TCRAP_Public/100224.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

           Wednesday, February 24, 2010, Vol. 13, No. 038

                            Headlines



A U S T R A L I A

FAIRFAX MEDIA: Inks On-Line Venture With APN News & Media
FAIRFAX MEDIA: Reports AU$148.81 Mil. Net Profit in H1
STORM FINANCIAL: CBA Offers Compensation Scheme for Storm Clients


C H I N A

CHINA MERCHANTS: Approves Proposed 2.49-Bln Share Sale


H O N G  K O N G

CITY TELECOM: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
DUNG TIM: Members' Final General Meeting Set for March 22
DEVETEX ASIA: Members' Final General Meeting Set for March 19
EMERALD INNOVATIONS: Placed Under Voluntary Wind-Up Proceedings
FORTUNEARN (HK): Members' Final Meeting Set for March 22

GREAT GIANT: Creditors' Proofs of Debt Due March 12
JAPAN HI-TECH: Creditors' Proofs of Debt Due March 22
KAM CHUN: Members' and Creditors Meetings Set for March 29
KING TO: Members' Final Meeting Set for March 21
MANSION CONSTRUCTION: Creditors' Proofs of Debt Due March 22

NEW ISLAND PLASTIC: Creditors' Proofs of Debt Due March 15


I N D I A

AIR INDIA: Seeks More Time to Pay INR10-Bil. Fuel Bills
AKSH TECHNOLOGIES: ICRA Assigns 'LBB' Rating on INR148.5MM Debts.
GOPINATH CHEM-TECH: Low Net Worth Prompts CRISIL 'BB-' Ratings
KHANBHAI ESOOFBHAI: CRISIL Rates INR20MM Cash Credit at 'B+'
KINGFISHER AIRLINES: In Talks with British Airways on Code Sharing

KINGFISHER AIRLINES: Request for Lower Interest Rates Rejected
KONDAPUR TOWERS: Delay in Loan Repayment Cues CRISIL Junk Ratings
SAGAR AUTOMOBILES: Low Profitability Cues ICRA 'LBB+' Ratings
SHIRANI AUTOMOTIVE: ICRA Places 'LBB-' Rating on INR17.5MM Loan
TM TYRES: CRISIL Assigns 'BB+' Ratings on Various Bank Facilities

WOCKHARDT LTD: QVT Supports Alternative Plan for FCCB Default


I N D O N E S I A

BANK RAKYAT: To Buy Majority Stakes in Bukopin and Agroniaga Banks


J A P A N

HUIS TEN: H.I.S. Chairman to Oversee Revival Efforts
ORIX-NRL TRUST: S&P Puts Cert. Ratings on CreditWatch Negative
TOSHIBA CORP: To Supply 3 Hydropower Generators to Colombia
WILLCOM INC: Creditors May Be Asked to Waive 80% of Debt


K O R E A

HYUNDAI MOTOR: Exports at Indian Unit Exceed 1 Million Units


M A L A Y S I A

AMBANK BERHAD: Moody's Upgrades Bank Strength Rating to 'D'
OILCORP BERHAD: Kejuruteraan Megagas Serves Wind-Up Against Unit
OILCORP BERHAD: Unit Gets Winding Up Petition from Interglen


N E W  Z E A L A N D

AIR NEW ZEALAND: To Boost Charter Flights from Japan
BLUE CHIP: Co-Founder Admits Financial Reporting Breaches
SAPPHIRE IV: S&P Downgrades Ratings on Various Classes of Notes
VISION SECURITIES: S&P Assigns 'B' Counterparty Credit Rating


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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A U S T R A L I A
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FAIRFAX MEDIA: Inks On-Line Venture With APN News & Media
---------------------------------------------------------
Fairfax Media and APN News & Media have inked in-principle
agreement that will combine the Fairfax Media classified brands,
Drive.com.au, Domain.com.au and MyCareer.com.au, with the APN
print classified sections in more than 90 publications through
regional Queensland.

The new alliance will extend the reach of APN's classifieds
customers to a national online audience, while increasing exposure
to the client base and sales force in Queensland and Northern New
South Wales for the Fairfax online classified sites.

"This exciting new alliance gives Fairfax Media and APN clients in
Queensland and Northern NSW the ability to access a bundled print
and online advertising solution that has been very successful for
our clients in other states," Chief Executive Officer of Fairfax
Media, Brian McCarthy, said.

"It will boost listings and traffic to allow us to compete even
more effectively against other real estate, jobs, and motor
vehicle Web sites.

"The Fairfax Media/APN combination will enable APN to go to the
local markets with a first in the vast Queensland and Northern NSW
regional marketplace ? a print and online bundled strategy."

APN News & Media Chief Executive Brendan Hopkins said, "This
alliance shows APN's ability and willingness to partner with
others to meet its goal of being the leading multi media operator
in each of our local markets.

"We already offer comprehensive print solutions for classifieds
advertisers in our local markets. Now we can also offer those
advertisers an online product with reach beyond those markets.

"Of course, for Fairfax, the deal uses APN's regional presence to
help round out a truly national offering for its online
classifieds properties.  The arrangement is a win for both parties
as well as for local advertisers and buyers nationwide," he said.

The venture is subject to conditions including regulatory.

The Company believes that this transaction is unlikely to be
material, short-term, to the Company's financial results.

                        About Fairfax Media

Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution.  In Australia,
the company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land.  Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine.  Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in
New Zealand.  On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 18,
2009, that Standard & Poor's Ratings Services lowered its
long-term corporate credit and debt ratings on Fairfax Media Ltd.
to 'BB+' from 'BBB-'.  In addition, the rating on Fairfax's
stapled preference securities (which attract intermediate equity
credit from Standard & Poor's) was lowered to 'B+' from 'BB'.  The
outlook is stable.


FAIRFAX MEDIA: Reports AU$148.81 Mil. Net Profit in H1
------------------------------------------------------
Fairfax Media reported net profit of AU$148.81 million for the six
months ended December 27, 2009, compared to a loss of AU$364.84
million in the previous corresponding period.

SmartCompany relates the company also said it anticipates good
growth in second-half earnings, and it expects to take advantage
of a healthy recovery in the advertising industry.

While revenue actually declined by 12.8% to AU$1.26 billion, net
profit actually rose by 5.6%, SmartCompany says.

According to SmartCompany, Chief executive Brian McCarthy said he
was pleased with the results, noting trading during November and
December displayed improvements over 2008 figures.

"December 2009 advertising revenues were approximately 2.5% higher
than December 2008, the first time in over 12 months that a
previous corresponding period gain had been achieved."

"When compared to the second half of the 2009 financial year, all
areas of the company saw revenue and profit gains in the first
half of 2010."

