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        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

           Monday, March 1, 2010, Vol. 13, No. 041

                            Headlines



A U S T R A L I A

FIGGINS HOLDINGS: Goes Into Liquidation; Owes More Than AU$18MM
NO LIMIT: St. George Bank Appoints Deloitte as Receivers
ONETEL: ASIC Won't Appeal OneTel Court Loss, The Australian Says
OWEN FERGUSON: Placed in Receivership; Ferrier Hodgson Appointed
STORM FINANCIAL: Likely to Face Class Action from Some Investors


C H I N A

SINOBIOMED INC: Issues 1,000,000 Shares for $300,000 Debt


H O N G  K O N G

CENTURY MUTUAL: Members' and creditors Meetings Set for March 5
FRENCH ASIAN: Creditors' Proofs of Debt Due March 12
FUBON (HK): Creditors' Proofs of Debt Due March 19
GALAXY CASINO: S&P Keeps 'B' Long-Term Corporate Credit Rating
GALLERIA (HK): Court Enters Wind-Up Order

GOLDEN DOME: Court Enters Wind-Up Order
GREAT HONOUR: Li and Tsang Appointed as Liquidators
H3C HOLDINGS: S&P Keeps 'BB-' Long-Term Corporate Credit Rating
HK BEIER: Court to Hear Wind-Up Petition on March 10
KAN HING: Court to Hear Wind-Up Petition on April 7

KENSON PROPERTIES: General Meeting Set for March 19
MANIFAST LIMITED: Court to Hear Wind-Up Petition on March 24
MUTUAL GENERAL: Li and Tsang Appointed as Liquidators
OCEAN CHAMP: Court to Hear Wind-Up Petition on April 7
SIEMENS BUILDING: Creditors' Proofs of Debt Due March 12

SHUN HANG: Court Enters Wind-Up Order
UNION BILLION: Court Enters Wind-Up Order


I N D I A

ACCELERATED FREEZE: ICRA Assigns 'LB' Rating on INR60MM Term Loan
AHMEDABAD STRIPS: ICRA Places 'LBB+' Rating on INR52.2MM Term Loan
ARUPPUKOTTAI SHRI: ICRA Assigns 'LB' Rating on INR129.2MM Loans
BARFLEX POLYFILMS: ICRA Rates INR76.2MM Term Loans at 'LBB+'
CITY REALTY: ICRA Assigns 'LBB+' Rating on Sanctioned LT Bank Debt

CCS INFOTECH: CRISIL Reaffirms 'BB+' Ratings on Various Bank Debts
CORE GREEN: CRISIL Rates INR2.11 Bil. Long Term Loan at 'BB'
COTWALL COMMERCE: CRISIL Reaffirms Ratings on INR70-Mln Bank Loans
D. THAKKAR: CRISIL Places 'BB+' Ratings on Various Bank Facilities
DEWAS METAL: Low Net Worth Prompts CRISIL to Assign 'BB' Ratings

DHANUKA LABORATORIES: ICRA Reaffirms 'LBB+' Rating on Bank Debts
DIAMOND BEVERAGES: CRISIL Puts 'BB+' Ratings on INR215M Term Loan
ELICO LTD: Default in Loan Repayment Cues CRISIL Junk Ratings
HARIDARSHAN TRACOM: CRISIL Rates INR80 Mil. Cash Credit at 'BB'
HARSHNI TEXTILES: CRISIL Assigns 'B+' Ratings on INR528.3MM Loans

ICEWEAR CREATION: Stretched Liquidity Cues CRISIL 'B' Ratings
INANI MARBLES: Delay in Loan Repayment Cues CRISIL 'D' Ratings
RAMALINGA MILLS: ICRA Places 'LB' Rating on INR623.2MM Term Loans
SARU INTERNATIONAL: ICRA Assigns 'LBB' Rating on Fund-Based Limits
SUNLAND ALLOYS: ICRA Reaffirms 'LBB+' INR250 Mil. Bank Facilities

SUNLAND METAL: ICRA Reaffirms 'LBB+' Rating on INR250MM Bank Debts


I N D O N E S I A

TUGU REASURANSI: Fitch Upgrades Insurer Financial Strength Rating


J A P A N

COMMERZBANK: Investors Sue Bank, Tokyo Exchange Over Forex Losses
JAPAN AIRLINES: Plans 5% Pay Cuts, No Bonuses in FY2010
JAPAN AIRLINES: Reports Traffic Data for December


K O R E A

HYNIX SEMICONDUCTOR: Names Hynix SVP Kwon as New CEO


N E W  Z E A L A N D

BROADLANDS FINANCE: S&P Assigns 'BB-/B' Counterparty Credit Rating


P H I L I P P I N E S

ROYAL BANK: JG Summit to Acquire Philippine Unit


S I N G A P O R E

CALL CENTRE: Creditors' Proofs of Debt Due March 10
CP SOLUTIONS: Court Enters Wind-Up Order
HSING-HUA AVIATION: Court Enters Wind-Up Order
MAN JING: Court Enters Wind-Up Order
MOBILE & WIRELESS: Creditors' Proofs of Debt Due March 12

ORIENT NETWORKS: Creditors' Proofs of Debt Due March 12
SINGAPORE AIR: Creditors Get 100% Recovery on Claims
SINGAPORE EXPLORER: Court to Hear Wind-Up Petition on March 12




                         - - - - -


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A U S T R A L I A
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FIGGINS HOLDINGS: Goes Into Liquidation; Owes More Than AU$18MM
---------------------------------------------------------------
Melbourne shoe firm Figgins Holdings has gone into liquidation
amid subdued sales and savage discounting in the clothing and
footwear industry, James Thomson at SmartCompany reports.

Mr. Thompson says the company's collapse comes just over 12 months
after it announced it was closing the 43 store Shoobiz chain, with
the loss of 220 jobs.  SmartCompany relates the company later shut
some Evelyn Miles stores and rebranded others as Midas stores,
before selling the Florsheim brand.

Citing ASIC documents, SmartCompany discloses that Figgins was
placed in voluntary liquidation after a wind-up application from a
creditor on February 18.  The company owes more than AU$18
million, the report notes.

SmartCompany says data from research firm IBISWorld shows revenue
at Figgins Holdings plunged 33.5% during 2008-09 to AU$94.5
million.  According to the report, the company's employee numbers
fell 78.1% to 200 from the 832 staff Figgins employed just three
years ago.

Founded in 1965, Figgins Holdings used to operate 140 stores
around Australia.  It owned the Midas, Emporio, Mollini and
Scooter brands and previously operated the Shoobiz and Evelyn
Miles and Florsheim brands.


NO LIMIT: St. George Bank Appoints Deloitte as Receivers
--------------------------------------------------------
St. George Bank has appointed receivers to four companies owned by
private Gold Coast developer John Marshall, Nick Nichols at
goldcoast.com.au reports.  John Greig and Nicholas Harwood, of
Deloitte, have been appointed receivers to Mr. Marshall's
companies No Limit, No Limit 7, No Limit 12 and Storage King
Miami.

According to the report, the receivers were appointed on
February 18, but there was no immediate indication of how much
St. George Bank was owed by the companies.

The report relates the receivers said those details were
'commercial in confidence'.

"We are assessing the financial position and circumstances of the
companies and exploring all available options to maximize the
value of the properties and developments," the report quoted
Mr. Harwood as saying.

Mr. Harwood said there were several properties owned by entities
within the No Limit group that were not subject to receivership.
But there was no indication how the receivership would affect the
remainder of the group, the report notes.


ONETEL: ASIC Won't Appeal OneTel Court Loss, The Australian Says
----------------------------------------------------------------
The Australian Securities and Investment Commission will not
appeal its One.Tel loss, deciding the costs involved and public
interest meant it should withdraw its notice to appeal, John Durie
writes for The Australian.

Mr. Durie says the decision effectively frees Jodie Rich from any
official sanctions.

The Troubled Company Reporter-Asia Pacific, citing The Sydney
Morning Herald, reported on Nov. 19, 2009, that Judge Austin
dismissed the long running case launched by ASIC against Messrs.
Rich and Silbermann in December 2001.  Judge Austin found that
ASIC had failed to prove any aspect of pleaded cases against
either defendant.

A TCR-AP report on February 8, 2006, said that the ASIC initiated
actions against Messrs. Rich and Silbermann for allegedly allowing
the company to trade while it was insolvent and for providing
misleading financial information to the Company's Board of
Directors.

The ASIC wanted to ban Messrs. Rich and Silbermann from holding
directorships and is seeking compensation of AU$92 million, the
value allegedly lost by the telco by continuing to trade after
February 2001, when ASIC alleged it became insolvent, the TCR-AP
said.

ASIC had until February 27, 2010, to commence an appeal of the NSW
Supreme Court decision.

                           About One.Tel

One.Tel Limited is an Australian based telecommunications
company, belonging to One.Tel Group.  One.Tel Ltd. was
established in 1995 soon after the deregulation of the
Australian telecommunications industry, most of which are
currently under external administration by court appointed
liquidators.

One.Tel is currently in liquidation due to financial problems.
Ferrier Hodgson was appointed as voluntary administrator on
May 29, 2001.  The administrator's report stated that the company
was insolvent as of March 2001.  Accordingly, the administrator
terminated approximately 3,000 employees in June that same year.

