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                     A S I A   P A C I F I C

           Thursday, February 25, 2010, Vol. 13, No. 039

                            Headlines



C H I N A

CHINA MILK: Has Funds to Repay Debts; Solvency "May be in Doubt"
GENERAL MOTORS: To Wind Down Hummer as Sichuan Deal Fails


H O N G  K O N G

PAMFORD LIMITED: Yeung Wing Yan Steps Down as Liquidator
SYSTEM OVERSEAS: Placed Under Voluntary Wind-Up Proceedings
TAK WO: Members' and Creditors Meetings Set for March 19
TRADE POINT: Commences Wind-Up Proceedings
TRINITY FORTUNE: Members' Final Meeting Set for March 23

UNIROSS BATTERIES: Creditors' Proofs of Debt Due March 12
WELL MANDER: Creditors' Proofs of Debt Due March 19
WILHELM TEXTILES: Members' Final Meeting Set for March 19
WILMAX DEVELOPMENT: Members' Final Meeting Set for March 22
YEE TAT: Creditors' Meeting Set for February 23


I N D I A

ARVIND PRODUCTS: CARE Assigns 'CARE BB-' Rating on Bank Facilities
BALU SPINNING: CRISIL Assigns 'BB-' Rating on INR512.5MM Term Loan
CITIGROUP INC: Expands Equities Team in India
GLAZE GARMENTS: ICRA Assigns 'LBB-' Rating on INR41.2MM Loans
MAHESHWARY ISPAT: CARE Puts 'CARE BB' Rating on INR415.98cr Loan

RESTORATION ENGINEERS: CARE Rates INR6.11cr Loan at 'CARE BB+'
SARA SUOLE: CRISIL Reaffirms 'BB-' Rating on INR75MM Cash Credit
SONA OKEGAWA: Fitch Affirms 'BB-' National Long-Term Rating


J A P A N

ELPIDA MEMORY: Faces Infineon Patent Infringement Lawsuit
TAIHEIYO CEMENT: To Halt Cement Production at Three Plants


K O R E A

HYUNDAI MOTOR: To Recall Sonata Sedan in US and South Korea
KIA MOTORS: Expects to Lift U.S. Sales by 15% This Year
KUMHO ASIANA: Petrochemical, Airline Units Set to Get Fresh Funds


M A L A Y S I A

AMBB (L): Moody's Cuts US$200MM Shares to B2
POLY TOWER: Obtains 90-Day Restraining Order
RANHILL BERHAD: Ingersoll-Rand Files Wind Up Petition Against Unit
SBB CAPITAL: Moody's Cuts US$200MM Shares to Ba3
WWE HOLDINGS: Dec. 31 Balance Sheet Upside Down by MYR6.47 Mil.

WWE HOLDINGS: Disclosed Revision to 40-Mil. Shares Placement


N E W  Z E A L A N D

GENEVA FINANCE: S&P Downgrades Long-Term Rating to 'CC'




                         - - - - -


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


CHINA MILK: Has Funds to Repay Debts; Solvency "May be in Doubt"
----------------------------------------------------------------
China Milk Products Group Ltd. said it has enough funds in its
accounts to pay holders provided China's foreign currency
regulator allows it to transfer money out of the country,
Bloomberg News reports.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2010, Bloomberg News said that China Milk Products is
defaulting on some repayment obligations because it hasn't enough
money outside China to pay for early redemption of its bonds.

China Milk said in a Feb. 12 filing with Singapore's stock
exchange that the company was exploring different options with a
view to meeting its funding requirements.  The notes are China
Milk's $150 million of zero coupon convertible bonds due 2012 and
issued in January 2007, according to Bloomberg.

China Milk now said that as a result of the default, the company
can't pay its liabilities as and when they fall due, and its
"ability to operate as a going concern may be in doubt," Bloomberg
relates.

Bloomberg recalled China Milk said Jan. 5 it had received "valid
put exercise notices" from holders of about $146 million of the
notes and was "awaiting clearance" from China for the remittance
of $170.56 million so it could make the required payments.  The
delay was "administrative and procedural in nature," China Milk
said at the time.

The company, whose shares were suspended on Feb. 9, said on
Feb. 12 it was seeking to delay the release of its third-quarter
and nine-month financial results, Bloomberg notes.

According to Bloomberg, China Milk said the board can't provide
"realistic timelines" to resolve the company's problems due to:

  -- the absence of a chief financial officer;
  -- the inability to meet early redemption obligations;
  -- the adverse impact on its results of the financial
     Crisis; and
  -- the melamine scandal that hit China's dairy industry
     in 2008.

The Company's management has started discussions with the State
Administration of Foreign Exchange on the proposed movement of
funds out of China, although they haven't yet made any formal
application in writing to the regulator to remit funds out of
China, Bloomberg notes.

China Milk Products Group Limited --
http://www.chinamilkgroup.com/-- is an investment holding
company.  The Company, through Daqing Yinlou Dairy Co., Ltd.
(Yinlou) is engaged in the production of pedigree bull semen,
dairy cow embryos and raw milk in the People's Republic of China.
As at March 31, 2009, the Company had a total herd size of 21,820,
which includes Holsteins of Canadian, Australian and Chinese
origins. The wholly owned subsidiaries of the Company are Cattan
Holdings Corp. (Cattan), which is an investment holding company
and Yinlou, which is engaged in dairy farm operations, including
sale of dairy livestock's agricultural produce.


GENERAL MOTORS: To Wind Down Hummer as Sichuan Deal Fails
---------------------------------------------------------
Katie Merx at Bloomberg News reports that General Motors Co. said
it will close Hummer, the maker of military-inspired sport-utility
vehicles, after Sichuan Tengzhong Heavy Industrial Machinery Co.
couldn't win Chinese approval to buy the unit.

GM spokesman Nick Richards said winding down the brand will take
several months.  Some of the 3,000 people now employed at Hummer
work on other vehicles, so GM doesn't know how many jobs will be
lost, he said.

According to Bloomberg, Mr. Richards said GM would consider
"viable alternatives for all or part of the brand during wind
down."

Bloomberg relates Tengzhong said in a statement that it was
"unable to obtain clearance of the transaction from the Chinese
regulators within the proposed deal time frame."

As reported in the Troubled Company Reporter on Feb. 12, 2010,
China's Sichuan Tengzhong Heavy Industrial Machinery Co., and
General Motors Co. have agreed to postpone until the end of
February 2010 a definitive agreement that will allow the Chinese
car manufacturer to acquire GM's all-terrain Hummer brand, GM
officials told Bloomberg on January 31, 2010.

The parties have agreed to extend the January 31 deadline as they
await Beijing's approval for the deal to proceed.  Sources close
to the deal commented that one major challenge that the sale has
to go through is to convince Chinese regulators that Hummer can
make trucks that are better in terms of fuel and environment
conservation than its current lineup, The Wall Street Journal said
on February 2.

                       About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

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


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


PAMFORD LIMITED: Yeung Wing Yan Steps Down as Liquidator
--------------------------------------------------------
Yeung Wing Yan stepped down as liquidator of Pamford Limited on
January 29, 2010.


SYSTEM OVERSEAS: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on February 1, 2010,
creditors of System Overseas Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Miyajima Takako
         Chung Kiu Commercial Building
         Room 2302, 23/F
         47-51 Shantung Street
         Mongkok, Kowloon


TAK WO: Members' and Creditors Meetings Set for March 19
--------------------------------------------------------
Members and creditors of Tak Wo Metal Industrial Limited will hold
their annual meetings on March 19, 2010, at 3:00 p.m., and 3:30
p.m., respectively at the Room 1601-02, 16th Floor, One Hysan
Avenue, Causeway Bay, in Hong Kong.

