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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, March 15, 2010, Vol. 13, No. 051

                            Headlines



A U S T R A L I A

AMERICAN INT'L: Macquarie May Bid for Aircraft Assets for $3.5BB
REDBANK PROJECT: S&P Downgrades Senior Debt Rating to 'CCC-'


C H I N A

COUNTRY GARDEN: Note Amendment Won't Affect S&P's 'BB' Ratings


H O N G  K O N G

GOLD RISING: Court Enters Wind-Up Order
GOLDEN JUMBO: Court Enters Wind-Up Order
HANG ON: Court Enters Wind-Up Order
HANLEY WATCH: Court Enters Wind-Up Order
HEAD DRAGON: Court Enters Wind-Up Order

HUA FENG: Court Enters Wind-Up Order
HUA YANG: Declared Dividend on March 5
HUNG TAT: Court Enters Wind-Up Order
ILIAD COMPANY: Court Enters Wind-Up Order
INFINITE POSSIBILITIES: Court to Hear Wind-Up Petition on April 14

KAM WONG: Court Enters Wind-Up Order
KARSEL DEVELOPMENT: Court Enters Wind-Up Order
KENDER DEVELOPMENT: Court to Hear Wind-Up Petition on April 14
KEEP ON: Court Enters Wind-Up Order
KENLY ENGINEERING: Court Enters Wind-Up Order

ZENESIS SPC: S&P Puts 'BB-' Rating on CreditWatch Positive


I N D I A

ACROPETAL TECHNOLOGIES: ICRA Rates INR833MM Bank Debts at 'LBB'
ACTIF: Fitch Puts 'BB+(ind)' Nat'l Long-term Rating on RWN
AMBUTHIRTHA POWER: ICRA Puts 'LBB+' Rating on INR556.1MM Debts
AURO GOLD: ICRA Reaffirms 'LBB+' Rating on INR900MM Bank Debts
BAJAJ KAGAJ: ICRA Assigns 'LB' Rating on INR115.4MM Term Loan

BOHRA INDUSTRIES: ICRA Assigns 'LBB' Rating on INR158.5MM Loans
BALPRADA HOTELS: ICRA Places 'LBB' Rating on INR650MM Term Loans
C.K. INFRASTRUCTURES: ICRA Places 'LB' Rating on INR257MM Loan
DIXCY TEXTILES: ICRA Assigns 'LBB+' Rating INR12.5MM Term Loans
EXPANDED POLYMER: ICRA Reaffirms 'LBB+' Rating on INR325MM Loan

FORUM INFRASTRUCTURE: ICRA Assigns 'LBB' Rating on INR350MM Loan
FORUM PROJECT: ICRA Assigns 'LBB+' Rating on INR1.85BB Term Loans
FORUM RIVIERA: ICRA Places 'LBB' Rating on INR1.5BB Term Loan
FORUM SHOPPING: ICRA Places 'LBB+' Rating on INR300MM Term Loan
HARIYANA INT'L: CRISIL Upgrades Rating on INR250MM Credit to 'B+'

HARIYANA SHIP: CRISIL Upgrades Rating on Term Loans to 'B+'
HEILGERS DEVELOPMENT: ICRA Puts 'LBB-' Rating on INR250MM Loan
JINDAL TEXOFAB: ICRA Places 'LBB' Rating on INR127.5MM Loans
JMD LIMITED: ICRA Assigns 'LBB' Rating on INR1.35BB Term Loans
KANISHK GOLD: ICRA Assigns 'LBB+' Rating on INR100MM Term Loan

RATHI SPECIAL: ICRA Assigns 'LBB+' Rating on INR330MM Bank Debt
SHREE SWASTIC: ICRA Places 'LBB-' Rating on INR240MM Bank Debts
SHRI T.P. TEXTILES: ICRA Assigns 'LBB' Rating on INR124.1MM Loans
SOHAM MANNAPITLU: ICRA Assigns 'LB+' Rating on INR544MM LT Loans
WELLCOME FISHERIES: Low Profitability Cues ICRA 'LBB' Ratings


I N D O N E S I A

BANK MANDIRI: 2009 Profit Up 26% to IDR6.72 Trillion
CENTRAL PROTEINAPRIMA: Unit Sells Processing Plant for IDR103BB
MEDCO ENERGI: 2009 Revenue Likely to Fall 50%; to Seek Funding
MEDCO ENERGI: To Invest Up to US$400MM for Oil Facility in Libya


J A P A N

J-CORE12 TRUST: Fitch Downgrades Ratings on Class E Notes
KANSAI INTERNATIONAL: Seeks Government's Help to Reduce Debts
MOMIJI BANK: Fitch Affirms 'D' Individual Rating
NORTH PACIFIC: Fitch Affirms Individual Rating at 'C/D'
WILLCOM INC: Seeks JPY137.8 Billion to Revive the Company

YAMAGUCHI BANK: Fitch Affirms 'C' Individual Rating


M A L A Y S I A

HO HUP: Extraordinary Meeting Slated for March 29


N E W  Z E A L A N D

MARAC FINANCE: Can Avail Extended Crown Deposit Guarantee
NEW ZEALAND RESORTS: High Court Orders Liquidation
STRATEGIC FINANCE: Perpetual Trust Calls in Receivers


S I N G A P O R E

ALPHA PLASTERCEIL: Court to Hear Wind-Up Petition on March 26
ANTHONY HAIR: Court Enters Wind-Up Order
CHIAP SENG: Court to Hear Wind-Up Petition on March 26
CP SOLUTIONS: Creditors' Meetings Set for March 19
D G AD: Creditors' Proofs of Debt Due March 29

DAE SUNG: Court to Hear Wind-Up Petition on April 19
ELCHEMI ASSETS: Court to Hear Wind-Up Petition on March 19


T A I W A N

CONCORD SECURITIES: Fitch Affirms 'BB+' Issuer Default Rating
DAH CHUNG: Fitch Affirms Individual Rating at 'C/D'
PRIMASIA SECURITIES: Fitch Affirms Individual Rating at 'D/E'


V I E T N A M

* VIETNAM: Fitch Puts 'BB-' Issuer Rating on Negative Watch




                         - - - - -


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A U S T R A L I A
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AMERICAN INT'L: Macquarie May Bid for Aircraft Assets for $3.5BB
----------------------------------------------------------------
Bloomberg News, citing the Australian Financial Review, reports
that Macquarie Group Ltd. may bid for American International Group
Inc.?s $3.5 billion of aircraft assets.

The Review said Macquarie and partner Och-Ziff Capital Management
Group are seeking assets from International Lease Finance Corp.,
according to Bloomberg.

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as $182.5 billion.

AIG has sold a number of its subsidiaries and other assets to pay
down loans received from the U.S. government, and continues to
seek buyers of its assets.


REDBANK PROJECT: S&P Downgrades Senior Debt Rating to 'CCC-'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term rating on Redbank Project Pty Ltd.'s senior secured debt
to 'CCC-' from 'CCC+'.  The 'CCC-' rating also applies to the
A$170 million senior secured bonds issued by RB Pass Through Pty
Ltd., a securitization vehicle for part of Redbank's project debt.

The rating action reflects the continued operating difficulties at
the Redbank power plant since October 2009, and uncertainty on the
adequacy of the planned capital works to stabilize operations.
These factors have increased the project's reliance on equity
support and could exacerbate Redbank's weak liquidity position, in
S&P's view.  The rating remains on CreditWatch with negative
implications, where it was initially placed on May 29, 2009.  The
CreditWatch reflects S&P's opinion that Redbank's finances and
liquidity may weaken further if the independent consultant's
estimate of the required capital works exceeds the cash reserved
by Redbank's parent, Alinta Energy Ltd., or the operations fail to
improve after the completion of the works.

"Redbank's poor operations continued during November and December
2009 after further unplanned outages, increasing the project's
reliance on equity support," Standard & Poor's credit analyst
Parvathy Iyer said.  "Although significant capital works are
scheduled over April-June 2010 to rectify the plant's problems,
the adequacy of the works to restore stable operations is yet to
be ascertained by an independent consultant.  In addition,
Redbank's cash flow and liquidity may come under further pressure
if the scope or complexity of works demands a longer outage or the
dollar value of works exceed the planned equity contribution by
Alinta Energy.  S&P believes Redbank has limited liquidity avenues
beyond the cash reserved by Alinta Energy for this purpose.
Furthermore, all these factors heighten the refinancing risk of
the project's liquidity and working-capital facilities due in
November 2010."

Alinta Energy has advised that it has reserved A$4.7 million in
cash to undertake the improvement works at the Redbank power plant
and expects to contribute this cash as equity during the 2010
calendar year, starting in the June 2010 quarter.  In the absence
of this undertaking, the risk to Redbank's credit quality would
have been greater.  Also, in S&P's view, if the planned equity
contribution is delayed and the project has an increased reliance
on the working-capital or liquidity facility to support the works,
the rating could fall.

Ms. Iyer added: "The CreditWatch is likely to be resolved by June
2010, when Redbank expects completion of the planned April outage
and partial rectification works.  At this time, S&P also expect
more clarity on the adequacy of the capital works to restore
operational stability from the independent consultant.  Even if
the works were completed, rating stability will depend on the
plant's ability to demonstrate a few quarters of stable
operations."


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C H I N A
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COUNTRY GARDEN: Note Amendment Won't Affect S&P's 'BB' Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Country Garden Holdings Co. Ltd. (BB/Stable/--) are not
affected by the announcement that the company has received
bondholders' consent to amend certain covenants of its
US$375 million senior unsecured notes due 2014.  The 'BB-' issue
rating on this debt takes into consideration subordination risks
because priority debt represents more than 15% of total assets.

The amendments will allow Country Garden to participate the Asian
Games City project in Guangzhou.  In S&P's view, they will also
increase Country Garden's financial flexibility because the
company and its subsidiaries could take on additional debt.  S&P
expects the financial costs associated with the amendments to have
a limited impact on Country Garden's liquidity.


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


GOLD RISING: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on February 19, 2010,
to wind up the operations of Gold Rising Foods Company Limited.

The company's liquidator is Mat Ng.


GOLDEN JUMBO: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on February 9, 2010,
to wind up the operations of Golden Jumbo Thai Restaurant Limited.

The company's liquidator is Lau Siu Hung.


HANG ON: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on March 10, 2009, to
wind up the operations of Hang On Forwarding Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


HANLEY WATCH: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on January 18, 2010,
to wind up the operations of Hanley Watch Case Manufacturing
Limited.

The company's liquidator is Pui Chiu Wing.


HEAD DRAGON: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on February 11, 2010,
to wind up the operations of Head Dragon Investment Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


HUA FENG: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on March 23, 2009, to
wind up the operations of Hua Feng Leather Products Factory
Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


HUA YANG: Declared Dividend on March 5
--------------------------------------
Hua Yang Printing Holdings Co., Limited, which is in liquidation,
paid the dividend to its creditors on March 5, 2010.

The company's liquidators are:

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


HUNG TAT: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on February 24, 2010,
to wind up the operations of Hung Tat Warehouse, Transportation
and Shipping Company Limited.

The acting official receiver is Lee Mei Yee May.


ILIAD COMPANY: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on May 27, 2009, to
wind up the operations of Iliad Company Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


INFINITE POSSIBILITIES: Court to Hear Wind-Up Petition on April 14
------------------------------------------------------------------
A petition to wind up the operations of Infinite Possibilities
(Hong Kong) Limited will be heard before the High Court of Hong
Kong on April 14, 2010, at 9:30 a.m.

Music Nation Records Company Limited filed the petition against
the company on January 26, 2010.

The Petitioner's solicitors are:

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


KAM WONG: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on September 22,
2009, to wind up the operations of Kam Wong Trading (H.K.)
Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


KARSEL DEVELOPMENT: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on February 24, 2010,
to wind up the operations of Karsel Development Limited.

The acting official receiver is Lee Mei Yee May.


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

San Chi Shing filed the petition against the company on Feb. 10,
2010.


KEEP ON: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on February 3, 2010,
to wind up the operations of Keep On Holdings Limited.

The company's liquidator is Lau Siu Hung.


KENLY ENGINEERING: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on October 30, 2009,
to wind up the operations of Kenly Engineering Limited.

The company's liquidator is:

          Ng Kwok Wai
          Unit A, 14/F., JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong


ZENESIS SPC: S&P Puts 'BB-' Rating on CreditWatch Positive
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed the
'BB-' rating on Zenesis SPC Series 2006-1 on CreditWatch with
positive implications.

To assess the creditworthiness of each class, S&P reviewed the
credit quality of the securitized assets using the synthetic rated
overcollateralization scores and results from supplemental tests.
These results measure the degree by which the credit enhancement
of a tranche exceeds the stressed loss rate assumed for a given
rating scenario.

