITAL FINANCE 2: Moody's Cuts Preferred Stock Rating to Ba1

MUFG CAPITAL FINANCE 2: Moody's Cuts Preferred Stock Rating to Ba1
SMFG PREFERRED: Moody's Cuts Preferred Stock Rating to Ba1
WILLCOM INC: May File for Bankruptcy in Tokyo
* JAPAN: Banks Receive 19,560 Applications for Debt Moratorium


K O R E A

HYUNDAI MOTOR: European Auto Sales Jump 51.6% in January
KUMHO ASIANA: KDB Seeks Nod from Other Creditors on Fresh Funds
KUMHO ASIANA: STX Keen on Buying Stake in Daewoo Engineering


N E W  Z E A L A N D

PGG WRIGHTSON: S&P Assigns 'BB/B' Counterparty Credit Ratings


P H I L I P P I N E S

MRC ALLIED: To Get PHP4.9 Billion Infusion from Investors


S I N G A P O R E

AGROSIN PRIVATE: Court Enters Wind-Up Order
WOOD DOCTOR: Court to Hear Wind-Up Petition on February 26


T A I W A N

AU OPTRONICS: LG Infringes Four AU Patents, Court Says




                         - - - - -


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


CONNECTEAST GROUP: Half Year Loss Narrows to AU$43.2 Million
------------------------------------------------------------
ConnectEast Group is seeing traffic and revenue growth as the
EastLink tollway ramp up continues and has posted a smaller loss
than at the same time last year, The Sydney Morning Herald
reports.

The Herald says ConnectEast reported a net loss of AU$43.2 million
for the six months to December 31, compared with a net loss of
AU$92.59 million in the first half of the last financial year.

Tolling and fee revenue rose to AU$93.27 million up from AU$60.73
million in the prior comparable half, the report says.

According to the report, managing director Dennis Cliche said the
traffic and revenue growth story was containing against a backdrop
of the group's stronger capital position and positive cashflow
status.  The company transitioned to positive cashflow in the
December quarter, the report notes.

ConnectEast Group (ASX:CEU) -- http://www.connecteast.com.au/--
is the owner and operator of Melbourne's EastLink Tollway.  In
October 2004, the ConnectEast Group was awarded the concession to
finance, design, build, maintain and operate the EastLink Tollway,
which comprises approximately 39 kilometers of tolled freeway-
standard road connecting Melbourne's eastern and south-eastern
suburbs.  The tollway opened toll-free for public use on June 29,
2008, and tolling commenced on July 27, 2008.  The concession
expires on November 30, 2043.  Peninsula Link construction is
underway and preliminary works have begun at this untolled freeway
project at EastLink's southern end.  ConnectEast Group comprises
the ConnectEast Investment Trust (CEIT) and ConnectEast Holding
Trust (CEHT).  On March 31, 2009 ConnectEast Holding 2 Pty Limited
(CEH2), a company within the ConnectEast Group, acquired
ConnectEast Management Limited (CEML) from Macquarie Capital Group
Limited. CEML is the responsible entity of CEIT and CEHT.

                           *     *     *

ConnectEast Group posted three consecutive annual net loss of
AU$66.43 million, AU$9.33 million and AU$531.58 million for the
years ended June 30, 2007 through 2009.


CONNECTOR MOTORWAYS: Bondholders' Claim Hikes Debt to AU$1.9BB
--------------------------------------------------------------
The Sydney Morning Herald reports that the debt of Lane Cove
Tunnel has blown out by AU$669 million to almost AU$1.9 billion
after bondholders lodged a claim for a previously undisclosed
interest bill.

The Herald, citing minutes of the first creditors' meeting, says
the revelation could leave creditors facing losses totaling as
much as AU$1.5 billion if, as analysts expect, the 3.6-kilometre
tunnel sells for between AU$400 million and AU$600 million.

According to the Herald, the bonds are guaranteed by New York-
based MBIA Insurance, which is believed to have bought more than
70% of them to reduce the amount of money owed on the project.
MBIA will have to repay the interest and the principal on the
bonds that it does not own, the report notes.

The Herald states that the Lane Cove Tunnel Holding Company -
whose shareholders include AMP, Royal Bank of Scotland and the
Motor Trades Association of Australia - is also claiming AU$42
million in debts.

According to the report, the administrator, Christopher Hill of
receivers PPB, said a deed of company arrangement was likely to be
proposed at the next creditors' meeting later this month to help
the sale process.

Mr. Hill said the likelihood of unsecured creditors being repaid
what they were owed on their investment was "fairly limited" given
the level of secured debt, the Herald notes.

Separately, the Sydney Morning Herald reports that Transurban
Group has declared its interest in buying Lane Cove Tunnel in
Sydney, and will inspect the tollroad's books when its dataroom is
opened late this month.

Leighton Holdings officially disclosed its interest as part of a
consortium on Friday, the Herald adds.

Connector Motorways -- http://www.connectormotorways.com.au/--
owns and operates Sydney's Lane Cove Tunnel and Military Road
E-Ramps.  The tunnel opened in March 2007.

Connector Motorways was placed in receivership last month.  Martin
Madden and David Merryweather of KordaMentha were appointed
receivers and managers to Connector by the security trustee, BTA
Institutional Services Australia Ltd.


KLEENMAID: Appliance Product To Go on Sale Again on February 20
---------------------------------------------------------------
David Richards at Channel News reports that Kleenmaid appliance
products are set to go back on sale in Australia 12 months after
the collapse of the Kleenmaid Group in Australia with debts of
over $100 Million.

Compass Capital Partners, the group which acquired the rights to
the Kleenmaid brand late last year, said that all sales will be
via a Direct Clearance Centre at Banksmeadow in Sydney's south,
the report relates.

According to the report, the group will officially open the Centre
on Saturday, February 20, giving consumers access to AU$2 million
worth of Kleenmaid appliances.

"We are delighted that people can purchase the high quality
products that are manufactured under the Kleenmaid brand.  Our
immediate aim is to try and help consumers that have been affected
by the collapse of the Kleenmaid group," the report quoted Compass
CEO, Danny Hamilton, as saying.  "Although we have no direct
association with the Kleenmaid company that is in liquidation, we
are prepared to assist people who lost their deposits or
warranties, or are waiting for orders that were placed before
Kleenmaid went into liquidation."

"We would encourage anyone who has been affected by the collapse
to contact us directly to discuss how they can purchase Kleenmaid
products by going to our website www.kleenmaid-appliances.com.au"

"In particular, before February 20, I encourage people who have
outstanding orders with the old group to register on our website
and provide details of their prior transaction so we can
streamline our efforts to try and provide replacement products at
a discounted price. Our discount offer is simply a good will
gesture," he said.

"The deposit that has been made with the former Kleenmaid will be
offset by Compass in the form of a discount.  There is more
information about the discount on the website," Mr. Hamilton
added.

                           About Kleenmaid Group

Founded in 1985, Kleenmaid Group -- http://www.kleenmaid.com.au/
-- sells kitchen and laundry appliances.

The Troubled Company Reporter-Asia Pacific reported on April 13,
2009, that Kleenmaid Group has been placed into administration.
The company appointed Deloitte partners John Greig, Richard Hughes
and David Lombe as voluntary administrators.  A TCR-AP report on
May 26, 2009, said the creditors of Kleenmaid Group voted to wind
up the company at a meeting in Brisbane.

The TCR-AP, citing a report posted at news.com.au, said that the
administrators had recommended that Kleenmaid be put into
liquidation, saying the company may have been insolvent as early
as June 2007.  The administrators said Kleenmaid creditors are
owed AU$102 million, which included AU$3 million owed to Kleenmaid
employees.

Liquidators from Deloitte have not yet finished their report on
claims the former Kleenmaid Group may have been trading while
insolvent for up to two years, according to The Sydney Morning
Herald.


KSUBI: In Liquidation; Joint Venture Likely to Buy Business
-----------------------------------------------------------
Sydney fashion label Ksubi is set to be bought for AU$5 million by
a joint venture that includes one of its directors after creditors
agreed Tuesday to place the company in liquidation, The Sydney
Morning Herald reports.

Under the proposal, Ksubi founder George Gorrow, major shareholder
Harry Hodge and the Ksubi manufacturer Bleach are considered
likely to buy the troubled brand, according to the Herald.

The Herald recalls that Ksubi, the idea of Mr. Gorrow and Dan
Single, began trading in 2000.   At its height in 2007 it turned
over $19.7 million. But administrators at Grant Thornton said
Ksubi was probably insolvent by January 2008 before it signed a
five-year deal with the retail chain David Jones, the Herald says.

According to the report, creditors have learnt that the Australian
part of the group acted as banker to its US entities, lending
AU$4.2 million that management now says is unlikely to be repaid
in the near future due to the allegedly limited capacity of the US
operations.

The sale to Bleach would secure the employment of Ksubi's 29 staff
and ensure priority creditors are paid 100c on the dollar, the
report notes.

The report says the administrators found that the company failed
because of its decision to move manufacturing to the US, poor
management and the global financial crisis.

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

Ksubi owes creditors more than AU$9 million, including AU$4.28
million secured debt to Westpac.  The group owed trade creditors
AU$3.2 million in March 2008 but had reduced that to AU$1.9
million by last June, according to the Sydney Morning Herald.

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


NARHEX LIFE: Calls In Voluntary Administrators
----------------------------------------------
Narhex Life Sciences Ltd. has appointed David Ross and Richard
Albarran of Hall Chadwick Chartered Accountants as administrators
to the company.

Smart Company says the move comes three months after the death of
its executive chairman, Dr. Michael Cohen.

According to the report, the company is currently developing its
HIV drug in a joint venture with a Chinese company, but Mr. Ross
said cashflow problems eventually forced the company to appoint
administrators.

The company was suspended from trading on the ASX in March 2008
and did not resume trading before its collapse on February 10, the
report notes.

The administrators, the report says, have placed the company up
for sale, offering its patents and licenses and the listed ASX
entity.

The Herald relates Mr. Ross said he is in discussions with
Narhex's Chinese joint venture partner about a possible
recapitalization deal, but said the joint venture arrangement
could be spun off into a special purpose vehicle if there is
interest in acquiring the ASX shell.

Narhex Life Sciences Ltd (ASX:NLS)-- http://www.narhex.com/--  is
principally engaged in the development, manufacturing and
marketing of human immunodeficiency virus (HIV) related
diagnostics and therapeutic products and the development of the
Company's intellectual Property.  The Company's subsidiaries
include Narhex Limited, Cavidi AB and Xi'an-Hex Life Sciences Co.,
Ltd. Narhex Life Sciences Limited operates in three main
geographical areas: Australasia, Sweden and China.


TRANSURBAN GROUP: Hasn't Received Further Takeover Bids
-------------------------------------------------------
Transurban Group said it hasn't received any further takeover
approaches from two Canadian pension funds since rejecting their
AU$6.8 billion ($6.1 billion) offer in November, Angus Whitley at
Bloomberg News reports.

Transurban had indicated the proposal from Canada Pension Plan
Investment Board and Ontario Teachers' Pension Plan undervalued
the group.  According to Bloomberg, Transurban said its corporate
advisor Lazard agrees with the company's own view of its value.

Bloomberg relates Chief Executive Officer Chris Lynch said on an
analysts' call that "The board has also had discussions with a
number of other shareholders, they agree with our actions."

Mr. Lynch further said that the only communication between the
suitors and Transurban since the bid rejection has been
"incidental advisor-to-advisor contact," Bloomberg notes.

Transurban also said Australia's sovereign wealth fund, the Future
Fund, which said in December it may join the Canadians' bid, also
hasn't made any approach.

Bloomberg notes Transurban said fiscal first-half profit in the
six months ended Dec. 31 jumped to AU$54.2 million from AU$3.2
million in the year-ago period as construction and corporate costs
slumped.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 5, 2009, Transurban Group rejected unsolicited takeover offer
from Canada Pension Plan Investment Board and Ontario Teachers'
Pension plan.

In a statement to the Australian Stock Exchange, Transurban said
that the proposal received was incomplete, highly conditional and
non-binding, which if implemented, would involve a change of
control of the group through a scheme of arrangement.

According to Bloomberg, the cash and stock offer from the Canadian
funds, Transurban's second- and third-biggest shareholders, valued
Transurban shares at AU$5.25 each.  Transurban shares closed at
AU$5.06 on February 16 in Sydney trading, Bloomberg says.

                         About Transurban Group

Melbourne, Australia-based Transurban Group (ASX:TCL)--
http://www.transurban.com.au/-- is engaged in the operation of
CityLink, Hills M2 and the Pocahontas Parkway, provision of the
tolling and customer management system for the Westlink M7
Motorway project, tendering for participation in and/or
acquisition of other toll roads, development of electronic
tolling and other intelligent transport systems for
implementation in both domestic and international markets, and
identification and development of infrastructure projects. The
company also has a controlling interest in the Sydney Roads Group.

                           *     *     *

Transurban Group incurred net losses of AU$152.18 million,
AU$105.34 million and AU$16.13 million for the years ended
June 30, 2007, through 2009.


=========
C H I N A
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UTSTARCOM INC: Has $48.5MM Investment Deal; to Move HQ to Beijing
-----------------------------------------------------------------
UTStarcom, Inc., earlier this month entered into agreements for a
strategic relationship with Beijing E-town International
Investment and Development Co., Ltd., an investment company
established by the Beijing Municipality.  The deal includes an
investment of $48.5 million by BEIID and two unrelated investment
funds, Ram Max Group Limited and Shah Capital Management.

The three investment parties are advised by Yellowstone Capital.

The transaction is subject to certain customary closing conditions
including receipt of regulatory approval in China.  The Company
anticipates closing the transaction prior to March 31, 2010.

As part of the investment, UTStarcom will issue approximately
22 million shares of common stock at a price of $2.20 per share,
with BEIID investing $25 million, Ram Max Group Limited investing
$12.5 million and Shah Capital investing $11 million.

Baichuan Du, a former Deputy Chief Engineer of China's State
Administration of Radio, Film and Television, will join the board
of directors of the Company.  Xiaoping Li, Executive Deputy
General Manager of BEIID, and William Wong, a Managing Director at
Yellowstone Capital, will also join UTStarcom's board upon closing
of the transaction.  Mr. Li and Mr. Wong will replace Mr. Allen
Lenzmeier and Mr. Jeff Clarke, who will resign from UTStarcom's
board of directors at that time.  The total number of directors on
the board will be increased from six to seven in connection with
the transaction.

In connection with the transaction and in furtherance of
UTStarcom's strategic goals in China, Jack Lu has been appointed
the new Chief Executive Officer and President of the Company
effective the later date of three months after the closing of the
investment or June 30, 2010.  From the closing of the transaction
until he assumes the CEO position, he will be the Company's Chief
Operations Officer.  Peter Blackmore will retire as CEO and
President of UTStarcom upon Mr. Lu's assumption of the CEO
position.

Mr. Lu most recently served as Co-Chief Operating Officer and
General Manager, China at Source Photonics, a leading global opto-
electronic component company.  Prior to Source Photonics he held
numerous positions at Fiberxon, which was sold to MRV
Communications Inc. in July 2007, including Chief Executive
Officer, Chief Operations Officer and Vice President of Marketing
and Sales.  Prior to joining Fiberxon in September 2001, Mr. Lu
worked for US Business Networks Inc. (MeetChina.com) as Director
of Business Strategy Development from March 2000 to May 2001, and
China National Technical Import and Export Corporation as Senior
Manager from May 1988 to July 1998.  Mr. Lu holds a Bachelor of
Science degree in Electronic Engineering from Huazhong University
of Science and Technology and an M.B.A. from the University of
Southern California.

Consistent with its plans, UTStarcom will move its headquarters to
Beijing, China, as part of an agreement with Beijing Development
Area, which is also related to Beijing Municipality.  That
agreement will be effective upon closing of the investment.  As
part of the agreement, UTStarcom will be able to apply to Beijing
Development Area for tax incentives and other financial and non-
financial assistance to the Company. The Company plans to retain
all its operations in Hangzhou and Shenzhen.

Yellowstone Capital initiated the investment transaction, advised
and coordinated amongst BEIID, Ram Max and Shah Capital in
connection with the transaction.  BofA Merrill Lynch is acting as
financial advisor to UTStarcom.  Wilson Sonsini Goodrich & Rosati,
Professional Corporation is serving as outside counsel to
UTStarcom and King & Wood LLP is acting as legal counsel for
BEIID.

                      Going Concern Doubt

At September 30, 2009, the Company's consolidated balance sheets
showed $1.004 billion in total assets, $707.0 million in total
liabilities, and $297 million in total stockholders' equity.