Steve Sherman and Peter Walker of Ferrier Hodgson were then
named liquidators on July 24, 2001.


OWEN FERGUSON: Placed in Receivership; Ferrier Hodgson Appointed
----------------------------------------------------------------
The Owen Ferguson Health Group has been placed in receivership.
ANZ Banking Corp. on February 24 appointed receivers James
Stewart, Morgan Kelly and Peter Walker of Ferrier Hodgson to take
over three of the group's hospitals, in Lismore, Mackay and
Melbourne, The Sydney Morning Herald reports.

The Group's collapse comes less than a week after the state
government expressed confidence in working with it on a $51
million hospital at Homebush Bay, the report says.

The Herald relates directors Kerry Ferguson and Daniel Owen on the
same day called in voluntary administrators, who will take control
of the closed Canada Bay hospital.

According to the Herald, the chief executive of Australian Public
Trustees, Darren Olney-Fraser, said he would work with the
receivers to find new operators for the hospital in Lismore, and
the sale of the Mackay hospital would go ahead as planned.  Both
hospitals would continue to operate.

Morgan Kelly, from Ferrier Hodgson, said the appointment of
receivers was an opportunity to return some stability while the
viability of each hospital was assessed, according to the Herald.

The Herald relates the administrator, Andrew Needham, from HLB
Mann Judd, said creditors would get their first briefing on
March 8.

The Owen Ferguson Health Group owns and manages three private
hospitals in suburban and regional Australia: Cliveden Hill
Private Hospital, East Melbourne, Victoria; Lismore Private
Hospital, Lismore, New South Wales; Pioneer Valley Private
Hospital, Mackay, Queensland.


STORM FINANCIAL: Likely to Face Class Action from Some Investors
----------------------------------------------------------------
The Courier Mail reports that the Commonwealth Bank of Australia
may yet face a costly class action in the Federal Court by
disgruntled Storm Financial investors, despite a resolution scheme
tipped to cost up to $300 million.

Courier Mails says hundreds of unhappy Storm victims are holding
out for a bigger compensation payout ahead of an Australian
Securities and Investment Commission investigation due to be
released next month.

According to the report, lawyer Stewart Levitt, who represents 70
Storm victims, said his firm was likely to file a class action in
the Federal Court by Easter.

He cited a legal precedent in the Goodridge vs Macquarie Bank case
in the Federal Court earlier this month to have a client's entire
portfolio reinstated in full, Courier Mail notes.

The Courier Mail, meanwhile, reports that Storm Investors Consumer
Action Group said Thursday it would now "redouble" efforts to go
after the other banks, including Macquarie Bank, Westpac, ANZ and
Bank of Queensland.

An ANZ spokesman said the bank would have a customer resolution
scheme for 200 to 300 clients in a few weeks, the report relates.

As reported in the Troubled Company Reporter-Asia Pacific on
February 24, 2010, the Commonwealth Bank said it has finalized a
framework to resolve claims brought by customers affected by the
collapse of Storm Financial.  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.

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, has stated that, in its opinion, the framework
constitutes a fair and reasonable basis for the resolution of
claims.

Commonwealth Bank CEO Ralph 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.

                        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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C H I N A
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SINOBIOMED INC: Issues 1,000,000 Shares for $300,000 Debt
---------------------------------------------------------
SinoBiomed Inc. on February 17, 2010, issued 1,000,000 shares of
common stock of the Company to two individuals with respect to the
conversion of a debt of US$300,000 owing to an entity in Singapore
at a conversion price of US$0.30 per share.

The Company believes that the issuance is exempt from registration
under Regulation S or Section 4(2) under the Securities Act as the
securities were issued to the individuals through an offshore
transaction which was negotiated and consummated outside of the
United States.

                       Delinquent Reporting

Sinobiomed has not filed its quarterly report for the period
ended March 31, 2009, and its annual report for the period ended
December 31, 2008.

On May 20, 2009, the Company's securities were dropped from the
OTCBB to the Pink Sheets as a result of the Company not filing its
Form 10-K within the 30-day grace period after the extended
deadline for the filing of the Form 10-K.

Sinobiomed Inc.'s consolidated balance sheet at September 30,
2008, showed total assets of US$8,355,042 and total liabilities of
US$16,506,425, resulting in total stockholders' deficit of
US$8,151,383.

                         About Sinobiomed

Sinobiomed Inc. formerly CDoor Corp. (OTC BB: SOBM)
-- http://www.sinobiomed.com/-- was incorporated in the State of
Delaware.  The Company is a Chinese developer of genetically
engineered recombinant protein drugs and vaccines.  Based in
Shanghai, Sinobiomed currently has 10 products approved or in
development: three on the market, four in clinical trials and
three in research and development.  The Company's products respond
to a wide range of diseases and conditions, including: malaria,
hepatitis, surgical bleeding, cancer, rheumatoid arthritis,
diabetic ulcers and burns, and blood cell regeneration.

                      Going Concern Doubt

Schumacher & Associates Inc., in Denver, expressed substantial
doubt about Sinobiomed Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended December 31, 2007.  The auditing
firm reported that the Company has experienced losses since
commencement of operations and has negative working capital and a
stockholders' deficit.

The Company is in the process of researching, developing, testing
and evaluating proposed new pharmaceutical products and has not
yet determined whether these products are technically or
economically feasible.  Management's plan is to actively search
for new sources of capital, including government and non-
government grants toward research projects and new equity
investment.


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H O N G  K O N G
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CENTURY MUTUAL: Members' and creditors Meetings Set for March 5
---------------------------------------------------------------
Members and creditors of Century Mutual Limited will hold their
annual meetings on March 5, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at the offices of Baker Tilly Hong Kong, 12/F, China
Merchants Tower, Central, in Hong Kong.

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


FRENCH ASIAN: Creditors' Proofs of Debt Due March 12
----------------------------------------------------
Creditors of The French Asian Art Society 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 3, 2010.

The company's liquidator is:

         Ma Ching Nam
         Gloucester Tower, 5th Floor
         The Landmark
         11 Pedder Street
         Central, Hong Kong


FUBON (HK): Creditors' Proofs of Debt Due March 19
--------------------------------------------------
Creditors of Fubon (Hong Kong) Trustee Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 19, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on February 12, 2010.

The company's liquidator is:

         Chan Ho Yin Graham
         The Center, Unit 1, 15/F
         99 Queen's Road
         Central, Hong Kong


GALAXY CASINO: S&P Keeps 'B' Long-Term Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had kept its 'B'
long-term corporate credit rating on Galaxy Casino S.A. on
CreditWatch with negative implications.

"S&P has kept the rating on Galaxy Casino on CreditWatch pending
clarification on how the company plans to fund its resumed
construction of a casino resort in Macau," said Standard & Poor's
credit analyst Joe Poon.

S&P initially placed the rating on CreditWatch on Nov. 11, 2009,
following Galaxy Casino's announcement that the development
project at the Cotai Strip will be resumed at higher-than-budgeted
costs.

S&P's uncertainty over how Galaxy Casino intends to fund the
project stems from its tight liquidity as a result of the large
development costs and outstanding debt.  In January 2010, the
company fully redeemed about US$106 million of its outstanding
floating rate notes due 2010.  S&P estimates that Galaxy Casino
and its parent, Galaxy Entertainment Group Ltd., should now have a
total of Hong Kong dollar 2.5 billion in cash and cash
equivalents.  Total outstanding debt should be about H
K$3.5 billion, including a HK$1.3 billion convertible bond
maturing in December 2011 and HK$2.2 billion fixed-rate notes
maturing in December 2012.

S&P aims to resolve the CreditWatch within four to six weeks, when
S&P has certainty on the financing for the development of the
Galaxy Macau resort.  The outcome of the CreditWatch resolution
will depend on the company's liquidity during the development of
the project and S&P's assessment of the competitive, construction,
and execution risks.


GALLERIA (HK): Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order February 8, 2010, to
wind up the operations of Galleria (Hong Kong) Limited.

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


GOLDEN DOME: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order February 3, 2010, to
wind up the operations of Golden Dome (H.K.) Cabaret International
Co. Limited.

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


GREAT HONOUR: Li and Tsang Appointed as Liquidators
---------------------------------------------------
Li Man Wai and Tsang Lai Fun of Raymond Li & Co. on February 3,
2010, were appointed as liquidators of Great Honour International
Limited.

The liquidators may be reached at:

         Li Man Wai
         Tsang Lai Fun
         Room 1001, 10th Floor
         Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


H3C HOLDINGS: S&P Keeps 'BB-' Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had kept its 'BB-'
long-term corporate credit rating on H3C Holdings Ltd. and the
'BB+' bank loan rating on the company's senior secured credit
facility on CreditWatch with positive implications.  H3C is a
global supplier of Internet protocol-based products and solutions.

"S&P has kept the ratings on CreditWatch pending the likely
completion of Hewlett-Packard Co.'s (A/Stable/A-1) acquisition of
H3C's parent, 3Com Corp. (not rated), in the first half of 2010,"
said Standard & Poor's credit analyst Joe Poon.  "S&P believes H3C
could benefit from the proposed acquisition because Hewlett-
Packard has a stronger credit profile than 3Com, whose credit
profile has been a rating constraint for H3C."

