TCRAP_Public/100316.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, March 16, 2010, Vol. 13, No. 052

                            Headlines



A U S T R A L I A

COEUR D'ALENE: To Exchange US$50-Mil. Notes with Shares of Stock


C H I N A

CHINA HEALTH: Andrew Kramer Steps Down as Director
COUNTRY GARDEN: Note Amendment Won't Affect S&P's 'BB-' Rating
LEHMAN BROTHERS: Liquidators Get 100% on China Real Estate Loan
ZHONGYI ALLOY: Closes Factory Over Lead Poisoning


H O N G  K O N G

CELTIC PACIFIC: Creditors' Meeting Set for March 24
EF TECHNOLOGY: Creditors' Proofs of Debt Due March 26
KING LONG: Court Enters Wind-Up Order
KRISPY KREME HK: Creditors Get 27.47% Recovery on Claims
LEE KONG: Lui and Leung Appointed as Liquidators

LEE TAT: Court to Hear Wind-Up Petition on April 28
LEGEND PROFIT: Court Enters Wind-Up Order
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Lehman Cases
LIBERTY HERO: Court Enters Wind-Up Order
LINK CONCEPT: Court Enters Wind-Up Order

LU KEE: Lui and Leung Appointed as Liquidators
LUNG HING: Court Enters Wind-Up Order
MARY'S HEALTH: Creditors' Meeting Set for March 22
MEGA PROJECTS: Court to Hear Wind-Up Petition on April 7
MERIDIAN SUCCESS: Court Enters Wind-Up Order

MILIBLESS INTERNATIONAL: Court Enters Wind-Up Order
MG DESIGN: Court Enters Wind-Up Order
NEW UNIVERSAL: Court Enters Wind-Up Order
NITCHES (FAR EAST): Court Enters Wind-Up Order
OBELISK TRUST: S&P Downgrades Rating on Series 2006-1 Notes to 'D'

SCRIPT SECURITISATION: S&P Affirms 'BB+' Rating on Class D Notes


I N D I A

ADHUNIK CORPORATION: Fitch Affirms 'BB' National Long-Term Rating
GARUDA VAHAN: Low Net Worth Prompts CRISIL to Assigns 'B' Rating
GUJARAT PICKERS: CRISIL Rates INR115 Mil. Cash Credit at 'B+'
HARIYANA SHIP: CRISIL Raises Rating on INR300M Cash Credit at 'B+'
IND-BARATH THERMAL: CRISIL Downgrades Rating on Term Loan to 'B-'

INDUCTO STEEL: CRISIL Lifts Rating on INR200MM Cash Credit to 'B+'
KAKA CARPETS: CRISIL Assigns 'P4' Ratings on INR25 Mil. Bank Debts
PIONEER POLYLEATHERS: Loan Payment Delays Cue CRISIL Junk Ratings
PRATEEK APPARELS: ICRA Places 'LB' Rating on INR200MM Bank Debts
PURI CONSTRUCTIONS: CRISIL Reaffirms 'BB-' Rating on INR1.0BB Loan

RAJENDRA SINGH: CRISIL Assigns 'BB+' Ratings on Various Bank Debts
RN GUPTA: CRISIL Cuts Rating on INR332.3 Mil. Term Loan to 'BB-'
SHREE NURSINGSAHAY: CRISIL Assigns 'BB-' on INR55.00MM Cash Credit
SONAL ADHESIVES: CRISIL Rates INR90.00 Mil. Cash Credit at 'BB+'
SUPREME ELECTROCAST: Low Net Worth Prompts CRISIL 'B-' Ratings

SUPERTECH LTD: CRISIL Rates INR1.68 Billion Term Loan at 'B'
UNISTAR GALVANISERS: Fitch Affirms 'B+' National Long-Term Rating
VEDANTA RESOURCES: To Spin Off Aluminum Project in India


I N D O N E S I A

PT BANK CIMB: S&P Raises Counterparty Rating to 'BB/Stable/B'
PT BANK INTERNASIONAL: S&P Ups Counterparty Rating to BB/Stable/B
PT BANK MANDIRI: S&P Raises Counterparty Rating to 'BB/Stable/B'
PT BANK MANDIRI: SOE Minister Vows to Back Rights Issues
PT BANK NEGARA: SOE Minister Vows to Back Rights Issues


I S R A E L

M-WISE INC: Swings to US$82,985 Profit in 2009


J A P A N

CAFES 4: Fitch Downgrades Ratings on Four Classes of Notes
HITACHI LTD: Faces Flat Panel Price-Fixing Claims From Dell
HITACHI LTD: Aims to Return to Profit in Fiscal 2010
L-JAC 7: Moody's Takes Rating Actions on 26 Classes of Certs.
UBS AG: To Be Delisted in Tokyo Stock Exchange on April 16

WILLCOM INC: To Cut Workforce by 25% Under Rehabilitation Plan


K O R E A

HYNIX SEMICONDUCTOR: Creditors Sell 6.7% Hynix Stake For KRW923.2B
HYUNDAI MOTOR: Chairman's Son Elected as Board Member
HYUNDAI MOTOR: To Sell 3.5 Million Cars in Global Market This Year


M A L A Y S I A

MECHMAR CORP: Bourse Extends Plan Filing Deadline to June 8
RHYTHM CONSOLIDATED: Bourse Extends Plan Filing Period to July 8


N E W  Z E A L A N D

BRADLEY & BRADLEY: SFO Widens Probe; NZ$15 Mil. Believed Missing
ORGANIC DAIRY: Goes Into Receivership; About 30 Jobs Affected


P H I L I P P I N E S

QUEDAN AND RURAL: Plans to Sell PHP2.4 Billion in Bonds


S I N G A P O R E

GLOBAL PACKET: Court Enters Wind-Up Order
GMP DEVELOPMENT: Court to Hear Wind-Up Petition on April 9
LABRADOR PTE: Court Enters Wind-Up Order
M.E.I. ENGINEERS: Court to Hear Wind-Up Petition on March 26
MICRO TECH: Court Enters Wind-Up Order

MIODINO THE: Creditors' Proofs of Debt Due March 24


T H A I L A N D

SIAM CITY BANK: Thanachart to Buy 47.6% Bank's Stake for US$1 Bil.


V I E T N A M

ASIA COMMERCIAL: Fitch Puts D Individual Rating on RWN
JOINT STOCK: Fitch Keeps 'D' Individual Rating on RWN
SAIGON THUONG: Fitch Puts D Individual Rating on RWN
VIETNAM JOINT-STOCK: Fitch Affirms 'D/E' Individual Rating


X X X X X X X X

* BOND PRICING: For the Week to March 8 to March 12, 2010




                         - - - - -


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


COEUR D'ALENE: To Exchange US$50-Mil. Notes with Shares of Stock
----------------------------------------------------------------
Pursuant to privately negotiated agreements, Coeur d'Alene Mines
Corporation agreed to exchange US$50,142,000 of its 3.25%
Convertible Senior Notes due 2028 and US$630,000 of its 1.25%
Convertible Senior Notes due 2024 for shares of its common stock,
par value US$0.01.

In connection with the agreements, the Company:

   * on or about March 2, 2010, issued 333,000 shares of Common
     Stock;

   * on or about March 10, 2010, issued 321,100 shares of Common
     Stock; and

   * on or about March 26, 2010, will issue a number of shares of
     Common Stock equal to (a) US$39,073,910, divided by (b) the
     arithmetic mean of the three lowest daily volume-weighted
     average prices of the Company's Common Stock during the ten
     consecutive trading days commencing March 15, 2010.

The Company will issue the shares pursuant to the exemption from
the registration requirements afforded by Section 3(a)(9) of the
Securities Act of 1933, as amended.

On February 5, 2010, Coeur d?Alene Mines Corporation closed a
public offering of US$100,000,000 aggregate principal amount of
its Senior Term Notes due December 31, 2012.  The Notes were
issued under an indenture, dated as of February 5, 2010, between
the Company and The Bank of New York Mellon, as trustee, as
supplemented by a first supplemental indenture, dated as of
February 5, 2010, among the Company and the Trustee.  All amounts
due under the Notes may be paid in cash, shares of the Company?s
common stock, par value US$0.01 per share, or a combination of
cash and shares of Common Stock.

On March 12, 2010, the Company notified the Trustee and the
holders of the Notes that it intends to pay, in Common Stock, all
amounts due on March 31, 2010 in respect of the Notes.  The
payment of such amounts in Common Stock is subject to conditions
set forth in the Supplemental Indenture.  In satisfaction of such
payment, the Company expects that on or about April 1, 2010, it
will issue a number of shares of Common Stock equal to (a)
US$9,344,444.44, divided by (b) 90% of the arithmetic mean of the
four lowest daily volume-weighted average prices of the Company?s
Common Stock during the ten trading days prior to March 31, 2010.

Given the Company?s decision to pay the March 31, 2010 installment
in stock, the payment will have no impact on the Company?s cash
liquidity position, which totaled US$77.9 million as of February
28, 2010.

                    About Coeur d'Alene Mines

Coeur d'Alene Mines Corporation (NYSE:CDE, TSX:CDM, ASX:CXC) is
one of the world's leading silver companies and also a significant
gold producer.  Coeur common shares are traded on the New York
Stock Exchange under the symbol CDE, the Toronto Stock Exchange
under the symbol CDM, and its CHESS Depositary Interests are
traded on the Australian Securities Exchange under symbol CXC.

At September 30, 2009, the Company had US$3,059,759,000 in total
assets, including cash and cash equivalents of US$45,603,000;
against US$193,341,000 in total current liabilities and
US$888,959,000 in total long-term liabilities.  At September 30,
2009, the Company had accumulated deficit of US$419,574,000 and
stockholders' equity of US$1,977,459,000.  Coeur d'Alene Mines had
US$402.2 million in accumulated deficit as of June 30, 2009.

As reported by the Troubled Company Reporter on August 11, 2009,
Standard & Poor's Ratings Services raised its corporate credit
rating on Coeur D'Alene Mines to 'B-' from 'CCC' and raised the
ratings on the company's US$180 million senior unsecured notes due
2024 (US$106 million outstanding) and US$230 million senior
unsecured notes due 2028 (US$150 million outstanding) to 'CCC+'
from 'CCC-'.  The recovery rating on the notes remains unchanged
at '5'.  S&P removed the corporate credit and issue-level ratings
from
CreditWatch, where they were placed with positive implications on
May 18, 2009.  The outlook is positive.


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


CHINA HEALTH: Andrew Kramer Steps Down as Director
--------------------------------------------------
China Health Care Corp. reported that Andrew B. Kramer resigned as
the Company's director.  The board of directors now consists of
Wong Yuen Yee and Gerald Lau.

China Health Care Corp. provides consultancy services to the VIP
Maternity & Gynecological Centers in the People's Republic of
China.  These services are provided in conjunction with Johns
Hopkins International, LLC, a U.S. based healthcare provider, and
based upon a Consultancy Agreement with JHI.  The Company is
currently under contracts to provide consultancy services to a
total of five VIP Birthing Centers in the PRC and to manage a
private hospital in Macau.

                        Going Concern Doubt

Samuel H. Wong & Co., LLP, in South San Francisco, California,
raised substantial doubt about China Health's ability to continue
as a going concern after auditing the Company's financial results
for the years ended September 30, 2008, and 2007.  The auditor
noted that the Company continued to incur losses and working
capital deficiencies.

China Health Care's balance sheet at June 30, 2009, showed total
assets of US$1.47 million and total liabilities of US$7.06
million,
resulting in a stockholders' deficit of about US$5.59 million.


COUNTRY GARDEN: Note Amendment Won't Affect S&P's 'BB-' Rating
--------------------------------------------------------------
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.


LEHMAN BROTHERS: Liquidators Get 100% on China Real Estate Loan
---------------------------------------------------------------
The Liquidators of Lehman Brothers Commercial Corporation Asia
Limited (LBCCA) have recovered another significant real estate
loan, used to finance an A-Grade commercial property in Shanghai,
China.

The transaction represents a recovery of 100 percent of
Outstanding Principal Balance (OPB) and Outstanding Interest
Balances (OIB).

Doug Ferguson, Partner, KPMG China, said: "This is a very good
result for this particular position.  It has involved engaging
with the borrower in a co-operative, bi-lateral and constructive
manner, which is the Liquidators' preferred approach.  It also
reflects the quality of the Chinese assets in which Lehman
invested, as well as the conducive market environment in China."

To date, the realization of some US$270 million from the China
real estate portfolio represents a recovery of 94% of the
portfolio's September 2008 book value, generating significant
value for LBCCA's creditors.

This success has been achieved within 12 months from the
Liquidators' formal appointment by the Hong Kong Court, with an
average realization rate of 83% of outstanding principal balance.

Most of these China real estate transactions have involved a sale
of the loan to the original borrower or co-lender, often with
third-party refinancing involved, following extensive
negotiations.

LBCCA's real estate portfolio consists of senior and mezzanine
loans, debentures, convertible and equity positions to 44
counterparties.  These were mainly secured against hotel,
residential, retail and commercial properties and developments,
with the largest country and currency risk exposures being in
China, Thailand and Malaysia.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


ZHONGYI ALLOY: Closes Factory Over Lead Poisoning
-------------------------------------------------
Authorities in southwest China's Sichuan Province have ordered
shutdown of Zhongyi Alloy Co. after 94 people, including 88
children, were found to have excessive levels of lead in their
blood, China Daily reports.

According to the report, the poisoning case was discovered when a
resident in Zhoujiasi village was found to have excessive levels
of lead in a health checkup and reported the matter to the county
environmental protection bureau February 25.

The county authorities organized medical tests for 1,756 residents
in four villages within a radius of 800 meters of the suspected
source of pollution.

Seven children are being treated in Chengdu, the provincial
capital while the remaining are placed under home observation.

Excessive amounts of lead in the body can harm the nervous and
reproductive systems and cause high blood pressure and anemia. In
severe cases, it can lead to convulsions, coma and even death.

Zhongyi Alloy Co. Ltd. produces a lead ingot.


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


CELTIC PACIFIC: Creditors' Meeting Set for March 24
---------------------------------------------------
Creditors of Celtic Pacific Ship Management (Overseas) Limited
will hold their meeting on March 24, 2010, at 10:30 a.m., for the
purposes provided for in Sections 241, 242, 243, 244 and 251 of
the Companies Ordinance.

The meeting will be held at the 14/F, The Hong Kong Club Building,
3A Chater Road, Central, in Hong Kong.


EF TECHNOLOGY: Creditors' Proofs of Debt Due March 26
-----------------------------------------------------
Ef Technology (HK) Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by March 26, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Alan C W Tang
         Wong Kwok Man
         6th Floor, Nessus Building
         41 Connaught Road
         Central, Hong Kong


KING LONG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on February 3, 2010,
to wind up the operations of King Long Industrial Limited.

The company's liquidator is:

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


KRISPY KREME HK: Creditors Get 27.47% Recovery on Claims
--------------------------------------------------------
Krispy Kreme Hong Kong Limited, which is in creditors' voluntary
liquidation, paid the first and final preferential dividend to its
creditors on March 5, 2010.

The company paid 27.47% for ordinary claims.