Zenesis SPC Series 2006-1 was placed on CreditWatch positive as
its SROC score is greater than 100% at the current rating level
and at a higher rating level (based on the maximum scenario loss
rate, largest obligor test, and largest industry test).  SROC
scores rising above 100% reflect an improvement in the credit
quality of the underlying portfolio.

    Transaction                   Rating To       Rating From
    -----------                   ---------       -----------
    Zenesis SPC Series 2006-1     BB-/Watch Pos   BB-

Notes:

1.  Where the final price on defaulted reference names in CDO
    portfolios is not known, S&P's analysis takes into
    consideration the auction results for these names from the
    International Swaps and Derivatives Association, Inc.

2.  In accordance with the criteria for rating CDO transactions,
    certain factors such as credit stability and rating
    sensitivity to modeling parameters may be considered in
    assigning ratings to CDO tranches, in addition to the
    supplemental tests, the Monte Carlo default simulation
    results, and the associated cash flow modeling.  Such risks in
    transactions may be assessed on a case-by-case basis and the
    ratings may be qualitatively adjusted to a rating level
    different than that indicated by the various quantitative
    results.  The tranches' final ratings reflect the result of
    any such qualitative adjustments.

The Global SROC Report with the SROC analysis as at March 1, 2010,
will be published shortly.  In the week following the publication
of the report, a full review of the affected tranches of Asia-
Pacific synthetic CDOs will be performed and appropriate rating
actions, if any, will be taken.  The Global SROC Report provides
SROC and other performance metrics on more than 3,000 individual
CDO tranches.


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I N D I A
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ACROPETAL TECHNOLOGIES: ICRA Rates INR833MM Bank Debts at 'LBB'
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating in the long term to the INR833
million fund based limits of Acropetal Technologies Limited.  ICRA
has also assigned an 'A4' rating in the short term to the INR250
million fund based limits of Acropetal.

The rating takes into account the company's modest scale of
operations, high working capital intensity stemming from its
stretched receivable days, which has resulted in strained cash
flows and consequent delay in debt servicing in the past.  The
rating also factors in the company's significant client
concentration risk, and its inorganic expansion plans which could
lead to high funding requirements in the medium term.  The rating
also takes into account the industry specific risks such as
employee attrition, and adverse movements in foreign exchange.
However, ICRA draws comfort from the experienced and professional
management, robust revenue growths and strong operating
profitability.

                    About Acropetal Technologies

Established in 2001, Acropetal Technologies Limited was earlier
involved in providing Engineering Design Services.  From 2006
onwards, the company started offering information technology
services.  The software services segment is the primary business
segment in the company now accounting for approx. 64% of revenues
in 2008-09.  The company also won the STPI award for High Growth
in Small and Medium Business Unit by the Software Technology Parks
of India and Department of IT & BT Karnataka for the year 2008-09.

Acropetal has a team of about 493 professionals providing software
services and Engineering Design Services to various clients across
USA, Middle East and Europe.  Acropetal reported a net profit of
INR189.2 million on an operating income of INR971 million in 2008-
09 as against a net profit of INR130.6 million on an operating
income of INR603.1 million in 2007-08.


ACTIF: Fitch Puts 'BB+(ind)' Nat'l Long-term Rating on RWN
-----------------------------------------------------------
Fitch Ratings has placed all National Ratings of India's Krishna
Knitwear Technology Limited, Eskay Knit India Limited, Actif
Corporation Limited and Global Softech Limited promoted by the
Tayal family on Rating Watch Negative following an interim order
from the Securities and Exchange Board of India on 8 March 2010
restraining them and its various group entities from accessing the
capital markets or from dealing in securities.  The rating actions
are:

* KKTL: 'BBB+(ind)' National Long-term rating and 'F2(ind)' Short-
  term ratings for working capital facilities placed on RWN

* Eskay: 'BBB+(ind)' National Long- term rating and 'F2(ind)'
  Short term ratings for working capital facilities placed on RWN

* Actif: 'BB+(ind)' National Long- term rating and 'F4(ind)' Short
  term ratings for working capital facilities placed on RWN

* GSL: 'BBB+(ind) (SO)'/F2(ind) (SO) Issue ratings placed on RWN

Fitch notes that although Actif has not been explicitly named in
the SEBI order, this rating action reflects its strong linkages
with the Krishna Group of Industries, which is part of the Tayal
group.

According to the SEBI order, an incorrect disclosure was made by
the Bank of Rajasthan, a bank promoted by the Tayal family,
regarding the shareholding pattern of the promoter group (the
Tayal Family).  The SEBI interim order maintains that there were
inter-firm fund transfers within the entities of the promoter
group.  These transfers were in turn used to increase the
promoters (the Tayal Family) stake in BOR, contrary to the
promoters disclosures.

The RWN reflects the possible negative impact on the Tayal Group's
companies in following the SEBI order, as Fitch believes it could
have an adverse impact on financial flexibility.  In addition to
restricting the group's access to capital market issuances,
financial flexibility could also be affected by any potential
impact on the group's access to bank financing.

The agency notes that the Tayal Group's companies rely bank
financing to fund their growing working capital requirements, and
ongoing capex programmes, as well as any potential refinancing
risks which the above companies may be exposed to.  Fitch will
also evaluate the actual impact on the financials of the group
companies rated by the agency (KKTL, Eskay, Actif and GSL)
including leverage and liquidity, arising from the alleged use of
funds for FY10.

The RWN will be resolved once the agency has achieved clarity on
the impact on the various companies' financial flexibility and if
there is any deterioration in financial performance for FY10.  The
RWN indicates that the ratings of KKTL, Eskay, Actif and GSL may
be downgraded if the above concerns materialize.  Fitch would also
monitor any further regulatory action.

These instruments have also been placed on RWN:

KKTL:

  -- Non-fund based limits aggregating INR195m: 'F2(ind)' on RWN;

  -- Fund-based limits aggregating INR4.1bn: 'BBB+(ind)'/'F2(ind)'
     on RWN;

  -- Long-term loans aggregating INR6.6bn: 'BBB+(ind)' on RWN;

Eskay:

  -- Non-fund based limits aggregating INR40m: 'F2(ind)' on RWN;
  -- Fund-based limits aggregating INR1.2bn: 'BBB+(ind)' on RWN;
  -- Long-term loans aggregating INR1, 316m: 'BBB+(ind)' on RWN;
  -- Proposed NCD issue INR1bn: 'BBB+(ind)' on RWN;

Actif:

  -- Non-fund based limits aggregating INR25m: 'F4(ind)' on RWN;
  -- Cash credit limits aggregating INR320m: 'BB+(ind)' on RWN;
  -- Long-term loans aggregating INR1926m: 'BB+(ind)' on RWN;

GSL:

  -- Bank loan facility aggregating INR90m: 'F2(ind)(SO)' on RWN;

  -- Cash credit limits aggregating INR850m: 'BBB+(ind)(SO)' on
     RWN;

  -- Long-term loans aggregating INR2bn: 'BBB+(ind)(SO)' on RWN;


AMBUTHIRTHA POWER: ICRA Puts 'LBB+' Rating on INR556.1MM Debts
--------------------------------------------------------------
ICRA has assigned a rating of 'LBB+' to the INR556.1 million fund
based limits/ long term debt program of Ambuthirtha Power Private
Limited.  ICRA has also assigned a rating of A4+ to the INR17.8
million non fund based limits of Ambuthirtha Power Private
Limited.  The outlook is positive.

ICRA's non investment grade rating of APPL factors in hydrological
risks, as APPL is not covered under deemed generation clause in
case of loss of generation due to shortage of water.  Given that
the revenues of the company are linked to actual unit sales, this
exposes the company to risks of variable cash flows arising out of
hydrological risks and also timely payment from the customer viz
Praxair India Private Limited.  The rating also factors in delays
in debt servicing during FY2009 and FY2010 (till June 09),
although the company has been timely in making debt repayments
since then.  The rating, however draws comfort from the fact that
the plant is operational and there is a firm and perpetual off
take arrangement with Praxair India (APPL's captive consumer,
being a 26% shareholder in the paid up capital), with reasonable
tariff levels of INR4.17/kwh (base rate for December, 2007), with
an escalation factor of 1% per annum over the previous year
tariff.  However, the advantage is partly offset by the fact that
the equity placed by Praxair India has dividend payment clauses
(INR35 million FY2010 onwards), which results in some financial
risks for the company.

The ratings also factor in limited demand risks due to significant
energy deficit in southern India and satisfactory operations of
the company during FY2009 and FY 2010 ytd.  Further, incremental
revenue stream from CERs is an additional source of comfort.
While assigning the rating, ICRA has also factored in group risks
arising out of being a part of a group that has sizeable capital
expenditure in relation to their limited current experience.

Going forward, satisfactory hydrology and the ability of the
company to meet the designed performance parameters, ensure
collection in timely manner and timely repayment of its debt
obligations would thus remain key rating drivers.

                       About Ambuthirtha Power

Ambuthirtha Power Private Limited is an IPP promoted by the Soham
Group.  The company operates a 22 MW small containment run of the
river hydel power plant located near Jog Falls in the Shimoga
district of Karnataka.

Soham Group was promoted in the year 1961 and is currently headed
by Mr. Sadananda Shetty who is the former Chairman & Managing
Director of Vijaya Bank.  With the 22 MW MGHE TRS Scheme having
been commissioned by one of its Subsidiaries (Ambuthirtha Power
(P) Ltd.), followed by the 15 MW SHP through yet another
subsidiary (Mannapitlu Power Private Limited) and 10 other
projects on hand, the main focus of the group is the Renewable
Energy Space in India.  The group has holds a majority stake of
54% in APPL through its flagship company, Soham Renewable Energy
India Pvt. Ltd (SREIPL).  The other shareholders include Praxair
India Private Limited (captive consumer) and India Clean energy
Limited, a Mauritius based private equity fund, holding a share of
265 and 20%, respectively.


AURO GOLD: ICRA Reaffirms 'LBB+' Rating on INR900MM Bank Debts
--------------------------------------------------------------
ICRA has re-affirmed the rating assigned to the INR900.0 million
(enhanced from INR750 million) fund based (Cash credit) facilities
of Auro Gold Jewellery Private Limited at 'LBB+'.  The rating
carry stable outlook.  ICRA has also re-affirmed A4+ rating
assigned to the INR600 million (Export packing credit+ Metal Gold
loan) fund based facilities of AJPL.

The INR600 million (EPC+ Metal Gold loan) is a sublimit of INR900
million Cash credit facilities, as such the total utilization
should not exceed INR900 million at any point of usage.

The rating continues to reflect AJPL's stretched liquidity
position as highlighted by high working capital utilization,
modest cash accruals as of 9MFY10 and negative fund flow from
operations.  The industry-wide challenging operating environment
contributed by poor demand off-take from key export markets has
led to lower realizations and sharp drop in operating margins for
AJPL for FY09.  The ratings however draws comfort from revival in
demand to an extent as reflected by rise in margins as of 9MFY10
and enhancement in banking limits which were curtailed earlier
leading to strained liquidity position of the company.

Auro Gold Jewellery Pvt. Ltd., incorporated in 1993 is in the
business of manufacturing, exporting, whole selling and more
recently, retailing of non-branded gold jewellery.  It is a family
run business.  The current Managing Director of the company,
Mr. Ritesh Jain is the third generation in the business.  The
company generates the bulk of its revenue from its whole selling
business and has a robust distribution model spanning almost
entire country, revenues being concentrated to some extent towards
southern India.  The company is primarily into the B2B segment;
with the retailing business started a couple of years back with
its first showroom in Mulund, Mumbai.  The export business is
based out of two units in SEZ Surat, which cater to U.A.E. and
Singapore markets.  The company concentrates on the high volume
and low value jewellery, primarily manufacturing bangles, ear
rings, chains, which is also the main product for the company
wherein the ticket size ranges from 2-80gms.

Recent Results (Audited Standalone) Auro Gold Jewellery Private
Limited reported a profit before tax of INR183.8 million on
operating income of INR8814.7 million for the nine months ending
FY10.


BAJAJ KAGAJ: ICRA Assigns 'LB' Rating on INR115.4MM Term Loan
-------------------------------------------------------------
ICRA has assigned an 'LB' rating to INR115.4 million term loan and
INR40 million fund based limits.  ICRA has also assigned a rating
of A4 rating to INR2.5 million non-fund based limits of Bajaj
Kagaj Limited.

The non investment grade rating reflects the weak financial
performance of the company in FY 2009 resulting from inadequate
amortization of capital costs and overhead expenses over a low
production base.  This resulted in substantial pressures on the
liquidity of the company which in turn resulted in delays in term
loan servicing.  Further, the rating takes into account the high
gearing and below-average debt coverage indicators resulting from
considerable part of company's project cost being funded by debt.
Lack of backward integration into pulp and high competitive
pressures subject the company's profitability vulnerable to the
raw material price fluctuations.  However, the rating draws
comfort from the promoters presence in the business of paper trade
since 1967.