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


TRADE POINT: Commences Wind-Up Proceedings
------------------------------------------
Members of Trade Point Development Limited, on February 17, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Luk Wing Hay
         Surson Commercial Building, 9/F
         140-142 Austin Road
         Tsimshatsui, Kowloon


TRINITY FORTUNE: Members' Final Meeting Set for March 23
--------------------------------------------------------
Members of Trinity Fortune Limited will hold their final meeting
on March 23, 2010, at 5:00 p.m., at the Room 2802, 28/F., China
Resources Building, No. 26 Harbour Road, Wanchai, in Hong Kong.

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


UNIROSS BATTERIES: Creditors' Proofs of Debt Due March 12
---------------------------------------------------------
Creditors of Uniross Batteries (HK) 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's liquidators are:

         Kennic Lai Hang Lui
         Frank Yuen Tsz Chun
         Ho Lee Commercial Building, 5/F
         38-44 D'Aguilar Street
         Central, Hong Kong


WELL MANDER: Creditors' Proofs of Debt Due March 19
---------------------------------------------------
Well Mander Limited, 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 liquidator is:

         Ip Chung Yuen
         Shanghai Industrial Investment Building, 14/F
         48 Hennessy Road
         Wanchai, Hong Kong


WILHELM TEXTILES: Members' Final Meeting Set for March 19
---------------------------------------------------------
Members of Wilhelm Textiles Hong Kong Limited will hold their
final meeting on March 19, 2010, at 10:00 a.m., at the Postfach
2964 D-66935 Pirmasens, Im Erlenteich 65 D-66935 Pirmasens, in
Germany.

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


WILMAX DEVELOPMENT: Members' Final Meeting Set for March 22
-----------------------------------------------------------
Members of Wilmax Development Limited will hold their final
meeting on March 22, 2010, at 10:00 a.m., at the 1902 MassMutual
Tower, 38 Gloucester Road, in Wanchai.

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


YEE TAT: Creditors' Meeting Set for February 23
-----------------------------------------------
Creditors of Yee Tat Plumbing Drainage Engineering Company Limited
will hold their meeting on February 23, 2010, at 3:00 p.m., for
the purposes provided for in Sections 228A, 242, 243, 244 and 255A
of the Companies Ordinance.

The meeting will be held Founder's Room, 3/F., South Tower, 41
Salisbury Road, YMCA of Hong Kong, Tsimshatsui, Kowloon, in
Hong Kong.


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I N D I A
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ARVIND PRODUCTS: CARE Assigns 'CARE BB-' Rating on Bank Facilities
------------------------------------------------------------------
CARE has assigned a 'CARE BB-' rating to the standalone Long-term
Bank Facilities, 'CARE BB+ (SO)' rating to the Long-term Bank
Facilities backed by the Corporate Guarantee from Arvind Ltd. and
'PR4' rating to the Short-term bank Facilities of Arvind Products
Ltd.  Facilities with 'Double B' rating are considered to offer
inadequate safety for timely servicing of debt obligations. Such
facilities carry high credit risk. This rating is applicable for
facilities having tenure of more than one year.  Facilities with
'PR Four' rating would have inadequate capacity for timely payment
of short-term debt obligations and carry very high credit risk.
Such facilities are susceptible to default. This rating is
applicable for facilities having a tenure up to one year.

CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position of
the company within the band covered by the rating.

                                  Amount
   Facilities                  (INR crore)       Ratings
   ----------                   ----------       -------
   Long Term Bank Facilities     139.01          CARE BB-

   Long Term Bank Facilities
   (Backed by Corporate
    Guarantee from Arvind Ltd.)   40.00          CARE BB+ (SO)*

   Short Term Bank Facilities     34.40          PR4

   * Structured Obligation

Rating Rationale

The rating factors in APL's weak financial profile as reflected by
accumulated losses, huge debt size and tight liquidity conditions
which resulted in high dependence on its parent company, Arvind,
to service its debt obligations. These weaknesses are, however,
partially offset by the operational and financial support APL
derives from Arvind and benefits derived from market leadership
position in voiles division.  The ability to reduce heavy debt
burden, improvement in overall financial risk profile and
continuation of financial support from Arvind remain the key
rating sensitivities.

                       About Arvind Products

APL is a 53.66% subsidiary of Arvind (rated CARE BB+/PR4).  APL
has four business divisions: Ankur Textiles manufactures voiles,
Arvind Polycot manufactures bottom weights and khakis, Arvind
Intex manufactures cotton yarn of lower counts and Arvind Cotspin
manufactures finer quality of cotton yarn.

APL reported net loss of INR23 crore on a total operating income
of INR388 crore in FY09 as compared to PAT of INR3 crore on a
total operating income of INR440 crore in FY08.  The company
reported net loss of INR8 crore on a total operating income of
INR224 crore in H1FY10.


BALU SPINNING: CRISIL Assigns 'BB-' Rating on INR512.5MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Balu Spinning Mills (Pvt) Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR500.0 Million Cash Credit Facility    BB-/Stable (Assigned)
   INR512.5 Million Term Loan Facility      BB-/Stable (Assigned)
   INR100 Million Letter of Credit          P4+ (Assigned)

The ratings reflect BSMPL's weak financial risk profile marked by
a small net worth and high gearing, and the vulnerability of its
profitability to raw material price volatility.  These rating
weaknesses are partially offset by BSMPL's established market
position, with a presence in both domestic markets and merchant
exports.

Outlook: Stable

CRISIL believes that BSMPL will benefit from the recent revival in
the textile industry.  However, the company's financial risk
profile will remain constrained by its small net worth. The
outlook may be revised to 'Positive' in case of significant, fresh
equity infusion into the company, or if the company reports a
better-than-expected business performance, thereby improving its
debt protection measures.  Conversely, the outlook may be revised
to 'Negative' if BSMPL undertakes a large, debt-funded capacity
expansion programme, thereby resulting in further deterioration of
its capital structure.

                        About Balu Spinning

Balu Spinning Mills (Pvt) Ltd. was established in 1996 by Mrs. B
Rajalakshmi.  The company manufactures cotton yarn in counts of
20s, 24s, 30s, and 40s, which it supplies to hosiery garment
manufacturers.  It has 35,952 spindles in Dharapuram (Tamil Nadu),
and 8000 spindles in Chinnaputhur, about 4 kilometres from
Dharapuram.  BSMPL is planning to add 3600 spindles in 2009-10
(refers to financial year, April 1 to March 31).

For 2008-09, BSMPL reported a profit after tax of INR0.48 million
(INR11.8 million for 2007-08) on net sales of INR1.05 billion
(INR912 million).


CITIGROUP INC: Expands Equities Team in India
---------------------------------------------
Citigroup Global Markets India has announced a number of
significant hires across its equities sales and execution business
over the past few months.  According to Nikhil Nagle, Head of
Equities for Citi India, these appointments further underline
Citi's commitment to its clients in India.

"We remain committed to our clients in continuing to invest in our
market leading Indian equities franchise across both the primary
and secondary markets. To this end, Citi has made a number of
significant hires across the sales and execution platforms in
recent months. These hires have further strengthened Citi's
presence in the Indian equities market to over 25 highly talented
and motivated individuals," said Nikhil Nagle, Managing Director
and Head of Equities, India.

"India is a high priority market for the Asia Pacific region and
with these new appointments, Citi is confident of continuing to be
among the leading Equities franchise in India supporting our
clients' needs across the market," added Nikhil Nagle.

