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                     A S I A   P A C I F I C

           Monday, March 8, 2010, Vol. 13, No. 046

                            Headlines



A U S T R A L I A

7STEEL DISTRIBUTION: Placed in Receivership; Assets Up for Sale
ABC LEARNING: Court Approves Sale of Grove's Yacht, Helicopter
OCCUPATIONAL & MEDICAL: Seeks Recognition of Aussie Proceedings
STORM FINANCIAL: Founders Slam CBA Settlement Offer


C H I N A

SHANGHAI PUDONG: China Mobile Confirms Talks Over Investment
SHANGHAI PUDONG: CML Investment May Have No Neg. Implications


H O N G  K O N G

GOLDCONE PROPERTIES: Creditors' Proofs of Debt Due March 13
GOLDEN HERO: Court Enters Wind-Up Order
GOOD ASCENT: Contributories and Creditors to Meet on March 8
HE XING: Court Enters Wind-Up Order
IMAG TECHNOLOGY: Court Enters Wind-Up Order

IMAGI PRODUCTION: Court to Hear Wind-Up Petition on April 14
INFOSCIENCE HOLDINGS: Court to Hear Wind-Up Petition on March 24
JADE ALLIANCE METAL: Lau and Yuen Appointed as Liquidators
JADE ALLIANCE: Lau and Yuen Appointed as Liquidators
JOYFUL ENTERPRISES: Court to Hear Wind-Up Petition on March 17

KING SUCCESS: Court Enters Wind-Up Order
LING SING: Court Enters Wind-Up Order
LUCKY WIN: Court Enters Wind-Up Order
MYGUIDEGPS LIMITED: Court to Hear Wind-Up Petition on April 7
NOVACHEM LIMITED: Court to Hear Wind-Up Petition on April 28

OASIS HK AIRLINES: Creditors' Proofs of Debt Due March 31
PEARL YING: Court Enters Wind-Up Order
PINE YEAR: Court to Hear Wind-Up Petition on March 17
REGAL FILMS: Creditors Get 13.780% Recovery on Claims
SAM'S & ASSOCIATED: Court Enters Wind-Up Order

SEGA ENGINEERING: Court Enters Wind-Up Order
SKY TECH: Court Enters Wind-Up Order
SUN FOOK: Court Enters Wind-Up Order
SUN MICRO: Lai and Haughey Appointed as Liquidators
TEAM MART: Court Enters Wind-Up Order


I N D I A

ACTGEN PHARMA: CRISIL Assigns 'B' Rating on INR180MM Term Loan
ANNEX GLASS: CRISIL Assigns 'B+' Rating on INR150MM Long-Term Loan
DEVGIRI EXPORTS: ICRA Places 'LBB+' Rating on INR130MM Bank Debts
INTERNATIONAL LOHA: ICRA Rates INR200MM Bank Facilities at 'LBB'
KASHMIR APIARIES: ICRA Puts 'LB+' Rating on INR225.6MM LT Loans

NARMADA CEREAL: Delay in Loan Repayment Cues CRISIL Junk Ratings
SHRI RAM: Small Net Worth Prompts CRISIL 'BB' Ratings
TOSHNIWAL ASSOCIATES: CRISIL Reaffirms 'B+' Rating on Term Loan
VIRAJ PROJECTS: ICRA Assigns 'LBB' Rating on INR90MM Bank Debts


J A P A N

JAPAN AIRLINES: Starts Tokyo-Dubai Codeshare Flights with Emirates
JAPAN AIRLINES: Seeks Approval From MLIT for Fuel Surcharge
JAPAN AIRLINES: Stock Delisted, Ends Final Trading at JPY1
JMAC4 TRUST: Moody's Downgrades Ratings on Various Classes
JVC KENWOOD: To Close Mexico Plant, 200 Jobs at Risks


M A L A Y S I A

TRACOMA HOLDINGS: Triggers Practice Note 17 Criteria
WWE HOLDINGS: To Hold 21st Annual Meeting on March 25


N E W  Z E A L A N D

ALLIED FARMERS: Announces Key Appointments
ALLIED FARMERS: Posts NZ$11.84MM Net Loss in Six Mos. Ended Dec.31
ALLIED FARMERS: Unit Places Property Ventures in Receivership
PROPERTY VENTURES: Placed in Receivership Over Loan Guarantee


S I N G A P O R E

FOUNDATION ASIANA: Creditors' Proofs of Debt Due March 19
GOODRICH CONTROL: Creditors' Proofs of Debt Due April 5
INTERMEDIA NETWORK: Court Enters Wind-Up Order
IPACS COMPUTER: Creditors Get 45% Recovery on Claims
M+ CORP: Court Enters Wind-Up Order

OSCELMARINE PTE: Creditors' Proofs of Debt Due March 19
SHARIKAT KIAN: Court to Hear Wind-Up Petition on March 19
TOYO GLASS: Creditors' Proofs of Debt Due April 5




                         - - - - -


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


7STEEL DISTRIBUTION: Placed in Receivership; Assets Up for Sale
---------------------------------------------------------------
National steel distribution company 7Steel Distribution has
collapsed into receivership and been put up for sale, SmartCompany
reports.

Receivers Peter Marsden and David Kerr from accounting firm RSM
Bird Cameron and administrators Paul Weston and David Young from
Pitcher Partners were appointed on March 1, the report says.

SmartCompany relates Messrs. Marsden and Kerr have now put the
business on the sale block.  The company had revenue of AU$110
million in 2008-09, the report says.

According to the report, 7Steel Distribution is part of the
Consolidated Steel Group, a diversified steel operation which also
includes 7Steel Building Products, Hong Kong-based steel trading
company Pacific Industrial Group, and Sydney-based steel trader
Capital Stee

Administrator Paul Weston told SmartCompany that from his
perspective, 7Steel was "quite separate" from the other parts of
the group.

"My only interest is an administrator of 7Steel Distribution," the
report quoted Mr. Weston as saying.  "The receivers are in control
of the assets and we will be working with them to try and maximize
the position for all creditors," Mr. Weston added.

Offers for the business are due March 12 and the first creditors
meeting will be held on March 10.

                          About 7Steel

Headquartered in Mount Druitt, Australia, 7Steel Distribution
-- http://www.7steeldistribution.com.au/-- provides steel
products.  It has 11 sites located around Australia, including
facilities in NSW, Victoria, Queensland, Northern Territory and
Western Australia.


ABC LEARNING: Court Approves Sale of Grove's Yacht, Helicopter
--------------------------------------------------------------
The Sydney Morning Herald reports that the Federal Court of
Australia has approved the sale of a helicopter and yacht on which
ABC Learning co-founder Eddy Groves defaulted mortgage repayments.

The report relates that the Australian and Securities and
Investments Commission had frozen all of Mr. Groves' property and
has possession of his passport.  But the Sydney court on Friday
allowed the sale of the multi-million dollar assets after consent
was received from ASIC, Mr. Groves and his wife, the report says.

According to the report, the court was told sale processes were
underway for both the helicopter and yacht, on which Mr. Groves
defaulted late last year and subsequently handed over to
receivers.

The court was told that more than AU$5.3 million was owed on the
87-foot Warren S87 Sports Yacht named Use'n'Too, while AU$6.4
million was owed on the Italian-made helicopter, the report says.

One process was due to end on March 8 and the other on March 31,
but specifics were not given as to which assets they related to,
the Herald notes.

Based in Australia, ABC Learning Centers Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd.  On January 26,
2007, it acquired La Petite Holdings Inc.  On February 2, 2007, it
acquired Forward Steps Holdings Ltd. On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centers Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.

Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.


OCCUPATIONAL & MEDICAL: Seeks Recognition of Aussie Proceedings
---------------------------------------------------------------
Occupational & Medical Innovations Ltd. filed a Chapter 15
petition in Tyler, Texas (Bankr. E.D. Tex. Case No. 10-60181).
It said assets are less than $10 million while debt exceeds $100
million.

Occupational & Medical is an Australia-based developer of safety
products for the health-care industry.

OMI is undergoing insolvency proceedings in Australia.  It is
seeking from the U.S. Bankruptcy Court recognition of the
Australian proceedings as a foreign main proceeding under Chapter
15 of the Bankruptcy Code.  A hearing on the request is scheduled
for March 18.

Chapter 15 allows a non-U.S. debtor to seek a stay of creditor
actions against it in the U.S. while it reorganizes abroad.