Bajaj Kagaj Limited is a closely held company and was promoted by
Mr. Gaya Prasad Bajaj who has been in the paper trading business
since 1967.  The company engaged in the manufacturing of writing
and printing paper using mostly indigenous waste paper started its
commercial production in FY2009.  The manufacturing facility
located in Unnao, Kanpur has an installed capacity of 18,000 MTPA.
For FY 2009, the company reported a turnover of INR35.5 million
and net loss of INR15.9 million.  For initial 9 months of FY 2010
the turnover was INR128.6 million.


BOHRA INDUSTRIES: ICRA Assigns 'LBB' Rating on INR158.5MM Loans
---------------------------------------------------------------
ICRA has assigned a 'LBB' rating to the INR158.5 million term
loans and INR256.5 million Cash Credit facility and an A4 rating
to the INR35 million short term non fund based facilities of Bohra
Industries Limited.  The outlook on the long term rating is
stable.

The ratings are constrained by the high financial risk profile of
the company marked by high gearing and weak debt coverage
indicators, tight liquidity position, vulnerability of
profitability to agro climatic conditions, regulatory risks, past
track record of defaults and debt restructuring.  The ratings are
however supported by the company's established track record in the
SSP business, proximity to indigenous source for rock phosphate
and steady growth prospects for SSP in India due to prevalent
sulphur deficiency in the soil.

Established in 2000, Bohra Industries Limited is engaged in the
manufacture of Single Super Phosphate fertilizer with plant in
Umara, near Udaipur (Rajasthan).  The company has an
installed capacity of 2,00,000 tpa of SSP, 1,00,000 tpa of
Granular SSP (GSSP) and 1,00,000 tpa of NPK (Complex fertilizers).
For the year ended March 31, 2009, BIL reported a turnover of
INR321 million and net loss of INR5 million.


BALPRADA HOTELS: ICRA Places 'LBB' Rating on INR650MM Term Loans
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR650 million term loans of
Balprada Hotels and Hospitality Services Private Limited.  The
rating carries a stable outlook. ICRA has also assigned a short-
term rating of A4 to INR20 million non-fund-based limits of BPL.

ICRA has analyzed BPL's operating and financial performance on a
consolidated basis, including the financials of JMD Limited (the
holding company of BPL, involved in real estate development).

The ratings factor in the favorable location of the project, and
BPL's tie-up with The Hilton Group which, besides brand
recognition, provides it access to Hilton's global reservation
systems.  The ratings also draw comfort from the proposed tax
benefits for the hotel project and the fact that debt has been
tied up for the hotel the project.  The ratings are however
constrained by BPL's limited track record in the hospitality
sector that increases the execution and operational risks for the
company.  These risks are partially mitigated by the long track
record of its parent, JMD Limited, in the real estate sector.
While assigning the ratings, ICRA has also noted the fact that the
project is currently running with a delay; any further delay in
the project execution will result in time and cost overruns,
putting the overall profitability of the project under pressure.

Balprada Hotels and Hospitality Private Limited is currently
developing a four-star hotel at Golf Course Road in Gurgaon at a
cost of INR1.25 billion.  The hotel project (to be operated under
the DoubleTree by Hilton brand) is currently under construction
and is expected to be operational in June 2010.  In FY09, BPL had
no operating income and a profit after tax of INR0.2 million, as
the hotel is yet to commence operations.


C.K. INFRASTRUCTURES: ICRA Places 'LB' Rating on INR257MM Loan
--------------------------------------------------------------
ICRA has assigned an 'LB' rating to INR257 million term loan and
INR70 million fund based limits.  ICRA has also assigned a rating
of 'A4' rating to INR133 million non-fund based limits of C.K.
Infrastructures Limited.

The non investment grade rating reflects the weak profitability of
the company in FY 2009 resulting from the execution of low margin
construction projects.  This coupled with the delays in the
commencement of operations of the ISBT, Shimla project (on BOT
basis) resulted in substantial pressures on the liquidity of the
company which in turn resulted in delays in term loan servicing.
Further, as a considerable part of company's turnover comes from
the road construction, it exposes the company to the issues like
acquisition of land, forest clearance, shifting of utilities of
different types e.g. electric lines, water pipelines, sewer lines
and telecommunication.  ICRA has however drawn some comfort from
the company's established business position in the construction
business since 1980.

C.K. Infrastructures limited incorporated in FY 1997 was promoted
by Mr. Chand Khan and was a non-operational entity till 1st April,
2006 when it took over the Mr. Chand Khans proprietorship concern
Khan Construction Company (which was incorporated in 1980) whose
main area of operation was construction of roads and buildings.
Hence, presently Khan Construction Company is operating under the
name of C.K. Infrastructures Limited.  Mr. Chand Khan own 76.5%
stake in the company with his sons Mr. Usman Khan and Mr. Yusuf
Khan owning 5.4% and 6.4% respectively.  The company has executed
contracts for various government departments/agencies like
Municipal Corporation of Delhi, Delhi State Industrial Development
Corporation, Haryana State Industrial Development Corporation,
Delhi Agricultural Marketing Board, and Central Warehousing
Corporation. The company has also executed subcontracts for
companies like Nagarjuna Construction Company limited and Vijai
Infrastructure limited.  For FY 2009, the company reported a
turnover of INR282.5 million and Profit after tax (PAT) of INR5.2
million.


DIXCY TEXTILES: ICRA Assigns 'LBB+' Rating INR12.5MM Term Loans
---------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR12.5 million term loans
and the INR390.0 million fund based facilities of Dixcy Textiles
Private Limited.  ICRA has also assigned stable outlook on the
rating.

The rating reflects the considerable experience of promoters in
the business, the Company's diversified revenue profile across
geographies and its established brand presence.  DTPL's financial
profile is however stretched, with thin operating margin/net
accruals and highly geared capital structure.  The Company
operates in an industry which is characterized by significant
competition from well established players across the country,
thereby restricting the price flexibility.  The Company intends
capital expenditure of INR235 million towards consolidation of
facilities and installation of machinery (for manufacture of
elastic); this is expected to be spent during the period 2009-11
and financed through equity of INR50 million and debt of INR185
million.  The aggressive debt-funded capital expenditure plans are
likely to stretch the Company's financial profile considerably.
DTPL also envisages higher spend on advertising during 2010-11,
which may stretch the accruals but contribute to growth in
revenues and improve the pricing flexibility.

DTPL is primarily engaged in making inner wear for men, women and
kids, contributing approximately 85 per cent to its revenues.  The
Company also makes casual wear, night wear and thermo/winter wear.
DTPLs products are mainly sold in India under the brand names
"Dixcy", "Higgins", "Josh" and "Scott".  The Company has employee
strength of about 500-600.

Mr. Prem Prakash Sikka founded Dixcy Textiles (then known as Prem
Hosiery) in 1982.  The entity was converted into a private limited
company in 2004.  The promoter and his family members hold the
entire share capital in the Company.


EXPANDED POLYMER: ICRA Reaffirms 'LBB+' Rating on INR325MM Loan
---------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating to the INR325 million
(enhanced from INR315 million) long term fund based bank
facilities of Expanded Polymer Systems Private Limited.
ICRA has also reaffirmed the 'A4+' rating to the INR250 million
(enhanced from INR190 million) short term non-fund based bank
facilities of EPSPL.  The outlook on the long term rating is
stable.

The rating re-affirmations takes into account EPSPL's long
standing experience in the manufacturing of polyols, its moderate
cash flows and diversified customer base with established players
from various industries.  The ratings are however constrained by
EPSPL's leveraged capital structure on account of its debt funded
capital expenditure, the vulnerability of its profitability to raw
material prices and foreign exchange fluctuations, its relatively
small product portfolio and high customer concentration.  However,
with the current expansion plan at Dahej in Gujarat, the company
intends to diversify its product basket and increase its market
presence. In addition, the polypropyleneoxide bulk storage
facility at Dahej is expected to reduce the raw material cost.

Expanded Polymer Systems Private Limited was established in 1982
as a Partnership Firm (Expanded Incorporation) with manufacturing
facilities at Pawne Industrial Area in Navi Mumbai.  It was
converted into a Private Limited Company in Nov07 with the current
name.  It is a closely held company promoted by Mr. Mukesh Bhuta.
The company is engaged in the manufacturing of polyols, which are
the basic chemicals used in polyurethanes (PU), with its existing
manufacturing unit at MIDC (Navi Mumbai; capacity 10,000 MT per
annum) and the newly commissioned unit at Dahej (Gujarat; capacity
6,000 MT per annum).

During 9MFY10 the company achieved net sales of INR794.1 million
and a PBT of INR37.5 million, while the net sales for FY09 stood
at INR894.1 million with a net profit of INR12.1 million.


FORUM INFRASTRUCTURE: ICRA Assigns 'LBB' Rating on INR350MM Loan
----------------------------------------------------------------
ICRA has assigned a 'LBB' rating to the INR350 million term loan
of Forum Infrastructure Pvt. Limited.  The long term rating has a
stable outlook.

The non-investment grade rating factors in the early stage of
project, pending regulatory approvals and the market risk of the
project in the event of any slowdown in the real estate sector.
Moreover, the project is also exposed to significant funding risk
as the debt for the project is still to be tied-up. However, ICRA
takes comfort from FIPL's experienced management and relatively
low cost of land for the project.

Forum Infrastructure Pvt. Limited is developing an integrated
project comprising of a hospital, a budget hotel, and retail space
with a total built-up area of 2.95 million sq.ft. in Adityapur
(Jharkhand).  The company has acquired the land for the project
and is in the process of obtaining other regulatory approvals.
The initial phase of the project will consist of a hospital and
residential blocks with the project cost of INR700 million funded
by promoter contribution and INR350 million-term loan (yet to be
tied-up). FIPL has entered into an agreement with DM Healthcare
Services Pvt. Limited (JV between Dr. Moopens groups of GCC and
India Value Fund Advisors private Equity Fund) for operating the
hospital on a revenue sharing basis.

FIPL had already incurred INR0.31 Billion in the project till
December 2009 which has been funded through unsecured loans from
the promoters.


FORUM PROJECT: ICRA Assigns 'LBB+' Rating on INR1.85BB Term Loans
-----------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the term loans of Forum Project
Holdings Private Limited aggregating to INR1.85 billion.  The
outlook for the rating is stable.

The assigned rating draws comfort from the reputation of the
developer in Kolkata real estate market and high occupancy levels
and significant cash accruals from the operational project
(Technopolis-I).

The rating further draws comfort from the adequacy of lease
rentals to meet the future obligated debt repayments at the
current occupancy and rental levels.  However the rating is
constrained by the slowdown in the market and increasing
competition from the considerable capacity additions in the
vicinity which can impact the occupancy levels as well as rental
rates going forward and project risks arising from the new
development carried out under its subsidiary company Forum IT
Parks Private Limited.

FPHPL is part of Saraf group of companies, a Kolkata based real
estate developer promoted by Sri S.M.Shroff and Mr Rahul Saraf.
"Technopolis" is an I.T. Building of 7,75,000 sq ft situated at
Sector V , Saltlake City, it is India's First Leadership in Energy
& Environmental Design (LEED) certified Green Infrastructure for
IT/ITeS Companies and has received Gold Certification from United
States Green Building Council (USGBC).  It is also the first such
project in the world to be registered under the United
Nations Framework Convention on Climate Change (UNFCCC) as a Clean
Development Mechanism (CDM) project.  The building became
operational from October 2006 and is occupied by clients like
HSBC Bank, ICICI OneSource, CTS, CMC, Daniele (Italian KPO) and
Societe Generale (French Bank).  The company is also developing an
Information Technology Special Economic Zone (IT SEZ) in
bantala leather complex (Technopolis II) constituting a total
built-up area of 1.75 million square feet under its subsidiary
Forum IT Parks Private Limited.

FPHPL reported a profit after tax of INR151.7 million over an
operating income of INR493.9 million for the financial year ending
March 2009.


FORUM RIVIERA: ICRA Places 'LBB' Rating on INR1.5BB Term Loan
-------------------------------------------------------------
ICRA has assigned a 'LBB' rating to the INR1.5 billion term loan
of Forum Riviera Construction Pvt. Limited.  The long term rating
has a stable outlook.

The rating takes into account the market risk for the unsold part
of the project and moderate levels of bookings achieved in the
project till date.  The rating also factors in the likelihood of
the delays in the project arising out of any slowdown in the real
estate market, which can impact the project cost and future cash
flows.  The rating is however supported by the track record of
FRCPLs promoters in development of residential and commercial
projects, favorable location of the project and moderate funding
risk as the entire debt has already been tied up.