The combined experience of the newly expanded talent pool is over
100 years in equity markets, which include hires across sales,
trading and execution.  Some of the key new talent who have joined
the Citi India team, reporting to Nikhil Nagle, include:

Keshav Sanghi, Managing Director and Deputy Head of Equities,
India. Prior to joining Citi, Mr. Sanghi, served as the CEO of
Reliance Equities and as Head of Equities, at Deutsche. He has
over fifteen years of experience in Indian Equity Sales. In his
new role, he will develop long-standing relationships with a
majority of Citi's key clients.

Richard Macfarlane joined as the Managing Director and Head of
Execution Services, India, with a focus to strengthen the Indian
equities franchise, especially with Citi's offshore clients. He
brings with him over twenty years of experience across Pan Asian
and European markets and has the additional responsibility of
overseeing the growth of Citi's electronic trading platform in the
Indian market.  He was earlier the Head of AP Sales Trading for
UBS and then the Head of European Sales Trading for UBS.

Vandana Luthra, Managing Director, India Equity Sales, brings over
fifteen years of diversified equity research experience across
FMCG, real estate and the metals sectors. Her earlier research
assignment with Merrill Lynch across these sectors will add
considerable value in strengthening and developing the Citi Equity
Sales franchise especially with leading offshore accounts where
she shares long standing relationships as a highly rated analyst.

Chandra Sekaran, who joined as Director, Equity Sales Trading,
brings over eighteen years of sales trading experience in Indian
markets, across various organizations like Reliance Equities,
Kotak, JP Morgan and Deutsche Bank.  His experience as a buy side
trader with Franklin Templeton will provide additional value to
Citi equity sales trading desk.

Abhijit Attavar, as Director, India Trading, brings considerable
value and experience to the India trading desk. Abhijit Attavar,
was earlier the Head of Small-Mid cap research at ABN Amro and has
over 15 years of experience in research across markets in the
region.

Andrew Sutcliffe, Director, Equity Sales Trading, has a total of
over thirteen years experience in equities with the last three
years being in institutional sales trading at Nomura.

Abhinav Khanna, Director, Equity Sales, joined from Macquarie and
comes with eight years of experience in Indian equities, with the
last three years in equity sales in Macquarie.

Suveer Chainani, Director, Equity Sales, joined from Macquarie
after four years with its Indian equities team after a stint in
sales with IBM.

Vaibhav Shintre, Execution Trader, joined after graduating from
IIM Ahmedabad, in 2009. Vaibhav had interned with Citi in Hong
Kong last year and will be a key driver of our effort to revamp
the execution role.

Asia Pacific Head of Equities Adrian Faure stated, "India remains
a high priority market for the Asia Pacific region and with these
new additions, we are confident that Citi will be able to build
further on its leading position in the Indian equities market."

                          About Citigroup

Based in New York, Citigroup Inc. (NYSE: C) -- is a global
diversified financial services holding company whose businesses
provide a broad range of financial services to consumer and
corporate customers.  Citigroup has roughly 200 million customer
accounts and does business in more than 140 countries.
Citigroup's businesses are aligned in three reporting segments:
(i) Citicorp, which consists of Regional Consumer Banking (in
North America, EMEA, Asia, and Latin America) and the
Institutional Clients Group (Securities and Banking, including the
Private Bank, and Transaction Services); (ii) Citi Holdings, which
consists of Brokerage and Asset Management, Local Consumer
Lending, and a Special Asset Pool; and (iii) Corporate/Other.

As reported in the Troubled Company Reporter on November 25, 2008,
the U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
The U.S. Treasury and the Federal Deposit Insurance Corporation
agreed to provide protection against the possibility of unusually
large losses on an asset pool of roughly $306 billion of loans and
securities backed by residential and commercial real estate and
other such assets, which will remain on Citigroup's balance sheet.
As a fee for this arrangement, Citigroup issued preferred shares
to the Treasury and FDIC.  The Federal Reserve agreed to backstop
residual risk in the asset pool through a non-recourse loan.

Citigroup, the third-biggest U.S. bank, received $45 billion in
bailout aid.  Other bailed-out banks, including Bank of America
Corp., Wells Fargo & Co., have pledged to repay TARP money.
JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley,
repaid TARP funds in June.  Citigroup is selling assets to repay
the bailout funds.

Citigroup is one of the banks that, according to results of the
government's stress test, need more capital.


GLAZE GARMENTS: ICRA Assigns 'LBB-' Rating on INR41.2MM Loans
-------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR41.2 million term
loans and INR215.0 million cash credit facilities of Glaze
Garments (India) Limited.  ICRA has assigned a stable outlook to
the long term rating.

The assigned ratings are constrained by GGIL's small scale of
operations, the low value-add nature of business resulting from
non-integrated operations and the past volatility in its top line
and profitability which gives little comfort on future earnings.
ICRA notes that the company has a very high revenue-dependence on
the group company Venus Garments (India) Limited. CGIL's recent
foray into trading of yarn and fabric may help the company achieve
growth and reduce the dependence on VGIL; however the operating
profitability could decline as trading offers lower margins.
Also, the likely increase in working capital borrowings to support
the trading business could weaken the capital structure.  ICRA
notes that the company's manufacturing business remains exposed to
raw material price fluctuations as the manufacturers are left with
little bargaining power given the high competitive intensity due
to the fragmented nature of the industry.  The rating, however,
draws comfort from the experience of the promoters in the ready-
made-garments industry, their established domestic retail business
and their long standing relationships with the leading retailers
like Wal-Mart, The Children's Place and Carrefour.

GGIL was incorporated in 1998 as "Glaze Garments Private Limited"
and converted into a public limited company in 2004 under the name
"Glaze Garments (India) Limited".  The company is involved in
manufacturing of knitted hosiery readymade garments. It has a
garment fabrication capacity of about 3 million pieces (mostly T-
Shirts) per annum.


MAHESHWARY ISPAT: CARE Puts 'CARE BB' Rating on INR415.98cr Loan
----------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the long term & medium
term bank facilities of INR415.98 crore and a 'PR4' rating to the
short term bank facilities aggregating INR76.00 crore of
Maheshwary Ispat Ltd.  While 'Double B' rating is applicable for
facilities having tenure of more than one year, 'PR four' rating
is applicable for facilities having tenure up to one year.

Facilities with 'Double B' rating are considered to offer
inadequate safety for timely servicing of debt obligations. Such
facilities carry high credit risk. Facilities with 'PR4' rating
would have inadequate capacity for timely payment of short-term
debt obligations and carry very high credit risk. Such facilities
are susceptible to default.

CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position
within the band covered by the rating symbol.

                                  Amount
   Facilities                  (INR crore)        Ratings
   ----------                   ----------        -------
   Long term bank facilities     415.98           'CARE BB'
   Short term bank facilities     76.00           'PR4'

The above ratings are constrained by the short track record of the
company in manufacturing operations, closely held nature of the
company, the company being in low margin trading business,
moderate financials of the company, stretched working capital
cycle leading to strain on liquidity & consequential delays in
servicing of interest on debt necessitating reschedulement of
loans, volatility in respect of prices of raw materials & finished
goods, delays in implementation of projects, cyclicality in the
iron & steel industry and intense competition.  The ratings also
factor in experience of the promoters, strategic location of
plants with proximity to market & sources of raw materials and
comfortable gearing ratios.  Ability to improve profitability
after withstanding the pressure of cyclicality & slow recovery in
the steel industry as also successful completion of the ongoing
projects would remain the key rating sensitivities.

                      About Maheshwary Ispat

Maheshwary Ispat Ltd., incorporated in 1997, belongs to Shri Ajit
Kumar Mundra of Kolkata.  The company commenced its activity with
trading of iron & steel products and commenced manufacturing
operation in April, 2005 with the setting up of sponge iron unit
at Panagarh, West Bengal.  At present, it is engaged in
manufacturing of pig iron, sponge iron and steel billets, besides
carrying on trading business.

