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                     A S I A   P A C I F I C

           Monday, February 22, 2010, Vol. 13, No. 036

                            Headlines



A U S T R A L I A

HIH INSURANCE: Legal Action on FAI Takeover Nears Settlement


C H I N A

SHANGHAI PUDONG: Eyes IPO in Hong Kong Stock Exchange This Year


H O N G  K O N G

AGFAPHOTO HK: Members' Final Meeting Set for March 12
DANASIA LIMITED: Creditors' Meetings Slated for March 1
INNER FLAME: Placed Under Voluntary Wind-Up Proceedings
LI MIN: Ng and Chan Step Down as Liquidators
M & T INTERNATIONAL: Creditors' Proofs of Debt Due March 5

SCANBA LIMITED: Creditors' Proofs of Debt Due March 8
SHANGHAI ENTERPRISES: Members' Final Meeting Set for March 12
SPARK ACE: Members' Final General Meeting Set for March 12
SYNDICA LIMITED: Creditors' Proofs of Debt Due March 8
WASHINGTON MUTUAL: Final General Meeting Set for March 15

WEDISDALE COMPANY: Placed Under Voluntary Wind-Up Proceedings
* Hong Kong January Bankruptcies Fall to Two-year Low


I N D I A

ARC MARINE: Small Net Worth Prompts CRISIL 'BB' Ratings
DHANLAXMI SOLVEX: CRISIL Places 'BB+' Rating on INR710MM Loan
DUTCH TECH: CRISIL Assigns 'B' Ratings on Various Bank Facilities
GREEN LEAF: CRISIL Assigns 'BB-' Rating on INR150MM Bank Debt
KANUNGA EXTRUSION: CRISIL Rates INR140MM Cash Credit at 'BB'

MAXTECH SINTERED: CRISIL Rates INR190MM Long Term Loan at 'B+'
QUALITY HEIGHTCON: ICRA Places 'LBB+' Rating on INR130cr Bank Debt
REGENT RESORTS: Delay in Loan Repayment Cues CRISIL Junk Ratings
SANJAYKUMAR SHANKARLAL: CRISIL Rates INR28MM Cash Credit at 'BB'
SPICEJET LTD: Sun Network Promoter Mulls $100 Mil. Investment

SUDAL INDUSTRIES: CRISIL Assigns 'B+' Rating on INR38MM Term Loan


J A P A N

JAPAN AIRLINES: Japan's Ruling Party to Start Probe on JAL
JAPAN AIRLINES: Moody's Withdraws 'Ca' Long-Term Debt Ratings
JAPAN AIRLINES: To Cut Monthly Wages by 5%; Forgo Bonus Payments
JLOC41 LLC: Fitch Puts Ratings on Six Classes on Negative Watch


K O R E A

HYNIX SEMICONDUCTOR: Creditors Start Talks on Shares Sale
SSANGYONG MOTOR: Annual Loss Narrows to KRW346.3 Bil. in 2009


M A L A Y S I A

RHYTHM CONSOLIDATED: Posts MYR381,000 Net Loss in Q2 2009


N E W  Z E A L A N D

CLIENT RESERVE: S&P Assigns 'BB' Long-Term & Short-Term Ratings


S I N G A P O R E

ANTHONY HAIR: Court to Hear Wind-Up Petition on March 5
CITYHUB BUSINESS: Court to Hear Wind-Up Petition on March 5
EFLUX SK: Creditors' Proofs of Debt Due March 19
GLOBAL PACKET: Court to Hear Wind-Up Petition on March 5
IMAGEAIRE PTE: Court to Hear Wind-Up Petition on March 5

KIMBLELIT INTERNATIONAL: Court Enters Wind-Up Order
MARINA MERCHANDISING: Creditors' Proofs of Debt Due March 19
MICRO TECH: Court to Hear Wind-Up Petition on March 5
MOOD DESIGN: Court to Hear Wind-Up Petition on March 5
SUPREME ELECTRONICS: Creditors' Proofs of Debt Due March 19


V I E T N A M

DOT VN: Member of Strategic Advisory Team Recognized for ICT Work




                         - - - - -


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


HIH INSURANCE: Legal Action on FAI Takeover Nears Settlement
------------------------------------------------------------
Andrew Main at The Australian reports that HIH liquidator Tony
McGrath's "epic" legal action against a raft of defendants over
HIH's takeover of FAI Insurance in early 1999 is about to settle
-- finally.

According to The Australian, the peace treaty in Mr. McGrath's
quest for about AU$529 million in damages will come before judge
Patricia Bergin of the NSW Supreme Court today, February 22,
following the decision of a recalcitrant former partner in audit
group Andersen to go along with his 149-odd fellow ex-partners and
sign the appropriate forms.

The Australian notes that if Justice Bergin agrees with the
settlement, it will then go to Judge Reg Barrett for final
examination and if he finds no difficulties, money will change
hands.

As reported in the Troubled Company Reporter-Asia Pacific on
May 15, 2006, The Australian said Mr. McGrath was planning to sue
FAI Insurances Limited and FAI General Insurance Company for
hundreds of millions of dollars in damages.  The lawsuit is
believed to be a move to recover cash for HIH creditors.  The
Australian related that Mr. McGrath's decision to commence
a damages action follows the NSW Supreme Court's appointment of
a special purpose liquidator -- Stephen Parbery from PPB -- to
FAI Insurances and FAI General.  Mr. Parbery's appointment on
May 4, 2006, came after Mr. McGrath, who was then liquidator to
both HIH and FAI, expressed his concern about a potential
conflict of interest.  The Australian recalled that HIH took over
FAI for AU$300 million in 1998.  The takeover has been partly
blamed for HIH's collapse in March 2001.  Mr. McGrath had earlier
initiated suits against reinsurers, from which he has recovered
around AU$2 billion.  He has also previously named Federal MP and
parliamentary secretary Malcolm Turnbull as defendants in a legal
action on behalf of HIH creditors.  Mr. Turnbull was the chairman
of Goldman Sachs Australia, who was FAI's adviser at the time of
HIH's takeover.