FRCPL, a Forum Group Company is developing a residential complex
and a shopping mall in Belur near Howrah (Kolkata).  The project
has a built-up area of 0.91 million sq. feet residential space and
0.44 million sq. feet shopping mall space. The estimated project
cost is INR2.46 billion to be funded by debt of INR1.50 billion
and INR0.96 billion of promoters contribution/customer advances.

FRCPL has incurred INR0.54 Billion (22% of the total cost) in the
project till December 2009.  This is funded by term loan of
INR0.30 billion and promoters contribution/customer advances of
INR0.24 billion (debt/equity ratio of 1.22 times).


FORUM SHOPPING: ICRA Places 'LBB+' Rating on INR300MM Term Loan
---------------------------------------------------------------
ICRA has assigned a 'LBB+' rating to the INR300 million term loan
of Forum Shopping Mall Private Limited.  The long term rating has
a stable outlook.

The rating takes into account FSMPLs experienced management and
attractive location of the mall translating into high footfalls in
shopping mall.  The rating is however constrained by pressure on
mall revenues and occupancy levels due to intense competition and
economic slowdown in the Kolkata real estate market.  Moreover,
the debt obligations of the company are expected to put pressure
on the cash flows of the company. Nevertheless, while assigning
the rating, ICRA takes comfort from the fully occupied status and
the reputed tenants in the shopping mall.

FSMPL, a Forum Group Company has established a shopping mall in
Kolkata.  The Forum Group promoted by Mr. S.M. Shroff and Mr.
Rahul Saraf, is engaged in real estate activities in the State of
West Bengal.  The Forum shopping mall established by the group is
the first shopping mall in Kolkata(West Bengal) and is located in
Elgin Road, Central Kolkata.  It has a built-up area of 0.18
million sq. feet spread over 6 floors and houses tenants like Pepe
Jeans, Adidas Shoes, Woodland Shoes, Music World, Shoppers Stoppe
and INOX (4 screen multiplex with a capacity of 1000 people).
The company has securitized the lease rentals from this property
and raised a term loan of INR300 million.

In the nine months period ended December 2009, the company posted
a provisional turnover of INR24.9 million and a profit after tax
of INR10.3 million.


HARIYANA INT'L: CRISIL Upgrades Rating on INR250MM Credit to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the cash credit facility of
Hariyana International Pvt Ltd, part of the Hariyana group, to
'B+/Stable/P4' from 'B-/Stable/P4'.

   Facilities                         Ratings
   ----------                         -------
   INR250 Million Cash Credit*        B+/Stable (Upgraded from
                                                 'B-/Stable')
   INR750 Million Letter of Credit**  P4 (Reaffirmed)

   *Interchangeable with letter of credit, and includes packing
    credit sub-limit of INR100 million and post shipment credit
    of INR100 million.

   **Interchangeable with buyer's credit and includes letter of
     guarantee sub-limit of INR100 million.

The upgrade reflects improvement in the group's credit risk
profile over the past year, as the group has not made fresh
investments in the equity market during this period; these
investments are risky because of the volatility inherent in
capital markets.  The group has also reduced its overall exposure
to equity markets, following its indictment by the Securities and
Exchange Board of India in the Nissan Copper Ltd initial public
offering scam in December 2006; the indictment now stands
resolved.  The upgrade also reflects CRISIL's belief that the
Hariyana group's management will refrain from taking fresh
position in the capital markets.  CRISIL has reaffirmed its rating
on the short-term bank facility of Hariyana International at 'P4'.

The ratings reflect the Hariyana group's exposure to risks
inherent in ship breaking, steel trading, and money lending
activities, increasing investments in unrelated businesses -
construction and lending sector, and exposure to capital markets.
These weaknesses are partially offset by the group's moderate
financial risk profile, and track record of more than 30 years in
the ship-breaking industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Hariyana Ship Breakers Ltd, Hariyana
Ship Demolition Pvt Ltd, Hariyana International, and Inducto
Steels Ltd; this is because these entities, collectively referred
to as the Hariyana group, have significant intra-group operational
synergies, and are under a common management.

Outlook: Stable

CRISIL believes that the Hariyana group will maintain its
financial risk profile, given the revival in ship-breaking
activity, and generate steady revenues from steel trading and
sponge iron manufacturing businesses.  The outlook may be revised
to 'Positive' if there is significant increase in the group's cash
accruals, or if its diversification activities are successful.
Conversely, the outlook may be revised to 'Negative' in case of
losses in investing and money-lending businesses, steep decline in
revenues, or if the group undertakes large, debt-funded capital
expenditure program.

                           About the Group

The Hariyana group, promoted by Mr. Shanti Sarup Reniwal, is
primarily into ship breaking and steel trading.  The group also
has a presence in inter-corporate lending activities, and plans to
develop residential real estate projects in the near future.

For 2008-09 (refers to financial year, April 1 to March 31), the
Hariyana group reported a consolidated profit after tax (PAT) of
INR91.8 million on net sales of INR4.6 billion, against a
consolidated PAT of INR156 million on net sales of INR3.6 billion
for 2007-08.


HARIYANA SHIP: CRISIL Upgrades Rating on Term Loans to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the term loan and cash credit
facility of Hariyana Ship Breakers Ltd, part of the Hariyana
group, to 'B+/Stable/P4' from 'B-/Stable/P4'.  CRISIL has also
assigned its 'B+/Stable' rating to Hariyana Ship Breakers'
overdraft, and has reaffirmed its 'P4' rating on the company's
letter of credit.

   Facilities                         Ratings
   ----------                         -------
   INR90.0 Million Overdraft          B+/Stable (Assigned)

   INR75.0 Million Term Loan          B+/Stable (Upgraded from
                                                 'B-/Stable')

   INR185.0 Million Cash Credit*      B+/Stable (Upgraded from
   (Enhanced from INR165.0 Mil.)                 'B-/Stable')

   INR1000.0 Million Letter of        P4 (Reaffirmed)
   Credit (Reduced from INR1.11 Bil.)

  *Interchangeable with non-fund based facilities

The upgrade reflects improvement in the group's credit risk
profile over the past year, as the group has not made fresh
investments in the equity market during this period; these
investments are risky because of the volatility inherent in
capital markets.  The group has also reduced its overall exposure
to equity markets, following its indictment by the Securities and
Exchange Board of India in the Nissan Copper Ltd initial public
offering scam in December 2006; the indictment now stands
resolved.  The upgrade also reflects CRISIL's belief that the
Hariyana group's management will refrain from taking fresh
position in the capital markets.

The ratings reflect the Hariyana group's exposure to risks
inherent in ship breaking, steel trading, and money lending
activities, increasing investments in unrelated businesses -
construction and lending sector, and exposure to capital markets.
These weaknesses are partially offset by the group's moderate
financial risk profile, and track record of more than 30 years in
the ship-breaking industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Hariyana Ship Breakers, Hariyana Ship
Demolition Pvt Ltd, Hariyana International Pvt Ltd, and Inducto
Steels Ltd; this is because these entities, collectively referred
to as the Hariyana group, have significant intra-group operational
synergies, and are under a common management.

Outlook: Stable

CRISIL believes that the Hariyana group will maintain its
financial risk profile, given the revival in ship-breaking
activity, and generate steady revenues from steel trading and
sponge iron manufacturing businesses.  The outlook may be revised
to 'Positive' if there is significant increase in the group's cash
accruals, or if its diversification activities are successful.
Conversely, the outlook may be revised to 'Negative' in case of
losses in investing and money-lending businesses, steep decline in
revenues, or if the group undertakes large, debt-funded capital
expenditure program.

                          About the Group
The Hariyana group, promoted by Mr. Shanti Sarup Reniwal, is
primarily into ship breaking and steel trading.  The group also
has a presence in inter-corporate lending activities, and plans to
develop residential real estate projects in the near future.

For 2008-09 (refers to financial year, April 1 to March 31), the
Hariyana group reported a consolidated profit after tax (PAT) of
INR91.8 million on net sales of INR4.6 billion, against a
consolidated PAT of INR156 million on net sales of INR3.6 billion
for 2007-08.


HEILGERS DEVELOPMENT: ICRA Puts 'LBB-' Rating on INR250MM Loan
--------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the term loans of Heilgers
Development and Construction Company Pvt. Ltd aggregating to
INR250 million.  The outlook for the rating is negative.

The assigned rating draws comfort from the reputation of the
developer in Kolkata real estate market and location advantage for
the project "courtyard" and its enhanced catchment potential due
to Forum Shopping Mall operating on the adjacent plot.  However
the rating is constrained by delayed project completion, low
booking levels and relatively high gearing level.  ICRA has
assigned a negative outlook to the rating as the company has
significant repayment obligations in the short term.  Thus, the
company's ability to tie-up funds to meet payment obligations
would be a key rating sensitivity factor.

HDCCPL is part of Saraf group of companies, a Kolkata based real
estate developer.  The company is engaged in developing a retail-
cum-parking facility adjacent to forum shopping mall in Kolkata.
The facility will have a capacity of 347 car parking and around
56,000 square feet of retail area.  The company is also a co-owner
of forum shopping mall and collects rents from 19,572 square feet
of leased out space of the mall.


JINDAL TEXOFAB: ICRA Places 'LBB' Rating on INR127.5MM Loans
------------------------------------------------------------
ICRA has assigned 'LBB' rating to INR127.5 million fund based
limits of Jindal Texofab Limited.  The rating carries stable
outlook.  ICRA has also assigned A4 rating to the INR5 million
Non-Fund Based Limits of JTL.

The ratings reflect the high business risk profile of JTL on
account of its moderate scale of operations and high dependence on
group companies; significant fluctuations in its operating income
depending on the supply arrangements with group companies; its
moderate profitability; and high gearing.  The ratings are however
supported by experienced promoters, long track record of
operations and improving outlook for the textile sector.

Jindal Texofab Limited is a part of the Jindal group of companies
which are based in Ahmedabad and involved in the textiles
business.  JTL was promoted in 1991 by Mr. Yamunadutt Agarwal and
his family members.  Mr. Yamunadutt Agarwal is a first generation
entrepreneur who promoted the Jindal Group of companies in 1976.
The other companies in the group are Jindal Worldwide Limited,
Amitara Overseas Ltd. and Texcellence Overseas Ltd.  All these
companies are engaged in the business of manufacturing of textile
products mainly cotton made-ups and denim products.  JTL mainly
acts as the processing house for the group and largely does job-
work for group companies. The company has the capacity to process
50 million meters of grey cloth per annum.


JMD LIMITED: ICRA Assigns 'LBB' Rating on INR1.35BB Term Loans
--------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR1.35 billion fund-
based limits/term loans of JMD Limited.  The rating carries a
stable outlook.  ICRA has also assigned a short-term rating of A4
to INR30 million non-fund-based limits of JMD.

ICRA has analyzed JMD's operating and financial performance of on
a consolidated basis, which includes its two subsidiaries, both
involved in real estate development/hospitality business.

The ratings reflect JMD's satisfactory track record of project
execution; the good market response for its ongoing residential
project, and low commitment in terms of land payments due to its
business model of entering into Joint Development Agreements (JDA)
with the land owners.  The ratings are, however, constrained by
JMD's high gearing (stood at 2.02 times as on 31st March 2009),
high exposure to commercial projects resulting in high funding
requirements, and its diversification into hospitality sector
where its ability to complete and operate projects is yet to be
demonstrated.  The ratings also take into consideration the
sluggish demand in real estate sector that poses a challenge to
the company to maintain its sales volumes especially in its on-
going commercial projects, in which a substantial portion of the
area is yet to be booked.  Going forward, JMD's ability to
maintain its sales momentum in the current real estate scenario as
well as to ensure timely payments from the existing bookings would
be the key sensitive factors.

JMD Limited is a public limited company engaged in commercial and
residential real estate development in Delhi, Gurgaon (millennium
city), Verna and Ludhiana.  JMD was promoted in 1989 by Mr. Sunil
Bedi. Its business focuses on residential and commercial
developments.  JMD's first project was JMD Regent Square, MG Road
Gurgaon which was completed in the year 2001.  As on date, the
company has completed a total of seven commercial projects,
aggregating approximately 1.02 million square feet of sold/leased
area. In 2008-09, JMD posted a turnover of INR689.73 million and a
profit of INR52.64 million.


KANISHK GOLD: ICRA Assigns 'LBB+' Rating on INR100MM Term Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR500.0 million fund-
based facilities and INR100 million of term loan facilities of
Kanishk Gold Private Limited.  The outlook on the rating is
stable.