OMI had been embroiled in litigation before the U.S. District
Court, Eastern District of Texas, Tyler Division, involving
alleged patent infringement by OMI of Retractable Technologies,
Inc. patent involving retractable syringes.  A trial was had on
December 14 through 17th, 2009, with a jury verdict in favor of
RTI being rendered on December 18, 2009.  Currently pending before
the district court is a motion for permanent injunction by RTI and
a motion for judgment as a matter of law by OMI.

As to the Australian proceedings, on February 19, 2010, OMI's
administrators received a "Proposal for a Deed of Company
Arrangement from AssistMed (Australia) Pty. Ltd."  In it,
AssistMed Pty., Ltd., proposes to take a 51% equity stake in OMI
in exchange for payment of all secured creditors, employee
entitlements, and costs of administration.  Unsecured creditors
will receive either payment or stock in the recapitalized company.
The administrators will schedule a second meeting of creditors to
obtain approvals for the arrangement in the next couple of weeks,
and anticipate that some time in early April the arrangement will
be approved.  The administrators believe that this arrangement
will likely be approved by the creditors.


STORM FINANCIAL: Founders Slam CBA Settlement Offer
---------------------------------------------------
The Age reports Storm Financial founder Emmanuel Cassimatis said
the settlement with Commonwealth Bank favors the bank, not the
Storm clients.  According to the report, Mr. Cassimatis finds the
offer too low.  In his letter, Mr. Cassimatis pointed to a ruling
in a similar case involving Macquarie Bank and Leveraged Equities
and a margin-loan borrower, Sydney barrister Ross Goodridge.

According to the report, Mr. Cassimatis wrote to his former
clients "as a concerned friend."  Mr. Cassimatis accused
Commonwealth Bank of spreading false information.  He said he had
spent his own money on a court case against the banks.

The report recalls Slater & Gordon issued the terms of a
settlement with Commonwealth Bank, and has been conducting
seminars for investors explaining the settlement.  According to
the report, Slater & Gordon says the settlement, which has been
ratified by an independent panel of legal professionals, allows
investors to take advantage of the Goodridge case findings if
their margin loans fit the same limited criteria.

The Age relates Mr. Goodridge was awarded shares worth $3.2
million after his shares were sold by Leveraged Equities.  A court
had held Mr. Goodridge still had a contract with his original
lender, Macquarie Bank.

According to the report, Mr. Cassimatis said he had met Mr.
Goodridge's solicitors, Firths the Compensation Lawyers, and had
passed on details of Stephen Firth and Mr. Firth's offer of a free
assessment.

According to the report, Mr. Firth said he believed many Storm
Financial investors might have a better case than Mr. Goodridge,
because they had not received a margin call when their investments
were collapsing.

Meanwhile, The Australian reports that litigation specialist
Levitt Robinson was hosting public meetings with former Storm
investors late last week to urge them not to accept the
Commonwealth Bank's current $200 million-plus settlement deal,
claiming that they are legally entitled to much more.

According to The Australian, Stewart Levitt -- whose law firm
Levitt Robinson represents about 100 Storm clients -- said the
deals brokered by Slater & Gordon were at the very bottom of the
compensation calculations that could be awarded in a court of law.

Mr. Levitt said if the CBA was not willing to negotiate better
deals, Levitt Robinson would proceed with court action, The
Australian relates.

Levitt Robinson was holding information meetings last week in
Mackay and Brisbane to address the CBA deal and discuss possible
alternatives, the report notes.

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 more than 2,000 affected customers are participating.

The Bank agreed to the framework with 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 -- held that 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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SHANGHAI PUDONG: China Mobile Confirms Talks Over Investment
------------------------------------------------------------
China Mobile on March 3 confirmed it was in talks with Shanghai
Pudong Development Bank over a potential investment in the lender,
The Financial Times reports.

According to the FT, China Mobile said it was holding preliminary
discussions with Pudong Development in relation to the potential
subscription of new shares and potential strategic co-operation.
However, the report relates the telecoms group said it could not
give an indication of the timing of the subscription and the
strategic cooperation, adding that the transaction "may or may not
proceed".

As reported in the Troubled Company Reporter-Asia Pacific on
March 2, 2010, Reuters said Shanghai Pudong Development Bank will
raise about CNY40 billion by selling a roughly 20% strategic stake
to China Mobile.

Reuters, citing a report from Guotai Junan Securities, said Pudong
Bank, part-owned by Citigroup Inc., would sell about 2.2 billion
shares to China Mobile at no less than CNY17.82 each.

"The cooperation would help boost Pudong Bank's profitability and
is beneficial to the lender," Reuters cited Guotai Junan analyst
Wu Yonggang as saying in the report dated Feb. 25.

According to Reuters, Wu expects the fundraising to increase
Pudong Bank's core capital adequacy ratio by about four percentage
points to above 10%, while boosting its capital adequacy ratio to
nearly 14%.

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

                           *     *     *

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


SHANGHAI PUDONG: CML Investment May Have No Neg. Implications
-------------------------------------------------------------
Moody's Investors Service says that it notes the recent
announcement made by China Mobile Limited (rated A1/positive)
regarding the commencement of preliminary discussions with the
Shanghai Pudong Development Bank Co., Ltd (rated Ba1/stable) with
the view to taking an equity stake in the company.  No further
details were provided by CML.

"The investment by telecommunications operators into banks and
credit card companies is becoming an increasing trend across the
region fueled by the rise of mobile payment systems and the growth
of remittances in particular," says Laura Acres, a Moody's Vice
President/Senior Credit Officer.

"However, in this instance, given CML's large cash position and
low leverage (RMB256.0 billion and 0.3x respectively as at 30th
June 2009), it is expected that a sizeable investment could be
funded without any negative implications for the balance sheet,"
adds Acres, also Moody's Lead Analyst for CML.  Press reports have
suggested that the investment could total RMB40 billion, however,
in Moody's view, any such investment could signal an increased
tolerance for risk and prove a distraction for senior management
particularly during the rollout of the TD-SCDMA platform.  Moody's
will continue to monitor the situation for any potential credit
implications.

The last rating action on CML was on 9th November 2009 when
Moody's changed the outlook on CML's local currency issuer rating
to positive from stable following a similar rating action on the
People's Republic of China's local currency guideline.

CML is the leading provider of GSM mobile telecommunications
services in China, offering voice and data services in all 31
provinces and autonomous regions, and now also in Hong Kong.  As
of 31st January 2010, CML had a customer base in excess of 527.4
million subscribers and a market share of approximately 70%.

CML's parent, CMCC, owns 74% of the company and is itself in turn
100%-owned by the state-owned Assets Supervision and
Administration Commission.  The remaining shares are publicly
held.


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


GOLDCONE PROPERTIES: Creditors' Proofs of Debt Due March 13
-----------------------------------------------------------
Goldcone Properties Limited, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by March 13,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         Lui Wan Ho
         Lui Yee Lin
         Room 1701, Olympia Plaza
         255 King's Road
         North Point
         Hong Kong


GOLDEN HERO: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on February 17, 2010,
to wind up the operations of Golden Hero Industries Limited.

The official receiver is E T O'Connell.


GOOD ASCENT: Contributories and Creditors to Meet on March 8
------------------------------------------------------------
Contributories and creditors of Good Ascent Investment Limited
will hold their first meeting on March 8, 2010, at 2:00 p.m., and
2:30 p.m., respectively at Unit 511, 5/F, Tower 1, Silvercord, 30
Canton Road, Tsimshatsui, Kowloon, in  Hong Kong.

At the meeting, Ho Man Kit Horace and Kong Sze Man Simone, the
company's provisional liquidators, will give a report on the
company's wind-up proceedings and property disposal.


HE XING: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order November 30, 2009, to
wind up the operations of He Xing Telecom Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


IMAG TECHNOLOGY: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on February 10, 2010,
to wind up the operations of Imag Technology (Hong Kong) Limited.

The official receiver is E T O'Connell.


IMAGI PRODUCTION: Court to Hear Wind-Up Petition on April 14
------------------------------------------------------------
A petition to wind up the operations of Imagi Production Limited
will be heard before the High Court of Hong Kong on April 14,
2010, at 9:30 a.m.

The Petitioner's Solicitors are:

          Angela Ho & Associates
          1106, Tower 1, Lippo Centre
          89 Queensway, Hong Kong


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

Texaco Investments No. 1 Limited filed the petition against the
company on January 12, 2010.

