TCRAP_Public/100326.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

           Friday, March 26, 2010, Vol. 13, No. 060

                            Headlines



A U S T R A L I A

ABC LEARNING: Creditors to Decide Today on Winding Up
FORTESCUE METALS: Asian Steel Mills Eye Stakes in Projects
PETTARAS PRESS: Calls in Voluntary Administrators
TEYS PROPERTY: In External Administration; ASIC Cancels License


H O N G  K O N G

DAPHNE FINANCE: Fitch Affirms Ratings on Eight Classes of Notes
SOTYING LIMITED: Members' Final Meeting Set for April 20
SUPER AIM: Court Enters Wind-Up Order
TEMPLEPATRICK LIMITED: Sung Mi Yin Steps Down as Liquidator
ULHK LIMITED: Wong Chi Kin Steps Down as Liquidator

UNIQUE REGION: Huang Qimin Appointed as New Liquidator
WARD EASTON: Ha Man Kit Marcus Steps Down as Liquidator
WING SAI: Creditors' Proofs of Debt Due April 23


I N D I A

ABIR INFRASTRUCTURE: ICRA Rates INR170MM Cash Credit at 'LBB+'
AIR INDIA: Books 19.5% Increase in Sales from Gulf-India Route
AIR INDIA: To Sells Bonds for INR7.95 Billion
BANSAL PRECISION: ICRA Reaffirms 'LBB-' Rating on INR30MM Loan
BENGAL SHRACHI: ICRA Assigns 'LBB+' Rating on INR950MM Bank Debts

D R EXPORTS: ICRA Assigns 'LBB' Rating on INR100MM LT Bank Debts
GCL INDIA: ICRA Assigns 'LBB+' Rating on INR83MM Bank Debts
GUJARAT BOROSIL: Fitch Assigns National Long-Term Rating at 'BB'
LAXMI SOLVEX: ICRA Places 'LBB-' Rating on INR230MM Term Loans
MAESTRO FASHIONS: ICRA Assigns 'LBB+' Rating on INR35MM Term Loans

N. K. PROTEINS: ICRA Rates INR1.0 Billion Bank Debts at 'LBB'
NEOGAL POWER: ICRA Assigns 'LBB' Rating on INR186.4MM Term Loan
RAJU SPINNING: ICRA Assigns 'LBB' Rating on INR290.8MM Term Loans
RASHI GRANITE: ICRA Reaffirms Rating on INR7MM Debt to 'LBB'
REGENT BEERS: ICRA Puts 'LB' Rating on INR135 Mil. Bank Facilities

SITI ENERGY: ICRA Assigns 'LB+' Rating on INR216.5MM Term Loans
SRI ANJANEYA: Delay in Loan Payment Cues ICRA to Cut Ratings
WOCKHARDT LTD: Overseas Lenders May File Claims on Indian Assets


I N D O N E S I A

ANEKA TAMBANG: Seeks US$325-Mil. in Loans to Finance Expansion
BANK NEGARA: Expects to Raise Up to IDR6.6 Tril. From Stock Sale


I S R A E L

TOPSPIN MEDICAL: Kost Forer Raises Going Concern Doubt


J A P A N

JAPAN AIRLINES: Has Stipulation on Stay of Anti-Trust Suits
JAPAN AIRLINES: Aims to Return to Profitability by Autumn
JAPAN AIRLINES: Offers Early Retirement to Pilots
L-JAC FIVE: S&P Puts Note Ratings on CreditWatch Negative
SOFTBANK CORP: Moody's Changes Outlook on 'Ba2' Rating to Positive

* S&P Raises Ratings on 15 Tranches From Nine Japanese CDOs


K O R E A

DAEWOO SHIPBUILDING: Buffett Wants "Thorough" Study of Posco Bid
KUMHO ASIANA: Asiana Creditors Seeks OK on Capital Reduction Plan
KUMHO ASIANA: Strike Averted as Workers Accept 10% Pay Cut


M A L A Y S I A

EVERMASTER GROUP: Names UHY Diong as Receiver to Two Units
HO HUP CONSTRUCTION: AmInvestment Bank Resigns as Adviser
NAM FATT: Submits Application for Restraining Order
PRIME UTILITIES: Bursa to Delist Securities on April 2


N E W  Z E A L A N D

RELIANCE RAIL: S&P Downgrades Junior Debt Ratings to 'BB'
STRATEGIC FINANCE: Receivers Seek to Delist Firm on NZX


S I N G A P O R E

LEUN WAH: Creditors Get 0.8% Recovery on Claims
SWAN SWEE: Creditors' Proofs of Debt Due April 2
VIDEOVAN ENTERTAINMENT: Creditors' Meetings Set for April 5


X X X X X X X X

DUBAI WORLD: To Get $9.5-Bil. Bailout From Dubai Government

* Standard & Poor's Says 264 Global Defaults Set New Records

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


ABC LEARNING: Creditors to Decide Today on Winding Up
-----------------------------------------------------
ABC Learning Centres Ltd. creditors will decide today whether to
take heed of administrators' advice to wind up the group of
companies, the Herald Sun reports.

According to the report, creditors will also consider whether to
adjourn the creditors' meeting for up to 45 days to allow current
negotiations for the sale of more than 700 individual Australian
childcare businesses to be finalized without any negative
implications arising from entering into liquidation.

During the meeting, the Herald Sun relates, creditors will
consider a report recently released by administrators on the
business, property and financial circumstances of the ABC Learning
companies.

The report says the creditors will then decide to either: end
administration; have the ABC Learning companies execute a deed of
company arrangement; or wind up the company.

Ferrier Hodgson administrator Greg Moloney has recommended the
companies be placed into liquidation.

                         About ABC Learning

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

                           *     *     *

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

Subsequent to the appointment of administrators, the company's
banking syndicate, which is owed nearly AU$1 billion, appointed
Chris Honey, Murray Smith and JohnCronin of McGrathNicol as
receivers.


FORTESCUE METALS: Asian Steel Mills Eye Stakes in Projects
----------------------------------------------------------
Rebecca Keenan and Liza Lin at Bloomberg News report that
Fortescue Metals Group Ltd. said Asian steel mills are interested
in buying stakes in some of its magnetite iron ore projects in
Western Australia.

"There are other players throughout Asia, not just in China, who
have expressed interest in the assets," Russell Scrimshaw,
executive director of Perth-based Fortescue said in an interview
with Bloomberg TV in Singapore.  The stakes could be sold for
hundreds of millions of dollars, he said without providing a
range.

Bloomberg News recalls Fortescue Chief Executive Officer Andrew
Forrest said at a March 23 conference that the company is prepared
to sell majority stake in some of its magnetite iron ore projects.

                      About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western Australia
and exporting it from Port Hedland.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 4, 2009, Moody's Investors Service lowered to B2 from B1
the Senior Secured rating of FMG Resources (August 2006) Pty Ltd
(previously FMG Finance Pty Ltd), the financing arm of the
Fortescue Metals Group.  The outlook for the rating is negative.
This completes the rating review for possible downgrade commenced
in May 2009 in view of weakness in the iron ore market and
operating challenges at FMG's mining and processing operations.


PETTARAS PRESS: Calls in Voluntary Administrators
-------------------------------------------------
Printing firm Pettaras Press has called in administrators,
ProPrint reports.  Roderick Sutherland and Sule Arnautovic from
Jirsch Sutherland were appointed voluntary administrators on
March 19, 2010.

"We are continuing to trade the business and assessing the ability
to continue," a spokesperson for Jirsch Sutherland told ProPrint.

ProPrint relates the spokesperson said that the administrators
would also look at a sale of the business, and added that they
were currently preparing the creditor's report.

Meanwhile, a source told ProPrint that an unsecured creditor
appointed chartered accountants PPB as receivers on March 23.

ProPrint says that both administrators Jirsch Sutherland and PPB
confirmed that control of Pettaras was now in the hands of the
receivers.

"The business is still trading, and it will be trading until the
receivers decide on the best approach on how to sell it," PPB
said.

Based in Sydney, Pettaras Press -- http://www.pettaras.com.au/
-- offers printing services.  It employs around 80 staff and
operates a mix of sheetfed and digital equipment, including a new
10-colour Komori Lithrone and an HP Indigo 5000.


TEYS PROPERTY: In External Administration; ASIC Cancels License
---------------------------------------------------------------
The Australian Securities & Investments Commission has cancelled
the Australian Financial Services license held by Teys Property
Funds Limited, now known as TPFL Ltd.  Teys is the responsible
entity of 11 property and mortgage funds.

ASIC said in a statement that its decision to cancel the AFS
License was taken after discussions with the external
administrators of Teys to ensure the timing of the cancellation
would not adversely impact investors in the managed investment
scheme operated by Teys.

Teys went into external administration on March 5, 2010.
Adam Shepard, of Setter Shepard, was appointed as administrator on
March 5, 2010.  Under the Corporations Act, ASIC has the power to
suspend or cancel an AFS license if the responsible entity holding
the license is placed under external administration without
holding a hearing.

Teys received from ASIC, on December 24, 2009, a notice of hearing
under Section 915C of the Corporations Act regarding concerns held
by ASIC that Teys may not have complied with, and may not comply
with, its obligations under the terms of its AFS license.  A
hearing to consider the suspension or cancellation of Teys AFS
License was due to occur on March 11, 2010, however it was
adjourned as a result of the appointment of Mr. Shepard.

In deciding when to exercise that power, ASIC said it has primary
regard to the interests of investors in any fund operated by that
responsible entity.  The cancellation of Teys AFS license is
subject to a specification that it continues to the extent
necessary to enable Teys, under the control of the external
administrator, to take steps to wind up its property and mortgage
schemes.

Teys Property Funds Limited is a subsidiary of Australia-based
TEYS Limited (ASX:TYS) -- http://www.teys.com.au/. TEYS was
engaged in managing strata titled properties, funds management and
legal services.  TEYS operates in four segments: Funds and
property management segment acts as responsible entity to property
funds; Strata management segment manages owners corporations/
bodies corporate of common properties; Legal services segment
provides legal services to the members of owners
corporations/bodies corporate, and property funds.


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


DAPHNE FINANCE: Fitch Affirms Ratings on Eight Classes of Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of eight classes of Daphne
Finance 5 PLC, and simultaneously assigned Loss Severity Ratings.
The Outlook on Class C and D have been revised to Stable from
Negative.