The rating takes into account the significant experience of the
promoter spanning more than three decades in gold jewellery
industry.  The company is in the process of setting up a large
fully integrated manufacturing facility, which when set-up is
expected to provide the company with scale economics and other
related cost advantages.  The rating is however constrained by
KGPL's low operating margins - inherent in the gold jewellery
industry on account of low value addition, significant competition
and low entry barriers.  The company is also exposed to price
risks given the high volatility in gold prices witnessed during
the past two years. The rating also factor in the aggressive
capital structure of the company and stressed coverage indicators
due to thin profit margins.

Kanishk Gold Private Limited was established in the year 2006 in
Chennai, Tamil Nadu.  The company took over the operations of the
proprietorship concerns of Mr. Bhupesh Kumar Jain namely "Kanishk
Jewellery" and "Krizz".  Kanishk was operating in jewellery retail
segment with a showroom in T.Nagar, Chennai whereas Krizz was a
jewellery manufacturing concern.  Mr. Bhupesh Kumar Jain and his
family hold the entire equity capital in KGPL.

The Company reported operating income of INR1.6 billion for the
ten months ending January 31, 2010, against net profit after tax
of INR16.9 million on operating income of INR1.8 billion for year
ending March 31, 2009.


RATHI SPECIAL: ICRA Assigns 'LBB+' Rating on INR330MM Bank Debt
---------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating assigned to INR330 million
fund based limits of Rathi Special Steels Limited.  The rating
carries stable outlook.  The rating reaffirmation factors in the
RSSL's experienced management and their long track record in the
steel industry; established brand image of Rathi in the steel bars
industry in North India; the groups wide-spread distribution
network; and low working capital intensity of the business.  The
rating however, remains constrained by the intensely competitive
nature of the industry and the susceptibility of the business to
adverse movements in raw material prices because of lack of
adequate backward integration.  These factors result in moderate
profitability for the company.  Further, the rating also factors
in relatively high gearing of the company which coupled with low
profitability have kept the debt protection indicators at moderate
level.

Rathi Special Steels Limited is a public limited company engaged
in the manufacturing of reinforcing steel bars.  RSSL was promoted
in 2004 by Mr. Kamlesh Kumar Rathi and his family.  The company
has its manufacturing unit in Khushkhera (Rajasthan) with rolling
mill capacity of 150,000 tonnes per annum.  RSSLs group company
Rathi Bars Limited, is also engaged in manufacturing of
reinforcing steel bars.  RBL too has its manufacturing unit in
Khushkhera (Rajasthan) with rolling mill capacity of 100,000 TPA
and a melting shop capacity of 67,500 TPA.


SHREE SWASTIC: ICRA Places 'LBB-' Rating on INR240MM Bank Debts
---------------------------------------------------------------
ICRA has assigned 'LBB-' and 'A4' ratings to INR240 million Fund
and Non-Fund Based bank limits of Shree Swastic Sales Corporation
Private Limited.

The ratings are constrained by Swastic Sales low profitability
margins, high working capital and stretched liquidity position.
The working capital requirements have been majorly funded by
borrowings resulting in high gearing levels and weak coverage
ratios.  ICRA also notes that the profitability of Swastic Sales
is exposed to volatility in paper prices owing to high inventory
holdings, and exchange rate fluctuations on import purchases.
However, ICRA draws comfort from the company's experienced
management team with a track record of more than two decades in
the business.  Further, the company has gradually added new
varieties of paper to its product portfolio (and suppliers) which
has enabled it to have a broader customer base.

Shree Swastic Sales Corporation Pvt. Ltd. has been incorporated in
October 2009 and is one of the leading paper importers and
wholesale paper merchants in Northern India having offices at
Chawri Bazar and Darya Ganj.  The founder of the company Mr.
Vijender Kumar Jain has been associated with the paper trade since
1960.  Till 1982 he was heading his 150 year old ancestral concern
in the name of Modern Paper Mart.  After separation from brothers
in 1982, a new partnership concern in the name of Swastic Sales
Corporation was formed, and the same has been converted from
Partnership Company to a Pvt. Ltd. since October 2009.  The
current shareholding of the main promoters stands at 68%.  The
company has over the years added new suppliers and products to its
portfolio and currently has presence in all kinds of paper
varieties.  It has agencies for distribution of paper of many
manufacturers, a few of the big names being The West Coast paper
Mills Ltd. ABC Papers Ltd. Star Papers Ltd.  Esa Kertas Pudumjee
Papers etc.


SHRI T.P. TEXTILES: ICRA Assigns 'LBB' Rating on INR124.1MM Loans
-----------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR124.1 million term loans,
INR90.0 million fund based facilities and INR2.0 million long term
non fund based facilities of Shri T.P. Textiles Private Limited.
The outlook on the long term rating is stable. ICRA has also
assigned A4 rating to the INR5 million short term fund based
facilities and INR32.0 million short term non fund based
facilities of STPTPL.

The ratings reflects the stretched financial profile of the
company as reflected by net loss in 2008-09, high gearing and
deteriorating coverage indicators.  The ratings also take into
account the moderate scale of operations of the Company, driving
issues of scale economics.  Further the moderate size of the
operations of the company and the commoditized nature of the
cotton yarn business render it vulnerable to the intense
competition from organized as well as unorganized players.  The
ratings however favorably factor in the experience of promoters in
the textile industry, company's presence in diversified counts
range insulating its revenues from any downturn in any particular
segment and the operational backing from its group companies which
are engaged in distribution of cotton.

Shri T.P.Textiles Private Limited was incorporated in 1996 by
amalgamating two partnership firms T.P.Cotton Textiles and Shri
Tee Pee Spinners.  TPTPL is closely held by the promoters and
promoters family/ friends.  T.P. Group is in third generation of
textile business starting from cotton cultivation in 1950s to
ginning and cotton trading in 1960s and spinning in 1990s.
Located in Rajapalayam (Tamil Nadu), Shri T.P.Textiles Pvt Ltd
commencedmanufacturing operations in May 1996 with 5,028 spindles
and gradually increased its capacity to 34,752 spindles as on
December 31, 2009.  STPTPL has three units with a combined
installed capacity of 34,752 spindles.  The company has also
installed 7,120 ring doubling spindles and 41 double reels in its
units.  The manufacturing unit is ISO 9001:2000 certified by TUV
NORD. The company is presently engaged in the manufacture of
100% value added yarn either in hank or double form.  STPTPL also
markets gassed and mercerized yarn by outsourcing the operations
to companies located in Coimbatore.  The product portfolio
comprises yarns ranging from 40s to 100s counts of carded and
combed varieties.

The company has recorded a net loss of INR6.0 million on an
operating income of INR374.5 million for the year ending
March 31, 2009.


SOHAM MANNAPITLU: ICRA Assigns 'LB+' Rating on INR544MM LT Loans
----------------------------------------------------------------
ICRA has assigned a rating of 'LB+' to the INR544 million long
term debt program of Soham Mannapitlu Power Private Limited.

ICRA's non investment grade rating of SMPPL factors in
hydrological risks, as SMPPL is not covered under deemed
generation clause in case of loss of generation due to shortage of
water. Given that the revenues of the company are linked to actual
unit sales, this exposes the company to risks of variable cash
flows arising out of hydrological risks and also timely payment
from the current customer viz Karnataka Power Transmission
Corporation Limited.  Further, because of delays in project
commissioning, there were significant cost and time overruns and
this in turn led to delays in debt servicing FY2009 and FY2010
(till December 09).  The rating also factors in the relatively low
tariff levels (fixed at INR2.90/kwh under the old PPA with KPTCL,
without allowing for any indexation and escalation), which have
resulted in suboptimal returns given the high capital cost of the
project.  During December 2008, SMPPL entered into an agreement
with TATA Power Trading Company Limited for sale of power
generated by the project, at a fixed rate of INR4/kwh.  Upon
commissioning of the plant, KPTCL contested the new PPA.  However,
the company has filed an application with KERC asking to declare
the old PPA with KPTCL as void, which is under consideration.  The
rating, however draws comfort from the fact that the plant is
operational and there is a firm off take arrangement with Tata
Power Trading company (recent PPA signed in December, 2008), with
reasonable tariff levels of INR4.0/kwh.  The ratings also factor
in limited demand risks due to significant energy deficit in
southern India and eligibility of the power plant under Ministry
of New and Renewable Energy (MNRE) for a capital subsidy of
INR86.3 million*, which has been applied for recently.  The
project has also applied for registration with United Nations
Framework Convention on Climate Change will provide the project
with an ability to generate additional revenue from generation and
sale of carbon emission reduction (CER's) certificates.  While
assigning the rating, ICRA has also factored in group risks
arising out of being a part of a group that has sizeable capital
expenditure in relation to their limited current experience.

Key Rating Drivers include:

   -- Satisfactory hydrology and the ability of the company to
      Meet the designed performance parameters;

   -- Satisfactory resolution of the dispute with KPTCL on the
      issue of open access in sale of power; & Timely repayment
      of its debt obligations.

Soham Mannapitlu Power Private Limited is an IPP promoted by the
Soham Group.  The company operates a 15 MW run of the river hydel
power plant on River Puchamugaru, in the Dakshina Kannada District
of Karnataka.

Soham Group was promoted in the year 1961 and is currently headed
by Mr. Sadananda Shetty who is the former Chairman & Managing
Director of Vijaya Bank.  With the 22 MW MGHE TRS Scheme having
been commissioned by one of its Subsidiaries (Ambuthirtha
Power (P) Ltd.), followed by the 15 MW SHP another subsidiary
(Mannapitlu Power Private Limited) and 10 other projects on hand,
the main focus of the group is the Renewable Energy Space in
India.

The group has holds a 100% stake in SMPPL through its flagship
company, Soham Renewable Energy India Pvt. Ltd.


WELLCOME FISHERIES: Low Profitability Cues ICRA 'LBB' Ratings
-------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR7.2 million term loans
of Wellcome Fisheries Limited.  ICRA has also assigned an A4
rating to INR350.0 million fund based and INR130.0 million non-
fund based bank limits of WFL.  The outlook on the long term
rating is stable.

The ratings reflect the Company's exposure to the risks inherent
in the sea food export industry, highly fragmented nature of the
shrimp export industry, low entry barriers and significant
competition in the export market from other low cost countries.
WFL has a modest scale of operations and its financial profile is
characterized by low profitability, high gearing & weak debt
coverage indicators.  The promoters however have significant
experience in the industry and over a period the company has been
able to improve the geographical diversification of its revenue
base.  ICRA notes that the limited value addition in their
operations makes the margins susceptible to government policies
(DEPB rates) and foreign currency exchange rates.  ICRA further
notes that the Indian exporters face significant competition from
the other shrimp and seafood varieties including vannamei which
has significantly impacted the Indian shrimp export volumes in the
recent past.

WFL is a closely held company, incorporated in the year 1987.  The
promoters, who started as traders of seafood products,
subsequently established its processing unit in 1994, which is
located in Bhimavaram near Vijayawada.  WFL procures shrimps from
the farmers in the nearby areas which are processed and cold
stored. The company largely deals with BT shrimps, catering to
various export destinations including Europe and North America.

During the period April ?January 2010 (Provisional), WFL reported
a profit of INR5.55 million on a turnover of INR642.95 million.
During 2008-09, the company posted a net profit of INR4.1million
on a turnover of INR724.8 million.


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


BANK MANDIRI: 2009 Profit Up 26% to IDR6.72 Trillion
----------------------------------------------------
PT Bank Mandiri's profit rose 26% to IDR6.72 trillion (US$731
million) last year, Jakarta Globe reports citing a statement
posted on the central bank's Web site.  Net interest income for
the period rose 32% IDR15.75 trillion.

The lender posted a profit of IDR5.31 trillion and net interest
income of IDR11.9 trillion in 2008, the report says.?

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

                           *     *     *

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

The TCR-AP reported on September 2, 2009, that Fitch Ratings
affirmed PT Bank Mandiri (Persero) Tbk's Long-term foreign and
local currency Issuer Default Ratings at 'BB' with a Stable
Outlook, Short-term rating at 'B', National Long-term rating at
'AA+(idn)', Individual at 'C/D', Support rating at '3' and Support
Rating Floor at 'BB-'.


CENTRAL PROTEINAPRIMA: Unit Sells Processing Plant for IDR103BB
---------------------------------------------------------------
The Jakarta Post reports that PT Central Proteinaprima said its
subsidiary PT Central Windu Sejati had sold its cold storage and
processing plants in Medan, North Sumatra and in Surabaya, East
Java, for about IDR103 billion.

CP Prima, which has 50,000 hectares of shrimp ponds, will use the
funds from the asset sales to improve its cash flow, the Post
says.