The Petitioner's Solicitors are:

          Woo, Kwan, Lee & Lo
          Sun Hung Kai Centre, Room 2801
          30 Harbour Road
          Wanchai, Hong Kong


JADE ALLIANCE METAL: Lau and Yuen Appointed as Liquidators
----------------------------------------------------------
Lau Wu Kwai King Lauren and Yuen Tsz Chun Frank on February 5,
2010, were appointed as liquidators of Jade Alliance Metal
Limited.

The liquidators may be reached at:

          Lau Wu Kwai King Lauren
          Yuen Tsz Chun Frank
          Messrs. KLC Kennic Lui & Co.
          Ho Lee Commercial Building, 5/F
          38-44 D' Aguilar Street
          Central, Hong Kong


JADE ALLIANCE: Lau and Yuen Appointed as Liquidators
----------------------------------------------------
Lau Wu Kwai King Lauren and Frank Yuen Chun on February 5, 2010,
were appointed as liquidators of Jade Alliance Limited.

The liquidators may be reached at:

          Lau Wu Kwai King Lauren
          Yuen Tsz Chun Frank
          Messrs. KLC Kennic Lui & Co.
          Ho Lee Commercial Building, 5/F
          38-44 D' Aguilar Street
          Central, Hong Kong


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

Sunye Textile Company filed the petition against the company on
November 30, 2009.

The Petitioner's Solicitors are:

          Messrs. S.C. Chan & Co.
          Full Win Commercial Centre
          Unit B, 9th Floor
          573 Nathan Road
          Kowloon, Hong Kong


KING SUCCESS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order December 22, 2009, to
wind up the operations of King Success International Holdings
Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


LING SING: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on February 17, 2010,
to wind up the operations of Ling Sing Transportation Limited.

The official receiver is E T O'Connell.


LUCKY WIN: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order January 18, 2010, to
wind up the operations of Lucky Win Enterprises Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


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


NOVACHEM LIMITED: Court to Hear Wind-Up Petition on April 28
------------------------------------------------------------
A petition to wind up the operations of Novachem Limited will be
heard before the High Court of Hong Kong on April 28, 2010, at
9:30 a.m.

Vilmax S.A. filed the petition against the company on February 10,
2010.

The Petitioner's Solicitors are:

          Edward Ko & Company
          Yue Thai Commercial Building, 18/F
          No. 128 Connaught Road Central
          Hong Kong


OASIS HK AIRLINES: Creditors' Proofs of Debt Due March 31
---------------------------------------------------------
Oasis Hong Kong Airlines Limited, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by March 31, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Edward Middleton
         Patrick Cowley
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong


PEARL YING: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on February 17, 2010,
to wind up the operations of Pearl Ying Fai Logistics Limited.

The official receiver is E T O'Connell.


PINE YEAR: Court to Hear Wind-Up Petition on March 17
-----------------------------------------------------
A petition to wind up the operations of Pine Year Development
Limited will be heard before the High Court of Hong Kong on
March 17, 2010, at 9:30 a.m.

Richful Engineering Limited filed the petition against the company
on January 7, 2010.

The Petitioner's Solicitors are:

          Chiu and Lau
          Room 42, 4th Floor
          New Henry House
          10 Ice House Street
          Central, Hong Kong


REGAL FILMS: Creditors Get 13.780% Recovery on Claims
-----------------------------------------------------
Regal Films Company Limited, which is in liquidation, paid the
first and final dividend to its creditors on February 26, 2010.

The company paid 13.780% for all claims.


SAM'S & ASSOCIATED: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on February 17, 2010,
to wind up the operations of Sam's & Associated Limited.

The official receiver is E T O'Connell.


SEGA ENGINEERING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order February 3, 2010, to
wind up the operations of Sega Engineering Co. Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


SKY TECH: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order December 7, 2009, to
wind up the operations of Sky Tech Circuits Company Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


SUN FOOK: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order January 28, 2010, to
wind up the operations of Sun Fook Yuen Seafood Restaurant
Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


SUN MICRO: Lai and Haughey Appointed as Liquidators
---------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey on February 12, 2010,
were appointed as liquidators of Sun Micro Motor Technology
Limited.

The liquidators may be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35/F, One Pacific Place
         88 Queensway
         Hong Kong


TEAM MART: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on February 10, 2010,
to wind up the operations of Team Mart International Limited.

The official receiver is E T O'Connell.


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ACTGEN PHARMA: CRISIL Assigns 'B' Rating on INR180MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to the bank
facilities of Actgen Pharma Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        B-/Negative (Assigned)
   INR180 Million Term Loan         B-/Negative (Assigned)
   INR40 Million Letter of Credit   P4 (Assigned)

The ratings reflect Actgen's low revenue visibility, as the
company is yet to commence commercial production, and product
concentration in revenue profile -- ciprofloaxacin active
pharmaceutical ingredients.  These rating weaknesses are partially
offset by the industry experience and track record of Actgen's
promoters Hiran Orgochem Ltd and Mr. Ajay Dharamshi.

Outlook: Negative

CRISIL expects a sharp deterioration in Actgen's financial risk
profile over the medium term; this is because of the company's low
revenue visibility, as it has not commenced commercial production
yet, as also because of its large quantum of maturing debt over
the same period.  The rating may be revised downwards if Actgen
fails to generate adequate cash flows, or bring in additional
capital, to meet its upcoming debt-related payments.  Conversely,
the outlook may be revised to 'Stable' if the company secures
contracts which could generate substantial revenues, thereby
improving its financial risk profile.

                         About Actgen Pharma

Actgen was incorporated in 2008 as an equal joint venture between
HOL and Mr. Ajay Dharamshi.  The company has set up a plant in
Ankleshwar, Gujarat that meets the United States Food and Drug
Administration (USFDA) requirements; this will enable Actgen to
manufacture and sell ciprofloxacin APIs in the regulated markets.
Commercial production is expected to commence in March 2010.

HOL (rated 'D/P5' by CRISIL) was incorporated in 1983 by Mr.
Kantilal Hiran.  The company is into manufacturing of various
APIs, mainly ciprofloxacin, ofloxacin, and levofloxacin.  HOL is
the one of the largest manufacturers of ciprofloxacin in India.
Mr. Ajay Dharamshi has a track record of setting up USFDA-approved
plants for the pharmaceutical industry.


ANNEX GLASS: CRISIL Assigns 'B+' Rating on INR150MM Long-Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Annex Glass
Industries Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR150.0 Million Long-Term Loan    B+/Stable (Assigned)
   INR40.0 Million Cash Credit        B+/Stable (Assigned)

The rating reflects AGIPL's exposure to risks relating to the
implementation of its greenfield project, to the nascent stage and
small scale of its operations in the highly fragmented
architectural float glass industry, and to downturns in the real
estate and construction sectors.  These rating weaknesses are
partially offset by AGIPL's expected moderate financial risk
profile.

Outlook: Stable

CRISIL believes that AGIPL's operations and credit risk profile
will remain constrained owing to its exposure to risks relating to
project implementation and the start up phase of its operations.
The outlook may be revised to 'Positive' if AGIPL completes its
project on time and within the budgeted cost, leading to ramp up
in operations.  Conversely, the outlook may be revised to
'Negative' if AGIPL reports time or cost overruns in the
implementation of the project or significant delays in ramping up
operations.

                          About Annex Glass

AGIPL, incorporated in 2007 by Mr. Parvataneni Bapaiah and his
sons, Mr. Krishna Kishore and Mr. Krishna Kiran, (collectively
holding 60 per cent of the stake), and Mr. Bapaiah's nephew,
Mr. Sunkara Anil Kumar (holding 40% of the stake).  The company is
setting up an architectural float glass processing unit with a
capacity of 170 square metres per hour in Kesaram (Andhra
Pradesh).  The company will be manufacturing various types of
processed glasses such as toughened glass, laminated glass,
insulated glass, solar photovoltaic glass and printed glass, which
find application in the construction sector. The entire cost of
the project is INR280 million; it is expected to start commercial
operations in August 2010.


DEVGIRI EXPORTS: ICRA Places 'LBB+' Rating on INR130MM Bank Debts
-----------------------------------------------------------------
ICRA has assigned "LBB+" rating to the INR 130.0 million Fund
Based  and Non Fund Based limits of Devgiri Exports.  ICRA has
also assigned stable outlook to the ratings.

ICRA has taken a consolidated view of the group including ABC
Industries and Devgiri Exports to analyze business and financial
profile.