A full-text copy of the company's first half result is
available for free at http://ResearchArchives.com/t/s?545b

                        About Fairfax Media

Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution.  In Australia,
the company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land.  Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine.  Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in New
Zealand.  On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 18,
2009, that Standard & Poor's Ratings Services lowered its
long-term corporate credit and debt ratings on Fairfax Media Ltd.
to 'BB+' from 'BBB-'.  In addition, the rating on Fairfax's
stapled preference securities (which attract intermediate equity
credit from Standard & Poor's) was lowered to 'B+' from 'BB'.  The
outlook is stable.


STORM FINANCIAL: CBA Offers Compensation Scheme for Storm Clients
-----------------------------------------------------------------
Commonwealth Bank of Australia said it has finalized a framework
to resolve claims brought by customers affected by the collapse of
Storm Financial Ltd.  The framework will operate within the Storm
Resolution Scheme, announced by the Bank in June 2009, in which
over 2,000 affected customers are participating.

Commonwealth Bank CEO Ralph Norris said, "Our intention is to
implement a fair, transparent and expeditious resolution for those
Commonwealth Bank customers impacted by the collapse of Storm
Financial."

"Our commitment to our customers was to put things right where we
had done wrong -- and we are honouring that commitment," Mr.
Norris said.

The Bank agreed the framework with law firm Slater & Gordon based
on an assessment of six test cases, representing a variety of
scenarios across home and margin lending, by the Independent Panel
established by the Bank to oversee the Scheme.

The Panel, comprising retired High Court Justice Ian Callinan AC,
retired Federal Court Justice Roger Gyles AO QC and Robert
Gotterson QC, have stated that, in their opinion, the framework
constitutes a fair and reasonable basis for the resolution of
claims.

"While we won?t discuss individual settlements, where shortcomings
have been identified the framework will provide customers a
variety of possible outcomes based on their specific
circumstances, including debt reduction, interest rate relief and
cash compensation," Mr. Norris said.

"We have set a tight schedule to finalize offers and will commence
making offers from next week.  We expect all customers registered
for the Scheme to have received a proposal by the end of May
2010."

Mr. Norris said recipients of offers would still retain all their
rights under the Scheme, including the ability to have their claim
evaluated and determined by the Independent Panel if they wish.

The Storm Investors Consumer Action Group gave a cautious
endorsement of the settlement -- urging recipients to read the
fine print before agreeing -- and called for other banks involved
with Storm Financial, including the Bank of Queensland and the
Macquarie Group, to follow the Commonwealth Bank's lead, The
Australian reports.

                        About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AU$27.09 million debt claim at a first
meeting of the company's creditors on January 20.  The group's
remaining creditors are owed AU$51 million, plus a provision for
dividends of AU$10 million.

On March 27, 2009, the TCR-AP reported that the Australian
Securities and Investments Commission won its bid to liquidate
Storm Financial Group after the Federal Court ruled that the
Company be wound up.  Federal court Justice John Logan appointed
Ivor Worrell and Raj Khatri of Worrells Solvency and Forensic
Accountants as liquidators for the Company.


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CHINA MERCHANTS: Approves Proposed 2.49-Bln Share Sale
------------------------------------------------------
China Merchants Bank Co., the lender aiming to raise as much as
CNY22 billion (US$3.2 billion) to bolster capital, approved a
rights offer in which investors will receive 1.3 new shares for
every 10 they own, Bloomberg News reports.

Bloomberg says China's fifth largest by market value gave no
details of the timing or price of the proposed issue in its
Feb. 22 statement to the Hong Kong stock exchange.

The company said Monday it will issue 2.04 billion shares in
Shanghai and 449.9 million in Hong Kong, Bloomberg relates.

According to Bloomberg, China Merchants said on Feb. 1 it won
approval from the country's securities regulator to sell new
shares to avoid a capital shortage of more than CNY20 billion in
the next three years to meet regulatory requirements for financial
strength.

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks.  It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26% stake (through various companies).  The
bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 4, 2010, Fitch Ratings downgraded the Individual ratings
of China Merchants Bank and China CITIC Bank to 'D' from 'C/D',
reflecting both banks' noticeable deterioration in capital and
rising on- and off-balance-sheet credit risk in the wake of last
year's very rapid loan growth.  The assessment was conducted in
conjunction with a review of all 16 Chinese commercial banks under
the agency's coverage.  The ratings of all other banks were
affirmed.


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H O N G  K O N G
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CITY TELECOM: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed the
'BB-'long term corporate credit rating on City Telecom (HK) Ltd.
with a stable outlook.  S&P then withdrew the rating at the
company's request.  On Feb. 9, 2010, CTI announced that it had
fully redeemed its outstanding senior unsecured notes due 2015.

The rating on CTI reflected the company's small scale and
relatively weak, albeit improving, market position in Hong Kong's
highly competitive telecommunications industry, and its aggressive
pricing strategy.  These weaknesses were moderated by CTI's
modern, cost-effective "Fiber to The Home" network, sound
liquidity, and good credit metrics for the rating level.

CTI's credit profile also reflected the company's improved
financial risk profile as it continued to expand its subscriber
base.  Its modern network and wide range of premium services
should ensure stable credit quality in the coming year, in S&P's
view.  Standard & Poor's expected the company to focus on
executing its current strategy and maintain its strong credit
profile.


DUNG TIM: Members' Final General Meeting Set for March 22
---------------------------------------------------------
Members of Dung Tim Sing Transportation Company Limited will hold
their final general meeting on March 22, 2010, at 10:00 a.m., at
the 21/F., Fee Tat Commercial Centre, No. 613 Nathan Road,
Kowloon, in Hong Kong.

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


DEVETEX ASIA: Members' Final General Meeting Set for March 19
-------------------------------------------------------------
Members of Devetex Asia Limited will hold their final general
meeting on March 19, 2010, at 11:00 a.m., at the Room 2, 1/F.,
Block A, Sea View Estate, 2-8 Watson Road, North Point, in Hong
Kong.

At the meeting, Samuel Sih-Yu Yang, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


EMERALD INNOVATIONS: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on February 5, 2010,
creditors of Emerald Innovations Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


FORTUNEARN (HK): Members' Final Meeting Set for March 22
--------------------------------------------------------
Members of Fortunearn (Hong Kong) Limited will hold their final
meeting on March 22, 2010, at 11:00 a.m., at the Rooms 1001-03,
10/F., Manulife Provident Funds Place, 345 Nathan Road, in
Kowloon.

At the meeting, Michael Chang Loh Tien, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GREAT GIANT: Creditors' Proofs of Debt Due March 12
---------------------------------------------------
Creditors of Great Giant international Holdings Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by March 12, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 8, 2010.