The ratings were initially placed on CreditWatch on Nov. 13, 2009,
following 3Com's announcement that it had agreed to be acquired.

In February 2010, Hewlett-Packard received approval from the
European Commission to proceed with the proposed deal, provided
that there were no antitrust concerns.  3Com shareholders have
also approved the merger.

In S&P's opinion, H3C has ample liquidity.  As at Sept. 30, 2009,
the company had a net cash position comprising US$441.7 million in
cash and cash equivalent against total debt of US$112 million.
3Com also had a net cash position, with consolidated cash of about
US$704.1 million against total debt of US$112 million as at
Nov. 27, 2009.  In the third quarter of 2009, the company had
repaid US$88 million of its outstanding bank loan (of which
US$40 million was voluntary payments).

S&P aims to resolve the Credit Watch once it is clear that either
the acquisition is completed or will not proceed.  Upon successful
completion of the acquisition, S&P may raise the rating on H3C by
more than one notch.  If the acquisition does not materialize, S&P
is likely to affirm the 'BB-' corporate credit rating on H3C with
a positive outlook.


HK BEIER: Court to Hear Wind-Up Petition on March 10
----------------------------------------------------
A petition to wind up the operations of Hong Kong Beier Gaolin
Building & Landscape Design Academy Limited will be heard before
the High Court of Hong Kong on March 10, 2010, at 9:30 a.m.

Belt Collins International (HK) Limited filed the petition against
the company on February 1, 2010.

The Petitioner's solicitors are:

          K.B. Chau & Co.
          Wing Lung Bank Building, 11th Floor
          45 Des Voeux Road
          Central, Hong Kong


KAN HING: Court to Hear Wind-Up Petition on April 7
---------------------------------------------------
A petition to wind up the operations of Kan Hing Manufacturing
Limited will be heard before the High Court of Hong Kong on
April 7, 2010, at 9:30 a.m.


KENSON PROPERTIES: General Meeting Set for March 19
---------------------------------------------------
Members of Kenson Properties Limited will hold their general
meeting on March 19, 2010, at 2:30 p.m., at the Room 501, 5/F.,
Sun Hung Kai Cenbtre, 30 Harbour Road, in Hong Kong.

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


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


MUTUAL GENERAL: Li and Tsang Appointed as Liquidators
-----------------------------------------------------
Li Man Wai and Tsang Lai Fun of Raymond Li & Co. on February 3,
2010, were appointed as liquidators of Mutual General Limited.

The liquidators may be reached at:

         Li Man Wai
         Tsang Lai Fun
         Room 1001, 10th Floor
         Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


OCEAN CHAMP: Court to Hear Wind-Up Petition on April 7
------------------------------------------------------
A petition to wind up the operations of Ocean Champ Investment
Limited will be heard before the High Court of Hong Kong on
April 7, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

          Crump & Co.
          2009, Tower One
          Lippo Centre
          Admiralty, Hong Kong


SIEMENS BUILDING: Creditors' Proofs of Debt Due March 12
--------------------------------------------------------
Creditors of Siemens Building Technologies (China) 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:

         Patrick Cowley
         Paul Edward Mitchell
         Alexandra House, 27th Floor
         18 Chater Road
         Central, Hong Kong


SHUN HANG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order January 5, 2010, to
wind up the operations of Shun Hang Ki Engineering Company
Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


UNION BILLION: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order January 26, 2010, to
wind up the operations of Union Billion Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


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ACCELERATED FREEZE: ICRA Assigns 'LB' Rating on INR60MM Term Loan
-----------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR60.0 million term loan
facilities of Accelerated Freeze Drying Company Limited.  ICRA has
also assigned an 'A4' rating to INR265.0 million fund-based
facilities and INR19.0 million non-fund based bank facilities of
AFDC.

The ratings are constrained by current delays in debt servicing by
the Company.  The Company's current scale of operations remains
small restricting economics of scale and financial flexibility.
AFDC's financial profile remains weak characterized by low
margins, weak coverage indicators (OPBITDA/Interest of 1.7 as on
March 31, 2009) and high working capital intensity (Net working
capital/OI of 108.8% as on March 31, 2009).  A sharp fall in
demand for larger grades of shrimp in major markets like Japan and
US resulted in revenue de-growth for the Company during the past
two years.  AFDC's profitability remains vulnerable to exchange
rate fluctuations as exports constitute -90% of the company's
sales.  The ratings however take note of the significant
experience of the promoters of nearly three decades in food
processing industry.  The ratings also take into consideration
the presence of foreign collaborators Nissin Foods and Itochu
Corporation, who consume ~60-70% of AFDC's output, as shareholders
in the Company.

Accelerated Freeze Drying Company Limited was incorporated in the
year 1986 in Cochin, Kerala.  The Company is promoted by Amalgam
Foods Limited, Cochin (52% shareholding) in collaboration with
Nissin Foods, Hong Kong (38% shareholding) and Itochu Corporation,
Japan (10% shareholding).  AFDC processes and exports freeze-dried
seafood and spices.  The Cochin plant with a capacity of
460 tons/annum processes seafood and partly pepper whereas the
Bangalore plant with a capacity of 140 tons/annum processes herbs,
spices and vegetables.

The Company reported a net profit after tax of INR2.5 million on
operating income of INR431.2 million for the year ending March 31,
2009, against net profit after tax of INR23.3 million on operating
income of INR521.5 million for the year ending March 31, 2008.


AHMEDABAD STRIPS: ICRA Places 'LBB+' Rating on INR52.2MM Term Loan
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR52.2 million term
loans and INR180.0 million fund based limits of Ahmedabad Strips
Private Limited.  The outlook on the rating is stable. ICRA has
also assigned an 'A4+' rating to the INR100.0 million non fund
based limits.

The assigned ratings are constrained by ASPL's exposure to
volatility in raw material prices, adverse capital structure as
indicated by gearing of 2.40 times as on March 31, 2009, the
strong bargaining power of its key suppliers, the intensely
competitive nature of the industry and the vulnerability of the
company to the cyclicality in the steel industry.  The rating,
however, draws comfort from the established presence of the
promoters in the steel trading business, the low customer
concentration, the positive industry outlook for flat steel
products and the ability of the company to protect its
operating margins despite fluctuations in steel prices.

Ahmedabad Strips Pvt. Ltd. was established in 1997. ASPL is into
manufacturing of hot rolled coil (HRC) and cold rolled coil (CRC)
carbon steel products of different grades of steel. ASPL provides
processing services like pickling, cold rolling, annealing, skin
passing, slitting and shearing depending upon the requirements of
the customer.  The products are custom made where in the
thickness, width and surface finish can be customized according to
customer requirements.  The promoters are in the steel trading
business since 1975.

ASPL has approximately 23,000 square meters of land in Khatrej,
Gandhinagar on which factory shed has been constructed.  The
company has installed capacities for processing of 27000 MT of HRC
products per annum and 27000 MT of CRC products per annum.  The
capacity utilization for FY09 was 66.3% for CRC and 42.8% for HRC
products.  ASPL has also invested INR102.0 million for the
installation of three windmills in the Kutch region of Gujarat for
captive power consumption.

ASPL recorded an operating income of INR1.36 billion and a profit
after tax of INR17.8 million in 2008-09.


ARUPPUKOTTAI SHRI: ICRA Assigns 'LB' Rating on INR129.2MM Loans
---------------------------------------------------------------
ICRA has assigned 'LB' ratings to the INR129.2 million term loans
and INR150.0 million fund based limits of Aruppukottai Shri
Ramalinga Spinners Private Limited.  ICRA has also assigned an
'A4' rating to the INR484.0 million non- fund based limits of the
company.  Two-way inter-changeability between Letter of credit and
Cash credit limits are allowed to the extent of INR30.0 million.

The ratings primarily reflect the delays in debt servicing by the
Company and uncertainties related to pending family settlement in
the group. Operating with 63,552 spindles, the company is a wholly
owned subsidiary of Shri Ramalinga Mills Limited.  The company
produces cotton yarn of fine and super fine counts, the count
ranging from 64s to 105s.  Global slowdown and subdued demand for
yarn impacted the company's top-line for fiscal 2008-09, which
dropped by more than 20% over 2007-08.  However, with the demand
for yarn improving, the volumes and revenues have gathered
significant momentum in the current year.  Also, rising preference
for finer quality of fabrics, benefits the company as it has
always been focusing on meeting demand for finer counts of yarn.
Procurement process handled by the parent ensures raw material
availability and also better quality of cotton.

However, being located in Tamil Nadu, the Company suffers from
relatively high power and logistics cost as compared to mills in
Andhra Pradesh.  Also, the rise in cotton costs unmatched by the
increase in yarn prices is likely to stress the margins of the
spinners in near term. Higher depreciation and interest cost
(towards debt-funded capital expenditure on spindle additions) has
eroded the company's profitability over last two fiscals.  The
spike in debt levels (to fund the spindle additions) coupled with
lower operating accruals has resulted in high leverage, low
coverage indicators and low return on capital.  The ratings are
also strained by significant delays observed in debt servicing in
the recent past.  The Company's working capital intensity has
been stretched on the back of huge pile-up of inventories and
delayed collections of receivables.  Though most of these
inventories were sold during the current year, bulk procurement of
cotton by the parent covering for major portion of the year
exposes it to risks of price volatility.  The company's cash flows
for 2008-09 were also negative on account of drop in operational
revenues.