                        About HIH Insurance

HIH Insurance Limited was a publicly listed company in Australia.
Prior to its collapse in 2001, the HIH Group was the second
largest general insurer in Australia and had operations in many
other countries.

On March 15, 2001, HIH Insurance Limited and a number of its
subsidiaries were placed into provisional liquidation.
Subsequently, on Aug. 27, 2001, the companies that were in
provisional liquidation were placed into liquidation.

Schemes of Arrangement are in place for eight of those companies.
The eight licensed insurance companies within the group were
placed into Schemes of Arrangement in Australia  on May 30, 2006.
Four of these companies were also placed into Schemes of
Arrangement in the UK on June 13, 2006.

The Scheme Administrators have made initial payments to certain
creditors and will make further payments over the coming years,
HIH said on its Web site.


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


SHANGHAI PUDONG: Eyes IPO in Hong Kong Stock Exchange This Year
---------------------------------------------------------------
Bloomberg News, citing Ming Pao, reports that Shanghai Pudong
Development Bank Co. plans to sell shares to investors on
Hong Kong's stock exchange this year as the lender seeks to lift
its capital adequacy ratio.

According to Bloomberg, Ming Pao, a Hong Kong-based, Chinese-
language newspaper, said the plan for the initial public offering
is at "an initial stage."

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

                           *     *     *

The bank continues to carry Moody's Investors Service's "Ba1"
long-term bank deposit rating and "D" bank financial strength
rating.  It also carries Fitch Ratings' "D" individual rating.


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


AGFAPHOTO HK: Members' Final Meeting Set for March 12
-----------------------------------------------------
Members of Agfaphoto Hong Kong Limited will hold their final
general meeting on March 12, 2010, at 10:00 a.m., at the Level 17,
Tower 1, Admiralty Centre, 18 Harcourt Road, in Hong Kong.

At the meeting, Cosimo Borrelli and G Jacqueline Fangonil Walsh,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


DANASIA LIMITED: Creditors' Meetings Slated for March 1
-------------------------------------------------------
Contributories and creditors of Danasia Limited will hold their
meetings on March 1, 2010, at 4:00 p.m., and 4:30 p.m.,
respectively at the 57th Floor, The Centre, 99 Queen's Road
Central, in Hong Kong.

At the meeting, Michael John Lintern-Smith and Christopher Edwin
Michael Lambert, the company's liquidators, will give a report on
the company's wind-up proceedings and property disposal.


INNER FLAME: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on January 29, 2010,
creditors of Inner Flame Company Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Philip Bredan Gilligan
         Alexandra House, 7th Floor
         18 Chater Road
         Central, Hong Kong


LI MIN: Ng and Chan Step Down as Liquidators
--------------------------------------------
Ng Kwok Tung and Chan Wai Kee stepped down as liquidators of Li
Min Timber International Limited on February 2, 2010.


M & T INTERNATIONAL: Creditors' Proofs of Debt Due March 5
----------------------------------------------------------
Creditors of M & T International Limited, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by March 5, 2010, to be included in the company's dividend
distribution.

The company's liquidator is Lau Siu Hung.


SCANBA LIMITED: Creditors' Proofs of Debt Due March 8
-----------------------------------------------------
Creditors of Scanba Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by March 8,
2010, to be included in the company's dividend distribution.

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

The company's liquidator is:

         Ho Yau Sing
         Nathan Commercial Building
         Unit B, 20/F
         430-436 Nathan Road
         Yaumati, Kowloon
         Hong Kong


SHANGHAI ENTERPRISES: Members' Final Meeting Set for March 12
-------------------------------------------------------------
Members of Shanghai Enterprises Limited will hold their final
general meeting on March 12, 2010, at 10:30 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.


SPARK ACE: Members' Final General Meeting Set for March 12
----------------------------------------------------------
Members of Spark Ace Limited will hold their final general meeting
on March 12, 2010, at 5:45 p.m., at the Level 28, Three Pacific
Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Susan Y H Lo, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


SYNDICA LIMITED: Creditors' Proofs of Debt Due March 8
------------------------------------------------------
Creditors of Syndica Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by March 8,
2010, to be included in the company's dividend distribution.

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

The company's liquidator is:

         Ho Yau Sing
         Nathan Commercial Building
         Unit B, 20/F
         430-436 Nathan Road
         Yaumati, Kowloon
         Hong Kong


WASHINGTON MUTUAL: Final General Meeting Set for March 15
---------------------------------------------------------
Members of Washington Mutual Trade Service Limited will hold their
final general meeting on March 15, 2010, at 10:00 a.m., at the
Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Paul David Stuart Moyes, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


WEDISDALE COMPANY: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on January 29, 2010,
creditors of Wedisdale Company Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Philip Bredan Gilligan
         Alexandra House, 7th Floor
         18 Chater Road
         Central, Hong Kong


* Hong Kong January Bankruptcies Fall to Two-year Low
-----------------------------------------------------
The number of bankruptcy petitions in Hong Kong fell to 814 in
January, the lowest in almost two years, from 907 in December,
Bloomberg News reports citing the Official Receiver's Office.

The number of compulsory winding-up petitions dropped to 50 in
January from 66 in December, Bloomberg relates.


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


ARC MARINE: Small Net Worth Prompts CRISIL 'BB' Ratings
-------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Arc Marine Pvt Ltd's
term loan facility.

