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                     A S I A   P A C I F I C

           Wednesday, March 17, 2010, Vol. 13, No. 053

                            Headlines



A U S T R A L I A

BAY BEE CINO: Placed in Administration, Online Store Suspended
BRIGHTEN PTY: Placed in Receivership Over AU$32.1-Mln Loan Default
CITY PACIFIC: ASIC Cancels Australian Financial Services License
SECURITIES INT'L: In Administration; BRI Ferrier Appointed


H O N G  K O N G

CHINA FORCE: Creditors' Proofs of Debt Due April 12
CHINESE PENTECOSTAL: Creditors' Proofs of Debt Due April 8
DAVINES ASIA: Members' Final Meeting Set for April 14
FU JI FOOD: Anhui Conch to Buy Business for HK$600 Million
HK ASSOCIATION: Members' Final Meeting Set for April 16

HUNG, YAU: Members' Final Meeting Set for April 15
OPS LIMITED: Court to Hear Wind-Up Petition on March 24
PADDY'S COLLECTION: Creditors Get 100% Recovery on Claims
SAFE TECH: Court to Hear Wind-Up Petition on March 24
SAKURA LIMITED: Creditors' Proofs of Debt Due April 7

SHING KEE: Court Enters Wind-Up Order
SILVER STAR: Court Enters Wind-Up Order
SKY SUCCESS: Court Enters Wind-Up Order
SKYWIN (GROUP): Court to Hear Wind-Up Petition on April 14
SUCCESS MASTER: Court to Hear Wind-Up Petition on April 7

SUPREME ART: Court to Hear Wind-Up Petition on April 21
SURE BRIGHT: Court Enters Wind-Up Order
TAI SUN: Court Enters Wind-Up Order
TAKE FORTUNE: Court to Hear Wind-Up Petition on April 7
TOP WORLD: Court Enters Wind-Up Order

TREASURE YEAR: Court Enters Wind-Up Order


I N D I A

ASTRA LIGHTING: Delays in Loan Payment Prompts CRISIL Junk Ratings
RAMESHWAR COTTON: Small Net Worth Cues CRISIL 'B' Ratings
REGAL TRADING: CRISIL Puts 'BB-' Rating on INR15 Mil. Cash Credit
SARAIWWALAA AGRR: CRISIL Places 'BB+' Rating on INR87.6MM LT Loan
SHETH SHIP: CRISIL Assigns 'BB-' Rating on INR17.5MM Cash Credit

SUMMER INDIA: Poor Liquidity Prompts CRISIL to Assign 'C' Ratings
SUMMER INDIA WEAVING: CRISIL Rates INR196.6 Mil. LT Loan at 'C'
TATA MOTORS: February Global Sales Up 59% to 89,768 Units


I S R A E L

PARTNER COMMUNICATIONS: Moody's Cuts Corp. Family Rating to 'Ba1'


J A P A N

AOZORA BANK: To Enter Capital Tie Up with Tsukuba Bank in May
WILLCOM INC: Owes JPY3.83 Billion in Leasing to NTT


M A L A Y S I A

NAM FATT: Classified as Affected Listed Issuer Under PN17
OILCORP BERHAD: Unit Gets Winding Up Petition From MPE Lindung
WONDERFUL WIRE: Restraining Order Extended Until April 5


N E W  Z E A L A N D

ORGANIC DAIRY: Fonterra Offers Lifeline to Milk Suppliers
SOUTH VINEYARD: Given Reprieve as Plans to Windup Firm Moved


T A I W A N

AU OPTRONICS: Establishes LCD Panel Joint Venture in Poland
AU OPTRONICS: To Build US$3-Bln LCD Plant in Jiangsu, China
QUANTA COMPUTER: Acquires 1% Stake in Toumaz Holdings


T H A I L A N D

SIAM CITY: Moody's Affirms 'D' Bank Financial Strength Rating


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


BAY BEE CINO: Placed in Administration, Online Store Suspended
--------------------------------------------------------------
Babywear firm Bay Bee Cino has been placed in administration, just
three years after undertaking a capital raising and unveiling
plans to grow aggressively through franchising, according to
SmartCompany.  The report says the business is now in the hands of
administrator Manfred Holzman of insolvency firm Holzman
Associates.

The company operated a prominent online store Baby Bee Cino.  It
also operated two retail outlets in Sydney and shops in
New Zealand and Tasmania.

Mr. Holzman told SmartCompany that while his investigations into
the collapse are still in a preliminary stage, it appears that the
business was simply too small for its overheads and the level of
stock that the business was carrying.

According to SmartCompany, Mr. Holzman has suspended the online
store and said his current focus is disposing of the stock on hand
through a company store in Double Bay.  He will then look at
selling the brand name, the report says.

"We will be seeking expressions of interest in the next week or
so," Mr. Holzman told SmartCompany.

Mr. Holzman, as cited by the report, said while there are only a
small number of creditors, the amount owed -- more than AU$4
million at this stage -- is large for such a small business.

SmartCompany discloses that Bay Bee Cino conducted a capital
raising in 2007 with Investorlink Securities which resulted in
Aust-China Private Equity Fund investing in the business.

It appears this capital was to be used to fund an aggressive
expansion strategy, the report notes.

The report says Mr. Holzman expects to have a report for creditors
prepared in three weeks.

Bay Bee Cino -- http://www.baybeecino.com.au/-- is a Sydney-based
retailer of designer baby wear, including baby shoes, baby toys,
baby fashion.


BRIGHTEN PTY: Placed in Receivership Over AU$32.1-Mln Loan Default
-----------------------------------------------------------------
Shane Desiatnik at Lithgow Mercury reports that Deloitte partners
David Lombe and Simon Cathro have been appointed receivers of
Brighten Pty Ltd, owner of iconic property Fairmont Resort in
Leura.  The report says the receivers have been placed in charge
of the disgraced resort and have appointed an experienced hotel
general manager, Geoff York -- a change Blue Mountains Tourism
Limited Chairman Randall Walker has welcomed as a real chance to
turn things around.

"Our first priorities will be to take control, review operational
issues and assess the financial position and circumstances of the
resort," the report quoted Mr. Lombe as saying.

The Mercury discloses that Deloitte was appointed by Bankwest on
the basis of Brighten Pty Ltd and Noble Growth Investment Limited,
owned by Michael Kwok, defaulting on the terms of its
AU$32,150,000 loan used to purchase the resort in 2006.

According to the report, multiple factors led to the default order
including a fall in the resort's valuation from AU$47 million in
2006 to AU$30 million in November 2009, breach of the agreed loan
to value ratio and an inability to properly run the resort.