The company's liquidator is:

          Stephen Briscoe
          Wing On House, 18/F
          70 Des Voeux Road
          Central, Hong Kong


LEE KONG: Lui and Leung Appointed as Liquidators
----------------------------------------------
Pui Chiu Wing and Cheung Lai Kuen on April 9, 2009, were appointed
as liquidators of Lee Kong Knitters Limited.

The liquidators may be reached at:

          Pui Chiu Wing
          Cheung Lai Kuen
          Room 10, 16th Floor
          Parklane Centre
          25 Kin Wing Street
          Tuen Mun, New Territories
          Hong Kong


LEE TAT: Court to Hear Wind-Up Petition on April 28
---------------------------------------------------
A petition to wind up the operations of Lee Tat Hong Watch Company
Limited will be heard before the High Court of Hong Kong on
April 28, 2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on February 19, 2010.

The Petitioner's solicitors are:

          Chu & Lau
          2nd Floor
          The Chinese General Chamber of Commerce Building
          No. 24-25 Connaught Road
          Central, Hong Kong


LEGEND PROFIT: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on February 24, 2010,
to wind up the operations of Legend Profit Limited.

The acting official receiver is Lee Mei Yee May.


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Lehman Cases
---------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced that up to 4
March 2010, there were 12,993 complaint cases concerning Lehman-
Brothers-related investment products which have been resolved by a
settlement agreement reached under section 201 of the Securities
and Futures Ordinance and 1,212 cases through the enhanced
complaint-handling procedures required by the settlement
agreement.  Together with the 2,833 cases closed because
insufficient prima facie evidence of misconduct was found after
assessment or no sufficient grounds and evidence were found after
investigation, the handling of 17,038 complaints received have now
been completed.

Currently, 1,056 Lehman-Brothers-related complaint cases
(including minibond cases) are under disciplinary consideration
after detailed investigation by the HKMA.  Proposed disciplinary
notices are being prepared in respect of 757 such cases and
proposed disciplinary notices or decision notices have been
issued in respect of another 299 cases.  Adding these 1,056 cases
to those the handling of which has already been completed,
investigation work has finished for 84% of complaint cases
received.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LIBERTY HERO: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on March 9, 2009, to
wind up the operations of Liberty Hero Enterprises Limited.

The company's liquidator is:

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


LINK CONCEPT: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on December 24, 2008,
to wind up the operations of Link Concept Technology Limited.

The company's liquidator is:

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


LU KEE: Lui and Leung Appointed as Liquidators
----------------------------------------------
Lui Chi Kit and Leung Ka Man of Eric Ng C.P.A. Limited on Jan. 14,
2010, were appointed as liquidators of Lu Kee Electronic Company
Limited.

The liquidators may be reached at:

          Lui Chi Kit
          Leung Ka Man
          c/o Eric Ng C.P.A. Limited
          Room 10, 16th Floor
          Parklane Centre
          25 Kin Wing Street
          Tuen Mun, New Territories
          Hong Kong


LUNG HING: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on February 24, 2010,
to wind up the operations of Lung Hing Transportation Limited.

The acting official receiver is Lee Mei Yee May.


MARY'S HEALTH: Creditors' Meeting Set for March 22
--------------------------------------------------
Creditors of Mary's Health & Beauty Limited will hold their
meeting on March 22, 2010, at 3:00 p.m., for the purposes provided
for in Sections 241 (as modified by section 228A), 242, 243, 244
and 255A of the Companies Ordinance.

The meeting will be held at the Room 2301, 23/F., Ginza Square,
565-567 Nathan Road, Yaumatei, Kowloon, in Hong Kong.


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


MERIDIAN SUCCESS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on January 27, 2006,
to wind up the operations of Meridian Success International
Limited.

The company's liquidator is:

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


MILIBLESS INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------------
The High Court of Hong Kong entered an order on October 15, 2009,
to wind up the operations of Milibless International Development
Limited.

The company's liquidator is:

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


MG DESIGN: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on January 28, 2010,
to wind up the operations of MG Design Consultants Transportation
Limited.

The company's liquidator is Mat Ng.


NEW UNIVERSAL: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on May 27, 2009, to
wind up the operations of New Universal Corporation Limited.

The company's liquidator is:

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


NITCHES (FAR EAST): Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on February 24, 2010,
to wind up the operations of Nitches (Far East) Limited.

The acting official receiver is Lee Mei Yee May.


OBELISK TRUST: S&P Downgrades Rating on Series 2006-1 Notes to 'D'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Series
2006-1 Eden A$52.5 million credit-linked notes issued by Obelisk
Trust to 'D' from 'CCC-'.

The rating downgrade reflects the realized interest loss incurred
by the investor.  The portfolio in the transaction had suffered
several credit events, which have resulted in an aggregate loss
that exceeded the available subordination and reduced the
principal amount of the notes.  As a result, there has been an
interest payment shortfall on the most recent interest payment
date.

The rating action on the affected transaction is:

                          Rating Lowered

   Name                                 Rating To    Rating From
   ----                                 ---------    -----------
   Obelisk Trust Series 2006-1 Eden     D            CCC-


SCRIPT SECURITISATION: S&P Affirms 'BB+' Rating on Class D Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed the rating on Series
2006-1 class D notes issued by Script Securitisation Pty Ltd.  At
the same time, the rating was removed from CreditWatch with
negative implications, where it was initially placed on Aug. 13,
2009.

To assess the creditworthiness of the tranche, S&P reviewed the
credit quality of the securitized assets using the synthetic rated
overcollateralization score and results from S&P's 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.

The rating on the class D notes was taken off CreditWatch negative
and affirmed, as its SROC score rose above 100% at the current
rating level (based on the maximum scenario loss rate, largest
obligor, and largest industry tests).

          Script Securitisation Pty Ltd. Southern Cross

        Transaction               Rating To   Rating From
        -----------               ---------   -----------
        Series 2006-1 Class D     BB+         BB+/Watch Neg


=========
I N D I A
=========


ADHUNIK CORPORATION: Fitch Affirms 'BB' National Long-Term Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed India-based Adhunik Corporation
Limited's National Long-term rating of 'BB(ind)'.  The Outlook is
Stable.  Fitch has also affirmed the National Short-term rating of
'F4(ind)', and simultaneously affirmed ACL's bank loans with
enhanced limits:

  -- Outstanding/sanctioned Long-term loans enhanced to
     INR5726.6 million (previously INR192.3 million): 'BB(ind)';

  -- Sanctioned fund based limits enhanced to INR550.0 million
     (previously INR327.5 million): 'BB(ind)'; and

  -- Sanctioned non-fund based limits reduced to INR220.0 million
     (previously INR305.0 million): 'F4(ind)'.

The affirmations reflect ACL's recent performance as well as the
deferment in the proposed expansion project by one year due to
events beyond the control of the management.  ACL's revenue growth
was negligible in FY09 but the EBITDA margins improved to 10.13%
in FY09 from 8.67% in FY08, and its financial leverage indicated
by net debt/EBITDA remained below 3.0x with interest coverage
sustaining above 2.5x in the past four years.

The ratings are constrained by the large capex plan to set up an
integrated steel plant at Purulia, West Bengal, with a total
project cost of INR8.65 billion and funded by a debt of INR5.62
billion.  In Fitch's opinion, the debt-funded capex is
significantly large in relation to ACL's existing asset base and
exposes the company to execution and delay risks, typically
associated with such projects.  The benefits of the capex plan
would begin to accrue from FY12E onwards, which was scheduled to
be completed by FY11E.  While the risks are partially mitigated by
the experience of the group in implementing large capex, the scale
of operations would continue to keep the company exposed to cash
flow risks in the event of cost overruns.  Fitch expects financial
leverage, on account of this capex, to remain high.

In addition, the agency is concerned over ACL's continued small
scale of operations and lack of raw material availability for
existing facilities.  Though Fitch notes that the company has coal
mine and iron-ore mine allocations in place, the
operationalisation of these mines would remain a key constraining
factor.

A positive rating factor would be the successful completion of
expansion projects without time and cost overrun, while a delay in
the implementation of the project and/or cost overruns would be a
negative rating factor.

ACL achieved revenues of INR3.30 billion in FY09
(FY08:INR3.24 billion).  Total debt is INR986.1 million
(FY08:INR732.0 million), which comprises of term loan of
INR260.96 million, working capital debt of INR703.62 million and
unsecured loans of INR21.52 million from other companies.  ACL
reported negative net free cash flow of INR238.04 million in FY09
(FY08: negative INR146.3 million), mainly due to an increase in
operating capital requirements and capex.  Fitch expects the net
free cash flow to remain negative in the short-to-medium term due
to the ongoing capex.


GARUDA VAHAN: Low Net Worth Prompts CRISIL to Assigns 'B' Rating
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the cash credit
facility of Garuda Vahan Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       B/Stable (Assigned)

The rating reflects Garuda Vahan's exposure to intense competition
in the automobile dealership business, and weak financial risk
profile marked by low net worth, high gearing, and weak debt
protection measures.  These weaknesses are partially offset by
Garuda Vahan's established relationships with its principal, Tata
Motors Ltd (TML, rated 'A+/Stable/P1+' by CRISIL), and its
customers.

Outlook: Stable
CRISIL believes that Garuda Vahan's ratings will remain
constrained by its weak financial risk profile marked by low net
worth, high gearing, and weak debt protection measures. The
outlook may be revised to 'Positive' if the company's business and
net worth improve, resulting in improvement in its debt protection
measures and capital structure. Conversely, the outlook may be
revised to 'Negative' in case of steeper-than-expected decline in
the company's profitability or increase in its debt levels.

                         About Garuda Vahan

Garuda Vahan, a closely held company, is a dealer of TML's light
commercial vehicles and medium commercial vehicles. Garuda Vahan's
operations are spread across nine districts in western Orissa. The
dealership agreements are renewable every two years.

Garuda Vahan reported a profit after tax (PAT) of INR2.7 million
on net sales of INR2473 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR2.9 million on net
sales of INR1766 million for 2007-08.


GUJARAT PICKERS: CRISIL Rates INR115 Mil. Cash Credit at 'B+'
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Gujarat Pickers Industries Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR115.0 Million Cash Credit Limit    B+/Stable (Assigned)

The rating reflects GPIL's weak financial risk profile, marked by
low net worth, weak interest coverage measures, and moderate
gearing, and large working capital requirements because of high
receivable levels.  These rating weaknesses are partially offset
by the benefits that GPIL derives from its promoter's experience
in the petrochemicals industry and healthy revenue visibility.

Outlook: Stable

CRISIL believes that Gujarat Pickers Industries Ltd will maintain
its business risk profile over the medium term backed by the
extensive experience of its promoters in the polymer trading
business.  However, its financial risk profile is expected to be
constrained by large working capital requirements. The outlook may
be revised to 'Positive' if GPIL improves its receivables
management and debt protection measures.  Conversely, the outlook
may be revised to 'Negative' in case the company's financial risk
profile deteriorates with incremental working capital requirements
or if adverse movements in interest rates affect the spread
available to the company

                       About Gujarat Pickers

Incorporated in 1962 by Mr. Makwana, GPIL trades in polymers and
chemicals in Gujarat.  The company was set up to manufacture
pickers, required in textile machinery.  However, the company
terminated this business and operated as a distributor of plastic
granules for Indian Petrochemical Corporation Ltd from 1979 to
2002.  Following the acquisition of IPCL by Reliance Industries
Ltd, the agreement with IPCL was discontinued and subsequently
GPIL began importing polymers such as high-density polyethylene
and low-density polyethylene for sale in the domestic market.  The
company diversified into trading in chemicals, largely procured
from Indian Oil Corporation Ltd (IOCL), in 2004-05. GPIL has been
awarded the IOCL distributorship and will operate as a del credere
agent and stockist for IOCL's polymer products from April 2010.

GPIL reported a profit after tax (PAT) of INR2.0 million on net
sales of INR622 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR1.7 million on net sales
of INR463 million for 2007-08.


HARIYANA SHIP: CRISIL Raises Rating on INR300M Cash Credit at 'B+'
------------------------------------------------------------------
CRISIL has upgraded its rating on the cash credit facility of
Hariyana Ship Demolition Pvt Ltd, part of the Hariyana group, to
'B+/Stable' from 'B-/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR300 Million Cash Credit*          B+/Stable (Upgraded from
  (Enhanced from INR200 Million)                   'B-/Stable')

   INR700 Million Letter of Credit**    P4 (Reaffirmed)

   * Interchangeable with non-fund-based limits.
   **Reduced from INR800 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 Ship Demolition 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 the ratings, CRISIL has combined the financials of
Hariyana Ship Breakers Ltd, Hariyana Ship Demolition, 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 programme.

                          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.


IND-BARATH THERMAL: CRISIL Downgrades Rating on Term Loan to 'B-'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the term loan of Ind-Barath
Thermal Power Ltd (IBTPL, formerly Ind-Barath Power (Karwar) Ltd),
to 'B-/Stable' from 'B/Stable'.

   Facilities                          Ratings
   ----------                          -------
   INR10.046 Billion Term Loan         B-/Stable (Downgraded from
                                                  'B/Stable')
The rating action reflects significant time overruns and increase
in the cost of the company's power project. The delay has been
mainly caused by the relocation of the project site to Tuticorin
in Tamil Nadu from Karwar in Karnataka. IBTPL had to relocate from
Karwar following protests from environment groups against the
project, which led to the company's environmental clearance being
held in abeyance.

Although IBTPL has acquired land at the new site, it is yet to
receive some of the statutory clearances. The revised scheduled
date of commissioning of the project factors in a two-year delay
from the schedule originally envisaged.

Outlook: Stable

CRISIL believes that IBTPL will continue to face significant
project-implementation-related challenges.  The outlook may be
revised to 'Positive' if the project receives approvals from the
relevant authorities, and there is satisfactory progress in its
construction.  Conversely, the outlook may be revised to
'Negative' if there are significant delays in commencement of
operations at the new site, leading to further cost overruns.

                      About Ind-Barath Thermal

IBTPL is a special purpose vehicle promoted by Ind-Barath Power
Infra Ltd (IBPIL, the holding company).  IBTPL was incorporated on
January 3, 2007, with the objective of setting up a 300-megawatt
(MW) coal-based, group captive power plant at Honkan village in
the Uttara Kannada district of Karnataka under the captive power
policy of the Government of India.  The revised scheduled date of
completion is in June 2012.

Dr. K Raghu is the promoter and group chairman of IBPIL. IBPIL has
implemented five power projects, with an aggregate installed
capacity of 229 MW, through other group companies till date.
Additional capacity of 1131 MW (including 300 MW capacity of
IBTPL) is under development.


INDUCTO STEEL: CRISIL Lifts Rating on INR200MM Cash Credit to 'B+'
------------------------------------------------------------------
CRISIL has upgraded its rating on the cash credit facility of
Inducto Steel Ltd, part of the Hariyana group, to 'B+/Stable' from
'B-/Stable'.

   Facilities                          Ratings
   ----------                          -------
   INR200.0 Million Cash Credit*       B+/Stable (Upgraded from
                                                  'B-/Stable')

   INR200.0 Million Letter of Credit   P4 (Reaffirmed)

   *Interchangeable with letter of credit.

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 Inducto 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 Pvt Ltd, and
Inducto; 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 programme.

                           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.