The company's liquidator is:

         Ngan Lin Chun Esther
         1902 MassMutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong


JAPAN HI-TECH: Creditors' Proofs of Debt Due March 22
-----------------------------------------------------
Creditors of Japan Hi-Tech. Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 22, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 10, 2010.

The company's liquidator is:

         Lam Tak Keung
         Suite 504, South Tower
         World Finance Centre
         Harbour City
         17-19 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


KAM CHUN: Members' and Creditors Meetings Set for March 29
----------------------------------------------------------
Members and creditors of Kam Chun Engineering Limited will hold
their final meetings on March 29, 2010, at 10:30 a.m., and 10:45
a.m., respectively at the 12/F, Bel Trade Commercial Building, 1-3
Burrows Street, Wanchai, in Hong Kong.

At the meeting, Ray Chan Wai Hung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


KING TO: Members' Final Meeting Set for March 21
------------------------------------------------
Members of King To (H.K.) Limited will hold their final general
meeting on March 21, 2010, at 3:30 p.m., at the 10/F., Allied
Kajima Building, 138 Gloucester Road, Wanchai, in Hong Kong.

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


MANSION CONSTRUCTION: Creditors' Proofs of Debt Due March 22
------------------------------------------------------------
Creditors of Mansion Construction Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 22, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 8, 2010.

The company's liquidator is:

         Kwok Leung Man
         Island Place Tower
         1603, 16/F
         510 King's Road
         Hong Kong


NEW ISLAND PLASTIC: Creditors' Proofs of Debt Due March 15
----------------------------------------------------------
Creditors of New Island Plastic Factory Limited, which is in
members' 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 10, 2010.

The company's liquidator is:

         Si Tin Yau
         Pine Court, Flat A, 15/F
         Worldwide Gardens
         Shatin, New Territories


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AIR INDIA: Seeks More Time to Pay INR10-Bil. Fuel Bills
-------------------------------------------------------
Anirban Chowdhury at Dow Jones Newswires reports that a civil
aviation ministry official said Monday that Air India has asked
its fuel suppliers for more time to clear its outstanding bills --
worth INR10 billion (US$216.9 million) -- as it continues to
struggle with low cash and high debts.

The official said the deadline to clear the bills was on Feb. 23,
Dow Jones relates.  According to the report, the official said the
airline decided to seek an extension at its board meeting on
Saturday.  The official didn't say how long the airline had sought
as an extension.

"The fuel suppliers haven't agreed to (Air India's request to)
defer payment of the entire amount. The company will have to pay a
part of the 10 billion rupees on the due date," the official, who
didn't want to be identified, told Dow Jones Newswires.

The official didn't say if the airline is in a position to make a
partial payment, Dow Jones notes.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, NACIL was seeking INR14,000 crore in equity
infusion, soft loans and grants to cope up with mounting losses.

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

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

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

                          About Air India

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


AKSH TECHNOLOGIES: ICRA Assigns 'LBB' Rating on INR148.5MM Debts.
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR 148.50 million cash
credit facilities and INR 68 million non-fund-based facilities of
Aksh Technologies Limited.  Outlook on the rating is stable.  ICRA
has also assigned an 'A4' rating to the INR 389 million non-fund
based facilities of ATL.

The ratings take into account competitive nature of the domestic
ptic-fiber cables industry resulting in pressures on ATL's
profitability and its moderate debt protection indicators.  These
apart,the ratings also take into account ATL's high client
concentration risk; susceptibility of its profits to adverse
movements in raw material prices and foreign exchange rates.
However, the ratings draw comfort from long track record of the
group in the business and its experienced management.  Further,
the company is taking steps to augment its profitability by
rationalizing its cost structure, re-negotiating its contracts
with key raw-material suppliers and diversifying its client-base
and target markets. While assigning the ratings, ICRA has also
noted the likely foreign currency convertible bonds' redemption
pressure in ATL's holding company ? Aksh Optifibre Limited (AOL),
which may put pressure on ATL's cash flows. However, since a
significant portion of the bonds have been exchanged with new
bondshaving longer maturity, the risk is mitigated to a large
extent.

Aksh Technologies Limitedis a wholly-owned subsidiary of Aksh
Optifibre Limited (AOL). ATL became operational w.e.f April 1,
2009 post-transfer of manufacturing division of AOL to its books.
Atpresent, ATL  is involved in manufacturing optical fiber cables
(with an installed capacity of 125,560 cable km (ckm) p.a.) and
its key raw materials namely optic fibres (installed capacity of
19,70,640 fibre km (fkm) p.a.) and Fibre Reinforced Plastic (FRP)
rods (installed capacity of 6,00,000 km. p.a.).  The company has
three manufacturing units.  While two units located in Bhiwadi
District (Rajasthan) are involved in manufacturing optic fibres
and optic fibre cables; the third unit located in Ringus
(Rajasthan) manufactures FRPs.


GOPINATH CHEM-TECH: Low Net Worth Prompts CRISIL 'BB-' Ratings
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4' ratings to the bank
facilities of Gopinath Chem-Tech Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR90.0 Million Cash Credit Limit      BB-/Stable (Assigned)
   INR22.4 Million Term Loan              BB-/Stable (Assigned)
   INR18.0 Million Standby Line of Credit BB-/Stable (Assigned)
   INR40.0 Million Letter of Credit       P4 (Assigned)

The ratings reflect GCTL's moderate financial risk profile, marked
by average debt protection measures and low net worth, weak
operating margin, and exposure to risks relating to a small scale
of operations and volatility in raw material prices.  These
weaknesses are partially offset by the benefits GCTL derives from
its promoters' established track record in the dye intermediates
manufacturing business.

Outlook: Stable

CRISIL believes that GCTL will continue to benefit over the medium
term from its promoter's extensive experience in the dye industry
and established customer base.  The outlook may be revised to
'Positive' if the company's profitability improves substantially,
leading to better cash accruals.  Conversely, the outlook may be
revised to 'Negative' if the company's debt protection measures
deteriorate because of more-than-expected, debt-funded capital
expenditure.

                     About Gopinath Chem-Tech

GCTL was incorporated as a private limited company in 1989.  In
1992, the company was acquired by its present management, led by
Mr. Bhupen M. Shah and was reconstituted as a closely held public
limited company in 1995.  The company manufactures dye
intermediaries, which are used as raw material in dye
manufacturing for the textile and leather industry. It has a total
licensed capacity of 6000 tonnes per annum (tpa) at its units in
Mehsana and Chattral, both in Gujarat and is currently operating
at almost full capacity utilization.