CITY PACIFIC: ASIC Cancels Australian Financial Services License
----------------------------------------------------------------
The Australian Securities & Investments Commission has cancelled
the Australian Financial Services License held by City Pacific
Limited.

ASIC's decision to cancel the AFS License was taken after
discussions with the liquidators of City Pacific to ensure the
timing of the cancellation would not adversely impact investors in
the remaining managed investment scheme operated by City Pacific.

On June 25, 2009, investors in the former City Pacific First
Mortgage Fund (now known as the Pacific First Mortgage Fund) voted
to remove City Pacific as responsible entity of the Fund, and
replace it with Trilogy Funds Management Limited.

On August 28, 2009, the Federal Court of Australia ordered the
winding up of City Pacific and the appointment of Andrew Wily and
David Hurst as joint liquidators.  City Pacific remains the
responsible entity of a smaller managed investment scheme known as
the City Pacific Income Fund.

"Under the Corporations Act, ASIC has the power to suspend or
cancel an AFS License if the responsible entity holding the
license is placed into liquidation.  In deciding when to exercise
that power, ASIC has primary regard to the interests of investors
in any funds operated by that responsible entity," ASIC said in a
statement.

The cancellation of City Pacific's AFS License is subject to a
specification that it continues to the extent necessary to enable
City Pacific, under the control of the liquidators, to take steps
to wind up the City Pacific Income Fund.

                        About City Pacific

City Pacific Limited (ASX:CIY) -- http://www.citypac.com.au/
-- is engaged in funds management, including acting as responsible
entity and manager of four registered managed investment schemes
(City Pacific First Mortgage Fund (formerly City Pacific Mortgage
Trust), City Pacific Income Fund, City Pacific Managed Fund and
City Pacific Private Fund), property, financial services,
investment/trading activities and operations.  The Company
conducts business in five primary segments, being funds
management, property, financial services, investment/trading and
operating. On July 2, 2007, the Company acquired Australian
Beneficial Finance Pty Ltd., which is a mortgage manager
specializing in residential mortgage origination and management,
and commercial and development funding.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Aug. 4,
2009, that receivers and managers have been appointed to City
Pacific Ltd following the loss of its AU$630 million mortgage fund
to Balmain Trilogy.

City Pacific's banker, the Commonwealth Bank, called in Ian Carson
and Daniel Bryant from PPB to act as receivers and managers
because the company is unable to pay debts of more than AU$100
million.  PPB partner Ian Carson said City Pacific's loss of the
fund had had a "significant impact upon (its) ability to service
its debts and remain viable".

The TCR-AP reported on Aug. 31, 2009, that City Pacific Ltd has
been put into liquidation after a federal court judge ordered
liquidator Andrew Wily and David Hurst of Sydney insolvency firm
Armstrong Wily to wind up the company.  The application to have
Armstrong Wily appointed was made by creditor Hlbc Commercial on a
debt of AU$3,060.


SECURITIES INT'L: In Administration; BRI Ferrier Appointed
----------------------------------------------------------
Securities International Ltd. has been placed in voluntary
administration after collapsing with debts of AU$2 million to
AU$3 million, business news web site SmartCompany says.

Martin Green, partner at insolvency firm BRI Ferrier, said SIL is
an unlisted public company with about 260 shareholders.

SmartCompany says chief executive Stephen Duncan has been trying
to trade the company out of difficulty and had asked shareholders
to inject more capital into the business in recent months.

However, the report notes, a director's penalty notice sent by the
Australian Taxation Office left SIL with little room to move.

"The directors really had no option to protect their position by
appointing an administrator," Mr. Green told SmartCompany.

Sydney-based Securities International Limited offers a range of
services including structured finance, merger and acquisition
advisory services and investment advice.  The company specialized
in deals in the Middle East and China.


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


CHINA FORCE: Creditors' Proofs of Debt Due April 12
---------------------------------------------------
Creditors of China Force Corporation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 12, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lo Wing Kin
         Rooms 1901-2
         Park-In Commercial Centre
         56 Dundas Street, Kowloon


CHINESE PENTECOSTAL: Creditors' Proofs of Debt Due April 8
----------------------------------------------------------
Creditors of The Chinese Pentecostal Church Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 8, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 7, 2010.

The company's liquidator is:

         Sylvia Ng Sau Wa
         Room 2402, 24/F, Sing Pao Building
         101 King's Road
         Fortress Hill
         Hong Kong


DAVINES ASIA: Members' Final Meeting Set for April 14
-----------------------------------------------------
Members of Davines Asia Limited will hold their final general
meeting on April 14, 2010, at 11:00 a.m., at the Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Seng Sze Ka Mee Natalia and Cheng Pik Yuk, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


FU JI FOOD: Anhui Conch to Buy Business for HK$600 Million
----------------------------------------------------------
Bloomberg News, citing the Hong Kong Economic Journal, reported
that Anhui Conch Venture Investment Co. Ltd, Anhui Conch Cement
Co.'s third-largest shareholder, will buy Fu Ji Food & Catering
Services Holdings Ltd. for HK$600 million.

Bloomberg relates the Hong Kong-based Chinese-language newspaper
said an announcement is expected to be made this week.

The newspaper said Fu Ji was previously in talks with Hong Kong
Resources Holdings Co. and Simsen International Corp., Bloomberg
adds

As reported in the Troubled Company Reporter-Asia Pacific on
October 23, 2009, Fu Ji Food and Catering Services Holdings filed
a petition to wind up the company with the Hong Kong High Court.
Deloitte Touche Tohmatsu has been appointed as the provisional
liquidator.

Bloomberg said financing was too complicated for Fu Ji and the
company wants to solve its funding problems by liquidating.

Based in Hong Kong, FU JI Food and Catering Services Holdings
Limited (HKG:1175) -- http://www.fujicatering.com/-- is engaged
in the provision of catering services; the operation of Chinese
Restaurants and theme restaurants, and the production and sale of
convenience food products.


HK ASSOCIATION: Members' Final Meeting Set for April 16
-------------------------------------------------------
Members of Hong Kong Association for the Protection of Water
Resouces Limited will hold their final general meeting on
April 16, 2010, at 10:30 a.m., at the Room 1228, 12/F., One Grand
Tower, 639 Nathan Road, in Kowloon.

At the meeting, Chiu Ming Chung Joe and Tam Kwok Kong, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HUNG, YAU: Members' Final Meeting Set for April 15
--------------------------------------------------
Members of Hung, Yau, Chan Management Consultancy Limited will
hold their final general meeting on April 15, 2010, at 10:00 a.m.,
at the Rooms 1501-3 Far East Consortium Building, 121 Des Voeux
Road Central, in Hong Kong.