KAKA CARPETS: CRISIL Assigns 'P4' Ratings on INR25 Mil. Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facilities of Kaka
Carpets.

   Facilities                             Ratings
   ----------                             -------
   INR25 Million Export Packing Credit*   P4 (Assigned)
   INR55 Million Foreign Bill Purchase*   P4 (Assigned)

   * Interchangeability of INR5 million between EPC & FBP

The rating reflects Kaka's exposure to risks relating to the
economic slowdown and foreign currency fluctuations, and weak
financial risk profile, marked by average gearing and weak debt
protection measures.  These rating weaknesses are partially offset
by the benefits that Kaka derives from its promoters' experience
in the carpet exports business.

Outlook: Stable

CRISIL believes that Kaka will continue to remain vulnerable to
the extent of improvement from economic slowdown in the export
markets; however, the partners' long standing experience and good
relationships with buyers lend stability to the operations of the
firm.  The outlook may be revised to 'Positive' if the firm's
business risk profile improves resulting in more-than-expected
growth in operating income or profitability. Conversely, the
outlook may be revised to 'Negative' if the firm's debt protection
measures deteriorate because of lower-than-expected growth in
operating income or decline in profitability.

                         About Kaka Carpets

Set up as a partnership firm in 1979, Kaka manufactures hand
knotted and hand tufted carpets at its facility in Bhadohi (Uttar
Pradesh). The firm derives 100% of its sales through exports; it
exports mainly to the US, Germany, and the UAE. The firm is
managed by Mr. Yadavendra Roy.

Kaka reported a profit after tax (PAT) of INR10.2 million on net
sales of INR349 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR7 million on net sales
of INR469 million for 2007-08.


PIONEER POLYLEATHERS: Loan Payment Delays Cue CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Pioneer Polyleathers Pvt
Ltd's bank facilities.  The ratings reflect delay by Pioneer in
servicing its term loan; the delay has been because of the
company's weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       D (Assigned)
   INR290 Million Term Loan         D (Assigned)
   INR50 Million Letter of Credit   P5 (Assigned)
   INR71 Million Bank Guarantee     P5 (Assigned)

Pioneer was incorporated in 2005 and started commercial production
in April 2008. The company manufactures flexible plastic sheets
(flex) used for printing advertisements and signs.  It has
diversified its product profile by manufacturing tarpaulin and
file-folders.  The company was founded by the Kapur family and the
Gupta family (of the Action Shoes group), with each family holding
50 per cent of the company.  Pioneer commenced commercial
operations in April 2008, with manufacturing unit at Pantnagar
(Uttarakhand); this unit houses two lines of machinery. Pioneer
currently sells its products under the brand Pioneer Flex.

Pioneer reported a net loss of INR78.6 million on net sales of
INR527.7 million for 2008-09 (refers to financial year, April 1 to
March 31).


PRATEEK APPARELS: ICRA Places 'LB' Rating on INR200MM Bank Debts
----------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR200 million, fund-based
(cash credit) and INR20 million non-fund based (bank guarantees)
limits of Prateek Apparels Private Ltd.  ICRA has also assigned an
A4 rating to the INR200 million WCDL, INR100 million bills of
exchange and INR20 million non-fund based LC limits of PAPL.

The ratings reflect recent delays in debt servicing by the
company.  The company's financial profile remains stretched,
characterized by weak return indicators and high working capital
intensity.  The company operates in a highly competitive
environment, with competition from both large organized sector as
well as the unorganized sector.  Further, a significant part of
the business is contributed by low value added trading activities.
ICRA also notes that the company's proposed investments into
retail space, a relatively new business area for the company,
could further strain the financial profile of the company.  The
assigned ratings, nevertheless, favorably factor in the
established experience of the promoters in the Garment
manufacturing business and its reputed client profile.

Prateek Apparels Pvt. Limited was incorporated on Jan. 10, 1995,
as an independent fashion garment group engaged in manufacture of
readymade men's formals and causal shirts.  The company was
promoted by Mr. Pradeep Agarwal and the Phulchand Group, the
principal shareholders include the Agarwal family and M/s
Phulchand Exports Ltd.   Phulchand Exports Limited is a private
limited company and it was incorporated in the year 1975 by Mr.
Phulchand Agarwal, the current chairman of the company. SIDBI
venture capital limited also a stakeholder in PAPL from FY07
onwards and owns 19.05% in the company.  The company has three
subsidiaries named Munch Design Workshop Private Limited Prakanz
Tex. Pvt. Ltd. and Prateek Spintex Ltd, which are also engaged in
similar garment manufacturing business and does job work for PAPL.
PAPL has five four manufacturing unit in Bangalore and one in
Hubli dedicated to manufacturing to different types of apparels.
The company also has ventured into retail from FY07 onwards.  In
FY 2008-09, the company reported a loss of INR-8.2 million on an
operating income of INR2301.8 million.


PURI CONSTRUCTIONS: CRISIL Reaffirms 'BB-' Rating on INR1.0BB Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Puri Constructions Pvt
Ltd, the lead company of the Puri Constructions group, continue to
reflect the group's limited track record of profitable execution
of real estate projects, and geographical concentration in revenue
profile.  These weaknesses are partially offset by the improvement
in the group's financial risk profile because of cash inflows from
its Palm Springs and Pranayam projects.

   Facilities                      Ratings
   ----------                      -------
   INR1.0 Billion Term Loan*       BB-/Stable (Reaffirmed)
   INR200 Million Letter of Credit P4+ (Reaffirmed)
                and Bank Guarantee

   *Includes proposed limit of INR835 million.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PCPL and PCPL's subsidiaries - Mad
Entertainment Network Ltd, A.R. Fisheries Pvt Ltd, and Florentine
Estates of India Ltd -- collectively referred to as the Puri
Constructions group.  This is because the entities operate under a
common management, and have operational linkages, including
fungible funds, with each other.  In April 2008, the group set up
a partnership firm, and transferred its share in Palm Springs
project to the firm.

Outlook: Stable

CRISIL expects a significant increase in the Puri Constructions
group's operating margin on the back of the increase in cash
inflows from the currently ongoing projects.  The outlook may be
revised to 'Positive' if there is a substantial increase in the
group's scale of operations and profitability, leading to larger-
than-expected cash accruals, and a stronger market position.
Conversely, the outlook may be revised to 'Negative' if there is
an adverse impact on the saleability of the upcoming projects, or
if the group aggressively undertakes new projects, which may
deteriorate its capital structure and debt protection metrics.

                     About Puri Constructions

Founded in 1971 by Mr. Mohinder Puri, PCPL was primarily engaged
in construction activity; some of the prominent projects
implemented by the company include The Bharat Bhawan and the New
Vidhan Sabha Bhawan, Bhopal, The Hall of Nations and Industries,
Pragati Maidan, New Delhi, and The Clarks Hotel, Jaipur. In 1997,
the company changed focus, and began to build up a land bank for
real estate development in the residential segment.  PCPL's first
residential real estate project, Palm Springs, undertaken jointly
with Emaar MGF, is expected to be completed by June 2010. The
company is implementing a residential real estate project,
Pranayam, independently in the Faridabad region; this project is
expected to be completed by March 2011.

The Puri Constructions group reported a profit after tax (PAT) of
INR166 million on net sales of INR2.30 billion for 2008-09 (refers
to financial year, April 1 to March 31), against a loss of
INR164.5 million on net sales of INR229.7 million for 2007-08.


RAJENDRA SINGH: CRISIL Assigns 'BB+' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Rajendra Singh Bhamboo.

   Facilities                       Ratings
   ----------                       -------
   INR17.3 Million Cash Credit      BB+/Stable (Assigned)
   INR35.2 Million Overdraft        BB+/Stable (Assigned)
   INR2.4 Million Term Loan         BB+/Stable (Assigned)
   INR15.0 Million Proposed Long-   BB+/Stable (Assigned)
        Term Bank Loan Facility
   INR305.0 Million Bank Guarantee  P4+ (Assigned)
   INR28.7 Million Proposed Short-  P4+ (Assigned)
          Term Bank Loan Facility

The ratings reflect RSB's limited financial flexibility because of
weak capital structure, small scale of operations marked by
geographical concentration in revenue profile, and susceptibility
to volatility in raw material prices.  These weaknesses are
partially offset by the benefits that RSB derives from its
promoters' experience in the execution of construction projects,
and by the company's healthy market position in the road
construction business in Rajasthan, and its healthy debt
protection metrics.

Outlook: Stable

CRISIL believes that RSB will maintain its position in the road
construction segment in Rajasthan, and its healthy debt protection
metrics, over the medium term.  The outlook may be revised to
'Positive' if the firm's scale of operations increases, and
capital structure improves significantly.  Conversely, the outlook
may be revised to 'Negative' if the firm reports lower-than-
expected cash accruals, or if there are significant capital
withdrawals by partners, leading to deterioration in the firm's
capital structure.

                        About Rajendra Singh

Set up as a partnership firm in 1995 by Mr. Rajendra Singh Bhamboo
and Mr. Rajendra Singh Dangi, RSB is a Class AA civil contractor
undertaking road construction and road resurfacing projects in
Rajasthan. RSB's customers include government departments, such as
the public works departments of Rajasthan, Jaipur Development
Authority, Rajasthan State Agri Marketing Board, and Rajasthan
State Industrial Development & Investment Corporation Ltd.

RSB reported a profit after tax (PAT) of INR28.2 million on net
sales of INR824.9 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR23.0 million on net
sales of INR628.9 million for 2007-08.


RN GUPTA: CRISIL Cuts Rating on INR332.3 Mil. Term Loan to 'BB-'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of RN
Gupta and Company Ltd to 'BB-/Negative/P4' from 'BBB-/Stable/P3'.

   Facilities                      Ratings
   ----------                      -------
   INR5.0 Million Cash Credit      BB-/Negative (Downgraded from
                                                 'BBB-/Stable')

   INR332.3 Million Term Loan      BB-/Negative (Downgraded from
                                                'BBB-/Stable')

   INR15.0 Million Foreign Bill    P4 (Downgraded from 'P3')
                 Purchase
   INR67.5 Million Packing Credit     P4 (Downgraded from 'P3')
   INR25.0 Million Letter of Credit*  P4 (Downgraded from 'P3')
   INR6.2 Million Bank Guarantee      P4 (Downgraded from 'P3')

   *Transferable with packing credit cum foreign bill purchase.

The downgrade reflects an acute weakening in RN Gupta's financial
risk profile because of a sharp fall in offtake from its major
export customers during 2009-10 (refers to financial year, April 1
to March 31); the company's revenues are expected to dip by almost
45% from their level in 2008-09.  The downgrade also reflects
CRISIL's expectation of a further deterioration in RN Gupta's
financial risk profile in the medium term, given the company's
large debt-related payment obligations starting from 2010-11.
CRISIL also believes that RN Gupta's net cash accruals, if it
fails to stop the decline in exports, could be inadequate to meet
its debt-related obligations. Therefore, the company would be
completely reliant on funding support from promoters, or would
have to utilize its bank limits, to service the debt.

The ratings also reflect RN Gupta's customer concentration,
exposure to risks related to adverse changes in government
regulations, and the expected increase in competition in the non-
automobile segment of the forgings industry. These rating
weaknesses are partially offset by RN Gupta's promoter's
experience in forgings export markets.

Outlook: Negative

CRISIL believes that the sharp fall in RN Gupta's sales and
profitability, which has coincided with the RN Gupta's new
capacity coming on stream, will lead to further pressure on the
credit risk profile of the company; RN Gupta has large debt-
related payments starting from 2010-11.  Furthermore, the larger-
than-expected debt contracted by RN Gupta for the capital
expenditure (capex) has led to a high gearing, restricting the
company's flexibility to leverage further.  The outlook may be
revised to 'Stable' if RN Gupta's sales and profitability recover
sooner than expected, leading to more-than-expected cash accruals,
or if the promoters infuse fresh and adequate funds into the
company to support its debt servicing capability. Conversely, the
rating may be downgraded if the company's sales remain low in the
medium term, leading to further weakening in its liquidity.

                            About RN Gupta

Promoted in 1948, RN Gupta, a closely held public limited company,
manufactures and exports forgings.  The company specializes in the
manufacture of forged flanges, which account for around 80% of its
revenues, and are mainly used in oil and gas pipelines, and oil
refinery construction projects.  RN Gupta also manufactures
forgings used in automobile parts and by the Indian Railways.  RN
Gupta's only manufacturing unit, with an installed capacity of
35,000 tonnes per annum, is located in Ludhiana.

For 2008-09, RN Gupta reported a profit after tax (PAT) of INR44.3
million on net sales of INR1098.3 million, against a PAT of
INR38.3 million on net sales of INR789.4 million for 2007-08.


SHREE NURSINGSAHAY: CRISIL Assigns 'BB-' on INR55.00MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4' ratings to Shree
Nursingsahay Mudungopal (Engineers) Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR55.00 Million Cash Credit        BB-/Stable (Assigned)
   INR35.00 Million Letter of Credit   P4 (Assigned)
   INR30.00 Million Bank Guarantee     P4 (Assigned)

The ratings reflect SNMEPL's weak financial risk profile, its
working-capital-intensive operations, and its exposure to intense
competition in the industrial electrical equipment industry.
These rating weaknesses are partially offset by the benefits that
SNMEPL derives from its established market position and its
promoters' experience in trading in industrial electrical
equipment.

Outlook: Stable

CRISIL believes that SNMEPL will continue to benefit over the
medium term from its established market position and promoters'
industry experience.  The outlook may be revised to 'Positive' if
SNMEPL improves its capital structure, and if its revenues and
profitability increase significantly.  Conversely, the outlook may
be revised to 'Negative' if the company's cash accruals reduce, if
its capital structure deteriorates because of increase in working
capital requirements, leading to large incremental bank borrowings
or because of large, debt-funded capital expenditure, or if the
company extends considerable support to its associate companies.

                      About Shree Nursingsahay

Set up in 1949, Shree Nursingsahay Mudungopal (Engineers) Pvt Ltd
trades in industrial electrical equipment such as high-tension
transformers, circuit breakers, wires and cables, capacitors,
protection relays, industrial fans, misting systems, and other
electric products.  The company has its headquarters in New Delhi
and operates through eight branches across India.

SNMEPL reported a profit after tax (PAT) of INR0.93 million on net
sales of INR681 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.72 million on net
sales of INR612 million for 2007-08.


SONAL ADHESIVES: CRISIL Rates INR90.00 Mil. Cash Credit at 'BB+'
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Sonal Adhesives Ltd, which is part of the Sonal
group.

   Facilities                            Ratings
   ----------                            -------
   INR90.00 Million Cash Credit*         BB+/Stable (Assigned)
   INR70.00 Million Letter of Credit     P4+ (Assigned)

   *Interchangeable with EPC/PCFC/EBN/EBD up to INR65.00 Million

The ratings reflect the group's below average financial risk
profile marked by large working capital requirements and small
scale of operations, and vulnerability to volatility in raw
material prices. These rating weaknesses are partially offset by
the group promoters' experience in the adhesives industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SAL and Sonal Impex Ltd, together
referred to as the Sonal group.  This is because SIL holds 47%
stake in SAL, and derives 90 per cent of its revenues by exporting
SAL's products.  Also, both the companies are under the same
management, and SAL's bank facilities are backed by a corporate
guarantee from SAL.