                      About Aruppukottai Shri

Aruppukottai Shri Ramalinga Spinners Private Limited, was
incorporated as a private limited company in June 1999 with an
object of establishing spinning and textile mills.  RSPL is a
wholly owned subsidiary of Shri Ramalinga Mills Limited.  The
Company commenced its production in November 2003 and currently
operates as a cotton spinning unit in Aruppukottai, Tamil Nadu
with an installed capacity of 68,552 spindles.

For the half year ended September 2009, RSML's profit before taxes
stood at INR17 million on an operating income of INR417 million.
For H1, 2008-09, the operating income was INR141 million with
profit before taxes of INR3 million.


BARFLEX POLYFILMS: ICRA Rates INR76.2MM Term Loans at 'LBB+'
------------------------------------------------------------
ICRA has assigned an 'LBB+' rating, to the INR76.2 million term
loans and the INR125.5 million long-term fund based limits of
Barflex Polyfilms Pvt. Ltd.  The outlook on the long term rating
is positive.  ICRA has also assigned an 'A4+' rating to the
INR64.0 million short-term non-fund based limits.

The ratings are constrained by the relatively small size of
operations in comparison to the size of the overall flexible
packaging industry; high competition from other players;
moderately high financial risk characterized by high gearing,
moderate coverage indicators and high working capital intensity
and tight liquidity position as reflected in high utilization
levels of working capital limits.  ICRA also notes that the
company has aggressive capital expenditure (capex) plans which
could result in deterioration of capital structure in absence or
delay of expected private-equity infusion. The ratings, however,
factor in long experience of promoter of BPPL in the domestic
flexible packaging materials business; healthy growth in revenues
and customer base over the last few years; favorable demand
prospects for flexible packaging material in the domestic market
and fiscal benefits available for the Baddi unit, partly offset by
higher freight cost to reach its customers. ICRA has assigned a
positive outlook on the long term rating in anticipation of
private equity infusion which would support major part of the
capex plans and would limit the company's reliance on external
debt.  The outlook could be revised to stable in case of
significant delays in the private equity infusion.

Barflex Polyfilms Private Limited was incorporated as a Private
Limited Company in January 2005 and started commercial production
in November 2005.  BPPL is a closely held company and has been
promoted by Mr. Jaiwant Bery and his wife Mrs. Nomita Bery.
Mr. Jaiwant Bery, an MBA from IIM Bangalore, has experience of
around 15 years in the domestic flexible packaging industry. The
company is into manufacturing of 3- and 5- layer films, polyvinyl
chloride (PVC) Labels and laminates.

BPPL's plant, located at Baddi (Himachal Pradesh) has capacity of
3720 MTPA to manufacture polyfilms from HDPE/LDPE/LLDPE granules
and 6720 MTPA of conversion of plain films to printed films and
laminates.

BPPL reported an operating income of INR564.3 million and a net
profit of INR9.4 million in 2008-09.  As per provisional results,
the company reported operating income of INR538.3 million and a
net profit of INR33.5 million during the nine months ended 31st
December 2009.


CITY REALTY: ICRA Assigns 'LBB+' Rating on Sanctioned LT Bank Debt
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the sanctioned long term
bank limits of City Realty & Development Private Limited.

CRDPL is a joint venture (JV) between Horizon Ventures V (a
retail-led mixed-use real estate focused fund) and City
Corporation Limited (part of the Pune-based City group) whose
shareholdings in the company are 51% and 49% respectively.  The
rated term loans were availed by CRDPL towards construction of the
retail and commercial segments of the Amanora Town Centre, which
is part of a larger 400-acre township project, Amanora Park Town,
being developed at Hadapsar near Magarpatta City in Pune. In
addition to a significant residential component, the township will
also include hotel space.  However, they do not fall within the
purview of CRDPL.

The rating is constrained by market risk factors particularly for
the commercial portion of the project, competition from upcoming
retail and commercial projects in Pune which could stress
achievable lease rentals and capital values and high dependence on
securing occupancy from inline retailers for attaining high
overall occupancy levels.  Further, even at high occupancy levels,
the cover available for debt servicing is likely to be low. The
rating, however, factors in the favorable progress achieved
towards construction of the retail portion of the project, the
attractive location of the project in Pune and the access CRDPL
enjoys to Future Group's expertise in retail real-estate
operations and management.  ICRA notes that CRDPL enjoys some
flexibility in deferring construction of the commercial segment
depending on market demand.

CRDPL is a joint venture (JV) between Horizon Ventures V (a
retail-led mixed-use real estate focused fund incorporated under
the laws of Mauritius) and City Corporation Limited (part of the
Pune-based City group) whose shareholdings in the company are 51%
and 49% respectively.  CRDPL is currently constructing the retail
and commercial segments of the Amanora Town Centre, which is part
of a larger 400-acre township project, Amanora Park Town, being
developed at Hadapsar in Pune.  While the township will also
include a significant residential component and hotel space, they
do not fall within the purview of CRDPL.  Everstone Investment
Advisors Private Limited), a subsidiary of Future Capital
Holdings (part of The Future Group) advises the Horizon Ventures V
fund.

Construction of the retail portion of the project began in August
2008 and operations are expected to commence by January 2011.


CCS INFOTECH: CRISIL Reaffirms 'BB+' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of CCS Infotech Ltd
continue to reflect CCS Infotech's below-average financial risk
profile constrained by its small net worth and weak debt
protection measures, the pressure on the company's margins because
of the fragmented nature of the IT hardware industry and
competition from large players, and the working-capital-intensive
nature of its operations.  These weaknesses are partially offset
by CCS Infotech's established position in the system integration
and computer hardware market with a strong clientele.

   Facilities                             Ratings
   ----------                             -------
   INR75 Million Proposed Long-Term Loan  BB+/Stable (Reaffirmed)
   INR100 Million Cash Credit Limits      BB+/Stable (Reaffirmed)
   INR60 Million Letter of Credit Limits  P4+ (Reaffirmed)
   INR15 Million Bank Guarantee Limits    P4+ (Reaffirmed)

As part of this rating exercise, CRISIL has combined the financial
risk profiles of CCS Infotech and its subsidiary, CCS Infotech
Singapore Pte Ltd.  This is because CCS Singapore is managed by
the promoters of CCS Infotech, and both companies have a common
line of business and fungible funds.

Outlook: Stable

CRISIL believes that CCS Infotech will continue to benefit from
its established position in the system integration and computer
hardware market and its strong clientele.  The outlook may be
revised to 'Positive' in case of a substantial improvement in the
company's cash flows and margins, resulting in a healthy financial
risk profile.  Conversely, the outlook may be revised to
'Negative' in case of a significant decline in CCS Infotech's
operating margin and cash flows on account of intense competition
in the computer hardware market, adversely affecting its debt
protection metrics, or if the company takes up aggressive retail
expansion.

                         About CCS Infotech

Set up as a partnership firm in 1989 by Mr. H Ratnakumar and Mr. M
A Hasan Abdul Kadar, and incorporated as a public limited company
in 1997, CCS Infotech assembles desktops, servers, and notebooks,
and provides system integration and networking solutions.  CCS
Infotech started its retail information technology (IT) operations
in March 2008 by opening six outlets in Chennai.  The company's
retail outlets sell multi-branded IT and lifestyle products.

For 2008-09, CCS Infotech (consolidated with CCS Singapore)
reported a profit after tax (PAT) of INR5.08 million on a turnover
of INR702 million, against a PAT of INR6.42 million on a turnover
of INR748 million for 2007-08. For the nine monthly ended December
2009, the company reported a PAT of INR5.6 million on net sales of
INR589 million, against a PAT of INR2.3 million on net sales of
INR485 million in the corresponding period of the previous year.


CORE GREEN: CRISIL Rates INR2.11 Bil. Long Term Loan at 'BB'
------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the term loan
facility of Core Green Sugar & Fuels Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR2114 Million Long-Term Loan   BB/Stable (Assigned)

The rating reflects CGSFL's exposure to risks related to project
implementation and stabilization of operations post completion of
the project.  The rating also factors in CGSFL's high gearing, and
exposure to regulatory risks in the sugar industry. These rating
weaknesses are partially offset by the integrated nature of the
project, thereby ensuring high operating margin for the company.

Outlook: Stable

CRISIL believes that CGSFL will commence commercial operations on
schedule, in the third quarter of 2010-11 (refers to financial
year, April 1 to March 31), and will stabilize its operations at
the earliest.  The outlook may be revised to 'Positive' if CGSFL's
performance in the initial year of its operations exceeds
expectations.  Conversely, the outlook may be revised to
'Negative' in case of delay in stabilization of operations post
completion of the project, or if the company undertakes additional
debt-funded capital expenditure (capex), thereby adversely
affecting its gearing and key debt protection metrics.