At the meeting, Wong Lai Ying Judy, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


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

Svenska Handelsbanken AB (publ) Hong Kong Branch filed the
petition against the company on January 15, 2010.

The Petitioner's solicitor is:

          Stepehnson Harwood
          35th Floor, Bank of China Tower
          1 Garden Road
          Central, Hong Kong


PADDY'S COLLECTION: Creditors Get 100% Recovery on Claims
-----------------------------------------------------------
Paddy's Collection Limited, which is in creditors' voluntary
liquidation, paid the first and final preferential dividend to its
creditors on March 5, 2010.

The company paid 100% for ordinary claims.

The company's liquidator is:

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


SAFE TECH: Court to Hear Wind-Up Petition on March 24
-----------------------------------------------------
A petition to wind up the operations of Safe Tech Bio-
Technological Products (H.K.) Limited will be heard before the
High Court of Hong Kong on March 24, 2010, at 9:30 a.m.

Michael Mrstik filed the petition against the company on Feb. 23,
2010.

The Petitioner's solicitor is:

          Adrian John Taylor
          Oldham, Li & Nie
          Suite 503, St. George's Building
          2 Ice House Street
          Central, Hong Kong


SAKURA LIMITED: Creditors' Proofs of Debt Due April 7
-----------------------------------------------------
Creditors of Sakura Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 7, 2010, to be included in the company's dividend
distribution.


SHING KEE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on December 24, 2009,
to wind up the operations of Shing Kee Motors Company Limited.

The company's liquidator is:

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


SILVER STAR: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on March 29, 2006, to
wind up the operations of Silver Star Industrial Printing Limited.

The company's liquidator is:

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


SKY SUCCESS: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on February 24, 2010,
to wind up the operations of Sky Success Management Limited.

The acting official receiver is Lee Mei Yee May.


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

Millionice Investment Limited filed the petition against the
company on February 2, 2010.

The Petitioner's solicitors are:

          Vincent T.K. Cheung, Yap & Co.
          Suite 1122, 11th Floor
          Central Building
          1-3 Pedder Street
          Central, Hong Kong


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

Colour Star Chemical Company Limited filed the petition against
the company on February 3, 2010.

The Petitioner's solicitors are:

          Messrs. Chan, Wong & Lam
          Suites 3009-12, 30th Floor
          Shui On Centre
          6-8 Harbour Road
          Hong Kong


SUPREME ART: Court to Hear Wind-Up Petition on April 21
-------------------------------------------------------
A petition to wind up the operations of Supreme Art Limited will
be heard before the High Court of Hong Kong on April 21, 2010, at
9:30 a.m.

Kei Tat Chemicals Limited filed the petition against the company
on February 17, 2010.

The Petitioner's solicitors are:

          David Ravenscroft & Co.
          Unit 1802, 18th Floor
          232 Des Vouex Road
          Central, Hong Kong


SURE BRIGHT: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on February 24, 2010,
to wind up the operations of Sure Bright Limited.

The acting official receiver is Lee Mei Yee May.


TAI SUN: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on February 27, 2009,
to wind up the operations of Tai Sun Construction Engineering
Company Limited.

The company's liquidator is:

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


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

Cheung Siu Tsang filed the petition against the company on Feb. 3,
2010.


TOP WORLD: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on February 3, 2010,
to wind up the operations of Top World (Hong Kong) Limited.

The company's liquidator is:

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


TREASURE YEAR: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on February 28, 2009,
to wind up the operations of Treasure Year Limited.

The company's liquidator is:

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


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I N D I A
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ASTRA LIGHTING: Delays in Loan Payment Prompts CRISIL Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Astra Lighting Ltd bank
facilities.  The ratings reflect delay by Astra in servicing its
term loan; the delay has been caused by Astra's weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR70.0 Million Cash Credit Limit      D (Assigned)
   INR31.4 Million Term Loan              D (Assigned)
   INR11.1 Million Proposed Long Term     D (Assigned)
                   Bank Loan Facility
   INR25.0 Million Letter of Credit       P5 (Assigned)

Set up in 1997, Astra manufactures high intensity discharge (HID)
lamps, compact fluorescent lamps (CFL), tubes and ballasts.  The
products manufactured by Astra are used in infrastructure
projects, floodlighting of monuments, stadiums, lighting of
streets, highways, parking areas and indoor lighting of houses
(CFL tubes).  Currently the company manufactures HID lamps and
spiral CFLs for original equipment manufacturers such as Bajaj
Electricals Ltd (rated 'P1' by CRISIL) and Osram India Pvt Ltd
(rated 'AA/Stable/P1+' by CRISIL.  Astra has an installed capacity
of manufacturing 1.4 million units of HID lamps, 2.4 million units
of CFL tubes and 0.18 million units of ballasts per year.

Astra reported a profit after tax (PAT) of INR23.1 million on net
sales of INR196 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR28 million on net sales
of INR219 million for 2007-08.


RAMESHWAR COTTON: Small Net Worth Cues CRISIL 'B' Ratings
---------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Rameshwar Cotton Industries.

   Facilities                       Ratings
   ----------                       -------
   INR60.0 Million Cash Credit      B/Stable (Assigned)
   INR10.0 Million Proposed LT      B/Stable (Assigned)
            Bank Loan Facility

The rating reflects RCI's small net worth, high gearing, weak debt
protection metrics, large working capital requirements, and
vulnerability to adverse changes in regulations.  These weaknesses
are partially offset by the benefits that RCI derives from its
promoters' experience in the cotton industry.

Outlook: Stable

CRISIL believes that RCI will continue to benefit over the medium
term from its promoters' industry experience.  However, RCI's
financial risk profile is unlikely to improve significantly, given
the firm's small cash accruals because of low operating margin.
The outlook may be revised to 'Positive' in case of a significant
increase in the firm's accruals, and improvement in gearing.
Conversely, the outlook may be revised to 'Negative' if the
operating margin does not improve.

Set up in 2003, RCI, a partnership firm, produces fresh cotton
bales from raw cotton for sale to textile manufacturers.  It also
sells cotton seeds to oil extraction units.  RCI recently began
refining cumin and sesame seed oil, which it exports to Saudi
Arabia, Malaysia, and Singapore.  The firm's manufacturing unit in
Amreli (Gujarat) is equipped with 30 cotton gins and a pressing
machine, and has capacity to process more than 40 tonnes (around
400 bales) of raw cotton per day; this capacity is completely
utilized during the peak season (October to April).