Outlook: Stable

CRISIL believes that the Sonal group will maintain its market
position over the medium term on the back of its promoters'
experience in the adhesives industry.  The outlook may be revised
to 'Positive' if the group increases its capacity utilization,
resulting in higher and sustained profitability, and consequently,
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the group undertakes large, debt-
funded expansion plan, resulting in deterioration in its financial
risk profile.

                          About the Group

Promoted by Mr. Mohan Arora in 1981, the Mumbai-based SAL became a
public company in 1994. SAL manufactures self-adhesive tapes,
acrylic adhesives, and synthetic ropes.  It has annual production
capacity of 9600 tonnes of bi-axially oriented polypropylene
adhesive tapes, and 3000 tonnes of synthetic ropes.  SIL is a
recognised export house, set up in 1978. SAL exports its products
through SIL to the Middle East, the UK, the US, the Gulf region,
and Africa.

The Sonal group reported a profit after tax (PAT) of INR8 million
on net sales of INR313 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR6 million on net
sales of INR250 million for 2007-08.


SUPREME ELECTROCAST: Low Net Worth Prompts CRISIL 'B-' Ratings
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the bank
facilities of Supreme Electrocast Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR110.0 Million Cash Credit Limit   B-/Negative (Assigned)
   INR5.0 Million Proposed Long-Term    B-/Negative (Assigned)
                 Bank Loan Facility
   INR30.0 Million Letter of Credit     P4 (Assigned)

The ratings reflect SEPL's weak financial risk profile marked by
low net worth, high gearing, and weak debt protection measures,
lack of backward integration in its operations, and its exposure
to cyclicality in the steel industry.  These weaknesses are
partially offset by the benefits SEPL derives from its long track
record in the steel industry.

Outlook: Negative

CRISIL believes that SEPL's liquidity may deteriorate over the
medium term because of its increasing working capital
requirements; the company had overdrawn its bank lines on several
occasions in the recent past.  The rating may be downgraded in
case of a steeper-than-expected deterioration in SEPL's liquidity.
Conversely, the outlook may be revised to 'Stable' if the
company's liquidity improves because of increase in cash accruals
or fresh equity infusion.

                     About Supreme Electrocast

Set up in 2002 by Mr. M L Arora, SEPL manufactures ingots at its
facility in Sahibabad (Uttar Pradesh).  The company also trades in
steel products such as channels, angles, plates, and bars. Around
20 per cent of its sales came from trading activities, and the
balance from manufacturing ingots in 2008-09 (refers to financial
year, April 1 to March 31).

SEPL reported a profit after tax (PAT) of INR6 million on net
sales of INR369 million for 2008-09, against a PAT of INR5 million
on net sales of INR296 million for 2007-08.


SUPERTECH LTD: CRISIL Rates INR1.68 Billion Term Loan at 'B'
------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the term loan
facility of Supertech Ltd, which is part of the Supertech group.

   Facilities                       Ratings
   ----------                       -------
   INR1.68 Billion Term Loan        B/Stable (Assigned)

The rating reflects the Supertech group's aggressive growth plans,
which are likely to adversely affect its consolidated financial
risk profile, and uncertainty over the saleability of the group's
ongoing/new projects.  These rating weaknesses are partially
offset by its promoters' established track record and experience
in real estate development.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Supertech and Supertech's subsidiaries
i.e. Supertech Infrastructure Pvt Ltd, Supertech Builders Pvt Ltd,
Surprise Suppliers Pvt Ltd, Supertech Reality Pvt Ltd, and Dazzle
IT Solutions Pvt Ltd.  This is because all the companies,
collectively referred to as the Supertech group, are under a
common management, and Supertech may utilize the land bank with
its subsidiaries for real estate development. Furthermore,
Supertech is expected to assist its subsidiaries in their project
execution.

Outlook: Stable

CRISIL believes that the Supertech group will maintain its
business risk profile on the back of its market position in the
residential real estate development segment, and its experienced
management.  The outlook may be revised to 'Positive' in case of
timely execution of the group's ongoing projects, and considerable
improvement in the group's profitability, leading to higher-than-
expected cash accruals.  Conversely, the outlook may be revised to
'Negative' in case of significant downward pressure on the group's
revenues and profitability, leading to deterioration in its debt-
servicing ability.

                          About the Group

Supertech, incorporated in 1995 by Mr. R K Arora, undertakes
projects involving the construction of residential and commercial
townships, shopping malls, hotels, and information technology
parks.  The group developed Supertech Estate in 2000 and Supertech
Residency in 2003 in Vaishali and Kaushambi (Uttar Pradesh),
respectively.  The company also developed three shopping malls,
one each in Noida, Kaushambi, and Ghaziabad, in 2004. Around 15
per cent of the space in the malls has been sold, while the
balance has been leased out.

Supertech is executing eight projects - Palm Greens (Meerut), Palm
Greens (Moradabad), Emerald Court II (Noida), Livingston, Czar
(Greater Noida), 34 Pavilion (Noida), Supertech Green Village
(Meerut), and Shopprix Mall (Meerut). Supertech Infrastructure Pvt
Ltd is developing Pentagon Mall in Haridwar. The other
subsidiaries are not executing any projects, presently.

The Supertech group reported a profit after tax (PAT) of INR270.9
million on net sales of INR2.11 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR678
million on net sales of INR2.14 billion for 2007-08.


UNISTAR GALVANISERS: Fitch Affirms 'B+' National Long-Term Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed India's Unistar Galvanisers &
Fabricators Ltd's National Long-term rating at 'B+(ind)'.  The
agency has also affirmed the company's INR140 million long-term
fund-based limits, and its long-term loans aggregating
INR65.3 million at 'B+(ind)', as well as its INR100 million short-
term non fund-based limits at 'F4(ind)'.  The Outlook is Stable.

The affirmations reflect UGFL's continued small scale of
operations in the fabrication industry with a limited track record
and low revenue growth in FY10.  The company's order book was
small at INR166.0 million as at end-December 2009 which is 0.5x of
FY09 revenues, while interest coverage was low at 1.44x in FY09
(FY08: 3.4x).

Fitch does note however the positive developments including
changes in the pricing clause in orders to variable cost contract
(from fixed-price contracts) for 80%-85% of the company's orders;
this enables UGFPL to pass on fluctuations in raw material prices.
Also, interest coverage improved to 1.83x during the nine-month
period to end-December 2009 (FY09: 1.44x).

Positive ratings triggers would include a consistent improvement
in the order book coupled with the maintenance of EBIDTA margins.
Negative ratings triggers would include pressure on EBIDTA margins
which results in net debt/EBITDA beyond 5.0x and interest coverage
below 1.5x on a sustained basis.

During FY09, UGFPL's total revenues increased by 34.69% to
INR358.8 million with EBIDTA margin at 17.4% (FY08: 17.5%).  Net
leverage improved to 3.05x in FY09 (FY08: 5.53x) on the back of an
increase in EBITDA and with the repayments of term loans.  Total
debt is INR191.9 million (FY08: INR258.5 million), which is made
up of term loans of INR65.5 million and working capital debt of
INR126.32 million.  Free cash flow was INR21.64 million in FY09
(FY08: negative INR191.4 million) on the back of capex completion,
and a decline in working capital cycle.


VEDANTA RESOURCES: To Spin Off Aluminum Project in India
--------------------------------------------------------
The Economic Times reports that Vedanta Resources plc is likely to
demerge a large aluminium project in Orissa, India, into a
separate entity to help the conglomerate get a better valuation
for the aluminium business.  According to the report, London-
listed Vedanta has hired Morgan Stanley, Credit Suisse and JP
Morgan Cazenove to put together a plan that would result -- if
approved by shareholders and creditors -- in Vedanta Aluminium,
the subsidiary which has operations in Orissa, being listed on NSE
and BSE.

The report, citing people familiar with the development, says
Bharat Aluminium, or Balco, another aluminium company in the
Vedanta fold, is not part of this plan, since the government owns
49% of it.

ET's source said Vedanta wanted to make its Indian business ?
which are currently consolidated under Sterlite Industries which
directly makes copper and holds stakes in companies smelting
aluminium and zinc ? easier for investors to understand.  If the
plan is approved by shareholders and regulators, Sterlite will end
up as primarily a maker of copper, zinc and lead while the bulk of
the aluminium business will be with the new listed company,
Vedanta Aluminium.

Both entities, Sterlite and Vedanta Aluminium, will be majority
owned by the London-based parent, Vedanta Resources, the report
notes.  Vedanta Aluminium is 70% owned by Vedanta Resources and
the rest is with Sterlite Industries.

Vedanta Resources plc (LON:VED) is United Kingdom-based company.
The Company is the parent company of a diversified metals and
mining companies.  The Company is organized in five segments:
aluminium, copper, zinc, iron ore and others. Aluminum includes
bauxite mining, alumina refining and aluminum smelting operations
in India. Copper include smelting and refining operations in
India, copper ore mining in Australia and an integrated copper
production operation in Zambia.  Zinc includes zinc-lead mining
and smelting operations in India.  Iron ore include iron ore mine
in India. The Company acquired Zambia Copper Investment Limited's
28.4% stake in Konkola Copper Mines PLC in April 2008.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on March 5,
2010, Moody's Investors Service said Vedanta Resources plc's
announcement that it has raised US$805 million through a
convertible bond offering due 2017 has no impact on the company's
ratings or outlook.  Vedanta has a Ba1 corporate family rating and
Ba2 senior unsecured rating, both with stable outlook.


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


PT BANK CIMB: S&P Raises Counterparty Rating to 'BB/Stable/B'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term counterparty ratings on three Indonesian banks.  The outlook
on each of these ratings is stable.  These banks are PT Bank
Mandiri, PT Bank CIMB Niaga Tbk. (unsolicited rating), and PT Bank
Internasional Indonesia Tbk.  As a result, all these banks are now
rated 'BB/Stable/B' compared with 'BB-/Positive/B' earlier.  The
ratings on the banks were raised following the similar action on
the sovereign credit rating on Indonesia (foreign currency
BB/Positive/B; local currency BB+/Positive/B; ASEAN scale axBBB+/-
-/axA-2).  S&P also affirmed the ratings on PT Bank Danamon
Indonesia Tbk. (BB-/Positive/B).  There is no change in the rating
on PT Bank Negara Indonesia (Persero) Tbk. (BB-/Stable/B).

The rationales for the various rating actions--varying somewhat
across the banks -- are given below.  Standard & Poor's does not
rate any Indonesian bank above the sovereign foreign currency
rating because of the direct and indirect influence that the
sovereign, if in distress, would have on an Indonesian bank's
operations, including the bank's ability to service foreign
currency obligations.

              PT Bank Mandiri (PERSERO) (BB/Stable/B)

S&P raised the rating on Bank Mandiri to reflect a similar change
in the foreign currency sovereign rating on Indonesia.  This is
because S&P's earlier rating on Bank Mandiri did not incorporate
its expectation of extraordinary government support to be
available to the bank.  In S&P's opinion, the government will
support Bank Mandiri because it is the largest bank in the country
with a market share of 16.1% in customer deposits and majority
government ownership of about 67%.  S&P could further raise the
rating on Bank Mandiri if its asset quality and earnings improve,
and there is a similar rating action on the foreign currency
rating on Indonesia.  S&P may lower the rating if the bank's asset
quality deteriorates or the foreign currency sovereign rating on
Indonesia is lowered.

        PT Bank Internasional Indonesia Tbk. (BB/Stable/B)

S&P raised the rating on BII to reflect a similar change in the
foreign currency sovereign rating on Indonesia.  This is because
S&P's earlier rating on BII did not fully incorporate its
expectation of group support from Malayan Banking Bhd. (Maybank;
A-/Stable/A-2).  Now that the sovereign foreign currency rating on
Indonesia has been raised, S&P fully factor its expectation of
group support into the rating.  S&P expects BII to continue to be
"strategically important" to Maybank.  S&P could upgrade BII if:
(1) the foreign currency rating on Indonesia is raised; and (2)
the bank's market position and profitability improve, while
capitalization remains sound and asset quality remains manageable,
or S&P expects BII to become even more strategically important to
Maybank.  S&P could lower the rating if there is a significant
deterioration in the bank's asset quality, profitability, or
liquidity.  BII could also be downgraded if its strategic
importance to Maybank diminishes or the foreign currency sovereign
rating on Indonesia is lowered.

    PT Bank Cimb Niaga Tbk. (Unsolicited Rating) (BB/Stable/B)

S&P raised the rating on CIMB Niaga to reflect a similar change in
the foreign currency sovereign rating on Indonesia.  This is
because S&P's earlier rating on CIMB Niaga did not fully
incorporate its expectation of group support from CIMB group,
which is dominated by CIMB Bank Bhd. (BBB+/Stable/A-2).  Now that
the sovereign foreign currency rating on Indonesia has been
raised, S&P fully factor its expectation of group support into the
rating.  S&P expects CIMB Niaga to continue to be "strategically
important" to CIMB.  The bank could be upgraded if: (1) the
foreign currency rating on Indonesia is raised; and (2) the bank
successfully optimizes synergy after the earlier merger and
demonstrates improvement in asset quality, while maintaining an
adequate profitability, or S&P expects BII to become even more
strategically important to CIMB group.  S&P could lower the rating
if there is a significant deterioration in the bank's asset
quality, profitability, or liquidity.  CIMB Niaga could be
downgraded if the foreign currency sovereign rating on Indonesia
is lowered or the bank's strategic importance to CIMB group
diminishes.

          PT Bank Danamon Indonesia Tbk. (BB-/Positive/B)

S&P affirmed the rating on Bank Danamon.  The positive outlook
reflects its expectation that the bank's financial profile,
especially profitability and capitalization, will continue to
compare well with its regional peers' in the 'BB' rating category.
However, the bank's credit portfolio continues to be constrained
by the high-risk and developing economic environment, and its
tightened liquidity profile remains constrained by a fairly high
loan-to-deposit ratio.  The ratings could be raised if the bank
demonstrates an improvement in asset quality and liquidity
profile, while maintaining sound capitalization and profitability.
The outlook could be revised to stable if: (1) the bank's
liquidity profile or asset quality does not improve over the next
12 months; or (2) its capitalization or profitability
deteriorates.


PT BANK INTERNASIONAL: S&P Ups Counterparty Rating to BB/Stable/B
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term counterparty ratings on three Indonesian banks.  The outlook
on each of these ratings is stable.  These banks are PT Bank
Mandiri, PT Bank CIMB Niaga Tbk. (unsolicited rating), and PT Bank
Internasional Indonesia Tbk.  As a result, all these banks are now
rated 'BB/Stable/B' compared with 'BB-/Positive/B' earlier.  The
ratings on the banks were raised following the similar action on
the sovereign credit rating on Indonesia (foreign currency
BB/Positive/B; local currency BB+/Positive/B; ASEAN scale axBBB+/-
-/axA-2).  S&P also affirmed the ratings on PT Bank Danamon
Indonesia Tbk. (BB-/Positive/B).  There is no change in the rating
on PT Bank Negara Indonesia (Persero) Tbk. (BB-/Stable/B).