                      About Core Green

CGSFL was promoted by the Sreeramaneni family (Mr. Rama Rao
Sreeramaneni, Mr. Srinivas Sreeramaneni, and their father, Mr. S V
K Babu), and the Yamani family (Mr. Anil Yamani and Mr. Kumar
Yamani) in 2005.  The Sreeramaneni family is expected to have
stake of around 67 per cent in the company and will be responsible
for the overall management of the company, while the Yamani family
will hold 33 per cent stake and act primarily as investors.

CGSFL is setting up an integrated sugar plant with a cane crushing
capacity of 5000 tonnes per day, a captive cogeneration power
plant with a capacity of 24 megawatts, and a distillery unit with
a capacity of 50 kilolitres per day, at Tumkur in Gulbarga,
Karnataka. The cost of the project is estimated at around INR3.07
billion, of which INR963 million will be funded through equity and
the remainder through debt. CGSFL is expected to commence
commercial production in November 2010.


COTWALL COMMERCE: CRISIL Reaffirms Ratings on INR70-Mln Bank Loans
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Cotwall Commerce Pvt
Ltd, part of the KKN group, continues to reflect the KKN group's
geographical concentration in revenue profile, and large working
capital requirements.  These rating weaknesses are partially
offset by the benefits that the KKN group derives from the strong
appeal of its Tripti brand in the market.

   Facilities                          Ratings
   ----------                          -------
   INR70 Million Cash Credit Limits    BB+/Stable (Reaffirmed)
   INR50 Million Proposed Long-Term    BB+/Stable (Reaffirmed)
                 Bank Loan Facility

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Cotwall, Mahabir Impex Pvt Ltd, and
Grover Commerce Pvt Ltd.  This is because the three entities,
collectively referred to as the KKN group, have a common
management, are in similar lines of business, and sell their
products under a common brand, Tripti.

Outlook: Stable

CRISIL believes that the KKN group will maintain its market
position over the medium term.  The outlook may be revised to
'Positive' if the group's financial risk profile improves
significantly, most likely because of equity infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' if
the KKN group reports sluggish growth in revenues and
profitability, or undertakes large, debt-funded acquisition.

                          About the Group

Cotwall, set up in 1995, was acquired by Mr. Kaushik Kumar Nath
from Mr. Siddharth Roy in 2003.  The company trades in tea, edible
oil, pulses, spices, rice, atta, and maida. The other group
entities are engaged in similar businesses.

The KKN group reported a profit after tax (PAT) of INR6.5 million
on net sales of INR869 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR4.2 million on net
sales of INR632 million for 2007-08.


D. THAKKAR: CRISIL Places 'BB+' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of D. Thakkar Construction Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR260.0 Million Cash Credit       BB+/Stable (Assigned)
   INR100.0 Million Standby Line      BB+/Stable (Assigned)
                       of Credit
   INR40.0 Million Proposed LT        BB+/Stable (Assigned)
            Bank Loan Facility
   INR1000.0 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect D Thakkar's exposure to intense competition in
the civil construction industry, large working-capital
requirements and risks relating to the tender-based nature of its
business.  These weaknesses are, however, partially offset by the
company's satisfactory financial risk profile, and healthy
operating efficiency.

For arriving at its ratings, CRISIL has combined the financial
risk profiles of D Thakkar, SN Thakkar Construction Pvt Ltd, and
VUB Engineering Pvt Ltd.  This is because the three entities,
collectively referred to as the Thakkar group, are in the same
line of business, and have a common management team, and
substantial inter-company transactions among them.

Outlook: Stable

CRISIL believes that the Thakkar group will maintain a stable
credit risk profile, backed by a satisfactory financial profile.
The outlook may be revised to 'Positive' if the group successfully
scales up its operations, while improving its profitability and
maintaining a comfortable capital structure.  Conversely, the
outlook may be revised to 'Negative' if there are cost and time
overruns in execution of projects, or if large, debt-funded
capital expenditure leads to deterioration in the group's capital
structure and debt protection measures.

                          About the Group

The Thakkar group, engaged in civil and infrastructure
construction, started operations in Mumbai in 1984, with SN
Thakkar Construction, which was converted into a private limited
company in 1992 by Mr. Praveen Thakkar and his family members.
The family promoted two other companies, D Thakkar Construction
and VUB Engineering, engaged in the same line of business.

                          About D Thakkar

Incorporated in 2004, D Thakkar undertakes civil construction
activities, and is registered as Class 1A contractors with the
Public Works Department of Maharashtra.  The company reported a
profit after tax (PAT) of INR54.5 million on revenues of
INR1,220.1 million for 2008-09 (refers to financial year, April 1
to March 31), as against a PAT of INR14.1 million on revenues of
INR547.4 million for 2007-08.


DEWAS METAL: Low Net Worth Prompts CRISIL to Assign 'BB' Ratings
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Dewas Metal Sections Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR70.0 Million Cash Credit           BB/Stable (Assigned)
   INR40.0 Million Rupee Term Loan       BB/Stable (Assigned)
   INR65.0 Million Letter of Credit      P4+ (Assigned)
   INR5.0 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect DMSL's weak financial risk profile marked by
low net worth and high gearing, and exposure to risks relating to
its small scale of operations.  These weaknesses are partially
offset by DMSL's moderate business risk profile backed by its long
standing presence in the metal section industry and continuing
relationship with established customer base.

Outlook: Stable

CRISIL believes that DMSL will maintain its credit profile on the
back of its moderate business risk profile and satisfactory
working capital management.  The outlook may be revised to
'Negative' in case the company undertakes any larger than expected
debt-funded capital expenditure (capex), leading to weakening in
its capital structure.  Conversely, the outlook may be revised to
'Positive' in case of sustained improvement in the company's debt
protection measures, led by improvement in profitability.

                         About Dewas Metal

Incorporated in 1979, DMSL manufactures metal sections, channels,
and angles.  Its manufacturing facilities at Dewas (Madhya
Pradesh) and Pune (Maharashtra) have a combined capacity of around
25,000 tonnes per annum.  DMSL caters to the automobile, elevator,
civil engineering, textile machinery, and electrical industries,
among others. DMSL reported a profit after tax (PAT) of INR 5.0
million on net sales of INR 569.2 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR 6.8
million on net sales of INR 587.8 million for 2007-08.


DHANUKA LABORATORIES: ICRA Reaffirms 'LBB+' Rating on Bank Debts
----------------------------------------------------------------
ICRA has reaffirmed 'LBB+' rating to the INR196 million fund based
facilities of Dhanuka Laboratories Limited.  ICRA has also
reaffirmed 'A4+' rating to the INR157 million fund based and
INR254 million non-fund based limits of DLL.  ICRA has also
assigned "Stable" outlook to the long term rating.

The ratings continue to factor in DLL's moderate scale of
operations, low profitability vis-a-vis other API manufacturers
and high working capital intensity of operations. The ratings are
also constrained by the high debt levels of the company and
moderate net worth resulting in weak capital structure.  A
substantial part of the total debt (INR222.2 million as on March
2009) is, however, from promoters.  The ratings take into account
the rising volumes, improved operating margin & healthy cash
generation in the recent quarters and stability in the revenue
streams of DLL by virtue of its strong association with various
pharmaceutical companies. ICRA also recognizes DLL's efficient
utilization of manufacturing facility, high fixed asset turnover,
flexible manufacturing infrastructure and management experience in
the pharmaceutical industry.

DLL reported net sales of INR1116.5 million and a Profit Before
Tax of INR47.9 million for 9 months 2009-10.

Dhanuka Laboratories Limited, having started commercial operations
in 1998, is engaged in the manufacture and marketing of Active
Pharmaceutical Ingredients and Advanced Intermediates in the field
of Cephalosporin antibiotics.  The company supplies to various
pharmaceutical companies in India and abroad through its
manufacturing facility located in Gurgaon.


DIAMOND BEVERAGES: CRISIL Puts 'BB+' Ratings on INR215M Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Diamond Beverages Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR140.00 Million Cash Credit    BB+/Stable (Assigned)
   INR215.00 Million Term Loan      BB+/Stable (Assigned)

The rating reflects DBPL's weak financial risk profile marked by
high gearing and small net worth, its large debt-funded capital
expenditure (capex) plans, the geographical concentration in its
revenue profile, and its vulnerability to adverse changes in
regulations.  These weaknesses are partially offset by DBPL's
exclusive franchisee agreement with Coca-Cola India Pvt Ltd (Coca
Cola), leading to stable revenues, and healthy market position led
by a diversified product profile.

Outlook: Stable

CRISIL believes that DBPL will maintain its business risk profile
over the medium term on the back of its exclusive franchisee
agreement with Coca Cola.  The outlook may be revised to
'Positive' if the company reports higher-than-expected
profitability or lower-than-anticipated debt, or if there is an
expansion in its franchisee territory.  Conversely, the outlook
may be revised to 'Negative' if the company contracts large debt
to fund its capex, or if its profitability declines steeply,
leading to pressure on its financial risk profile.