  -- US$1,973 million Super Senior CDS affirmed at 'AAA', Outlook
     Stable;

  -- US$96.3 million Class S notes affirmed at 'AAA', Outlook
     Stable, LS Rating assigned at 'LS-3';

  -- US$132.5 million Class A notes affirmed at 'A', Outlook
     Stable, LS Rating assigned at 'LS-2';

  -- US$25 million Class B notes affirmed at 'A-', Outlook Stable;
     LS Rating assigned at 'LS-4';

  -- US$20 million Class C notes affirmed at 'BBB', Outlook
     revised to  Stable from Negative; LS Rating assigned at
     'LS-4'

  -- US$15 million Class D notes affirmed at 'BBB-', Outlook
     revised to Stable from Negative, LS Rating assigned at 'LS-4'

  -- US$32.5 million Class E notes affirmed at 'BB', Outlook
     Negative, LS Rating assigned at 'LS-3' and

  -- US$12.5 million Class F notes affirmed at 'BB', Outlook
     Negative, LS Rating assigned at 'LS-5'.

The transaction (also known as Daphne Asia 1 CLO) is a synthetic
balance sheet collateralized loan obligation referencing a
US$2,500 million portfolio of 211 senior unsecured obligations,
which is originated by Credit Agricole Corporate and Investment
Bank (rated 'AA-'/Stable/'F1+', formerly known as Calyon) in
December 2006.

The affirmations reflect the stable performance of the transaction
with no defaults occurred since closing.  The current credit
enhancement level of each class can withstand the loss
expectations at each class's rating stress.  Given the stable
performance and short remaining life of two years, both Class C
and Class D have comfortable surplus credit enhancements to
withstand further negative migration of the portfolio.  As a
result, the Outlook on both classes has been revised to Stable
from Negative.  Meanwhile, the Outlook on Class E and Class F
remains Negative, reflecting the vulnerability of the notes should
a few large obligors default.  That said, the agency notes that
only two of the 39 obligors, who have exposures to the current
portfolio balance of over 1%, have sub-investment grade ratings.

The transaction is still in the replenishment period until
March 30, 2012.  As per the latest quarterly report dated
January 15, 2010, the portfolio balance stood at US$2,369 million,
representing 95% of the initial portfolio balance.  The reduction
in the portfolio balance led to a decrease of US$130.7 million in
the super senior CDS amount.  The portfolio's weighted average
rating remains broadly unchanged at 'BBB' since the last review,
based on the quarterly report as of October 2008.  The proportion
of sub-investment grade assets on a notional basis has increased
to 9% from 5% in October 2008, yet only 1% of the portfolio is
rated 'B' or lower.  The transaction has registered no credit
event since closing.  CACIB had cancelled a credit event called on
a defaulted loan which was not referenced in the portfolio in July
2008.

With 184 obligations as of 15 January 2010, the portfolio
presented moderate obligor concentration.  The top obligor
exposure increased to 1.8% from 1.0% in October 2008, while the
exposure of the top 10 obligors remained largely unchanged at
10.9% (10.1% in October 2008).  The portfolio did not present
significant industry or country concentration though regionally,
the portfolio was concentrated in the Asia-Pacific region at 55%
of the portfolio balance in January 2010.  Emerging market
concentration was at 14% of the portfolio balance.

The ratings are based on the portfolio's credit risks, the mapping
of CACIB's internal rating scales to Fitch's Long-term ratings
scale for the assessment of unrated loans, the available credit
enhancement in the transaction, the arrangements provided under
the CDS, and the sound legal and financial structure of the
transaction.

The ratings of the notes, Class S to Class F, address the
likelihood of receiving the timely payment of interest and
ultimate repayment of principal by the maturity in April 2012,
following the expiry of the two extension options exercisable in
March 2008 and March 2009.  The rating of the Super Senior CDS
only addresses the probability of a claim under the transaction
and therefore, no LS Rating was assigned to this class.

CACIB is the swap counterparty and the portfolio manager for the
transaction; the swap counterparty trigger is at the ratings of
'A' and'F1'.  Proceeds from the notes issue remain deposited with
CACIB.

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


SOTYING LIMITED: Members' Final Meeting Set for April 20
--------------------------------------------------------
Members of Sotying Limited will hold their final meeting on
April 20, 2010, at 11:00 a.m., at Flat B, 5th Floor, Block 2,
Julimount Gardens, Nos. 8-12 Fu Kin Street, Tai Wai, Shatin, New
Territories, in Hong Kong.

At the meeting, Chan Sing Kwong Joseph, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SUPER AIM: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on March 1, 2010, to
wind up the operations of Super Aim (Holding) Limited.

The company's liquidator is Yuen Tsz Chun Frank.


TEMPLEPATRICK LIMITED: Sung Mi Yin Steps Down as Liquidator
-----------------------------------------------------------
Sung Mi Yin stepped down as liquidator of Templepatrick Limited on
March 19, 2010.


ULHK LIMITED: Wong Chi Kin Steps Down as Liquidator
---------------------------------------------------
Wong Chi Kin stepped down as liquidator of ULHK Limited on
March 19, 2010.


UNIQUE REGION: Huang Qimin Appointed as New Liquidator
------------------------------------------------------
Huang Qimin on March 5, 2010, was appointed as liquidator of
Unique Region Limited.

The liquidator may be reached at:

         Huang Qimin
         No. 99, Lane 4028
         Long Dong Avenue
         Shanghai, Postcode 201201
         China


WARD EASTON: Ha Man Kit Marcus Steps Down as Liquidator
-------------------------------------------------------
Ha Man Kit Marcus stepped down as liquidator of Ward Easton Liang
Limited on March 5, 2010.


WING SAI: Creditors' Proofs of Debt Due April 23
------------------------------------------------
Wing Sai Chong Investment Company Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by April 23, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Au Sze Kung
         Unit B, 15/F., Thomson Commercial Building
         8 Thomson Road
         Wanchai, Hong Kong


=========
I N D I A
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ABIR INFRASTRUCTURE: ICRA Rates INR170MM Cash Credit at 'LBB+'
--------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR170 million cash credit
limit and INR450 million non-fund based limits of Abir
Infrastructure Private Limited.  The rating carries stable
outlook.

The rating takes into account AIPL's limited track record in the
construction industry and its high client and sectoral
concentration risks.  Moreover, AIPL's order book mainly comprises
of a few projects, which exposes it to cash flow risks in case of
time and cost overruns.  The rating also takes into consideration
the relatively high gearing level of  the company, 1.8 times as on
March 31, 2009 (6.8 times after adjusting for mobilization
advances), which limits the financial flexibility of the company.
However, the rating draws comfort from the healthy growth in the
operating income of the company in the past and its experienced
management team.

Abir Infrastructure Private Limited is a private limited company,
promoted by Mr. K. Gnyandeep and Mr. Y. Y. Butchi Babu in 2005.
The company is engaged in the construction activities related to
hydro power projects.  AIPL is currently executing infrastructure
works for two major hydro power projects ? Malana II (100 MW) in
Himachal Pradesh and Teesta III (1200 MW) in Sikkim.


AIR INDIA: Books 19.5% Increase in Sales from Gulf-India Route
--------------------------------------------------------------
Air India recorded 19.5% rise in sales revenue in the Gulf-India
route in the past three months, The Press Trust of India reports,
citing a senior official of the Indian national carrier.

Air India regional manager in the Gulf, Middle East and Africa
Abhay Pathak told PTI that Gulf remains the biggest market for Air
India, and Dubai and Sharjah are emerging as important hubs.

Abhay said the results reflect a rebound in the region's air
travel sector "during this period, the seat factor went up from
71% to 80% which could be achieved due to right sizing."

The Indian carrier operates nearly 200 flights each week in the
region.

                            COO Search

Air India may shortly get an expatriate chief operating officer
(COO) to oversee the turnaround of the loss-making airline,
according to livemint.com.

The Mint, citing a senior government official familiar with the
process, says all five applicants have been shortlisted by the
carrier are expats.  They will be interviewed on March 27.  The
names of the prospective COOs cannot be disclosed because most are
employed with various airlines, the official told the Mint.

According to the report, the COO's mandate is to work with
chairman and managing director Arvind Jadhav to implement a three-
year turnaround plan.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Co. of India Ltd was seeking
INR14,000 crore in equity infusion, soft loans and grants to cope
up with mounting losses.  NACIL is the holding company formed
after the merger of erstwhile Indian Airlines and Air India in
2007.

The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding cash due to excess capacity,
lower yield, a drop in passenger numbers, an increase in fuel
prices and the effects of the global slowdown.  The carrier
incurred net losses of INR2,226.16 crore in 2007-08 and INR5,548
crore in 2008-09.

In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.

The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months, and has been segregated
under operational efficiency, product improvement, organization
building and financial restructuring, the Business Standard said.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.


AIR INDIA: To Sells Bonds for INR7.95 Billion
---------------------------------------------
Bloomberg News reports that Air India plans to sell INR7.95
billion (US$175 million) of bonds as it seeks to combat rising
competition and turn around unprofitable routes.

Air India Chairman and Managing Director Arvind Jadhav told
Bloomberg News in a telephone interview that the air carrier will
sell the bonds to pay for new planes.

According to Bloomberg, two people familiar with the matter said
parent company National Aviation Co. of India Ltd. hired Standard
Chartered Plc to help it sell INR7 billion of 10- year bonds this
month and to help its low-cost Air India Express unit issue INR950
million of similar-maturity notes.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Co. of India Ltd was seeking
INR14,000 crore in equity infusion, soft loans and grants to cope
up with mounting losses.  NACIL is the holding company formed
after the merger of erstwhile Indian Airlines and Air India in
2007.

The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding cash due to excess capacity,
lower yield, a drop in passenger numbers, an increase in fuel
prices and the effects of the global slowdown.  The carrier
incurred net losses of INR2,226.16 crore in 2007-08 and INR5,548
crore in 2008-09.

In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.

The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months, and has been segregated
under operational efficiency, product improvement, organization
building and financial restructuring, the Business Standard said.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.


BANSAL PRECISION: ICRA Reaffirms 'LBB-' Rating on INR30MM Loan
--------------------------------------------------------------
ICRA has reaffirmed the 'LBB-' rating to the INR30 million fund
based limit and the INR51 million term loan program of Bansal
Precision Forge Limited.  ICRA has also reaffirmed the A4 rating
to the INR3.5 million non fund based limits of BPFL indicating
risk-prone credit quality in the short term.