MIL has recently completed its expansion of rolling mill capacity
at Panagarh and an integrated steel plant with facilities
comprising structural rolling mill, ferro alloy plant, coal
washery and captive power plant at Rampei, Cuttack at an aggregate
project cost of INR509.1 crore.  However, the same got delayed by
about a year and a half due to slowdown in the steel industry,
resulting in cost over run of about INR40.0 crore.  On a total
income of INR406.4 crore in FY09 (INR425.5 crore in FY08), MIL
earned PBILDT of INR42.7 crore (INR45.6 crore in FY08) and PAT
(after defd. tax) of INR5.1 crore (INR12.7 crore in FY08) in FY09.
While sales and profitability increased phenomenally during FY07-
08 due to gradual commissioning of plants, increased trading
operation and increase in ANSPR, the same witnessed significant
decline in FY09 due to the slowdown in the steel industry.
Accordingly, PBILDT margin declined.  In line with PBILDT, PAT
(after defd. tax) also increased significantly in FY08 over FY07
but fell in FY09 due to reduced PBILDT coupled with high capital
charge.  Interest coverage ratio was low at 1.04 during FY09.
Gearing ratios were generally comfortable.  The current ratio has
been moderate, as on the last three accounts closing dates.
However, delay in project implementation as well as tie-up of
working capital led to stretched working capital cycle.
Consequently, the company had to face strain on liquidity and make
delays in servicing of interest necessitating re-schedulement of
term loans.


RESTORATION ENGINEERS: CARE Rates INR6.11cr Loan at 'CARE BB+'
--------------------------------------------------------------
CARE has assigned 'CARE BB+' rating to the long-term bank
loans/facilities of Restoration Engineers.  This rating is
applicable to facilities having tenure of more than a year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations. Such facilities
carry high credit risk.

Further, CARE has assigned 'PR4' rating to the short-term bank
loans/facilities of RE.  This rating is applicable to facilities
having tenure of less than one year.  Facilities with this rating
would have inadequate capacity for timely payment of short-term
debt obligations and carry very high credit risk.  Such facilities
are susceptible to default.

CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position
within the band covered by the rating symbol.

                                  Amount
   Facilities                  (INR crore)    Ratings
   ----------                   ----------     -------
   Long-term Bank Facilities       6.11       'CARE BB+' Assigned
   Short-term Bank Facilities      4.25       'PR4' Assigned

Rating Rationale

The ratings are constrained due to small scale of operations, its
constitution as a partnership firm, geographical concentration
with most of the project in Gujarat, low revenue diversity and
increasing competition in state government projects.  The ratings
factor in experience of partners of RE in road construction
business, moderate financial position as indicated by low debt
equity ratio and moderate order backlog position with majority of
the orders having a price variation clause.  Timely execution of
orders in hand and increase in scale of operations with
improvement in profitability and overall financial position are
the key rating sensitivities.

                        About Restoration Engineers

Restoration Engineers was incorporated in 2001 as a proprietorship
firm owned by Mr. Jayesh Bhatia.  In the year 2007, Mr. Bhatia
partnered with Mr. Naved Siddiqui and Mr. Shrimul Majmudar and
converted its proprietorship firm to partnership firm.  The
partners have a track record of executing 10 construction projects
in various areas and is accredited as "AA class" (highest in the
scale of AA to E) contractor from R&B Dept., Government of Gujarat
(GoG).

During FY09, RE reported a total operating income of INR17.02
crore (FY08: INR7.06 crore) with PBILDT and PAT margins of 12.07%
(FY08: 14.20%) and 7.04% (FY08: 6.98%) respectively. The firm had
an overall gearing of 1.72 times as at Mar.31, 2009 and interest
coverage of 1.38 times for FY09.


SARA SUOLE: CRISIL Reaffirms 'BB-' Rating on INR75MM Cash Credit
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the cash credit facility of
Sara Suole Pvt Ltd (Sara Suole; part of the Sara group) at 'BB-
/Stable', while reclassifying the rating on the short-term bank
facilities as 'P4+', from the earlier 'P4'.

   Facilities                             Ratings
   ----------                             -------
   INR75.0 Million Cash Credit Limits     BB-/Stable (Reaffirmed)

   INR200.0 Million Export Packing        P4+ (Reclassified from
                    Credit Limits*             'P4')

   INR10.0 Million Letter of Credit       P4+ (Reclassified from
                             Limits            'P4')

   INR5.0 Million Bank Guarantee          P4+ (Reclassified from
                          Limits               'P4')

   * Interchangeable with foreign bills purchase/discounting
     limits.

This rating action resulted from CRISIL's decision to introduce
the 'P4+' rating in its short-term rating scale, and does not
imply any change in Sara Suole's credit quality.  The ratings
continue to reflect the Sara group's large working requirements,
and average financial risk profile marked by high gearing, small
net worth, and average debt protection measures.  These rating
weaknesses are partially offset by the group's established
position in the footwear and footwear sole manufacturing business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Sara Suole, and Welterman International
Ltd (Welterman), collectively referred to as the Sara group.  This
is because the two companies are engaged in the same line of
business and have common promoters, and because Sara Suole and
Welterman are to be amalgamated over the medium term.

Outlook: Stable

CRISIL believes that the Sara group will maintain its market
position, given the stable demand for its products.  The outlook
may be revised to 'Positive' in case of a sustained improvement in
the group's profitability, leading to an improved financial risk
profile.  Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the group's capital structure or debt
protection measures.

                          About the Group

Sara Suole, set up by Mr. Kayum Razak Dhanani in 2000, has
capacity to manufacture about 8000 shoe soles and 3000 shoes per
day. Welterman was established in 1993; it has the capacity to
manufacture up to 3000 shoe soles per day.  Welterman was referred
to the Board for Industrial and Financial Reconstruction in 1998.
Sara Suole and Welterman are to be amalgamated over the medium
term; the relevant scheme of amalgamation has been submitted to
the BIFR.

For 2008-09 (refers to financial year, April 1 to March 31), Sara
Suole reported a profit after tax (PAT) of INR11.65 million on net
sales of INR750.8 million, against a PAT of INR22.45 million and
net sales of INR603.93 million for the preceding year.


SONA OKEGAWA: Fitch Affirms 'BB-' National Long-Term Rating
-----------------------------------------------------------
Fitch Ratings has assigned India's Sona Okegawa Precision Forging
Limited a National Long-term rating of 'BB-(ind)'.  The agency has
also assigned a 'BB-(ind)' rating to SOPFL's existing term loans
of INR1130.4 million, 'BB-(ind)'/'F4(ind)' ratings to its fund-
based working capital limits of INR200 million and 'BB-
(ind)'/'F4(ind)' ratings to its non-fund based limits of
INR180 million.  The Outlook is Stable.

SOPFL's ratings take into account the experience and technical
expertise of its promoters, India-based Sona Group (75%) and
Mitsubishi Materials Corporation (MMC; 25%) - in the auto
component industry.  SOPFL has a diversified portfolio of
customers across the automobile industry, with limited customer
concentration.  Its largest customer, Maruti Suzuki India Limited,
contributed about 20% to total standalone revenues in FY09 (versus
16.3% over the previous two years).  SOPFL's technology agreement
with MMC helps reduce product development cycle.  SOPFL's adoption
of precision forging technology has given it an edge over peers,
in terms of cost effectiveness and output quality.  The agency has
taken a consolidated view of SOPFL's and its subsidiaries'
business and financial positions.