   Facilities                         Ratings
   ----------                         -------
   INR320.0 Million Long Term Loan    BB/Stable (Assigned)

The rating reflects Arc Marine's constrained financial risk
profile, marked by a highly leveraged capital structure and a
small net worth, and presence in the low-end spectrum of offshore
logistics services for oilfield development and maintenance
activities, resulting in stiff pricing pressure. These rating
weaknesses are partially offset by the benefits that Arc Marine
derives from healthy revenue prospects led by demand in the end-
user industry for oil exploration services, promoters' experience
in offshore services of ship management, and established
relationships with key customers.

Outlook: Stable

CRISIL believes that Arc Marine will benefit from the increasing
demand for offshore oilfield services, over the medium term. The
company's capital structure is expected to remain highly leveraged
on account of significant debt-funded capital expenditure for
purchase of crew boats and an AHTSV (Anchor Handling Tug Supply
Vessel).  The outlook may be revised to 'Positive' if the
company's financial risk profile improves, led by high vessel
utilization backed by strong growth in daily charter rates,
improving operating margins, and increasing cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company's charter rates for the newly acquired vessels decline
sharply, resulting in low net cash accruals over the medium term.

                         About Arc Marine

Set up in 1995, Arc Marine provides offshore ship management
services for companies such as Oil and Natural Gas Corporation
(ONGC, rated 'AAA/Stable/P1+' by CRISIL).  The company has seven
crew boats of its own, and two crew boats are taken on hire from
its group company Indus Marine Pvt Ltd. All the nine crew boats
are on a charter-hire basis with ONGC for a five-year contract
which is to expire in 2013.

Arc Marine reported a profit after tax (PAT) of INR18.1 million on
net sales of INR171.1 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR17.0 million on
net sales of INR217.8 million for 2007-08.


DHANLAXMI SOLVEX: CRISIL Places 'BB+' Rating on INR710MM Loan
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Dhanlaxmi Solvex Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR710.0 Million Cash Credit Limit     BB+/Stable (Assigned)
   INR250.0 Million Letter of Credit      P4+ (Assigned)
   INR40.0 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect DSPL's aggressive expansion plans and exposure
to risk related to agriculture-based-commodity-product businesses.
The impact of these weaknesses is partially mitigated by the
benefits the company receives from its promoters' experience in
the edible oil industry, and by the company's moderately
integrated operations leading to healthy operating efficiency.

Outlook: Stable

CRISIL believes that DSPL will maintain its stable credit risk
profile on the back of its efficient operations.  The outlook may
be revised to 'Positive' if the company is able to stabilize
operations of its enhanced capacities earlier than expected, and
maintain a stable financial risk profile.  Conversely, the outlook
may be revised to 'Negative' if there is further significant delay
in the company's ongoing project at Harda or steep deterioration
in its debt protection measures, caused by a significant decline
in operating profitability or significant increase in its working
capital requirements leading to large incremental bank borrowings.

                      About Dhanlaxmi Solvex

Incorporated in 2006, Dhanlaxmi Solvex Pvt Ltd manufactures and
processes soyabean oil and de-oiled cakes.  DSPL has three
operational plants -- at Shajapur, crushing capacity of 800 tonnes
per day (tpd) and refining capacity of 120 tpd, at Kareli,
crushing capacity of 400 tpd and refining capacity of 50 tpd, at
Devas, crushing capacity of 800 tpd and refining capacity of 100
tpd.  Another plant, at Harda, is expected to be commissioned by
end of March 2010.

DSPL reported a profit after tax (PAT) of INR37 million on net
sales of INR3712 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR55 million on net sales
of INR2984 million for 2007-08.


DUTCH TECH: CRISIL Assigns 'B' Ratings on Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Dutch Tech Tools Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR20 Million Cash Credit        B/Stable (Assigned)
   INR91 Million Term Loan          B/Stable (Assigned)
   INR2 Million Letter Of Credit    P4 (Assigned)
   INR10 Million Bank Guarantee     P4 (Assigned)

The ratings reflect DTT's exposure to risks relating to a limited
track record, small scale of operations, and competition from
established players in the cutting tools industry.  These
weaknesses are partially offset by the benefits DTT derives from
its promoters' experience in the cutting tools industry and strong
distribution network.

Outlook: Stable

CRISIL believes that DTT will maintain its business and financial
risk profiles over the medium term on the back of promoters'
experience and position in the cutting tools industry.  The
outlook may be revised to 'Positive' if the company's revenues
increase, and profitability and net worth improve substantially.
Conversely, the outlook may be revised to 'Negative' if DTT's
financial risk profile deteriorates because of significant decline
in revenues and profitability, or if the company is unable to
stabilize its operations and achieve optimal capacity utilization.

                          About Dutch Tech

Set up in 2007 as a private limited company, DTT specializes in
manufacturing precision solid carbide rotary metal cutting tools.
It has its registered office and manufacturing unit in West
Bengal.  The company has an installed capacity of 30,000 units of
solid carbide drills and endmills per month of sizes ranging from
0.20 millimetres (mm) to 32.0 mm. The company commenced commercial
operations in July 2009.


GREEN LEAF: CRISIL Assigns 'BB-' Rating on INR150MM Bank Debt
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Green Leaf Tobacco
Threshers Ltd's export packing credit facility.

   Facilities                              Ratings
   ----------                              -------
   INR150 Million Export Packing Credit    BB-/Stable (Assigned)

The rating reflects Green Leaf's average financial risk profile
marked by average capital structure and debt protection measures,
and large working capital requirements.  These rating weaknesses
are partially offset by the benefits that Green Leaf derives from
its promoters' industry experience and from its own strong
relationships with customers.