The Company incurred net losses of $150.3 million, $195.6 million
and $117.3 million during the years ended December 31, 2008, 2007,
and 2006, respectively.  During the nine months ended
September 30, 2009, the Company incurred a net loss of
$186.3 million.  The Company recorded operating losses in 18 of
the 19 consecutive quarters in the period ended September 30,
2009.  At September 30, 2009, the Company had an accumulated
deficit of $1.03 billion.  The Company incurred net cash outflows
from operations of $55.2 million and $225.1 million in 2008 and
2007 respectively.  Cash used in operations was $89.2 million
during the nine months ended September 30, 2009.  The Company
said it expects to continue to incur losses and negative cash
flows from operations over at least the remainder of 2009.

The Company's only committed source for borrowings is a credit
facility in China.  During the third quarter of 2009, a
$263.5 million credit facility expired and was not renewed.  The
remaining approximately $58.6 million credit facility expires in
the fourth quarter of 2009.

While improvements in operating results, cash flows and liquidity
are anticipated as management's initiatives to control and reduce
costs while maintaining and growing its revenue base are fully
implemented, the Company believes its recurring losses and
expected negative cash flows from operations raise substantial
doubt about its ability to continue as a going concern.  The
Company's  independent registered public accounting firm included
an explanatory paragraph highlighting this uncertainty in the
Company's annual Report on Form 10-K for the year ended
December 31, 2008.

                          About UTStarcom

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks.  The Company was
founded in 1991 and is headquartered in Alameda, California.


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


LUEN FAI: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order February 1, 2010, to
wind up the operations of Luen Fai Piecegoods & Cloths Company
Limited.

The company's official receiver is E T O'Connell.


LUN TAI: Members' Final Meeting Set for March 12
------------------------------------------------
Members of The Lun Tai Mutual Fire & Marine Insurance Company
Limited will hold their final general meeting on March 12, 2010,
at 10:00 a.m., at the Room 1005, Allied Kajima Building, 138
Gloucester Road, Wanchai, in Hong Kong.

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


LYDENY DEVELOPMENT: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order December 24, 2009, to
wind up the operations of Lydeny Development Limited.

The company's liquidator is Lau Siu Hung.


KAI CHUN: Members' Final Meeting Set for March 12
-------------------------------------------------
Members of Kai Chun Enterprises Limited will hold their final
meeting on March 12, 2010, at 10:00 a.m., at the 13/F., Amber
Commercial Building, 70 Morrison Hill Road, Wanchai, in Hong Kong.

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


KIANA PRINCIPAL: Members' Final Meeting Set for March 12
--------------------------------------------------------
Members of Kiana Principal Investments Limited will hold their
final general meeting on March 12, 2010, at 10:00 a.m., at the
5/F., Dah Sing Life Building, 99-105 Des Voeux Road Central, in
Hong Kong.

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


M & T INTERNATIONAL: Creditors' Meeting Set for March 5
-------------------------------------------------------
Creditors of M & T International Limited will hold their meeting
on March 5, 2010, at 3:00 p.m., for the purposes provided for in
Sections 256 and 244 of the Companies Ordinance.

The meeting will be held at the Room 2010, 20/F., Nan Fung Tower,
173 Des Voeux Road Central, in Hong Kong.


MACKAY HOLDINGS: Court to Hear Wind-Up Petition on March 24
-----------------------------------------------------------
A petition to wind up the operations of The Mackay Holdings
Limited will be heard before the High Court of Hong Kong on
March 24, 2010, at 9:30 a.m.


MERCATOR MARINE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order January 20, 2010, to
wind up the operations of Mercator Marine Company Limited.

The company's liquidators are Li Man Wai and Tsang Lai Fun.


MING FAT: Court to Hear Wind-Up Petition on March 17
----------------------------------------------------
A petition to wind up the operations of Ming Fat Fishery
Development Co., Limited will be heard before the High Court of
Hong Kong on March 17, 2010, at 9:30 a.m.

Southern Fishery Enterprises Limited filed the petition against
the company on January 11, 2010.

The Petitioner's Solicitors are:

          S.K. Lam, Alfred Chan & Co.
          Dina House, Room 202, 2/F
          Ruttonjee House
          No. 11 Duddell Street
          Central, Hong Kong


MLA FINANCIAL: Creditors' Proofs of Debt Due March 1
----------------------------------------------------
Creditors of MLA Financial Services (HK) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 1, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         E T O'Connell
         The Official Receiver
         Queensway Government Offices, 10/F
         66 Queensway, Hong Kong


MULTI-CONCEPT GROUP: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order January 20, 2010, to
wind up the operations of Multi-Concept Group Holdings Limited.

The company's liquidators are Li Man Wai and Tsang Lai Fun.


NAL LOGISTICS: Chan Kam Shing Steps Down as Liquidator
------------------------------------------------------
Chan Kam Shing stepped down as liquidator of NAL Logistics Limited
on February 1, 2010.


NAMWING FOOD: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order February 3, 2010, to
wind up the operations of Namwing Food and Beverage Company
Limited.

The company's official receiver is E T O'Connell.


NISCA (HK): Creditors' Proofs of Debt Due March 15
--------------------------------------------------
Nisca (HK) Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by March 15,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on February 1, 2010

The company's liquidators are:

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


OCEAN WAY: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order February 3, 2010, to
wind up the operations of Ocean Way Creation Limited.

The company's official receiver is E T O'Connell.


PERCEPTIVE INVESTMENTS: Creditors' Proofs of Debt Due March 15
--------------------------------------------------------------
Creditors of Perceptive Investments Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by March 15, 2010, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Billy Li Sze Kuen
         3 Lockhart Road, 12/F
         Wanchai, Hong Kong


PERFECT SHARP: Court to Hear Wind-Up Petition on March 17
---------------------------------------------------------
A petition to wind up the operations of Perfect Sharp Limited will
be heard before the High Court of Hong Kong on March 17, 2010, at
9:30 a.m.

The Petitioner's Solicitors are:

          Henry Fok & Company
          San Toi Building
          Room 902, 9th Floor
          137-139 Connaught Road Central
          Hong Kong


PREMIER DRAGON: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order January 29, 2010, to
wind up the operations of Premier Dragon Investment Limited.

The company's liquidator is Lau Siu Hung.


PO LUEN: Court to Hear Wind-Up Petition on April 4
--------------------------------------------------
A petition to wind up the operations of Po Luen Metal Factory
Limited will be heard before the High Court of Hong Kong on
April 4, 2010, at 9:30 a.m.

The Petitioner's Solicitors are:

          Tony Kan & Co.
          World-Wide House, Suite 1808
          No. 19 Des Voeux Road Central
          Hong Kong


POLYGRACE INTERNATIONAL: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------------------
Members of Polygrace International Limited on February 2, 2010,
resolved to voluntarily wind up the company's operations due to
its inability to pay debts when due.

The company's liquidator is:

         Pui Chiu Wing
         Parklane Centre, Room 10, 16/F
         25 Kin Wing Street
         Tuen Mun, Hong Kong


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


AI COTTON: Low Net Worth Prompts CRISIL 'B+' Ratings
----------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to AI Cotton
Industries' bank facilities.

   Facilities                                       Ratings
   ----------                                       -------
   INR70.0 Million Cash Credit Limit        B+/Stable (Assigned)
   INR28.0 Million Term Loan                   B+/Stable
(Assigned)

The rating reflects AI Cotton's weak financial risk profile marked
by low net worth and high gearing, and its exposure to risks
relating to limited financial flexibility and to adverse changes
in government policy regarding the cotton industry.  These rating
weaknesses are partially offset by the benefits that AI Cotton
derives from its promoters' experience in the cotton ginning
industry.

Outlook: Stable

CRISIL believes that AI Cotton will continue to benefit from its
promoters' industry experience.  However, AI Cotton's financial
risk profile is expected to remain constrained by its high gearing
and average debt protection measures over the medium term.  The
outlook may be revised to 'Positive' in case the firm achieves
high profitability and receives capital infusion, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the firm's financial risk profile
deteriorates because of large working capital requirements or
withdrawals of capital by the proprietor.

                                   About AI Cotton

Incorporated in 2007 by Mr. Thakkar, AI Cotton Industries
undertakes cotton ginning and pressing activities in Kutch
(Gujarat).  The firm's plant has capacity to manufacture 46,000
bales of cotton per annum, and is currently operating at 60 per
cent capacity utilization.  The firm forward integrated its
operations in 2009-10 (refers to financial year, April 1 to
March 31) by setting up a cotton oil refinery with capacity of
2835 tonnes per annum, which is operating at about 50% of its
capacity.

AI Cotton reported a profit after tax (PAT) of INR0.3 million on
net sales of INR343 million for 2008-09, against a PAT of
INR0.3 million on net sales of INR323 million for 2007-08.


ALACRITY SECURITIES: CRISIL Assigns 'P4' Ratings on Bank Debts
--------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facilities of
Alacrity Securities Ltd.

   Facilities                                Ratings
   ----------                                -------
   INR80.0 Million Bank Guarantee            P4 (Assigned)
                            Facility
   INR60.0 Million Proposed Bank             P4 (Assigned)
                  Guarantee Facility

The rating reflects ASL's modest market position, weak earnings
profile, modest risk management practices, and exposure to
uncertainties inherent in equity markets.  These rating weaknesses
are partially offset by the company's adequate capitalization.

Set up in 1994, ASL is engaged in the business of retail equity
broking, and is a member of the National Stock Exchange.  ASL has
two branches, both in Mumbai.  For the six months ended Sept. 30,
2009, ASL reported a profit after tax of INR1.5 million on a total
income of INR8 million, against a loss of INR1.8 million on a
total income of INR17.2 million in 2008-09 (refers to financial
year, April 1 to March 31).


ASL FORTUNE: ICRA Assigns 'LB' Rating on INR90MM Bank Facilities
----------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR90 million bank limits
of ASL Fortune Private Limited.  The rating has considered the
recent delays in debt servicing by ASLFPL, pending sanction of
ASLFPL's proposal to the bank for reschedulement of debt
repayment, high dependence on anchor tenants and delays in
construction work of the project along with cost over-run.
Moreover, ASLFPL is yet to obtain necessary approvals to ensure
completion of the project in a timely manner as per its revised
schedule.  Although the construction work of the project is in
advance stages of completion, a significant portion of the
saleable area remains unsold; hence the risks associated with
project execution and marketability still remain.

However, the rating also factors in the favorable location of the
project and the diversified profile of the proposed tenants
providing different entertainment options is expected to ensure
sufficient footfalls, although ICRA notes that the share of other
proposed tenants in the total leasable area would be on the lower
side.  Debt tie-up and contracts with anchor tenants for a minimum
lock in period which is likely to provide stability of revenues in
the near to medium term have also been factored in the
assigned rating.

ASL Fortune Pvt. Ltd. was incorporated in 2007 and is promoted
jointly by the Jamshedpur-based Goyal and Agarwal family.  At
present the company is involved in the development and
construction of a 133939 sq. ft. shopping plaza and entertainment
centre in Jamshedpur.  The company is also engaged in the
construction of a residential complex at Sonari in Jamshedpur.


BHASIN VENTURES: Small Net Worth Cues CRISIL 'B+' Ratings
---------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Bhasin Ventures Pvt
Ltd's bank facilities.

   Facilities                               Ratings
   ----------                               -------
   INR54.5 Million Cash Credit              B+/Stable (Assigned)
   INR21.6 Million Term Loan                B+/Stable (Assigned)

The rating reflects BVPL's weak financial risk profile marked by
small net worth, high gearing, and weak debt protection measures,
and the company's exposure to intense competition.  These rating
weaknesses are partially offset by BVPL's moderate business risk
profile.

Outlook: Stable

CRISIL believes that BVPL will maintain its business risk profile
over the medium term, backed by its good relationship with its
principal Tata Motors Ltd (TML, rated 'A/Stable/P1' by CRISIL).
Any significant improvement in BVPL's operating margin may lead to
a revision in the rating outlook to 'Positive'.  Conversely, the
outlook may be revised to 'Negative' in case of a sharp decline in
BVPL's turnover or deterioration in operating margin.

                              About Bhasin Ventures

Set up in 2005 as a closely held company, Bhasin Ventures Pvt Ltd
operated a petrol pump owned by Reliance Petroleum Ltd at Raipur
(Chhattisgarh).  The petrol pump operation was discontinued in
2007. BVPL became a dealer of TML's passenger and commercial
vehicles in April 2009; its dealership business has a presence in
eight districts of Chhattisgarh.

BVPL did not have any operations in 2008-09 (refers to financial
year, April 1 to March 31). The company reported a profit after
tax of INR0.01 million on net sales of INR92 million for 2007-08.


EASTERN COPPER: Low Net Worth Prompts CRISIL 'B+' Ratings
---------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Eastern Copper Manufacturing Company Pvt Ltd.

   Facilities                                Ratings
   ----------                                -------
   INR50.0 Million Cash Credit               B+/Stable (Assigned)
   INR42.8 Million Proposed Long-Term        B+/Stable (Assigned)
                        Bank Loan Facility
   INR37.2. Million Term Loan                B+/Stable (Assigned)
   INR50.0 Million Bill Discounting          P4 (Assigned)
   INR20.0 Million Letter of Credit          P4 (Assigned)
                     Bank Guarantee

The ratings reflect ECMCPL's weak financial risk profile marked by
weak debt protection measures, low net worth and small scale of
operations, and its limited pricing flexibility because of intense
competition.  These weaknesses are partially offset by ECMCPL's
established relationships with customers.

Outlook: Stable

CRISIL believes that ECMCPL will continue to benefit from its
promoters' experience, and its investments in modernization and
expansion of capacities.  However, the company's profitability is
expected to remain low and its debt protection metrics, weak. The
outlook may be revised to 'Positive' if there is a significant
increase in the company's cash accruals, leading to improvement in
its debt protection metrics.  Conversely, the outlook may be
revised to 'Negative' if the company undertakes large, debt-funded
capital expenditure (capex) programme, leading to further
deterioration in its financial risk profile.

                       About Eastern Copper

Eastern Copper Manufacturing Company Pvt Ltd was established in
1997 by Mr. Ravi Choudhary and Mr. Rajiv Choudhary.  The company
is a Kolkata-based manufacturer of critical industrial copper
semies. The Choudhary family has been in the copper business since
1948. Mr. Ravi Choudhary's grandfather had set up three companies
in 1948, but because of political unrest in the region in 1970's
the companies were shut down.  In 1989, Mr. Ravi Choudhary set up
a partnership firm, Hooks (India), to manufacture copper wires,
strips, and bars. Hooks India currently has negligible operations.
In 1997, with a view of further expansion, the promoter set up
ECMCPL.

For 2008-09 (refers to financial year, April 1 to March 31),
ECMCPL reported a profit after tax (PAT) of INR0.03 million on net
sales of INR353.1 million, against a PAT of INR0.79 million on net
sales of INR364.4 million for 2007-08.


GANDHAR COALS: CRISIL Rates INR125MM Letter of Credit at 'P4'
-------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the letter of credit
facility of Gandhar Coals & Mines.

   Facilities                               Ratings
   ----------                               -------
   INR125.0 Million Letter of Credit        P4 (Assigned)

The rating reflects GCM's limited track record of operations, and
exposure to risks relating to foreign exchange rate fluctuations.
These weaknesses are partially offset by the benefits that GCM
derives from robust growth in the imported coal trading business,
supported by healthy demand.

Set up as a partnership firm in June 2009, Gandhar Coals & Mines
trades in imported thermal coal in India.  The firm is managed by
Mr. Saurabh Parekh and his brother, Mr. Kunal Parekh.  The firm
belongs to the Gandhar group of companies, which also includes
Gandhar Oils and Refineries Pvt Ltd. Over the medium term, the
firm plans to operate through ports on the western and eastern
coasts of India.


GAYATRI SUITINGS: ICRA Assigns 'LBB' Rating on INR47MM Term Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to the INR 47.0
million term loan and INR 258.7 million fund based bank facilities
of Gayatri Suitings Limited.  ICRA has also assigned a short term
rating of A4 to the INR 3.0 million short term non-fund based
facilities of GSL.

The rating is constrained by the commoditized nature of synthetic
fabric industry, characterized by high degree of competition from
large number of players in the Bhilwara market.  The entry
barriers to the business are low and the profitability (operating
margin of 5-6%) of the business which is already very thin, is
susceptible to new capacity additions in the industry.  The
capital structure of the company has worsened on account of debt
funded capex incurred on setting up of spinning unit for
manufacturing polyester viscose yarn.  Although the company is
expected to consume 33% of the yarn for in house manufacturing of
synthetic fabric, the profitability of the new unit is expected to
be under pressure on account of new spinning capacities coming up
in Bhilwara market and competition from already established bigger
players.

The rating is however supported by the promoters' long experience
in the business.  The relatively low value product manufactured by
the company is targeted at lower and middle class family in the
domestic market of India.  Overall, the demand in this segment is
so far is not impacted, unlike the higher value blended (poly-
wool, terry-wool, acrylic, etc) fabrics.