The ratings are constrained by the low scale of BPFL's operations,
the weak financial profile of the company as reflected in high
gearing level and stretched interest coverage indicators owing to
the debt funded capital expansion and working capital intensity of
the business. ICRA also notes BPFL's limited track record in the
sale of forgings components, dependence on highly cyclical M&HCV
industry and high client concentration.  The ratings however
favorably factors in the improved operating margin during FY2009
and also derives strength from the promoters' other lines of
business which are profit-making.

BPFL, supplies forged components to auto component manufacturers
catering to the HCV and MCV segment. BPFL had been promoted by
Mr. Vinod Kumar Bansal and his son, Mr. Vivek Bansal in 2004.
This business apart, the Bansals also own and operate two flour
mills in Karnataka (Bangalore and Mysore); the flour mills have
been operational for the last 30 years.

BPFL has set up a manufacturing facility at Bangalore at a cost of
about INR120 million, which was commissioned in November 2006 and
has an installed capacity of 6000 MT p.a. which was later expanded
to a total of 15000 MT p.a.

BPFL's profit after taxes for FY2009 stood at INR(-7.0) million on
an operating income of INR96.4 million. For FY 2008, BPFL reported
an operating income of INR29.1 million with net profit of
INR(-12.9) million.


BENGAL SHRACHI: ICRA Assigns 'LBB+' Rating on INR950MM Bank Debts
-----------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR950 million of fund
based facilities of Bengal Shrachi Housing Development Limited.
The long-term rating has been assigned a "Stable" outlook.

The rating takes into account BSHDL's satisfactory track record of
project execution, its strong in-house project development
capabilities and synergies derived from its association with West
Bengal Housing Board.  The rating is, however, constrained by
BSHDL's high gearing, high exposure to commercial/retail projects
resulting in high funding requirements, and its diversification
into newer geographies where its ability to compete and execute
projects is yet to be demonstrated.  The rating also take into
consideration the sluggish demand in real estate that poses a
challenge to the company to maintain its sales volumes especially
in its on-going commercial projects, in which a substantial
portion of the area is yet to be booked. Going forward, BSHDL's
ability to maintain its sales momentum in the current real estate
scenario as well as to ensure timely payments from the existing
bookings would be the key sensitive factors.

The real estate development activities of the Shrachi Group
started with the incorporation of Bengal Shrachi Housing
Development Limited, a joint sector enterprise of the West Bengal
Housing Board in 1997.  The objective of BSHDL was to supplement
the efforts of the West Bengal Government to meet the housing
needs in the State.  As on date, BSHDL has completed four
residential projects namely Greenwood Nook, Greenwood Park,
Greenwood Park extension and Greenwood Sonata and one commercial
project ? Block by Block, all in Kolkata aggregating to a total
built-up area of 1.70 million sft.

For the year FY2009, the company registered net sales of INR808.15
million on which, it earned a PAT of INR66.54 million.


D R EXPORTS: ICRA Assigns 'LBB' Rating on INR100MM LT Bank Debts
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating with a stable outlook to the
INR100 million long term fund based limits of D R Exports
International.  ICRA has also assigned an A4 rating to the INR50
million non-fund based short term limits of DREI.

The ratings are constrained by the thin operating margins and
competitive pressures that are inherent in the trading industry;
exposure to commodity price and forex risks and negative operating
cash flows from operations.  Further, the capital structure of the
company has been weak on account of high gearing of 6.03 times as
on February 2010 and low accretion to reserves. Nevertheless, the
rating reflects company's experience in the business of agro-
commodities trading; established relationship with key suppliers
and customers and presence of a diversified pool of commodities to
trade in.

DREI reported a net operating income of INR871 million in FY2009
as compared to INR807 million in FY2008 indicating a growth of 7%.
Operating margins have been low, mostly been in the range of 3-4%.
The net profit margins of the company are low at 0.2-0.4% levels
and the absolute amount of net profits have been low at INR3.8
million in 2008-09.  Accretion to reserves has was lower at 0.8
million because of drawing of capital from the partners. The
return on capital was 10.47% as on March 31, 2009.  The working
capital intensity has been low.  However, with the growth in
revenues in the current financial year, the debt levels have
increased further, and gearing increased from 4.46 times as on
Mar-09 to 6.03 times as on February 2010.  If we were to exclude
the unsecured interest free loans from partners' family and
friends, the gearing would reduce to5.14 times, but still
continues to remain high. ICRA expects the gearing to remain high
and the coverage indicators are to remain low, unless the partners
infuse capital.

D R Exports International is a Government of India recognized two
star trading house.  It is a partnership firm owned by 3 brothers
Mr. Brij Mohan Chawla, Mr. Harish Chawla, Mr. Yudhister Chawla and
is involved in trading of agricultural commodities consisting of
oil meals, grains, edible oils, pulses and spices.


GCL INDIA: ICRA Assigns 'LBB+' Rating on INR83MM Bank Debts
-----------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR83.0 million fund
based bank limits and INR47.0 million term loans of GCL India
Private Limited.  The outlook on the rating is stable. ICRA has
also assigned an A4+ rating to INR10.0 million non fund based bank
limits of GCLIPL.

The ratings take into account GCLIPL's moderate scale of
operations, its low profitability, its relatively high gearing
(Total Debt / Equity)  level of 2.3 times as on March 31, 2009 and
its stretched liquidity profile as evidenced by high working
capital limits utilization.  Further the ratings factors in the
significant planned capital expenditure which is expected to
increase the funding requirements of the company. However the
ratings derive comfort from GCLIPL's experienced management, its
long track record and its established position in the domestic
market.

GCLIPL started its operations in the year 1986 as a partnership
concern in the name of Girish Circular Looms by Mr. Harish B
Kamath who is an engineer by profession.  The firm was later on
converted into a private limited company in the name of GCL India
Private Limited in 1996.  Initially the firm started manufacturing
4 shuttle circular looms for weaving fabrics of Poly Propylene /
Poly Ethylene (PP/PE) tapes under the technology transfer
agreement from M/s Phyllis Co., Taiwan.  Gradually the company
developed several models of circular looms and also widened its
product range. So far the company has been primarily dealing in
circular looms only however recently it has started manufacturing
Extruders also.  The Extruders will be manufactured in technical
collaboration with SIMA Group, Italy.  The company reported net
profit of INR8.39 million on a turnover of INR345.90 million for
FY 2009.


GUJARAT BOROSIL: Fitch Assigns National Long-Term Rating at 'BB'
----------------------------------------------------------------
Fitch Ratings has assigned Gujarat Borosil Limited a National
Long-term rating of 'BB(ind)' with a Stable Outlook.  Fitch has
also assigned 'BB(ind)' to its term loan of INR675 million and
cash credit limits of INR180 million.  Simultaneously, Fitch has
assigned a Short-term rating of 'F4(ind)' to its INR63.6 million
non-fund based working capital facilities.

The ratings reflect the company's long operational track record
and history, with over 16 years in the glass manufacturing
business in India, as well as its well known brand.  GBL
manufactures sheet glass in its manufacturing facility located at
Bharuch, Gujarat, which is used primarily in the construction
industry.  The downturn in real estate affected the demand for
sheet glass in FY09, although it is starting to improve with the
revival in the real estate sector Fitch notes that GBL has
completed an INR1,050 million capex programme to build a low iron
figured glass plant with a capacity of 105 TPD in January 2010.
The project was financed by INR675 million in debt, with the rest
through internal accruals.  The output of the new plant is
targeted towards the photovoltaic cell market, and should boost
the company's EBITDA margins once utilization levels improve.  The
ratings also reflect the company's strong distribution network,
with a pan-India presence.

The ratings are constrained by the volatility in EBITDA margins
due to pricing pressures arising from increased competition and
over capacity in the sector, and the substantial volatility in raw
material prices (including soda ash).  The above factors, along
with the high leverage after the completion of its debt-led capex,
further stretched GBL's credit profile.  The ratings also reflect
the expectation that company's credit metrics will improve from
FY11 onwards, following the anticipated increase in utilization
levels at its new plant.

The agency notes that increased utilization from the new capacity,
along with stabilization in sales and margins from the existing
capacity, leading to an improved liquidity position, could be
positive for the ratings.  Conversely, significant negative impact
from working capital, causing a substantial raise in leverage
levels and/or any greater-than-expected decline in end-market
demand affecting margins, could pressure the ratings.  In
addition, any material support to group companies that impact
credit metrics could also be a negative rating factor.  Less than
expected returns from the capex further delaying the anticipated
improvement in credit metrics could also put pressure on the
ratings.

At end-FY09, GBL reported net sales of INR930.35 million (FY08:
INR822.64 million), total adjusted net debt/EBITDAR of -0.03x
(FY08: -0.3x), EBITDA margin of 14.57% (FY08: 8.8%), and profit
after tax (PAT) margin of 7.3% (FY08:6.8%).  For the nine months
ended December 2009, GBL reported net sales of INR629.5 million
(9MFY09: INR699 million), EBITDA margin of 6.39% (9MFY09:16.7%)
and interest cover of 2.0x (9MFY09:146x).  GBL's liquidity will
likely to remain tight as a result of the expansion programme;
however, over the long-term its capex programme is expected to
improve its business profile.


LAXMI SOLVEX: ICRA Places 'LBB-' Rating on INR230MM Term Loans
--------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR230.0 million term
loans and the INR1075.0 million fund based facility of Laxmi
Solvex, a division of Laxmi Ventures (India) Limited.  ICRA has
also assigned a short term rating of A4 to the INR125.0 million
fund based limits and the INR500.0 million non-fund based limits
of LS.

In arriving at the ratings, ICRA has taken a consolidated view of
Laxmi Ventures (India) Limited given that Laxmi Solvex is a
division of the former.  The other significant division of LVIL is
the Hotel division consisting of one hotel property (Rama
International Hotel) in Aurangabad.  The ratings reflect the
inherently low profit margins, the high competitive intensity and
fragmentation in the edible oils industry; vulnerability of
profitability of domestic players to import threat, volatility in
global edible oil prices and duty differential; large proportion
of sales being derived from low margin trading business;
vulnerability of profitability to currency fluctuations;
uncertainty due to struggle for control among the members of the
promoting family and the company's weak financial profile as
reflected in its high gearing levels.  However, ICRA takes note of
the considerable experience of the company promoters in the edible
oils business; favorable prospects for soya bean oil due to its
easy availability in India and competitive pricing compared to
most other edible oils; location advantage arising from its
presence in the oil seed growing belt; and the overall favorable
demand prospects for soya bean oil and soya de-oiled cake, the
company's main products.  The ratings also reflect the negative
outlook for the hotel division over the medium term as a direct
fallout of the economic slowdown even though tie-up with ITC
Welcome Group imparts brand recognition, superior management
expertise and access to global reservation system.