Outlook: Stable

CRISIL believes that Green Leaf will continue to benefit from its
relationships with customers, and the industry experience of its
promoters, over the medium term.  Improvement in the company's
financial risk profile, through an improved receivables position
or better profitability margins on a sustained basis, may result
in a revision in the outlook to 'Positive'.  Conversely, the
outlook may be revised to 'Negative' if there is a substantial
increase in the company's debt or steep decline in its
profitability, or if there is an unfavorable change in
regulations, thereby adversely affecting the company's business
and financial risk profiles.

                         About Green Leaf

Incorporated as a private limited company in 1985 by Mr.
Shyamsundara Rao, Green Leaf was reconstituted as a closely held
public limited company in 1990.  The company is engaged in the
processing of tobacco leaves for Flue-Cured Virginia (FCV)
tobacco.  The company has an in-house threshing capacity of 4000
kilograms per hour (kg/hour), re-drying capacity of 3200 kg/hour,
and storage facilities covering nine acres, in Guntur, Andhra
Pradesh.

Green Leaf reported a profit after tax (PAT) of INR5.30 million on
net sales of INR151.65 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR3.46 million on
net sales of INR192.30 million for 2007-08.


KANUNGA EXTRUSION: CRISIL Rates INR140MM Cash Credit at 'BB'
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to Kanunga
Extrusion Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR140.00 Million Cash Credit          BB/Stable (Assigned)
   INR80.00 Million Letter of Credit      P4+ (Assigned)

The ratings reflect KEPL's below-average financial risk profile,
and its exposure to volatility in steel prices and to intense
competition in the ferrous and non-ferrous metals trading
industry.  These rating weaknesses are partially offset by the
benefits that KEPL derives from its promoters' industry
experience, and from its diverse product profile.

Outlook: Stable

CRISIL believes that KEPL will maintain its business risk profile
on the back of its established business position and promoters'
industry experience.  The outlook may be revised to 'Positive' in
case of a considerable and sustainable improvement in
profitability and realizations.  Conversely, the outlook may be
revised to 'Negative' if KEPL undertakes a large, debt-funded
capital expenditure programme, or if its margins and volumes
reduce steeply.

                      About Kanunga Extrusion

Set up in 1979 at Bengaluru by Mr. Ranjit Kanunga, Kanunga
Extrusion Pvt Ltd trades in ferrous and non-ferrous metals -
sheets, angles, flats, channels, rounds, beams, plates, and tubes.
The company deals in products manufactured by Essar Steel Ltd, JSW
Steel Ltd, and other mills in Raipur.

KEPL reported a profit after tax (PAT) of INR3.9 million on net
sales of INR1.23 billion for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR4.4 million on net sales
of INR1.04 billion for 2007-08.


MAXTECH SINTERED: CRISIL Rates INR190MM Long Term Loan at 'B+'
--------------------------------------------------------------
CRISIL has assigned its 'B+/Negative' rating to the bank
facilities of Maxtech Sintered Product Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR190.0 Million Long Term Loan    B+/Negative (Assigned)
   INR40.0 Million Cash Credit        B+/Negative (Assigned)

The rating reflects MSPPL's start-up phase of operations, weak
financial risk profile because of incremental working capital
requirements and capital expenditure, average scale of operations,
revenue concentration, and its exposure to volatility in raw
material prices and foreign exchange rates. These weaknesses are
partially offset by MSPPL's strong order book, and its promoters'
experience in the automobile component industry.

Outlook: Negative

CRISIL believes that MSPPL's liquidity will be under pressure over
the next six months because of depressed cash accruals, the start-
up phase of its operations, large debt repayment obligations, and
incremental working capital requirements.  The rating may be
downgraded in case of lower-than-expected cash accruals, or
failure to tie up funding for working capital requirements,
leading to further pressure on the company's liquidity.
Conversely, the outlook may be revised to 'Stable' if MSPPL's
liquidity improves, most likely through greater-than-expected cash
accruals and fresh equity infusion.

                       About Maxtech Sintered

Set up in 2007, MSPPL is a joint venture between BRN Industries
Ltd (69.3 per cent holding, promoted by Mr. J Raval and Mr. H
Banga) and Maxtech Manufacturing Inc (30.7 per cent).  The company
manufactures automotive components by using the sintering
technology.  It has a plant in Malval, Pune (Maharashtra), with a
production capacity of 400 to 600 tonnes per annum. MSPPL
commenced operations in June 2009; it is concentrating on
producing automotive components of higher density, ranging between
6.8 gram per cubic centimetre (g/cc) and 7.2 g/cc. The company is
TS-16949-certified by International Organization for
Standardization (ISO).

Maxtech Manufacturing Inc has extensive experience in
manufacturing automotive components through sintering technology.
It has a sintering technology plant in Quebec, Canada.


QUALITY HEIGHTCON: ICRA Places 'LBB+' Rating on INR130cr Bank Debt
------------------------------------------------------------------
ICRA has reaffirmed the long term rating of 'LBB+' and short term
rating of A4+, to bank facilities of Quality Heightcon Private
Limited.  Further, ICRA has assigned a stable outlook to the
long-term rating of the company.

                           Amount
   Facilities             (INR cr)            Ratings
   ----------             --------            -------
   Fund Based              130.0              LBB+
   Non-Fund Based          170.0              LBB+/A4+

The ratings reaffirmation takes into account the QHPL's moderate
scale of operation, geographical risk owing to concentration of
projects in Mumbai, dependence on a few clients, highly
competitive nature of the industry and concentration of order book
towards projects from real estate sector.  While assigning the
initial rating during January 2009, ICRA has taken a note of the
risk inherent in the partnership firm, which was also a
constraining factor for the rating of QHPL.  During 2009-10, the
promoters have converted the company into a limited company;
however at the same time the promoter's capital account/equity has
been significantly reduced and converted into an unsecured
loan, thereby resulting in an adverse capital structure.  ICRA in
this regard has taken a comfort from the promoter's statement of
not withdrawing the unsecured loans till the bank loans being
rated are outstanding.