Gayatri Suitings Limited was promoted in 1989 by Shri Satya
Narayan Kogata at Bhilwara.  The company started its manufacturing
activity by installing CIMMCO weaving machines in the year 1989-
90. Over the years the company has taken two expansion plans; one
in 2000-01 wherein they installed 12 double width Suzler
projectile machines and second in December 2008 wherein they had
undertaken capital expansion plans by installing 15 TW-11 double
width machine and 24TW-11 single width weaving machines.  The
company is engaged in manufacturing of synthetic fabric (blend of
polyester and viscose) for suiting, the raw material for which is
PV (poly viscose) yarn.  The company also does the job work for
other weaving units as and when they are able to get competitive
rates. The company has an annual capacity of 3.24 million meters
of grey synthetics fabric.


GNA DURAPARTS: CRISIL Reaffirms 'BB+' Rating on INR230MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of GNA Duraparts Pvt Ltd
continue to reflect GNA Dura's exposure to risks relating to
fluctuations in raw material prices, increasing working capital
requirements and weak financial risk profile.  These weaknesses
are partially offset by the benefits GNA Dura derives from its
established relationships with original equipment manufacturers
(OEMs).

   Facilities                               Ratings
   ----------                               -------
   INR220.0 Million Cash Credit Limit*      BB+/Stable
(Reaffirmed)
   INR230.0 Million Term Loan               BB+/Stable
(Reaffirmed)
   INR220.0 Million Bill Purchase/           P4+ (Reaffirmed)
                          Discounting**
   INR30.0 Million Letter of Credit          P4+ (Reaffirmed)

   * Includes WCDL and Stock at Branches of INR170.0 million
     and 10.0 million respectively

  ** Includes WCDL and Bill Purchase Clean of INR170.0 million
     and 5.0 million respectively All facilities are from Punjab
     & Sind Bank

For arriving at its ratings, CRISIL has not considered GNA Dura's
revaluation reserve, introduced in the form of bonus shares worth
INR63.1 million in 2006-07 (refers to financial year, April 1 to
March 31), as part of GNA Dura's net worth and fixed assets. As a
result, GNA Dura's net worth is estimated at INR184.4 million as
on March 31, 2009; if the reserve had been considered, the
company's net worth would have been at INR247.5 million as on the
same date.

Outlook: Stable

CRISIL believes that GNA Dura will maintain a stable credit risk
profile over the medium term, on the back of an established
position in the transmission components industry and diversified
customer base.  The outlook may be revised to 'Positive' if GNA
Dura's financial risk profile improves on the back of sustained
improvement in profitability or further de-leveraging of capital
structure.  Conversely, the outlook may be revised to 'Negative'
if the company contracts large debt to fund its capital
expenditure, has a lower-than-expected operating margin, or if its
working capital management slackens further.

                          About GNA Dura

Set up as a partnership firm in 1993, GNA Dura was incorporated as
a private limited company in 2006-07.  GNA Dura manufactures gears
and allied products, and supplies around 80% of its output to
OEMs, and the remainder to the after-sales segment.  The company
caters primarily to the domestic market, with exports accounting
for less than 10% of its total sales.  GNA Dura is the second
largest company in the GNA group after GNA Axles Ltd (rated 'BBB-
/Stable/P3' by CRISIL).

GNA Dura's reported a profit after tax (PAT) of INR30.9 million on
net sales of INR981.9 million for 2008-09, against a PAT of
INR23.5 million on net sales of INR938.3 million for 2007-08.


GVG INDUSTRIES: CRISIL Assigns 'BB-' Rating on INR60MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4' ratings to GVG Industries
Pvt Ltd's bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR60.00 Million Cash Credit            BB-/Stable (Assigned)
   INR35.00 Million Letter of Credit       P4 (Assigned)
   INR1.00 Million Bank Guarantee          P4 (Assigned)

The ratings reflect GVG's below-average financial risk profile,
large working capital requirements, and concentration in its
revenue profile.  These rating weaknesses are partially offset by
GVG's moderate business risk profile, backed by an experienced
management team.

Outlook: Stable

CRISIL believes that GVG will continue to benefit from its
promoters' industry experience over the medium term. The outlook
may be revised to 'Positive' if GVG scales up its operations and
diversifies the customer base, while improving its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the company undertakes significant debt-funded capital expenditure
programme, or its revenues and cash accruals decline sharply,
weakening its credit risk profile.

Set up in 1983 by Mr. M Veluswamy in Udumalpet (Tamil Nadu), GVG
is a family-owned company.  It manufactures cotton yarn of 40s to
100s counts, and has a capacity of 31,536 spindles.  It sells
through agents, primarily in Maharashtra and Tamil Nadu. GVG has
six windmills, in Udumalpet, with total capacity of 2.6 megawatt.

GVG reported a profit after tax (PAT) of INR1 million on net sales
of INR295 million for 2008-09 (refers to financial year, April 1
to March 31), against a PAT of INR5 million on net sales of INR311
million for 2007-08.


HARSO STEELS: ICRA Places 'LBB+' Rating on INR125MM Bank Limits
---------------------------------------------------------------
ICRA has assigned rating of 'LBB+' to the INR125 million fund
based limits of Harso Steels Private Limited.  ICRA has also
assigned a rating of A4+ to the INR50 million non-fund based
limits of HSPL.  The long term rating has been assigned a "Stable"
outlook.

The rating reflects the steady increase in operating income of the
company over the last five years owing to higher sales volumes and
price realizations and established presence in the domestic market
of steel tubes/ pipes and Poly Vinyl Choride (PVC) pipes.  The
rating derives comfort form the long experience of promoters and
competent management with long innings in the business. However
the rating is constrained by the small scale of operations and
thin margins in the business.  The rating is also limited by the
exposure to strong competition from large as well as small players
that cater to the unorganized sectors and risks arising from wide
variation in steel and resin prices. ICRA has also taken into
consideration the relatively high gearing of the company which was
3.00 as on March 31, 2009.

Harso Steels Pvt Ltd is a small sized player in the field of steel
tubes/ pipes and PVC pipes. The company was incorporated in 1999
by Late Shri Harbans Lal Bansal and after his death his son, Shri
Rakesh Bansal has been managing the business.  The main product of
the company is steel tubes/ pipes and PVC pipes.  The company
manufactures steel tubes under the brand name of "TTT" and
"HSL" and PVC rigid pipes in its plant measuring approx 4 acres at
Ghaziabad, Uttar Pradesh.


HIGHLAND PRODUCE: CRISIL Lifts Ratings on Various Debts to 'BB+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
The Highland Produce Company Ltd to 'BB+/Stable' from 'BB/Stable',
and has reaffirmed its rating on the company's short-term facility
at 'P4+'.

   Facilities                            Ratings
   ----------                            -------
   INR64.9 Million Long-Term Loans       BB+/Stable (Upgraded from
                                                    'BB/Stable')

   INR40.0 Million Cash Credit           BB+/Stable (Upgraded from
                                                    'BB/Stable')

   INR7.5 Million Letter of Credit*      P4+ (Reaffirmed)

   * Interchangeable with bank guarantee.

The upgrade reflects the better-than-expected improvement in
Highland Produce's financial risk profile in 2009-10 (refers to
financial year, April 1 to March 31) so far, driven by the steep
increase in tea prices during the year.  The upgrade also reflects
CRISIL's expectation of improvement in Highland Produce's gearing
and debt protection measures over the near term because of the
higher cash generation in the current year.  Highland Produce's
profitability will witness some moderation over the medium term,
given the expected decline in tea prices and the likely upward
revision in wages; nevertheless, the company will maintain its
financial risk profile in line with the revised rating on the back
of higher sales volumes, coupled with progressive debt repayment.
The ratings reflect Highland Produce's small scale of operations
and its vulnerability to changes in climatic conditions. These
rating weaknesses are partially offset by the company's moderate
operating efficiencies and its promoters' industry experience.

Outlook: Stable

CRISIL believes that Highland Produce will maintain its financial
risk profile, despite the expected moderation in profitability due
to pressure on tea prices.  The company will also continue to
benefit from its promoters' industry experience.  The outlook may
be revised to 'Positive' if the company reports higher-than-
expected growth in revenues and profitability, and improves its
gearing and debt protection metrics significantly. Conversely, any
large, additional debt-funded capital expenditure, or higher-than-
anticipated decline in tea prices, may result in a 'Negative'
outlook.

                      About Highland Produce

Established in 1925, Highland Produce is part of the AV Thomas
group of companies, which has interests in plantations,
agricultural commodities, rubber, leather, bio-technology, solvent
extraction, and software.  Highland Produce manufactures the
crush, tear, curl variety of tea, which it sells in bulk.
Highland Produce's estates - aggregating 848.18 hectares (428.90
hectares for tea cultivation, 327.32 hectares for cardamom, and
91.96 for nurseries and timber) - are situated in Pasuparai and
Carady Goody in Kerala. While around 26 per cent of the company's
tea leaf requirement is met by its own plantation, the balance is
sourced from farmers through the 'small growers programme',
wherein the company provides technical advice to growers and has a
buy-back arrangement with them. The company sells 30 to 40 per
cent of its produce to AV Thomas and Company Ltd (the flagship
company of the AV Thomas group, rated 'A-/Stable/P1' by CRISIL)
and the balance at auctions.

Highland Produce diversified into the manufacture of wooden
articles in 1994.  The operations of its unit, located in Koodal
in Kerala, became unviable; the division was revived with a new
unit in Annur in Coimbatore in 2004. The division is yet to break
even, and accounted for a negligible portion of the company's
revenues in 2008-09.

For 2008-09, Highland Produce reported a profit after tax (PAT) of
INR10.6 million (INR9 million for the previous year) on net sales
of INR414 million (INR280.6 million).  For the nine months ended
December 31, 2009, the company reported a PAT of INR38.6 million
on net sales of INR397.6 million, compared with a PAT of INR12.9
million on net sales of INR319.1 million for the corresponding
period of the previous year.


KRUTI ASSOCIATES: Small Net Worth Cues CRISIL 'B' Ratings
---------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Kruti Associates'
bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR80.0 Million Cash Credit            B/Stable (Assigned)
   INR6.0 Million Long-Term Loan          B/Stable (Assigned)
   INR5.0 Million SME Gold Card           B/Stable (Assigned)

   INR34.0 Million Proposed Long          B/Stable (Assigned)
           Term Bank Loan Facility

   INR60.0 Million Letter of Credit       P4 (Assigned)

   INR15.0 Million Proposed Short         P4 (Assigned)
          Term Bank Loan Facility

The ratings reflect Kruti's weak financial risk profile marked by
high gearing, small net worth, and weak debt protection
indicators, and the susceptibility of its margins to volatility in
steel prices and foreign exchange rates. These weaknesses are
partially offset by Kruti's healthy business risk profile,
supported by its promoters' experience in the steel industry, and
its diverse customer base.

Outlook: Stable

CRISIL believes that Kruti will maintain its business risk profile
over the medium term, backed by its promoters' industry experience
and its diverse customer base. The outlook may be revised to
'Positive' if the firm's financial risk profile improves
significantly. Conversely, the outlook may be revised to
'Negative' in case of significant pressure on the firm's
profitability, resulting in lower-than-expected net cash accruals,
or if the firm's debtor profile deteriorates, leading to weakening
in its liquidity.

                      About Kruti Associates

Established in 1994, Kruti is a proprietorship concern promoted by
Mr. Deepak Desai.  The firm trades in stainless steel coils and
sheets through its diversified broker and dealer channels. The
products have application in sugar and chemical industries, and in
the manufacture of pipes and utensils.  The firm trades in sheets
and coils with thickness ranging from 0.4 millimeters to 8
millimeters.  In 2006-07 (refers to financial year, April 1 to
March 31), Kruti started manufacturing cold-rolled coils and
strips at its manufacturing facility in Ahmedabad (Gujarat).

Kruti reported a profit after tax (PAT) of INR2.6 million on net
sales of INR389.2 million for 2008-09, against a PAT of INR1.3
million on net sales of INR288.0 million for 2007-08.


KUMARAGIRI SPINNERS: CRISIL Places Junk Ratings on INR173.6MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Kumaragiri Spinners
Limited's bank facilities.  The ratings reflect delay by KSL in
repayment of term loan obligations; the delay has been because of
KSL's weak liquidity.

   Facilities                               Ratings
   ----------                               -------
   INR60.0 Million Cash Credit Limit        D (Assigned)
   INR173.6 Million Term Loan               D (Assigned)
   INR7.0 Million Bank Guarantee            P5 (Assigned)

Incorporated in 2004 by Mr.  Thangavelli, KSL manufactures cotton
and polyester blended yarn.  Its unit in Erode (Tamil Nadu) has
18,000 spindles with a production capacity of 6,000 kilograms per
day.  The company sells in the domestic market mainly to customers
in Maharashtra, Madhya Pradesh, and Andhra Pradesh, and exports to
countries such as the US, Algeria, Italy, and Spain.

KSL reported a loss of INR9.4 million on net sales of INR298.9
million for 2008-09 (refers to financial year, April 1 to
March 31) against a PAT of INR4.9 million on net sales of INR231.7
million for 2007-08.


NIDHI MINING: CARE Assigns 'BB' Rating to Various Bank Facilities
-----------------------------------------------------------------
CARE has assigned 'CARE BB' rating to the Long-term Bank
Facilities of Nidhi Mining Private Limited aggregating INR55.04
crore.  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.

Rating Rationale

The rating is constrained by small size of operations and
significant level of inter-group transactions.  Unsatisfactory
debt servicing track record due to deterioration in profitability
on back of lower level of operations, high customers concentration
risk and cyclical nature of industry further constrain the rating.
The ratings consider the vast experience of promoters, comfortable
profitability margins, long term mining rights under lease and
moderate level of wind based power generation capacity.  NMPL's
ability to improve its scale of operations along with sustaining
profitability margins, improve financial discipline and reduction
in inter-group transactions are the key rating sensitivities.

Incorporated in 2004, NMPL is a part of Friend Group of
Gandhidham, Gujarat and is engaged in iron ore mining and wind
power generation.  Friends group, having established operations
for over 25 years, is one of the largest salt producer and
exporter in the country. NMPL's total income declined by 45% in
FY09 to INR40.53 crore as against INR74 crore reported in FY08.
It has reported PAT of INR3.82 crore in FY09 as compared to
INR22.17 crore in FY08.


NITESH RESIDENCY: ICRA Assigns 'LBB' Rating on INR3.13BB Term Loan
------------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR3.13 billion term loan
program of Nitesh Residency Hotels Private Limited.

The LBB rating factors in the execution risk considering the early
stage of implementation of the project, the relatively high
project cost given the association with the Ritz Carlton brand of
hotels and the funding risk given that approx. INR1.78 billion of
equity, is yet to be contributed by the promoters, Nitesh Estates
Limited (NEL) and Citigroup Property Investors (CPI). Besides
these, the rating also factors in the substantial market risk
given the large existing supply of 5-Star hotels in proximity to
the proposed hotel, and the possible increase in 5-Star room
inventory given the ongoing capacity additions by various players.
While market risks are mitigated to an extent by the premium
positioning of the Ritz Carlton brand, the overall demand-supply
mismatch in the Bangalore market could result in a pressure on
Average Room Revenues (ARRs) and occupancy levels. Apart from the
strengths associated with the Ritz Carlton brand, the rating also
favorably factors in the majority ownership by CPI and the fact
that the debt funding for the project has been largely tied up.

Nitesh Hotels, promoted by NEL and Nitesh Shetty (26% holding) and
CPI (74% holding), is currently developing a 282 room five star
deluxe hotel at Residency Road, Bangalore at a cost of INR6.25
billion.   NEL is a Bangalore based real estate player having
developed approx 0.65 million sq. ft of residential development
and 0.21 million sq. ft of commercial development.  The hotel, to
be operated under the Ritz Carlton brand, is currently under
construction and is expected to be operational in April 2011 (soft
launch).  The project cost is proposed to be funded by debt of
INR3.13 billion and equity of INR 3.13 billion.


NSL TEXTILES (EDLAPADU): ICRA Rates INR320MM Bank Debts at 'LBB'
----------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR320 million fund based
facilities of NSL Textiles (Edlapadu) Limited.  The outlook on the
rating is stable.  ICRA has a rating of 'LBB' outstanding on
INR2.88 billion term loans and INR100 million fund based limits of
NSLTEL.  ICRA also has rating of 'A4' outstanding on INR1.70
billion non fund based limits of NSLTEL.