GCTL reported a profit after tax (PAT) of INR4.6 million on net
sales of INR440.9 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR6.3 million on net sales
of INR505.4 million for 2007-08.


KHANBHAI ESOOFBHAI: CRISIL Rates INR20MM Cash Credit at 'B+'
------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to Khanbhai
Esoofbhai's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR20.0 Million Cash Credit            B+/Stable (Assigned)
   INR130.0 Million Letter of Credit      P4 (Assigned)

The ratings reflect KE's exposure to cyclicality and intense
competition in the ship breaking industry, vulnerability to
adverse changes in government regulations, and average financial
risk profile constrained by small net worth, and small scale of
operations.  These weaknesses are partially offset by KE's long
track record in, and the healthy growth prospects for, the ship
breaking industry.

Outlook: Stable

CRISIL believes that KE will maintain stable business and
financial risk profiles over the medium term, on the back of the
revival in the ship-breaking industry.  The outlook may be revised
to 'Positive' if the firm is able to reap the benefits of the boom
in the ship breaking industry and increase the scale of its
operations.  Conversely, the outlook may be revised to 'Negative'
if KE's financial risk profile deteriorates because of a
significant fall in steel scrap prices or if it is not able to
scrap ships in the stipulated time, constraining its financial
flexibility.

                     About Khanbhai Esoofbhai

Set up in 1912, KE is one of the oldest firms in the ship-breaking
industry in India.  It has capacity to break ships ranging from
1,500 to 15,000 tonnes at its 45-metre plot at Alang (Gujarat),
the leading centre of the ship breaking and recycling industry in
Asia.  The firm has expertise in breaking various types of ships
such as general cargo ships, oil tankers, reefers, and bulk
carriers.  KE imports ships, breaks them, and sells the scrap,
primarily, to steel re-rolling mills in and around Mumbai
(Maharashtra) and Bhavnagar (Gujarat) directly or through brokers.

KE reported a profit after tax (PAT) of INR2.26 million on net
sales of INR17.76 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.49 million on net
sales of INR19.61 million for 2007-08.


KINGFISHER AIRLINES: In Talks with British Airways on Code Sharing
------------------------------------------------------------------
Kingfisher Airlines Chairman and CEO Vijay Mallya is negotiating
an arrangement with British Airways that would allow Europe's
second-largest carrier to book its passengers on Kingfisher
flights within India, The Economic Times reports.

The report says that, if the deal pushes through, it would be the
first such agreement between a private Indian carrier and a
foreign airline for domestic routes.

According to the report, Kingfisher will soon seek the regulatory
approval from India's civil aviation authorities, if the talks
prove successful.

"Kingfisher has enquired about the possibility of code-sharing
with British Airways on domestic routes.  It is, however, yet to
formally write to us on this," the report quoted a civil aviation
ministry official as saying.

The report, citing a Kingfisher spokesperson, relates that the
airline is in talks with international carriers without naming
any.  "We are in discussion with a few airlines on possible code-
sharing and we have made informal inquiries with the ministry of
civil aviation," the spokesperson told ET.

British Airways said it would not comment on speculation.  "We
talk to a variety of airlines and don't comment on rumour and
speculation," BA spokesperson in Delhi told ET.

                         About Kingfisher

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

                           *     *     *

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

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


KINGFISHER AIRLINES: Request for Lower Interest Rates Rejected
--------------------------------------------------------------
The Airports Authority of India Chairman V P Agarwal said it has
rejected Kingfisher Airlines' request to lower interest rate on
dues amounting to INR140 crore, according to The Press Trust of
India.

The Vijay Mallya-owned private air carrier had asked the Civil
Aviation Ministry to lower the interest rate, charged by the
Authority on the principal amount, the report says.

According to PTI, the Authority charges a 12% interest on the
principal amount in case of a default on payment.

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

                           *     *     *

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

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


KONDAPUR TOWERS: Delay in Loan Repayment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Kondapur Towers Pvt
Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR400 Million Cash Credit             D (Assigned)
   INR55 Million Bank Guarantee           P5 (Assigned)
   INR550 Million Term Loan               D (Assigned)

The ratings reflect the delay by KTPL in paying the interest on
its term loan caused by its weak liquidity.

KTPL was incorporated in November 2006 for the construction of a
residential complex in Hyderabad (Andhra Pradesh).  KTPL was set
up as a special-purpose vehicle by Bharat One Project Pvt Ltd
(holding a share of 97.21%) based in Port Louis (Mauritius) and
Indian promoters?Eco Care Projects Pvt Ltd, Shri Alluri Sitarama
Raju, and Shri Tatineni Venkata Krishna (collectively holding a
share of 2.79%).  KTPL's is executing a residential project Iconia
at Kondapur in Hyderabad; the project will be completed in three
phases.  The first phase of the project is scheduled for
completion in December 2011.


SAGAR AUTOMOBILES: Low Profitability Cues ICRA 'LBB+' Ratings
-------------------------------------------------------------
ICRA has assigned the long term rating of 'LBB+' to Sagar
Automobiles Private Limited's term loans of INR 10 million and
fund based limits of INR 100 million.  ICRA has also assigned the
short term rating of A4+ to the non-fund based facilities of INR
7.5 million.  The outlook on the long term rating is stable.

The assigned ratings take into account the promoters' extensive
experience in running dealerships, the dealerships' strong market
position in Indore and the diversified revenue streams from
different auto products including Cars, UVs and two-wheelers.
However, the ratings are constrained by the company's weak
financial profile on account of high gearing and stretched
coverage indicators, low profitability due to the industry
structure as well as competition amongst the dealers and low
financial flexibility on account of high working capital limit
utilization.

Sagar Automobiles Private Limited was started in the year 1987 by
Mr. G.G. Khan Shirani through a dealership of LML two wheelers in
Ratlam and the company was subsequently converted into a private
limited company in 1995.  SAPL is a family run business and
currently runs dealerships of M&M (UVs & Tractors), Skoda Cars,
Mahindra Navistar and Yamaha Two-wheelers in Indore region. SAPL
has two sister concerns viz.  Shirani Motors Pvt. Ltd. and Shirani
Automotives Pvt. Ltd. Shirani Motors runs dealerships of Suzuki
and Bajaj two-wheelers while Shirani Automotives runs a dealership
of Volkswagen cars.

The company has reported a PAT of around INR3.1 million on an
operating income of around INR942 million during FY09.


SHIRANI AUTOMOTIVE: ICRA Places 'LBB-' Rating on INR17.5MM Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of 'LBB-' to the company's
term loans of INR17.5 million and fund based limits of INR30
million.  ICRA has also assigned the short term rating of A4 to
the non-fund based facilities of INR36 million.  The outlook on
the long term rating is stable.