The rationales for the various rating actions--varying somewhat
across the banks -- are given below.  Standard & Poor's does not
rate any Indonesian bank above the sovereign foreign currency
rating because of the direct and indirect influence that the
sovereign, if in distress, would have on an Indonesian bank's
operations, including the bank's ability to service foreign
currency obligations.

              PT Bank Mandiri (PERSERO) (BB/Stable/B)

S&P raised the rating on Bank Mandiri to reflect a similar change
in the foreign currency sovereign rating on Indonesia.  This is
because S&P's earlier rating on Bank Mandiri did not incorporate
its expectation of extraordinary government support to be
available to the bank.  In S&P's opinion, the government will
support Bank Mandiri because it is the largest bank in the country
with a market share of 16.1% in customer deposits and majority
government ownership of about 67%.  S&P could further raise the
rating on Bank Mandiri if its asset quality and earnings improve,
and there is a similar rating action on the foreign currency
rating on Indonesia.  S&P may lower the rating if the bank's asset
quality deteriorates or the foreign currency sovereign rating on
Indonesia is lowered.

        PT Bank Internasional Indonesia Tbk. (BB/Stable/B)

S&P raised the rating on BII to reflect a similar change in the
foreign currency sovereign rating on Indonesia.  This is because
S&P's earlier rating on BII did not fully incorporate its
expectation of group support from Malayan Banking Bhd. (Maybank;
A-/Stable/A-2).  Now that the sovereign foreign currency rating on
Indonesia has been raised, S&P fully factor its expectation of
group support into the rating.  S&P expects BII to continue to be
"strategically important" to Maybank.  S&P could upgrade BII if:
(1) the foreign currency rating on Indonesia is raised; and (2)
the bank's market position and profitability improve, while
capitalization remains sound and asset quality remains manageable,
or S&P expects BII to become even more strategically important to
Maybank.  S&P could lower the rating if there is a significant
deterioration in the bank's asset quality, profitability, or
liquidity.  BII could also be downgraded if its strategic
importance to Maybank diminishes or the foreign currency sovereign
rating on Indonesia is lowered.

    PT Bank Cimb Niaga Tbk. (Unsolicited Rating) (BB/Stable/B)

S&P raised the rating on CIMB Niaga to reflect a similar change in
the foreign currency sovereign rating on Indonesia.  This is
because S&P's earlier rating on CIMB Niaga did not fully
incorporate its expectation of group support from CIMB group,
which is dominated by CIMB Bank Bhd. (BBB+/Stable/A-2).  Now that
the sovereign foreign currency rating on Indonesia has been
raised, S&P fully factor its expectation of group support into the
rating.  S&P expects CIMB Niaga to continue to be "strategically
important" to CIMB.  The bank could be upgraded if: (1) the
foreign currency rating on Indonesia is raised; and (2) the bank
successfully optimizes synergy after the earlier merger and
demonstrates improvement in asset quality, while maintaining an
adequate profitability, or S&P expects BII to become even more
strategically important to CIMB group.  S&P could lower the rating
if there is a significant deterioration in the bank's asset
quality, profitability, or liquidity.  CIMB Niaga could be
downgraded if the foreign currency sovereign rating on Indonesia
is lowered or the bank's strategic importance to CIMB group
diminishes.

          PT Bank Danamon Indonesia Tbk. (BB-/Positive/B)

S&P affirmed the rating on Bank Danamon.  The positive outlook
reflects its expectation that the bank's financial profile,
especially profitability and capitalization, will continue to
compare well with its regional peers' in the 'BB' rating category.
However, the bank's credit portfolio continues to be constrained
by the high-risk and developing economic environment, and its
tightened liquidity profile remains constrained by a fairly high
loan-to-deposit ratio.  The ratings could be raised if the bank
demonstrates an improvement in asset quality and liquidity
profile, while maintaining sound capitalization and profitability.
The outlook could be revised to stable if: (1) the bank's
liquidity profile or asset quality does not improve over the next
12 months; or (2) its capitalization or profitability
deteriorates.


PT BANK MANDIRI: S&P Raises Counterparty Rating to 'BB/Stable/B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term counterparty ratings on three Indonesian banks.  The outlook
on each of these ratings is stable.  These banks are PT Bank
Mandiri, PT Bank CIMB Niaga Tbk. (unsolicited rating), and PT Bank
Internasional Indonesia Tbk.  As a result, all these banks are now
rated 'BB/Stable/B' compared with 'BB-/Positive/B' earlier.  The
ratings on the banks were raised following the similar action on
the sovereign credit rating on Indonesia (foreign currency
BB/Positive/B; local currency BB+/Positive/B; ASEAN scale axBBB+/-
-/axA-2).  S&P also affirmed the ratings on PT Bank Danamon
Indonesia Tbk. (BB-/Positive/B).  There is no change in the rating
on PT Bank Negara Indonesia (Persero) Tbk. (BB-/Stable/B).

The rationales for the various rating actions--varying somewhat
across the banks -- are given below.  Standard & Poor's does not
rate any Indonesian bank above the sovereign foreign currency
rating because of the direct and indirect influence that the
sovereign, if in distress, would have on an Indonesian bank's
operations, including the bank's ability to service foreign
currency obligations.

              PT Bank Mandiri (PERSERO) (BB/Stable/B)

S&P raised the rating on Bank Mandiri to reflect a similar change
in the foreign currency sovereign rating on Indonesia.  This is
because S&P's earlier rating on Bank Mandiri did not incorporate
its expectation of extraordinary government support to be
available to the bank.  In S&P's opinion, the government will
support Bank Mandiri because it is the largest bank in the country
with a market share of 16.1% in customer deposits and majority
government ownership of about 67%.  S&P could further raise the
rating on Bank Mandiri if its asset quality and earnings improve,
and there is a similar rating action on the foreign currency
rating on Indonesia.  S&P may lower the rating if the bank's asset
quality deteriorates or the foreign currency sovereign rating on
Indonesia is lowered.

        PT Bank Internasional Indonesia Tbk. (BB/Stable/B)

S&P raised the rating on BII to reflect a similar change in the
foreign currency sovereign rating on Indonesia.  This is because
S&P's earlier rating on BII did not fully incorporate its
expectation of group support from Malayan Banking Bhd. (Maybank;
A-/Stable/A-2).  Now that the sovereign foreign currency rating on
Indonesia has been raised, S&P fully factor its expectation of
group support into the rating.  S&P expects BII to continue to be
"strategically important" to Maybank.  S&P could upgrade BII if:
(1) the foreign currency rating on Indonesia is raised; and (2)
the bank's market position and profitability improve, while
capitalization remains sound and asset quality remains manageable,
or S&P expects BII to become even more strategically important to
Maybank.  S&P could lower the rating if there is a significant
deterioration in the bank's asset quality, profitability, or
liquidity.  BII could also be downgraded if its strategic
importance to Maybank diminishes or the foreign currency sovereign
rating on Indonesia is lowered.

    PT Bank Cimb Niaga Tbk. (Unsolicited Rating) (BB/Stable/B)

S&P raised the rating on CIMB Niaga to reflect a similar change in
the foreign currency sovereign rating on Indonesia.  This is
because S&P's earlier rating on CIMB Niaga did not fully
incorporate its expectation of group support from CIMB group,
which is dominated by CIMB Bank Bhd. (BBB+/Stable/A-2).  Now that
the sovereign foreign currency rating on Indonesia has been
raised, S&P fully factor its expectation of group support into the
rating.  S&P expects CIMB Niaga to continue to be "strategically
important" to CIMB.  The bank could be upgraded if: (1) the
foreign currency rating on Indonesia is raised; and (2) the bank
successfully optimizes synergy after the earlier merger and
demonstrates improvement in asset quality, while maintaining an
adequate profitability, or S&P expects BII to become even more
strategically important to CIMB group.  S&P could lower the rating
if there is a significant deterioration in the bank's asset
quality, profitability, or liquidity.  CIMB Niaga could be
downgraded if the foreign currency sovereign rating on Indonesia
is lowered or the bank's strategic importance to CIMB group
diminishes.

          PT Bank Danamon Indonesia Tbk. (BB-/Positive/B)

S&P affirmed the rating on Bank Danamon.  The positive outlook
reflects its expectation that the bank's financial profile,
especially profitability and capitalization, will continue to
compare well with its regional peers' in the 'BB' rating category.
However, the bank's credit portfolio continues to be constrained
by the high-risk and developing economic environment, and its
tightened liquidity profile remains constrained by a fairly high
loan-to-deposit ratio.  The ratings could be raised if the bank
demonstrates an improvement in asset quality and liquidity
profile, while maintaining sound capitalization and profitability.
The outlook could be revised to stable if: (1) the bank's
liquidity profile or asset quality does not improve over the next
12 months; or (2) its capitalization or profitability
deteriorates.


PT BANK MANDIRI: SOE Minister Vows to Back Rights Issues
--------------------------------------------------------
The Jakarta Globe reports that the Ministry of State-Owned
Enterprises on Friday re-affirmed its support for the rights
issues planned by state-owned banks, PT Bank Mandiri and PT Bank
Negara Indonesia.

"Neither Mandiri nor BNI's rights issue plans were included in the
previous 2010 privatization list," the report quoted State-Owned
Enterprises Minister Mustafa Abubakar as saying.  "But the
government has already put them in the revised list that will be
sent to the Finance Ministry one to two month from now."

The Globe recalls Mustafa said in January that he would support
any rights issues by state banks, including Bank Mandiri's plan to
sell as much as 8% of additional equity in a rights issue this
year.

However, a source at the SOE Ministry previously told the Jakarta
Globe that the Finance Ministry will not approve the plan because
it may reduce the government's earnings from dividends and taxes.

Bank Mandiri, 66.76% government-owned, has already announced a
plan to sell 7% to 8% of new shares this year, the Globe notes.

BNI, on the other hand, will look to raise IDR3 trillion through a
rights issue to boost its tier-one capital-adequacy ratio to 12%,
the report relates citing Gatot Suwondo, BNI's president director.

                         About Bank Mandiri

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-'.


PT BANK NEGARA: SOE Minister Vows to Back Rights Issues
-------------------------------------------------------
The Jakarta Globe reports that the Ministry of State-Owned
Enterprises on Friday re-affirmed its support for the rights
issues planned by state-owned banks, PT Bank Mandiri and PT Bank
Negara Indonesia.

"Neither Mandiri nor BNI's rights issue plans were included in the
previous 2010 privatization list," the report quoted State-Owned
Enterprises Minister Mustafa Abubakar as saying.  "But the
government has already put them in the revised list that will be
sent to the Finance Ministry one to two month from now."

The Globe recalls Mustafa said in January that he would support
any rights issues by state banks, including Bank Mandiri's plan to
sell as much as 8% of additional equity in a rights issue this
year.

However, a source at the SOE Ministry previously told the Jakarta
Globe that the Finance Ministry will not approve the plan because
it may reduce the government's earnings from dividends and taxes.

Bank Mandiri, 66.76% government-owned, has already announced a
plan to sell 7% to 8% of new shares this year, the Globe notes.

BNI, on the other hand, will look to raise IDR3 trillion through a
rights issue to boost its tier-one capital-adequacy ratio to 12%,
the report relates citing Gatot Suwondo, BNI's president director.

                         About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 9, 2010, Fitch Ratings upgraded PT Bank Negara Indonesia
Tbk's Long-term foreign and local currency Issuer Default Rating
to 'BB+' from 'BB'.  The Outlook is Stable.  At the same time, the
agency also affirmed the bank's National Long-term rating at
'AA(idn)'with a Stable Outlook, Individual rating at 'C/D',
Support at '3', Support Rating Floor at 'BB' and Short-term
foreign currency IDR at 'B'.


===========
I S R A E L
===========


M-WISE INC: Swings to US$82,985 Profit in 2009
----------------------------------------------
m-Wise, Inc. filed its annual report on Form 10-K, showing net
income of US$82,985 on US$3.2 million of revenue for 2009,
compared with a net loss of US$1.0 million on US$2.8 million of
revenue for 2008.

The Company's balance sheet as of Dec. 31, 2009, showed
US$1.2 million in assets and US$1.6 million of debts, for a
stockholders' deficit of US$425,788.

SF Partnership LLP, Chartered Accounts, in Toronto, Canada,
expressed substantial doubt about the Company's ability to
continue as a going concern.  The independent auditors noted that
of the Company's recurring losses from operations.

A full-text copy of the annual report is available for free at:

                  http://researcharchives.com/t/s?58ca

Based in Herzeliya Pituach, Israel, m-Wise, Inc. develops,
manufactures, markets and supports a software and hardware-based
wireless application platform marketed under the brand MOMA
platform.  The Company currently primarily operates through m-Wise
Ltd., its wholly owned subsidiary in Israel and its new subsidiary
in Brazil m-Wise Tecnologia LTDA.  The Company currently sells its
MOMA Platform directly, through potential channel partners and
through regional representatives in Taiwan, Philippines, Colombia,
Brazil and the United States.


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


CAFES 4: Fitch Downgrades Ratings on Four Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded four classes of trust beneficiary
interests from Cafes 4 Trust due November 2011 and removed them
from Rating Watch Negative.  The rating actions are:

  -- JPY4.13bn* Class A TBIs downgraded to 'BBB+' from 'A';
     Outlook Stable; off RWN;

  -- JPY0.8bn* Class B TBIs downgraded to 'B' from 'BB'; Outlook
     Negative; off RWN;

  -- JPY0.8bn* Class C TBIs downgraded to 'CC' from 'B'; assigned
     a Recovery Rating of 'RR5'; off RWN;

  -- JPY0.95bn* Class D TBIs downgraded to 'CC' from 'CCC';
     Recovery Rating revised to 'RR6' from 'RR4'; off RWN; and

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

  * as of March 11, 2010

The Class A to D TBIs have been downgraded to reflect a further
downward revision of the value of the collateral property backing
the single loan of the transaction.  The property is located in
Shibuya-ku, Tokyo, and is used for both office and retail
purposes.  The loan principal was not repaid on its maturity date
in October 2009, which resulted in the loan defaulting.  The
special servicer is currently implementing collection activities.

Fitch has revised the property valuation, from that adopted at the
time of the previous rating action.  The revaluation reflects the
recent property performance, the review of the disposition
activity initiated by the mezzanine lender for three months after
the loan default, and the new appraisal report.

Classes C and D have been downgraded to 'CC' to reflect Fitch's
view that recoverable amounts are not likely to be sufficient to
repay these classes of TBIs.  A Negative Outlook has been assigned
to Class B given the uncertainty regarding ultimate recovery
amounts before legal final maturity in November 2011.

Fitch has resolved the RWN status on classes A to D, since the
likelihood of additional rating actions has fallen, given the
conservative property revaluations adopted, as well as the current
collection strategy implemented by the special servicer.

The rating on the dividend-only Class X TBIs addresses only the
likelihood of receiving dividend payments, while principal on the
related TBIs remains outstanding.  No dividends are currently
being paid to the Class X TBIs in line with the terms of the
related contracts.


HITACHI LTD: Faces Flat Panel Price-Fixing Claims From Dell
-----------------------------------------------------------
Bloomberg News reports that Dell Inc. sued Sharp Corp., Hitachi
Ltd. and three other liquid-crystal display panel makers over
allegations they conspired to fix prices and overcharged for their
products.  Dell filed its antitrust and unfair-competition
complaint on March 12, 2010, in federal court in San Francisco.