The ratings favorably factor in the growth witnessed in the
operating income of the company in FY09, healthy order-book
position of the company and the long track record of the company
in the construction sector having experience in executing projects
for private and government clients.

Quality Heighton Private Limited (erstwhile Quality Construction
Company) was founded in 1969 as a partnership firm; partners being
Shri Mahendra K Shah, Smt. Bhamini D Shah, Shri Parag D Shah and
Smt. Hemalli R Shah. QCC was converted into a private limited
company with effect from July 2009.

QHPL executes construction projects which spans into areas
including Civil, Structural, Plumbing, Sanitation and Finishing
Jobs.  The company has experience of working with both private and
government clients.  QHPL's turnover has increased INR893.6
million from INR524.3 million in FY08 and the company posted a
profit after tax (PAT) of INR49.2 million in FY 09 as compared to
PAT of INR31.3 million in FY 08.


REGENT RESORTS: Delay in Loan Repayment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Regent Resorts &
Properties Pvt Ltd's bank facilities.  The ratings reflect delay
in term loan servicing by RRPPL; the delay has been caused by weak
liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR10 Million Cash Credit        D (Assigned)
   INR20 Million Overdraft          D (Assigned)
   INR207.5 Million Term Loan       D (Assigned)
   INR10 Million Proposed LT        D (Assigned)
          Bank Loan Facility
   INR5 Million Bank Guarantee      P5 (Assigned)

RRPPL was established in 1998 by Mr. Ravi Parikh, Mr. Atul Taunk,
and their families.  The company owns a 69-room hotel, The Sonnet,
in Jamshedpur, and a 67-room hotel in Kolkata. The Kolkata hotel
commenced operations in January 2010.

RRPPL reported a profit after tax (PAT) of INR15 million on net
sales of INR127 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR13 million on net sales
of INR103 million for 2007-08.


SANJAYKUMAR SHANKARLAL: CRISIL Rates INR28MM Cash Credit at 'BB'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Sanjaykumar Shankarlal Export Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR28.0 Million Cash Credit            BB/Stable (Assigned)
   INR52.5 Million Letter of Credit       P4+ (Assigned)

The ratings reflect SSEPL's deteriorating profitability because of
bad debts and high interest expenses, and declining sales because
of its small scale of operations amid increasing competition. The
impact of these weaknesses is mitigated by SSEPL's established
market position, and sound working capital management.

Outlook: Stable

CRISIL believes that SSEPL will maintain its business risk profile
on the back of its established market position.  The outlook may
be revised to 'Positive' in case of higher-than-expected increase
in the company's revenue and operating margin, and improvement in
its receivables position, resulting in an improvement in its
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if there is a steep deterioration in the company's
receivables position or operating margin, or a substantial
increase in its interest expense, resulting in lower-than-expected
net cash accruals over the medium term.

                    About Sanjaykumar Shankarlal

Set up in 1978 by Mr. Ranchoddas Vasanji Madiyar in Maharashtra,
SSEPL is an importer and domestic distributor of pulses -- tur,
moong, urad, and masoor. Mr. Deepak Madiyar and Mr. R V Madiyar's
son Mr. Bhavesh Madiyar look after the company's day-to-day
activities.

SSEPL reported a profit after tax (PAT) of INR2.34 million on net
sales of INR574.2 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR2.96 million on net
sales of INR923.4 million for 2007-08.


SPICEJET LTD: Sun Network Promoter Mulls $100 Mil. Investment
-------------------------------------------------------------
Kalanithi Maran, the promoter of Sun Network, South India's
biggest broadcaster, is considering investing close to $100
million in SpiceJet Ltd, DNA reports citing company sources who
did not want to be named.

Edelweiss Capital is advising Maran on the deal, the report says.

Sources told DNA that talks between SpiceJet and Maran began last
week.  According to the report, "Kalanithi is looking at picking
up stake in the airline and may buy the stake sold by Istithmar to
mutual funds and financial institutions.  Another option being
looked at is the issue of fresh equity.  The contours of the deal
have not yet been finalized."

The Dubai government's private equity arm Istithmar reportedly
sold off its 13.4% stake in SpiceJet earlier this month, according
to DNA.

The Troubled Company Reporter-Asia Pacific reported on Jan. 20,
2010, that SpiceJet plans to raise up to US$75 million from the
market to fund its fleet and route expansion program.

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
airline company.  The Company operates 113 flights daily to 18
destinations, offering connectivity between metros and non-metros.
During fiscal year ended March 31, 2008 (fiscal 2008), the Company
inducted eight new aircrafts to its fleet taking the total fleet
strength to 19 aircrafts.  Out of the eight new aircraft inducted,
two were Boeing 737-900.

                          *     *     *

SpiceJet Limited booked annual net losses of INR707.43 million in
2007 and INR1,335.07 million in 2008.


SUDAL INDUSTRIES: CRISIL Assigns 'B+' Rating on INR38MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term loan
of Sudal Industries Ltd, while reaffirming its rating on the other
facilities of the company at 'B+/Stable/P4'.  The ratings continue
to reflect Sudal's limited track record, small scale of
operations, and exposure to intense competition.  These rating
weaknesses are partially offset by Sudal's established position in
the aluminium extrusion industry.