The ratings are constrained by the weak financial profile of the
company as it had incurred significant debt funded capital
expenditure which coupled with delays in project execution have
led to the stretched capital structure of the company, with high
gearing of 2.5x levels in September 09 and moderate coverage
metrics with interest coverage levels at 2.2x and NCA/Total Debt
at 7%.  The debt incurred for project expansion has been
restructured on account of slowdown in demand.  The fragmented
nature of the industry with intense competition and high input
costs associated with spinning due to high cotton prices have led
to fall in profitability of the company in the last financial
year.  Despite some recovery witnessed in demand and realizations
in the current financial year, high cotton costs, intense
competition and high marketing expenses to be incurred by the
company going forward are expected to keep the margins under
pressure.  With further debt funded capex incurred in the current
financial year for completion of the projects, the capital
structure is expected to remain stretched till the new units
stabilize and contribute to the earnings of the company.  The
ratings factor in the company's integrated nature of operations
with a diversified product range would mitigate the demand risk to
an extent and improve the operational efficiency of the company
going forward. The ratings are also supported by the experience of
the promoters in the industry and the financial flexibility
enjoyed by the company on being a part of the Nuziveedu group.

Incorporated in 2004, NSL Textiles (Edlapadu) Limited is a
midsized 100% cotton spinning mill located in Guntur District,
Andhra Pradesh.  The area is a major cotton producing belt of the
state. It was promoted by Mr. M. Prabhakar Rao, Managing Director
of Nuziveedu Seeds Ltd.  NSL has also diversified into power,
infrastructure, spinning, among others.  The existing mill also
has facilities for ginning of cotton and pressing the same into
bales. NSLTEL has commenced its commercial operations during FY06.
The existing capacity of NSTEL is 129800 spindles and the company
is in the process of adding 160 looms by March 10.

For the first six months ended 30th September 2009, the company
has reported a net profit of INR 13 million on an operating income
of INR 451 million.


NSL TEXTILES: CRISIL Places 'LBB' Rating on INR490MM Bank Debts
---------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR490 million fund based
limits of NSL Textiles Limited.  The outlook on the rating is
stable. ICRA has a rating of 'LBB' outstanding on INR5.46 billion
term loans and INR100 million fund based limits of NSLTL.  ICRA
also has rating of 'A4' outstanding on INR3.52 billion non fund
based sub-limit of NSLTL.  The combined utilization of non fund
based sub-limit and term loans should not exceed INR5.46 billion.

The rating is constrained by the stretched financial profile due
to significant debt funded capital expenditure when the industry
was going through a cyclical downtrend.  The company's financial
position is  characterized by high gearing of 2.6x as of
September 30, 2009 and the term loans (pertaining to project
expansion) have been restructured owing to a difficult operating
environment. With further debt funded capital expenditure incurred
in the current financial year for commissioning of ongoing
projects, capital structure would remain stretched till the new
units stabilize and start yielding adequate returns.  The
company's plan to market its own brands is likely to face
significant challenges requiring large upfront investments in
brand building and distribution, with uncertain outcome.  The
interest coverage indicators (OPBDIT/ Interest) have also
deteriorated with interest coverage declining to 1.2x in September
09 down from 5.2x in
March 6 on account of significant increase in debt levels.

NSLTL's profitability is highly susceptible to raw material price
movements.  However on account of moderate pricing flexibility and
effective procurement policy, NSLTL to an extent has been able to
maintain stable profitability except for  the last financial year,
where it had dropped due to significant increase in cotton costs
and drop in realizations due to weak demand.  In the current
financial year, the profitability has improved owing to better
realizations on account of recovery witnessed in the demand
conditions.  The company has moderate customer concentration risk
which is mitigated partly by the long term relationship with the
clients.  Low product diversification exposes NSLTL to significant
competition. But the risk would be mitigated going forward as the
new projects commissioned would help NSLTL in being present across
the entire textile value chain ranging from ginning to spinning,
weaving, garmenting and retailing.  The integrated nature of
operations would result in better operational efficiency coupled
with lower costs on account of economies of scale.  The promoter's
experience in the textile industry coupled with the locational
advantage of being near cotton growing area helps in effective
procurement of cotton.

                        About NSL Textiles

NSL  Textiles Limited  is a midsized 100% cotton spinning mill
located in Guntur District, Andhra Pradesh, the major cotton
producing belt of the state. It was promoted by Mr. M. Prabhakar
Rao, Managing Director of Nuziveedu Seeds Ltd. (NSL). NSL has also
diversified into power, infrastructure, spinning, among others.
The existing mill also has facilities for ginning of cotton and
pressing the same into bales.  The company had commenced its
commercial operations during FY03. The existing capacity of NSLTL
is 184,496 spindles and the company is in the process of adding
376 looms, and also processing and garmenting units with capacity
to process 5.4 million meters per annum and manufacture 3 million
garments a year.

For the  first six months ended 30th September 2009, the company
has reported a net loss of INR 46 million on an operating income
of INR 669 million.


OMKAR TEXTILE: CARE Assigns 'CARE BB' on INR23.61cr LT Bank Debts
-----------------------------------------------------------------
CARE has retained the 'CARE BB' rating assigned to the Long-term
bank facilities of Omkar Textile Mills Private Limited.  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.  CARE also, retained the 'PR4'
(PR Four) rating to the Short-term bank facilities of OTPL.
This rating is applicable for facilities having tenure up to one
year.  Facilities with 'PR4' rating would have inadequate capacity
for timely payment of short- term debt obligations and carry very
high credit risk.  Such facilities are susceptible to default.
CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position of
the company within the band covered by the rating symbol.

                                  Amount
  Facilities                     (INR cr)        Ratings
  ----------                     --------        -------
  Long-term Bank Facilities       23.61          'CARE BB'
  Short-term Bank Facilities       1.00          'PR4'

Rating Rationale

The ratings continue to be constrained by stressed liquidity
position as reflected by almost full utilization of fund based
limits, high dependence on job work sales and presence in highly
fragmented textile processing industry.  The ratings are also
constrained by continued negative trend of profitability margins
in past three years.  These outweigh OTPL's established track
record of more than three decades and experienced promoters.

Incorporated in 1973, OTPL is engaged in the processing of
textiles with a combined capacity of 390 lakh meters per annum and
operates from plants at Ahmedabad.

For FY09, OTPL reported a profit after tax (PAT) of INR1.33 crore
on total income of INR108.18 crore as against a PAT of INR1.76
crore on total income of INR91.99 crore for FY08.  During 6MFY09,
OTPL reported profit before tax of INR1.01 crore on total income
of INR65.64 crore.


R.B. JODHAMAL: CRISIL Rates INR22 Mil. Cash Credit at 'BB+'
-----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of R.B. Jodhamal & Company Pvt Ltd, which is part of
the Jodhamal group.

   Facilities                              Ratings
   ----------                              -------
   INR22 Million Cash Credit               BB+/Stable (Assigned)
   INR50 Million Letter of Credit          P4+ (Assigned)
   INR7.5 Million Bank Guarantee           P4+ (Assigned)

The ratings reflect the Jodhamal group's small scale of
operations, geographical concentration in revenue profile, low
operating margin, and poor operating efficiencies.  These rating
weaknesses are partially offset by the group's comfortable
financial risk profile marked by healthy gearing and debt
protection measures, and its promoters' experience in the steel
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RBJC and RBJC's group company R.B.
Jodhamal Industries Pvt Ltd.  This is because the two companies,
together referred to as the Jodhamal group, are in the same
industry. Moreover, RBJC's entire output is sold to RBJI as raw
material.

Outlook: Stable

CRISIL believes that the Jodhamal group's gearing and debt
protection measures will remain healthy, while its scale of
operations will remain small, over the medium term.  The outlook
may be revised to 'Positive' if the group's scale of operations
and operating margin improve significantly, resulting in
substantial cash accruals.  Conversely, the outlook may be revised
to 'Negative' if the group undertakes large, debt-funded capital
expenditure.

                           About the Group

Incorporated in 1945, RBJC was engaged in the lumbering business
until 1982, when it discontinued the business and ventured into
the manufacture of mild steel ingots and billets.  RBJI, which
manufactures rolled products, was set up in 1988-89 (refers to
financial year, April 1 to March 31).  RBJC and RBJI's plants in
Jammu and Kashmir have annual production capacity of about 45,000
tonnes of ingots/billets and rolled products, respectively.

The Jodhamal group reported a profit after tax (PAT) of INR11.4
million on net sales of INR1046.9 million for 2008-09, against a
PAT of INR2.9 million on net sales of INR860.9 million for
2007-08.


S.V.S. PROJECTS: Low Net Worth Cues CRISIL 'BB+' Rating
-------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the cash credit
facility of S.V.S. Projects Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR100.00 Million Cash Credit           BB+/Stable (Assigned)

The rating reflects SVSPPL's low net worth and small scale of
operations, resulting in limited eligibility in bidding for large
projects, the customer concentration in its revenue profile and
the exposure to project risks. These weaknesses are partially
offset by SVSPPL's moderate financial risk profile marked by
healthy debt protection measures, the promoters' extensive
experience in constructing cement plants, and the company's strong
customer relationships.

Outlook: Stable

CRISIL believes that SVSPPL will maintain its credit profile at
the back of its moderate financial profile over the medium term.
The outlook may be revised to 'Positive' if the company
diversifies its customer base while still maintaining its
financial profile.  Conversely, the outlook may be revised to
'Negative' if the company's cash accruals decline on account of
fall in margins, or if it contracts large debt to fund capital
expenditure.

                       About S.V.S. Projects

Set up as a partnership concern, SVS Associates, in 1994 by Mr. B
Venkata Subba Rao and Mrs. B Vijaya Kumari, SVSPPL was
incorporated as a private limited company in 1998.  Presently,
Mr. Rao and his wife, Mrs. B Vijaya Kumari, are the company's key
promoters. SVSPPL is a civil contractor based in Visakhapatnam
(Andhra Pradesh).  Besides undertaking civil construction projects
for cement and power companies in the private sector.  The company
had an unexecuted order book of INR410 million as on October 31,
2009.

SVSPPL proposes to give corporate guarantee to the term loans of
its group company, Junagadh Power Projects Pvt Ltd which is in the
process of setting up a 10-megawatt biomass-based power project at
Vanthali Taluka, Junagadh (Gujarat).  The company is also setting
up a 1.25-megawatt wind mill in Tamilnadu with a total project
cost of INR100 million.  The company proposes to complete the
installation and start operations by March 31, 2010.

SVSPPL reported a profit after tax (PAT) of INR25.2 million on net
sales of INR472.4 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR31.5 million on net
sales of INR379.1 million for 2007-08.


SEVA AUTOMOTIVE: CRISIL Reaffirms 'B+' Rating on Cash Credit
------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'B+/Stable/P4' to the various
bank facilities of Seva Automotive Pvt. Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR210.0 Million Cash Credit             B+/Stable (Reaffirmed)
   INR31.5 Million Standby Line of Credit   B+/Stable (Reaffirmed)
   INR8.5 Million Proposed Short-Term        P4 (Reaffirmed)
                     Bank Loan Facility

The ratings continue to reflect Seva's weak financial risk
profile, low profitability margins, and limited negotiating power
with its principal, Maruti Suzuki India Ltd.  These weaknesses are
partially offset by the benefits that Seva derives from its
established position in the automobile dealership segment.

Outlook: Stable

CRISIL believes that Seva will maintain its stable business risk
profile on the back of its established market position.  The
outlook may be revised to 'Positive' in case of substantial
improvement in Seva's capital structure and debt protection
measures.  Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in the company's profitability and
sales.

                         About Seva Automotive

Incorporated in 1985 by Mr. Sanjeev Bafna, Seva began operations
as a dealer for MSIL in Nashik.  Subsequently, the company set up
MSIL dealerships in Nanded in 1991, Nagpur in 1995, and Dhule in
2004. Seva has recently set up two extension counters which are
attached to its existing main dealerships.  The company also plans
to set up three more extension counters by March 2011.

For 2008-09 (refers to financial year, April 1 to March 31), Seva
reported a profit after tax (PAT) of INR9.9 million on net sales
of INR2034.4 million, against a PAT of INR2.4 million on net sales
of INR1834.7 million for 2007-08.


SHREE RADHE: CRISIL Assigns 'BB-' on Various Bank Facilities
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Shree Radhe Krishna
Smelters Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR50 Million Cash Credit             BB-/Stable (Assigned)
   INR50 Million Proposed Long-Term      BB-/Stable (Assigned)
                Bank Loan Facility

The rating reflects SRKSPL's small scale of operations with
regional presence in the steel industry, large working capital
requirements, and vulnerability of margins to fluctuations in
steel prices. These rating weaknesses are partially offset by
SRKSPL's comfortable financial risk profile, marked by low gearing
and comfortable debt protection measures, and the benefits that
the company derives from its promoters' experience in the steel
industry.

Outlook: Stable

CRISIL believes that SRKSPL's scale of operations will remain
small and that its financial risk profile will remain comfortable
over the medium term.  The outlook may be revised to 'Positive' if
the company's scale of operations improves, while its financial
risk profile remains comfortable.  Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile
deteriorates, most likely due to large debt-funded capital
expenditure or pressure on profitability.

                         About Shree Radhe

Shree Radhe Krishna Smelters Pvt Ltd, incorporated in 2004, trades
in structural steel products. SRKSPL is part of the Sarkar Gray
group, comprising three other entities?Sarkar Gray Iron Products
(SGIP), Vishwarupa Steel Pvt Ltd (VSPL), and Vishwarupa Tubes Pvt
Ltd?all promoted by Mr. Girdharilal Thard, and his son, Mr. Dhiraj
Thard.

SRKSPL reported a profit after tax (PAT) of INR2.4 million on net
sales of INR280 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.9 million on net sales
of INR220 million for 2007-08.


SUVIDHI RAYONS: Low Profitability Prompts ICRA 'LBB' Ratings
------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR 42.5 million long-term
loan and INR 82.5 million long term fund-based limits of Suvidhi
Rayons Private Limited.  The long term rating has been assigned
stable outlook.

The rating is constrained by the commoditized nature of synthetic
fabric industry, characterized by high degree of competition from
large number of players in the Bhilwara market.  The entry
barriers to the business are low and the current low profitability
(operating margin of 5-6%) could come under pressure due to
ongoing new capacity additions in the industry.  The rating
however, takes into account promoters' experience and track record
in manufacturing synthetic fabric from polyester viscose (PV)
yarn.  The relatively low value product manufactured by the
company is targeted at lower and middle class family in the
domestic market of India.  ICRA's ratings factor in the relatively
large capital expenditure plan of INR 58.5 million undertaken by
SRPL to increase its production capacity which has been largely
debt funded.

Suvidhi Rayons Private Limited incorporated in August, 1997 is
engaged in the manufacturing of grey synthetic fabric (blend of
polyester & viscose).  The company has an installed capacity of 38
looms, manufacturing around 26 lac meter of grey fabrics per
annum.  Like most of the weaving units, SRPL also gets the grey
fabric processed through the processing house based in Bhilwara.
The company sells the finished fabric mainly in the Southern part
of India and the grey fabric is sold to the trader manufacturers
(around 800-900 big trader manufacturers in Bhilwara) who get the
fabric processed through external processing house and sell it in
the domestic market.  In the finished fabric, SRPL is more in to
retail sales, wherein it sells the finish fabric under its own
brand Santro using different types of gift packing.


TATA MOTORS: To Mothball TCP Site; Up to 3,000 Jobs at Risk
-----------------------------------------------------------
Chris Tighe at The Financial Times reports that Corus is to begin
to mothball its Teesside Cast Products site this Friday,
threatening to end more than 150 years of iron and steelmaking on
Teesside and resulting in up to 3,000 job losses.

Corus, the FT discloses, has blamed TCP's problems on the sudden
termination last year by an international consortium of a deal by
which it was to buy 78% of the steel output from the site, which
has a 3m tonnes a year capacity.  That withdrawal, half way
through a 10-year contract, undermined an agreement by two of the
consortium members -- Marcegaglia of Italy and Dongkuk of South
Korea -- to buy the plant for US$480 million, the FT recounts.

The FT relates Community, the steel union, attacked Corus, owned
by Tata Steel of India, for acting too quickly, saying on Tuesday
that it had undermined future growth.  The market for steel slab,
TCP's product, is "improving week by week".

"The decision to mothball Teesside Cast Products is premature and
jeopardizes the foundation of British manufacturing," the FT
quoted Michael J. Leahy, general secretary, as saying.  The union
had expected a meeting with Corus and Gordon Brown, the prime
minister, before any mothballing, the FT notes.

According to the FT, about 1,600 jobs at TCP are under threat, as
well as up to 1,000 contractors' posts.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2.  Moody's said the rating
outlook is stable.


TEEKAY MARINES: ICRA Assigns 'LBB' Rating on INR43.5MM Term Loans
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the existing INR43.5 million
term loans and of Teekay Marines Private Limited.  The outlook on
the long term rating is stable.  ICRA has also assigned an "A4"
rating to the INR120.0 million short term fund based limits and
INR10.0 million short term non-fund based limits of TMPL.  TMPL's
non fund based limit is within the overall term loan limits.