The assigned ratings take into account the promoters' extensive
experience in running dealerships business and the group support
in terms of management expertise as well as financial support.
However, the ratings are constrained by the company's limited
track record and limited financial flexibility due to high working
capital utilization and high leverage.  Also, Shirani has
dealership of Volkswagen, which being a new entrant currently has
a relatively thin presence in the Indian market.  ICRA however,
takes comfort from Volkswagen's established product portfolio,
which is well accepted globally.  Also, Shirani is currently the
only Volkswagen dealership in Madhya Pradesh.

Shirani Automotive Pvt. Ltd. was incorporated in May 2009 and runs
a Volkswagen dealership through showrooms in Indore and Bhopal.
The dealership has become operational in January 2010.  The
company is promoted by the Shirani family who run many dealerships
in Indore region through other companies including Sagar
Automobiles Pvt. Ltd. (SAPL) and Shirani Motor Pvt. Ltd. SAPL runs
dealerships of M&M (Tractors and UVs), Yamaha two-wheelers and
Skoda cars while Shirani Automotive runs the dealerships of Suzuki
and Bajaj two-wheelers.


TM TYRES: CRISIL Assigns 'BB+' Ratings on Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to TM Tyres Ltd's
bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR125 Million Cash Credit             BB+/Stable (Assigned)
   INR20 Million Corporate Term Loan      BB+/Stable (Assigned)
   INR21.10 Million Term Loan             BB+/Stable (Assigned)
   INR100 Million Letter of Credit        P4+ (Assigned)
               and Bank Guarantee

The ratings reflect TMTL's average financial risk profile,
constrained by the ongoing debt-funded capacity expansion
programme, exposure to risks relating to project implementation,
and to fluctuations in butyl rubber prices and in foreign exchange
rates.  These rating weaknesses are partially offset by TMTL's
strong market position in the butyl tubes business.

Outlook: Stable

CRISIL believes that TMTL will continue to benefit from its market
position backed by strong brands in the butyl tubes segment.  The
outlook may be revised to 'Positive' if TMTL strengthens its
business risk profile by geographically diversifying its revenue
profile, and increases its operating margin.  Conversely, the
outlook may be revised to 'Negative' in case of further
deterioration in the company's financial risk profile because of
the debt funding of large capex.

                          About TM Tyres

Incorporated by Mr. Ashok Kumar Agarwal as a private limited
company in 1996, TMTL (formerly TM Tyres Pvt Ltd) was
reconstituted as a closely held public company in 2005.  TMTL
manufactures inner rubber tubes (butyl tubes), of weights ranging
from 350 grams to 18 kilograms, for vehicle tyres; its products
are used in two wheelers, passenger vehicles, light commercial
vehicles, heavy vehicles, earthmovers, advanced arm carriers, and
aircraft.  TMTL sells its tubes under the TM, Mak, Zing, and
Sakshi brands.  TMTL plans to increase its manufacturing capacity
by 10 tonnes per day (tpd) to 30 tpd. The total project cost is
estimated at INR150 million, of which up to INR120 million will be
funded through debt.

TMTL reported a profit after tax (PAT) of INR11.70 million on net
sales of INR548.30 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR9.85 million on net
sales of INR374.30 million for 2007-08.


WOCKHARDT LTD: QVT Supports Alternative Plan for FCCB Default
-------------------------------------------------------------
QVT Advisors Private Limited said Monday it supports on a "without
prejudice" basis the restructuring plan proposed on behalf of the
holders of the US$110 million Foreign Currency Convertible Bonds
of Wockhardt Limited and submitted to the Corporate Debt
Restructuring Cell, CDR lenders and the Company.

"QVT believes the restructuring plan is in the best interests of
Wockhardt and all creditors of the company.  QVT is disappointed
that neither Wockhardt nor the CDR lenders have engaged in a
meaningful dialogue with the holders of the Defaulted Bonds with
respect to this plan," QVT said in a statement.

"Wockhardt is currently facing a winding up petition in the
Honorable High Court, Mumbai, as it has defaulted on its
obligations under the terms of the Defaulted Bonds.

"If the Company continues to ignore the efforts made by the
holders of the Defaulted Bonds to salvage the situation by
restructuring the debt in a mutually acceptable manner, the
Company may remain exposed to this winding up action, which may
restrict the Company from selling its nutrition business."

QVT looks forward to engaging in constructive dialogue with
Wockhardt and the CDR lenders and reaching an agreement that is
fair to all involved.

Under the restructuring proposal, bondholders will exchange their
Defaulted Bonds for newly issued Foreign Currency Convertible
Bonds with a five-year maturity.

The New FCCBs will have these terms:

    -- Mandatory conversion into the Company's shares at maturity

    -- Issuance at a ratio of 1.295 New FCCBs for every Defaulted
       Bond

    -- Conversion price at a premium to the price of the Company's
       shares as on the date of maturity of the Defaulted Bonds

    -- A semi-annual coupon of 5.0%

"QVT believes the restructuring plan will help reduce the
Company's current debt burden and increase liquidity for the
Company and its stakeholders by freeing up additional cash."

"Moreover, QVT believes that the restructuring further benefits
the Company as the conversion of the new FCCBs into equity at
maturity will increase the equity base of the Company by up to
approximately USD75 million, thereby reducing leverage and
strengthening the Company's balance sheet," QVT said.

QVT Advisors Private Limited US-based hedge fund.

                        About Wockhardt Ltd

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

                           *     *     *

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

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

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

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


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


BANK RAKYAT: To Buy Majority Stakes in Bukopin and Agroniaga Banks
------------------------------------------------------------------
The Jakarta Post reports that Bank Rakyat Indonesia plans to take
majority stakes in two local banks, Bank Bukopin and Bank
Agroniaga.

The Post says both BRI president director Sofyan Basir and State-
Owned Enterprises Minister Mustafa Abubakar have confirmed that
BRI was interested in acquiring majority stakes in Agroniaga and
Bukopin.

Sofyan acknowledged that Mustafa had given him backing to buy the
majority stake in Agroniaga.

According to Sofyan, the acquisition process for one of the banks
was almost finished, while the talks for the second one are
expected to be completed by May.

The report relates Sofyan said BRI arranged subordinated loans
worth IDR2 trillion last year to help finance future bank
acquisitions.