RCI reported a profit after tax (PAT) of around INR0.2 million on
net sales of INR276 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.05 million on net
sales of INR292 million for 2007-08.


REGAL TRADING: CRISIL Puts 'BB-' Rating on INR15 Mil. Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Regal Trading Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR15 Million Cash Credit          BB-/Stable (Assigned)
   INR90 Million Letter of Credit     P4+ (Assigned)

The ratings reflect Regal's weak financial risk profile,
constrained by small net worth, low profitability, and working-
capital-intensive operations, and exposure to risks relating to
competition in the timber industry. These weaknesses are partially
offset by the benefits that Regal derives from its promoters'
experience in the timber trading business.

Outlook: Stable

CRISIL believes that Regal will continue to benefit over the
medium term, backed by its promoters' experience in the timber
industry. The outlook may be revised to 'Positive' if increased
profitability and efficient working capital management lead to
higher-than-expected cash flows from operations for Regal.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates because of large,
debt-funded capital expenditure or acquisitions.

Incorporated in 1993 by Mr. N K Agarwal, Regal was acquired by its
current promoters, Mr. Radheshyam Poddar and his family, in 2001.
The Kolkata-based company trades in timber wood, which is used in
sleepers, mouldings, and door and window frames.  The company
imports around 60 per cent of its timber requirement from African
countries such as Nigeria, the Ivory Coast, Ghana, Benin, and
Sudan; the remainder is procured from domestic traders. The
company also trades in finished timber products that are imported
from China (accounting for around 4% of the company's turnover).
It caters to saw mill owners and traders in Delhi, Punjab,
Haryana, Rajasthan, Uttar Pradesh, Gujarat, and Karnataka.

Regal reported a profit after tax (PAT) of INR0.3 million on net
sales of INR211 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.3 million on net sales
of INR186 million for 2007-08.


SARAIWWALAA AGRR: CRISIL Places 'BB+' Rating on INR87.6MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Saraiwwalaa Agrr Refineries Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR87.60 Million Long Term Loan    BB+/Stable (Assigned)
   INR330.00 Million Cash Credit      BB+/Stable (Assigned)
   INR351.10 Million Letter of        P4+ (Assigned)
          Credit/Bank Guarantee

The ratings reflect SARL's below-average financial risk profile
marked by high gearing, and sub-par debt protection ratios.  The
ratings also factor in the company's exposure to risks relating to
intense competition, commodity-like nature of products, and
implementation of new project; the company is currently setting up
an edible oil refinery unit in Krishnapatnam, Andhra Pradesh.
These weaknesses are partially offset by SARL's established market
position, healthy operating efficiency, and promoters' experience
in the edible oil industry.

Outlook: Stable

CRISIL believes that SARL will maintain its revenue growth rate on
the back of its established position in the edible oil industry,
and the proposed increase in refining capacity.  CRISIL also
believes that SARL would commence operations at the proposed unit
in Krishnapatnam without any time or cost overruns.  The outlook
may be revised to 'Positive' in case of a significant and
sustained improvement in SARL's capital structure, debt protection
metrics supported by healthy cash accruals from the new unit.
Conversely, the outlook may be revised to 'Negative' if there are
time or cost overruns in the company's capacity enhancement
project, or if operating margin reduces, thereby adversely
affecting its financial risk profile.

                       About Saraiwwalaa Agrr

Incorporated in 1999, SARL is primarily engaged into the
manufacture of edible oil.  The company diversified into rice
milling in 2007.  It has a wholly integrated oil-processing unit
in Maheshwaram (Andhra Pradesh), with an installed capacity of
82,500 tonnes per annum (tpa) for oil refining, and an installed
capacity of about 70,000 tpa for processing steamed and half-
boiled rice. SARL is currently setting up a 231,000-tpa-capacity
wholly automated edible oil refinery unit in Krishnapatnam at a
capex of abut INR1.14 billion, with a debt component of INR0.82
billion. The unit is expected to become operational by April 2010.

The company sells edible oils, such as palm oil, sunflower,
groundnut, soya, and rice bran oil, under the Naturralle, Sree
Krishna Drop, and Mother's Best Choice brands, in Andhra Pradesh.
The company sells rice under the Naturralle and Subham Gold
brands. SARL has a wide distribution network of direct dealers,
brokers, and distributors, across Andhra Pradesh.

SARL reported a profit after tax (PAT) of INR27 million on net
sales of INR4.2 billion for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR23 million on net sales
of INR3.8 billion for 2007-08.


SHETH SHIP: CRISIL Assigns 'BB-' Rating on INR17.5MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Sheth Ship Breaking Corporation.

   Facilities                             Ratings
   ----------                             -------
   INR17.5 Million Cash Credit Limit      BB-/Stable (Assigned)
   INR50.0 Million Export Packing Credit  P4+ (Assigned)
   INR127.5 Million Letter of Credit      P4+ (Assigned)

The ratings reflect SSBC's weak financial risk profile marked by a
small net worth and weak debt protection metrics, and exposure to
risks related to the cyclicality and intense competition in the
ship breaking industry, and to adverse regulatory changes.  These
rating weaknesses are partially offset by the benefits that SSBC
derives from its partners' established track record in the ship
breaking industry.

Outlook: Stable

CRISIL believes that SSBC will benefit from the healthy growth
prospects in the ship-breaking industry over the medium term.  The
outlook may be revised to 'Positive' if SSBC generates more-than-
expected sales and profits, thereby improving its debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case SSBC's margins decline sharply, most likely because of a
sharp decline in steel scrap prices, or if the firm fails to
recover costs of ship purchase.

                       About Sheth Ship

Sheth Ship Breaking Corporation was set up in April 1997 as a
partnership firm, prior to which it operated as a proprietorship
concern for over a decade.  It has a track record of having
dismantled over 25 ships so far.  Until 2005-06 (refers to
financial year, April 1 to March 31), the firm was engaged only in
the ship breaking business. However, it subsequently diversified
into trading in iron ore fines and loose mill scales.  The trading
operations commenced in 2007-08.  The management subsequently
decided to separate the ship breaking and trading operations.  The
partners thereby set up Pioneer Exports, another partnership firm,
in February 2008 to carry out trading operations.

SSBC reported a profit after tax (PAT) of INR1.3 million on net
sales of INR137 million for 2008-09, against a PAT of INR2.4
million on net sales of INR202 million for 2007-08.