PT Central Proteinaprima, headquartered in Jakarta, is Indonesia's
largest exporter of frozen shrimp to the US, the world's largest
market.  It is Indonesia's leader in shrimp fry, shrimp feed and
fish feed production.  Its products also include poultry feed,
day-old chicks and probiotics.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2010, Fitch Ratings downgraded Indonesia's PT Central
Proteinaprima Tbk's Long-term foreign currency Issuer Default
Rating to 'RD' from 'C'.  Fitch has affirmed the 'C' rating of the
US$325 million senior unsecured notes due in 2012, issued by Blue
Ocean Resources Pte Ltd and guaranteed by CPP and its
subsidiaries, reflecting a recovery rating of 'RR4'.  The ratings
have been removed from Rating Watch Negative.

Moody's Investors Service on Jan. 12, 2010, downgraded to Ca from
Caa1 the corporate family rating and senior secured bond rating of
PT Central Proteinaprima.  The outlook for the ratings is
negative.


MEDCO ENERGI: 2009 Revenue Likely to Fall 50%; to Seek Funding
--------------------------------------------------------------
PT Medco Energi International said Wednesday that its 2009 revenue
may drop 50% from a year earlier due to the economic downturn,
according to Jakarta Globe.

The Globe says Medco has yet to release full-year results, but its
revenue last year through September had fallen 54% to US$482.24
million, from US$1.05 billion in the year-earlier period.  Profit
plummeted 94% to US$15.1 million in the period, the report notes.

"Last year we made several adjustments to our operations due to
the global financial crisis," said Hilmi Panigoro, chief
commissioner of Medco, according to the Globe.  "I think revenue
this year will be flat until the Donggi-Senoro project starts."

"In 2008, we recorded a one-time gain [on soaring oil prices] and
from the sale of [PT Apexindo Pratama Duta]," he said, referring
to the sale of the oil and gas driller to transport firm PT Mitra
Internasional Resources for IDR5.2 trillion ($566.8 million).

According to the report, the company said it was planning to
increase capital expenditure 72% to US$612 million for its
production arm, PT Medco E&P, to support the increased output this
year.

Budi Basuki, Medco's president director, said in December that the
spending will also include US$243.6 million for several oil and
gas joint ventures, the Globe recalls.

The Globe says Medco is planning to seek outside funding for
capital expenditure, including dollar-denominated bonds.

                             About Medco

Headquartered in Jakarta, Indonesia, Medco Energi Internasional
Tbk PT (JAK:MEDC) -- http://www.medcoenergi.com/-- is an
integrated energy company.  The company is engaged in oil and
gas exploration and production, drilling services, methanol
production and the power generation industry.  The company holds
working interests in various exploration and production blocks
in Indonesia and overseas, producing more than 21 million barrel
of oil and 61 million cubic feet of gas annually.  In addition,
it has 10 onshore rigs and four offshore rigs (swamp barge) and
operates one methanol plant, one liquefied petroleum gas plant
and three power plants.  The company's Indonesian operations
span from Aceh in Indonesia's western border to Papua in the
eastern territory.

The company's subsidiary, PT Apexindo Pratama Duta Tbk, is a
heavy equipment provider.  Apexindo Pratama has five
subsidiaries, namely PT Antareja Jasatama, Apexindo Asia Pacific
B.V., Apexindo Khatulistiwa B.V., Apexindo Offshore Pte. Ltd.
and Apexindo Raniworo Pte. Ltd.

                           *     *     *

As reported in Troubled Company Reporter-Asia Pacific on July 2,
2009, Moody's Investors Service confirmed PT Medco Energi
Internasional Tbk's B2 corporate family rating and the B3 senior
unsecured rating for its senior 8.75% bonds due 2010, as issued by
MEI EURFinance Ltd.  The outlook for the ratings is negative.


MEDCO ENERGI: To Invest Up to US$400MM for Oil Facility in Libya
----------------------------------------------------------------
PT Medco Energi International will invest as much as US$400
million in an oil facility in Libya, The Jakarta Post reports
citing president commissioner Hilmi Panigoro.

According to the report, Hilmi said the facility required a total
investment of US$800 million, but Medco will team up with Libyan
Investment Authority (LIA).

"[The investment] will be shared 50:50 with Libya," the report
quoted Hilmi as saying.  The project was awaiting approval from
the Libyan government, he added.

"We expect the construction can begin this March. The project can
start contributing output within three years," said Hilmi, adding
that the facility may be able to produce up to 50,000 barrel per
day.

                            About Medco

Headquartered in Jakarta, Indonesia, Medco Energi Internasional
Tbk PT (JAK:MEDC) -- http://www.medcoenergi.com/-- is an
integrated energy company.  The company is engaged in oil and
gas exploration and production, drilling services, methanol
production and the power generation industry.  The company holds
working interests in various exploration and production blocks
in Indonesia and overseas, producing more than 21 million barrel
of oil and 61 million cubic feet of gas annually.  In addition,
it has 10 onshore rigs and four offshore rigs (swamp barge) and
operates one methanol plant, one liquefied petroleum gas plant
and three power plants.  The company's Indonesian operations
span from Aceh in Indonesia's western border to Papua in the
eastern territory.

The company's subsidiary, PT Apexindo Pratama Duta Tbk, is a
heavy equipment provider.  Apexindo Pratama has five
subsidiaries, namely PT Antareja Jasatama, Apexindo Asia Pacific
B.V., Apexindo Khatulistiwa B.V., Apexindo Offshore Pte. Ltd.
and Apexindo Raniworo Pte. Ltd.

                           *     *     *

As of March 12, 2010, PT Medco Energi Internasional Tbk continues
to carry Moody's Investors Service's B2 corporate family rating.
The outlook for the ratings is negative.


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


J-CORE12 TRUST: Fitch Downgrades Ratings on Class E Notes
---------------------------------------------------------
Fitch Ratings has downgraded J-CORE12 Trust's Class E trust
beneficiary interests due February 2014.  At the same time, the
agency has affirmed the Class A to D and the Class X TBIs.  The
Class B to E TBIs have been removed from Rating Watch Negative.
Full details of the rating actions are listed below.

Currently, the transaction is a securitization of a non-recourse
loan and a specified bond collateralized by commercial properties
in Japan.

  -- JPY3.2 billion* Class A TBIs affirmed at 'AAA'; Outlook
     Stable;

  -- JPY2.12 billion* Class B TBIs affirmed at 'AA'; off RWN;
     Outlook Positive;

  -- JPY2.18 billion* Class C TBIs affirmed at 'A'; off RWN;
     Outlook Stable;

  -- JPY1.78 billion* Class D TBIs affirmed at 'BB'; off RWN;
     Outlook Stable;

  -- JPY1.23 billion* Class E TBIs downgraded to 'CC' from 'B-';
     off RWN; assigned Recovery Rating of 'RR4'; and

  -- Class X TBIs (dividend-only) affirmed at 'AAA'; Outlook
     Stable.

  * as of March 10, 2010

The downgrade of the Class E TBIs reflects Fitch's concerns
regarding the prospects of the ongoing disposition of the
underlying properties backing one of the defaulted loans.

Fitch has revised the expected recoverable amount downwards for
this defaulted loan, due to the decline in value of one of the
underlying collateral properties caused by recent unfavorable
operating performance.  The downgrade of the Class E TBIs also
reflects the agency's view that the final recovery amount may not
be sufficient to repay Class E.

The affirmations of the Class A to D TBIs are based on the
improvement in credit enhancement level on these classes, due to
the recent full redemption of the underlying portion of another
defaulted loan.

Three loans backing this transaction have defaulted to date.  The
first of these was fully recovered in October 2009, and the
underlying portion of the second defaulted loan was fully
recovered in January 2010.  Such redemptions have increased the
credit enhancement levels for the Class A to D TBIs; thus, Fitch
has resolved the RWN status on classes B to D.

Fitch has assigned a Positive Outlook to the Class B TBIs as the
credit enhancement levels of the senior classes are expected to
continue to improve, due to the repayments from the third
defaulted loan being allocated to the repayment of the notes on a
sequential basis.  Stable Outlooks have been assigned to classes C
and D.

The TBIs were issued in May 2007 and the transaction was initially
collateralized by three loans and one TMK Bond, ultimately backed
by 47 commercial real estate properties.  Currently, the
transaction is backed by one loan and one TMK Bond backed by 14
properties.

The rating on the dividend only Class X TBIs addresses only the
likelihood of receiving dividend payments, according to the trust
agreement.

Both reports were published on September 2, 2009, and are
available on the agency's website, www.fitchratings.com.  Note
that the reports were published simultaneously and are intended to
be read in conjunction with each other.  The criteria report
describes the approach and framework of the methodology, and the
special report details the application and assumptions adopted in
the current surveillance reviews.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


KANSAI INTERNATIONAL: Seeks Government's Help to Reduce Debts
-------------------------------------------------------------
Kansai International Airport Co. plans to ask the government to
help the company cut at least JPY800 billion of its interest-
bearing debts totaling more than JPY1 trillion, Japan Today
reports.

Japan Today relates Shinichi Fukushima, the president of the
Osaka-based airport operator, said Wednesday drastic improvement
of the company's financial structure is the "top priority" for
enabling Kansai airport to serve as an international hub for
Japan.

According to the report, Mr. Fukushima made the comment before a
key strategic panel of the Land, Infrastructure, Transport and
Tourism Ministry that works out a package of measures to address
the airport operator's financial woes.

The report says the panel will propose that proceeds from the
planned public listing of shares of Narita International Airport
Corp and privatization of Osaka International Airport, known as
Itami airport, be used to repay Kansai airport's debt.

Kansai International Airport Co., Ltd. is Japan's second most
important international airport. Located on a man made island
about 50 km south of Osaka, Kansai Airport was opened in 1994,
taking over all international and some of the domestic air traffic
formerly handled by Osaka's Itami Airport.


MOMIJI BANK: Fitch Affirms 'D' Individual Rating
------------------------------------------------
Fitch Ratings has affirmed the ratings of two subsidiary banks
under Yamaguchi Financial Group, Inc, namely Yamaguchi Bank, Ltd.,
and Momiji Bank, Ltd.  The Outlook on the Long-term Issuer Default
Ratings for both entities is Stable.

Yamaguchi Bank's ratings take into account its affiliation with
Momiji Bank, but largely reflect its leading franchise in the
region, track record of profits, good capital base and loan
quality.  Although the bank's problem loans are increasing,
particularly in the wholesale/retail sectors, its problem loan
ratio net of reserves (risk-monitored loan basis, consolidated)
stood at a low c.1.2% at end-September 2009, reflecting prudent
reserving.  Meanwhile, Yamaguchi Bank's consolidated total capital
and Tier 1 ratios as of end-December 2009 remained robust at
11.60% and 10.95%, respectively, while its quality is evident by
the fact that almost all of its Tier 1 capital comprised retained
earnings.

Meanwhile, Momiji Bank's Individual Rating reflects its modest
profitability and barely adequate core capitalization, in addition
to the bank's significant franchise in Hiroshima.  Furthermore,
its Long-term IDR is underpinned by the financial position of
Yamaguchi Bank, as well as the potential for Momiji Bank to
receive support from the group, if needed.  At end-December 2009,
Momiji Bank's consolidated total capital ratio was 11.19% and its
Tier 1 capital ratio was 8.60%.  If preferred stock financing,
unrealized losses on securities and deferred tax assets were
deducted from the bank's Tier 1 capital, its Tier 1 ratio would be
just over 3%, indicating a need to improve its capitalization.

Given Yamaguchi FG's importance to the Chugoku/Shikoku region's
financial system, it is highly likely that government support will
be forthcoming if needed, underpinning the Support Rating of '2'
for both Yamaguchi Bank and Momiji Bank.

Yamaguchi Bank:

  -- Long-term Foreign and Local currency IDRs affirmed at 'BBB+';
     Outlook Stable;

  -- Short-term Foreign and Local currency IDRs affirmed at 'F2';


  -- Individual Rating affirmed at 'C';

  -- Support rating affirmed at '2'; and

  -- Support Rating Floor affirmed at 'BBB-'.

Momiji Bank:

  -- Long-term foreign and local currency IDRs affirmed at 'BBB+';
     Outlook Stable;

  -- Short-term foreign and local currency IDRs affirmed at 'F2';

  -- Individual Rating affirmed at 'D';

  -- Support rating affirmed at '2'; and

  -- Support Rating Floor affirmed at 'BBB-'.


NORTH PACIFIC: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------------
Fitch Ratings has affirmed Japan-based North Pacific Bank, Ltd's
Foreign and Local Currency Long-term Issuer Default Ratings at
'BBB' with a Stable Outlook.  At the same time, the agency
affirmed the bank's Short-term IDR at 'F2', Individual Rating at
'C/D', Support Rating at '2', and Support Rating Floor at 'BBB-'.