SOPFL's January 2008 debt-led acquisition of precision forging
facilities in international markets coincided with a period of
slowdown in the automotive industry, leading to high financial
leverage.  This, coupled with erosion of profitability, mounted
pressure on its German subsidiary's debt repayment ability, and
eventually led to restructuring of a part of the borrowings by the
subsidiary.  The agency notes that SOPFL may continue to witness
pressure on its cash flows in the near term, until the
international automotive markets revive, as large capacities are
located with the German subsidiary.

Negative rating drivers would include an inability to improve its
consolidated financial performance, or an increase in borrowings
resulting in worsening of consolidated financial leverage (Total
adjusted Debt/EBIDTA) or restructuring of debt by the company or
its subsidiaries in future.  On the other hand, improvement in
revenues and profitability with contribution from international
subsidiaries and consistent de-leveraging of the company leading
to improved financial profile would act as positive rating
guidelines.

SOPFL's standalone revenues declined to INR1174.3 million in FY09
(FY08: from INR1348.2 million), given the slowdown in the domestic
automotive sector, in particular the commercial vehicles segment.
Financial leverage - total Debt/operating EBIDTA) on a standalone
basis was 9.5x in FY09 (FY08: 9.8x).  The operating profit margin,
also on a standalone basis, was 18.6% in FY09; however higher
interest on term loans undertaken to support international
subsidiaries, and notional forex losses on such loans led to a net
loss of INR34.6m in FY09.

SOPFL is a JV between Sona Autocomp Holding (the investment
holding arm of the Sona Group) and MMC.  The company commenced
operations in 1998 and is engaged in the manufacturing of
precision forged bevel gears, differential case assemblies and
synchroniser rings at its two manufacturing plants in Gurgaon and
Pune.  SOPFL acquired the precision forging facilities of
ThyssenKrupp Prazisionsschmiede GmBH in January 2008, and
consequently made them subsidiaries.


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


ELPIDA MEMORY: Faces Infineon Patent Infringement Lawsuit
---------------------------------------------------------
Infineon Technologies AG filed an infringement lawsuit for unfair
trade practices against Elpida Memory Inc. on February 19 with the
U.S. International Trade Commission, Dow Jones Newswires reports.

Dow Jones relates that Infineon claims Elpida has made DRAM
semiconductors and products that infringe four of Infineon's
patents for import into the U.S and sold them in the U.S.

According to Dow Jones, Infineon's complaint with the ITC seeks an
exclusion order to bar the infringing DRAM semiconductors and
products that are imported by or on behalf of Elpida from entry
into the U.S.

Hermann Eul, a member of Infineon's Management Board, said
Infineon will protect its intellectual property rights.

Based in Neubiberg, Germany, Infineon Technologies AG designs,
develops, manufactures, and markets a range of semiconductors and
systems solutions used in a variety of microelectronic
applications, including computer systems, telecommunications
systems, consumer goods, automotive products, industrial
automation and control systems, and chip card applications.

                        About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

                           *     *     *

As of December 9, 2009, Elpida Memory Inc. continues to carry
Mikuni Credit Ratings 'B' mortgage debt rating and 'B' senior debt
ratings.


TAIHEIYO CEMENT: To Halt Cement Production at Three Plants
----------------------------------------------------------
Taiheiyo Cement Corp. said it will halt cement production at three
plants by September to reduce its annual group production capacity
by 3.1 million tons, or some 13%, Japan Today reports.

According to the report, the company expects to book JPY15 billion
valuation losses on the production stoppage at the plants in
Kochi, Oita and Saitama prefectures for fiscal 2009 ending next
month.

Taiheiyo Cement is also considering production capacity cuts at
three of its affiliates as well as Tosoh Corp., which produces
cement for Taiheiyo at a plant in Yamaguchi Prefecture, the report
says.

Taiheiyo Cement reported net loss of JPY2.54 billion for the
quarter ended Dec. 31, 2009, compared with a net loss of JPY21.93
billion in the same period in 2008.

The Company's balance sheet as at Dec. 31, 2009, showed strained
liquidity with JPY360.97 billion in total current assets available
to pay JPY486.59 billion in total current liabilities.

Headquartered in Tokyo, Japan, Taiheiyo Cement Corporation --
http://www.taiheiyo-cement.co.jp/-- formed by the 1998 merger
of Chichibu Onoda Cement and Nihon Cement, is Japan's leading
cement manufacturer.  Taiheiyo's other interests include
minerals and aggregates, construction materials (ready-mix
concrete and concrete products), and real estate.  The company
also operates materials recycling businesses that include the
conversion of sewage sludge from power plants.  Taiheiyo
provides real estate management services in the Tokyo area.


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


HYUNDAI MOTOR: To Recall Sonata Sedan in US and South Korea
-----------------------------------------------------------
Hyundai Motor Co. said Wednesday it will recall 47,300 units of
the new version of its Sonata sedan in the United States and South
Korea due to a door lock problem, Yonhap News reports.

The news agency, citing a company official, relates that Hyundai
will begin "voluntarily" recalling 1,300 vehicles of the 2011
Sonata in the U.S. and another 46,000 sold in South Korea.

The glitch of front-door latches on the 2011 Sonata could trap
front-seat passengers when they try to open their doors from the
inside while depressing the lock button at the same time,
according to Yonhap.

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.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 11, 2009, 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.


KIA MOTORS: Expects to Lift U.S. Sales by 15% This Year
-------------------------------------------------------
Kia Motors Corp. said Tuesday it expects to boost U.S. sales by
15% this year as it started production at its first factory in the
U.S., according to Yonhap News.

Company officials said Kia plans to sell 347,000 cars in the U.S.
this year, compared with some 300,000 units sold in Korea last
year, Yonhap relates.

Kia Motors Corporation (SEO:000270) -- http://www.kia.com/-- is a
Korea-based automobile manufacturer.  The Company provides its
products under three categories: sport utility vehicles (SUVs) and
multipurpose vehicles (MPVs), passenger vehicles and commercial
vehicles. Its SUVs and MPVs include leisure vehicles under the
brand name Carens, Carnival, Sportage, Mohave and Sorento. Its
passenger vehicles include passenger cars under the brand name
Soul, Picanto, Rio, Cerato, Magentis, Optima, Opirus and Amanti.
Its commercial vehicles include trucks and buses.  The Company
also offers concept vehicles and automobile parts.  The Company's
products are distributed in both domestic and overseas markets.

                          *     *     *

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

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


KUMHO ASIANA: Petrochemical, Airline Units Set to Get Fresh Funds
-----------------------------------------------------------------
Yonhap News reports that Kumho Asiana Group's creditor banks are
set to provide fresh funds to its petrochemical and airline units
in a bid to help them ease a liquidity squeeze.

Yonhap, citing financial sources, says the Korea Development Bank,
Kumho Asiana's main creditor, plans to seek agreements from other
creditor banks starting this week over whether to supply KRW120
billion in funds to Asiana Airlines.

Sources also told Yonhap that the KDB is in the process of seeking
agreement among creditors over whether to provide a fresh
KRW60 billion to Korea Kumho Petrochemical Co.

The creditors decided on Dec. 30 to put two other ailing units --
Kumho Industrial Co. and Kumho Tire Co. -- under a debt
rescheduling program.  Meanwhile, the group's other two units --
Korea Kumho Petrochemical Co. and Asiana Airlines Inc. -- will
have to improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.

The creditors would offer a total of KRW560 billion in funds to
Kumho Asiana Group's four affiliates if the plan goes smoothly,
according to Yonhap.