SUMMER INDIA: Poor Liquidity Prompts CRISIL to Assign 'C' Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to the bank facilities of
Summer India Textile Mills Pvt Ltd (SITM, part of the Summer India
group).

   Facilities                           Ratings
   ----------                           -------
   INR952.30 Million Long-Term Loan     C (Assigned)
   INR49.20 Million Corporate Loan      C (Assigned)
   INR115.60 Million Working Capital    C (Assigned)
                     Term Loan
   INR250.00 Million Packing Credit     P4 (Assigned)
   INR290.00 Million Foreign Bill       P4 (Assigned)
                         Purchase
   INR100.00 Million Letter of Credit   P4 (Assigned)

The ratings reflect the Summer India group's poor liquidity, weak
financial risk profile, limited product diversity, and revenue
concentration in the hospitality segment.  These rating weaknesses
are partially offset by the benefits that the Summer India group
derives from its established market position and customer
relationships.

For arriving at its ratings, CRISIL has combined the financial and
business risk profiles of SITM and Summer India Weaving and
Processing Mills Pvt Ltd.  This is because the two entities,
together referred to as the Summer India group, are in the same
line of business, are under a common management, and have fungible
cash flows.

                          About the Group

Promoted by Mr. K S Rangasamy, the Summer India group has been
exporting table and bed linen since 1997 under SITM. Set up in
2007, SIWP undertakes job work for SITM and other weaving
companies.  The group exports its products mainly to hospitality
and retail chains in the US and Europe.  The group has around 140
Jacquard looms and 40 weaving looms.

The Summer India group reported a provisional loss of INR196.3
million on net sales of INR637.9 million for 2008-09 (refers to
financial year, April 1 to March 31), against a profit after tax
of INR69.2 million on net sales of INR886.1 million for 2007-08.


SUMMER INDIA WEAVING: CRISIL Rates INR196.6 Mil. LT Loan at 'C'
---------------------------------------------------------------
CRISIL has assigned its 'C' rating to the term loan facility of
Summer India Weaving & Processing Mills Pvt Ltd (SIWP, part of the
Summer India group).

   Facilities                           Ratings
   ----------                           -------
   INR196.60 Million Long-Term Loan     C (Assigned)

The rating reflects the Summer India group's poor liquidity, weak
financial risk profile, limited product diversity, and revenue
concentration in the hospitality segment.  These rating weaknesses
are partially offset by the benefits that the Summer India group
derives from its established market position and customer
relationships.

For arriving at its rating, CRISIL has combined the financial and
business risk profiles of SIWP and Summer India Textile Mills Pvt
Ltd.  This is because the two entities, together referred to as
the Summer India group, are in the same line of business, are
under a common management, and have fungible cash flows.

                          About the Group

Promoted by Mr. K S Rangasamy, the Summer India group has been
exporting table and bed linen since 1997 under SITM.  Set up in
2007, SIWP undertakes job work for SITM and other weaving
companies.  The group exports its products mainly to hospitality
and retail chains in the US and Europe.  The group has around 140
Jacquard looms and 40 weaving looms.

The Summer India group reported a provisional loss of INR196.3
million on net sales of INR637.9 million for 2008-09 (refers to
financial year, April 1 to March 31), against a profit after tax
of INR69.2 million on net sales of INR886.1 million for 2007-08.


TATA MOTORS: February Global Sales Up 59% to 89,768 Units
---------------------------------------------------------
The Tata Motors Group global sales -- comprising of Tata, Tata
Daewoo and Hispano Carrocera range of commercial vehicles, Tata
passenger vehicles along with distributed brands in India, and
Jaguar and Land Rover -- were 89,768 units in February 2010, a
growth of 59% over February 2009.  Cumulative sales for the fiscal
(April 2009 to February 2010) are 771,238, higher by 17% compared
to the corresponding period in 2008-09.

Sales of all commercial vehicles were 42,660 nos. in February
2010, a growth of 70%. Cumulative sales for the fiscal are 365,120
nos., a growth of 35%.

Sales of all passenger vehicles were 47,108 nos. in February 2010,
a growth of 50%. Cumulative sales for the fiscal are 406,118 nos.,
a growth of 4%.

Tata passenger vehicle sales, including those distributed, were
29,911 nos. for the month, a growth of 45%. Cumulative sales for
the fiscal are 235,674 nos., a growth of 24%.

Jaguar Land Rover global sales in February 2010 were 17,197
vehicles, higher by 60%.  Jaguar sales for the month were 3,292,
higher by 55%, while Land Rover sales were 13,905, higher by 62%.
Cumulative sales of Jaguar Land Rover for the fiscal are 170,444
nos., lower by 16%.  Cumulative sales of Jaguar are 42,776 nos.,
lower by 26%, while cumulative sales of Land Rover are 127,668
nos., lower by 11%.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.

Tata Motors continues to carry Moody's Investor Service 'B3' LT
Corp Family Rating.


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


PARTNER COMMUNICATIONS: Moody's Cuts Corp. Family Rating to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Partner Communications Company Ltd to Ba1 from Baa3.  The
outlook is stable.  This concluded the review for downgrade
initiated on November 16, 2009.

The rating action mainly reflects Partner's changed financial
profile following its acquisition by Scailex, together with a
liquidity profile that relies on ongoing external funding to meet
near-term debt maturities.  The Ba1 corporate family rating also
incorporates Moody's view that the operating risk may grow, as
highlighted by heightened regulatory and competitive pressures and
the negative impact of the launch of the fixed-line business on
its short-term profitability, although Moody's recognises the
strategic benefits of the fixed-line business over the medium
term.

In Q1 2010, the company received court approval to carry out a
capital reduction of NIS1.4 billion.  Partner's standalone
Debt/EBITDA ratio was 1.4x (as adjusted by Moody's) as of December
2009, and is estimated by Moody's to be 1.8x pro forma for the
capital reduction.  In addition to Partner's liabilities, Scailex
had NIS4.0 billion of debt outstanding at the holding level at the
end of 2009.  Moody's understands that the new majority
shareholder is very reliant upon Partner's dividend distribution
in order to meet its debt repayment schedule, thereby reducing
Partner's own financial flexibility.  Partner is likely to
distribute 100% of its net income going forward, up from 80% prior
to the acquisition.

Partner's liquidity position was relatively tight as of 31
December 2009, with a cash balance of NIS329 million.  The company
has NIS 1.2 billion undrawn credit facilities, which will help to
finance the NIS1.4 billion special shareholder distribution.
However, Partner will need to issue more debt in 2010, 2011 and
2012 in order to refinance the existing debt.  Although Partner
has a track record of good access to the local debt markets, the
ongoing reliance on external funding to meet near-term maturities
is not consistent with an investment grade profile.