Laxmi Ventures (India) Limited was incorporated in 1980 in the
name of Laxmi Distributors Pvt. Ltd.  The company is promoted by
the Anil Agarwal and Sunil Agarwal families.  The Anil Agarwal
family holds majority stake in LVIL while the Sunil Agarwal family
holds minority stake. The company initially took up the
distributorship of cigarettes for ITC Ltd.  The company purchased
the Rama International hotel property at Auranagabad in 1984. In
1994 the company set up a Soya crushing plant and a refinery under
a new division called Laxmi Solvex at Dewas in the state of Madhya
Pradesh. Laxmi Solvex division manufactures and sells crude and
refined soya bean oil and de-oiled cake.  The division is also
engaged in the trading of soya de-oiled cake, soya seed, maize,
mild steel billet etc.


MAESTRO FASHIONS: ICRA Assigns 'LBB+' Rating on INR35MM Term Loans
------------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the Rs.35 million term loans
and INR70 million fund based facilities of Maestro Fashions.
The outlook on the long term rating is stable. ICRA has also
assigned A4+ rating to the INR5.00 million short term non fund
based facility of MF.

The rating reflects MF's moderate scale of operations, its high
geographical & customer concentration and its exposure to raw
material price fluctuations and foreign exchange fluctuations.
The rating also takes into account the fragmented nature of the
textile industry characterized by intense competition from
organized and unorganized sector.  However, the assigned rating
favorably factors in the promoter's experience in the textile
industry, the locational advantage of the firm due to its presence
in Tirupur, a major hub for Knitted and Woven garments and the
comfortable liquidity profile of the firm.

Maestro Fashions is a proprietary concern established in the year
1993 by Mr. Atul A. Ruparelia.  The firm is in the business of
export of readymade garments (Kids wear & Women's wear), primarily
to European countries.  The firm has manufacturing facilities at
Tirupur and Bangalore.  Bangalore facility was started in March
2007, and at present manufacturers 60% of the firm's total output.


N. K. PROTEINS: ICRA Rates INR1.0 Billion Bank Debts at 'LBB'
-------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the proposed INR1000.0
million fund-based limits of N. K. Proteins Limited.  The proposed
cash credit facility includes sub limits (EPC) of INR400.0
million, which have been rated on a short term scale at A4.

The ratings take into account the highly competitive nature of the
edible oil industry with increasing presence of large players and
multinationals in the branded segment; the vulnerability of the
company's profitability to the customs duty differential between
crude and refined oil, raw material price fluctuations and the
climatic risks associated with procurement of indigenous oilseeds.
The ratings also take note of number of auditor qualifications
implying less than adequate management information systems and
significant contingent liability of INR1189.9 million relating to
sales tax matter.  However, the appellate tribunal hearing the
sales tax cases has remanded them back to the assessing officer
for fresh assessment.  Moreover, based on the legal opinion sought
by the company the tax liability in respect of this matter is
likely to be lower.  ICRA shall review the ratings if material
contingent liabilities were to finally devolve on the company.
ICRA also notes that the group company N. K. Industries Limited is
a sick company registered with Board for Industrial & Financial
Restructuring (BIFR) since 1999 which has restricted the financial
flexibility for NKPL in terms of availing working capital
facilities from banks.  Further the ratings are constrained by the
inherently low margins in this line of business; concentration of
product portfolio on cottonseed oil within edible oil segment and
limited brand recognition at the national level.

The ratings however consider the long track record of the
promoters in this line of business, well established retail
presence with almost 97% of sales of the edible oil segment being
derived from branded products and strong market position of NKPL
in the cottonseed oil segment (61% market-share in Gujarat) and
castor oil exports (more than 25% market share for exports).  The
ratings also consider the favorable growth prospects for the
edible oil market in India, locational advantage arising from the
proximity to ports as well as oilseed growing belts and low
gearing leading to comfortable coverage indicators.

N. K. Proteins Limited was incorporated in March, 1992 as ?Maruti
Proteins Ltd'. Later, it changed its name to N K Proteins Ltd in
February, 1993.  The Company is promoted by Mr. Nimish Patel & Mr.
Nilesh Patel. It is engaged in the business of refining edible
oils viz, Cotton Seed Oil, Palmolein, Sunflower Oil, Groundnut Oil
and Vegetable Oils including trading in edible / non - edible
oils.  However, its product portfolio is concentrated towards
cottonseed oil, which contributed 54% to the turnover in FY 09 and
castor oil with 35% of the sales in FY 09. It has a refining plant
with a capacity of 450 Tonnes per Day (TPD) located at Kadi,
Gujarat. It has also installed fractionation capacity of 250 TPD
which began commercial production from November, 2009.  Apart from
the above, NKPL also utilizes additional capacities on jobwork
basis.   During the 6 months ended September 30, 2009, NKPL
recorded operating income of INR6206.8 million with profit after
tax of INR78.6 million.


NEOGAL POWER: ICRA Assigns 'LBB' Rating on INR186.4MM Term Loan
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR186.4 million term
loan program of Neogal Power Company Private Limited.

The LBB rating favorably factors in the advanced stage of
construction of the 4.5 MW pure run of the river hydro power
project on Neogal Khad at Himachal Pradesh and  the past
experience of the main promoter, Subhash Projects and Marketing
Limited,  (SPML, rated at LBBB-/A3 by ICRA) in the development and
operation of hydro power projects.  The rating also factors in the
substantial energy deficit in Northern India which coupled with
the signing of a 40-year PPA with Himachal Pradesh State
Electricity Board (HPSEB) (for 3 out of 4.5 MW) at competitive
rates results in limited demand risks.  Funding arrangements to
the extent of the original project cost of INR306.2 million are
besides in place, with a substantial portion of the equity
contribution of INR119.8 million having been infused and the debt
of INR186.4 million being tied up.

The project's eligibility for a capital subsidy as well as the
possible upside from the sale of the balance 1.5 MW at merchant
tariffs are, besides, other factors considered while assigning the
rating.  The rating is however constrained by the ongoing delays
in the implementation of the project and the consequent increase
in the project cost necessitating additional equity contribution
by the promoters.  Further, debt repayments are scheduled to
commence in June 2010 against a revised scheduled project
commissioning of August 2010. As such, the ability of the
promoters to infuse additional funds in a timely manner to meet
both the cost overrun as well as debt repayments would be a
critical rating driver.  ICRA also notes that the terms of the PPA
with HPSEB afford Neogal Power limited protection against low
water availability given the single-part tariff structure and the
absence of a deemed generation clause, which would result in
considerable variability in revenues in line with variability in
annual water flows. In such an event, the ability of the project
sponsors to infuse additional funds would critically impact Neogal
Power's debt servicing ability. While ICRA draws some comfort from
the relatively stable cash accruals in Subhash Kabini Power
Corporation Limited, the liquidity strain in SPML coupled with the
Group's future investment plans in hydro power/other sectors may
affect Subhash Kabini/SPML's ability to infuse any such additional
equity.

Neogal Power is an SPV promoted by SPML Group for the development,
operation and maintenance of a 4.5 MW pure run of the river hydro
power project in Kangra District, Himachal Pradesh.  The 40-year
concession granted by the Government of Himachal Pradesh (GoHP)
expires in November 2042. The original cost estimate for the
project was at INR306.2 million to be funded by debt of INR186.4
million and equity of INR119.8 million.  The project is expected
to be commissioned in August 2010 (physical progress of 90% till
date) against a scheduled project commissioning date of March
2010. As such, the final project cost is expected to be higher
than the scheduled project cost. Of the total capacity of 4.5 MW,
3 MW has been contracted to HPSEB under a 40-year PPA expiring in
November 2042.  Neogal Power is held by SPML (51% holding),
Subhash Kabini (40% holding) and SPML Energy Limited (8% holding).
Subhash Kabini is operating a 20 MW hydro power project over the
river Kabini in Karnataka since 2003.


RAJU SPINNING: ICRA Assigns 'LBB' Rating on INR290.8MM Term Loans
-----------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR290.8 million term loans,
INR160.0 million fund based facilities and INR7.2 million long
term non fund based facilities of Raju Spinning Mills Private
Limited.  The outlook on the long term rating is stable. ICRA has
also assigned A4 rating to the Rs.30.0 million short term fund
based facility and INR50.0 million short term non fund based
facility of RSMPL.

The assigned ratings incorporate RSMPL's weak financial profile
characterized by high gearing, stretched coverage indicators and
falling profitability and return indicators owing to high
depreciation charges and  interest cost on account of debt  funded
capital expenditure.  Further RSMPL's moderate size of the
operations and the commoditized nature of the cotton yarn business
limit the pricing power of the company in a highly fragmented
industry.  However, the assigned ratings take into account the
Promoter's experience in the textile industry and the company's
existence in a niche segment of value added yarn which is likely
to provide better realization.

Raju Spinning Mills Pvt Ltd was incorporated in the year 1983 to
set up a cotton yarn spinning mill.  The company is closely held
by the promoters and the promoters' family.  The company
has also installed four wind mills in Tirunelveli district with a
total capacity of 5 MW and the power generated from the mills are
being used for captive consumption for their cotton yarn
manufacturing unit.

The company has state of art facility at Rajapalayam, Tamil Nadu
with two spinning units. Spinning Unit-A was started in the year
1984 with the capacity of 4000 spindles, which has been gradually
increased to 20,332 spindles.  The spinning Unit-B was started in
1994 with the present capacity at 39,600 spindles.  The
manufacturing unit has 1000 employees working in three shifts.
RSMPL modernized its units under TUF scheme amounting to a total
installed capacity of 59,932 spindles.

The company manufactures carded and combed yarn ranging from 20 to
100 counts in hank and cone form.  However, the product mix of
RSMPL is dominated by yarns ranging from 61-80 counts.

The company has recorded a net profit of INR6.2 million on an
operating income of INR596.2 million for the year ending
March 31, 2009.


RASHI GRANITE: ICRA Reaffirms Rating on INR7MM Debt to 'LBB'
------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating to the INR7 million fund
based limit and INR2.4 million non-fund based limit of Rashi
Granite Exports India Private Limited.  ICRA has also reaffirmed
the A4 rating, indicating risk-prone credit-quality, to the INR40
million fund based limit and INR37.5 million non-fund based limit.
The outlook on the rating is stable.