Dell alleged that the companies, some of which pleaded guilty and
paid fines in a U.S. price-fixing investigation related to the
panels, have sold products to Dell at artificially inflated prices
going back to 1996, the report relates.

Sharp and Hitachi admitted targeting and overcharging Dell for the
panels in plea agreements with the Justice Department, according
to the complaint obtained by Bloomberg.

According to Bloomberg, Sharp agreed to pay US$120 million in
fines in 2008 while Hitachi Displays agreed to pay US$31 million
last year.

Dell, based in Round Rock, Texas, seeks triple damages in the
lawsuit, Bloomberg adds.

                           About Hitachi

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- develops a
diversified product mix ranging from electricity generation
systems to consumer products and electronic devices.  The Company
has seven segments: Information & Telecommunication Systems,
Electronic Devices, Power & Industrial Systems, Digital Media &
Consumer Products, High Functional Materials & Components,
Logistics, Services & Others and financial services.  In April
2008, Hitachi acquired a majority ownership interest in M-Tech
Information Technology, Inc.  In April 2008, Hitachi, Ltd.
established a wholly owned subsidiary, Hitachi Information &
Telecommunication Systems Global Holding Corporation. In March
2008, Hitachi Consulting, the global consulting company of
Hitachi, acquired JMN Associates.  On March 16, 2009, the Company
made Hitachi Koki Co., Ltd. a subsidiary via share purchase.  On
March 18, 2009, the Company made Hitachi Kokusai Electronic Inc. a
subsidiary via share purchase.

                           *     *     *

For the 2008 fiscal year ended March 31, 2009, Hitachi incurred a
third annual loss of JPY788 billion.  For the 2007 fiscal year
ended March 31, 2008, Hitachi posted a net loss of JPY58.12
billion, compared with a net loss of JPY32.79 billion for year
ended March 31, 2007.


HITACHI LTD: Aims to Return to Profit in Fiscal 2010
----------------------------------------------------
Hiroaki Nakanishi, the incoming president of Hitachi Ltd., said
Thursday the company will further concentrate its resources in
core operations to achieve its goal of returning to profit by the
next financial year, Kyodo News reports.

"The coverage of the current Hitachi group is too broad,"
Mr. Nakanishi, the executive vice president who will become
president April 1, told Kyodo in an interview.  "We will distance
ourselves from areas where market fluctuations are volatile and
where it is hard to generate stable profits."

According to the report, the conglomerate is expected to remain in
the red for the current business year ending in March for the
fourth consecutive year.

"We must return to profit in fiscal 2010 and we will be able to do
it," the report quoted Mr. Nakanishi as saying.

Kyodo relates Mr. Nakanishi said the company will accelerate
globalization of its operations, particularly in emerging markets
such as India and China, and aim to raise its overseas sales ratio
to about 50% in the near-term.

                           About Hitachi

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- develops a
diversified product mix ranging from electricity generation
systems to consumer products and electronic devices.  The Company
has seven segments: Information & Telecommunication Systems,
Electronic Devices, Power & Industrial Systems, Digital Media &
Consumer Products, High Functional Materials & Components,
Logistics, Services & Others and financial services.  In April
2008, Hitachi acquired a majority ownership interest in M-Tech
Information Technology, Inc.  In April 2008, Hitachi, Ltd.
established a wholly owned subsidiary, Hitachi Information &
Telecommunication Systems Global Holding Corporation. In March
2008, Hitachi Consulting, the global consulting company of
Hitachi, acquired JMN Associates.  On March 16, 2009, the Company
made Hitachi Koki Co., Ltd. a subsidiary via share purchase.  On
March 18, 2009, the Company made Hitachi Kokusai Electronic Inc. a
subsidiary via share purchase.

                           *     *     *

For the 2008 fiscal year ended March 31, 2009, Hitachi incurred a
third annual loss of JPY788 billion.  For the 2007 fiscal year
ended March 31, 2008, Hitachi posted a net loss of JPY58.12
billion, compared with a net loss of JPY32.79 billion for year
ended March 31, 2007.


L-JAC 7: Moody's Takes Rating Actions on 26 Classes of Certs.
-------------------------------------------------------------
Moody's Investors Service has announced ratings actions for 26
classes of trust certificates and CMBL issued/ borrowed by L-JAC 7
Trust.  The final maturity of the trust certificates will take
place in October 2014.

The individual rating actions:

  -- Class A, Aa1 placed under review for possible downgrade;
     previously, downgraded to Aa1 from Aaa on June 2, 2009

  -- Class B, A2 placed under review for possible downgrade;
     previously, downgraded to A2 from Aa2 on June 2, 2009

  -- Class C, Baa2 placed under review for possible downgrade;
     previously, downgraded to Baa2 from A2 on June 2, 2009

  -- Class D-1, Ba1 placed under review for possible downgrade;
     previously, downgraded to Ba1 from Baa2 on June 2, 2009

  -- Class D-2, Ba2 placed under review for possible downgrade;
     previously, downgraded to Ba2 from Baa2 on June 2, 2009

  -- Class D-3, Ba2 placed under review for possible downgrade;
     previously, downgraded to Ba2 from Baa2 on June 2, 2009

  -- Class E-1, Ba2 placed under review for possible downgrade;
     previously, downgraded to Ba2 from Baa3 on June 2, 2009

  -- Class E-2, Ba3 placed under review for possible downgrade;
     previously, downgraded to Ba3 from Baa3 on June 2, 2009

  -- Class E-3, Ba3 placed under review for possible downgrade;
     previously, downgraded to Ba3 from Baa3 on June 2, 2009

  -- Class F-1, B1 placed under review for possible downgrade;
     previously, downgraded to B1 from Ba1 on June 2, 2009

  -- Class F-2, B1 placed under review for possible downgrade;
     previously, downgraded to B1 from Ba1 on June 2, 2009

  -- Class F-3, B1 placed under review for possible downgrade;
     previously, downgraded to B1 from Ba1 on June 2, 2009

  -- Class G-1, B2 placed under review for possible downgrade;
     previously, downgraded to B2 from Ba2 on June 2, 2009

  -- Class G-2, B2 placed under review for possible downgrade;
     previously, downgraded to B2 from Ba2 on June 2, 2009

  -- Class G-3, B2 placed under review for possible downgrade;
     previously, downgraded to B2 from Ba2 on June 2, 2009

  -- Class H-1, downgraded to C from B3; previously, downgraded to
     B3 from Ba3 on June 2, 2009

  -- Class H-2, B3 placed under review for possible downgrade;
     previously, downgraded to B3 from Ba3 on June 2, 2009

  -- Class H-3, B3 placed under review for possible downgrade;
     previously, downgraded to B3 from Ba3 on June 2, 2009

  -- Class I-1, downgraded to C from Caa1; previously, downgraded
     to Caa1 from B1 on June 2, 2009

  -- Class I-2, Caa1 placed under review for possible downgrade;
     previously, downgraded to Caa1 from B1 on June 2, 2009

  -- Class I-3, Caa1 placed under review for possible downgrade;
     previously, downgraded to Caa1 from B1 on June 2, 2009

  -- Class J-1, downgraded to C from Caa2; previously, downgraded
     to Caa2 from B2 on June 2, 2009

  -- Class J-2, Caa2 placed under review for possible downgrade;
     previously, downgraded to Caa2 from B2 on June 2, 2009

  -- Class K-1, downgraded to C from Caa3; previously, downgraded
     to Caa3 from B3 on June 2, 2009

  -- Class X, Aa1 placed under review for possible downgrade;
     previously, downgraded to Aa1 from Aaa on June 2, 2009

  -- CMBL, Aa1 placed under review for possible downgrade;
     previously, downgraded to Aa1 from Aaa on June 2, 2009

L-JAC 7 Trust, effected in March 2008, represents the
securitization of four non-recourse loans and four TMK bonds.  The
transaction is currently secured by three non-recourse loans and
four specified bonds.  The underlying loan portfolio is divided
into three loan pools (A, B, and C).

Dividend and principal distributions will be made sequentially at
the CMBS level.  Interest and principal collections from the Loan
Assets will be allocated only within the corresponding group of
the Trust Certificates.

Within each group, the principal distribution cap will be settled
for Classes A through C, and the remaining repayments from the
Loan Assets will be distributed to the other subordinated Classes,
starting with Class D.

At the CMBS level, the principal distribution for Classes A
through C in each Pool will be added up and allocated
sequentially.

The loss will then be allocated to the most subordinated Class,
corresponding to the defaulted Loan/Bond in reverse order of
sequential pay priority.

The total amount of losses distributed to the Class A through C
Trust Certificates will be re-allocated among them in reverse
order of sequential pay, starting with Class C.

Moody's received the Special Servicing Report regarding the loan -
- which defaulted on March 26, 2009, -- from the Servicer on
March 8, 2010.

The report states that the Special Servicing was expected to be
completed, according to the disposition of an underlying property
of the loan on February 26, 2010, and the net proceeds were repaid
on March 2, 2010.

The downgrades for classes H-1, I-1, J-1, K-1 reflect the prospect
of loss allocations to these classes, as a result of the
resolution of the loan.

Moody's will also review for possible downgrade 22 other classes,
and consider further stress for the recovery assumptions of the
remaining loans because the rents and cash flows of the main
tenants in tenant-concentrated properties are likely to decline,
and the occupancy rates of some properties remain at low levels.

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


UBS AG: To Be Delisted in Tokyo Stock Exchange on April 16
----------------------------------------------------------
Japan Today reports that the Tokyo Stock Exchange has put UBS AG
on the supervisory post to remind investors of the company's
delisting scheduled for April 16.

The report says the action follows UBS' application last week for
delisting in the face of declining trade in its shares.  UBS made
its debut on the TSE in June 1998, the report notes.

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.

As reported in the Troubled Company Reporter-Europe, UBS has
amassed more than US$53 billion in writedowns and losses since the
credit crisis began.  The bank expects to post a loss in the
second quarter of 2009.  The bank's net loss for full-year 2008
widened to CHF19.697 billion from of CHF5.247 million in the prior
year.  Net losses from continuing operations totaled
CHF19.327 billion, compared with losses of CHF5.111 billion in the
prior year.  UBS attributed the losses to negative revenues in its
fixed income, currencies and commodities (FICC) area.  For the
2008 fourth quarter, UBS incurred a net loss of CHF8.100 billion,
down from a net profit of CHF296 million.  Net loss from
continuing operations was CHF7.997 billion compared with a profit
of CHF433 million.  The Investment Bank recorded a pre-tax loss of
CHF7.483 billion, compared with a pre-tax loss of CHF2.748 billion
in the prior quarter.  This result was primarily due to trading
losses, losses on exposures to monolines and impairment charges
taken against leveraged finance commitments.  An own credit charge
of CHF1.616 billion was recorded by the Investment Bank in fourth
quarter 2008, mainly due to redemptions and repurchases of UBS
debt during this period.

UBS said it will further reduce its headcount to 15,000 by the end
of the year.  UBS's personnel numbers reduced to 77,783 on
December 31, 2008, down by 1,782 from September 30, 2008, with
most staff reductions at its investment banking unit.


WILLCOM INC: To Cut Workforce by 25% Under Rehabilitation Plan
--------------------------------------------------------------
Willcom Inc. plans to reduce its workforce by about 250 or 25% of
its total within a year under business rehabilitation efforts
sponsored by a government-backed corporate turnaround body, Japan
Today reports citing sources close to the matter.

According to the report, sources said the company aims to offer an
early retirement plan and work on natural attrition by curbing new
hires and not filling openings left by retiring workers to reduce
the workforce to around 800.

The report relates the company will also transfer some of its
workers to a next-generation PHS service firm to be established by
Softbank Corp. and investment fund Advantage Partners LLP.

Willcom employed 1,058 workers as of Jan. 31, the report notes.

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

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

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

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


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


HYNIX SEMICONDUCTOR: Creditors Sell 6.7% Hynix Stake For KRW923.2B
------------------------------------------------------------------
Hynix Semiconductor Inc. creditors sold a 6.7% stake in the
company for KRW923.2 billion (US$814 million), Bloomberg News
reports.

Main lender Korea Exchange Bank said in statement that Hynix
creditors sold 39.28 million shares at KRW23,500 apiece, the
closing price on March 15, to domestic and foreign institutional
investors, Bloomberg relates.

As reported in the Troubled Company Reporter-Asia Pacific on
February 26, 2010, Yonhap News said Hynix Semiconductor's
creditors will sell as much as 13% stake in the company by the end
of this year.  The creditors, led by Korea Exchange Bank, plan to
sell an 8% stake in Hynix by the end of June and 5% in the second
half.

The decision came after the creditors, which own a controlling 28%
stake worth around US$3 billion in Hynix, failed in their third
attempt to find a domestic buyer for the stake, according to
Yonhap.

Bloomberg says the creditors last week chose Credit Suisse Group
AG, Nomura Securities Co., Woori Investment & Securities Co., NH
Investment & Securities Co., Shinhan Investment Corp. and Daewoo
Securities Co. to arrange a block sale of part of their stake.

                            About Hynix

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

                           *     *     *

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

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


HYUNDAI MOTOR: Chairman's Son Elected as Board Member
-----------------------------------------------------
The Korea Herald reports that shareholders of Hyundai Motor Co.
has elected Chung Eui-sun, the only son of Hyundai Kia Automotive
Group chairman Chung Mong-koo, as an executive board director,
laying firmer ground for the passage of the auto empire's
managerial rights to the family heir.

The Herald says the 40-year-old Chung was officially approved at
the Hyundai annual shareholders' meeting on Friday, March 12.

The junior Chung currently holds only 6,743 shares of Hyundai,
1.99% of Kia stocks and a 31.88% stake in Glovis Co., the group's
logistics arm, according to Yonhap Infomax, the financial news arm
of the Yonhap News Agency.

According to the Herald, Hyundai has four executive directors on
its board, which includes both the father and son.

The Herald discloses that the younger Chung majored in business
administration at Korea University in Seoul, and earned an MBA at
the University of San Francisco in the United States.  Chung Eui-
sun had a brief stint at the New York subsidiary of Itochu Corp.
before joining Hyundai Motor in 1999, the report adds.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                           *     *     *

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

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


HYUNDAI MOTOR: To Sell 3.5 Million Cars in Global Market This Year
------------------------------------------------------------------
Hyundai Motor Co. aims to sell 3.5 million automobiles in global
markets this year, up 11% from 2009, The Korea Times reports.

Hyundai, in an annual report to its shareholders, announced the
goal of racking up double-digit growth in sales.  According to the
report, Hyundai is set to focus on making better cars in order to
achieve this goal.

"In the aftermath of the global financial crisis, I expect turmoil
throughout this year. In this climate, we will put the top
priority on increasing the competitiveness in quality control,"
the report quoted Hyundai-Kia Automotive Group Chairman Chung
Mong-koo as saying.

"Plus, we will try our best to offer high value to end customers.
We will achieve our sales target by beefing up our focus on
clients," the 71-year-old chief executive officer added.