As reported in the Troubled Company Reporter-Asia Pacific on
August 6, 2009, The Korea Herald said Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  Bloomberg said
creditors including Shinhan Bank may force the company to repay
KRW3.9 trillion (US$3.2 billion) by June if they exercise an
option to sell Daewoo Engineering shares they hold back to Kumho
Asiana.

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

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

                         About Kumho Asiana

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


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


AMBB (L): Moody's Cuts US$200MM Shares to B2
--------------------------------------------
Moody's Investors Service has downgraded the ratings on the hybrid
Tier 1 capital securities of four Malaysian banks, in line with
Moody's revised Guidelines for Rating Bank Hybrids and
Subordinated Debt, published in November 2009.

The affected banks are AmBank (M) Berhad and its subsidiary AMBB
(L) Capital Ltd, CIMB Bank Berhad and its subsidiary SBB Capital
Corporation, Malayan Banking Berhad and Public Bank Berhad.

This concludes Moody's reviews for possible downgrade that began
on November 18, 2009.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that the support provided by
national governments and central banks to a troubled bank would,
to some extent, benefit subordinated debt holders as well as
senior creditors.  But, in many cases, systemic support for these
instruments has not been forthcoming.

Moody's revised methodology largely removes our previous
assumptions of systemic support, resulting in the rating actions.
In addition, the revised methodology generally widens the notching
on a hybrid's rating that is based on the instrument's features.

                      Summary Rating Action

The characteristics of Moody's-rated Malaysian banks' hybrid Tier
1 capital securities enable them to be broadly classified into two
categories, namely non-cumulative and cumulative.  Non-cumulative
securities with relatively weak coupon skip triggers are generally
notched 3 notches from the bank's Adjusted BCA.  On the other
hand, cumulative securities with relatively weak coupon skip
triggers are generally notched 2 notches below the bank's Adjusted
BCA.

The rating of the US$200 million Fixed-to-Floating Rate Step-up
Non-cumulative Non-voting Guaranteed Preference Shares issued by
AMBB (L) Capital Ltd, AMBB's subsidiary was lowered from Ba2 to
B2, which is 3 notches below the Adjusted BCA of Ba2.  The
outlooks of these hybrid Tier 1 capital securities and AMBB's
other ratings are stable.

The rating of the US$200 million Non-Cumulative Guaranteed
Preference Shares issued by SBB Capital Corp., CIMBB's subsidiary
was lowered from Baa3 to Ba3, which is 3 notches below the
Adjusted BCA of Baa3.  The rating outlook of these securities is
positive and in line with the positive outlook of CIMBB's BFSR;
the outlook for the bank's other ratings are stable.

The rating of the S$600 million Capital Securities with Step-up in
2018 issued by MBB was lowered from A3 to Baa2, which is 2 notches
below the Adjusted BCA of A3.  The outlooks for the bank's Tier 1
capital securities' rating and other ratings are stable.

The rating of the US$200 million Innovative Tier 1 Capital
Securities Callable with Step-up in 2016 issued by PBB was lowered
from A3 to Baa2, which is 2 notches below the Adjusted BCA of A3.
The outlooks for the bank's Tier 1 capital securities' rating and
other ratings are stable.

                     Rating Action in Detail

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

The Adjusted BCA is Ba2 for AMBB and is the same as the BCA, given
that parental and/or cooperative support does not apply.

The Adjusted BCA is Baa3 for CIMBB and is the same as the BCA,
given that parental and/or cooperative support does not apply.

The Adjusted BCA is A3 for MBB and is the same as the BCA, given
that parental and/or cooperative support does not apply.

The Adjusted BCA is A3 for PBB and is the same as the BCA, given
that parental and/or cooperative support does not apply.

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

The hybrid Tier 1 capital securities of AMBBC and SBBC have
similar structures.  Each of their hybrid Tier 1 capital
securities consists of perpetual preference shares issued by them
(with a subordinated guarantee by their parents), the proceeds of
which are on-lent to their parents for working capital.
Conditions for non-payment of interest include prevention by the
regulator; the risk of breaching regulatory capital requirements
as a result of the payment; or insufficient distributable reserves
to make the payment.  Deferred interest is non-cumulative.  The
preference shares only rank in priority to common equity.  Moody's
generally rates these securities 3 notches below the banks'
Adjusted BCAs.

MBB's hybrid Tier 1 capital securities have a maturity of 60
years.  Interest may be deferred if no dividend has been declared
or paid on ordinary shares during the 6 months prior to the
securities' interest payment dates.  However, interest will not be
paid if it results in a breach of the minimum capital adequacy
ratio.  Any deferred interest is cumulative, but subject to a
deferral limit.  The deferred interest shall be settled with cash
raised via the issuance of ordinary shares not exceeding 2% of
weighted average shares (including treasury shares) or in the form
of non-innovative Tier 1 capital instruments if market condition
or share price performance is not supportive of the issuance of
ordinary shares.  The securities only rank in priority to common
equity.  Moody's generally rates these securities 2 notches below
the banks' Adjusted BCAs.

PBB's hybrid Tier 1 capital securities have a maturity of 30
years.  Interest deferral may not be paid if common dividends are
not declared or paid during the 12 months prior to the securities'
interest payment dates.  The interest payments are also
cumulative, but subject to a deferral limit.  The deferred
interest shall be settled with cash raised via the issuance of
ordinary shares, subject to market condition or share price
performance.  Moreover, a breach of the minimum capital adequacy
ratio may result in the full redemption of the securities via cash
from the sale of ordinary shares, the settlement of which would
depend on market condition or the share's price performance.  The
securities only rank in priority to common equity.  Moody's
generally rates these securities 2 notches below the banks'
Adjusted BCAs.

The last rating actions for MBB and PBB were on November 18 when
its hybrid Tier 1 capital securities were put on review for
possible downgrade.  The last rating action for CIMBB was on
December 3, 2009 when the outlook for its Bank Financial Strength
Rating was revised from Stable to Positive.  The last rating
action for AMBB was on February 22, 2010 when its BFSR was revised
from D- to D and Baa2/P-3 deposit ratings were confirmed with
stable outlooks.

AmBank (M) Berhad, headquartered in Kuala Lumpur, had assets of
MYR86.2 billion as at September 30, 2009.

CIMB Bank Berhad., headquartered in Kuala Lumpur, had assets of
MYR186.7 billion as at September 30, 2009.

Malayan Banking Berhad, headquartered in Kuala Lumpur, had assets
of MYR317.0 billion as at September 30, 2009.

Public Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR209.0 billion as at September 30, 2009.


POLY TOWER: Obtains 90-Day Restraining Order
--------------------------------------------
Poly Tower Ventures Berhad disclosed that on February 17, 2010,
the Court has granted a restraining order pursuant to Section 176
(10) of the Companies Act, 1965 in favor of Poly Tower Ventures
Berhad, Kinsplastics Sdn Bhd, Poly Carriers Industries (M) Sdn
Bhd, Poly Asia Plastics Industries Sdn Bhd and Bestari Palms Sdn
Bhd (PTV Group) whereby all proceedings in any action or
proceeding against PTV Group including any intended and future
proceedings are restrained and stayed for a period of ninety (90)
days from the date of the Order.

Poly Tower, on February 8, said it failed to submit its Quarterly
Results for the period ended November 30, 2009 to Bursa Malaysia
Securities.

Based in Malaysia, Poly Tower Ventures Berhad (KUL:POLYTWR) --
http://www.polytowerventures.com/-- is an investment holding
Company.  The Company's segments include investment holding and
property investment, manufacturing, and trading.  The Company is
engaged in manufacturing, marketing and exportation of plastic
bags, films, related products, trading of plastic packaging,
recycling of materials used by plastic industry, and property
investment.  The Company's subsidiaries include Poly Carriers
Industries (Malaysia) Sdn. Bhd, Poly Packaging Products Pty. Ltd.,
Kinsplastic Sdn. Bhd., Kinsplastic Vietnam Co. Ltd, and Bestari
Palms Sdn. Bhd.