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk -- http://www.bri.co.id/-- is engaged in banking
activities and its products and services include savings, loans,
consumer products, investment banking and sharia.  As of Dec. 31,
2008, the Bank was supported by 14 regional offices, 12 inspection
offices, 372 domestic branch offices, one special branch office,
three overseas offices, 337 cash offices, 4,417 BRI units, 76
small offices, 27 sharia branch offices and 18 sharia sub branch
offices.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 21, 2009, that Moody's Investors Service lowered Bank Rakyat
Indonesia's GLC deposit rating from Baa2 to Baa3.  The revised
rating carries a stable outlook.  The foreign currency long-term
deposit rating was raised to Ba3 from B1.  The revised rating
carries a stable outlook.  All other ratings are unaffected and
carry stable outlooks: foreign currency short-term deposit of Not
Prime and BFSR of D+.


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


HUIS TEN: H.I.S. Chairman to Oversee Revival Efforts
----------------------------------------------------
Kyodo News reports that struggling theme park operator Huis Ten
Bosch Co. said Monday it will have Hideo Sawada, chairman of
travel agency H.I.S. Co., as representative director to oversee
its turnaround efforts.

According to the report, Mr. Sawada's appointment is part of a
revised turnaround plan submitted Monday to the Tokyo District
Court by Huis Ten Bosch's rehabilitation administrator.

Kyodo, citing Huis Ten's revised turnaround plan, disclosed that
the theme park operator will receive all 500,010 outstanding
shares from its current parent, Nomura Principal Finance Co., free
of charge and retire them.

The company will then raise some JPY3 billion through a private
allocation of 60,000 new shares to H.I.S. and four local
companies, including Kyushu Electric Power Co, the report notes.

Kyodo says the plan needs approval from the court after it is put
to a vote by creditors in late March.

Meanwhile, Japan Today reports that the Sasebo city assembly on
Monday endorsed a proposal to aid H.I.S. Co. as part of its
efforts to rebuild Huis Ten Bosch.  The assembly agreed to provide
H.I.S. with JPY900 million annually over 10 years, Japan Today
relates.

As reported in the Troubled Company Reporter-Asia Pacific on
February 16, 2010, H.I.S. Co. said it will provide financial
assistance to Huis Ten Bosch to help its turnaround efforts.
H.I.S. made the decision to help in the rehabilitation of the
theme park after judging that it will help promote tourism in the
region.  H.I.S. said it will also be beneficial for its travel
operations particularly for visitors from Asian countries such as
China and South Korea.

Headquartered in Nagasaki, Japan, Huis Ten Bosch is a popular
theme park, which imitates Holland villages allowing travelers to
experience the culture and atmosphere of Europe.  It is located in
Kyushu.

The Troubled Company Reporter-Asia Pacific reported on July 5,
2004, that the Tokyo District Court approved Huis Ten Bosch Co.'s
rehabilitation plan under the support of Nomura Principal Finance
Co., an investment firm controlled by Nomura Holdings Inc.  Huis
Ten Bosch inked a rehabilitation sponsorship contract with Nomura
Principal in December 2003.


ORIX-NRL TRUST: S&P Puts Cert. Ratings on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on the class
B to E trust certificates issued under the ORIX-NRL Trust 14
transaction on CreditWatch with negative implications.  At the
same time, S&P affirmed the ratings on classes A, F to H, and X.

Our CreditWatch placements of classes B to E reflect a material
decline in the rents of commercial real estate properties located
in Shibuya Ward, Tokyo, and the stress that the decline has
exerted on the real estate values of the properties, which back an
underlying loan in the ORIX-NRL Trust 14 transaction.  The
aforementioned loan, due August 2011, accounts for about 20.7% of
the initial issuance amount.  The CreditWatch placements are also
based on a possible need for an additional revision in S&P's
assumptions with respect to the recovery amounts from the
collateral properties relating to two defaulted loans and one
specified bond, which account for about 28.5% of the initial
issuance amount.  Although Standard & Poor's has already lowered
the aforementioned recovery assumptions in August 2009, S&P may
need to re-examine the assumptions as the servicer makes progress
in the collection process.

Standard & Poor's will review its ratings on the transaction after
examining the recovery assumptions from the transaction's
underlying real estate properties.  In reviewing the ratings, S&P
will examine cash flow from the underlying properties with
weakening performance backing the underlying loans, their real
estate values, and progress in the servicer's collection of the
defaulted loans.

Meanwhile, Standard & Poor's also affirmed the ratings on classes
A, F to H, and X.  S&P is considering amending the rating
methodology for interest-only certificates, which include class X
of this transaction.  If the proposal is adopted, it could affect
the rating on class X.

This is a multi-borrower CMBS transaction.  The trust certificates
were initially secured by 10 nonrecourse loans and specified bonds
(tokutei shasai) extended to eight obligors, which were originally
backed by 39 real estate certificates and real estate properties.
The transaction was arranged by ORIX Corp., and ORIX Asset
Management & Loan Services Corp. is the transaction servicer.  The
ratings address the full and timely payment of interest and the
ultimate repayment of principal by the transaction's legal final
maturity date for the class A certificates, the full payment of
interest and ultimate repayment of principal by the legal maturity
date for the class B to H certificates, and the timely payment of
available interest for the interest-only class X certificates.

              Ratings Placed On Creditwatch Negative

                        ORIX-NRL Trust 14
       JPY20.7 billion trust certificates due December 2014

       Class    To              From   Initial Issue Amount
       -----    --              ----   --------------------
       B        AA/Watch Neg    AA     JPY2.0 bil.
       C        BBB/Watch Neg   BBB    JPY1.2 bil.
       D        B/Watch Neg     B      JPY0.7 bil.
       E        B-/Watch Neg    B-     JPY0.3 bil.

                         Ratings Affirmed

    Class   Rating   Initial Issue Amount
    -----   ------   --------------------
    A       AAA      JPY15.7 bil.
    F       CCC      JPY0.5 bil.
    G       CCC      JPY0.1 bil.
    H       CCC      JPY0.2 bil.
    X*      AAA      JPY20.7 bil. (Initial notional principal)

                         * Interest only


TOSHIBA CORP: To Supply 3 Hydropower Generators to Colombia
-----------------------------------------------------------
Toshiba Corp. has won an order from a Colombian state-run utility
for three hydroelectric power generators, Antara News reports.

Each of the generators will be able to produce 324,000kw of
electricity, making them the largest in the South American nation,
the report says.

According to the report, the generators will be delivered to
Isagen SA's hydropower plant in the state of Santander in the
second half of fiscal 2011, with operations to begin at the end of
2013.

The order, worth JPY7 billion (US$76.3 million), was won by U.S.
subsidiary Toshiba International Corp. and Mitsui & Co. Plant
Systems Ltd, the report adds.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                          *     *     *

As of February 2, 2010, Toshiba Corporation continues to carry
Fitch Ratings 'BB' Long-term FC and LC Issuer Default Ratings,
'B' Short-term FC and LC Issuer Default Ratings and 'BB' Senior
unsecured notes ratings.