The ratings factor in the fragmented nature of the industry with
low entry barriers and significant competition in the export
market from other countries which result in weak profitability of
TMPL, vulnerability to the outbreak of any disease and limited
value addition in business.  The ratings are also constrained by
the volatility in foreign currency rates which in turn makes cash
flows and profits of shrimp exporters including TMPL variable, the
company's small scale of operations, a leveraged capital
structure, weak cash flows and tight liquidity position.  The
ratings however, take into consideration the long track record of
the promoters in the industry, in-house processing facilities of
the company and its established position in the sea food business.

TMPL was incorporated in April, 2001 and has been involved in the
processing of different varieties of shrimps and other sea foods
like cephalopods and fish.  The company's processing facility is
located in the Chandaka Industrial Estate in Bhubaneswar and is
spread over 70,000 sqft.

During 2008-09, TMPL reported a net profit of INR 1.2 million on
net sales of INR 302.9 million.  During the first half of 2009-10,
the company posted an operating profit of INR 11.8 million on net
sales of INR 137.3 million.


VISHALSS ENTERPRISES: CRISIL Rates 'BB' Rating on INR10MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Vishalss Enterprises (VE, part of the LLM group).

   Facilities                                Ratings
   ----------                                -------
   INR10.00 Million Proposed Long            BB/Stable (Assigned)
         Term Bank Loan Facility
   INR50.00 Million Proposed Cash            BB/Stable (Assigned)
                Credit Facility

The rating reflects the LLM group's small scale of operations,
limited product diversity, and exposure to intense competition in
the home appliances industry.  These rating weaknesses are
partially offset by the benefits that the LLM group derives from
its established brand, Butterfly, in the home appliances segment,
and its moderate financial risk profile marked by healthy debt
protection measures.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of VE and LLM Appliances Ltd (LLM). This
is because both the entities, together referred to as the LLM
group, are under a common management and have fungible funds.

Outlook: Stable

CRISIL believes that the LLM group will continue to benefit from
its established brand over the medium term. The outlook may be
revised to 'Positive' if the group's financial risk profile
improves because of sustained increase in its revenues and
profitability. Conversely, the outlook may be revised to
'Negative' if the LLM group fails to stabilize its new product
line, there is significant decline in its profitability, or if it
contracts large debt to fund capital expenditure.

                          About the Group

Mr. V Murugesa Chettiar introduced the Butterfly brand of
stainless steel kitchenware products in 1970.  The LLM group is
promoted by Mr. Chettiar's five sons and their families.
Incorporated in 2002, LLM sells home appliances, such as induction
hobs, electric rice cookers, air coolers, and sandwich makers,
under the Butterfly brand.  Set up in 2004, VE manufactures and
sells stainless steel kitchenware, including hot packs, dinner
sets, and idli cookers. The group has manufacturing facility in
Pudupakkam (Chennai).

The LLM group reported a profit after tax (PAT) of INR28 million
on net sales of INR216 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR18 million on net
sales of INR146 million for 2007-08.


VISHWARUPA STEEL: CRISIL Puts 'BB-' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Vishwarupa
Steel Pvt Ltd's bank facilities.

   Facilities                               Ratings
   ----------                               -------
   INR200 Million Cash Credit               BB-/Stable (Assigned)
   INR20 Million Standby Line of Credit     BB-/Stable (Assigned)
   INR94 Million Proposed Long Term Bank    BB-/Stable (Assigned)
                           Loan Facility
   INR30 Million Term Loan                  BB-/Stable (Assigned)
   INR6 Million Letter of Credit            P4+ (Assigned)

The ratings reflect VSPL's weak financial risk profile due to
working capital intensive nature of operations, small scale of
operation in a fragmented industry, and weak operating
efficiencies with margins vulnerable to raw material price
fluctuation.  These rating weaknesses are partially offset by the
benefits that VSPL derives from its promoters' experience in the
steel products industry.

Outlook: Stable

CRISIL expects VSPL to remain a small player and its financial
risk profile to remain weak.  The outlook may be revised to
'Positive' if the company's financial risk profile improves
significantly, most likely due to fresh equity infusion.
Conversely, the outlook may be revised to 'Negative' in case of
large debt-funded capital expenditure, or pressure on
profitability.

                      About Vishwarupa Steel

Vishwarupa Steel Pvt Ltd incorporated in 2004, manufactures steel
ingots. The company's manufacturing facilities, which are located
in Howrah, have an installed capacity of 48,000 tonnes per annum
(TPA). VSPL is part of the Sarkar Gray group, which includes other
companies like Sarkar Gray Iron Products (SGIP), Shree Radhe
Krishna Smelters Pvt Ltd (SRKSPL) and Vishwarupa Tubes Pvt Ltd.
The group is promoted by Mr. Dhiraj Thard.

VSPL reported a profit after tax (PAT) of INR7.1 million on net
sales of INR898 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR5.8 million on net sales
of INR799 million for 2007-08.


YESHASHVI STEELS: Delay in Loan Repayment Cues CRISIL Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of
Yeshashvi Steels & Alloys Pvt Ltd, as the company has delayed the
repayment of its term loan; the delay has been caused by weak
liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR135 Million Cash Credit           D (Assigned)
   INR950 Million Term Loan             D (Assigned)

Yeshashvi, incorporated in 2007 by a team of technocrats,
manufactures sponge iron from iron ore.  The company has installed
two kilns in the Bellary region of Karnataka.  The first kiln,
with an installed capacity of 15,000 tonnes per annum (tpa),
became operational in November 2008.  The second kiln, also of
15,000 tpa capacity, is expected to start commercial production in
March 2010.

Yeshashvi reported a loss of INR12.5 million on net sales of
INR62.8 million for 2008-09 (refers to financial year, April 1 to
March 31).


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


BANK NEGARA: To Seek IDR6 Trillion of External Funds This Year
--------------------------------------------------------------
PT Bank Negara Indonesia plans to seek IDR6 trillion of external
funding this year to support its expansion drive, according to The
Jakarta Post.

BNI president director Gatot Soewondo said the funds would be
raised through a rights issue and an offering of dollar-
denominated subordinated debt, the report relates.

"Earlier we planned to raise capital in 2011, but we decided to do
it this year since global conditions require banks to have
stronger capital," the Post quoted Gatos as saying.  "We need
strong capital to grow our loans and support the spinoff of our
Shariah subsidiary.  We also intend to acquire a bank next year to
expand in the micro-segment."

The Post relates Gatot said IDR3 trillion would be raised through
the rights issue to boost its tier-one capital-adequacy ratio to
12%.  BNI also planned to issue IDR3 trillion of dollar-
denominated sub-debt to increase its capital-adequacy ratio to
15%, the report notes.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

                                     *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
December 8, 2009, Fitch Ratings upgraded PT Bank Negara Indonesia
Tbk's National Long-term rating to 'AA(idn)' from 'AA-(idn)', and
the Individual rating to 'C/D' from 'D'.   At the same time, the
agency affirmed the bank's Long-term foreign and local currency
Issuer Default Rating at 'BB', Short-term foreign currency IDR at
'B', Support '3' and Support Rating Floor at 'BB-'.  The Outlook
is Stable.


PAL INDONESIA: To Slash 900 Jobs Next Month
-------------------------------------------
The Jakarta Post reports that state ship-building company PAL
Indonesia will lay off 900 employees in March as part of its
restructuring program from financial trouble.

According to the Post, state-owned Enterprise Minister Mustafa
Abubakar said the company would reach its ideal employee number at
1,400 people compared to the current 2,300.

The report relates Mustafa said the redundant employees will
receive a compensation fund from the company.

PT PAL Indonesia -- http://www.pal.co.id/v5/index.php-- was
established by the Netherlands's government in 1939 under its
original name of MARINA ship docking.  The company was renamed
Kaigun SE 2124 while under the colonial governance of Japan.  In
1980, the status of the Company was changed from a Public Company
(Perusahaan Umum) to a Limited Company (Perseroan Terbatas) in
accordance with notary deed No.12 of Hadi Moentoro, SH.

PAL Indonesia's factory is located at Ujung, Surabaya.  The
Company's main activities are the manufacturing of naval and
merchant ship, docking repairs and maintenance, and general
engineering based on job orders.

                           *     *     *

The Jakarta Post said Indonesia's largest shipping company has
been in dire financial straits since 2008.  PT PAL decided in May
last year to give one day-off every week to up to 800 of its 2,400
employees, as part of efforts to cut costs.  PT PAL posted IDR443
billion (US$44 million) in losses in 2007 and IDR46 billion in
2008.  PAL owes US$120 million in short-term debts to local
private and state banks as of 2009.


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


AMERICAN INT'L: Names Timothy Schiltz as Chairman of AIG Star
-------------------------------------------------------------
American International Group, Inc. said that Timothy Schiltz has
been appointed Senior Vice President of SunAmerica Financial Group
and, effective April 1, 2010, will be named Chairman of AIG Star
Life Insurance Co., Ltd. (AIG Star) and AIG Edison Life Insurance
Company (AIG Edison).

SunAmerica Financial Group, a leader in life insurance, annuities
and guaranteed income solutions, is currently comprised of AIG's
domestic life and retirement services businesses.  AIG Star and
AIG Edison are leading life insurance, annuity, and accident and
health providers in Japan.  Mr. Schiltz will be responsible for
the shareholder representation and oversight of AIG Star and AIG
Edison by AIG.  Mr. Schiltz will report to Jay S. Wintrob,
President and Chief Executive Officer of SunAmerica Financial
Group.

"I am very enthusiastic about bringing AIG Star and AIG Edison
together with SunAmerica Financial Group under the leadership of
Jay Wintrob.  Both AIG Star and AIG Edison have roots that include
over 100 years of experience in the Japanese market, and we
greatly value the distinct strengths of their career and
independent agencies. Combined with unique bank and sponsor
relationships, these two organizations are known in Japan for
their broad array of quality life insurance, annuity, and accident
and health products," said Robert H. Benmosche, President and CEO
of AIG.

"Including AIG Star and AIG Edison among the group of companies at
SunAmerica Financial Group will provide numerous opportunities to
exchange and benefit from best practices in product development,
sales and marketing, customer service and operations, and risk
management," Mr. Wintrob said.  "I am both honored and delighted
to work with the experienced and well-respected senior management
teams at AIG Star and AIG Edison, led by Norio Tomono and Kazunori
Kataoka. I am confident that these accomplished businesses will
benefit from Tim Schiltz's strong leadership, experience and
demonstrated success in the Japanese marketplace."

Mr. Schiltz joins SunAmerica Financial Group from American Life
Insurance Company (ALICO), where he was Senior Vice President and
a member of the board of directors.  Mr. Schiltz joined AIG in
2006 as Regional Vice President of AIG International Retirement
Services in Asia. Prior to that, Mr. Schiltz served as President
and CEO of Hartford Life Japan.

SunAmerica Financial Group is the fourth largest life insurance
organization in the United States based on more than $221 billion
of admitted assets as of September 30, 2009. It is comprised of
several leading life insurance and retirement services businesses,
including American General Life Companies, AGLA, VALIC, Western
National Life Insurance Company, SunAmerica Retirement Markets,
SunAmerica Mutual Funds, SunAmerica Affordable Housing Partners,
FSC Securities, Royal Alliance and SagePoint Financial. The
unified businesses, which comprise the domestic life and
retirement services unit of AIG, offer a comprehensive suite of
life insurance, retirement savings products and guaranteed income
solutions through an established multi-channel distribution
network that includes banks, national, regional and independent
broker-dealers, career financial advisors, wholesale life brokers,
insurance agents and a direct to consumer platform.

                            About AIG

Based in New York, American International Group, Inc., is an
international insurance organization with operation in more than
130 countries and jurisdictions.  AIG companies serve commercial,
institutional and individual customers through the most extensive
worldwide property-casualty and life insurance networks of any
insurer.  In addition, AIG companies provide retirement services,
financial services and asset management around the world.  AIG's
common stock is listed on the New York Stock Exchange, as well as
the stock exchanges in Ireland and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as $182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


JAPAN AIRLINES: Wins U.S. Bankruptcy Court Protection
-----------------------------------------------------
Tiffany Kary at Bloomberg News reports that Japan Airlines Corp.
won U.S. court protection while it reorganizes through its main
bankruptcy case in Tokyo.

According to Bloomberg, U.S. Bankruptcy Judge James Peck in
Manhattan on Wednesday granted the Tokyo-based airline Chapter 15
protection in Manhattan court, giving Japan Air a shield against
U.S. lawsuits and helping it to organize U.S. creditors? claims.

David Seligman, Esq., told Judge Peck that "There have not been
any material or business disruptions," to Japan Air?s business
since the company began restructuring in its home country.  There
were no objections to the bid for U.S. court protection, Bloomberg
relates.

Bloomberg notes Mr. Seligman also told Judge Peck a deal with AMR
Corp.?s American Airlines won?t be brought to the bankruptcy court
for review.

Meanwhile, Bloomberg News, citing Nikkei English News, reports
that Japan Airlines is asking eight labor unions to accept an
employee pay cut of 5% and to eliminate fiscal 2010 bonuses to aid
in its turnaround.

                        About Japan Airlines

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

                          *     *     *


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

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

Mr. Katayama is JAL's foreign representative in its Chapter 15
proceeding in the United States.  The Foreign Representative's
U.S. Counsel is David R. Seligman, Esq., Ryan Blaine Bennett,
Esq., Paul Wierbicki, Esq., at Kirkland & Ellis LLP, in Chicago,
Illinois.  The Foreign Representative's Japan Counsel is Naho
Ebata, Esq., at Abe, Ikubo & Katayama, in Tokyo, Japan.

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


JLOC39 CMBS: Moody's Takes Rating Actions on Various Classes
------------------------------------------------------------
Moody's Investors Service has carried out rating actions for the
Class A through D Trust Certificates of the JLOC39 CMBS
transaction.  The final maturity of the Trust Certificates will
take place in April 2014.

The individual rating actions are listed below.

  -- Class A, confirmed at Aaa; previously on December 24, 2009
     Aaa placed under review for possible downgrade

  -- Class B, downgraded to A2 from Aa2; previously on
     December 24, 2009 Aa2 placed under review for possible
     downgrade

  -- Class C, downgraded to Ba2 from Baa2; previously on
     December 24, 2009 Baa2 placed under review for possible
     downgrade

  -- Class D, downgraded to B3 from Ba3; previously on
     December 24, 2009 Ba3 placed under review for possible
     downgrade

The JLOC 39 Trust, effected in December 2007, represents the
securitization of 14 specified bonds and a non-recourse loan
issued by/extended to 10 issuers/borrowers.  Two specified bonds
and one non-recourse loan were paid in full on the maturity date,
and one liquidating specified bond has been partially prepaid as a
result of property dispositions.  The transaction is currently
secured by eight specified bonds, which are backed by 15
properties.

The previous rating actions in December 2009 reflected Moody's
growing concerns about the performance of an underlying property
on the specified bond (38.5% of initial balance) and the need to
reconsider Moody's stabilized property value.

The underlying property is a high rise office building located in
central Tokyo.  The leased rent level had been increased gradually
-- compared with the leased rent level at the initial ratings --
for the past two years of leasing activity by the asset manager.
However, the occupancy rate had decreased as a result of vacating
tenants.  According to the notice prepared by the Servicer on
December 15, 2009, the rent level of the main tenant -- which
occupies 20% of the total leased area -- has declined
substantially.

Moody's interviewed the asset manager on its leasing plan and
future leasing strategy, cost management, refinancing strategy,
and disposition activities for the specified bond which will
mature in February 2012.

As a result of the interview, Moody's is of the view that the
fundamental profitability of the property is likely to remain
lower for some time than was assumed when the rating was first
assigned.  Thus, although the property is in central Tokyo, with
high scarcity value, Moody's value has been re-assessed as
profitability is lower than first estimated.

This rating action reflects Moody's concern of the likelihood of
collateral recovery, according to the property's re-assessed
value.  In addition, according to the Servicer's quarterly
performance report -- received after the previous rating actions
in December 2009 -- the underlying properties of one liquidating
specified bond have been disposed below Moody's assumptions.
Therefore, the situation also reflected Moody's concerns over the
levels of collateral recovery for the remaining underlying
properties.  However, for Class A, Moody's confirms the current
rating level considering the fact that the credit support level of
the Class A has improved; approximately 32% of the initially-
issued Trust Certificates have been redeemed as a result of
payments from the underlying assets.

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.


MIZUHO CAPITAL: Moody's Cuts Preferred Stock Rating to B1
-----------------------------------------------------------
Moody's Investors Service has lowered its ratings on a number of
hybrid securities (junior subordinated debt and non-cumulative
preferred securities) issued by Japanese banks, in accordance with
its revised Guidelines for Rating Bank Hybrids and Subordinated
Debt, published in November 2009.  The rating outlooks of these
hybrid securities are stable except those of Shinsei Bank, Ltd.
(all ratings have been negative since March 2009).