   Facilities                         Ratings
   ----------                         -------
   INR38.0 Million Long-Term Loan     B+/Stable (Assigned)
   INR80.0 Million Bank Overdraft
   (Reduced from INR130.0 Million)    B+/Stable (Reaffirmed)
   INR82.0 Million Letter Of Credit   P4
                 and Bank Guarantee
   (Enhanced from INR70.0 Million)

Outlook: Stable

CRISIL believes that Sudal will maintain its business risk profile
on the back of its market position. The company will also benefit
from the expected growth in demand for aluminium extrusion
products.  The outlook may be revised to 'Positive' in case of a
significant and sustained improvement in Sudal's revenues and cash
accruals.  Conversely, the outlook may be revised to 'Negative' if
the company is unable to utilize its enhanced capacities at
optimal levels, or if it undertakes a large, debt-funded capital
expenditure program, leading to deterioration in its capital
structure and debt protection metrics.

                      About Sudal Industries

Incorporated in 1979 by Mr. Shriram Chokhani, Sudal manufactures
aluminium extrusions and aluminium-based alloys.  The company's
plant at Nashik has a capacity to manufacture 8900 tonnes per
annum (tpa) of aluminium extrusions, and 3000 tpa of aluminium-
based alloys.  It is in the midst of enhancing its aluminium
extrusion capacity by 1450 tpa.  The company was referred to the
Board for Industrial and Financial Reconstruction (BIFR) twice in
the past 30 years. It last came out of the BIFR purview in 2008.

Sudal reported a profit after tax (PAT) of INR50.3 million on net
sales of INR676 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR34.2 million on net
sales of INR658.6 million for 2007-08.


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


JAPAN AIRLINES: Japan's Ruling Party to Start Probe on JAL
----------------------------------------------------------
Japan's ruling party will launch an investigation into the
collapse of Japan Airlines, including a possible cover-up at
Asia's biggest carrier, AFP reports citing a party official.

AFP relates ruling party member Tsutomu Okubo's office said that
Prime Minister Yukio Hatoyama's Democrats will set up a task force
this week to study whether the carrier exploited cozy ties with
the Transport Ministry or the former conservative government.

AFP, citing Mr. Okubo's parliamentary aide, says the probe will
also examine whether JAL cooked its books to hide the full extent
of its financial difficulties.

According to AFP, the office of Okubo, who is set to join the task
force, said the politicians' team will also set up hotlines for
potential whistle-blowers, including current and former JAL
employees.

"This is purely a political movement to clarify what caused the
bankruptcy," the report quoted Okubo's aide as saying.

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
US$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)


JAPAN AIRLINES: Moody's Withdraws 'Ca' Long-Term Debt Ratings
-------------------------------------------------------------
Moody's Investors Service has withdrawn the long-term debt and
issuer ratings on Japan Airlines International Co., Ltd.  This
rating action follows JALI's filing for legal bankruptcy under the
Japanese Corporate Rehabilitation Act on January 19, 2010.

Moody's last rating action with respect to JALI was taken on
January 13, 2010, when its ratings were downgraded to Ca from
Caa1.

Headquartered in Tokyo, Japan Airlines International Co., Ltd., is
the country's largest airline, and is wholly owned by Japan
Airlines Corporation (not rated by Moody's).


JAPAN AIRLINES: To Cut Monthly Wages by 5%; Forgo Bonus Payments
----------------------------------------------------------------
Japan Airlines Corp. is planning to cut 5% in monthly wages and
forgo bonus payments for its subsidiary employees as part of its
restructuring process after it filed for bankruptcy protection in
January, Japan Today reports.

Sources close to the matter said the move, which also includes
suspension of annual wage increases and promotions, will affect
about 16,000 employees at its key subsidiary Japan Airlines
International Co, according to Japan Today.

The report relates sources said JAL will aim to implement the
measures from April 1 after submitting the proposal to its eight
labor unions for a revision of the company's wage system for the
upcoming business year through March 2011.

According to the report, the carrier expects to cut more than
JPY30 billion in costs by carrying out the wage reduction. It also
plans to implement similar measures for its other group employees.

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
US$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)


JLOC41 LLC: Fitch Puts Ratings on Six Classes on Negative Watch
---------------------------------------------------------------
Fitch Ratings has placed six classes of JLOC41 LLC notes due
February 2015 on Rating Watch Negative, and maintained the RWN on
the remaining two classes.  The rating actions are as listed
below. The transaction is a securitization of three non-recourse
loans collateralized by commercial properties in Japan.

  -- JPY13,765 million* Class A 'A+' placed on RWN;
  -- JPY2,700 million* Class B 'BBB-' placed on RWN;
  -- JPY1,070 million* Class C-1 'BB' placed on RWN;
  -- JPY860 million* Class C-2 'BB+'; remains on RWN;
  -- JPY990 million* Class C-3 'BB-'; placed on RWN;
  -- JPY780 million* Class D-1 'B'; placed on RWN;
  -- JPY690 million* Class D-2 'B-'; remains on RWN;
  -- JPY870 million* Class D-3 'B-'; placed on RWN.

  * as of February 17, 2010

The RWN status reflects Fitch's concern that some collateral
properties, which are expected to see deterioration in operating
performance, may decline further in value.  No collateral
properties backing the underlying loan relating to the C-2 and D-2
notes have been sold since the loan defaulted.

As of September 15, 2009, the date of the previous rating action,
one of the three underlying loans had defaulted.  On October 1,
2009, the other two underlying loans defaulted because the asset
manager was unable to resolve the sponsor's bankruptcy status,
which is a trigger event under the loan terms.  In the analysis
undertaken in September 2009, the agency revised the property
values to reflect the conditions of the real estate trading market
and the historical record of property performance up to that time.
However, market rent levels and market occupancy rates of some
properties may have deteriorated since then.