The affirmation of North Pacific Bank's ratings and the Stable
Outlook take into consideration a recovery in earnings and reduced
securities investment risk, factors which Fitch considers
sustainable in the near-term, in addition to its leading franchise
in Hokkaido.  Also, its Support Rating of '2' incorporates the
high probability that the bank will receive government support if
needed, given its importance to the financial system of the bank's
home market of Hokkaido.

In the year to end-March 2009 (FYE09), the bank recorded the first
net loss in its history due to securities-related write-downs and
inflated credit costs.  As the net loss was equivalent to c.75% of
the bank's total equity as of end-March 2008, North Pacific Bank
received JPY100 billion in public funds by issuing preferred stock
and c.JPY64 billion of subordinated loans.

As a result of the large impairment loss on securities as well as
additional provisioning for certain loans during FYE09, however,
North Pacific Bank has reduced exposure to market and credit risk,
which has substantially alleviated downward pressure on future
earnings.  In November 2009, the bank's parent, Sapporo Hokuyo
Holdings Inc., raised its consolidated net income forecast for
FYE10 to JPY19.5 billion from JPY8 billion, a figure which Fitch
considers to be conservative in light of the net income of
JPY22.1 billion it reported for the nine months ended December
2009.

At end-September 2009, the bank's consolidated total capital ratio
was 9.81% and its Tier 1 ratio was 6.27%, although net of
preferred stock financing and deferred tax assets, the Tier 1
ratio was just under 2%.  Meanwhile, according to Fitch's eligible
Tier 1 capital, which incorporates public funds, the bank's Tier 1
capital is estimated to be around 4.8% at end-September 2009.  The
agency expects that North Pacific Bank's capitalization will
improve further on the strength of it achieving improved
profitability in FYE10.


WILLCOM INC: Seeks JPY137.8 Billion to Revive the Company
---------------------------------------------------------
Pavel Alpeyev and Yoshinori Eki at Bloomberg News report that
Willcom Inc. is seeking financial aid of as much as JPY137.8
billion (US$1.5 billion) to revive the company.

Bloomberg relates Willcom said in a statement on Friday that the
company is asking for JPY114.5 billion in debt waivers, while
investors led by Softbank Corp. and Advantage Partners LLP will
buy JPY11.3 billion of shares in the company and a spinoff.

Willcom said it will also receive as much as JPY12 billion in
financing from state-backed Enterprise Turnaround Initiative Corp.
and banks, the report adds.

According to Bloomberg, the funds would allow Willcom to
reorganize and invest in networks to continue offering wireless
data services in the world's second-largest economy.  Bloomberg
says Willcom's bankruptcy proceedings are poised to wipe out the
JPY220 billion the Carlyle Group and Kyocera Corp. invested in the
company in 2004.

Willcom said Softbank and Advantage Partners will each own a third
of the spun-off company, which will handle operations using a
faster wireless technology.  The company will continue its
existing personal handy-phone business with the help of a JPY300
million investment from Advantage, the report notes.

                           About Willcom

WILLCOM provides wireless data and voice services to corporate and
consumer customers in Japan.  The company launched its service in
1995 and is the largest operator employing Personal Handyphone
System (PHS) technology.  PHS is a kind of stripped-down cellular
service with relatively low charges; the technology was developed
in Japan and most of its users live in Japan and China. WILLCOM
provides mobile service nationwide in Japan, serving more than 4
million subscribers.  The Carlyle Group owns 60% of WILLCOM;
Kyocera Corporation owns 30%.

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

Willcom in September said it was unable to agree on a revival plan
with all creditors after failing to reschedule debt payments.
According to Bloomberg, wireless carrier Willcom has been losing
subscribers as rivals offer faster mobile-phone services.  Willcom
may seek investment from Softbank Corp., Japan's third-largest
mobile-phone company, and a Japanese investment fund, to revive
its businesses, Asahi said.

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


YAMAGUCHI BANK: Fitch Affirms 'C' Individual Rating
---------------------------------------------------
Fitch Ratings has affirmed the ratings of two subsidiary banks
under Yamaguchi Financial Group, Inc, namely Yamaguchi Bank, Ltd.,
and Momiji Bank, Ltd.  The Outlook on the Long-term Issuer Default
Ratings for both entities is Stable.

Yamaguchi Bank's ratings take into account its affiliation with
Momiji Bank, but largely reflect its leading franchise in the
region, track record of profits, good capital base and loan
quality.  Although the bank's problem loans are increasing,
particularly in the wholesale/retail sectors, its problem loan
ratio net of reserves (risk-monitored loan basis, consolidated)
stood at a low c.1.2% at end-September 2009, reflecting prudent
reserving.  Meanwhile, Yamaguchi Bank's consolidated total capital
and Tier 1 ratios as of end-December 2009 remained robust at
11.60% and 10.95%, respectively, while its quality is evident by
the fact that almost all of its Tier 1 capital comprised retained
earnings.

Meanwhile, Momiji Bank's Individual Rating reflects its modest
profitability and barely adequate core capitalization, in addition
to the bank's significant franchise in Hiroshima.  Furthermore,
its Long-term IDR is underpinned by the financial position of
Yamaguchi Bank, as well as the potential for Momiji Bank to
receive support from the group, if needed.  At end-December 2009,
Momiji Bank's consolidated total capital ratio was 11.19% and its
Tier 1 capital ratio was 8.60%.  If preferred stock financing,
unrealized losses on securities and deferred tax assets were
deducted from the bank's Tier 1 capital, its Tier 1 ratio would be
just over 3%, indicating a need to improve its capitalization.

Given Yamaguchi FG's importance to the Chugoku/Shikoku region's
financial system, it is highly likely that government support will
be forthcoming if needed, underpinning the Support Rating of '2'
for both Yamaguchi Bank and Momiji Bank.

Yamaguchi Bank:

  -- Long-term Foreign and Local currency IDRs affirmed at 'BBB+';
     Outlook Stable;

  -- Short-term Foreign and Local currency IDRs affirmed at 'F2';


  -- Individual Rating affirmed at 'C';

  -- Support rating affirmed at '2'; and

  -- Support Rating Floor affirmed at 'BBB-'.

Momiji Bank:

  -- Long-term foreign and local currency IDRs affirmed at 'BBB+';
     Outlook Stable;

  -- Short-term foreign and local currency IDRs affirmed at 'F2';

  -- Individual Rating affirmed at 'D';

  -- Support rating affirmed at '2'; and

  -- Support Rating Floor affirmed at 'BBB-'.


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


HO HUP: Extraordinary Meeting Slated for March 29
-------------------------------------------------
Ho Hup Construction Company Berhad will hold an extra ordinary
meeting on March 29, 2010, at 9:00 a.m.  The meeting will be held
at Dewan Berjaya, Bukit Kiara Resort Berhad, Jalan Bukit Kiara,
Off Jalan Damansara 60000, in Kuala Lumpur.

At the meeting, the members will be asked to pass this resolution:

     Proposed disposal by Bukit Jalil Development Sdn Bhd,
     a 70% owned subsidiary of the company, of a parcel of
     freehold land measuring approximately 10.865 acres held under
     Geran 55268, Lot 38476 in the Mukim of Petaling, District of
     Kuala Lumpur, State of Wilayah Persekutuan Kuala Lumpur to
     Permata Juang (M) Sdn Bhd for MYR19,408,370.57.

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


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


MARAC FINANCE: Can Avail Extended Crown Deposit Guarantee
---------------------------------------------------------
The National Business Review reports that Marac Finance has been
approved under the extended Crown Retail Deposit Guarantee Scheme.

"Marac is pleased to have been among the first to be approved
under the guarantee having met the qualifying criteria," the
report quoted Marac chief executive Jeff Greenslade as saying.

Mr. Greenslade said the company is confident it has the strength
to stand on its own, though the extended scheme would provide
investors with comfort.

According to NBR, the extended scheme covers deposits by eligible
investors through to December 31, 2011.  Under the extended
guarantee, the report says, finance companies can offer both
guaranteed and non-guaranteed deposits.

The government said Friday it was ending its wholesale funding
guarantee in April, the report notes.

New Zealand-based Marac Finance Limited provides business and
personal finance and leasing options.  It is owned by Pyne Gould
Corporation (PGC).

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
August 17, 2009, Standard & Poor's Ratings Services had lowered
its long-term rating on MARAC Finance Ltd. to 'BB+' from 'BBB-'.
At the same time, the short-term rating was lowered to 'B' from
'A-3'.  The outlook was revised to negative from stable.  The
negative outlook implies a one-in-three likelihood of a rating
downgrade within the next two years.


NEW ZEALAND RESORTS: High Court Orders Liquidation
--------------------------------------------------
Shane Cowlishaw at The Southland Times reports that New Zealand
Resorts Limited has been placed into liquidation.  Lloyd Hayward
and Jeffrey Meltzer were appointed liquidators on February 10.

The High Court in Invercargill placed the company into liquidation
after an application was lodged by a disgruntled investor who
asserted he is entitled to guaranteed returns, the report says.

Southland Times notes that New Zealand Resorts is the latest
company in Invercargill property developer Ross Wensley's
Queenstown empire that has failed amid credit crunch and a drop in
apartment prices.

Last year, the report recalls, Mr. Wensley traveled to the United
Kingdom to chase money owed by people who had bought apartments at
the Marina Baches complex in Queenstown, leaving his company NZ$23
million out of pocket.

Mr. Hayward told The Southland Times that New Zealand Resorts
consisted of some of the unsold apartments from The Club
development, which was placed into voluntary liquidation last
year.

The report relates Mr. Hayward said unsecured creditors were owed
NZ$299,909 and were unlikely to get their money back because the
company was broke.  Apartments owned by secured creditors were
valued at NZ$14.5 million, he added.

Other Wensley companies placed in liquidation are:

   -- Wensley Developments The Club: November 2008
      (initiated by shareholders);

   -- Wensley Developments: July 2009
      (voluntary liquidation);

   -- Wensley Developments The Beacon
      (voluntary liquidation); and

   -- Wensley Developments The Shore
      (initiated by creditor).


STRATEGIC FINANCE: Perpetual Trust Calls in Receivers
-----------------------------------------------------
PricewaterhouseCoopers partners John Fisk and Colin McCloy have
been appointed receivers of Strategic Finance Limited and related
companies Strategic Advisory Limited, Strategic Mortgages Limited,
Strategic Nominees Limited, and Strategic Nominees Australia
Limited.  This ends the moratorium arrangement that has been in
place since December 2008.

The companies' trustee, Perpetual Trust Limited, appointed
receivers after SFL failed to generate sufficient loan recoveries
for its milestone payment on January 7, 2010.  In January, SFL
also announced its total loan book value (net of provisioning) had
fallen below 75% of the aggregate principal monies owed to
debenture holders, depositors and subordinated note holders.  Both
of these were "Review Events" under the moratorium terms.

Mr. John Fisk said, "We will be talking to key stakeholders over
the next few days to determine the best way forward.  As receivers
of SFL, we understand the uncertainty the recent situation has
caused to investors and believe the receivership will now provide
greater certainty.  It is too early to release any further
details, but we are working as quickly as we can to determine the
best option going forward to ensure maximized funds are
distributed to investors.

"The receivership also brings certainty to unsecured creditors'
claims that were not subject to the moratorium and provides
options to review cost structures that were not available to
management under the moratorium," Mr. Fisk said.

                       About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provides specialist financial and advisory services to the
property and corporate sectors.  The Company operates in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-operating
subsidiary is Strategic Properties No.1 Limited.  In May 2009, the
Company incorporated a subsidiary, Gulf Property Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
August 8, 2008, Strategic Finance Limited suspended redemptions of
its secured debenture stock and subordinated notes.  The company
also ceased accepting subscriptions for debenture stock and
subordinated notes under its current prospectus and investment
statement.  The company owed NZ$325 million to 15,000 investors,
according to various reports.

On Dec. 22, 2008, the TCR-AP reported that Strategic Finance
gained the approval from debenture stockholders, depositors and
noteholders of its moratorium proposal.

Under the moratorium plan, the company will, subject to the
availability of funds as the assets of Strategic Finance
are realized, make quarterly repayments of principal and interest
through to December 2013, to its stockholders, deposit holders and
subordinated note holders, in accordance with existing priority
arrangements, as the assets of Strategic Finance are realized.

Under the moratorium proposal, interest on investments was re-set
at August 7, 2008, to 8.0% across the board for all
securityholders, including BOSIAL for its main bank facility
(interest that accrues on the prior ranking BOSIAL facilities of
NZ$25 million will continue to accrue at the existing ordinary
rate).


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


ALPHA PLASTERCEIL: Court to Hear Wind-Up Petition on March 26
-------------------------------------------------------------
A petition to wind up the operations of Alpha Plasterceil Decor
Pte Ltd will be heard before the High Court of Singapore on
March 26, 2010, at 10:00 a.m.

Compact Resources Pte Ltd filed the petition against the company
on March 3, 2010.