Partner Communications Company Ltd is one of the largest wireless
telecommunication operators in Israel with a market share of
approximately 32%.  As of December 31, 2009, Partner had more than
3.0 million subscribers of which 1.3 million were 3G.  A 45%
controlling stake in Partner was recently acquired by Scailex
Corporation.


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


AOZORA BANK: To Enter Capital Tie Up with Tsukuba Bank in May
-------------------------------------------------------------
Aozora Bank and Tsukuba Bank have agreed to form a strategic
partnership, including a capital tie-up, Japan Today reports.

The report, citing officials at the two banks, relates that the
agreement comes against the backdrop of Aozora Bank wishing to
expand sales of financial products for individuals and fundraising
means and Tsukuba Bank trying to strengthen its financial
foundation.

The banks said that prior to the formation of the partnership,
Tsukuba Bank, based in Tsuchiura, Ibaraki Prefecture, will issue
JPY5 billion of unsecured subordinated bonds, convertible to
preferred shares, on March 31 and Aozora Bank will underwrite the
issuance in full, according to Japan Today.

The report says the agreement also calls for Tsukuba Bank to take
applications for Aozora Bank's structured deposits at a number of
its outlets with a target date of May.

                         About Aozora Bank

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 5, 2009, Fitch Ratings downgraded Aozora Bank Ltd.'s Long-
term foreign and local currency Issuer Default Ratings to 'BBB'
from 'BBB+' and its Individual rating to 'C/D' from 'C'.  The
Rating Watch Negative placed on Aozora's ratings on Feb. 12, 2009,
has been resolved, while a Stable Outlook has been assigned to the
Long-term IDRs.  Meanwhile, the Short-term foreign and local
currency IDRs have been affirmed at 'F2'.

Aozora Bank continues to carry Moody's Investors Service D+ bank
financial strength rating.


WILLCOM INC: Owes JPY3.83 Billion in Leasing to NTT
---------------------------------------------------
Taku Kato at Bloomberg News reports that Nippon Telegraph and
Telephone Corp. is owed JPY3.83 billion (US$43 million) in lease
receivables from Willcom Inc. and creditors.

According to a filing with Japan's Finance Ministry, NTT Finance
Corp., NTT's financing arm, holds the receivables, Bloomberg
relates.

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.


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


NAM FATT: Classified as Affected Listed Issuer Under PN17
---------------------------------------------------------
Nam Fatt Corporation Berhad has been classified as an Affected
Listed Issuer under Practice Note 17 of the Listing Requirements
of Bursa Malaysia Securities Berhad.

The Company has triggered Paragraph 2.1(f) of the Practice Note 17
of the Main Market Listing Requirement of Bursa Malaysia following
failure to meet its principal and interest payment of
MYR13,225,037.39 due and payable on March 15, 2010, in respect of
the Asset Sale Agreement dated December 4, 2007, between Bank
Kerjasama Rakyat Malaysia Berhad and Nam Fatt.

As an Affected Listed Issuer, Namm Fatt is required to:

   (a) undertake a regularization plan to regularize its financial
       position and ensure that the same sufficiently and
       comprehensively resolves all issues in relation to the PN17
       status;

   (b) submit the Regularization Plan within 12 months and to
       implement the same within the timeframe stipulated by the
       Approving Authorities;

   (c) make these announcements:

       * Within 3 months from the date of the first announcement,
         on whether the Regularization Plan will result in a
         significant change in the business direction or policy
         of the PN17 Company;

       * the status of the Regularization Plan and the number of
         months to the end of the relevant timeframes referred to
         in Paragraph 5.1 or 5.2 of PN17, as may be applicable,
         on a monthly basis until further notice from Bursa
         Malaysia Securities Berhad;

      * the Company's compliance or non-compliance with a
        particular obligation imposed pursuant to PN17, on an
        immediate basis;

      * details of the Regularization Plan, which shall fulfill
        the requirements set out in Paragraph 4.2 of PN17; and

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

In event the Company fails to comply with the obligation under
PN17 to regularize, all its listed securities will be suspended
from trading immediately upon notification by Bursa Securities
Berhad and de-listing shall commence against the Company.

                          About Nam Fatt

Nam Fatt Corporation Berhad is a Malaysia-based company. The
principal activities of the Company consist of investment holding
and construction of bridges, heavy concrete foundations, roads,
factory complexes and other similar construction activities. The
Company operates in four business segments: engineering and
construction, property, leisure, and manufacturing. The Company's
subsidiaries include Nam Fatt Fabricators Sdn. Bhd., which is
engaged in the construction of bridges, heavy concrete
foundations, roads, factory complexes and similar construction
activities; Agenda Istimewa Sdn Bhd, which is engaged in property
development; P & N Construction Sdn. Bhd. which is engaged in the
business of general contractors; Nam Fatt Marketing Sdn. Bhd.,
which is a sales distributor and marketing agent, and Maddusalat
Berhad, which is the owner and developer of golf resort and its
recreational amenities, property developer, and property manager.


OILCORP BERHAD: Unit Gets Winding Up Petition From MPE Lindung
--------------------------------------------------------------
A winding up petition had been presented in the High Court of
Malaya Shah Alam on February 23, 2010, against Oilcorp Berhad's
subsidiary, Oilfab Sdn. Bhd.

The Petition was served on Oilfab Sdn. on March 12, 2010, by MPE
Lindung Sdn. Bhd. for a claim of MYR606,785.68 as payment due for
the supply of aluminium anodes.

The matter is fixed for hearing on May 12, 2010.

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.


WONDERFUL WIRE: Restraining Order Extended Until April 5
--------------------------------------------------------
Wonderful Wire & Cable Berhad disclosed that the High Court of
Malaya at Kuala Lumpur has granted an extension of the Restraining
Order for 30 days with effect from March 7, 2010, to April 5,
2010, or until such date the Malaysia Debt Ventures Berhad
application to intervene and set aside the extended restraining
order dated January 7, 2010, is determined by the court or
whichever comes first.

Pursuant to the revised regularization plan of WWC submitted to
the Securities Commission of Malaysia on November 30, 2009, and as
announced on the same date, it was proposed that the Revised
Proposed Restructuring Scheme of the Company be implemented
pursuant to Section 176 of the Companies Act, 1965.  However, as
the ongoing litigation suits against WWC may jeopardize the
implementation of the Revised PRS, the Board is of the view that a
restraining order is necessary to prevent any proceedings against
the Company, pending the finalization of the Revised PRS.