Poly Tower Ventures Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as the Company defaulted in its
principal and interest payments pursuant to Practice Note
No.1/2001 and is unable to provide a solvency declaration.


RANHILL BERHAD: Ingersoll-Rand Files Wind Up Petition Against Unit
------------------------------------------------------------------
Ranhill Berhad furnished Bursa Malaysia Securities Berhad with
details of the winding-up petition served against Ranhill
Engineers and Constructors Sdn Bhd, a wholly owned subsidiary of
the Company.

Ranhill Berhad said a winding up petition was filed by
Ingersoll-Rand Malaysia Co. Sdn Bhd against Ranhill Engineers
in the Kuala Lumpur High Court.

The petition against REC was presented to Court on January 28,
2010, and served on REC on February 17, 2010, for a claim
MYR34,245.00 as at July 22, 2009, without any judgment or order
from the Court.

The claim against REC is due to a claim of the work done and
completed by Ingersoll and also due to the expiry of twenty-one
(21) days of the Statutory Notice Pursuant to Section 218 of the
Companies Act, 1965.

REC and Ingersoll are now in the midst of negotiations to settle
the matter amicably.

The petition has been slated for hearing on March 25, 2010.

                       About Ranhill Berhad

Ranhill Berhad is a Malaysia-based company.  The company is
engaged in the business of investment holding, provision of
management services to its subsidiaries, and provision of
engineering, procurement and construction services.  It is engaged
in the provision of engineering and construction services, as well
as asset management and ownership, with focus on power, utilities
and other infrastructure and resource assets.  It has also
undertaken oil and gas exploration, development and production
activities.  Ranhill Berhad is organized into four business
segments: EPC & EPCM/PMC, power generation, transmission and
distribution, water and others.  In January 2008, the company
acquired a dormant company, Ranhill Global Systems Sdn Bhd, making
it a wholly owned subsidiary of the company.  On June 20, 2008,
the company disposed its entire equity interest in Bumi
Parahyangan Ranhill Energi Citarum Pte Ltd and BPE became a 72.72%
subsidiary of the Company through West Java Energy Pte Ltd (WJE).

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 26, 2009, Fitch Ratings affirmed Ranhill Berhad's Long-term
foreign currency Issuer Default rating at 'B'.  The Outlook is
Stable.  At the same time, the agency has affirmed the 'B-' (B
minus) senior unsecured rating on the US$220 million notes due
2011 issued by Ranhill (L) Limited and guaranteed by Ranhill and
its subsidiaries.

On December 7, 2009, Standard & Poor's Ratings Services revised
the outlook on Ranhill Bhd. to stable from negative and affirmed
the 'B' long-term corporate credit rating on the company.  At the
same time, Standard & Poor's affirmed the 'B-' issue rating on the
US$220 million five-year senior unsecured notes due in October
2011, issued by Ranhill (L) Ltd.--a fully owned special purpose
vehicle of the company; the notes are fully guaranteed by Ranhill
Bhd.


SBB CAPITAL: Moody's Cuts US$200MM Shares to Ba3
------------------------------------------------
Moody's Investors Service has downgraded the ratings on the hybrid
Tier 1 capital securities of four Malaysian banks, in line with
Moody's revised Guidelines for Rating Bank Hybrids and
Subordinated Debt, published in November 2009.

The affected banks are AmBank (M) Berhad and its subsidiary AMBB
(L) Capital Ltd, CIMB Bank Berhad and its subsidiary SBB Capital
Corporation, Malayan Banking Berhad and Public Bank Berhad.

This concludes Moody's reviews for possible downgrade that began
on November 18, 2009.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that the support provided by
national governments and central banks to a troubled bank would,
to some extent, benefit subordinated debt holders as well as
senior creditors.  But, in many cases, systemic support for these
instruments has not been forthcoming.

Moody's revised methodology largely removes our previous
assumptions of systemic support, resulting in the rating actions.
In addition, the revised methodology generally widens the notching
on a hybrid's rating that is based on the instrument's features.

                      Summary Rating Action

The characteristics of Moody's-rated Malaysian banks' hybrid Tier
1 capital securities enable them to be broadly classified into two
categories, namely non-cumulative and cumulative.  Non-cumulative
securities with relatively weak coupon skip triggers are generally
notched 3 notches from the bank's Adjusted BCA.  On the other
hand, cumulative securities with relatively weak coupon skip
triggers are generally notched 2 notches below the bank's Adjusted
BCA.

The rating of the US$200 million Fixed-to-Floating Rate Step-up
Non-cumulative Non-voting Guaranteed Preference Shares issued by
AMBB (L) Capital Ltd, AMBB's subsidiary was lowered from Ba2 to
B2, which is 3 notches below the Adjusted BCA of Ba2.  The
outlooks of these hybrid Tier 1 capital securities and AMBB's
other ratings are stable.

The rating of the US$200 million Non-Cumulative Guaranteed
Preference Shares issued by SBB Capital Corp., CIMBB's subsidiary
was lowered from Baa3 to Ba3, which is 3 notches below the
Adjusted BCA of Baa3.  The rating outlook of these securities is
positive and in line with the positive outlook of CIMBB's BFSR;
the outlook for the bank's other ratings are stable.

The rating of the S$600 million Capital Securities with Step-up in
2018 issued by MBB was lowered from A3 to Baa2, which is 2 notches
below the Adjusted BCA of A3.  The outlooks for the bank's Tier 1
capital securities' rating and other ratings are stable.

The rating of the US$200 million Innovative Tier 1 Capital
Securities Callable with Step-up in 2016 issued by PBB was lowered
from A3 to Baa2, which is 2 notches below the Adjusted BCA of A3.
The outlooks for the bank's Tier 1 capital securities' rating and
other ratings are stable.

                     Rating Action in Detail

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

The Adjusted BCA is Ba2 for AMBB and is the same as the BCA, given
that parental and/or cooperative support does not apply.

The Adjusted BCA is Baa3 for CIMBB and is the same as the BCA,
given that parental and/or cooperative support does not apply.

The Adjusted BCA is A3 for MBB and is the same as the BCA, given
that parental and/or cooperative support does not apply.

The Adjusted BCA is A3 for PBB and is the same as the BCA, given
that parental and/or cooperative support does not apply.

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

The hybrid Tier 1 capital securities of AMBBC and SBBC have
similar structures.  Each of their hybrid Tier 1 capital
securities consists of perpetual preference shares issued by them
(with a subordinated guarantee by their parents), the proceeds of
which are on-lent to their parents for working capital.
Conditions for non-payment of interest include prevention by the
regulator; the risk of breaching regulatory capital requirements
as a result of the payment; or insufficient distributable reserves
to make the payment.  Deferred interest is non-cumulative.  The
preference shares only rank in priority to common equity.  Moody's
generally rates these securities 3 notches below the banks'
Adjusted BCAs.

MBB's hybrid Tier 1 capital securities have a maturity of 60
years.  Interest may be deferred if no dividend has been declared
or paid on ordinary shares during the 6 months prior to the
securities' interest payment dates.  However, interest will not be
paid if it results in a breach of the minimum capital adequacy
ratio.  Any deferred interest is cumulative, but subject to a
deferral limit.  The deferred interest shall be settled with cash
raised via the issuance of ordinary shares not exceeding 2% of
weighted average shares (including treasury shares) or in the form
of non-innovative Tier 1 capital instruments if market condition
or share price performance is not supportive of the issuance of
ordinary shares.  The securities only rank in priority to common
equity.  Moody's generally rates these securities 2 notches below
the banks' Adjusted BCAs.