The ratings are constrained by RGEIPL's low scale of operations,
fragmented nature of intensely competitive granite processing
industry resulting in continued pressure on profitability levels
of the company.  Also, RGEIPL being 100% export oriented unit
(EOU) is exposed to any adverse movements in exchange rates in
terms of added pressure on revenues and profits. However, the
ratings draw comfort from RGEIPL's established track record in the
granite processing industry and conservative capital structure
with low gearing supported by reduced working capital intensity.

RGEIPL, promoted by Mr. R. K. Kandoi in 2001, is a 100% EOU
engaged in the business of processing and exporting of granite
products. With a processing capacity of over 205,000
sqm per annum, RGEIPL procures rough blocks from quarry owners,
processes the same and exports its entire production. Mr. R. K.
Kandoi is also a promoter of "Rashi Granites", a sister concern,
and has almost three decades of experience in granite industry.

RGEIPL's profit after taxes for FY2009 stood at INR12.2 million on
an operating income of INR244.6 million. For FY 2008, RGEIPL
reported an operating income of INR203.4 million with net profit
of INR16.6 million.


REGENT BEERS: ICRA Puts 'LB' Rating on INR135 Mil. Bank Facilities
------------------------------------------------------------------
ICRA has assigned 'LB' rating to the INR135 million bank
facilities of Regent Beers and Wines Limited.

The assigned rating reflects recent delays in debt servicing by
RBWL.  The company's financial flexibility has been constrained by
stretched cash flows and high working capital utilization. Being a
recent start-up the scale of operations for the company is small
and suffered net losses in 2008-09.

RBWL's sales remain susceptible to seasonal variations in demand
and decrease in the number of retail outlets owned by the
promoters.  The industry is highly regulated, attracts high duties
and taxes and remains vulnerable to changes in state policies
governing sale and pricing of alcohol products.  The rating
however takes in to account the experience of the promoters in the
liquor trade business and strong push for RBWL's brands through
the outlets owned by them. RBWL has assured volume off-takes for
the bottling operations it does for Inbev India International
Limited (Inbev). Further, the company's modern facilities would
help gain additional contract manufacturing business and improve
its capacity utilization.

RBWL was incorporated in 1997 with the objective of manufacturing
beer in India.  While the company had acquired a license for
producing Beer in Madhya Pradesh (M.P), RBWL was lying dormant
till 2006.  In August 2006, Mr Ramesh Chand Rai and Mr Rakesh
Singh Gautam took over the company from its earlier promoters with
a view of backward integrating- from being alcohol retailers to
producing beer as well.  Both the promoters of RBWL- Mr Rai and
Gautam have considerable experience in the liquor trade business
and have retail outlets in Madhya Pradesh, Uttar Pradesh etc. The
brewery of RBWL is located at Maksi which is at a distance of 70
km from Indore.


SITI ENERGY: ICRA Assigns 'LB+' Rating on INR216.5MM Term Loans
---------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR216.5 million term
loans and the proposed INR160.9 million term loans of Siti Energy
Limited.  ICRA has also assigned an A4 rating to INR30 million non
fund based limits of SEL.

The ratings are constrained by the delay in the full scale
commencement of SEL's city gas distribution business, project
implementation risks because of limited track record of its
promoters in this business and high concentration of sales in the
industrial segment going forward making the company vulnerable to
competition from other gas suppliers once the five year marketing
exclusivity period is over.  Further the liquidity position of the
company has been tight on account of delays in startup of the
project, leading to delays in servicing debt.  The ratings however
positively factor in the new regulations under PNGRB act as per
which incumbents will enjoy monopoly with regard to network
provision further supported by attractive return on capital
employed and favorable outlook for demand due to the price
differential between gas and alternate fuels especially
considering the high level of industrialization and severe power
shortages in the company's marketing area.

Siti Energy Limited, a Public Limited Company was incorporated in
2005 with the objective of implementing City Gas Distribution
(CGD) Projects for various users in the Industrial, Commercial,
Automotive and Domestic Segments.  The company is developing a CGD
Project in Moradabad in the state of Uttar Pradesh on develop,
finance, construct, operate, own and maintain basis. The promoters
of the company are Mr. Laxmi Narain Goel and Mr. Subhash Chander
Aggarwal, the promoters of Essel & Action Group respectively. The
Essel Group has a diverse business interests, encompassing media
programming, broadcast and distribution, specialty packaging,
entertainment, telecom and trading.  The Action Group is involved
in the businesses of footwear manufacturing, chemicals and
plasticizers, moulded furniture, computer peripherals and
software, invertors and batteries and real estate development. The
company is closely held by the members of the Laxmi Narain Goel
and the Subhash Chander Aggarwal families.


SRI ANJANEYA: Delay in Loan Payment Cues ICRA to Cut Ratings
------------------------------------------------------------
ICRA has revised the rating of the INR31.6 million term loans and
the INR200 million cash credit facilities to LB+ from LBB+ of Sri
Anjaneya Agrotech Private Limited.

The revision in rating reflects the current delays in servicing of
bank facilities; declining revenue and thinner profitability
margins, strained liquidity position and highly leveraged capital
structure of SAAPL.  The rating is also constrained by intense
competition from larger and well-established players in the
branded segment; brand equity potential limited by small scale of
operations, and threat from cheaper substitutes particularly palm
oil.  The rating is also affected by the limited market
penetration and exposure to cyclicality of feedstock leading to
constraints in passing cost variations to the customers, weak
profitability in the oil processing business with low value
addition and the current negative free cash flows and high
interest cost burden of SAAPL.  The rating, however, factors the
increasing concentration of the company in branded sales of rice
bran oil (RBO), favorable prospects for RBO owing to its
significant health benefits and easy availability in India and
competitive pricing as compared to other edible oils such as
soybean or sunflower oil.

Sri Anjaneya Agrotech Private Limited was incorporated in October
2001 as a private limited company by the Anjaneya Group of
Companies (AGC).  The company commenced operations in 2003 as a
solvent extraction plant at Davangere in Karnataka for sunflower
and rice bran and selling crude edible oil to refineries for
further value addition.  The first solvent extraction unit with a
capacity of 200 tpd commenced operations in October 2003.  The
company expanded its capacity to 500 tpd with the commissioning of
its second unit in October 2004. It set up a refinery unit in
December 2005 for whole-sale distribution of RBO with an installed
capacity of 90 tpd.  In March 2006, the company forayed into
packaging and retail marketing of refined RBO in Karnataka under
the  brand  name  of Akshath.  Currently, the company's equity is
mainly held by the promoters of AGC.


WOCKHARDT LTD: Overseas Lenders May File Claims on Indian Assets
----------------------------------------------------------------
The Economic Times reports that offshore lenders to Wockhardt
Ltd's Swiss subsidiary may file claims on some of the parent's
assets in India.

According to the report, the parent Wockhardt India is the
guarantor for the US$250 million borrowed by Wockhardt EU
Operations (Swiss) AG, and the banks have pari-pasu charge on some
of Wockhardt India's assets in India.

Under a pari-pasu provision, says the ET, the overseas lenders
have equal rights as the banks and lenders to Wockhardt India have
on some of Wockhardt's assets spread across Daman, Gujarat and
Himachal Pradesh.  These assets are also security for separate
loan raised by Wockhardt India, the report notes.

The report says the Indian offices of some of the offshore
creditors have exposure to Wockhardt India.  According to the
report, the banks have already moved the Bombay High Court to
recover their money. "Under the circumstances, the foreign banks
can move the Swiss court as well as file a separate winding
petition in the Bombay HC," a person familiar told the ET.

The Economic Times adds that the Swiss subsidiary, which defaulted
on the loan last month, is yet to sort out the issue with the
foreign lenders.

                       About Wockhardt Limited

Wockhardt Limited (WL) is an India-based pharmaceutical company.
The Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited. The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World. The
Company's subsidiaries includes Wockhardt Biopharm Limited, Vinton
Healthcare Limited, Wockhardt Infrastructure Development Limited,
Wockhardt UK Holdings Limited, CP Pharmaceuticals Limited, Wallis
Group Limited, The Wallis Laboratory Limited, Wallis Licensing
Limited, Wockhardt UK Limited, Wockhardt France (Holdings) S.A.S.,
Girex S.A.S., Niverpharma S.A.S., Laboratoires Negma S.A.S., DMH
S.A.S., Phytex S.A.S., Scomedia S.A.S. and Mazal Pharmaceutique
S.A.R.L. In August 2009, the Company completed the divestment of
its Animal Health Division to Vetoquinol, France.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 17, 2009, Fitch Ratings downgraded Wockhardt Limited's
National Long-term rating to 'D' from 'C(ind)'.  Fitch
simultaneously downgraded Wockhardt's long-term debt instruments:

  -- INR2,000 million long-term non-convertible debenture
     program downgraded to 'D' from 'C(ind)'

  -- INR2,500 million long-term loans and INR2,500 million
     non fund-based cash credit facilities downgraded to 'D'
     from 'C(ind)'

The rating of Wockhardt's INR1,450 million non fund-based limit
was downgraded to 'F5(ind)' on April 8, 2009.


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


ANEKA TAMBANG: Seeks US$325-Mil. in Loans to Finance Expansion
--------------------------------------------------------------
The Jakarta Globe reports that PT Aneka Tambang is seeking to
borrow up to US$325 million to finance its expansion plans as the
economy recovers and demand for commodities grows.

According to the report, Antam President Director Alwin Syah
Loebis said it was in talks with the Japan Bank for International
Cooperation and other banks.

"We expect to be able to borrow up to US$325 million," Alwin told
the Jakarta Globe.

The Globe relates Bimo Budi Satriyo, corporate secretary of Antam,
said most of the loans would be used to provide financial support
for its Tayan alumina processing plant. Money would also be
allocated to its Cibaliung gold project and the Pomalaa power
plant, he said.

                           About PT Antam

PT Aneka Tambang Tbk (JAK:ANTM) -- http://www.antam.com/-- is an
Indonesia-based diversified mining and metals company.  The
Company is engaged in the mining of natural deposits,
manufacturing, trading, transportation and other related
activities.  The Company undertakes activities from exploration,
excavation, processing to marketing of nickel ore, ferronickel,
gold, silver, bauxite and iron sands.  Its nickel operations are
located in Southeast Sulawesi and North Maluku, its gold mine is
in Pongkor in West Java, while its precious metal refinery is in
Jakarta, its bauxite mine is in Riau province and its iron sands
mine is in Central Java.  Its largest bauxite deposit is located
at Tayan, West Kalimantan and its largest nickel deposit is at
Buli, North Maluku.