WILLCOM INC: Creditors May Be Asked to Waive 80% of Debt
--------------------------------------------------------
Finbarr Flynn at Bloomberg News, citing the Nikkei Newspaper,
reports that Willcom Inc.'s creditors may be asked to waive as
much as 80% of debt to the Japanese wireless carrier.

The Nikkei, citing court documents, disclosed that Mitsubishi UFJ
Financial Group Inc.'s Bank of Tokyo-Mitsubishi UFJ lent JPY23.6
billion, and Mizuho Corporate Bank Ltd. is owed JPY17.6 billion,
Bloomberg relates.

The Nikkei said 30 financial institutions hold JPY99.5 billion in
unsecured claims.

Separately, Bloomberg News reports that the International Swaps &
Derivatives Association said that a committee of credit-default
swap dealers and investors will rule whether contracts linked to
Willcom Inc. should be triggered by a bankruptcy credit event.

                           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 filed for bankruptcy protection with the Tokyo
District Court with liabilities of JPY206 billion.

Willcom in September said it was unable to agree on a revival plan
with all creditors after failing to reschedule debt payments.
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.

Researcher Teikoku Databank Ltd. said the filing by Willcom is the
biggest in Japan's telecommunications industry.  Heisei Denden
Co. was the previous biggest failure in October 2005 with
liabilities of JPY120 billion.


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


HYUNDAI MOTOR: Exports at Indian Unit Exceed 1 Million Units
------------------------------------------------------------
Yonhap News reports that exports of Hyundai Motor Co.'s Indian
subsidiary have exceeded a cumulative 1 million vehicles, marking
efforts by South Korea's top carmaker to expand overseas
production.

Hyundai said in a statement that the milestone came more than a
decade after its Indian unit started exports in 1999.  Hyundai is
the first automaker in India to reach the milestone.

"The achievement will become an important touchstone for Hyundai's
global expansion," the report quoted Park Han-woo, head of
Hyundai's Indian unit, as saying.  The Indian subsidiary will
continue to expand overseas sales, he added.

Hyundai's two plants in India produced a total of 559,853 units in
2009, up 14.4% from a year ago, Yonhap notes.

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.


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


AMBANK BERHAD: Moody's Upgrades Bank Strength Rating to 'D'
-----------------------------------------------------------
Moody's Investors Service has upgraded AmBank (M) Berhad's Bank
Financial Strength Rating to D from D- and confirmed its foreign
currency deposit ratings of Baa2/P-3 with stable outlooks.

This rating action concludes the review for possible upgrade
initiated on December 3, 2009.

At the same time, Moody's says that the bank's foreign currency
hybrid Tier 1 capital securities' rating of Ba2 remains on review
for possible downgrade.

This review is in line with Moody's new guidelines for rating bank
hybrid capital securities, as published in November 2009.  For
further details, see Moody's press release of November 19, 2009.

"The upgrade of AmBank's BFSR recognizes the steady improvements
in the bank's asset quality and its ongoing efforts to improve
recurring earnings," says John Tham, a Moody's VP/Senior Credit
Officer.

The D BFSR translates to a Baseline Credit Assessment of Ba2.

Moody's believes that the very high probability of government
support for AmBank should the need arise is reflected by the 3-
notch lift in the long-term deposit rating of Baa2 from the BCA of
Ba2.

AmBank's gross non-performing loan ratio eased to 3.4% in December
2009 from 3.9% in September 2009 due to collections and the slower
pace of NPL formation.  Moody's notes that at this level, the NPL
ratio compares favorably with the system average of 3.7%.
Meanwhile, its NPL reserve coverage rose to 92.6% from 82.8% over
the same period.  Moody's notes that its improved level of reserve
coverage and reasonably sound Tier 1 capital adequacy ratio of
9.4% strengthen protection against loss, an important ratings
factor.

Moreover, management is proactively managing its balance sheet in
a number of ways to strengthen recurring earnings.  Firstly,
AmBank continues to grow low-cost deposits to reduce its above-
average but -- at the same time -- falling cost of funds.
Secondly, it is progressively rebalancing its balance sheet with
variable-rate loans and hedging to address potentially higher
interest rates, given its sizeable fixed-rate loan book.  Thirdly,
it is pursuing disciplined growth in its niche businesses -- such
as auto and other retail loans -- to protect margins, while also
diversifying its loans with safer corporate credits to limit
credit costs and greater diversification of earnings streams in
the markets-related business.

Moody's notes that a quick, meaningful and sustained reduction in
AmBank's cost of funds could be challenging as a strengthening of
any deposit franchise takes considerable time.  The bank's cost of
funds was estimated at 2.28% as at end-December 2009 compared to
2.97% as at end-March 2009, but still above its local peer average
of 1.75%.

Important factors which could improve ratings are further evidence
of its abilities to align its above-average cost of funds with
that of its local peers such that recurring earnings improve as
well as maintaining NPLs such that the gross NPL ratio is
consistently below 3%.

AmBank, headquartered in Kuala Lumpur, had total assets of
MYR88.97 billion as at December 31, 2009.


OILCORP BERHAD: Kejuruteraan Megagas Serves Wind-Up Against Unit
----------------------------------------------------------------
Oilcorp Berhad disclosed that Oilfab Sdn. Bhd., a wholly owned
subsidiary of the company, has received a winding up petition from
Kejuruteraan Megagas Sdn. Bhd.

The petition was presented to the Johor Bahru High Court on
December 8, 2009, and the winding-up petition was received by OFSB
on February 19, 2010.

Kejuruteraan Megagas asserts a claim for MYR 2,578,075.20 against
the Company.  In the petition, it is claimed that OFSB is indebted
to Interglen for sum, being the balance outstanding due for work
and services provided and with interest thereon at the rate of 3%
per month from August 15, 2009, to the date of realization, and
unable to pay its debts.

The matter is fixed for hearing on March 3, 2010.

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.


OILCORP BERHAD: Unit Gets Winding Up Petition from Interglen
------------------------------------------------------------
Oilcorp Berhad disclosed that Oilfab Sdn. Bhd., a wholly owned
subsidiary of the company, has received a winding up petition from
Interglen Sdn. Bhd.

The petition was presented to the Johor Bahru High Court on
December 8, 2009, and the winding-up petition was received by OFSB
on February 19, 2010.

Interglen Sdn. asserts a claim for MYR3,376,215.42 against the
Company.  In the petition, it is claimed that OFSB is indebted to
Interglen for sum, being the balance outstanding due for work and
services provided and with interest thereon at the rate of 3% per
month from August 15, 2009, to the date of realization, and unable
to pay its debts.