The Petitioner's solicitors are:

          Messrs Christopher Bridges
          No. 16 Jalan Kilang Timor
          #03-03 Redhill Forum
          Singapore 159308


ANTHONY HAIR: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on March 5, 2010, to
wind up the operations of Anthony Hair Boutique @ Tower 2 Pte Ltd.

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

The company's liquidator is:

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


CHIAP SENG: Court to Hear Wind-Up Petition on March 26
------------------------------------------------------
A petition to wind up the operations of Chiap Seng Contractors Pte
Ltd will be heard before the High Court of Singapore on March 26,
2010, at 10:00 a.m.

Harsco Infrastructure Singapore Pte Ltd (f.k.a. SGB Asia Pacific
(S) Pte Ltd) filed the petition against the company on March 3,
2010.

The Petitioner's solicitor is:

          Tan Peng Chin LLC
          30 Raffles Place
          #11-00 Chevron House
          Singapore 048622


CP SOLUTIONS: Creditors' Meetings Set for March 19
--------------------------------------------------
CP solutions Pte Ltd, which is in liquidation, will hold a meeting
for its creditors on March 19, 2010, at 3:30 p.m., at the 1 Changi
Business Park Avenue 1, #05-01 Ultro Building Singapore 486058.

Agenda of the meeting includes:

   a. to provide an update on the affairs of the Company as at the
      date of the liquidation;

   b. to consider and if thought fit, to appoint a Committee of
      Inspection; and

   c. discuss other business.

The company's liquidator is:

         Wong Joo Wan
         c/o KPMG Advisory Services Pte Ltd
         16 Raffles Quay #22-00 Hong Leong Building
         Singapore 048581


D G AD: Creditors' Proofs of Debt Due March 29
----------------------------------------------
Creditors of D G AD (2004) Pte Ltd (formerly known as Adxplorer
Pte Ltd), which is in liquidation, are required to file their
proofs of debt as to such preferential claims by March 29, 2010,
to be included in the company's dividend distribution.

The company's liquidator is:

         Yin Kum Choy
         D G AD (2004) PTE LTD
         K C Yin & Co
         Certified Public Accountants, Singapore
         138 Cecil Street, #06-01 Cecil Court
         Singapore 069538


DAE SUNG: Court to Hear Wind-Up Petition on April 19
----------------------------------------------------
A petition to wind up the operations of Dae Sung Construction Pte
Ltd will be heard before the High Court of Singapore on April 19,
2010, at 10:00 a.m.

VSL Singapore Pte Ltd filed the petition against the company on
December 11, 2009.

The Petitioner's solicitors are:

          Rodyk & David son LLP
          80 Raffles Place
          #33-00 UOB Plaza 1
          Singapore 048624


ELCHEMI ASSETS: Court to Hear Wind-Up Petition on March 19
----------------------------------------------------------
A petition to wind up the operations of Elchemi Assets Pte Ltd
will be heard before the High Court of Singapore on March 19,
2010, at 10:00 a.m.

Hsbc Institutional Trust Services (Singapore) Limited filed the
petition against the company on February 25, 2010.

The Petitioner's solicitors are:

          Messrs Wong Partnership LLP
          One George Street #20-01
          Singapore 049145


===========
T A I W A N
===========


CONCORD SECURITIES: Fitch Affirms 'BB+' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed all ratings of Taiwan's Concord
Securities Corporation.  The Outlook on its Long-term foreign
currency Issuer Default Rating and National Long-term Rating
remains Stable.

CSC's ratings reflect its adequate liquidity and capitalization,
as well as its modest profitability due to the limited scale of
its essential brokerage businesses.

To balance its traditional focus on equity brokerage, CSC has
increased contributions from its fee-generating businesses such as
wealth management and futures brokerage.  In Fitch's view, if
CSC's planned acquisitions of small local securities firms in 2010
are properly executed, they will complement its existing strategy
and increase CSC's scale, facilitating sales of its expanded
wealth management products to retail customers.  To support its
growth, CSC plans to raise TWD2bn in new equity and/or TWD1bn in
convertible bonds in 2010.

CSC's return on equity improved to 5.1% (un-audited) in 2009 from
-4.7% in 2008, due to increased brokerage commissions and gains in
proprietary trading amid a broad recovery in the local equity
market.  CSC's market risk exposures remain moderate, although its
increased proprietary equity positions may increase earnings
volatility.  CSC has good asset quality, and is adequately
capitalized with equity/asset and capital adequacy ratios at 45%
and 367% respectively at end-2009 (down from 47% and 671% at end-
2008 due to increases in margin loans and stock holdings).
Additionally, CSC maintains an adequate liquidity position, with a
comfortable current ratio at 146% and illiquid assets are
sufficiently covered by long-term funding at end-2009.

CSC is one of the mid-sized fully licensed securities firms in
Taiwan, taking up 1.5% of the local stock brokerage market share.
The Cheng family remains the major shareholder, controlling 28% of
CSC.

CSC's ratings have been affirmed:

  -- Long-term foreign currency IDR at 'BB+'; Outlook Stable
  -- Short-term foreign currency IDR at 'B';
  -- National Long-term rating at 'A-(twn)'; Outlook Stable
  -- National Short-term rating at 'F2(twn)';
  -- Individual rating at 'C/D';
  -- Support rating at '5'; and
  -- Support rating floor at 'NF'.


DAH CHUNG: Fitch Affirms Individual Rating at 'C/D'
---------------------------------------------------
Fitch Ratings has affirmed Taiwan's Dah Chung Bills Finance
Corporation's Long-term foreign currency Issuer Default Rating at
'BBB-'.  The Outlook is Stable.  At the same time, the agency has
affirmed DCBFC's Short-term foreign currency IDR at 'F3', National
Long-term at 'A(twn)', National Short-term Rating at 'F1(twn)',
Individual rating at 'C/D', Support rating at '5' and Support
Rating Floor at 'NF'.

DCBFC's ratings reflect the satisfactory quality of its guarantee
book, adequate liquidity and sound capitalization; however, its
susceptibility to potential interest rate hikes and its rather
limited franchise are major constraining factors.  DCBFC has
continued to identify guarantee offering for the real estate and
construction market as its core competence.  While the company's
proportionately high credit exposure to this sector could render
it vulnerable to a pronounced market downturn, its track record of
strong management over a sustained period has provided some
comfort in mitigating this concern.

Despite the economic downturn, DCBFC managed to report pre-
provision operating profits of TWD757.5m in 2009 (12.2% of
equity), which more than doubled the level in 2008.  The
improvement is largely attributable to widened interest margins
and enhanced fees from guarantee offerings.  In 2010, Fitch
expects reasonable interest gapping revenues, underpinned by
anticipated reasonable money market spreads that are likely to
remain favorable, with well-contained credit costs to support its
bottom-line profits.

DCBFC's asset quality remains satisfactory, with no obvious signs
of deterioration.  Its problem loans/guarantees ratio remained low
at 0.1% at end-2009, while provision cover was strong.  The
better-than-expected 2009 earnings enables DCBFC to set aside more
reserves in 2009 (provision charges up 381.4%) to further enhance
its loss-absorption buffer.

The company's liquidity profile is deemed adequate, as it actively
manages its liquidity through the good credit quality of its
underlying collateral against repos, as well as through reasonably
diversified repo counterparties.  DCBFC is adequately capitalized,
with a CAR of 16.2% at end-2009 -- above the regulatory minimum of
8%.

DCBFC ranks fifth by net worth among the ten bills finance
companies in Taiwan.  Far Eastern International Bank ('BBB-
'/Negative) and Taishin International Bank ('BBB'/Stable) have
equity stakes in DCBFC of 22.6% and 18.8%, respectively.


PRIMASIA SECURITIES: Fitch Affirms Individual Rating at 'D/E'
-------------------------------------------------------------
Fitch Ratings has revised the rating Outlook on the National Long-
term Rating of Primasia Securities Co., Ltd.'s to Stable from
Negative.  At the same time, Fitch affirmed Primasia's National
Long-term rating at 'BBB-(twn)', National Short-term rating at
'F3(twn)', Individual rating at 'D/E' and Support rating at '5'.

The Outlook revision reflects the fact that the company returned
to profit in 2009 after suffering hefty losses in 2008, and that
its liquidity and capitalization has improved accordingly.
Nevertheless, Fitch noted that Primasia's market risk exposures
remains high due to its high investment concentration in equities,
rendering the company vulnerable to stock market volatility.  A
sizeable net loss and/or notable deterioration in capitalization
would have an adverse effect on Primasia's ratings.

Primasia reported an unaudited net profit of TWD423m (30% of
equity) in 2009 after a sizeable net loss of TWD663m (69% of
equity) in 2008, thanks to the strong recovery of Taiwan's stock
market since March 2009, boosting its trading profits and
valuation gains.  Primasia's liquidity improved in 2009 but
remained relatively weak as compared to its local peers.
Nevertheless, its liquid assets are sufficient to cover its short-
term liabilities.  Meanwhile, Primasia's capital adequacy ratio
increased significantly to 261% at end-2009 from 182% at end-2008,
which is higher than the minimum regulatory requirement of 150%.

Primasia, established in 1989, is a small securities firm with a
0.13% equity brokerage market share in Taiwan.  Its major
shareholders include David Tran (and his associated investment)
with a 59% stake and Nikko Cordial Securities Inc. with a 34%
stake.


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


* VIETNAM: Fitch Puts 'BB-' Issuer Rating on Negative Watch
-----------------------------------------------------------
Fitch Ratings has placed Vietnam's respective Long-term foreign
and local currency Issuer Default Rating of 'BB-' on Rating Watch
Negative.  This reflects the deterioration in domestic confidence
in the Vietnamese dong and a lack of data transparency regarding
international reserves and the balance of payments at a time of
weakening external finances.  At the same time, Fitch has placed
the country's Short-term foreign currency IDR of 'B' and Country
Ceiling of 'BB-' on RWN.

"The strength of Vietnam's external finance position, which has
provided support to the sovereign's overall creditworthiness, has
been sharply eroded as the economy displays signs of domestic
overheating and residents lose confidence in the local currency,"
said Ai Ling Ngiam, Director in Fitch's Asia Sovereign team.

Wide current account deficits, currency and deposit outflows and
abnormally large errors and omissions in the balance of payments
accounts have weighed down on overall reserves.  The steady
deterioration in gross international reserves during 2009 has been
material.  Official data show a decline in GIR to US$15.9 billion
at October 2009, which is one-third lower than the September 2008
high of US$23.6bn.  More recent reserves figures have not been
published.

Fitch forecasts that foreign exchange reserves cover may drop to
2.6 months of imports and 1.6 months of current external payments
in 2010, which will be the lowest level since 1994 and the weakest
amongst 'BB'-rated peers.  Including banks' foreign exchange
deposit liabilities to account for risk arising from dollarization
within the financial system, Fitch estimates the adjusted
international liquidity ratio is likely to have declined to 55% in
2009, the lowest in a decade.  Moreover, the dollarization ratio
of approximately 24% may underestimate the extent of gold and
dollar hoarding occurring outside the banking system.  Fitch
forecasts a 2010 gross external financing requirement, including
short-term external debt, of over 109% of estimated end-2009 FXR.

Unidentified outflows are placing significant pressure on the
BOP, with abnormally large E&O recorded during Q109-Q309 of
US$11.7 billion (11% of GDP).  Since the latest of two recent
currency devaluations on 10 February 2010, previously wide spreads
on the VND/US$ interbank market have narrowed and retail gold
prices in major cities have stabilized.  However, the ongoing
divergence between the black market VND and the market clearing
spot rate continues to point to VND depreciation pressures.
Underlying price pressures are also building as the negative
output gap (real vs. potential GDP) in the economy is estimated to
have disappeared since Q409.  A preference towards VND devaluation
to boost exports and the authorities' pro-growth policy measures
in the run-up to the January 2011 national congress of the ruling
Communist Party point to risks of further build-up in inflationary
pressures and a weak policy response.

A series of nine failed primary auctions by the State Treasury to
date since November 2009 signal weakening public confidence in
VND-denominated assets and rising US$ liquidity constraints within
the domestic financial system due to strong US$ demand.  The risk
remains that bond yields may rise further on the back of
increasing interbank rates as loan demand is propped up by the
government's three interest rate subsidy schemes.  Loan growth was
38% in 2009.

Without a strong policy tightening backed by significant BOP
support, confidence in the VND is unlikely to be restored.
Vietnam's weakened external finance position provides less support
to mitigate the sovereign's weak structural fiscal deficit.
Triggers for a rating downgrade include continued lack of
significant policy tightening and continuing pressure on the VND
and international reserves.  Improved transparency would help
avert negative rating action.


                         *********

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,
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Information contained herein is obtained from sources believed
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