Fitch expects to resolve the RWN status within two months,
following a review of the recently received property management
and appraisal reports.

Fitch assigned ratings to this transaction in June 2008.  At
closing, the notes were ultimately secured by three loans
collateralized by 31 properties.  One property has been sold to
date.


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


HYNIX SEMICONDUCTOR: Creditors Start Talks on Shares Sale
---------------------------------------------------------
According to Bloomberg News, Yonhap News reported that creditors
of Hynix Semiconductor Inc. will begin discussions later this
month on selling part of their combined 28% in the company in
block transactions.

Yonhap News, citing unnamed officials in the financial
Industry, said the creditors plan to reduce their Hynix holdings
to 15%, Bloomberg relates.

As reported in the Troubled Company Reporter-Asia Pacific on
February 15, 2010, The Financial Times said the creditors of Hynix
Semiconductor failed for the second time to find a Korean buyer
for their controlling stake in the chipmaker.

The FT said creditor group, led by Korea Exchange Bank, failed to
draw a single bid for a combined 28% stake in Hynix, even after
extending the deadline for offers by two weeks.

The TCR-AP report on Nov. 27, 2009, said that Hynix
Semiconductor's creditors re-invited fresh bids for the sale of a
their combined holding in the chipmaker and received letters of
intent from potential investors by January after Hyosung Corp.
dropped its bid.

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

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

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

                            About Hynix

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

                           *     *     *

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

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


SSANGYONG MOTOR: Annual Loss Narrows to KRW346.3 Bil. in 2009
-------------------------------------------------------------
Ssangyong Motor Co. posted a net loss of KRW346.3 billion in 2009,
lower from a net loss of KRW709.6 billion in the prior year,
Yonhap News reports.  Sales dropped 57.2% from a year ago to
KRW1.06 trillion last year, the report says.

Ssangyong reported an operating loss of KRW293.4 billion last
year, compared with a loss of KRW227.3 billion in 2008, Yonhap
relates.

"Last year, losses were inevitable due to a lengthy strike and
restructuring efforts," Yonhap quoted Lee Yoo-il, one of the
court-appointed managers at Ssangyong, as saying.

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

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

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


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


RHYTHM CONSOLIDATED: Posts MYR381,000 Net Loss in Q2 2009
---------------------------------------------------------
Rhythm Consolidated Berhad reported a net loss of MYR381,000 for
the second quarter ended December 31, 2009, compared with a net
loss of MYR1.26 million in the same quarter of 2008.

For the current quarter, the group booked revenue of MYR742,000 as
compared to a revenue of MYR1.65 million in the preceding year
quarter.

Rhythm Consolidated's balance sheet at December 31, 2009, showed
total assets of MYR30.36 million and total liabilities of MYR35.29
million, resulting in a shareholders' deficit of MYR4.92 million.

The Company's balance sheet at December 31, 2009, also showed
strained liquidity with MYR28.06 million in total current assets
available to pay MYR$35.29 million in total current liabilities.

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

                           *     *     *

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


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


CLIENT RESERVE: S&P Assigns 'BB' Long-Term & Short-Term Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term and
'B' short-term credit ratings to New Zealand-based Client Reserve
Ltd. The outlook is stable.  The rating reflects S&P's view of the
important role CRL plays in AXA New Zealand's wealth management
activities and the high integration of CRL's operations with AXA
New Zealand (rated legal entity The National Mutual Life Assoc.
of Australasia Ltd. (NZ), A+/Stable/--).  CRL is the retail cash
investment vehicle for all retail distribution channels that
distribute the managed funds in New Zealand for AXA Group (core
operating subsidiaries rated AA/Negative/--).

"As a result of this close integration, S&P believes AXA New
Zealand would provide solvency support to CRL in the future if
required, particularly given the potential damage to the local AXA
franchise from not doing so," Standard & Poor's credit analyst
Peter Sikora said.  "Despite the integration, S&P consider CRL to
be a non-strategically important company to the global AXA Group."

The non-strategic status is due to CRL's small size, the fact that
the cash management function could be undertaken by another entity
outside of the AXA group, that CRL has no direct name association
with AXA, and that a small part of CRL's depositors are sourced
from outside of the group.  Furthermore, as CRL's future strategy
is uncertain because of its ultimate parent's decision to sell its
Australian and New Zealand operations, S&P has not incorporated
any benefit to the rating from AXA New Zealand's 100% ownership of
CRL.  Furthermore, the rating is moderated by CRL's exposure to
the commercial mortgage property market, which S&P considers to be
of higher risk than other sectors.

Mr. Sikora said, "The stable rating outlook reflects S&P's
expectation that CRL's activities will remain highly integrated
with AXA New Zealand's.  The rating would be lowered by any
weakening of S&P's expectation that AXA New Zealand would provide
solvency support to CRL in the event of an unexpected and
unremedied loss in its investment portfolio, a material change in
its investment risk appetite, or significant underperformance of
the investment portfolio.  Positive rating momentum could emerge
from a material increase in CRL's absolute capital base, of a
magnitude that would materially mitigate single-exposure risk
relating to its commercial mortgage portfolio."


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


ANTHONY HAIR: Court to Hear Wind-Up Petition on March 5
-------------------------------------------------------
A petition to wind up the operations of Anthony Hair Boutique @
Tower 2 Pte Ltd will be heard before the High Court of Singapore
on March 5, 2010, at 10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited as trustee
of Suntec Real Estate Investment Trust filed the petition against
the company on February 5, 2010.