                           *     *     *

The company continues to carry Moody's Investors Service 'Ba3'
long-term corporate family rating.  It also carries S&P's 'B+'
ratings on long-term foreign and local issuer credit.


BANK NEGARA: Expects to Raise Up to IDR6.6 Tril. From Stock Sale
----------------------------------------------------------------
ANTARA News reports that State Enterprises Minister Mustafa
Abubakar said Bank Negara Indonesia is expected to raise up to
IDR6.6 trillion through a rights issue of 16.36% of its shares.

The report relates Mustafa said the government now controlled
76.36% of BNI shares.  Many had suggested that the government
reduce its stake in the bank to 60% and sell the remaining 16.36%
to the public, ANTARA News notes.

"We will try to ensure that it will take place this year.  About
whether or not it can materialize in the first quarter of 2010 we
must look at the process," the news agency quoted Mustafa as
saying.

To conduct the rights issue a number of government regulations
including those on negative investment list and restriction on
government shareholdings still had to be revised, he said.

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
December 8, 2009, Fitch Ratings upgraded PT Bank Negara Indonesia
Tbk's National Long-term rating to 'AA(idn)' from 'AA-(idn)', and
the Individual rating to 'C/D' from 'D'.   At the same time, the
agency affirmed the bank's Long-term foreign and local currency
Issuer Default Rating at 'BB', Short-term foreign currency IDR at
'B', Support '3' and Support Rating Floor at 'BB-'.  The Outlook
is Stable.


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


TOPSPIN MEDICAL: Kost Forer Raises Going Concern Doubt
------------------------------------------------------
On March 23, 2010, Topspin Medical, Inc., filed its annual report
on Form 10-K for the year ended December 31, 2009.

Kost Forer Gabbay & Kasierer, in Tel Aviv, Israel, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that in the last
quarter of 2008, the Company terminated the employment of most of
its employees and suspended its operational activities and that,
in addition, the Company has incurred losses in the amount of
NIS 1,676,000 during the year ended December 31, 2009, and has an
accumulated deficit in the amount of NIS 182,117,000 as of that
date.

The Company reported a net loss of NIS 1,676,000 (roughly
US$426,181) for the year ended December 31, 2009, compared to a
net loss of NIS 20,150,000 (roughly US$5,616,255) in 2008.  The
Company did not have any revenues in 2009 or 2008.

The Company's balance sheet as of December 31, 2009, showed
NIS 1,312,000 in assets and NIS 2,488,000 of debts, for a
stockholders' deficit of NIS 1,176,000.

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

                http://researcharchives.com/t/s?5c18

Based in Givataim, Israel, TopSpin Medical, Inc. was until
October 2008, when activities were suspended due to financial
considerations, engaged through its wholly-owned Israeli
subsidiary, TopSpin Medical (Israel) Ltd., in the design,
research, development and manufacture of imaging devices that
utilize MRI technology by means of miniature probes for various
body organs.


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


JAPAN AIRLINES: Has Stipulation on Stay of Anti-Trust Suits
-----------------------------------------------------------
Between 2006 and 2008, various plaintiffs commenced certain
antitrust class actions against Japan Airlines Corp. and its
debtor affiliates and certain other defendants, which actions
collectively have been transferred by the United States Judicial
Panel on Multidistrict Litigation to courts in the Eastern
District of New York and Northern District of California and
currently are titled on their JPML dockets as: (a) In re Air Cargo
Shipping Services Antitrust Litig., Case No. 06-MD-1775 (JG) (VVP)
(E.D.N.Y. June 20, 2006); (b) In re Transpacific Passenger Air
Transportation Antitrust Litig., Case No. M:08-cv-01913-CRB (N.D.
Cal. Feb. 19, 2008); (c) In re Air Cargo Shipping Services
Antitrust Litigation, Case No. 1:06-md-01777 (E.D.N.Y.); and (d)
In re Transpacific Passenger Air Transportation Antitrust
Litigation, Case No. 07-cv-05634 (N.D. Cal.).

The order recognizing the Debtors' Japan Proceeding as a foreign
main proceeding pursuant to Chapter 15 of the Bankruptcy Code (a)
applies the automatic stay of Section 362 of the Bankruptcy Code
with respect to the Debtors and the property of the Debtors in the
territorial jurisdiction of the United States; and (b) enjoins all
persons and entities from commencing or continuing any judicial,
administrative or any other action or proceeding involving or
against the Debtors or their assets or proceeds thereof that are
located in the United States.

Certain of the Debtors' co-defendants in the Multidistrict
Litigation have filed pleadings or stated on the record in one or
more of the Antitrust Actions that the Recognition Order enjoins
the Plaintiffs from continuing the Antitrust Actions against the
Debtors and the Co-Defendants.

Accordingly, Eiji Katayama, Esq., the foreign representative of
the Debtors, and the Plaintiffs entered into a stipulation to
clarify the scope of the stay and injunction with respect to the
Antitrust Actions to permit the Plaintiffs to continue to
prosecute the Antitrust Actions against the Co-Defendants, but not
against the Debtors in any respect, and agree to all other terms
and provisions contained in the Stipulation.

The Parties acknowledge and agree that the stay and injunction
provided in the Recognition Order enjoin all persons and entities
from commencing or continuing, including the issuance or
employment of process of, any judicial, administrative or any
other action or proceeding against the Debtors or their assets or
proceeds thereof that are located in the United States, or to
recover a claim or enforce any judicial, quasi-judicial,
regulatory, administrative or other judgment, assessment, order,
lien or arbitration award solely against the Debtors or their
assets or proceeds thereof that are located in the United States.

Moreover, the Parties acknowledge and agree that the stay and
injunction do not prohibit the Plaintiffs from commencing or
continuing, including the issuance or employment of process of,
any judicial, administrative or any other action or proceeding
against any Co-Defendant or any Co-Defendant's assets or proceeds
thereof and to recover a claim or enforce any judicial,
quasijudicial, regulatory, administrative or other judgment,
assessment, order, lien or arbitration award against any Co-
Defendant or any Co-Defendant's assets or proceeds thereof;
provided that with respect to any actions or proceedings involving
the Debtors, no actions of any kind may be taken against the
Debtors or their assets or proceeds thereof, in any respect.

Accordingly, the Parties ask the Court to approve the Stipulation.

The Court will consider the Stipulation on March 30, 2010 at 10:00
(Eastern Time).

                          Objections

(a) Cargo Antitrust Litigation Defendants

The defendants in the Cargo Antitrust Litigation assert that the
language in the February 17 Injunction Order is clear.  Indeed,
the Defendants argue, relying on the Court's stay of all
proceedings "involving or against" Japan Airlines, the Court of
Appeals for the Second Circuit stayed the indirect purchasers'
appeal in the Cargo Antitrust Litigation as to all parties.

Counsel for one of the defendants, Cathay Pacific Airways, Ltd.,
David H. Bamberger, Esq., at DLA Piper LLP (US), in Washington,
D.C., says the order required appellants to inform the Court of
Appeals, in writing, as to the status of the bankruptcy stay.  No
further action has occurred in the appeal, suggesting that all
parties understood the Court of Appeals' order applies to all
parties, not just Japan Airlines, he notes.

Mr. Bamberger relates that counsel for the cargo plaintiffs was
present at the January 19, 2010 hearing, where counsel for the
passenger plaintiffs told the Court that the "involving or
against" language would stay the Passenger antitrust lawsuit in
its entirety.

The same analysis applies to the Cargo Antitrust Litigation, Mr.
Bamberger avers.  Despite the Court's instruction to plaintiffs
that, if they wished to object to the scope of the Injunction,
they do so at the January 28 hearing, plaintiffs chose not to do
so, he asserts.  Thus, plaintiffs in the Cargo Antitrust
Litigation can claim no error of fact or law or manifest injustice
that would allow for reconsideration of the language of the
Injunction, Mr. Bamberger argues.

Accordingly, the Defendants ask the Court to reject plaintiffs'
and JAL's Stipulation and Agreed Order, and leave the February 17
stay in place.

(b) Passenger Antitrust Litigation Defendants

Counsel for one of the defendants in the Passenger Air
Transportation Antitrust Litigation, Singapore Airlines Ltd.,
William R. Sherman, Esq., at Latham & Watkins, LLP, in Washington,
D.C., says that the February 17 injunction is clear on its face,
plaintiffs themselves told the Court that they knew the words
"involving or against" would stay the consolidated multidistrict
antitrust lawsuit in its entirety, and Japan Airlines thereafter
requested that the Court enter that same language as a preliminary
injunction and a permanent injunction.

Thus, plaintiffs and JAL are not seeking a "clarification," but
rather an untimely and unjustified reconsideration and
modification of the Injunction.

Mr. Sherman relates that in a mysterious union of opposing
interests, plaintiffs and Japan Airlines ask the Court to allow
the Passenger Antitrust Litigation to proceed while, at the same,
requesting that the Court continue to enjoin all parties from
employing judicial process against Japan Airlines.  That
modification would, if adopted, deprive defendants in the
Passenger Antitrust Litigation from obtaining crucial evidence
from Japan Airlines, Mr. Sherman avers.

According to Mr. Sherman, plaintiffs have obtained information
from Japan Airlines, which they have used to construct their
Consolidated Amended Complaint.  Indeed, the CAC pegs JAL as the
central figure in the alleged conspiracy.

Mr. Sherman says that were the Court to modify the stay as
plaintiffs and Japan Airlines desire, the defendants would be
forced to litigate the antitrust case without access to the
evidence on which plaintiffs have concededly based their claims,
and without access to discovery from Japan Airlines that could
undermine the inferences plaintiffs seek to draw from Japan
Airlines documents they have selectively relied upon.

To avoid that unjust outcome, Mr. Sherman argues that the Court
should reject the modifications contained in the Stipulation, and
should leave the existing injunction in place.

In a letter addressed to the Court on March 17, 2010, All Nippon
Airways, Ltd., and Continental Airlines, Inc., relates that they
are also defendants in the Passenger Antitrust Litigation.

ANA and Continental said they participated in the drafting of the
Objection, but their names were accidentally omitted from the
Objection.  Accordingly, ANA and Continental informed the Court
that they join in the Objections.