The Times says market observers pointed out that Hyundai would be
able to achieve its sales goal in 2010.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                           *     *     *

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

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


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


MECHMAR CORP: Bourse Extends Plan Filing Deadline to June 8
-----------------------------------------------------------
Bursa Securities has decided to extend until June 8, 2010, Mechmar
Corporation (Malaysia) Berhad's deadline to undertake a
regularization plan that complies with paragraph 3.1 of Practice
Note 17 of the Main Market Listing Requirements and submit the
regularization plan to Bursa Securities for approval.

Mechmar is also required to comply with paragraphs 5.2(c) of PN17
of the MMLR to record a net profit in 2 consecutive quarterly
results immediately after the completion of the implementation of
the regularization plan.  In this regard, the Company must ensure
that the relevant quarterly results are subjected to a limited
review by an external auditor before they are announced to Bursa
Securities.

Mechmar Corporation (Malaysia) Berhad is an investment holding
company providing management services to its subsidiaries.
Through its subsidiaries, the company is engaged in the
manufacture and marketing of industrial boilers, burners, steam
generating plant, vessels, fabrication and associated product
support activities; operating of a power generation plant;
retailing of solar-heaters, and retailing and leasing of ice
machines, and investment holding.  Its manufacturing and trading
activities are located in Malaysia, Great Britain, Hong Kong,
Indonesia, Sri Lanka and Singapore.  Its power generation activity
is based in Tanzania, whereas its property development and
financing activities are located in Malaysia.

Mechmar Corporation has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as:

   -- the Company's major subsidiary, Independent Power of
      Tanzania (IPTL) has stop payment on its scheduled
      instalment to its lender; and

   -- the Company was unable to provide a solvency declaration.


RHYTHM CONSOLIDATED: Bourse Extends Plan Filing Period to July 8
----------------------------------------------------------------
Rhythm Consolidated Berhad disclosed in a regulatory filing that
Bursa Malaysia Securities Berhad has granted the Company an
extension of time until July 8, 2010, to submit its regularization
plan to the Securities Commission and other relevant authorities
for approval.

Bursa Securities will commence to de-list Rhythm Consolidated in
the event the Company:

   -- fails to submit its regularization plan to the Approving
      Authorities for approval within the Extended Timeframe;

   -- fails to obtain the approval from any of the Approving
      Authorities necessary for the implementation of its
      regularization plan and does not appeal to the
      Approving Authorities within the timeframe to lodge an
      appeal;

   -- does not succeed in its appeal against the decision of
      the Approving Authority; or

   -- fails to implement its regularization plan within the
      timeframe or extended timeframes stipulated by the
      Approving Authorities.

                      About Rhythm Consolidated

Based in Malaysia, Rhythm Consolidated Bhd is an investment
holding company.  The Company operates in five business segments:
publishing, trading and distribution of books, paper stationery,
printing paper and instruction manuals; manufacturing of music
books, novels, educational books and paper stationery; import,
wholesale and retail of paper products; marketing of diaries,
organizers, leather and polyvinyl chloride (PVC) folders, wallets,
bags, rain coats and others, and information and communication
technology, which includes credit cards terminal development and
solutions, and system application developer and system support.
During the fiscal year ended June 30, 2007 (fiscal 2007), the
Company acquired an additional 15% of interest in its associated
company namely, Rhythm ICT Services Sdn. Bhd., formerly known as
IQ Card Services Sdn Bhd, (ICT).  As a result, the Company owns
55% interest in ICT, and ICT became a subsidiary of the Company.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2009, Rhythm Consolidated Berhad was considered as an
Affected Listed Issuer under Practice Note No. 17/2005 of the
Bursa Malaysia Securities Berhad as the company was unable to
provide a solvency declaration to Bursa as per the announcement of
default in payment by Monosetia Sdn Bhd.


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


BRADLEY & BRADLEY: SFO Widens Probe; NZ$15 Mil. Believed Missing
----------------------------------------------------------------
Investigators probing the collapse of financial advisory firm
Bradley & Bradley believe at least NZ$15 million is missing, The
New Zealand Herald reports.

According to the Herald, the Serious Fraud Office investigators
have widened their investigation to include other businesses
linked to Remuera couple Mike and Jackie Bradley.

Liquidators sifting through the accounts of B'On Financial
Services, which traded as Bradley & Bradley, have identified 40
investors in Auckland, Kerikeri and Tauranga who are owed money by
the firm and believe there may be more who have not come forward,
the Herald relates.

According to the report, SFO head Adam Feeley said investigators
had been working closely with the Companies Office and the
liquidators on the Bradley case since late last year, and had
"significant concerns" about the Bradleys' business practices.

"Those concerns are such that we have now extended our inquiries
beyond the original companies involved in the liquidation,"
Mr. Feeley told the Herald.

The Serious Fraud Office in February this year started its probe
into five companies connected to Bradley & Bradley, which is in
liquidation.

Bradley & Bradley businesses under SFO's probe are B'On Financial
Services, B'On Financial Services NZ, Bradley O'Neill Financial
Planners, Bradley O'Neill Financial Services and Rosehip Nominees.


ORGANIC DAIRY: Goes Into Receivership; About 30 Jobs Affected
-------------------------------------------------------------
Organic Dairy Limited, owned by New Zealand Organic Dairy Farmers
Co-operative, has gone into receivership owing an estimated NZ$15
million and costing about 30 jobs, The New Zealand Herald reports.

Andrew McKay and John Cregten of Corporate Finance in Auckland
were appointed receivers to the company, the report says.

According to the Herald, the Taranaki Daily News reported that the
receivers were appointed on Friday and the Okato factory stopped
operating on Saturday.

The directors asked their major creditor, the Bank of New Zealand,
to appoint receivers.

The Herald relates Mr. McKay said he was still going through the
company records "to find out what we've got and where we go from
here".  It would take less than a week to work out whether the
business was saleable or could continue trading in some form, he
said.

Organic Dairy Limited operates cheese-making factory in Taranaki,
New Zealand.


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


QUEDAN AND RURAL: Plans to Sell PHP2.4 Billion in Bonds
-------------------------------------------------------
Quedan and Rural Credit Guarantee Corp. plans to sell bonds in the
first half to settle debts as a first step to an exit from
rehabilitation, BusinessWorld Online reports.

"The emerging option [for us] is to issue new bonds to settle old
debts," BusinessWorld cited Quedancor President Federico A.
Espiritu as saying in an interview late Friday.  "[This way] we
can save on the interest and get a longer repayment period,
lifting pressure on [our] limited financial resources."

The report relates Mr. Espiritu said the government agency is
looking at issuing PHP2.4 billion worth of bonds, equivalent to
its maturing obligations.

BusinessWorld says failure to pay would force the government to
shoulder the amount, which Mr. Espiritu does not want to happen
given its deficit.

According to the report, Mr. Espiritu said a bond float should
take place before the Arroyo administration exits by the end of
June.  "We do not want the next administration to assume this
problem," he explained.

The report notes Mr. Espiritu said an exit from corporate
rehabilitation would allow the agency to go back to its main task
of extending guarantees.

                          About Quedancor

The Quedan and Rural Credit Guarantee Corporation is a government-
owned and controlled corporation that guarantees credit for
farmers and hog-raisers.

Quedancor decided to limit its lending activity in 2007 and
stopped lending altogether a year later.  It has been in corporate
rehabilitation for almost a year now, BusinessWorld discloses.


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


GLOBAL PACKET: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on March 5, 2010, to
wind up the operations of Global Packet Network Pte Ltd.

Pacnet Global (Singapore) Pte Ltd filed the petition against the
company.

The company's liquidator is:

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


GMP DEVELOPMENT: Court to Hear Wind-Up Petition on April 9
----------------------------------------------------------
A petition to wind up the operations of GMP Development Pte Ltd
will be heard before the High Court of Singapore on April 9, 2010,
at 10:00 a.m.

L&M.com Pte Ltd (formerly known as L&M Holdings Pte Ltd) filed the
petition against the company on February 9, 2010.

The Petitioner's solicitor is:

          Ng Chong & Hue LLC
          96 Robinson Road
          #15-01/02 SIF Building
          Singapore 068899


LABRADOR PTE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on March 5, 2010, to
wind up the operations of Labrador Pte Ltd.

Chew Huat Chye Wilson filed the petition against the company.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO LLP
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


M.E.I. ENGINEERS: Court to Hear Wind-Up Petition on March 26
-------------------------------------------------------------
A petition to wind up the operations of M.E.I. Engineers Pte Ltd
will be heard before the High Court of Singapore on March 26,
2010, at 10:00 a.m.

Gea Batignolles Thermal Technologies (Changshu) Co. Ltd filed the
petition against the company on March 3, 2010.

The Petitioner's solicitors are:

          Messrs Tan Rajah & Cheah
          80 Raffles place #58-01
          UOB Plaza I
          Singapore 048624


MICRO TECH: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on March 5, 2010, to
wind up the operations of Micro Tech International Pte Ltd.

Ingram Micro Asia Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #05-11 / #06-11
         The URA Centre (East Wing)
         Singapore 069118


MIODINO THE: Creditors' Proofs of Debt Due March 24
---------------------------------------------------
Miodino The Office World Far East Pte Ltd, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by March 26, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

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


===============
T H A I L A N D
===============


SIAM CITY BANK: Thanachart to Buy 47.6% Bank's Stake for US$1 Bil.
-----------------------------------------------------------------
Thanachart Bank PCL has agreed to pay US$1 billion for a 47.6%
stake in Siam City Bank, Reuters reports.

Reuters relates Thanachart said it would tender for the remaining
shares it does not own in Thailand's seventh-biggest lender at the
same price it paid for the stake from the central bank, which
would value the whole of Siam City at THB68 billion (US$2.1
billion).

According to Reuters, Scotiabank will merge Thanachart Bank with
Siam City Bank to create the country's fifth-largest lender in
terms of assets and branches.  The combined lender will have 660
branches and 18,000 employees, Reuters notes.

Thanachart, which will raise funds via shares and bond issues to
finance the purchase, will pay the central bank THB32.50 per
share, valuing the deal at around THB32.7 billion (US$1 billion),
Reuters notes.  Scotiabank would still own 49% the newly merged
bank, to be known as Thanachart Bank.

The tender offer will start in April and the merger process, which
could result in the delisting of Siam City Bank, is expected to be
completed by the end of 2011, Reuters adds.

The report discloses that the SCIB stake was offered by the
Financial Institutions Development Fund, the central bank's rescue
arm, set up after several financial firms collapsed in the 1997-98
Asian financial crisis.

                       About Siam City Bank

Siam City Bank Public Company Limited's --
http://www.scib.co.th/-- principal activity is the provision of
commercial banking services which includes deposits, payments,
credit cards, consumer loans and e-banking. Other activities
include real estate development, computer consultancy and
provision of capital market services.

Operations are carried out primarily in Thailand.

                         *     *     *

Siam City Bank continues to carry Fitch Ratings' Long-term foreign
currency Issuer Default rating at 'BB', Short-term foreign
currency rating at 'B', and Individual rating at 'D'.


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


ASIA COMMERCIAL: Fitch Puts D Individual Rating on RWN
------------------------------------------------------
Fitch Ratings has placed Asia Commercial Bank's and Saigon Thuong
Tin Commercial Joint Stock Bank's Individual ratings on Rating
Watch Negative.  At the same time, Fitch maintained the RWN on
Joint Stock Commercial Bank of Foreign Trade of Vietnam's
(Vietcombank) Individual rating of 'D'.  In addition, the agency
affirmed the Individual ratings of the three remaining state-owned
banks, namely Vietnam Bank for Agriculture and Rural Development
(Agribank), Bank for Investment and Development and Vietnam Joint-
Stock Commercial Bank for Industry and Trade (Vietinbank).  The
agency has also affirmed the Support ratings of all six Fitch-
rated Vietnamese banks.  A detailed list of the rating actions
follows at the end of this release.

The RWN on ACB's and Sacombank's Individual ratings reflects
Fitch's concerns that the balance sheet strength for both banks
weakened materially following excessive loans growth in 2009.  In
its review for a possible downgrade, Fitch will focus on the
banks' planned measures to restore capital, aspirations for loan
growth and on any indications that the expected loan deterioration
can be contained.  Fitch will also seek clarification on how the
closure of their gold trading floors will impact ACB's and
Sacombank's financial positions.  This review should be completed
by the next three to four months.

Furthermore, Fitch extends its ongoing review of Vietcombank's
Individual rating for a possible downgrade.  Fitch notes that
Vietcombank's capitalization appears to have held up well during
2009 and loans deterioration under the Vietnamese Accounting
Standards seems contained.  While reported unaudited special-
mention loans noticeably increased, reported unaudited non-
performing loans actually declined.  That said, Fitch has not yet
been able to derive comfort on the widening gap between loan
quality using IFRS and VAS as of May-2008, and the agency awaits
the bank's full-year 2008 and 2009 IFRS statements to assess if
this trend has continued.  Should this information not be made
available to Fitch over the next three to four months, the
individual rating will be downgraded.

The affirmation of the Individual ratings of Agribank at 'E', BIDV
at 'D/E' and Vietnam Joint-Stock Commercial Bank for Industry and
Trade (Vietinbank) at 'D/E', reflects Fitch's view that those
banks' capital deterioration in 2009 has been factored into the
existing ratings.  In addition, Fitch expects that these entities
will receive capital injections in 2010 from the state and/or
other investors; however, timing and success of such measures
remain unclear.

The list of rating actions on Fitch-rated Vietnamese banks is:

Asia Commercial Bank

  -- Individual rating of 'D' placed on RWN; and
  -- Support rating affirmed at '5'

Saigon Thuong Tin Commercial Joint Stock Bank

  -- Individual rating of 'D' placed on RWN; and
  -- Support rating affirmed at '5'

Vietnam Bank for Agriculture and Rural Development

  -- Individual rating affirmed at 'E'; and
  -- Support rating affirmed '4'

Bank for Investment and Development

  -- Individual rating affirmed at 'D/E'; and
  -- Support rating affirmed at '4'

Vietnam Joint-Stock Commercial Bank for Industry and Trade

  -- Individual rating affirmed at 'D/E'; and
  -- Support rating affirmed at '4'

Joint Stock Commercial Bank of Foreign Trade of Vietnam

  -- Individual rating of 'D' remains on RWN;
  -- Support rating affirmed at '4'


JOINT STOCK: Fitch Keeps 'D' Individual Rating on RWN
-----------------------------------------------------
Fitch Ratings has placed Asia Commercial Bank's and Saigon Thuong
Tin Commercial Joint Stock Bank's Individual ratings on Rating
Watch Negative.  At the same time, Fitch maintained the RWN on
Joint Stock Commercial Bank of Foreign Trade of Vietnam's
(Vietcombank) Individual rating of 'D'.  In addition, the agency
affirmed the Individual ratings of the three remaining state-owned
banks, namely Vietnam Bank for Agriculture and Rural Development
(Agribank), Bank for Investment and Development and Vietnam Joint-
Stock Commercial Bank for Industry and Trade (Vietinbank).  The
agency has also affirmed the Support ratings of all six Fitch-
rated Vietnamese banks.  A detailed list of the rating actions
follows at the end of this release.