The ratings are constrained by low profitability, exposure to
currency fluctuation risk, high working capital intensity, high
competitive intensity in the segment given the commoditized nature
of the business and inherent risks in a partnership structure.
However the ratings draw comfort from the long experience and
track record of the promoters, presence of group across the
production value chain and favorable government policies allowing
fiscal incentives to the firm.

The firm is engaged in manufacturing and marketing of bath rugs
and woven dhurries.  Devgiri Exports is part of ABC group of
companies that is having its manufacturing setup in Panipat and
Mirzapur.  The firm operates its manufacturing facility at Panipat
where it leverages support from other group entities that are
engaged on job work basis to supply fabric and perform other
related activities such as dyeing.  The firm caters to retailers
like Walmart, Target, COOP, IKEA and Carrefour in U.S and Europe.

The firm has achieved sales of INR512.8 million and Profit After
Tax of INR49.1 million in the first six months of the financial
year 2009-10.


INTERNATIONAL LOHA: ICRA Rates INR200MM Bank Facilities at 'LBB'
----------------------------------------------------------------
ICRA has assigned a "LBB" rating to the INR200 million cash credit
facilities of International Loha Bhandar Private Limited.  The
long term rating has a stable outlook.

The rating takes into account competitive and fragmented nature of
the steel trading industry which exerts pressures on ILBPL's
margins; company's relatively high gearing levels and its modest
debt protection indicators.  The rating is also constrained by
ILBPL's limited track record, its modest scale of operations and
its susceptibility to adverse movements in raw material prices.
The rating, however, draws comfort from ILBPL's experienced
management and its reputed supplier base.

International Loha is a private limited company engaged in trading
of HR sheets and coils.  The company was incorporated in 2006 and
is promoted by Mr. Dharmender Goyal, who has been engaged in the
trading business since 1994.  The company procures the HR steel
coils/plates from various manufacturers like SAIL, Essar, Lloyd
Steel, Jindal Steel and ISPAT Steel.  The company has its own
stockyard in Faridabad (Haryana) and sales offices located in
Faridabad (Haryana) and Jaipur (Rajasthan).

In FY2009, the company posted a profit before tax of INR5.1
million on a turnover of INR1.43 billion.


KASHMIR APIARIES: ICRA Puts 'LB+' Rating on INR225.6MM LT Loans
---------------------------------------------------------------
ICRA has assigned a rating of "LB+" to long term fund based limits
of Rs 225.6 million of Kashmir Apiaries Exports.

ICRA's rating is constrained by vulnerability of profitability to
foreign currency fluctuations and exposure to global competition
with firm's focus on exports markets.  It is also constrained by
susceptibility of honey production to ecological conditions such
as climatic conditions,  flora availability and pest attacks  etc.
Moreover, seasonality of honey production coupled with relatively
high debtor days in exports markets results in high working
capital intensity which in turn results in high funding
requirements and consequently high gearing.  Consequently, the
company has generated negative cashflow from operations and the
firm's liquidity as reflected by its working capital limits
utilization has also remained below average.  ICRA rating action
however positively factors in its sizable honey manufacturing
capacity, its market leadership position in the exports market,
adequate demand growth and improved profitability.

Kashmir Apiaries Exports is engaged in the business of
manufacturing honey over a decade(s).  It owns and operates
beekeeping farms/apiaries and it also operates around 10,000 MT
p.a. unit to process honey.  This unit is amongst the large honey
processing unit(s) in Asia and it enjoys market leadership
position in the exports market.  Infact the group's total capacity
of 20,000 MT is the third largest honey processing unit(s) in
Asia, and together these accounts for 40% of the total honey
production in the country and more than 80% of countries total
exports.


NARMADA CEREAL: Delay in Loan Repayment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Narmada Cereal Pvt Ltd's
bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR150 Million Cash Credit*        D (Assigned)
   INR52 Million Term Loan            D (Assigned)
   INR23 Million Proposed Long-Term   D (Assigned)
               Bank Loan Facilities

   *Includes preshipment/FBP sublimit of INR80 million.

The rating reflects delay by NCPL in repayment of term loan
obligations by few days each month; the delay has been because of
NCPL's weak liquidity.

Incorporated in February 2007 by Mr. Arun Mittal, his brother
Mr. Praveen Mittal and Mr. Sundra Gupta, NCPL commenced commercial
production on April 1, 2008.  The company mills Pusa 1121 basmati
rice, sold under its Narmada Rice brand in India; it has a
processing unit in Bhopal (Madhya Pradesh) with capacity of 42000
tonnes per annum (tpa).  The company also exports rice to UAE,
which accounted for around 13 per cent of its turnover in 2009-10
(refers to financial year, April 1 to March 31).

NCPL reported a profit after tax (PAT) of INR11 million on net
sales of INR208.8 million for 2008-09, which was the first year of
operations.


SHRI RAM: Small Net Worth Prompts CRISIL 'BB' Ratings
-----------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Shri Ram Impex (India) Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR220 Million Cash Credit Facility*   BB/Stable (Assigned)
   INR30 Million Term Loan                BB/Stable (Assigned)

   *Includes proposed limit of INR70 million for cash credit.
    The cash credit facility is interchangeable with letter
    of credit, foreign currency loan, and buyer's credit
    facility.

The rating reflects SRIPL's low financial flexibility marked by
small net worth and high gearing levels, and vulnerability of its
profitability to foreign exchange rate fluctuations.  These rating
weaknesses are partially offset by the industry experience of the
company's promoters.

Outlook: Stable

CRISIL believes that SRIPL will maintain its business risk profile
on the back of its focus on improving its trading volumes, and its
established client relationships.  The outlook may be revised to
'Positive' if SRIPL increases its scale of operations by
diversifying its client mix and improvement in capital structure
of the company driven by fresh equity infusion by promoters, or
the company's cash accruals increase because of more-than-expected
growth in operating income.  Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the company's
profitability or capital structure.

                          About Shri Ram

Shri Ram Impex (India) Pvt Ltd. was incorporated in 2000 by Mr.
Vineet Bhatia; the company took over the business of a firm, Shri
Ram Enterprises, incorporated in 1984 by Mr. Vineet Bhatia's
father, Mr. Prem Bhatia.  Shri Ram Enterprises was engaged in the
import and trading of tin plate, hot-rolled, cold-rolled, and
galvanised steel. After the acquisition, SRIPL started importing
defective tin plates, tin free sheets, tin sheet cuttings, and
selling them in India.

For 2008-09 (refers to financial year, April 1 to March 31), SRIPL
reported a profit after tax (PAT) of INR6 million on net revenues
of INR704 million, against a PAT of INR13 million on net revenues
of INR532 million for 2007-08.


TOSHNIWAL ASSOCIATES: CRISIL Reaffirms 'B+' Rating on Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Toshniwal Associates
Pvt Ltd continue to reflect Toshniwal's weak financial risk
profile marked by low net worth, high gearing, and weak debt
protection measures, and susceptibility to volatility in raw
material prices, which are linked to weather conditions.  These
rating weaknesses are partially offset by the healthy growth
prospects in the guar gum products industry, and the promoters'
track record in the guar gum products business.

   Facilities                        Ratings
   ----------                        -------
   INR6.1 Million Cash Credit        B+/Stable (Reaffirmed)
   INR4.0 Million Term Loan          B+/Stable (Reaffirmed)
   INR79.9 Million Packing Credit    P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Toshniwal will maintain its business risk
profile over the medium term, supported by steady demand for guar
splits and guar gum, and its established relationships with
customers.  The outlook may be revised to 'Positive' if
Toshniwal's profitability and capital structure improve.
Conversely, the outlook may be revised to 'Negative' if the
company contracts more debt, resulting in deterioration in its
debt protection indicators, or if there is any adverse regulatory
change.

                    About Toshniwal Associates

Incorporated in 1995, Toshniwal manufactures guar gum powder from
guar splits. Guar gum meal, a by-product, is sold as cattle feed.
Guar gum is used as a binding and thickening agent in food
products, besides being used in the mining process and the
manufacture of petrochemicals.

Toshniwal acquired Lalit Converters, engaged in the manufacture of
guar splits, in September 2008. Commercial operations commenced in
December 2009, and the unit is expected to stabilise operations by
June 2010.

Toshniwal reported a profit after tax (PAT) of INR0.56 million on
sales of INR758.1 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.48 million on net
sales of INR337.8 million for 2007-08.


VIRAJ PROJECTS: ICRA Assigns 'LBB' Rating on INR90MM Bank Debts
---------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR 90.0 million fund
based bank limit and INR 110.0 million non-fund based limit of
Viraj Projects (India) Private Limited.  ICRA has assigned stable
outlook to the rating.