                      About Japan Airlines

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

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

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

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


JAPAN AIRLINES: Aims to Return to Profitability by Autumn
---------------------------------------------------------
Kazuo Inamori, chairman of Japan Airlines Corp., said he aims to
return the carrier to profitability on a monthly basis by the
autumn, as he lashed out at the firm's corporate management.

In a joint press conference in Tokyo held on March 17, 2010,
Mr. Inamori labeled the airline's managers as unfit "to run a
greengrocery," adding that the former state-run carrier had become
gloomier since taking his post but pledged to "work to achieve
recovery at any cost."

"I'm fully confident that we can make the international operation
profitable.  If we can't, there won't be any reason for JAL's
existence . . . Maintaining international routes, we will achieve
revival," The Straits Times quoted Mr. Inamori as saying.

Mr. Inamori was nominated by the government to replace Haruka
Nishimatsu, who stepped down as head of the ailing airline on
January 20.

Mr. Inamori also mentioned that JAL will likely forgo hiring of
new employees for spring 2011 as it undergoes rehabilitation,
Japan Today said.  Mr. Inamori also emphasized that the carrier
will turn itself around while keeping its international routes,
even though they have been seen as a drag on its loss-making
operations, the report added.

JAL's president and chief operating officer Masaru Onishi said the
company may discard its cargo flights as part of the
restructuring, but would continue its cargo business by shipping
goods on passenger planes.

                      About Japan Airlines

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

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

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

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


JAPAN AIRLINES: Offers Early Retirement to Pilots
-------------------------------------------------
Japan Airlines Corp. offered an early retirement program for
pilots as part of its downsizing plans for rehabilitation under
court protection from creditors, The Japan Times reported.

According to the news, in the first early retirement program for
pilots since its integration with Japan Air System Co. in 2002,
JAL will accept voluntary retirement applications from pilots aged
35 and over from March 18 through April 16, 2010.

JAL is attempting to sell 49 aging planes to major trading houses
and overseas leasing companies, reports said.  JAL must deal with
an excess of pilots given the likelihood that it will stop
operating midsize McDonnell Douglas MD-90 and other jets,
AsiaPulse News says.

Japan Airlines Corp. also said it will start soliciting early-
retirement applications on March 18, 2010 from rank-and-file
employees and midlevel managers aged 35 and older at its key
flight-services arm, Japan Airlines International Co.

The Japan Times said the move is part of JAL's program to
eventually eliminate 15,700 jobs, or about 30% of its group
workforce, by the business year through March 2013 as it aims to
turn itself around under a government-supervised rehabilitation
process.

The Japan Times adds that JAL will solicit 2,700 applications from
employees at its group firms, including 1,700 at Japan Airlines
International, on March 1.

JAL officials said the airline expects to reduce its personnel
expenses by JPY18 billion in fiscal 2010, which begins April 1,
the report reveals.

         Early Retirement Could Change Air Transport
                     Industry Landscape

The early retirement of a substantial number of Japan Airlines'
pilots could change the landscape of the air transport industry in
Japan, according to the Center for Asia Pacific Aviation.

According to the report, Japanese cockpit crew has always been in
short supply and many carriers have had to hire non-Japanese crew
on contracts.

The report relates that training pilots to commercial airline
standards is costly and takes time.  A ready supply of qualified
crew -- holding licenses issued by the Japan Civil Aviation Bureau
-- is a chance that some airlines, and would-be airlines, in Japan
will not want to miss.

However, the Center for Asia Pacific Aviation says, many of JAL's
senior pilots have sole experience on the previously prestigious
B747, as JAL has a direct career path to first officer on the four
engine B747s.  The carrier still has 37 Boeing B747-400s in
service, but has said it will retire all of these within the next
two years.

The report says this will make the restructuring interesting, to
estimate which of the more readily adaptable JAL Group cockpit
crew with B737, B767 and B777 twin engine experience will feel it
better to take the voluntary package.

Some JAL competitors are thought to be making plans to approach
JAL crew members who may take the early retirement program.

The Center for Asia Pacific Aviation avers that this sort of
opportunity with a scarce resource as experienced pilots does not
come often in Japan and, as JAL is forced to cut back on costs,
the timing for new entry or expansion is ideal.

                      About Japan Airlines

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

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

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

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


L-JAC FIVE: S&P Puts Note Ratings on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on classes A to E-1 and classes
F-1, G-1, and H-1 issued under the L-JAC Five Trust Beneficial
Interest transaction.  At the same time, S&P affirmed the ratings
on six other classes of trust certificates issued under the same
transaction.

In October 2009, S&P lowered its assumptions with respect to the
likely recovery amount from the properties backing two of the
transaction's defaulted underlying loans (representing a combined
28.2% or so of the total initial issuance amount of the trust
certificates) and three underlying "loans considered to be in
default" (representing a combined 10.2% or so of the total initial
issuance amount of the trust certificates), which are due to
mature by Aug. 31, 2010.  Accordingly, S&P lowered its ratings on
14 tranches of the trust certificates issued under L-JAC Five.

Standard & Poor's placed the 10 classes of L-JAC Five on
CreditWatch with negative implications because:

The servicer has been engaged in collection procedures relating to
the sale of eight properties backing two of the aforementioned
three defaulted loans (representing about 28.2% of the total
initial issuance amount of the trust certificates) since last
year, in accordance with its business plan.  Yet, considering the
progress of the liquidation procedures, S&P see growing
uncertainty over the likely recovery amount from those properties.

With regard to another of the transaction's underlying loans
maturing in March 2010 (representing about 2.5% of the total
initial issuance amount of the trust certificates), S&P expects
the loan to default due to the borrower's failure to refinance the
loan or extend the loan term.  It is S&P's view that uncertainty
appears to be mounting over the recovery prospects of the related
collateral property.

Apart from the "loans considered to be in default" (as of October
2009) that are maturing by Aug. 31, 2010, S&P see increased
uncertainty for the repayment prospects of three other underlying
loans (representing a combined 10.6% or so of the total initial
issuance amount of the trust certificates) that are maturing by
the end of March 2011.  The collateral properties backing the
latter three loans consist of limited-service, extended-stay
apartments and regional commercial facilities.  S&P hold the view
that uncertainty is also escalating over the recovery prospects of
these properties.

Although S&P affirmed the ratings on classes E-2, F-2, G-2, I-1,
J-1, and X, S&P is considering amending the rating methodology for
interest-only certificates, which include class X of this
transaction.  If the proposal is adopted, it could affect the
rating on class X.

L-JAC Five is a multi-borrower CMBS transaction.  The trust
certificates were originally backed by loans extended to 13
obligors.  The loans were originally backed by 81 real estate
properties and real estate beneficial interests.  The transaction
was arranged by Lehman Brothers Japan Inc., and the transaction
servicer is Premier Asset Management Co. Standard & Poor's ratings
address the full payment of interest and ultimate payment of
principal by the transaction's legal final maturity date in August
2015 for the class A to J-1 trust certificates, and the timely
payment of available interest for the interest-only class X
certificates.

              Ratings Placed On Creditwatch Negative

               L-JAC Five Trust Beneficial Interest

         Floating-rate trust certificates due August 2015

   Class   To               From   Initial issue amount   Coupon type
   -----   --               ----   --------------------   -----------
   A       AA+/Watch Neg    AA+    JPY41.5 bil            Floating Rate
   B       A+/Watch Neg     A+     JPY7.2 bil.            Floating Rate
   C       BB-/Watch Neg    BB-    JPY6.1 bil.            Floating Rate
   D-1     B/Watch Neg      B      JPY1.7 bil.            Floating Rate
   D-2     B-/Watch Neg     B-     JPY1.75 bil.           Floating Rate
   D-3     BBB/Watch Neg   BBB     JPY0.64 bil.           Floating Rate
   E-1     B-/Watch Neg     B-     JPY0.5 bil.            Floating Rate
   F-1     B-/Watch Neg     B-     JPY0.5 bil.            Floating Rate
   G-1     B-/Watch Neg     B-     JPY0.5 bil.            Floating Rate
   H-1     B-/Watch Neg     B-     JPY0.53 bil.           Floating Rate

                         Ratings Affirmed

               L-JAC Five Trust Beneficial Interest

    Class   Rating   Initial issue amount   Coupon type
    -----   ------   --------------------   -----------
        E-2     CCC      JPY0.8 bil.            Floating Rate
    F-2     CCC      JPY0.58 bil.           Floating Rate
    G-2     CCC      JPY0.4 bil.            Floating Rate
    I-1     CCC      JPY0.56 bil.           Floating Rate
    J-1     CCC      JPY0.37 bil.           Floating Rate
    X*      AAA      JPY63.63 bil. (Initial notional principal)

                         * Interest-only


SOFTBANK CORP: Moody's Changes Outlook on 'Ba2' Rating to Positive
------------------------------------------------------------------
Moody's Investors Service has changed to positive from stable its
outlook for the Ba2 long-term debt rating and issuer rating of
SOFTBANK CORP.

The outlook change incorporates Moody's view that (1) Softbank's
earnings are improving, on a recovery in the fixed-line,
broadband, and mobile communications businesses; (2) Softbank
Mobile, the major contributor to the group's earnings, is seeing
steady growth in its earnings and cash flow, which has increased
the possibility of Softbank's exiting the WBS scheme; and (3)
management is aiming to improve the balance sheet by cutting debt.

The fixed-line and broadband businesses improved because of the
company's focus on efficient operations.  Operating profits from
the fixed-line business rose to JPY19.0 billion in FYE 3/2009,
from JPY3.3 billion in FYE 3/2008, as the company focused on
profitable corporate customers and tightened its cost management.

Operating profit from the broadband business rose to
JPY47.3 billion in FYE 3/2009, from JPY39.7 billion in FYE 3/2008,
due to cost cutting.

However, Moody's does not see significant potential for further
improvement because of the saturation of the fixed-line market and
the migration of the broadband market to FTTH from ADSL (the main
driver of Softbank's broadband business).

Still, Moody's does expect that these businesses will continue to
be stable cash generators, supporting the group's cash flow in the
coming years.

SBM is the major contributor to group earnings; its operations and
earnings have improved markedly, given its rising market share
(subscriber numbers) and improving ARPU.

As a result, the segment's operating profits for the first nine
months of FYE 3/2010 rose to JPY215.1 billion, from
JPY134.9 billion a year ago.

SBM had 21.67 million subscribers and a market share of 19.6%, as
of end-December 2009.  After the Vodafone acquisition, SBM
implemented a number of measures -- a new tariff plan, new
services, competitive products, and the introduction of popular
TV-CF -- designed to improve its brand image and thus strengthen
its market position.