                       About Diamond Beverages

DBPL is the franchisee bottler for Coca Cola's carbonated soft
drinks, fruit-based drinks, and packaged drinking water for
Kolkata city (South) and 24 Parganas (North and South) areas.
DBPL is managed by the Kolkata-based Goenka family.  In 2006,
Crystal Springs Pvt Ltd (then an associated concern) was
amalgamated with DBPL.

DBPL reported a profit after tax (PAT) of INR18.8 million on net
sales of INR805 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR16.7 million on net
sales of INR528.7 million for 2007-08.


ELICO LTD: Default in Loan Repayment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Elico Ltd.  The ratings reflect default by Elico in its
repayment of term loan obligations, owing to weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR70 Million Cash Credit              D (Assigned)
   INR11.6 Million Term Loan              D (Assigned)
   INR20 Million Post Shipment Credit     P5 (Assigned)
   INR8.4 Million Letter of Credit &      P5 (Assigned)
                      Bank Guarantee

Set up in 1960 in Hyderabad by Mr. Ramesh Datla, Elico
manufactures a wide range of electrochemistry, spectroscopy, and
chromatography equipments, used in diverse industries including
agriculture, engineering, and research laboratories.  It also
provides software services and back-office support to
international clients in the healthcare sector; these services
include transcription, coding, billing, and claims processing.

Elico posted a provisional net profit of INR19 million on net
sales of INR338 million for 2008-09 (refers to financial year,
April 1 to March 31), against a profit after tax (PAT) of INR0.4
million on net sales of INR280 million for 2007-08.


HARIDARSHAN TRACOM: CRISIL Rates INR80 Mil. Cash Credit at 'BB'
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Haridarshan Tracom Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR80 Million Cash Credit*       BB/Stable (Assigned)

   *Includes proposed limit of INR30 million.

The rating reflects Haridarshan Tracom's exposure to risks related
to commodity-like products, intense competition in the tea
industry, and large working capital requirements.  These rating
weaknesses are partially offset by Haridarshan Tracom's moderate
business risk profile marked by promoters experience in the
trading line of operations.

Outlook: Stable

CRISIL believes that Haridarshan Tracom will continue to benefit
over the medium term from its promoters' experience in the trading
business.  The outlook may be revised to 'Positive' if Haridarshan
Tracom's financial risk profile improves significantly, most
likely because of equity infusion by the promoters.  Conversely,
the outlook maybe revised to 'Negative' if the company reports
sluggish growth in revenues and profitability, or undertakes
large, debt-funded acquisitions.

                     About Haridarshan Tracom

Haridarshan Tracom was acquired in 2007 by Mr. Kaushik Kumar Nath,
its current promoter, from Mr. Shankar and Mr. Hari Das Menon. The
company trades in tea and spices, and caters to wholesale
customers. It has around 80 distributors in West Bengal.

Haridarshan Tracom reported a profit after tax (PAT) of INR2.7
million on net sales of INR372 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR3.1
million on net sales of INR317 million for 2007-08.


HARSHNI TEXTILES: CRISIL Assigns 'B+' Ratings on INR528.3MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Harshni Textiles
Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR528.30 Million Long-Term Loan     B+/Stable (Assigned)
   INR320.00 Million Cash Credit        B+/Stable (Assigned)
   INR100.00 Million Post Shipment      P4 (Assigned)
                  Letter of Credit
   INR60.00 Million Inland Letter       P4 (Assigned)
                        of Credit
   INR20.00 Million Bank Guarantee      P4 (Assigned)

The ratings reflect HTL's weak financial risk profile and exposure
to risks relating to volatility in raw material prices.  These
weaknesses are partially offset by the benefits that the company
derives from its relatively modernized textile plant and sound
operating capabilities.

Outlook: Stable

CRISIL believes that HTL will maintain its credit risk profile on
the back of steady cash flows and sound operating capabilities.
The outlook may be revised to 'Positive' if HTL's realisations
improve, resulting in higher cash accruals and in case of
improvement in its capital structure and debt protection measures.
Conversely, the outlook may be revised to 'Negative' if HTL's
liquidity deteriorates further, or if the company undertakes any
large debt-funded capital expenditure programmes.

                      About Harshni Textiles

Incorporated in 2002-03 (refers to financial year, April 1 to
March 31), HTL manufactures cotton yarn and has a capacity of
around 51,831 spindles.  HTL is part of the Lakshmi Machine Works
(LMW) group, Coimbatore (Tamil Nadu).  HTL was a wholly owned
subsidiary of Lakshmi Electrical Control Systems Ltd (LECS, rated
'A+/Stable/P1' by CRISIL).  However, in 2009-10, preference
capital of INR150 million held by another group company Lakshmi
Electrical Drives Ltd (LEDL; 'A/Stable/P1') was converted to
equity capital, changing the holding structure of HTL.  Therefore,
HTL is now a subsidiary of LEDL. Presently, LEDL holds a stake of
60 per cent in HTL, while LECS holds the remaining share. HTL is
managed by Mr. Senthil Kumar, son-in-law of the chairman of
Lakshmi Machine Works Ltd, Dr. D Jayavardhanavelu.

HTL reported a net loss of INR55 million on net sales of INR664.8
million for 2008-09, against a net loss of INR18.2 million on net
sales of INR422.8 million for 2007-08.


ICEWEAR CREATION: Stretched Liquidity Cues CRISIL 'B' Ratings
-------------------------------------------------------------
CRISIL has assigned its 'B/Negative/P4' ratings to the bank
facilities of Icewear Creation.

   Facilities                                Ratings
   ----------                                -------
   INR13.10 Million Long-Term Loan           B/Negative (Assigned)
   INR5.50 Million SME Care Loan             P4 (Assigned)
   INR40.00 Million Packing Credit           P4 (Assigned)
   INR20.00 Million Foreign Bill Purchase    P4 (Assigned)
   INR9.00 Million Letter of Credit          P4 (Assigned)
   INR1.60 Million Bank Guarantee            P4 (Assigned)

The ratings reflect Icewear's below-average financial risk
profile, large working capital requirements, and customer
concentration in revenue profile.  These rating weaknesses are
partially offset by Icewear's moderate business risk profile
backed by healthy customer relationships.

Outlook: Negative

CRISIL believes that Icewear's financial risk profile will remain
under pressure over the medium term because of stretched
liquidity.  The rating may be downgraded if the firm's margins
deteriorate, or if the firm undertakes a large, debt-funded
capital expenditure programme, thereby resulting in deterioration
in its financial risk profile.  Conversely, the outlook may be
revised to 'Stable' if the firm diversifies its customer profile
and scales up operations, thereby generating larger than expected
cash accruals, resulting in an improvement in its financial risk
profile.

                      About Icewear Creation

Set up in 2004 as a partnership firm by Mr. V Chandraswamy and
Mrs. C Periyanayaki, Icewear exports knitted garments to the UK,
Ireland, and the US. Based in Tirupur, the firm is a 100 per cent
export-oriented unit with an installed capacity to manufacture 6
million pieces per annum.

Icewear reported a profit after tax (PAT) of INR11.4 million on a
turnover of INR345.3 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR7.4 million on a
turnover of INR268.2 million for 2007-08.


INANI MARBLES: Delay in Loan Repayment Cues CRISIL 'D' Ratings
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Inani Marbles &
Industries Ltd's bank facilities.  The ratings reflect delay by
IMIL in servicing its term loan; the delay has been because of
IMIL's weak liquidity.

   Facilities                              Ratings
   ----------                              -------
   INR55.0 Million Cash Credit*            D (Assigned)
   INR113.5 Million Term Loan              D (Assigned)
   INR5.0 Million Standby Line of Credit   P5 (Assigned)
   INR35.0 Million Letter of Credit        P5 (Assigned)
   INR9.0 Million Bank Guarantee           P5 (Assigned)

   * includes a sublimit of Export Packing Credit of
     INR32.5 million and Foreign Bill Purchase/ Discounting
     of INR20 million.

Incorporated in 1994 by the Inani family as a public limited
company, IMIL undertakes mining and processing of marbles, stones
and granite.  The company owns three mines in Rajasthan - in
Banswara, Udaipur, and Bhilwara for white marble, green marble,
and hard stone, respectively. IMIL is listed on the Bombay Stock
Exchange (BSE).  It also has a processing capacity of 400,000
square metres per annum.  The company sells its products in the
domestic and international markets.  The company has recently
established a 100-per-cent export-oriented unit (EOU) for marble,
stone and granite (with a capacity of 300,000 square metres per
annum) located at Chittorgarh (Rajasthan).  The company also has a
presence in the material-handling business, and in job works for
the road construction industry.

IMIL's reported a profit after tax (PAT) of INR15.9 million on an
operating income of INR238.8 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR11.3
million on an operating income of INR196.0 million for 2007-08.


RAMALINGA MILLS: ICRA Places 'LB' Rating on INR623.2MM Term Loans
-----------------------------------------------------------------
ICRA has assigned 'LB' rating to the INR623.2 million term loans
and INR750.0 million fund based limits of Shri Ramalinga Mills
Limited.  ICRA has also assigned an 'A4' rating to the INR170.0
million non-fund based limits of the company.  Two-way inter-
changeability between Letter of credit and Cash credit limits
allowed to the extent of INR100.0 million.