The rating is constrained by VPL's limited track record of project
execution, moderate scale of operations, modest order-book
position and client/geographic concentration. Further, the rating
takes into account the decreasing trend in the operating margins
(OPBDITA/OI) and net margins (PAT/OI) over the past three years,
decline of 10.4% in the company's turnover in FY09 as compared to
FY08 and high gearing of 1.79 times as of March 31, 2009.
Moreover, VPL booked low revenue of INR 364.6 million in the first
nine months of FY10 (provisional) due to inadequate orders and
delays in execution of few projects.  Nevertheless, the ratings
are supported by experienced management team and reputed client
base of the company.

Viraj Projects (India) Pvt. Ltd (VPL), formerly known as Kamdar
Constructions (P) Ltd. is a Pune-based company of Kumar Properties
group and is into execution of construction projects.  Kumar
Properties group was established by Mr. K.H. Oswal in 1966 and has
developed 17 million sq. ft. of commercial and Mr. Hitesh K Jain
(Director).  VPL executes projects in the field of industrial
civil work, water treatment/distribution projects, construction of
windmills foundations, commercial/residential buildings and IT
buildings.  Till FY09, VPL had been largely dependent on the
windmill foundation projects coming from Suzlon group for which it
has executed a number of projects at places like Kanyakumari,
Coimbatore, Sangli, Dhule and Pallakkad.  The company has also
executed real estate projects for its group companies and other
groups like Panchsheel on contractual basis besides industrial
civil works for clients such as Thermax Limited, Dow Carning
Private Limited and Reliance Petrochemicals Limited.   As of
December  31, 2009,  VPL's  order-book comprised of projects from
segments like water treatment/distribution projects (50%),
commercial/residential buildings (30%), industrial
buildings/plants (14%) and other civil works (6%).

During FY09,VPL reported an operating income (OI) of INR 920.5
million and a profit after tax (PAT) of INR  9.45  million as
against an OI of INR 1028.7 million and PAT of INR 15.64  million
in FY08, registering a decline of 10.4%.


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


JAPAN AIRLINES: Starts Tokyo-Dubai Codeshare Flights with Emirates
------------------------------------------------------------------
Japan Airlines (JAL) and Dubai-based Emirates Airline (EK) reached
an agreement to expand their code share partnership between Japan
and Dubai. JAL will start placing its "JL" flight indicator on EK-
operated flights between Tokyo (Narita) and Dubai from March 28,
2010, when EK will launch the new direct service to Narita, flying
five times a week.

Both airlines have been offering code share services on the
Osaka (Kansai) = Dubai route since 2002.  By further strengthening
their partnership through the new connection between Tokyo and
Dubai, both airlines can build a more extensive network to
increase customer convenience and better facilitate business and
tourist travel to the Middle East from Japan.

In addition to the code share flights, JAL and EK also linked
their frequent flyer programs (FFP) in October 2002, enabling
members of the JAL Mileage Bank (JMB) and Emirates' Skywards FFP
to earn miles on each other's flights.

Reservations and ticket purchase for the new code share service
start promptly.

                       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: Seeks Approval From MLIT for Fuel Surcharge
-----------------------------------------------------------
The JAL Group has requested for approval from the Japanese
Ministry of Land, Infrastructure, Transport and Tourism (MLIT) to
increase the current level of fuel surcharge on all international
passenger tickets issued from April 1, 2010.

The price of Singapore kerosene-type jet fuel during the 3 month
period from November 2009 to January 2010 averaged US$84.66 per
barrel.  With reference to the fuel surcharge benchmark list
for the fiscal year of, this corresponds to Zone C where fuel
surcharges range from 500 yen on a Japan - Korea ticket to 13,500
yen on a Japan- Brazil ticket per person per sector flown, on
tickets purchased in Japan.  This level of surcharge will be
applied to all international passenger tickets issued between
April 1, and June 30, 2010.

The company continues to conduct countermeasures as introducing
more fuel-efficient, small and medium-sized aircraft to its fleet,
to minimize the full impact of high fuel prices.

Despite these measures, the company is reluctantly obliged to ask
its international passengers to bear part of the burden caused by
the increase in the price of fuel.

   Fuel Surcharge for the period: April 1 - June 30, 2010*

                  Current Level: Zone B   Revised Level: Zone C
                   (As of Jan 01, 2010)    (As of Apr 01, 2010)

Based on average
price of fuel:          US$78.04/barrel         US$84.66/barrel

                              For sales               For sales
Route (Per person   For sales   outside     For sales   outside
per sector flown)   in Japan    Japan       in Japan    Japan
----------------   ---------------------   ---------------------
Japan-Korea           JPY300     US$3.00        JPY500   US$5.00

Japan-China,
Hong Kong, Taiwan     JPY1,500  US$15.00      JPY2,500  US$26.00

Japan-Guam,
Philippines,
Vietnam               JPY2,000  US$20.00      JPY3,000  US$32.00

Japan-Malaysia,
Singapore,
Thailand              JPY3,000  US$30.00      JPY4,500  US$48.00

Japan-Hawaii,
India, Indonesia      JPY4,000  US$39.00      JPY6,000  US$64.00

Japan-Canada,
Europe, Middle
East, Oceania, USA
(excl. Hawaii)        JPY7,000  US$69.00     JPY10,500 US$111.00

Japan - Brazil       JPY10,000  US$98.00     JPY13,500 US$143.00

New York - Sao Paulo  JPY3,000  US$30.00      JPY3,500  US$37.00

Amsterdam - Madrid      JPY500   US$5.00      JPY1,000  US$11.00

Singapore - Australia   JPY100   US$1.00      JPY3,000  US$32.00

Within Europe, Oceania
(excl. those specified
above/incl. some
domestic sectors)       JPY300   US$3.00        JPY500   US$5.00

Within Asia, Hawaii,
North America, (excl.
those specified above/
incl. some domestic
sectors)                JPY100   US$1.00        JPY200   US$2.00


*For full details about JAL's fuel surcharge policy, please refer
to http://www.jal.co.jp/en/other/info2006_0714.html

-- Applicable to all international passenger tickets issued on or
   after April 1, to June 30, 2010.

-- The surcharge applies to flights operated by Japan Airlines
   and its subsidiaries, including JAL code-share flights
   operated by other airlines.

-- The planned level of fuel surcharge is subject to government
   approval.

      Fuel Surcharge Benchmark List for Fiscal Year 2010
              (for the year ending Mar 31, 2011)

   For the convenience of customers and travel agents, the
following chart provides details of the fuel price benchmarks
(US$/bbl) JAL uses, to determine the amount of fuel surcharge
(JPY) placed on tickets per person per sector flown.

Benchmark List                A         B         C        D
                           From      From      From     From
Fuel Price (US$/bbl) Below  US$60-    US$70-    US$80-   US$90-
Singapore Kerosene   US$60  under     under     under    under
Hedge                       US$70     US$80     US$90    US$100
-------------------- -----  ------    ------    ------   ------
Japan - Korea               JPY200    JPY300    JPY500  JPY1,000

Japan   - China,
Hong Kong, Taiwan           JPY500  JPY1,500  JPY2,500  JPY3,500

Japan - Guam,
Philippines,
Vietnam                   JPY1,000  JPY2,000  JPY3,000  JPY4,000

Japan - Malaysia,    No
Singapore,           fuel
Thailand             sur- JPY1,500  JPY3,000  JPY4,500  JPY6,500
                   charge
Japan - Hawaii,
India, Indonesia          JPY2,000  JPY4,000  JPY6,500  JPY8,500

Japan - Canada,
Europe, Middle East,
Oceania, USA
(excl. Hawaii)            JPY3,500  JPY7,000 JPY10,500  JPY14,000

Japan - Brazil            JPY6,500 JPY10,000 JPY13,500  JPY17,000

Benchmark List                  E          F       G
                            From       From     From
Fuel Price (US$/bbl) Below    US$100-    US$110-  US$120-
Singapore Kerosene   US$60    under      under    under
Hedge                         US$110     US$120   US$130
-------------------- ------   -------    ------   -------
Japan - Korea                JPY1,500  JPY2,000  JPY2,500

Japan   - China,
Hong Kong, Taiwan            JPY4,500  JPY5,500  JPY7,000

Japan - Guam,
Philippines,
Vietnam                      JPY5,000  JPY6,500  JPY8,000

Japan - Malaysia,    No
Singapore,           fuel
Thailand             sur-    JPY8,500 JPY10,500 JPY13,000
                   charge
Japan - Hawaii,
India, Indonesia            JPY11,000 JPY13,500 JPY16,000

Japan - Canada,
Europe, Middle East,
Oceania, USA
(excl. Hawaii)              JPY17,500 JPY21,000 JPY25,000

Japan - Brazil              JPY21,000 JPY25,000 JPY29,000

                       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: Stock Delisted, Ends Final Trading at JPY1
----------------------------------------------------------
Shares of Japan Airlines Corporation was officially delisted from
the Tokyo Stock Exchange (TSE) on February 19, 2010.