Moody's lowered the ratings of the Japanese banks' junior
subordinated debt securities with cumulative deferral features
from one notch below, to two notches below, the banks' debt
ratings.

The Japanese banks' non-cumulative preferred securities were
lowered to three notches below their Adjusted Baseline Credit
Assessments.  The Adjusted BCA is the bank's stand-alone credit
strength, including parental and/or cooperative support, if
applicable.

For those preferred securities issued by holding companies or
their special purpose vehicles, an additional notching adjustment
has been made to capture the risk of structural subordination.

Details of rating adjustments are provided below.  This concludes
the review for possible downgrade initiated on November 18, 2009.

These rating changes do not reflect a change in the financial
fundamentals of those Japan's banks.  Thus, none of Moody's other
ratings on the Japanese banks or their subsidiaries have been
changed.  These include Moody's unsupported Bank Financial
Strength Ratings and Baseline Credit Assessments, as well as
ratings of supported deposits, senior unsecured debt, and senior
subordinated debt.

                 Junior Subordinated Debt Ratings

As per the revised methodology calling for anchoring the ratings
of hybrid securities with deferral mechanisms to the banks'
Adjusted BCAs, the ratings of the junior subordinated debt with
cumulative deferral mechanisms of Japanese banks are notched
upwards from their Adjusted BCAs.  This upward adjustment from
their Adjusted BCAs reflects systmeic support currently in place
in Japan.  However, these ratings are constrained at the level of
BDR minus 2, in light of the junior subordinated features of such
debt, as well as deferral risk.  Consequently, those ratings are
downgraded by a notch from the previous ratings.

The ongoing incorporation of the systemic support input in the
ratings of the Japan banks' junior subordinated debt is based on
the banks' behavior toward this type of debt during previous
financial crises, when no coupon deferrals took place.  Thus, the
weak optional triggers, cumulative nature of suspension, and the
remote risk of bank liquidation in Japan's regulatory environment,
in addition to the existence of an established framework (backed
by government re-capitalization programs) for capital-stressed
banks, warrant Moody's ongoing expectation of this support.

           Non-Cumulative Preferred Securities Ratings

The revised methodology also stipulates that Moody's rate non-
cumulative preferred securities three notches lower than the
Adjusted BCA.  With the application of the methodology, the
ratings of preferred securities issued by Japanese banks have
undergone multi-notch downgrade.  This is mainly due to the
elimination of systemic support element previously incorporated
into those securities ratings, and the degree of uplift from
Adjusted BCA by systemic support is generally very high for those
large size Japanese banks.  The reason to eliminate this factor
derives from assessment of such features of those securities in a
comparative framework, and Moody's increasing emphasis on globally
consistent notching practice for such securities.

Coupons for non-cumulative preferred securities of Japanese banks
have been suspended in the past because of depletions of
distributable amounts, demonstrating the securities' ability to
absorb losses in a stress situation.  Accordingly, Moody's
considers it appropriate to eliminate the systemic support element
from its ratings of non-cumulative preferred securities.  The
three-notch differential reflects the different priorities of the
securities' claims -- which are equal to the preferred stock of
institutions in liquidation.

Moody's notes the weakness of the mandatory and optional features
of the Japanese banks' non-cumulative preferred securities, but
the securities are similar to those issued by the non-Japanese
banks.  In addition, although the likelihood of capital support
from the government for the Japanese banks remains high in case of
stress, the strength of the banks' current distributable amounts
(a mandatory suspension trigger) remains sensitive to volatility
in the equity market and to deterioration in large credit
concentrations, arguing for the application of guidelines of
revised methodology.  Moody's also factors the uncertainty of
future regulatory behavior regarding suspensions of dividends in
the case of stress, despite the paucity of suspensions in the past
and the availability of government re-capitalization programs.

Moody's last rating action on the Japanese banks' hybrid
securities was on November 18, 2009, when it placed these
securities on review for possible downgrade.

These ratings have been downgraded:

* The Bank of Tokyo-Mitsubishi UFJ Ltd.: Junior subordinated debt
  rating to A1 from Aa3, which is two notches below the bank's BDR
  (Aa2); and short-term subordinated debt (Tier III securities)
  rating to A1 from Aa3, which is two notches above the bank's
  Adjusted BCA

* UFJ Finance Aruba A.E.C.: Junior subordinated debt rating to A1
  from Aa3

* BTMU (Cura‡ao) Holdings N.V.: Junior subordinated debt rating to
  A1 from Aa3

* MUFG Capital Finance 1 Limited: Preferred stock rating to Ba1
  from A2, which is four notches below the bank's Adjusted BCA
  (A3), including one notch for structural subordination at the
  holding company level

* MUFG Capital Finance 2 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 3 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 4 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 5 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 6 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 7 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 8 Limited: Preferred stock rating to Ba1
  from A2

* Mizuho Bank, Ltd.: Junior subordinated debt rating to A2 from
  A1, which is two notches below the bank's BDR (Aa3)

* Mizuho Corporate Bank, Ltd.: Junior subordinated debt rating to
  A2 from A1, which is two notches below the bank's BDR (Aa3)

* Mizuho Finance (Aruba) A.E.C.: Junior subordinated debt rating
  to A2 from A1

* Mizuho Finance (Cayman) Limited: Junior subordinated debt rating
  to A2 from A1

* Mizuho Finance (Cura‡ao) N.V.: Junior subordinated debt rating
  to A2 from A1

* Mizuho Financial Group (Cayman) Limited: Junior subordinated
  debt rating to A2 from A1

* Mizuho Trust and Banking Co., Ltd.: Junior subordinated debt
  rating to A2 from A1, which is two notches below the bank's BDR
  (Aa3)

* Mizuho Capital Investment (EUR) 1 Limited: Preferred stock
  rating to B1 from Baa1, which is four notches below the bank's
  Adjusted BCA (Baa3), including one notch for structural
  subordination at the holding company level

* Mizuho Capital Investment (JPY) 5 Limited: Preferred stock
  rating to B1 from Baa1

* Mizuho Capital Investment (JPY) 6 Limited: Preferred stock
  rating to (P)B1 from (P)Baa1

* Mizuho Capital Investment (JPY) 7 Limited: Preferred stock
  rating to (P)B1 from (P)Baa1

* Mizuho Capital Investment (US$) 1 Limited: Preferred stock
  rating to B1 from Baa1

* Mizuho Capital Investment (US$) 2 Limited: Preferred stock
  rating to B1 from Baa1

* Sumitomo Mitsui Banking Corporation: Junior subordinated debt
  rating to A1 from Aa3, which is two notches below the bank's BDR
  (Aa2)

* Sumitomo Mitsui Banking Corporation New York branch: Junior
  subordinated debt rating to A1 from Aa3

* SMBC International Finance N.V.: Junior subordinated debt rating
  to A1 from Aa3

* SMFG Preferred Capital GBP 1 Limited: Preferred stock rating to
  Ba1 from A2, which is four notches below the bank's Adjusted BCA
  (A3), including one notch for structural subordination at the
  holding company level

* SMFG Preferred Capital GBP 2 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital JPY 1 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital JPY 2 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital US$ 1 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital US$ 2 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital US$ 3 Limited: Preferred stock rating to
  Ba1 from A2

* Kansai Urban Banking Corporation: Junior subordinated debt
  rating to A1 from Aa3, which is two notches below the bank's BDR
  (Aa2)

* Resona Holdings Inc.: Junior subordinated debt rating to Baa1
  from A3, which is three notches below the bank's BDR (A1),
  including one notch for structural subordination at the holding
  company level

* Resona Bank, Ltd.: Junior subordinated debt rating to A3 from
  A2, which is two notches below the bank's BDR (A1)

* Saitama Resona Bank, Ltd.: Junior subordinated debt rating to A3
  from A2, which is two notches below the bank's BDR (A1)

* Asahi Finance (Cayman) Ltd.: Junior subordinated debt rating to
  A3 from A2

* Resona Preferred Global Securities (Cayman) Ltd: Preferred stock
  rating to Ba2 from Baa1, which is three notches below the bank's
  Adjusted BCA (Baa2)

* Chuo Mitsui Trust and Banking Co., Ltd.: Junior subordinated
  debt rating to A3 from A2, which is two notches below the bank's
  BDR (A1)

* Sumitomo Trust & Banking Co., Ltd.: Junior subordinated debt
  rating to A2 from A1, which is two notches below the bank's BDR
  (Aa3)

* STB Finance Cayman Ltd.: Junior subordinated debt rating to A2
  from A1

* STB Preferred Capital 4 (Cayman) Limited: Preferred stock rating
  to Baa3 from A2, which is three notches below the bank's
  Adjusted BCA (A3)

* Shinsei Bank, Ltd.: Junior subordinated debt rating to Baa2 from
  Baa1, which is two notches below the bank's BDR (A3)

* Shinsei Finance (Cayman) Limited: Preferred stock rating to Ba3
  from Baa3, which is three notches below the bank's Adjusted BCA
  (Baa3)

* Shinsei Finance II (Cayman) Limited: Preferred stock rating to
  Ba3 from Baa3

* Chiba Bank.  Ltd.: Junior subordinated debt rating to A3 from
  A2, which is two notches below the bank's BDR (A1)

These ratings were confirmed:

* Citigroup Global Markets Japan Inc.: Subordinated debt rating at
  Baa2

* Mitsubishi UFJ Securities International plc: Subordinated debt
  rating at Aa3


MUFG CAPITAL FINANCE 2: Moody's Cuts Preferred Stock Rating to Ba1
------------------------------------------------------------------
Moody's Investors Service has lowered its ratings on a number of
hybrid securities (junior subordinated debt and non-cumulative
preferred securities) issued by Japanese banks, in accordance with
its revised Guidelines for Rating Bank Hybrids and Subordinated
Debt, published in November 2009.  The rating outlooks of these
hybrid securities are stable except those of Shinsei Bank, Ltd.
(all ratings have been negative since March 2009).

Moody's lowered the ratings of the Japanese banks' junior
subordinated debt securities with cumulative deferral features
from one notch below, to two notches below, the banks' debt
ratings.

The Japanese banks' non-cumulative preferred securities were
lowered to three notches below their Adjusted Baseline Credit
Assessments.  The Adjusted BCA is the bank's stand-alone credit
strength, including parental and/or cooperative support, if
applicable.

For those preferred securities issued by holding companies or
their special purpose vehicles, an additional notching adjustment
has been made to capture the risk of structural subordination.

Details of rating adjustments are provided below.  This concludes
the review for possible downgrade initiated on November 18, 2009.

These rating changes do not reflect a change in the financial
fundamentals of those Japan's banks.  Thus, none of Moody's other
ratings on the Japanese banks or their subsidiaries have been
changed.  These include Moody's unsupported Bank Financial
Strength Ratings and Baseline Credit Assessments, as well as
ratings of supported deposits, senior unsecured debt, and senior
subordinated debt.

                 Junior Subordinated Debt Ratings

As per the revised methodology calling for anchoring the ratings
of hybrid securities with deferral mechanisms to the banks'
Adjusted BCAs, the ratings of the junior subordinated debt with
cumulative deferral mechanisms of Japanese banks are notched
upwards from their Adjusted BCAs.  This upward adjustment from
their Adjusted BCAs reflects systmeic support currently in place
in Japan.  However, these ratings are constrained at the level of
BDR minus 2, in light of the junior subordinated features of such
debt, as well as deferral risk.  Consequently, those ratings are
downgraded by a notch from the previous ratings.

The ongoing incorporation of the systemic support input in the
ratings of the Japan banks' junior subordinated debt is based on
the banks' behavior toward this type of debt during previous
financial crises, when no coupon deferrals took place.  Thus, the
weak optional triggers, cumulative nature of suspension, and the
remote risk of bank liquidation in Japan's regulatory environment,
in addition to the existence of an established framework (backed
by government re-capitalization programs) for capital-stressed
banks, warrant Moody's ongoing expectation of this support.

           Non-Cumulative Preferred Securities Ratings

The revised methodology also stipulates that Moody's rate non-
cumulative preferred securities three notches lower than the
Adjusted BCA.  With the application of the methodology, the
ratings of preferred securities issued by Japanese banks have
undergone multi-notch downgrade.  This is mainly due to the
elimination of systemic support element previously incorporated
into those securities ratings, and the degree of uplift from
Adjusted BCA by systemic support is generally very high for those
large size Japanese banks.  The reason to eliminate this factor
derives from assessment of such features of those securities in a
comparative framework, and Moody's increasing emphasis on globally
consistent notching practice for such securities.

Coupons for non-cumulative preferred securities of Japanese banks
have been suspended in the past because of depletions of
distributable amounts, demonstrating the securities' ability to
absorb losses in a stress situation.  Accordingly, Moody's
considers it appropriate to eliminate the systemic support element
from its ratings of non-cumulative preferred securities.  The
three-notch differential reflects the different priorities of the
securities' claims -- which are equal to the preferred stock of
institutions in liquidation.

Moody's notes the weakness of the mandatory and optional features
of the Japanese banks' non-cumulative preferred securities, but
the securities are similar to those issued by the non-Japanese
banks.  In addition, although the likelihood of capital support
from the government for the Japanese banks remains high in case of
stress, the strength of the banks' current distributable amounts
(a mandatory suspension trigger) remains sensitive to volatility
in the equity market and to deterioration in large credit
concentrations, arguing for the application of guidelines of
revised methodology.  Moody's also factors the uncertainty of
future regulatory behavior regarding suspensions of dividends in
the case of stress, despite the paucity of suspensions in the past
and the availability of government re-capitalization programs.

Moody's last rating action on the Japanese banks' hybrid
securities was on November 18, 2009, when it placed these
securities on review for possible downgrade.

These ratings have been downgraded:

* The Bank of Tokyo-Mitsubishi UFJ Ltd.: Junior subordinated debt
  rating to A1 from Aa3, which is two notches below the bank's BDR
  (Aa2); and short-term subordinated debt (Tier III securities)
  rating to A1 from Aa3, which is two notches above the bank's
  Adjusted BCA

* UFJ Finance Aruba A.E.C.: Junior subordinated debt rating to A1
  from Aa3

* BTMU (Cura‡ao) Holdings N.V.: Junior subordinated debt rating to
  A1 from Aa3

* MUFG Capital Finance 1 Limited: Preferred stock rating to Ba1
  from A2, which is four notches below the bank's Adjusted BCA
  (A3), including one notch for structural subordination at the
  holding company level

* MUFG Capital Finance 2 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 3 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 4 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 5 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 6 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 7 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 8 Limited: Preferred stock rating to Ba1
  from A2

* Mizuho Bank, Ltd.: Junior subordinated debt rating to A2 from
  A1, which is two notches below the bank's BDR (Aa3)

* Mizuho Corporate Bank, Ltd.: Junior subordinated debt rating to
  A2 from A1, which is two notches below the bank's BDR (Aa3)

* Mizuho Finance (Aruba) A.E.C.: Junior subordinated debt rating
  to A2 from A1

* Mizuho Finance (Cayman) Limited: Junior subordinated debt rating
  to A2 from A1

* Mizuho Finance (Cura‡ao) N.V.: Junior subordinated debt rating
  to A2 from A1

* Mizuho Financial Group (Cayman) Limited: Junior subordinated
  debt rating to A2 from A1

* Mizuho Trust and Banking Co., Ltd.: Junior subordinated debt
  rating to A2 from A1, which is two notches below the bank's BDR
  (Aa3)

* Mizuho Capital Investment (EUR) 1 Limited: Preferred stock
  rating to B1 from Baa1, which is four notches below the bank's
  Adjusted BCA (Baa3), including one notch for structural
  subordination at the holding company level

* Mizuho Capital Investment (JPY) 5 Limited: Preferred stock
  rating to B1 from Baa1

* Mizuho Capital Investment (JPY) 6 Limited: Preferred stock
  rating to (P)B1 from (P)Baa1

* Mizuho Capital Investment (JPY) 7 Limited: Preferred stock
  rating to (P)B1 from (P)Baa1

* Mizuho Capital Investment (US$) 1 Limited: Preferred stock
  rating to B1 from Baa1

* Mizuho Capital Investment (US$) 2 Limited: Preferred stock
  rating to B1 from Baa1

* Sumitomo Mitsui Banking Corporation: Junior subordinated debt
  rating to A1 from Aa3, which is two notches below the bank's BDR
  (Aa2)

* Sumitomo Mitsui Banking Corporation New York branch: Junior
  subordinated debt rating to A1 from Aa3

* SMBC International Finance N.V.: Junior subordinated debt rating
  to A1 from Aa3

* SMFG Preferred Capital GBP 1 Limited: Preferred stock rating to
  Ba1 from A2, which is four notches below the bank's Adjusted BCA
  (A3), including one notch for structural subordination at the
  holding company level

* SMFG Preferred Capital GBP 2 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital JPY 1 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital JPY 2 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital US$ 1 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital US$ 2 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital US$ 3 Limited: Preferred stock rating to
  Ba1 from A2