The ratings primarily reflect the delays in debt servicing by the
Company and uncertainties related to family disputes and related
demerger of one of the units of the company.  The ratings also
take into account the corporate guarantees and unsecured loans
extended to other companies of Ramalinga Group, whose financial
profiles are currently stretched.  In terms of financial profile,
though the top-line of the company has witnessed consistent growth
over years, operating margins are seen to be relatively lower.
Negative free cash flows and higher working capital also results
in strained liquidity position.  The ratings, however, favorably
factor in significant experience of the promoter in spinning
industry, long standing relationship with key customers and the
huge manufacturing set-up enabling benefits of economies of scale.
The ratings are also underpinned by the company's diversified
presence over wide range of counts with higher proportion of value
added yarn. SRML's presence in the finer count / value-added yarn
segment and the sustained efforts towards improvement of product
mix, provides flexibility on pricing front.

Shri Ramalinga Mills Limited is part of the Sri Jayavilas Group
("The Group", founded by Late Mr. Sathu T. Ramasamy Naicker),
based in Aruppukottai, Tamil Nadu.  The Group has presence across
spinning as well as passenger and cargo transportation.  SRML is a
closely held and deemed public limited company incorporated in
1951 under the Companies Act, 1913.

Mr. T.R. Dhinakaran, Chairman of the company, possesses
significant experience in the textile industry and has also been
recipient of various awards for his social commitments.  The
Company has two units ? "A" Unit (managed by Mr. T.R. Dhinakaran)
and "B" Unit (managed by Mr. T.R. Varadarajan, heading Shri
Govindaraja Group).

For H1, 2009-10 (unaudited), profit before tax stood at INR20.8
million on net sales of INR1,434.9 million.  For H1, 2008- 09
(unaudited), the profit before tax was INR27.2 million on net
sales of INR1,241.1 million.


SARU INTERNATIONAL: ICRA Assigns 'LBB' Rating on Fund-Based Limits
------------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR180 million Fund-based
Limits of Saru International Private Limited.  The rating carries
a stable outlook.  ICRA has also assigned an 'A4' rating to SIPL's
INR20 million Non-fund-based Limits.

The inadequate-credit-quality rating assigned by ICRA takes into
account the high business risk profile of SIPL arising out of its
moderate scale of operations, limited bargaining power vis-a-vis
buyers, and the highly competitive nature of its business.  The
ratings also take into account the high working capital
requirements of the business and SIPL's vulnerability to adverse
foreign exchange fluctuations.  Moreover, the gearing of the
company is high, which coupled with moderate profitability, has
resulted in low coverage indicators.  These risks are, however,
partially mitigated by the long experience of the promoters in the
textile business and established relationship with the buyers.

Incorporated in 1989, Saru International Private Limited is
engaged in manufacturing and exports of leather garments mainly to
European countries.  The company was promoted by its current
chairman, Mr. Bush Mago.  SIPL's manufacturing unit is located in
Gurgaon and its tannery is located at Jaipur.  In FY09, the
company reported operating income of INR340.93 million and Profit
after Tax of INR6.45 million.


SUNLAND ALLOYS: ICRA Reaffirms 'LBB+' INR250 Mil. Bank Facilities
-----------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating assigned to the INR250
million (previous year INR300 million) fund-based bank facilities
of Sunland Alloys.  The outlook on the long-term rating is
"stable".

The rating factors in the intensely competitive nature of the
industry and the susceptibility of SA's business to volatility in
raw material prices, which form a significant part of its
production cost, further heightened by its sensitivity to foreign
currency fluctuations in the absence of a formal hedging
mechanism.  ICRA notes that the financial profile of SA weakened
in 2008-09 on account of the overall slowdown in demand from key
end-user industries including the auto-component industry, as
characterized by a decline in its revenues and profitability.
However, in the current financial year, the profitability has
improved on the back of buoyant demand from the auto-component
industry along with marginal improvement in the company's gearing,
which, however, still remains at high levels in absolute terms.
The ratings continue to favorably factor in the long track record
of the promoters in the aluminium alloy manufacturing business;
strong market position of SA with auto-component manufacturers and
its established relationships with foreign suppliers, which ensure
smooth supply of key raw materials.

Incorporated in 2003, Sunland Alloys is a partnership firm that is
managed by four partners -- Mr. Sanjeev Kumar Agrawal, Master.
Anish Agrawal, Mr. Praveen Kumar Ranka and Mr. Abhishek Kumar
Kachhara.  SA is engaged in the manufacture of aluminium alloy
ingots and has a capacity of 21600 MTPA.  The firm operates from
Karajgam in Dadra & Nagar Haveli.  The company's clientele mainly
includes well-established companies in the auto-component and two
wheeler industries.

In 2008-09, SA made a net profit of INR4 million on the back of
net sales of INR1.29 billion. In first half of 2009-10, SA
recorded a profit before tax (PBT) of INR14.9 million on the back
of net sales of INR1.04 billion.


SUNLAND METAL: ICRA Reaffirms 'LBB+' Rating on INR250MM Bank Debts
------------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating assigned to the INR250
million (INR380 million in the previous year) fund-based bank
facilities of Sunland Metal Recycling Industries.

The outlook on the long-term rating is "stable".  ICRA has also
retained the 'A4+' rating assigned to the INR5 million non-fund
based bank facilities of SMRI.

The rating factors in the intensely competitive nature of the
industry and the susceptibility of SMRI's business to volatility
in raw material prices, which form a significant part of its
production cost, further heightened by its sensitivity to foreign
currency fluctuations in the absence of a formal hedging
mechanism.  ICRA notes that the financial profile of SMRI weakened
in 2008-09 on account of the overall slowdown in demand from key
end-user industries including the auto-component industry, as
characterized by a decline in its revenues and profitability.
However, in the current financial year, the profitability has
improved on the back of buoyant demand from the auto-component
industry along with marginal improvement in the company's gearing,
which, however, still remains at high levels in absolute terms.
Nevertheless, the ratings continue to favorably factor in the long
track record of the promoters in the aluminium alloy manufacturing
business; strong market position of SMRI among auto-
component manufacturers and its established relationships with
foreign suppliers, which ensure smooth supply of key raw
materials.

Incorporated in 1995, SMRI is a partnership firm managed by four
partners -- Mr. Sushil Kumar Agrawal, Mr. Sanjeev Kumar Agrawal,
Mr. Surendra Kumar Kachhara and Mr. Mahendra Kumar Kachhara.  SMRI
is engaged in the manufacture of aluminium and other non-ferrous
alloys and has a capacity of 27,360 MTPA (19200 MTPA for aluminium
alloy). The company operates out of Karajgam in Dadra & Nagar
Haveli. The company's clientele mainly includes well-established
companies in the auto-component and two wheeler industries.  The
company has also installed one wind mill with a total
capacity of 0.6 MW.

In 2008-09, SMRI made a net profit of INR1 million on the back of
net sales of INR2.22 billion.  In first half of 2009-10, SMRI
recorded profit before tax (PBT) of INR19.8 million on the back of
net sales of INR1.04 billion.


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


TUGU REASURANSI: Fitch Upgrades Insurer Financial Strength Rating
-----------------------------------------------------------------
Fitch Ratings has upgraded PT Tugu Reasuransi Indonesia's national
Insurer Financial Strength rating to 'A(idn)' from 'A-(idn)'.  The
Outlook is Stable.

The rating action follows the upgrade of Indonesia's Sovereign
ratings where its Long-term local and foreign currency IDRs were
upgraded to 'BB+' from 'BB', with a Stable Outlook (for more
information, please refer to the rating action commentary,
entitled "Fitch Upgrades Indonesia to 'BB+'; Outlook Stable",
dated January 25, 2010).

Fitch also notes some improvements in Tugu Re's financial
performance, since a turnaround in profitability in 2007.  The
agency expects the company to show sustained improvement based on
the stronger macroeconomic outlook in 2010.  For the nine months
ending 31 December 2009, its net income amounted to IDR 9.4bn,
compared to IDR5.7bn for the full year of 2008.

Additionally, it is important for the company to continue managing
its catastrophe risks appropriately.  Tugu Re sources above 90% of
its business from Indonesia, where catastrophes are prone to
happen.

Established in Indonesia in April 1987, Tugu Re writes primarily
general reinsurance business in Indonesia.


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


COMMERZBANK: Investors Sue Bank, Tokyo Exchange Over Forex Losses
-----------------------------------------------------------------
A group of 46 Japanese individual investors sued Commerzbank AG
and the Tokyo Financial Exchange Inc. for inappropriate pricing of
South Africa's rand versus the yen, Bloomberg News reports.

The investors are seeking JPY221 million (US$2.5 million) for
losses they suffered as a result, Bloomberg relates citing Tetsuro
Arai, an attorney at Tokyo-based Aoi Law Office who represents the
investors.  The suit was filed to the Tokyo District Court on
February 26.

According to Bloomberg, Arai said the 46 investors weren't covered
by relief that Tokyo Financial adopted for some of the individuals
affected by the incident.

Bloomberg recalls Commerzbank made bids about 30% below market for
the South African currency versus the Japanese yen just before the
close of trade on the morning of Oct. 31.