Shares of the cash-strapped carrier finished the company's last
trading day on the TSE on February at 1 yen, unchanged since
February 2, ending the carrier's almost half a century of presence
on the bourse, Xinhuanet reported.

According to Reuters, the shares were untraded on February 19
before 27.6 million changed hands for 1 yen apiece at the 3 p.m.
close.  In November 2007, the stock reached 277 yen and the
airline's market value was as high as $8.2 billion, Reuters adds.

"This will undoubtedly be a symbolic case in which shareholders
are made to take responsibility," Xinhuanet quoted Tsuyoshi
Segawa, an equity strategist at Mizuho Securities Co, as saying.
"However, I do think that such an end could have been avoided had
JAL taken a different path at an earlier point."

According to Xinhuanet, JAL was first listed on the TSE's Second
Section in 1961 and then moved to the First Section in 1970.
After integrating operations with Japan Air System under a new
holding company in October 2002, the carrier's shares hit a high
of 366 yen in October 2003.

The stock fell to the record low of 1 yen for the first time on
January 22, three days after JAL filed for bankruptcy protection,
Xinhuanet adds.

                       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)


JMAC4 TRUST: Moody's Downgrades Ratings on Various Classes
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings for the Class
B through E trust certificates issued by JMAC4 Trust.  The final
maturity of the trust certificates will take place in February
2013.

The individual rating actions are listed below.

  -- Class B, downgraded to A3 from Aa2; previously, Aa2 placed
     under review for possible downgrade on December 4, 2009

  -- Class C, downgraded to B3 from Ba2; previously, Ba2 placed
     under review for possible downgrade on December 4, 2009

  -- Class D, downgraded to C from Caa2; previously, Caa2 placed
     under review for possible downgrade on December 4, 2009

  -- Class E, downgraded to C from Caa3; previously, Caa3 placed
     under review for possible downgrade on December 4, 2009

JMAC4 Trust, effected in March 2006, represents the securitization
of 16 non-recourse loans backed by real estate.  The transaction
currently comprises four non-recourse loans backed by five
properties.

Moody's had placed the ratings on review for possible downgrade
due to growing concerns about recovery stress -- higher than
assumed as of last June -- on the specially serviced loan that had
defaulted in December 2008.

This loan is backed mainly by retail properties in provincial
cities.  All tenants had vacated.  Six properties have already
been sold, but the other two including the highest valued, remain
on the market.

Moody's has received relevant information about recovery
activities on the loan from the trustee and the servicer.  This
rating action reflects Moody's concern that resulting losses of
the loan -- upon the completion of the disposal of the properties
-- could affect the Class B through E trust certificates
negatively.

In addition, in the current rating action, Moody's has re-assessed
the recovery stress for other loans -- in the range of 24% to 32%,
and 28% for the weighted average decline -- to assumptions at the
initial rating (excluding the specially serviced loans).

Moody's Investors Service is a publisher of rating opinions and
research.  It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.


JVC KENWOOD: To Close Mexico Plant, 200 Jobs at Risks
-----------------------------------------------------
Kyodo News reports that JVC Kenwood Holdings Inc. will stop making
flat-screen TVs in North America and will cease operations at its
plant in Tijuana, Mexico, as part of its efforts to turn around
its loss-making TV business.

The report, citing officials at JVC, says the company is
considering selling off or closing the Tijuana plant and letting
go all 200 workers.

JVC Kenwood said in February it would restate earnings after
disclosing cumulative losses of JPY17 billion) at its Victor
unit's European businesses over the past five years.

JVC Kenwood Holdings, Inc. (TYO:6632)-- http://www.jk-holdings.com
-- is a Japan-based holding company.  JVC Kenwood Holdings focuses
on car and home electronics and wireless systems.  The Company has
134 subsidiaries and 11 associated companies.  JVC Kenwood sells
TVs via Victor Co. of Japan Ltd.


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


TRACOMA HOLDINGS: Triggers Practice Note 17 Criteria
----------------------------------------------------
Tracoma Holdings Berhad has been classified as an Affected Listed
Issuer under Practice Note 17 of the Listing Requirements of Bursa
Malaysia Securities Berhad.

The company has triggered PN17's Paragraph 8.04 and Paragraph
2.1(a) as the consolidated shareholders' equity for the full
financial year ended December 31, 2009, is less than 25% of the
Company's issued and paid-up capital and such shareholders' equity
is less than MYR12 million.

As an Affected Listed Issuer, the company will be given a time
frame of 12 months to submit a regularization plan to the
Securities Commission if the plan will result in a significant
change in the business direction or policy of the Company; or
submit a regularization plan to Bursa Malaysia if the plan will
not result in a significant change in the business direction or
policy of the Company, and obtain Bursa Malaysia's approval to
implement the plan;

Morover, Tracoma Holdings will be required to:

   -- implement the regularization plan within the timeframe
      stipulated by the SC or Bursa Malaysia, as the case may be;

   -- announce within three months from this First Announcement,
      on whether the regularization plan will result in a
      significant change in the business direction or policy of
      the Company;

   -- announce the status of its regularization plan and the
      number of months to the end of the relevant timeframes on
      a monthly basis until further notice from Bursa Malaysia;

   -- announce its compliance or non-compliance with a particular
      obligation imposed pursuant to the PN17, on an immediate
      basis;

   -- announce the details of the regularization plan and
      sufficient information to demonstrate that the Company
      is able to comply with all the requirements set out under
      paragraph 3.1 of PN17 after implementation of the
      regularizations plan, which shall include a timeline for
      the complete implementation of the regularization plan.
      The Requisite Announcement must be made by a corporate
      Finance adviser that may act as a principal adviser under
      the Securities Commission's Guidelines on Principal Advisers
      for Corporate Proposals; and

   -- where the Company fails to regularize its condition,
      announce the dates of suspension and de-listing of its
      listed securities immediately upon notification of
      suspension and de-listing by Bursa Malaysia.

Currently, the company is in the midst of formulating a
Regularization Plan.  In addition, the Company is still undergoing
its debt restructuring exercise whereby a final and holistic "Debt
Restructuring Proposal" is still under discussions with the
lenders.  The Debt Restructuring exercise constitutes as the main
function towards the overall Regularization Plan in order to
uplift the PN17 status.

                       About Tracoma Holdings

Tracoma Holdings Berhad is a Malaysia-based investment holding
that is engaged in the provision of management services.  The
Company is a manufacturer and supplier of automotive parts and
components.  Some of its wholly owned subsidiary companies include
Tracoma Sdn. Bhd., which is engaged in manufacturing of automotive
components; Malaysian Die-Makers Sdn. Bhd., which is engaged in
die making and servicing; Trends Mecha Sdn. Bhd., which is engaged
in parts and car design, and Malaysian Farm Machinery Sdn. Bhd.,
which is engaged in assembling and distributing agricultural
tractors.


WWE HOLDINGS: To Hold 21st Annual Meeting on March 25
------------------------------------------------------
WWE Holdings Bhd will hold its 21st annual general meeting at
9:30 a.m. on March 25, 2010, at the Royal Ballroom, Kelab Golf
Sultan Abdul Aziz Shah, No.1, Rumah Kelab, Jalan Kelab Golf 13/6,
40100 Shah Alam, in Selangor Darul Ehsan.

At the meeting, the members will be asked to:

   -- receive the Audited Financial Statements of the Company
      for the financial year ended September 30, 2009, and the
      Reports of the Directors and Auditors thereon;

   -- approve the payment of Directors' fees of MYR39,000.00
      for the financial year ended September 30, 2009;

   -- re-elect these directors retiring in accordance with Article
      98 of the Company's Articles of Association:

      (a) Dr. Abdul Latif Bin Shaikh Mohamed
      (b) Puan Nurjannah Binti Ali;

   -- appoint Messrs. BDO Binder (AF 0206) as the Auditors of
      the Company and to authorize the Directors to fix their
      remuneration.