Thus, WWC believes that restraining order will enable the Company
to preserve the status quo of the Group's financial and operations
pending the implementation of the Revised PRS.

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.


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


ORGANIC DAIRY: Fonterra Offers Lifeline to Milk Suppliers
---------------------------------------------------------
Fonterra Cooperative Group has offered a lifeline to Organic Dairy
Limited's milk suppliers, a report posted at sharechat.co.nz says.

The report says the 27 suppliers to the Okato cheese-making
factory in Taranaki had been offered NZ$7 a kilo of milk solids by
the Organic Co-op, but a failure to sell its produce saw it owing
NZ$15 million.  Fonterra's 10,500 suppliers are expected to earn
$6.05/kg milk solids this season.

According to the report, Fonterra's general manager milk supply
Tim Deane said while protecting the interests of its own farmer
shareholders, NZODFC suppliers joining the co-operative will be
treated the same as any new suppliers.  This requires the holding
of Fonterra shares, or a progressive purchase of shares on a
growth contract to match milk production at one share per kilo of
milk solids.

The report notes NZODFC suppliers accepted for Fonterra supply
would initially be offered contracts for the remaining weeks of
the 2009/10 season, with no organic milk premium.

For the 2010/11 season, says sharechat.co.nz, new suppliers can
either purchase shares outright or on a one third split basis over
two seasons.  Organic share-backed milk would attract Fonterra's
prevailing organic premium providing it met the company's organic
supply criteria.

As reported in the Troubled Company Reporter-Asia Pacific on
March 16, 2010, The New Zealand Herald said 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.  Andrew McKay and John Cregten of Corporate Finance
in Auckland were appointed receivers to the company on March 12.

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


SOUTH VINEYARD: Given Reprieve as Plans to Windup Firm Moved
------------------------------------------------------------
The New Zealand Herald reports that plans to liquidate South
Vineyard, the production company of the biblical movie Kingdom
Come, have been moved until the end of May.  The Herald says an
application to liquidate South Vineyard was made in December.

The report, citing The Dominion Post, relates creditors have been
calmed with promises of a $100,000 payment and indications that
Christian backers from the United States will stump up with
another $4 million so the company can continue with the project.

The Herald relates that lawyer Stephen Brown, representing a group
of creditors, told the High Court at Wellington on Monday that
South Vineyard was insolvent and owed $4.5 million.  Creditors did
not want to put the company into liquidation, provided their
interests were met, he said.

According to the Herald, the promised funds would repay all debts
in New Zealand, maintain the movie sets, and enable a new
management structure to be brought in to finish and release the
movie.

Associate Judge David Gendall agreed to a final adjournment of
liquidation proceedings until May 31 to provide time for a rescue
package, the report says.

The film was to have been filmed in various locations around
New Zealand, including Falstone on the shore of Lake Benmore in
south Canterbury, the Herald says.


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


AU OPTRONICS: Establishes LCD Panel Joint Venture in Poland
-----------------------------------------------------------
AU Optronics Corp. on March 12, 2010, approved a resolution
establishing a joint venture of TFT-LCD module production and TV-
set ODM with TPV Technology Limited in Gorzow, Poland, with a view
to provide closer services to customers and to develop the
European market.

If the investment plan is approved by the relevant regulatory
authorities, the joint venture will be another strategic alliance
for AUO and its partner as well as a new operation model to supply
international brands locally.

Meanwhile, it is the third module plant for AUO to develop the
European market with more complete on-site services after
establishing manufacturing sites in Czech and Slovakia.

The Board of Directors of AUO and TPV Technology approved, on the
basis of strategic alliance, to set up a joint venture company
combining TPV's well-branded image and business infrastructure in
the European market, and the strength of AUO's leading technology
in TV panel manufacturing.  The joint venture will be named
"BriVictory Display Technology (Labuan) Co., Ltd" with an initial
capital of US$40 million.  AUO and TPV will own 51% and 49% of the
shareholding of the joint venture company, respectively.

"AUO has devoted to providing customers value-added services,
including integrated design and product total solutions," AUO's
Chairman, Mr. K. Y. Lee said. "TPV has very strong competence in
LCD TV manufacturing in the European market.  With TPV's excellent
capability in product assembly, AUO hopes to leverage on TPV to
enhance its business position in the European market.  This joint
venture would bring both superior competitiveness into full play
and bring mutual benefits in the long run."

Dr. Jason Hsuan, TPV's Chairman and Chief Executive Officer, said,
"TPV is one of the world's leading PC monitor makers and the
largest LCD TV ODM company. We are glad to have AUO to be our
strategic partner for further developing the European market. AUO
has been a world class panel manufacturer that continually
dedicates to new technology innovation. Both companies closely
worked together in the past.  We not only can gain stable panel
supply from the cooperation but also can enlarge the cooperation
to system assembly for increasing operation efficiency to provide
better services to European customers in the future."

                         About AU Optronics

Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays. The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels.  Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays.  The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers.  The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays.  In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2009, Fitch Ratings upgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'BB-' from 'B+', and its National Long-term rating to 'BBB(twn)'
from 'BBB-(twn)'.  The Outlook is revised to Stable from Negative.


AU OPTRONICS: To Build US$3-Bln LCD Plant in Jiangsu, China
-----------------------------------------------------------
AU Optronics Corp. has submitted an application to the Investment
Commission of the Ministry of Economic Affairs in regard to the
investment plan in Kunshan, Jiangsu to establish a G7.5 TFT-LCD
front-end manufacturing fab.  According to the government
regulation, the investment project application is subject to
approval by the Core Technology Committee.

"AUO expects the investment would bring more convenient and in-
time services to its customers in China, and that it could also
strengthen AUO's competitiveness in China's TV market," the
company said in a statement.

AUO expects that the total amount of investment for the G7.5 fab
will be approximately US$3 billion.  AUO plans to inject US$1.2
billion as capital, in addition to local financing support.

AUO also said it will continue to invest in new generation lines
in Taiwan.  The equipment for the second production line of G8.5
is scheduled to move-in in the Taichung Science Park by the end of
2010.  AUO will continue to develop its display business in
Taiwan.

                         About AU Optronics

Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays. The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels.  Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays.  The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers.  The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays.  In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2009, Fitch Ratings upgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'BB-' from 'B+', and its National Long-term rating to 'BBB(twn)'
from 'BBB-(twn)'.  The Outlook is revised to Stable from Negative.