On June 22, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Commerzbank management board member
Markus Beumer said the bank plans to repay state aid of EUR16.4
billion or US$22.9 billion as early as 2011 if market conditions
are "favorable".  Bloomberg disclosed Mr. Beumer also said that
the bank plans to return to profitability in 2011 "at the latest."

Bloomberg recalled Commerzbank Chief Executive Officer Martin
Blessing had to seek EUR18.2 billion in capital from the German
government to carry the bank through the financial crisis and the
country's worst recession since World War II.  The January
takeover of Dresdner Bank saddled the company with billions of
euros in toxic assets.

Headquartered in Frankfurt am Main, Germany, Commerzbank AG --
https://www.commerzbank.com/ -- is the parent company of a
financial services group active around the world.  The group's
operating business is organized into six segments providing each
other with mutually beneficial synergies: Private and Business
Customers, Mittelstandsbank, Central and Eastern Europe,
Corporates & Markets, Commercial Real Estate and Public Finance
and Treasury.

Headquartered in Frankfurt am Main, Germany, Commerzbank AG --
https://www.commerzbank.com/ -- is the parent company of a
financial services group active around the world.  The group's
operating business is organized into six segments providing each
other with mutually beneficial synergies: Private and Business
Customers, Mittelstandsbank, Central and Eastern Europe,
Corporates & Markets, Commercial Real Estate and Public Finance
and Treasury.


JAPAN AIRLINES: Plans 5% Pay Cuts, No Bonuses in FY2010
-------------------------------------------------------
Japan Airlines Corp. has presented to eight labor unions plans to
reduce employee pay by 5% and eliminate bonuses in the fiscal year
which begins in April 2010, the MarketWatch reported citing the
Japanese business daily Nikkei.

The airline will consider adopting similar pay cuts for workers at
other group firms, corresponding with their respective wage
structures, the MarketWatch says.

According to Reuters, the wage cuts are to be implemented from
April with the airline targeting a reduction of annual personnel
costs by JPY30 billion (US$332.8 million).

All employees at Japan Airlines International Co, the group's core
flight operations firm that handles domestic and overseas flights,
would be subject to the revised pay structure, Reuters adds.

Reuters also quoted Nikkei reporting that the airline would also
consider adopting similar pay cuts for workers at other group
firms, corresponding with their respective wage structures.

Reuters further cited Nikkei as saying that JAL, Asia's largest
airline by revenue, was also looking to freeze regularly scheduled
pay increases and promotions under its proposed plan.

                        About Japan Airlines

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

                          *     *     *

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

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

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.

(http://bankrupt.com/newsstand/or 215/945-7000)


JAPAN AIRLINES: Reports Traffic Data for December
-------------------------------------------------
Japan Airlines announced on February 12, 2010, their monthly
traffic data for the month of December 2009.  The Monthly Traffic
Data consist of a (1.1) JAL Group International Passenger Traffic
Data - FY2009, (1.2) Month International Passenger Route Traffic
Data - December 2009, (2) JAL Group Total Domestic Passenger
Traffic - FY2009, (3) JAL Group Cargo Traffic Data - FY2009, and
(4) Monthly JAL Group Flight Operation Data - December 2009.

A spreadsheet file of the December Monthly Traffic Data is
available for free at:

         http://bankrupt.com/misc/JAL_DEC09TrafficData


                        About Japan Airlines

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

                          *     *     *

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

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

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.

(http://bankrupt.com/newsstand/or 215/945-7000)


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


HYNIX SEMICONDUCTOR: Names Hynix SVP Kwon as New CEO
----------------------------------------------------
Creditor banks of Hynix Semiconductor Inc. selected on Thursday
the company's senior vice president Kwon Oh-chul as its new chief
executive officer.

Kwon, 52, who has served as chief of the company's joint venture,
Hynix-Numonyx Semiconductor Ltd., in the Chinese city of Wuxi
since April, was selected from four candidates, Yonhap relates
citing main creditor Korea Exchange Bank's e-mailed statement.

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

                           *     *     *

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

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


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


BROADLANDS FINANCE: S&P Assigns 'BB-/B' Counterparty Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-/B' counterparty credit rating to the New Zealand finance
company Broadlands Finance Ltd.  The outlook on Broadlands is
negative.

"The ratings on Broadlands reflect the company's vulnerable
liquidity, with more than half of its outstanding retail
debentures maturing in the coming 12 months, and its cash position
in part hinging on the collections from its higher-risk consumer
loan portfolio", said Gavin Gunning, credit analyst with Standard
& Poor's.  "This said, Broadlands has a fairly diversified
debenture investor base, and the company's sole shareholder has a
track record of providing liquidity support to it where
necessary."

Although Broadlands' credit-loss experience has been fairly well
managed to date, the credit profile is moderated by the higher-
risk nature of the company's loan-receivables portfolio, which
exhibits a high level of loan arrears.  Broadlands' funding base
relies heavily on its single shareholder, in the form of debts as
well as equity, and its business profile also links to the
experience and connections of the shareholder.  Favorable features
of Broadlands' credit profile include the company's good interest
margins and capital-adequacy ratio, which provide good capacity
for absorbing materially higher credit losses.

"The negative rating outlook incorporates the uncertainty around
Broadlands' ability to manage its liquidity position through 2010?
stemming from changes to New Zealand's deposit-guarantee scheme
and the imposition of other regulatory requirements on New Zealand
nonbank deposit-taking companies?and an expectation that
profitability may come under pressure from some contraction in
interest margins and potentially higher credit costs," said Mr.
Gunning.  Further explicit support for Broadlands from its
shareholder, however, could contribute to upwards rating momentum,
or, at a minimum, greater ratings rigidity at the current rating
level.


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


ROYAL BANK: JG Summit to Acquire Philippine Unit
------------------------------------------------
The Philippine Daily Inquirer reports that JG Summit Holdings Inc.
has struck a deal to acquire the Philippine commercial banking
unit of Royal Bank of Scotland (RBS) Plc.

Citing JG Summit's disclosure to the Philippine Stock Exchange,
the Inquirer relates the company has signed a share purchase
agreement with The Royal Bank of Scotland Group plc and the Royal
Bank of Scotland NV for the latter's shares in RBS (Philippines)
Inc.

The agreement is still subject to regulatory approvals, the report
says.

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

                           *     *     *

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


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


CALL CENTRE: Creditors' Proofs of Debt Due March 10
---------------------------------------------------
Call Centre One Pte Ltd, which is in liquidation, requires its
creditors to file their proofs of debt by March 10, 2010, to be
included in the company's dividend distribution.

The company's liquidator is:

         Mr Don M Ho, FCPA
         Office of the Liquidator
         c/o Don Ho & Associates
         Public Accountants & Certified Public Accountants
         Corporate Advisory & Recoveries
         Equity Plaza 20 Cecil Street #12-02
         Singapore 049705


CP SOLUTIONS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on February 19, 2010,
to wind up CP Solutions Pte Ltd's operations.

Tay Swee Sze (Judicial Manager of CP Solutions Pte Ltd) filed the
petition against the company.

The company's liquidators are:

         Messrs. Wong Joo Wan
         Bob Yap Cheng Ghee
         Tay Puay Cheng
         KPMG Advisory Services Pte Ltd
         16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581



HSING-HUA AVIATION: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on February 19, 2010,
to wind up Hsing-Hua Aviation Technologies Pte Ltd's operations.

Corporate House Pte Ltd, filed the petition against the company.

The company's liquidator is:

         Mr Ong Boon Lee
         c/o Messrs Benedict & Associates
         20 Upper Circular Road
         #01-32 The Riverwalk
         Singapore 058416


MAN JING: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on February 12, 2010,
to wind up Man Jing Trading Pte Ltd's operations.

Kong Su Koon filed the petition against the company.

The company's liquidator is:

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


MOBILE & WIRELESS: Creditors' Proofs of Debt Due March 12
---------------------------------------------------------
Mobile & Wireless Group Pte Ltd, which is in creditors' voluntary
liquidation, requires its creditors to file their proofs of debt
by March 12, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08, Wilkie Edge
         Singapore 228095


ORIENT NETWORKS: Creditors' Proofs of Debt Due March 12
-------------------------------------------------------
Creditors of Orient Networks Holdings Limited, which is in
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:

         Kon Yin Tong
         Wong Kian Kok
         Foo Kon Tan Grant Thornton LLP
         47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce & Industry Building
         Singapore 179365


SINGAPORE AIR: Creditors Get 100% Recovery on Claims
-----------------------------------------------------
Singapore Air Transport-Workers' Union declared the first and
final ordinary dividend on January 19, 2010.

The company paid 100% to the received claims.

The company's liquidator is:

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


SINGAPORE EXPLORER: Court to Hear Wind-Up Petition on March 12
--------------------------------------------------------------
A petition to wind up the operations of Singapore Explorer Pte Ltd
will be heard before the High Court of Singapore on March 12,
2010, at 10:00 a.m.

Singapura Finance Pte Ltd filed the petition against the company
on February 3, 2010.

The Petitioner's solicitors are:

         Hin Tat Augustine & Partners
         No.20 Upper Circular Road
         #02-10/12 The Riverwalk
         Singapore 058416


                         *********

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

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

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


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

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

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

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

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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