Special Business:

To consider and if thought fit, to pass this resolution as
Ordinary Resolution:

   -- Authority to allot shares

                        About WWE Holdings

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

                          *     *     *

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


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


ALLIED FARMERS: Announces Key Appointments
------------------------------------------
Allied Farmers Limited has announced a number of changes to its
organization structure to align resources and business focus
towards achieving its growth strategy in the rural and finance
sectors.

   (A) Legal Counsel & Company Secretary

Ross O'Neill has been appointed Legal Counsel & Company Secretary
-- Allied Farmers Limited.

Mr. O'Neill is a highly regarded corporate lawyer with more than
20 years commercial experience.  A former partner of Kensington
Swann, in Wellington, Mr. O'Neill serviced a number of high
profile corporate clients and more recently he spent five years as
Corporate Legal Counsel for Contact Energy, leading a team of
professionals.  Mr. O'Neill has served on the NZX Legal Advisory
Panel and is well versed in market compliance and all aspects of
corporate governance.

   (B) Chief Executive Officer -- Allied Farmers Rural

Paul Macfie has been appointed Chief Executive Officer ? Allied
Farmers Rural Limited.

Mr. Macfie was previously Allied Farmers Group Chief Executive
Officer and has an extensive background in rural services that
spans over thirty years, and he previously headed Allied Farmers
from 1998-2003.  He was CEO of Williams and Kettle Limited from
2003-2005 and was the Chair of the merger committee between
Williams and Kettle and Wrightson in early 2005.  Mr. Macfie was
part of the senior management team at PGG Wrightson Limited, with
responsibility for North Island District Managers, Agrifeeds and
Fruitfed Supplies from 2005-2007.  More recently before rejoining
Allied Farmers he worked for the investment banking operations of
McDouall Stuart, focused on Agribusiness.

   (C) Chief Financial Officer (Acting)

Allied Farmers has commenced a search for a Chief Financial
Officer, however in the interim, Gary Wong has been appointed
Acting Chief Financial Officer.  Mr. Wong's most recent position
was Chief Financial Officer, Line 7 / Canterbury of New Zealand.
Previous positions include senior roles within Tyco New Zealand,
U-Bix Business Machines, Reserve Bank of New Zealand and KPMG.
Aside from financial management, Mr. Wong brings key strengths in
mergers and acquisitions, business restructuring and business
system improvements.

The company will be making further announcements surrounding the
reorganization of its business and subsidiaries in due course.

As reported in the Troubled Company Reporter-Asia Pacific on
October 23, 2009, Allied Farmers Limited said it has breached its
banking covenants for the September quarter.

Allied Farmers Chairman John Loughlin said, "We are continuing to
experience tough trading conditions, a situation which has been
ongoing for a number of months, and we are carefully examining how
we can improve operating performance."

"The trading conditions have resulted in the company breaching
banking covenants for the September quarter, a situation we have
discussed with Westpac, who in turn have granted a waiver to the
covenant breach and confirmed it will continue to provide banking
support under the terms and conditions agreed in August 2009," he
said.

The company said it is currently undertaking an extensive review
of its structure, market presence and operations.

                       About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprises livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.


ALLIED FARMERS: Posts NZ$11.84MM Net Loss in Six Mos. Ended Dec.31
------------------------------------------------------------------
Allied Farmers Limited announced an unaudited operating loss after
tax of NZ$15.68 million (2008: NZ$3.91 million loss) for the six
month period ended December 31, 2009.  After accounting for
non-operating and non-cash items, including the NZ$3.84 million
impairment of goodwill in its investment in subsidiary Allied
Nationwide Finance, the Group result was a loss of NZ$11.84
million (2008: NZ$4.76 million loss).  Corporate expenses for the
period included acquisition costs of NZ$5.12 million, directly
related to the purchase of the Hanover Finance and United Finance
assets.

                            31 Dec 2009           31 Dec 2008
                      Revenue NZ$  NPAT NZ$  Revenue NZ$  NPAT NZ$
                             '000      '000         '000      '000
                      --------------------------------------------
Financial Services         21,700    (1,212)      19,742   (1,631)
Rural Services             32,943      (905)      48,523    2,704
Asset Management Services     559       362            0        0
Corporate                     759   (13,922)         (54)  (5,831)
Discontinued Operations                                       849
Consolidation Adjustment   (2,223)        0       (1,333)       0
                      --------------------------------------------
                           53,738   (15,677)      66,878   (3,909)

Chairman John Loughlin said "The Company has been through a
challenging time, in which we have witnessed the failure of many
businesses.  This result is largely in line with expectations, and
the acquisition of Hanover and United assets has clearly
strengthened our position.  This will allow us to take advantage
of any opportunities which might arise short to medium term."

Managing Director Rob Alloway said that while core business
performance has started showing signs of improvement in 2010, the
first half year had been extremely difficult for the company.  Key
rural and financial services sectors have not yet normalized
following the global financial crisis, although there were
positive signs in sectors such as dairy and asset finance.

Finance subsidiary, Allied Nationwide Finance, contributed a group
unaudited net loss after tax of NZ$1.21 million for the period.
The operating surplus before tax and loan provisioning was NZ$2.91
million with the bottom line result impacted by impaired asset
expenses of NZ$4.62 million and the costs of holding surplus cash
reserves.  The result was also before the recognition of NZ$1.54
million of after tax gains on the revaluation of interest rate
derivatives for the period, resulting in an underlying group
surplus attributable to the parent of NZ$0.33 million.

"Pleasingly arrears levels have remained steady signaling a
strengthening position in the market and the number of
participants in the segment has declined therefore we are starting
to enjoy the benefits of less competition" said Mr. Alloway.

Rural services subsidiary, Allied Farmers Rural continued to be
effected by the significant reduction in farm income in the dairy
sector in the prior period resulting in a net loss after tax of
NZ$0.90 million (2008: NZ$2.70 million profit) for the period.
Revenue in the rural business was down 32% on the same period last
year, predominantly due to weak sales in the merchandising and
livestock divisions.

Third quarter trading conditions are however exceeding
expectations with livestock trading particularly buoyant due to
increasing export schedules, good rainfall in some regions, and an
improved outlook for dairy commodity prices.

Internet trading of livestock through the portal mylivestock.co.nz
continues to grow with steady increases in membership numbers
resulting in strong interest for listings.  This month the company
will launch an extension to the service allowing farmers to trade
feed such as maize and hay, an industry first in New Zealand.

As part of the half year process, the assets of Hanover Finance
and United Finance, acquired by Allied Farmers in December 2009
through a share for debenture swap, have been consolidated into
the balance sheet at an IFRS accounting fair value of NZ$175.52
million.

"The Allied Farmers board with guidance from external advisors has
undertaken a provisional fair value assessment on what we still
consider to be a challenging group of assets.  Since settlement of
the transaction, a number of positions have softened further than
expected.  We have taken the opportunity to review each position
incorporating any new developments which have come to hand, when
assessing fair value" Mr. Alloway said.

"While we are confident a number of realizations can be achieved
in the medium term, there is uncertainty attached to some
positions.  For the purposes of 2010 year end financial
statements, the company will complete further fair value
assessments which may result in changes to the provisional fair
values stated as at December 31, 2009."

In the period leading up to settlement, the value of assets
transferred was decreased by a net amount of NZ$20.71 million.
This decrease related to asset realizations, loan advances, asset
restructures, provisioning, and bad debt write  offs approved by
the board and management of Hanover Finance and United Finance.
The initial transaction value was calculated on a gross
realization basis; however the New Zealand International Financial
Reporting Standards (IFRS) require acquired assets and liabilities
to be recorded at acquisition date fair values.  This is done with
reference to net present value, after discounting the expected
realization cash flows at applicable interest rates.  The IFRS
interest adjustment to recognize the period of expected
realization of the loans transferred, results in a NZ$55.95
million net decrease in the value of the acquired assets.

Subsequent to these decreases, further fair value adjustments of
NZ $27.86 million have been attributed to property assets (held
for resale), NZ$16.83 million to investments, and NZ$99.30 million
to finance loans, the latter heavily impacted by uncertainties
associated with stage 1 of the Kawerau Falls Station project in
Queenstown.  This in turn has affected prospects for further
development on Kawerau Falls Station stages 2 & 3 where the
company has major exposures.