The Petitioner's solicitors are:

          Bernard & Rada Law Corporation
          143 Cecil Street
          #18-00 GB Building
          Singapore 069542


CITYHUB BUSINESS: Court to Hear Wind-Up Petition on March 5
-----------------------------------------------------------
A petition to wind up the operations of Cityhub Business Services
(S) Pte Ltd will be heard before the High Court of Singapore on
March 5, 2010, at 10:00 a.m.

Lantrovision (S) Ltd filed the petition against the company on
February 5, 2010.

The Petitioner's solicitor is:

          Sterling Law Corporation
          137 Telok Ayer Street #07-205
          Singapore 068602


EFLUX SK: Creditors' Proofs of Debt Due March 19
------------------------------------------------
Eflux SK Pte Ltd, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by March 19,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO LLP
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


GLOBAL PACKET: Court to Hear Wind-Up Petition on March 5
--------------------------------------------------------
A petition to wind up the operations of Global Packet Network Pte
Ltd will be heard before the High Court of Singapore on March 5,
2010, at 10:00 a.m.

Pacnet Global (Singapore) Pte Ltd filed the petition against the
company on February 5, 2010.

The Petitioner's solicitors are:

          Drew & Napier LLC
          20 Raffles Place
          #17-00 Ocean Towers
          Singapore 048620


IMAGEAIRE PTE: Court to Hear Wind-Up Petition on March 5
--------------------------------------------------------
A petition to wind up the operations of Imageaire Pte Ltd will be
heard before the High Court of Singapore on March 5, 2010, at
10:00 a.m.

Lantrovision (S) Ltd filed the petition against the company on
February 10, 2010.

The Petitioner's solicitor is:

          Sterling Law Corporation
          137 Telok Ayer Street #07-205
          Singapore 068602


KIMBLELIT INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------------
The High Court of Singapore entered an order on February 12, 2010,
to wind up the operations of Kimblelit International Pte Ltd
formerly known as Kimblelit Renovation Private Limited.

Sapphire Mineral Resources Pte Ltd formerly known as Sapphire
Offshore Engineering Pte Ltd filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road, #06-11
         The URA Centre (East Wing)
         Singapore 069118


MARINA MERCHANDISING: Creditors' Proofs of Debt Due March 19
------------------------------------------------------------
Creditors of Marina Merchandising Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 19, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO LLP
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


MICRO TECH: Court to Hear Wind-Up Petition on March 5
-----------------------------------------------------
A petition to wind up the operations of Micro Tech International
Pte Ltd will be heard before the High Court of Singapore on
March 5, 2010, at 10:00 a.m.

Ingram Micro Asia Ltd filed the petition against the company on
February 8, 2010.

The Petitioner's solicitors are:

          Messrs. Wong Tan & Molly Lim LLC
          80 Robinson Road #17-02
          Singapore 068898


MOOD DESIGN: Court to Hear Wind-Up Petition on March 5
------------------------------------------------------
A petition to wind up the operations of Mood Design Pte Ltd will
be heard before the High Court of Singapore on March 5, 2010, at
10:00 a.m.

Poya Communications Pte Ltd filed the petition against the company
on February 5, 2010.

The Petitioner's solicitor is:

          M/s Rabi Ahmad & Co
          32 Wallich Street
          #03-59 Wallich Building
          Singapore 078880


SUPREME ELECTRONICS: Creditors' Proofs of Debt Due March 19
-----------------------------------------------------------
Creditors of Supreme Electronics Private Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 19, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO LLP
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


=============
V I E T N A M
=============


DOT VN: Member of Strategic Advisory Team Recognized for ICT Work
-----------------------------------------------------------------
Dot VN, Inc., said a member of the Company's Strategic Advisory
Board was named as one of Vietnam's Top 10 ICT Persons of the
Decade.  Dr. Mai Liem Truc, former chief of the General Department
of Post and former Deputy Minister of Post and Telecommunications,
was recognized for paying the way for the boom of the Internet in
Vietnam.  As a strategic advisory board member for Dot VN, Dr.
Truc works closely with the Company's management.  He most
recently assisted with the Dot VN conference and product launch of
the EMS mobile data centers, held at Vietnam Internet Network
Information Centre's headquarters in Hanoi, Vietnam.

In January 2009, Dot VN signed a letter of intent with Web Spider
Technologies, Inc., of San Jose, California, a next generation
technology company dedicated to providing a scalable, highly
effective web marketing experience through search engine
optimization, search engine marketing, pay-per-click management
and related services to worldwide clients through automated
process.

In the LOI, Dot VN will receive exclusive rights to market
WSpider's advanced search engine optimization and search engine
marketing services to its Vietnamese clients and throughout Asia
to clients that desire increased web traffic and visibility to
their Web sites.

                         About Dot VN

Dot VN, Inc. (OTCBB: DTVI) -- http://www.DotVN.com-- provides
Internet and Telecommunication services for Vietnam.  The Company
is currently developing initiatives to offer Internet Data Center
services and Wireless applications.

At October 31, 2009, the Company had total assets of $2,359,925
against $12,320,152 in total liabilities, resulting in
stockholders' deficit of $9,960,227.

In a regulatory filing in December 2009, the Company noted that it
has had limited revenues from the marketing and registration of
'.vn' domain names as it operates in this single industry segment.
Consequently, the Company has incurred recurring losses from
operations.  In addition, the Company defaulted on 3 convertible
debentures aggregating $612,500 that were due January 31, 2009,
and has not negotiated new terms or an extension of the due date
on the Defaulted Debentures.  These factors, as well as the risks
associated with raising capital through the issuance of equity or
debt securities creates uncertainty as to the Company's ability to
continue as a going concern.


                         *********

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.


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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 T. Fernandez, 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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