The RWN on ACB's and Sacombank's Individual ratings reflects
Fitch's concerns that the balance sheet strength for both banks
weakened materially following excessive loans growth in 2009.  In
its review for a possible downgrade, Fitch will focus on the
banks' planned measures to restore capital, aspirations for loan
growth and on any indications that the expected loan deterioration
can be contained.  Fitch will also seek clarification on how the
closure of their gold trading floors will impact ACB's and
Sacombank's financial positions.  This review should be completed
by the next three to four months.

Furthermore, Fitch extends its ongoing review of Vietcombank's
Individual rating for a possible downgrade.  Fitch notes that
Vietcombank's capitalization appears to have held up well during
2009 and loans deterioration under the Vietnamese Accounting
Standards seems contained.  While reported unaudited special-
mention loans noticeably increased, reported unaudited non-
performing loans actually declined.  That said, Fitch has not yet
been able to derive comfort on the widening gap between loan
quality using IFRS and VAS as of May-2008, and the agency awaits
the bank's full-year 2008 and 2009 IFRS statements to assess if
this trend has continued.  Should this information not be made
available to Fitch over the next three to four months, the
individual rating will be downgraded.

The affirmation of the Individual ratings of Agribank at 'E', BIDV
at 'D/E' and Vietnam Joint-Stock Commercial Bank for Industry and
Trade (Vietinbank) at 'D/E', reflects Fitch's view that those
banks' capital deterioration in 2009 has been factored into the
existing ratings.  In addition, Fitch expects that these entities
will receive capital injections in 2010 from the state and/or
other investors; however, timing and success of such measures
remain unclear.

The list of rating actions on Fitch-rated Vietnamese banks is:

Asia Commercial Bank

  -- Individual rating of 'D' placed on RWN; and
  -- Support rating affirmed at '5'

Saigon Thuong Tin Commercial Joint Stock Bank

  -- Individual rating of 'D' placed on RWN; and
  -- Support rating affirmed at '5'

Vietnam Bank for Agriculture and Rural Development

  -- Individual rating affirmed at 'E'; and
  -- Support rating affirmed '4'

Bank for Investment and Development

  -- Individual rating affirmed at 'D/E'; and
  -- Support rating affirmed at '4'

Vietnam Joint-Stock Commercial Bank for Industry and Trade

  -- Individual rating affirmed at 'D/E'; and
  -- Support rating affirmed at '4'

Joint Stock Commercial Bank of Foreign Trade of Vietnam

  -- Individual rating of 'D' remains on RWN;
  -- Support rating affirmed at '4'


SAIGON THUONG: Fitch Puts D Individual Rating on RWN
----------------------------------------------------
Fitch Ratings has placed Asia Commercial Bank's and Saigon Thuong
Tin Commercial Joint Stock Bank's Individual ratings on Rating
Watch Negative.  At the same time, Fitch maintained the RWN on
Joint Stock Commercial Bank of Foreign Trade of Vietnam's
(Vietcombank) Individual rating of 'D'.  In addition, the agency
affirmed the Individual ratings of the three remaining state-owned
banks, namely Vietnam Bank for Agriculture and Rural Development
(Agribank), Bank for Investment and Development and Vietnam Joint-
Stock Commercial Bank for Industry and Trade (Vietinbank).  The
agency has also affirmed the Support ratings of all six Fitch-
rated Vietnamese banks.  A detailed list of the rating actions
follows at the end of this release.

The RWN on ACB's and Sacombank's Individual ratings reflects
Fitch's concerns that the balance sheet strength for both banks
weakened materially following excessive loans growth in 2009.  In
its review for a possible downgrade, Fitch will focus on the
banks' planned measures to restore capital, aspirations for loan
growth and on any indications that the expected loan deterioration
can be contained.  Fitch will also seek clarification on how the
closure of their gold trading floors will impact ACB's and
Sacombank's financial positions.  This review should be completed
by the next three to four months.

Furthermore, Fitch extends its ongoing review of Vietcombank's
Individual rating for a possible downgrade.  Fitch notes that
Vietcombank's capitalization appears to have held up well during
2009 and loans deterioration under the Vietnamese Accounting
Standards seems contained.  While reported unaudited special-
mention loans noticeably increased, reported unaudited non-
performing loans actually declined.  That said, Fitch has not yet
been able to derive comfort on the widening gap between loan
quality using IFRS and VAS as of May-2008, and the agency awaits
the bank's full-year 2008 and 2009 IFRS statements to assess if
this trend has continued.  Should this information not be made
available to Fitch over the next three to four months, the
individual rating will be downgraded.

The affirmation of the Individual ratings of Agribank at 'E', BIDV
at 'D/E' and Vietnam Joint-Stock Commercial Bank for Industry and
Trade (Vietinbank) at 'D/E', reflects Fitch's view that those
banks' capital deterioration in 2009 has been factored into the
existing ratings.  In addition, Fitch expects that these entities
will receive capital injections in 2010 from the state and/or
other investors; however, timing and success of such measures
remain unclear.

The list of rating actions on Fitch-rated Vietnamese banks is:

Asia Commercial Bank

  -- Individual rating of 'D' placed on RWN; and
  -- Support rating affirmed at '5'

Saigon Thuong Tin Commercial Joint Stock Bank

  -- Individual rating of 'D' placed on RWN; and
  -- Support rating affirmed at '5'

Vietnam Bank for Agriculture and Rural Development

  -- Individual rating affirmed at 'E'; and
  -- Support rating affirmed '4'

Bank for Investment and Development

  -- Individual rating affirmed at 'D/E'; and
  -- Support rating affirmed at '4'

Vietnam Joint-Stock Commercial Bank for Industry and Trade

  -- Individual rating affirmed at 'D/E'; and
  -- Support rating affirmed at '4'

Joint Stock Commercial Bank of Foreign Trade of Vietnam

  -- Individual rating of 'D' remains on RWN;
  -- Support rating affirmed at '4'


VIETNAM JOINT-STOCK: Fitch Affirms 'D/E' Individual Rating
----------------------------------------------------------
Fitch Ratings has placed Asia Commercial Bank's and Saigon Thuong
Tin Commercial Joint Stock Bank's Individual ratings on Rating
Watch Negative.  At the same time, Fitch maintained the RWN on
Joint Stock Commercial Bank of Foreign Trade of Vietnam's
(Vietcombank) Individual rating of 'D'.  In addition, the agency
affirmed the Individual ratings of the three remaining state-owned
banks, namely Vietnam Bank for Agriculture and Rural Development
(Agribank), Bank for Investment and Development and Vietnam Joint-
Stock Commercial Bank for Industry and Trade (Vietinbank).  The
agency has also affirmed the Support ratings of all six Fitch-
rated Vietnamese banks.  A detailed list of the rating actions
follows at the end of this release.

The RWN on ACB's and Sacombank's Individual ratings reflects
Fitch's concerns that the balance sheet strength for both banks
weakened materially following excessive loans growth in 2009.  In
its review for a possible downgrade, Fitch will focus on the
banks' planned measures to restore capital, aspirations for loan
growth and on any indications that the expected loan deterioration
can be contained.  Fitch will also seek clarification on how the
closure of their gold trading floors will impact ACB's and
Sacombank's financial positions.  This review should be completed
by the next three to four months.

Furthermore, Fitch extends its ongoing review of Vietcombank's
Individual rating for a possible downgrade.  Fitch notes that
Vietcombank's capitalization appears to have held up well during
2009 and loans deterioration under the Vietnamese Accounting
Standards seems contained.  While reported unaudited special-
mention loans noticeably increased, reported unaudited non-
performing loans actually declined.  That said, Fitch has not yet
been able to derive comfort on the widening gap between loan
quality using IFRS and VAS as of May-2008, and the agency awaits
the bank's full-year 2008 and 2009 IFRS statements to assess if
this trend has continued.  Should this information not be made
available to Fitch over the next three to four months, the
individual rating will be downgraded.

The affirmation of the Individual ratings of Agribank at 'E', BIDV
at 'D/E' and Vietnam Joint-Stock Commercial Bank for Industry and
Trade (Vietinbank) at 'D/E', reflects Fitch's view that those
banks' capital deterioration in 2009 has been factored into the
existing ratings.  In addition, Fitch expects that these entities
will receive capital injections in 2010 from the state and/or
other investors; however, timing and success of such measures
remain unclear.

The list of rating actions on Fitch-rated Vietnamese banks is:

Asia Commercial Bank

  -- Individual rating of 'D' placed on RWN; and
  -- Support rating affirmed at '5'

Saigon Thuong Tin Commercial Joint Stock Bank

  -- Individual rating of 'D' placed on RWN; and
  -- Support rating affirmed at '5'

Vietnam Bank for Agriculture and Rural Development

  -- Individual rating affirmed at 'E'; and
  -- Support rating affirmed '4'

Bank for Investment and Development

  -- Individual rating affirmed at 'D/E'; and
  -- Support rating affirmed at '4'

Vietnam Joint-Stock Commercial Bank for Industry and Trade

  -- Individual rating affirmed at 'D/E'; and
  -- Support rating affirmed at '4'

Joint Stock Commercial Bank of Foreign Trade of Vietnam

  -- Individual rating of 'D' remains on RWN;
  -- Support rating affirmed at '4'


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


* BOND PRICING: For the Week to March 8 to March 12, 2010
---------------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

   AUSTRALIA
   ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       0.90
AINSWORTH GAME           8.00    12/31/2011   AUD       0.82
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.92
ANTARES ENERGY          10.00    10/31/2013   AUD       2.02
AUROX RESOURCES          7.00    06/30/2010   AUD       0.79
BECTON PROP GR           9.50    06/30/2010   AUD       0.50
BOUNTY INDUSTRIES       10.00    06/30/2010   AUD       0.03
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.13
CHINA CENTURY           12.00    09/30/2010   AUD       0.86
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.50
GRIFFIN COAL MIN         9.50    12/01/2016   USD      58.00
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.31
JPM AU ENF NOM 1         3.50    06/30/2010   USD       8.08
MINERALS CORP           10.50    09/30/2011   AUD       0.66
NEW S WALES TREA         1.00    09/02/2019   AUD      63.75
ORCHARD INVEST           7.36    12/15/2010   AUD      29.50
PRAECO P/L               7.13    07/28/2020   AUD      71.93
RESOLUTE MINING         12.00    12/31/2012   AUD       0.87
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.25
TIMBERCORP LTD           8.90    12/01/2010   AUD      26.10
VERO INSURANCE           6.15    09/07/2025   AUD      71.88


   CHINA
   -----

JIANGXI COPPER           1.00    09/22/2016   CNY      74.23

   HONG KONG
   ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      27.25


   INDIA
   -----

AFTEK INFOSYS            1.00    06/25/2010   USD      60.00
GEMINI COMMUNICA         6.00    07/18/2012   EUR      55.00
SUBEX AZURE              2.00    03/09/2012   USD      61.50


   INDONESIA
   ---------

BAKRIELAND DEV          12.85    03/11/2013   IDR      75.00
BANK DKI                12.25    03/04/2018   IDR      74.54
MOBILE-8 TELECOM        12.37    06/15/2017   IDR      50.00
TRUBA JAYA              11.75    07/08/2010   IDR      60.60

   JAPAN
   -----

AIFUL CORP               1.50    10/20/2011   JPY      68.82
AIFUL CORP               1.20    01/26/2012   JPY      60.08
AIFUL CORP               1.99    03/23/2012   JPY      58.24
AIFUL CORP               1.22    04/20/2012   JPY      55.08
AIFUL CORP               1.63    11/22/2012   JPY      50.94
AIFUL CORP               1.74    05/28/2013   JPY      49.93
AIFUL CORP               1.99    10/19/2015   JPY      44.85
COVALENT MATERIAL        2.87    02/18/2013   JPY      57.59
CSK CORPORATION          0.25    09/30/2013   JPY      74.77
FUKOKU MUTUAL            4.50    09/28/2025   EUR      72.00
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      56.75
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      56.20
SHINSEI BANK             5.63    12/29/2049   GBP      73.00
TAKEFUJI CORP            9.20    04/15/2011   USD      54.00
TAKEFUJI CORP            9.20    04/15/2011   USD      54.00
TAKEFUJI CORP            8.00    11/01/2017   USD      10.37
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.15

   MALAYSIA
   --------

ADVANCE SYNERGY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.01
CRESCENDO CORP B         3.75    01/11/2016   MYR       1.00
DUTALAND BHD             4.00    04/11/2013   MYR       0.35
DUTALAND BHD             4.00    04/11/2013   MYR       0.72
EASTERN & ORIENT         8.00    07/25/2011   MYR       0.95
EASTERN & ORIENT         8.00    11/16/2019   MYR       0.97
HUAT LAI RESOURC         5.00    03/28/2010   MYR       0.51
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.15
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.90
MITHRIL BHD              3.00    04/05/2012   MYR       0.68
NAM FATT CORP            2.00    06/24/2011   MYR       0.16
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.19
OLYMPIA INDUSTRI         4.00    04/11/2013   MYR       0.23
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.63
RUBBEREX CORP            4.00    08/14/2012   MYR       1.56
SCOMI GROUP BHD          4.00    12/14/2012   MYR       0.09
TRADEWINDS PLANT         2.00    02/08/2012   MYR       0.60
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.00
WAH SEONG CORP           3.00    05/21/2012   MYR       2.51
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.33
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.00

   NEW ZEALAND
   -----------
ALLIED NATIONWID        11.52    12/29/2049   NZD      50.50
BLUE STAR PRINT          9.10    09/15/2012   NZD      65.00
CONTACT ENERGY           8.00    05/15/2014   NZD       1.03
FLETCHER BUI             8.50    03/15/2015   NZD       8.50
FLETCHER BUI             7.55    03/15/2011   NZD       7.40
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.12
INFRASTR & UTIL          8.50    09/15/2013   NZD       9.20
INFRATIL LTD             8.50    11/15/2015   NZD       9.50
INFRATIL LTD            10.18    12/29/2049   NZD      66.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.36
MANUKAU CITY             6.15    09/15/2013   NZD       1.02
MANUKAU CITY             6.90    09/15/2015   NZD       1.03
MARAC FINANCE           10.50    07/15/2013   NZD       0.99
SKY NETWORK TV           4.01    10/16/2016   NZD      55.41
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.64
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.57
ST LAURENCE PROP         9.25    05/15/2011   NZD      72.11
TOWER CAPITAL            8.50    04/15/2014   NZD       1.01
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.90
TRUSTPOWER LTD           8.50    03/15/2014   NZD       8.25
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.00
TRUSTPOWER LTD           8.00    12/15/2016   NZD       1.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.94
VECTOR LTD               7.80    10/15/2014   NZD       1.01
VECTOR LTD               8.00    12/29/2049   NZD       7.50


   SINGAPORE
   ---------

BLUE OCEAN              11.00    06/28/2012   USD      34.00
SENGKANG MALL            8.00    11/20/2012   SGD       0.10
UNITED ENG LTD           1.00    03/03/2014   SGD       1.46
WBL CORPORATION          2.50    06/10/2014   SGD       2.17


   SOUTH KOREA
   -----------

KOREA MUTUAL BK          9.00    07/31/2010   KRW      41.18
KOREA MUTUAL BK          8.00    01/23/2012   KRW      40.34


   SRI LANKA
   ---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      65.66


  THAILAND
  --------

G STEEL                10.50    10/04/2010    USD       14.99


                         *********

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

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

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


                            *********


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

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

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

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

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