* Kansai Urban Banking Corporation: Junior subordinated debt
  rating to A1 from Aa3, which is two notches below the bank's BDR
  (Aa2)

* Resona Holdings Inc.: Junior subordinated debt rating to Baa1
  from A3, which is three notches below the bank's BDR (A1),
  including one notch for structural subordination at the holding
  company level

* Resona Bank, Ltd.: Junior subordinated debt rating to A3 from
  A2, which is two notches below the bank's BDR (A1)

* Saitama Resona Bank, Ltd.: Junior subordinated debt rating to A3
  from A2, which is two notches below the bank's BDR (A1)

* Asahi Finance (Cayman) Ltd.: Junior subordinated debt rating to
  A3 from A2

* Resona Preferred Global Securities (Cayman) Ltd: Preferred stock
  rating to Ba2 from Baa1, which is three notches below the bank's
  Adjusted BCA (Baa2)

* Chuo Mitsui Trust and Banking Co., Ltd.: Junior subordinated
  debt rating to A3 from A2, which is two notches below the bank's
  BDR (A1)

* Sumitomo Trust & Banking Co., Ltd.: Junior subordinated debt
  rating to A2 from A1, which is two notches below the bank's BDR
  (Aa3)

* STB Finance Cayman Ltd.: Junior subordinated debt rating to A2
  from A1

* STB Preferred Capital 4 (Cayman) Limited: Preferred stock rating
  to Baa3 from A2, which is three notches below the bank's
  Adjusted BCA (A3)

* Shinsei Bank, Ltd.: Junior subordinated debt rating to Baa2 from
  Baa1, which is two notches below the bank's BDR (A3)

* Shinsei Finance (Cayman) Limited: Preferred stock rating to Ba3
  from Baa3, which is three notches below the bank's Adjusted BCA
  (Baa3)

* Shinsei Finance II (Cayman) Limited: Preferred stock rating to
  Ba3 from Baa3

* Chiba Bank.  Ltd.: Junior subordinated debt rating to A3 from
  A2, which is two notches below the bank's BDR (A1)

These ratings were confirmed:

* Citigroup Global Markets Japan Inc.: Subordinated debt rating at
  Baa2

* Mitsubishi UFJ Securities International plc: Subordinated debt
  rating at Aa3


MUFG CAPITAL FINANCE 2: Moody's Cuts Preferred Stock Rating to Ba1
------------------------------------------------------------------
Moody's Investors Service has lowered its ratings on a number of
hybrid securities (junior subordinated debt and non-cumulative
preferred securities) issued by Japanese banks, in accordance with
its revised Guidelines for Rating Bank Hybrids and Subordinated
Debt, published in November 2009.  The rating outlooks of these
hybrid securities are stable except those of Shinsei Bank, Ltd.
(all ratings have been negative since March 2009).

Moody's lowered the ratings of the Japanese banks' junior
subordinated debt securities with cumulative deferral features
from one notch below, to two notches below, the banks' debt
ratings.

The Japanese banks' non-cumulative preferred securities were
lowered to three notches below their Adjusted Baseline Credit
Assessments.  The Adjusted BCA is the bank's stand-alone credit
strength, including parental and/or cooperative support, if
applicable.

For those preferred securities issued by holding companies or
their special purpose vehicles, an additional notching adjustment
has been made to capture the risk of structural subordination.

Details of rating adjustments are provided below.  This concludes
the review for possible downgrade initiated on November 18, 2009.

These rating changes do not reflect a change in the financial
fundamentals of those Japan's banks.  Thus, none of Moody's other
ratings on the Japanese banks or their subsidiaries have been
changed.  These include Moody's unsupported Bank Financial
Strength Ratings and Baseline Credit Assessments, as well as
ratings of supported deposits, senior unsecured debt, and senior
subordinated debt.

                 Junior Subordinated Debt Ratings

As per the revised methodology calling for anchoring the ratings
of hybrid securities with deferral mechanisms to the banks'
Adjusted BCAs, the ratings of the junior subordinated debt with
cumulative deferral mechanisms of Japanese banks are notched
upwards from their Adjusted BCAs.  This upward adjustment from
their Adjusted BCAs reflects systmeic support currently in place
in Japan.  However, these ratings are constrained at the level of
BDR minus 2, in light of the junior subordinated features of such
debt, as well as deferral risk.  Consequently, those ratings are
downgraded by a notch from the previous ratings.

The ongoing incorporation of the systemic support input in the
ratings of the Japan banks' junior subordinated debt is based on
the banks' behavior toward this type of debt during previous
financial crises, when no coupon deferrals took place.  Thus, the
weak optional triggers, cumulative nature of suspension, and the
remote risk of bank liquidation in Japan's regulatory environment,
in addition to the existence of an established framework (backed
by government re-capitalization programs) for capital-stressed
banks, warrant Moody's ongoing expectation of this support.

           Non-Cumulative Preferred Securities Ratings

The revised methodology also stipulates that Moody's rate non-
cumulative preferred securities three notches lower than the
Adjusted BCA.  With the application of the methodology, the
ratings of preferred securities issued by Japanese banks have
undergone multi-notch downgrade.  This is mainly due to the
elimination of systemic support element previously incorporated
into those securities ratings, and the degree of uplift from
Adjusted BCA by systemic support is generally very high for those
large size Japanese banks.  The reason to eliminate this factor
derives from assessment of such features of those securities in a
comparative framework, and Moody's increasing emphasis on globally
consistent notching practice for such securities.

Coupons for non-cumulative preferred securities of Japanese banks
have been suspended in the past because of depletions of
distributable amounts, demonstrating the securities' ability to
absorb losses in a stress situation.  Accordingly, Moody's
considers it appropriate to eliminate the systemic support element
from its ratings of non-cumulative preferred securities.  The
three-notch differential reflects the different priorities of the
securities' claims -- which are equal to the preferred stock of
institutions in liquidation.

Moody's notes the weakness of the mandatory and optional features
of the Japanese banks' non-cumulative preferred securities, but
the securities are similar to those issued by the non-Japanese
banks.  In addition, although the likelihood of capital support
from the government for the Japanese banks remains high in case of
stress, the strength of the banks' current distributable amounts
(a mandatory suspension trigger) remains sensitive to volatility
in the equity market and to deterioration in large credit
concentrations, arguing for the application of guidelines of
revised methodology.  Moody's also factors the uncertainty of
future regulatory behavior regarding suspensions of dividends in
the case of stress, despite the paucity of suspensions in the past
and the availability of government re-capitalization programs.

Moody's last rating action on the Japanese banks' hybrid
securities was on November 18, 2009, when it placed these
securities on review for possible downgrade.

These ratings have been downgraded:

* The Bank of Tokyo-Mitsubishi UFJ Ltd.: Junior subordinated debt
  rating to A1 from Aa3, which is two notches below the bank's BDR
  (Aa2); and short-term subordinated debt (Tier III securities)
  rating to A1 from Aa3, which is two notches above the bank's
  Adjusted BCA

* UFJ Finance Aruba A.E.C.: Junior subordinated debt rating to A1
  from Aa3

* BTMU (Cura‡ao) Holdings N.V.: Junior subordinated debt rating to
  A1 from Aa3

* MUFG Capital Finance 1 Limited: Preferred stock rating to Ba1
  from A2, which is four notches below the bank's Adjusted BCA
  (A3), including one notch for structural subordination at the
  holding company level

* MUFG Capital Finance 2 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 3 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 4 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 5 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 6 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 7 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 8 Limited: Preferred stock rating to Ba1
  from A2

* Mizuho Bank, Ltd.: Junior subordinated debt rating to A2 from
  A1, which is two notches below the bank's BDR (Aa3)

* Mizuho Corporate Bank, Ltd.: Junior subordinated debt rating to
  A2 from A1, which is two notches below the bank's BDR (Aa3)

* Mizuho Finance (Aruba) A.E.C.: Junior subordinated debt rating
  to A2 from A1

* Mizuho Finance (Cayman) Limited: Junior subordinated debt rating
  to A2 from A1

* Mizuho Finance (Cura‡ao) N.V.: Junior subordinated debt rating
  to A2 from A1

* Mizuho Financial Group (Cayman) Limited: Junior subordinated
  debt rating to A2 from A1

* Mizuho Trust and Banking Co., Ltd.: Junior subordinated debt
  rating to A2 from A1, which is two notches below the bank's BDR
  (Aa3)

* Mizuho Capital Investment (EUR) 1 Limited: Preferred stock
  rating to B1 from Baa1, which is four notches below the bank's
  Adjusted BCA (Baa3), including one notch for structural
  subordination at the holding company level

* Mizuho Capital Investment (JPY) 5 Limited: Preferred stock
  rating to B1 from Baa1

* Mizuho Capital Investment (JPY) 6 Limited: Preferred stock
  rating to (P)B1 from (P)Baa1

* Mizuho Capital Investment (JPY) 7 Limited: Preferred stock
  rating to (P)B1 from (P)Baa1

* Mizuho Capital Investment (US$) 1 Limited: Preferred stock
  rating to B1 from Baa1

* Mizuho Capital Investment (US$) 2 Limited: Preferred stock
  rating to B1 from Baa1

* Sumitomo Mitsui Banking Corporation: Junior subordinated debt
  rating to A1 from Aa3, which is two notches below the bank's BDR
  (Aa2)

* Sumitomo Mitsui Banking Corporation New York branch: Junior
  subordinated debt rating to A1 from Aa3

* SMBC International Finance N.V.: Junior subordinated debt rating
  to A1 from Aa3

* SMFG Preferred Capital GBP 1 Limited: Preferred stock rating to
  Ba1 from A2, which is four notches below the bank's Adjusted BCA
  (A3), including one notch for structural subordination at the
  holding company level

* SMFG Preferred Capital GBP 2 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital JPY 1 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital JPY 2 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital US$ 1 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital US$ 2 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital US$ 3 Limited: Preferred stock rating to
  Ba1 from A2

* Kansai Urban Banking Corporation: Junior subordinated debt
  rating to A1 from Aa3, which is two notches below the bank's BDR
  (Aa2)

* Resona Holdings Inc.: Junior subordinated debt rating to Baa1
  from A3, which is three notches below the bank's BDR (A1),
  including one notch for structural subordination at the holding
  company level

* Resona Bank, Ltd.: Junior subordinated debt rating to A3 from
  A2, which is two notches below the bank's BDR (A1)

* Saitama Resona Bank, Ltd.: Junior subordinated debt rating to A3
  from A2, which is two notches below the bank's BDR (A1)

* Asahi Finance (Cayman) Ltd.: Junior subordinated debt rating to
  A3 from A2

* Resona Preferred Global Securities (Cayman) Ltd: Preferred stock
  rating to Ba2 from Baa1, which is three notches below the bank's
  Adjusted BCA (Baa2)

* Chuo Mitsui Trust and Banking Co., Ltd.: Junior subordinated
  debt rating to A3 from A2, which is two notches below the bank's
  BDR (A1)

* Sumitomo Trust & Banking Co., Ltd.: Junior subordinated debt
  rating to A2 from A1, which is two notches below the bank's BDR
  (Aa3)

* STB Finance Cayman Ltd.: Junior subordinated debt rating to A2
  from A1

* STB Preferred Capital 4 (Cayman) Limited: Preferred stock rating
  to Baa3 from A2, which is three notches below the bank's
  Adjusted BCA (A3)

* Shinsei Bank, Ltd.: Junior subordinated debt rating to Baa2 from
  Baa1, which is two notches below the bank's BDR (A3)

* Shinsei Finance (Cayman) Limited: Preferred stock rating to Ba3
  from Baa3, which is three notches below the bank's Adjusted BCA
  (Baa3)

* Shinsei Finance II (Cayman) Limited: Preferred stock rating to
  Ba3 from Baa3

* Chiba Bank.  Ltd.: Junior subordinated debt rating to A3 from
  A2, which is two notches below the bank's BDR (A1)

These ratings were confirmed:

* Citigroup Global Markets Japan Inc.: Subordinated debt rating at
  Baa2

* Mitsubishi UFJ Securities International plc: Subordinated debt
  rating at Aa3


SMFG PREFERRED: Moody's Cuts Preferred Stock Rating to Ba1
----------------------------------------------------------
Moody's Investors Service has lowered its ratings on a number of
hybrid securities (junior subordinated debt and non-cumulative
preferred securities) issued by Japanese banks, in accordance with
its revised Guidelines for Rating Bank Hybrids and Subordinated
Debt, published in November 2009.  The rating outlooks of these
hybrid securities are stable except those of Shinsei Bank, Ltd.
(all ratings have been negative since March 2009).

Moody's lowered the ratings of the Japanese banks' junior
subordinated debt securities with cumulative deferral features
from one notch below, to two notches below, the banks' debt
ratings.

The Japanese banks' non-cumulative preferred securities were
lowered to three notches below their Adjusted Baseline Credit
Assessments.  The Adjusted BCA is the bank's stand-alone credit
strength, including parental and/or cooperative support, if
applicable.

For those preferred securities issued by holding companies or
their special purpose vehicles, an additional notching adjustment
has been made to capture the risk of structural subordination.

Details of rating adjustments are provided below.  This concludes
the review for possible downgrade initiated on November 18, 2009.

These rating changes do not reflect a change in the financial
fundamentals of those Japan's banks.  Thus, none of Moody's other
ratings on the Japanese banks or their subsidiaries have been
changed.  These include Moody's unsupported Bank Financial
Strength Ratings and Baseline Credit Assessments, as well as
ratings of supported deposits, senior unsecured debt, and senior
subordinated debt.

                 Junior Subordinated Debt Ratings

As per the revised methodology calling for anchoring the ratings
of hybrid securities with deferral mechanisms to the banks'
Adjusted BCAs, the ratings of the junior subordinated debt with
cumulative deferral mechanisms of Japanese banks are notched
upwards from their Adjusted BCAs.  This upward adjustment from
their Adjusted BCAs reflects systmeic support currently in place
in Japan.  However, these ratings are constrained at the level of
BDR minus 2, in light of the junior subordinated features of such
debt, as well as deferral risk.  Consequently, those ratings are
downgraded by a notch from the previous ratings.

The ongoing incorporation of the systemic support input in the
ratings of the Japan banks' junior subordinated debt is based on
the banks' behavior toward this type of debt during previous
financial crises, when no coupon deferrals took place.  Thus, the
weak optional triggers, cumulative nature of suspension, and the
remote risk of bank liquidation in Japan's regulatory environment,
in addition to the existence of an established framework (backed
by government re-capitalization programs) for capital-stressed
banks, warrant Moody's ongoing expectation of this support.

           Non-Cumulative Preferred Securities Ratings

The revised methodology also stipulates that Moody's rate non-
cumulative preferred securities three notches lower than the
Adjusted BCA.  With the application of the methodology, the
ratings of preferred securities issued by Japanese banks have
undergone multi-notch downgrade.  This is mainly due to the
elimination of systemic support element previously incorporated
into those securities ratings, and the degree of uplift from
Adjusted BCA by systemic support is generally very high for those
large size Japanese banks.  The reason to eliminate this factor
derives from assessment of such features of those securities in a
comparative framework, and Moody's increasing emphasis on globally
consistent notching practice for such securities.

Coupons for non-cumulative preferred securities of Japanese banks
have been suspended in the past because of depletions of
distributable amounts, demonstrating the securities' ability to
absorb losses in a stress situation.  Accordingly, Moody's
considers it appropriate to eliminate the systemic support element
from its ratings of non-cumulative preferred securities.  The
three-notch differential reflects the different priorities of the
securities' claims -- which are equal to the preferred stock of
institutions in liquidation.

Moody's notes the weakness of the mandatory and optional features
of the Japanese banks' non-cumulative preferred securities, but
the securities are similar to those issued by the non-Japanese
banks.  In addition, although the likelihood of capital support
from the government for the Japanese banks remains high in case of
stress, the strength of the banks' current distributable amounts
(a mandatory suspension trigger) remains sensitive to volatility
in the equity market and to deterioration in large credit
concentrations, arguing for the application of guidelines of
revised methodology.  Moody's also factors the uncertainty of
future regulatory behavior regarding suspensions of dividends in
the case of stress, despite the paucity of suspensions in the past
and the availability of government re-capitalization programs.

Moody's last rating action on the Japanese banks' hybrid
securities was on November 18, 2009, when it placed these
securities on review for possible downgrade.