QUANTA COMPUTER: Acquires 1% Stake in Toumaz Holdings
-----------------------------------------------------
Quanta Computer has acquired a 1% stake in Toumaz Holdings, a UK-
based developer of wireless communication solutions for medical
applications, Joseph Tsai at DIGITIMES reports.

The report says Quanta has been investing in client devices that
support cloud computing.  The company expects the devices to be
used in medical, home-based and office-based applications, and the
investment is expected to aid the company's development in the
medical segment, the report adds.

Quanta has confirmed the investment, according to DIGITIMES.

Headquartered in Taoyuan, Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is engaged in research, development,
design and manufacture of notebook computers.  The company
provides series products of notebook computer, wireless
communications series products, including global positioning
system (GPS) mobile phones, Web personal digital assistants (PDAs)
and wireless local area network (WLAN) products; liquid crystal
display (LCD) series products, including LCD monitors and LCD PCs,
as well as network servers.  The company distributes its products
in the Americas, Europe and Asia.

                           *     *     *

The company continues to carry Fitch Ratings' "BB" long-term
foreign currency issuer default rating.


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


SIAM CITY: Moody's Affirms 'D' Bank Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed the Baa2/Prime-2 deposit
ratings and D bank financial strength rating of Siam City Bank.
SCIB's foreign currency senior unsecured debt rating of
Baa2/Prime-3 and foreign currency subordinated debt ratings of
Baa3/Prime-3 have also been affirmed.  The outlook for all ratings
is stable.

The rating affirmation follows news that Thanachart Bank (unrated)
-- 49% owned by Canada's Bank of Nova Scotia (rated B for BFSR,
Aa1 for long-term deposits, stable outlook) -- has agreed to
acquire SCIB.

TBank will purchase 47.6% of SCIB from the Financial Institutions
Development Fund.  Upon the completion of the sale and purchase
agreements and the subsequent receipt of shareholders and
regulatory approval, TBank will make a mandatory general offer for
the remaining shares of SCIB.  The transaction is expected to be
completed by July 2010 to be followed by the expected delisting of
SCIB and the merger of TBank and SCIB in 2011.

"We continue to view SCIB as a systemically important deposit-
taking institution as the eighth-largest bank in the Thai banking
system," says Karolyn Seet, a Moody's AVP/Analyst.

"Not only would a stake sale to TBank -- Thailand's largest car
loan provider -- be a positive development for SCIB's franchise
value, but it could also enhance SCIB's long-term goals of
diversification and improving its market position.  In addition,
Moody's also expect the involvement of Scotiabank to improve the
bank's corporate governance and risk management practices," says
Seet.

Upon completion, the acquisition will provide a cushion for
Scotiabank to build its Thai operations.  Retail and SME sectors
will remain SCIB's key focus areas, and will probably complement
Scotiabank's existing organic operations in Thailand through
TBank.

Scotiabank is expected to merge TBank and SCIB to take advantage
of SCIB's distribution network in order to expand its presence in
Thailand's lucrative and under-penetrated market.  The merged
entity will create Thailand's fifth-largest bank and will continue
to be 49% owned by Scotiabank.

Nevertheless, Moody's also believes that the acquisition of SCIB
will increase TBank's overall risk profile -- evidenced by the
ongoing political volatility in Thailand -- and could result in
potentially higher earnings volatility.  Any severe economic
slowdown in Thailand could additionally derail the integration and
turnaround process of SCIB.

In the meantime, SCIB will continue to receive a very high
probability of systemic support from the Thai government.  This
view takes into account the bank's improved position as the fifth
largest in a concentrated system, up from eighth position post-
TBank merger.  However, potential for support from the new parent
is not viewed as sufficient under Moody's joint default framework
to create any rating lift for SCIB's deposits.

These ratings of SCIB are affirmed:

* Long-term and short-term foreign currency deposit and senior
  unsecured debt ratings: Baa2/P-2, stable outlook

* Long-term and short-term foreign currency senior unsecured debt
  ratings: Baa2/P-3, stable outlook

* Long-term and short-term foreign currency subordinated debt
  ratings: Baa3/P-3, stable outlook

* Bank financial strength rating: D, stable outlook

Moody's previous rating action with regard to SCIB was taken on 24
June 2009, when the bank's foreign currency short-term deposit
rating was upgraded to P-2 from P-3 with a stable outlook.

Headquartered in Bangkok, Thailand, SCIB was founded in 1941 by
the Mahadumrongkul family of Thailand.  The bank was listed on the
Stock Exchange of Thailand in 1994 and re-listed in 2003, after
the merger with Bangkok Metropolitan Bank Pcl (BMB).  The bank had
total assets of Bt416 billion (US$13 billion) at December 31,
2009.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Mar. 18-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Byrne Judicial Clerkship Institute
       Pepperdine University School of Law, Malibu, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York City
       Contact: http://www.turnaround.org/

Apr. 29, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts - East
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
THE COMMERICAL LAW LEAGUE OF AMERICA
    Midwestern Meeting & National Convention
       Westin Michigan Avenue, Chicago, Ill.
          Contact: 1-312-781-2000 or http://www.clla.org/

May 21, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts - NYC
       Alexander Hamilton Custom House, SDNY, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 24, 2010
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York, NY
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 3, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Atlanta Consumer Bankruptcy Skills Training
       Georgia State Bar Building, Atlanta, Ga.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Hawai.i Bankruptcy Workshop
       The Fairmont Orchid, Big Island, Hawaii
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    ABI/NYIC Golf and Tennis Fundraiser
       Maplewood Golf Club, Maplewood, N.J.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 20, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Fordham Law School, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southwest Bankruptcy Conference
       Four Seasons Las Vegas, Las Vegas, Nev.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    ABI/UMKC Midwestern Bankruptcy Institute
       Kansas City Marriott Downtown, Kansas City, Kan.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Chicago Consumer Bankruptcy Conference
       Standard Club, Chicago, Ill.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Hilton New Orleans Riverside, New Orleans, La.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    International Insolvency Symposium
       The Savoy, London, England
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Delaware Views from the Bench and Bankruptcy Bar
       Hotel du Pont, Wilmington, Del.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Detroit Consumer Bankruptcy Conference
       Hyatt Regency Dearborn, Dearborn, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       Camelback Inn, a JW Marriott Resort & Spa,
       Scottsdale, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Rocky Mountain Bankruptcy Conference
       Westin Tabor Center, Denver, Colo.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
             Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Hyatt Regency Newport, Newport, R.I.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011  (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hotel Hershey, Hershey, Pa.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Tampa Convention Center, Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Ritz-Carlton Amelia Island, Amelia Island, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***