                                                      NZD '000
                      ----------------------------------------
Attributed Value                                       396,177
Pre-settlement Adjustments
Asset movements including;
realisations, advances,
restructures, provisioning, bad debt
write offs                                              (20,708)

Interest Adjustment (IFRS)                              (55,953)

Fair Value Adjustments (IFRS)
   Property Assets                                      (27,861)
   Investments                                          (16,827)
   Loans                                                (99,308)
                       -----------------------------------------
Provisional Fair Value (IFRS)                            175,520

The Hanover Finance and United Finance assets are now contained
within a new subsidiary, Allied Farmers Investments, which has
been fully resourced with a very experienced legal and finance
team.  The Company said it has moved quickly to commence
litigation against a number of borrowers and in some instances
formally issued notice to call up guarantees.

As reported in the Troubled Company Reporter-Asia Pacific on
October 23, 2009, Allied Farmers Limited said it has breached its
banking covenants for the September quarter.

Allied Farmers Chairman John Loughlin said, "We are continuing to
experience tough trading conditions, a situation which has been
ongoing for a number of months, and we are carefully examining how
we can improve operating performance."

"The trading conditions have resulted in the company breaching
banking covenants for the September quarter, a situation we have
discussed with Westpac, who in turn have granted a waiver to the
covenant breach and confirmed it will continue to provide banking
support under the terms and conditions agreed in August 2009," he
said.

The company said it is currently undertaking an extensive review
of its structure, market presence and operations.

                       About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprises livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.


ALLIED FARMERS: Unit Places Property Ventures in Receivership
-------------------------------------------------------------
Allied Farmers Investments Limited has placed Property Ventures
Limited into the hands of receiver Grant Thornton in an attempt to
recover a loan to Five Mile Holdings Limited (In Receivership).
The loan was guaranteed by Property Ventures Limited.

Allied Farmers Managing Director Rob Alloway said that this is the
first of many such actions involving borrowers who have failed to
meet their obligations.  Five Mile Holdings Limited has an
outstanding loan to Allied Farmers Investments of more than $41.5
million as at 28 February 2010 and is now accruing interest at
more than $23,000 a day.

Allied Farmers holds a General Security Agreement over the assets
of Property Ventures, which is owned by a number of investors
including high profile Christchurch property developer, David
Henderson.  Property Ventures has interests in more than 30
subsidiaries, including those associated with Hotel So, and the
South of Lichfield entertainment and retail precinct in
Christchurch.

"We will use all reasonable means available to us to collect
outstanding principal and interest on loans which were entered
into in good faith" said Mr. Alloway.

Allied Farmers, through subsidiary 5M No.2 Limited, now owns part
(23ha) of the Five Mile site in Queenstown, following a
restructure of the asset by Hanover last November, which included
the sale of 4ha of land to Queenstown Gateway Trustee Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
October 23, 2009, Allied Farmers said it has breached its banking
covenants for the September quarter.

Allied Farmers Chairman John Loughlin said, "We are continuing to
experience tough trading conditions, a situation which has been
ongoing for a number of months, and we are carefully examining how
we can improve operating performance."

"The trading conditions have resulted in the company breaching
banking covenants for the September quarter, a situation we have
discussed with Westpac, who in turn have granted a waiver to the
covenant breach and confirmed it will continue to provide banking
support under the terms and conditions agreed in August 2009," he
said.

The company said it is currently undertaking an extensive review
of its structure, market presence and operations.

                       About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprises livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.


PROPERTY VENTURES: Placed in Receivership Over Loan Guarantee
-------------------------------------------------------------
Allied Farmers Investments Limited has placed Property Ventures
Limited into the hands of receiver Grant Thornton in an attempt to
recover a loan to Five Mile Holdings Limited (In Receivership).
The loan was guaranteed by Property Ventures Limited.

Allied Farmers Managing Director Rob Alloway said that this is the
first of many such actions involving borrowers who have failed to
meet their obligations.  Five Mile Holdings Limited has an
outstanding loan to Allied Farmers Investments of more than $41.5
million as at 28 February 2010 and is now accruing interest at
more than $23,000 a day.

Allied Farmers holds a General Security Agreement over the assets
of Property Ventures, which is owned by a number of investors
including high profile Christchurch property developer, David
Henderson.  Property Ventures has interests in more than 30
subsidiaries, including those associated with Hotel So, and the
South of Lichfield entertainment and retail precinct in
Christchurch.

"We will use all reasonable means available to us to collect
outstanding principal and interest on loans which were entered
into in good faith" said Mr. Alloway.

Allied Farmers, through subsidiary 5M No.2 Limited, now owns part
(23ha) of the Five Mile site in Queenstown, following a
restructure of the asset by Hanover last November, which included
the sale of 4ha of land to Queenstown Gateway Trustee Limited.

As reported in the Troubled Company Reporter-Asia Pacific on
October 23, 2009, Allied Farmers said it has breached its banking
covenants for the September quarter.

Allied Farmers Chairman John Loughlin said, "We are continuing to
experience tough trading conditions, a situation which has been
ongoing for a number of months, and we are carefully examining how
we can improve operating performance."

"The trading conditions have resulted in the company breaching
banking covenants for the September quarter, a situation we have
discussed with Westpac, who in turn have granted a waiver to the
covenant breach and confirmed it will continue to provide banking
support under the terms and conditions agreed in August 2009," he
said.

The company said it is currently undertaking an extensive review
of its structure, market presence and operations.

                       About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprises livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch.  Timber
processing comprises the Company's discontinued sawmilling
operations.  On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity.  Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.

                       About Property Ventures

New Zealand-based Property Ventures Limited --
http://www.propertyventures.co.nz/-- is real estate development
and investment company.

                          *     *     *

Two secured creditors of Five Mile Holdings have placed the
company under receivership for non-payment of a loan said to be
about NZ$70 million.  Five Mile Holdings is a unit of Property
Ventures which is controlled by developer David Henderson.

Smith Crane and Construction, a Christchurch crane-hire company,
also filed applications in the High Court to liquidate Five Mile
and Property Ventures for unpaid debts.


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


FOUNDATION ASIANA: Creditors' Proofs of Debt Due March 19
---------------------------------------------------------
Foundation Asiana Regional Pte Ltd, which is liquidation, requires
its creditors to file their proofs of debt by March 19, 2010, to
be included in the company's dividend distribution.

The company's liquidator is:

         Yin Kum Choy
         c/o KC Yin & Co
         Certified Public Accountants, Singapore
         138 Cecil Street, #06-01 Cecil Court
         Singapore 069538


GOODRICH CONTROL: Creditors' Proofs of Debt Due April 5
-------------------------------------------------------
Creditors of Goodrich Control Systems Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 5, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Bob Yap Cheng Ghee
         Tay Puay Cheng
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


INTERMEDIA NETWORK: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on February 26, 2010,
to wind up the operations of Intermedia Network Services Pte Ltd.

Singapore Telecommunications Limited filed the petition against
the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #05-11/#06-11
         Singapore 069118


IPACS COMPUTER: Creditors Get 45% Recovery on Claims
----------------------------------------------------
Ipacs Computer Services (S) Pte Ltd will declare the second
interim dividend on March 12, 2010.

The company will pay 45% to the received claims.

The company's liquidator is:

         Seshadri Rajagopalan
         c/o Ernst & Young Solutions LLP
         One Raffles Quay
         North Tower, Level 18
         Singapore 048583


M+ CORP: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on February 26, 2010,
to wind up the operations of M+ Corp Pte. Ltd. (formerly known as
MBO Capital Pte Ltd).

Hsbc Institutional Trust Services filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


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

The company's liquidator is:

         Goh Thien Phong
         c/o Price water house Coopers LLP
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


SHARIKAT KIAN: Court to Hear Wind-Up Petition on March 19
---------------------------------------------------------
A petition to wind up the operations of Sharikat Kian Tong Pte Ltd
will be heard before the High Court of Singapore on March 19,
2010, at 10:00 a.m.

Paw Leck Engineering Pte Ltd filed the petition against the
company on February 22, 2009.

The Petitioner's solicitor is:

         Christopher Tan
         Messrs LEE & TAN
         151 Chin Swee Road #10-06/08
         Manhattan House
         Singapore 169876


TOYO GLASS: Creditors' Proofs of Debt Due April 5
-------------------------------------------------
Creditors of Toyo Glass Machinery Singapore (Pte) Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 5, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Bob Yap Cheng Ghee
         Tay Puay Cheng
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


                         *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine T. Fernandez, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

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

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

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





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