These ratings have been downgraded:

* The Bank of Tokyo-Mitsubishi UFJ Ltd.: Junior subordinated debt
  rating to A1 from Aa3, which is two notches below the bank's BDR
  (Aa2); and short-term subordinated debt (Tier III securities)
  rating to A1 from Aa3, which is two notches above the bank's
  Adjusted BCA

* UFJ Finance Aruba A.E.C.: Junior subordinated debt rating to A1
  from Aa3

* BTMU (Cura‡ao) Holdings N.V.: Junior subordinated debt rating to
  A1 from Aa3

* MUFG Capital Finance 1 Limited: Preferred stock rating to Ba1
  from A2, which is four notches below the bank's Adjusted BCA
  (A3), including one notch for structural subordination at the
  holding company level

* MUFG Capital Finance 2 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 3 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 4 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 5 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 6 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 7 Limited: Preferred stock rating to Ba1
  from A2

* MUFG Capital Finance 8 Limited: Preferred stock rating to Ba1
  from A2

* Mizuho Bank, Ltd.: Junior subordinated debt rating to A2 from
  A1, which is two notches below the bank's BDR (Aa3)

* Mizuho Corporate Bank, Ltd.: Junior subordinated debt rating to
  A2 from A1, which is two notches below the bank's BDR (Aa3)

* Mizuho Finance (Aruba) A.E.C.: Junior subordinated debt rating
  to A2 from A1

* Mizuho Finance (Cayman) Limited: Junior subordinated debt rating
  to A2 from A1

* Mizuho Finance (Cura‡ao) N.V.: Junior subordinated debt rating
  to A2 from A1

* Mizuho Financial Group (Cayman) Limited: Junior subordinated
  debt rating to A2 from A1

* Mizuho Trust and Banking Co., Ltd.: Junior subordinated debt
  rating to A2 from A1, which is two notches below the bank's BDR
  (Aa3)

* Mizuho Capital Investment (EUR) 1 Limited: Preferred stock
  rating to B1 from Baa1, which is four notches below the bank's
  Adjusted BCA (Baa3), including one notch for structural
  subordination at the holding company level

* Mizuho Capital Investment (JPY) 5 Limited: Preferred stock
  rating to B1 from Baa1

* Mizuho Capital Investment (JPY) 6 Limited: Preferred stock
  rating to (P)B1 from (P)Baa1

* Mizuho Capital Investment (JPY) 7 Limited: Preferred stock
  rating to (P)B1 from (P)Baa1

* Mizuho Capital Investment (US$) 1 Limited: Preferred stock
  rating to B1 from Baa1

* Mizuho Capital Investment (US$) 2 Limited: Preferred stock
  rating to B1 from Baa1

* Sumitomo Mitsui Banking Corporation: Junior subordinated debt
  rating to A1 from Aa3, which is two notches below the bank's BDR
  (Aa2)

* Sumitomo Mitsui Banking Corporation New York branch: Junior
  subordinated debt rating to A1 from Aa3

* SMBC International Finance N.V.: Junior subordinated debt rating
  to A1 from Aa3

* SMFG Preferred Capital GBP 1 Limited: Preferred stock rating to
  Ba1 from A2, which is four notches below the bank's Adjusted BCA
  (A3), including one notch for structural subordination at the
  holding company level

* SMFG Preferred Capital GBP 2 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital JPY 1 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital JPY 2 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital US$ 1 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital US$ 2 Limited: Preferred stock rating to
  Ba1 from A2

* SMFG Preferred Capital US$ 3 Limited: Preferred stock rating to
  Ba1 from A2

* Kansai Urban Banking Corporation: Junior subordinated debt
  rating to A1 from Aa3, which is two notches below the bank's BDR
  (Aa2)

* Resona Holdings Inc.: Junior subordinated debt rating to Baa1
  from A3, which is three notches below the bank's BDR (A1),
  including one notch for structural subordination at the holding
  company level

* Resona Bank, Ltd.: Junior subordinated debt rating to A3 from
  A2, which is two notches below the bank's BDR (A1)

* Saitama Resona Bank, Ltd.: Junior subordinated debt rating to A3
  from A2, which is two notches below the bank's BDR (A1)

* Asahi Finance (Cayman) Ltd.: Junior subordinated debt rating to
  A3 from A2

* Resona Preferred Global Securities (Cayman) Ltd: Preferred stock
  rating to Ba2 from Baa1, which is three notches below the bank's
  Adjusted BCA (Baa2)

* Chuo Mitsui Trust and Banking Co., Ltd.: Junior subordinated
  debt rating to A3 from A2, which is two notches below the bank's
  BDR (A1)

* Sumitomo Trust & Banking Co., Ltd.: Junior subordinated debt
  rating to A2 from A1, which is two notches below the bank's BDR
  (Aa3)

* STB Finance Cayman Ltd.: Junior subordinated debt rating to A2
  from A1

* STB Preferred Capital 4 (Cayman) Limited: Preferred stock rating
  to Baa3 from A2, which is three notches below the bank's
  Adjusted BCA (A3)

* Shinsei Bank, Ltd.: Junior subordinated debt rating to Baa2 from
  Baa1, which is two notches below the bank's BDR (A3)

* Shinsei Finance (Cayman) Limited: Preferred stock rating to Ba3
  from Baa3, which is three notches below the bank's Adjusted BCA
  (Baa3)

* Shinsei Finance II (Cayman) Limited: Preferred stock rating to
  Ba3 from Baa3

* Chiba Bank.  Ltd.: Junior subordinated debt rating to A3 from
  A2, which is two notches below the bank's BDR (A1)

These ratings were confirmed:

* Citigroup Global Markets Japan Inc.: Subordinated debt rating at
  Baa2

* Mitsubishi UFJ Securities International plc: Subordinated debt
  rating at Aa3


WILLCOM INC: May File for Bankruptcy in Tokyo
---------------------------------------------
According to Bloomberg News, Japan-based Asahi newspaper reported
that Willcom Inc. will file for bankruptcy protection with the
Tokyo District Court as early as Thursday.

The newspaper, without citing the source of the information, said
Japan's state-backed Enterprise Turnaround Initiative Corp. is
expected to decide whether to provide financial support for
Willcom by Feb. 25.

Shinji Sugiuchi, a spokesman for Willcom, said by e-mail to
Bloomberg, "We are continuing to seek an alternative dispute
resolution plan and are talking with related parties."

According to Bloomberg, wireless carrier Willcom has been losing
subscribers as rivals offer faster mobile-phone services.  Willcom
may seek investment from Softbank Corp., Japan's third-largest
mobile-phone company, and a Japanese investment fund, to revive
its businesses, Asahi said.

                           About WILLCOM

WILLCOM provides wireless data and voice services to corporate and
consumer customers in Japan.  The company launched its service in
1995 and is the largest operator employing Personal Handyphone
System (PHS) technology.  PHS is a kind of stripped-down cellular
service with relatively low charges; the technology was developed
in Japan and most of its users live in Japan and China. WILLCOM
provides mobile service nationwide in Japan, serving more than 4
million subscribers.  The Carlyle Group owns 60% of WILLCOM;
Kyocera Corporation owns 30%.

Willcom had total liabilities of JPY 173.3 billion ($1.9
billion), or six times its shareholders' equity, according to the
Company's latest financial filing. Mitsubishi UFJ Financial
Group Inc. and Mizuho Financial Group Inc. are Willcom's biggest
creditors, each owed JPY17.6 billion as of March 31 2009


* JAPAN: Banks Receive 19,560 Applications for Debt Moratorium
--------------------------------------------------------------
Japan Today reports that nine Japanese banks operating under the
umbrella of six major banking groups had received a total of
19,560 applications for the easing of loan repayment terms from
small and midsize companies and homeowners by the end of December
under the so-called debt moratorium law that took effect
December 4.

The report says the law allows moratoriums on debt owed by smaller
businesses and homeowners to support those hit by the global
financial crisis.

The banks said the applications involved JPY888.3 billion and
around 20% of them were approved, according to Japan Today.

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


HYUNDAI MOTOR: European Auto Sales Jump 51.6% in January
--------------------------------------------------------
Hyundai Motor Co. saw its vehicle sales in Europe jump 51.6% in
January from the same month a year ago to 28,028 units, Yonhap
News reports.

The news agency, citing a report from European Automobile
Manufacturers' Association, says Hyundai's affiliate Kia Motors
Corp. also posted a 37.3% rise to 19,057 units in auto sales in
January in Europe.

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 Troubled Company Reporter-Asia Pacific 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: KDB Seeks Nod from Other Creditors on Fresh Funds
---------------------------------------------------------------
Korea Kumho Petrochemical Co. may get KRW60 billion of loans for
working capital and refinancing from creditors including Korea
Development Bank, Bloomberg News reports citing a KDB banker with
direct knowledge of the matter.

Bloomberg's source said Seoul-based KDB, the company's main
creditor, proposed the support plan and wants written approval
from other creditors by Feb. 19.

As reported in the Troubled Company Reporter-Asia Pacific on
Tuesday, Bloomberg said the creditors of Kumho Petrochemical
Co. will provide about KRW60 billion in fresh funds this week.

Citing a report from Yonhap News, Bloomberg related that KDB is
collecting approvals from creditor financial institutions this
week before giving the money to Kumho Petrochemical.

Yonhap said Kumho Tire Co. isn't able to receive money yet as its
labor union hasn't submitted an approval for the restructuring
plans, 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.


KUMHO ASIANA: STX Keen on Buying Stake in Daewoo Engineering
------------------------------------------------------------
Reuters reports that South Korean shipping-to-energy conglomerate
STX Group said on Wednesday it was interested in taking a stake in
Daewoo Engineering & Construction.

STX Group is considering its options and has held talks with Korea
Development Bank, a leading creditor of Daewoo's Kumho Asiana
Group, a group spokesman told Reuters.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 4, 2010, Bloomberg News said Kumho Asiana Group agreed
to sell a controlling stake in Daewoo Engineering &
Construction for KRW2.9 trillion (US$2.5 billion) to its main
creditor Korea Development Bank to help meet a cash call from
banks.  The state-owned bank will buy 50% plus one share from the
South Korean conglomerate through a private-equity fund for
KRW18,000 a share.

The TCR-AP, citing The Korea Herald, reported on August 6, 2009,
that Kumho Asiana has been suffering from a liquidity crisis,
which observers describe as a typical case of acquisition
indigestion.  In a bid to ease a cash shortage, the conglomerate
in July decided to re-sell the controlling stakes and management
rights of Daewoo Engineering, 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.

Yonhap News said the sale of Daewoo Engineering was delayed after
Jabez Partners and TR America, the two preferred bidders, failed
to show a sufficient commitment to pushing the deal through last
year.

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

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

                         About Kumho Asiana

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


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


PGG WRIGHTSON: S&P Assigns 'BB/B' Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB/B' counterparty credit ratings to PGG Wrightson Finance Ltd..
The outlook is stable.  PWF is a moderate-sized New Zealand-based
finance company specializing in rural finance.  The company is a
wholly owned subsidiary of PGG Wrightson (not rated), a rural
services company based in New Zealand.

"The ratings on PWF reflect S&P's opinion of the company's
exposure to the agriculture sector, which is riskier than some
other sectors, and its high-albeit reducing-counterparty
concentration risk," Standard & Poor's credit analyst Gavin
Gunning said.  "Nonetheless, these weaknesses are offset by the
company's good brand in New Zealand's rural finance services
market, stemming from the company's national footprint and access
to its parent's broad distribution platform and large rural client
base.  PWF's reasonably diversified funding sources also support
the ratings."

Mr.  Gunning added: "The stable outlook reflects PWF's reasonably
diversified funding sources, S&P's expectation that the company's
improving capital position should give PWF some headroom to
weather further industry challenges, and PWF's strategic
importance to PGG Wrightson.  In addition, S&P believes that PGG
Wrightson's recent recapitalization and refocused strategy should
enhance its capability to support PWF if needed."

Downward rating movement could be precipitated by:

* Evidence of lesser support by PGG Wrightson to PWF, or if PWF
  were no longer a core or wholly owned subsidiary of PGG
  Wrightson;

* Deterioration of PGG Wrightson's credit standing, given PWF's
  reliance on its parent's brand strength, depending on the
  circumstance that causes the weakening credit profile of its
  parent;

* A weakening of PWF's standalone financial strength, stemming
  from funding or liquidity stresses because of lack of banker
  confidence, debenture refinancing problems, or other factors; or

* Significant deterioration in PWF's asset quality.

Upward rating movement in the near term is unlikely, although such
a scenario may be considered in the medium-to-long term if the
credit profile of PWF's parent improves, combined with no
diminution of PWF's own credit profile or its core role within the
group.  If PWF's standalone credit quality improves significantly
and PGG Wrightson's credit profile is not diminished, an upgrade
might be considered; however, this is by no means certain, with
any rating upgrade likely limited to one notch.


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


MRC ALLIED: To Get PHP4.9 Billion Infusion from Investors
---------------------------------------------------------
MRC Allied Industries, Inc. will get cash and a power plant worth
PHP4.9 billion from two new investors in the first half of the
year, BusinessWorld Online reports citing a company executive.

The report says Lucio K. Tan, Jr.,  the son of tobacco and airline
magnate Lucio C. Tan, will transfer a bunker fuel plant worth
PHP3.3 billion to PHP3.5 billion to MRC Allied while a fund
manager will infuse PHP1.4 billion, facilitating the property
developer's switch to the power business.

Benjamin M. Bitanga, major stockholder and account information
officer, told reporters at the sidelines of the firm's
stockholders' meeting in Makati that  the "total [cash] investment
that we foresee that we will sign in the next 30 days would be
around PHP1.4 billion pesos [from a strategic and passive
investor]," according to BusinessWorld.

BusinessWorld recalls MRC Allied in January this year signed an
investment agreement with Mr. Tan, Jr., allowing the backdoor
listing of the latter's business interests.

According to the report, Mr. Bitanga said the firm would take over
the 200-megawatt power plant before June, and start commercial
operations in the second half.  MRC Allied might use the cash to
buy a coal mine to ensure fuel for the power plant, he said.

                                  About MRC Allied

MRC Allied Industries, Inc. (PSE: MRC) is a property development
firm in the Philippines.  The Company is into the development of
master planned, integrated residential, commercial, recreational,
tourism, and industrial areas within a single community or
township.  MRC is concentrating on its two principal projects: the
New Cebu Township One (NCTO) in Naga in Cebu, and the Amihan Cebu
Woodlands Township (ACWT) in Leyte.  New Cebu Township One project
is located in the municipality of Naga, Cebu consists of 250
hectare and 123 hectares for Phase I of the NCTO.  Amihan Cebu
Woodlands Township is located in San Isidro, Leyte with a area of
732 hectares, ACWT was originally planned as an eco-
residential/tourism project with Ecozone status.

                           *     *     *

In its audit report on the Company's financial statements for the
fiscal year ended December 31, 2008, Sycip Gorres Velayo & Co.
expressed significant doubt about the Company's ability to
continue as a going concern.  The Company incurred net losses of
PHP143.6 million, PHP37.9 million and PHP37.7 million for the
years ended December 31, 2008, 2007 and 2006, respectively, and
the Company's capital deficiency amounted to PHP174.4 million and
PHP30.8 million as of December 31, 2008 and 2007, respectively.
The Company was also unable to meet principal and interest
amortizations on its bank loans and has substantially reduced its
development activities.


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


AGROSIN PRIVATE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on February 5, 2010,
to wind up the operations of Agrosin Private Limited.

Agroship Limited, International Potash Company (UK) Limited,
Andoman Trading & Shipping Co. Pte Ltd and Inter-Co Investments
Pte Ltd filed the petition against the company.

The company's liquidators are:

         Kon Yin Tong and Aw Eng Hai
         c/o Foo Kon Tan Grant Thornton LLP
         47 Hill Street
         #05-01, SCCCI Building
         Singapore 179365


WOOD DOCTOR: Court to Hear Wind-Up Petition on February 26
----------------------------------------------------------
A petition to wind up the operations of Wood Doctor Pte Ltd will
be heard before the High Court of Singapore on Feb. 26, 2010, at
10:00 a.m.

Standard Chartered Bank filed the petition against the company on
January 29, 2010.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


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


AU OPTRONICS: LG Infringes Four AU Patents, Court Says
------------------------------------------------------
Bloomberg News reports that the U.S. District Court in Wilmington,
Delaware, found that LG Display Co. infringed four of AU Optronics
Corp.'s U.S. patents for flat-panel video technology.

According to Bloomberg, the decision involves the first part of a
multifaceted case in which Seoul-based LG claimed AU and another
Taiwanese electronics firm, Chi Mei Optoelectronics Corp.,
infringed its patents.

U.S. District Judge Joseph J. Farnan Jr. in Wilmington began a
series of non-jury trials in June 2009 after LG sued its rivals in
2006 and they filed counterclaims, Bloomberg says.

Bloomberg notes AU is seeking hundreds of millions of dollars in
damages.

Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays. The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels.  Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays.  The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers.  The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays.  In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2009, Fitch Ratings upgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'BB-' from 'B+', and its National Long-term rating to 'BBB(twn)'
from 'BBB-(twn)'.  The Outlook is revised to Stable from Negative.


                         *********

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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