The matter is fixed for hearing on March 3, 2010.

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.


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


AIR NEW ZEALAND: To Boost Charter Flights from Japan
----------------------------------------------------
Air New Zealand plans to boost its charter business from Japan to
help increase weak tourist numbers in that market, according to
The New Zealand Herald.

The report says the carrier sold out four charters in quick time
which brought more than 1,000 Japanese tourists in New Zealand
last month.

According to the report, Chris Myers, the airline's general
manager Japan and Korea, said it hoped to double that number next
summer.

The report relates Mr. Myers said charter flights were designed to
complement scheduled services to other parts of Japan.

The airline operated three charters from Nagoya and one from
Okinawa, away from Tokyo and Osaka where its scheduled services
operate, the report notes.

Based in Auckland, New Zealand, Air New Zealand Ltd. --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                           *     *     *

Air New Zealand Ltd. continues to carry Moody's Investors Service
"Ba1" Senior Unsecured Issuer rating with stable outlook.


BLUE CHIP: Co-Founder Admits Financial Reporting Breaches
---------------------------------------------------------
The New Zealand Herald reports that Blue Chip co-founder
Mark Bryers has admitted to failing to keep accounting books and
records in the lead-up to the collapse of his property investment
empire.

According to the Herald, Mr. Bryers was excused from appearing in
the Auckland District Court on Tuesday but through his lawyer
Aaron Lloyd entered guilty pleas to 31 breaches of the Financial
Reporting Act.  He has previously pleaded guilty to three more
charges, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
June 8, 2009, The New Zealand Herald said five new charges have
been laid against Blue Chip co-founder Mark Bryers.  The charges
were laid in the Auckland District Court on May 29 in connection
to five companies that Mr. Bryers was a director.  The Herald said
Mr. Bryers is alleged to have failed to complete and sign
financial statements for Marinc Ltd, Marinc Developments Ltd,
Porchester Ltd, Okra Ltd and Brighton Ltd between August 2006 and
August 2008.  Mr. Bryers has also been charged with 60 breaches of
the Companies Act.

Prosecutors on Tuesday withdrew 38 charges against Mr. Bryers as
part of the plea bargain, the Herald relates.  Mr. Bryers,
according to the Herald, will be required to attend Auckland
District Court for his sentencing in May, which is likely to be a
fine.

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions:
financial services and leasing services.  The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients.  The
leasing activities division is engaged in rental of residential
property.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.


SAPPHIRE IV: S&P Downgrades Ratings on Various Classes of Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said that is has lowered its
ratings on the Class MA, MZ, BA, BZ, and CA notes of Sapphire IV
NZ Series 2007-1 Trust, and affirmed the ratings on the Class AA
and AZ notes.

The rating downgrades reflect the performance deterioration of the
underlying New Zealand residential loan portfolio and the lower
available credit support for the affected notes to absorb future
losses.  The transaction has limited excess spread available to
offset losses to-date or in the future.

Given the forecast of slow recovery prospects of the New Zealand
economy, S&P expects this portfolio to experience further losses.
In particular, S&P considers the tail-end risk for this
transaction to be significant, given adverse selection risk
coupled with higher transaction costs as cheaper notes repay
leaving the more expensive notes outstanding.  Given this outlook,
the ongoing management and servicing of the portfolio is critical,
in S&P's opinion, to mitigating the tail-end risk and containing
future losses.

S&P has affirmed the ratings on the Class AA and AZ notes because
S&P believes that at their current rating levels, the notes have
sufficient credit support built-up through amortization to weather
further performance deterioration.

                         Ratings Lowered

               Sapphire IV NZ Series 2007-1 Trust

                Class     Rating to     Rating from
                -----     ---------     -----------
                MA        A             AA

               Sapphire IV NZ Series 2007-1 Trust

                Class     Rating to     Rating from
                -----     ---------     -----------
                MZ        BB            A

               Sapphire IV NZ Series 2007-1 Trust

                Class     Rating to     Rating from
                -----     ---------     -----------
                BA        B             BBB

               Sapphire IV NZ Series 2007-1 Trust

                Class     Rating to     Rating from
                -----     ---------     -----------
                BZ        CCC           B+

               Sapphire IV NZ Series 2007-1 Trust

                Class     Rating to     Rating from
                -----     ---------     -----------
                CA        CC            CCC+

                         Ratings Affirmed

               Sapphire IV NZ Series 2007-1 Trust

                         Class     Rating
                         -----     ------
                         AA        AAA

               Sapphire IV NZ Series 2007-1 Trust

                         Class     Rating
                         -----     ------
                         AZ        AAA


VISION SECURITIES: S&P Assigns 'B' Counterparty Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said it has assigned its 'B'
long-term counterparty credit rating on Vision Securities Ltd., a
mezzanine property-development financier in New Zealand.  At the
same time S&P assigned its 'B' short-term rating.  The outlook is
negative.

"Our ratings on VSL reflect its business profile as a New Zealand
mezzanine property-development financier," Standard & Poor's
credit analyst Peter Sikora said.  "S&P regard this as a high-risk
lending category.  The ratings also reflect VSL's weak capital
position, which is small and moderated by related party loans, and
its concentrated loan portfolio.  VSL also has a concentrated and
vulnerable funding profile."

Despite this, VSL has been able to manage its business through
what has been a difficult time for property-development-focused
finance companies raising debentures in New Zealand.  The rating
also recognizes S&P's view that VSL will successfully finalize a
recapitalization transaction by the end of third-quarter
(calendar) 2010, and that balance-sheet liquidity will improve
with the successful relaunch of the company's debenture stock
prospectus by April 2010 and with the receipt of asset-sale
proceeds over the next few months.

"The negative outlook recognizes VSL's recent reduction in
balance-sheet liquidity and the structure of the recently arranged
recapitalization transaction," said Mr. Sikora.  "A revision of
the outlook to stable would require a boost in balance-sheet
liquidity back to levels seen before VSL's temporary exit from the
retail debenture market in September 2009 and the successful sale
of VSLL shares to AIG."

The ratings could be lowered if the company's funding and
liquidity positions were weakened materially as a result of
worsening asset quality or profitability.  S&P does not expect to
raise the ratings on VSL any time soon; this would require a
material increase in diversification and further evidence that the
company can continue to manage funding, liquidity, and asset
quality.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

Apr. 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York City
       Contact: http://www.turnaround.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
THE COMMERICAL LAW LEAGUE OF AMERICA
    Midwestern Meeting & National Convention
       Westin Michigan Avenue, Chicago, Ill.
          Contact: 1-312-781-2000 or http://www.clla.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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 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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