PBB's hybrid Tier 1 capital securities have a maturity of 30
years.  Interest deferral may not be paid if common dividends are
not declared or paid during the 12 months prior to the securities'
interest payment dates.  The interest payments are also
cumulative, but subject to a deferral limit.  The deferred
interest shall be settled with cash raised via the issuance of
ordinary shares, subject to market condition or share price
performance.  Moreover, a breach of the minimum capital adequacy
ratio may result in the full redemption of the securities via cash
from the sale of ordinary shares, the settlement of which would
depend on market condition or the share's price performance.  The
securities only rank in priority to common equity.  Moody's
generally rates these securities 2 notches below the banks'
Adjusted BCAs.

The last rating actions for MBB and PBB were on November 18 when
its hybrid Tier 1 capital securities were put on review for
possible downgrade.  The last rating action for CIMBB was on
December 3, 2009 when the outlook for its Bank Financial Strength
Rating was revised from Stable to Positive.  The last rating
action for AMBB was on February 22, 2010 when its BFSR was revised
from D- to D and Baa2/P-3 deposit ratings were confirmed with
stable outlooks.

AmBank (M) Berhad, headquartered in Kuala Lumpur, had assets of
MYR86.2 billion as at September 30, 2009.

CIMB Bank Berhad., headquartered in Kuala Lumpur, had assets of
MYR186.7 billion as at September 30, 2009.

Malayan Banking Berhad, headquartered in Kuala Lumpur, had assets
of MYR317.0 billion as at September 30, 2009.

Public Bank Berhad, headquartered in Kuala Lumpur, had assets of
MYR209.0 billion as at September 30, 2009.


WWE HOLDINGS: Dec. 31 Balance Sheet Upside Down by MYR6.47 Mil.
---------------------------------------------------------------
WWE Holdings Bhd balance sheet at December 31, 2009, showed total
assets of MYR227.81 million and total liabilities of MYR234.28
million, resulting in a shareholders' deficit of MYR6.47 million.

The Company's balance sheet at Dec. 31, 2009, also showed strained
liquidity with MYR203.79 million in total current assets available
to pay MYR205.67 million in total current liabilities.

In the first quarter ended Dec. 31, 2009, WWE Holdings reported
net income of MYR298,000, compared with a net income of
MYR1.52 million in the same quarter of 2008.

For the current quarter, the group registered revenue of
MYR3.95 million as compared to revenue of MYR4.57 million in the
preceding year quarter.  The revenue for the current year quarter
is derived solely from the Operation and Maintenance (O&M) works
on the Jelutong Sewage Treatment Plant (JSTP) which commenced
since May 11, 2008.

                        About WWE Holdings

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

                          *     *     *

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


WWE HOLDINGS: Disclosed Revision to 40-Mil. Shares Placement
------------------------------------------------------------
WWE Holdings Berhad on February 23 signed a supplemental letter
with the vendors, Peribadi Johan and Newco, in relation to a
Restructuring Agreement dated October 20, 2009, to vary the terms
of the Proposed Placement.  The Proposed Placement will involve a
private placement of up to 40,000,000 new Newco Shares at an issue
price of MYR0.50 per Newco Share.

The Revised Placement is expected to raise gross proceeds of
MYR20,000,000.  The proceeds raised from the Revised Placement
will be utilized for defraying of expenses incidental to the
Proposed Restructuring Scheme, which amounts to MYR2,000,000 and
for working capital, which amounts to MYR18,000,000.

All the other terms of the announcement dated October 20, 2009,
remain unchanged.

HwangDBS Investment Bank Berhad and Hong Leong Investment Bank
Berhad (formerly known as HLG Credit Berhad and HLG Credit Sdn
Bhd), being the Joint Advisers to WWE, on October 20, 2009,
entered into:

   (i) a restructuring agreement with Char Hon Wah, Char Hon
       Loong, Char Seow Peng, Capaian Bitara Sdn Bhd, Amat
       Megah Holdings Sdn Bhd and Able Realty Sdn Bhd, the
       shareholders of Malpakat Construction Sdn Bhd, Peribadi
       Johan Sdn Bhd and Malpakat Resources Sdn Bhd, a special
       purpose vehicle which shall assume the listing status of
       WWE ("Restructuring Agreement"); and

  (ii) a conditional share sale agreement with Peribadi Johan for
       the proposed disposal of the entire paid-up share capital
       of WWE to Peribadi Johan.

The restructuring exercise set out in the Restructuring Agreement
comprises of (i) Proposed Share Split; (ii) Proposed Share
Exchange; (iii) Proposed Malpakat Acquisition; (iv) Proposed
Placement; (v) Proposed Offer for Sale; (vi) Proposed Transfer;
(vii) Proposed Exemption; and (viii) Proposed Disposal.

A full-text copy of the Requisite Announcement is available at no
charge at http://ResearchArchives.com/t/s?5493

                        About WWE Holdings

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

                           *     *     *

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


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


GENEVA FINANCE: S&P Downgrades Long-Term Rating to 'CC'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term rating on Geneva Finance Ltd. to 'CC' from 'CCC'.  The
rating is also placed on CreditWatch with negative implications.
At the same time, the insurer financial strength rating on
Geneva's captive insurer, Quest Insurance Group Ltd., was lowered
to 'CC' from 'CCC', and placed on CreditWatch with negative
implications.

"The downgrade follows Geneva's announcement that it has
negotiated an extension of its funding facility from BOS
International (Australia) Ltd. (A+/Negative), which S&P believes
will result in a partial deferment of principal debenture
repayments on March 31, 2010, under existing terms and
conditions," said Standard & Poor's credit analyst Derryl D'silva.
Under the revised agreement, the company has proposed that
debenture and subordinated note investors defer approximately 50%
of their currently scheduled principal repayments, which Standard
& Poor's would view as a selective default.  Geneva will, however,
continue to pay interest each month at the individual investor
contracted interest rate.  This revised arrangement is subject to
approval from Geneva's debenture and subordinate note holders,
which is expected to take place in the last week of March 2010.

The company has expressed the view that its proposed course of
action is the best way for the company to achieve an orderly
repayment of its banking facility, due in April 2011, and is in
the best long-term interests of debenture and subordinated note
holders.  While this may or may not prove to be the case, it is
likely nonetheless to cause a selective default on existing
obligations in the short term.

The CreditWatch placement reflects S&P's view that the next key
milestone requiring a review by Standard & Poor's of its ratings
on Geneva and Quest is likely to be after debenture and
subordinate note holders have considered the revised arrangement,
in the last week of March 2010.

"Standard & Poor's view is that investors are likely to approve
the plan, which would result in Geneva having completed a
distressed exchange offer that would result in a payment default,
and S&P would subsequently lower the rating to 'SD' on the day the
approval comes through", said Mr. D'silva.  If and when the
approval is successfully completed, it is likely that the rating
on Geneva will be raised to the 'CC' rating category from 'SD' but
with a negative outlook.  At the same time, the 'CC' rating on
Quest is likely to be affirmed with a negative outlook.

On the other hand, should investors reject the plan, Standard &
Poor's view is that the 'CC' rating on Geneva and Quest would be
affirmed and remain on CreditWatch negative.  This would be based
on S&P's view that management may have to gradually wind down the
operations of Geneva and Quest.  If this were to eventuate such
that it resulted in a payment default by Geneva, S&P would lower
the rating on Geneva to 'D', and could lower the rating on Quest
to 'R'.


                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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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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