ARPU became positive on the growth in data ARPU.  Like other
industry players, SBM has found it challenging to raise ARPU.  An
attractive tariff plan and the two-year handset installment plan
have helped the company gain subscribers since the acquisition,
but have also had a negative impact on total ARPU.

Still, these measures are finally having a positive effect, and,
along with growing data ARPU, are starting to offset the decline
in voice ARPU (as of 3Q FYE3/2010).

Because of these improvements, SBM has been able to pay down the
debt related to the whole business securitization more quickly
than required by the WBS scheme.  Given its stabilized group cash
flow, Softbank is now considering refinancing the debt in the next
few years.

Moody's believes that the possibility of refinancing is rising,
which would be credit-positive for Softbank because its sources of
cash flow would be more diversified.  Moody's credit rating for
Softbank does not reflect SBM's cash flow, which is being used to
pay down the debt in the whole business securitization scheme.

Management is now focusing on improving the balance sheet by
cutting net debt, aiming to cut by 50% its JPY1.9 trillion in net
interest bearing debt (as of March 2009) by the end of the FYE
3/2012.

In the past, the company has focused on a growth strategy using
balance sheet leverage -- for the leveraged buy-out of SBM, for
example.  This change in its financial policy is significant for
the rating outlook.

Moody's believes that the company's relationship with its
relationship banks contributes to its solid financing abilities.
This factor pulls Softbank's ratings up by one notch above its
fundamental creditworthiness.

Moody's will continue to monitor whether Softbank can maintain the
profitability of the fixed-line and broadband businesses, as well
as the company's progress in paying down debt.

Moody's will also monitor whether SBM's marketing plans will
result in an expansion of cash flow and a better balance of cash
inflows and outflows, including its capital expenditures --
especially since SBM's capital expenditures will rise in the next
fiscal year, in light of the increase of the subscriber numbers
and data traffic.

Softbank's ratings could be upwardly pressured if Softbank can
improve its financial position by increasing profits and cash
flow.  For instance, if Softbank (1) lowers its adjusted Debt/
EBITDA below 3.0x; (2) raises adjusted RCF/ net Debt above 25%;
(3) maintains the earnings levels of its major business segments,
such as mobile, broadband, fixed-line and internet; and (4) the
feasibility of refinancing for its whole business securitization
loan rises to a reasonable level, then the rating could be
upgraded.

A downgrade of Softbank's rating is unlikely in the coming 12-18
months, given its improving financial position.  However, the
rating outlook could change to stable from positive if Softbank
fails to achieve the above factors over the next few years.

Moody's last rating action with respect to Softbank was taken on
August 9, 2006, when it was upgraded to Ba2 from Ba3 with stable
outlook.

SOFTBANK CORP., headquartered in Tokyo, is a holding company that
owns leading global providers of various services, including
broadband, fixed-line and mobile telecommunications, software
distribution, networking and publishing.


* S&P Raises Ratings on 15 Tranches From Nine Japanese CDOs
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on 15
tranches relating to nine Japanese synthetic CDO transactions.  At
the same time, the ratings were removed from CreditWatch with
positive implications, where they were placed on March 9, 2010.

The rating actions are part of S&P's regular monthly review of
synthetic CDOs whose ratings have been placed on CreditWatch with
positive implications on March 9, 2010.  These actions
incorporate, among other things, the effect of rating migration
within reference portfolios.

                           Ratings List

                    Corsair (Jersey) No. 2 Ltd.
     Fixed rate secured portfolio credit-linked loan series 53

                To   From             Issue Amount
                --   ----             ------------
                A+   BBB-/Watch Pos   JPY3.0 bil.

                 Hummingbird Securitisation Ltd.
                          Series 1 loan

           Class     To    From           Issue Amount
           -----     --    ----           ------------
           #1 Loan   BB+   BB/Watch Pos   JPY4.0 bil.

                    Momentum CDO (Europe) Ltd.
      Secured credit-linked notes Louvre II CDO series 2005-2

           Class   To   From             Issue Amount
           -----   --   ----             ------------
           AX      B-   CCC-/Watch Pos   JPY700.0 mil.
           BF      B-   CCC-/Watch Pos   JPY1.5 bil.
           BX      B-   CCC-/Watch Pos   JPY2.2 bil.

      Secured credit-linked loan Louvre CDO II series 2005-3

                To   From             Issue Amount
                --   ----             ------------
                B-   CCC+/Watch Pos   JPY3.0 bil.

          Prelude III floating rate notes series 2005-4

               To     From             Issue Amount
               --     ----             ------------
               CCC+   CCC-/Watch Pos   JPY3.0 bil.

                  Omega Capital Investments PLC
                   Floating rate note series 7

           Class   To     From             Issue Amount
           -----   --     ----             ------------
           A       A-     BBB-/Watch Pos   JPY3.0 bil.
           B       BBB+   BBB-/Watch Pos   JPY2.0 bil.
           C1      BBB    BB-/Watch Pos    JPY1.0 bil.
           C2      BBB    BB-/Watch Pos    JPY2.0 bil.
           C3      BBB    BB-/Watch Pos    A$20.0 mil.

              Class A-1 series 11 secured 1.5% notes

                To   From             Issue Amount
                --   ----             ------------
                B    CCC+/Watch Pos   JPY2.2 bil.

                       Signum Vanguard Ltd.
       Class A secured fixed rate credit-linked loan 2005-3

                To   From            Issue Amount
                --   ----            ------------
                BB   BB-/Watch Pos   JPY4.0 bil.

     Secured floating rate credit-linked notes series 2006-03

               To     From             Issue Amount
               --     ----             ------------
               CCC+   CCC-/Watch Pos   $10.0 mil.


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


DAEWOO SHIPBUILDING: Buffett Wants "Thorough" Study of Posco Bid
----------------------------------------------------------------
Bloomberg News reports that Posco said shareholders including
Warren Buffett want the mill to undertake a "thorough" study of
the effects of a bid for Daewoo Shipbuilding & Marine Engineering
Co. because of concern over the industry's outlook.

In January, Posco's Chief Executive Officer Chung Joon Yang said
Posco will consider bidding for Daewoo Shipbuilding as part of its
US$30 billion expansion that includes plans to build plants in
India and Indonesia.

Commenting on a report in the Korea Economic Daily, Choi Doo Jin,
a Posco spokesman, told Bloomberg News that Mr. Buffett's
Berkshire Hathaway Inc. and other foreign and domestic investors
"have expressed concerns that the shipbuilding industry may go
through a prolonged downturn."

According to Bloomberg News, the Korea Economic Daily reported on
Wednesday that Berkshire Hathaway and other overseas investors
told Posco they won't support the steelmaker's bid for the
shipbuilder.  Daewoo Shipbuilding shares fell by the most in
almost four months on the report, Bloomberg relates.

Based in Pohang, South Korea, The Pohang Iron and Steel Company,
or POSCO (SEO: 005490) (NYSE: PKX) (TYO: 5412) (LSE: PIDD), is the
world's second largest steel maker.

                     About Daewoo Shipbuilding

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.

                           *     *     *

Daewoo Shipbuilding & Marine Engineering Co. has been under a
creditors-led corporate restructuring program since 1999 along
with some other affiliates after its parent, Daewoo Group,
collapsed under heavy debt exposure.  Daewoo Shipbuilding is up
for sale and the Korea Development Bank and Korea Asset Management
Corporation started the sale process of their remaining stakes in
the second half of 2006.


KUMHO ASIANA: Asiana Creditors Seeks OK on Capital Reduction Plan
-----------------------------------------------------------------
The Korea Times reports that creditors of Asiana Airlines, a
subsidiary of the ill-fated Kumho Asiana Group, have asked major
shareholders to agree on plans for capital reduction.

The report relates the Korean Development Bank, the main creditor
of the company, said on March 19 that it sent documents asking
shareholders to sign an agreement on emergency plans, but said it
was just a preparation in case the reorganization efforts fall
through.

"We asked creditors to agree on the capital reduction. However, it
was an administrative process as creditors decided to inject new
funds into Asiana," the report cited KDB in a press release.
"We have no plan for capital reduction at this time," it added.

Asiana is in the middle of corporate restructuring under the
agreement with the creditor group.

As reported in the Troubled Company Reporter-Asia Pacific on
August 6, 2009, The Korea Herald said Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  Bloomberg said
creditors including Shinhan Bank may force the company to repay
KRW3.9 trillion (US$3.2 billion) by June if they exercise an
option to sell Daewoo Engineering shares they hold back to Kumho
Asiana.

The creditors decided on Dec. 30 to put two other ailing units --
Kumho Industrial Co. and Kumho Tire Co. -- under a debt
rescheduling program.  Meanwhile, the group's other two units --
Korea Kumho Petrochemical Co. and Asiana Airlines Inc. -- will
have to improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.

Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap reported.

According to Bloomberg data, the group's net debt was KRW2.21
trillion as of September 30, 2009 -- more than double the KRW998.5
billion it had at the end of 2005 before Kumho Asiana bought 72%
of Daewoo Engineering for KRW6.43 trillion.  Kumho Tire's net debt
stood at KRW1.71 trillion at the end of September 2009.

                        About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


KUMHO ASIANA: Strike Averted as Workers Accept 10% Pay Cut
----------------------------------------------------------
Bloomberg News reports that unionized workers at Kumho Tire Co., a
subsidiary of Kumho Asiana Group, have accepted wage cuts,
averting a possible strike.  According to Bloomberg, the union
said Wednesday it will accept a 10% reduction in base pay and
remains opposed to job cuts.

Bloomberg recalls that unionized workers threatened to strike
after Kumho Tire in February proposed to reduce factory jobs by
30% and lower wages by 20%.

"The news seems to have provide relief for some investors as Kumho
may avoid the catastrophe of a strike," Bloomberg quoted Cho Soo
Hong, an analyst at Hyundai Securities Co., as saying.  Cho rates
Kumho Tire "marketperform."

As reported in the Troubled Company Reporter-Asia Pacific on
August 6, 2009, The Korea Herald said Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  Bloomberg said
creditors including Shinhan Bank may force the company to repay
KRW3.9 trillion (US$3.2 billion) by June if they exercise an
option to sell Daewoo Engineering shares they hold back to Kumho
Asiana.

The creditors decided on Dec. 30 to put two other ailing units --
Kumho Industrial Co. and Kumho Tire Co. -- under a debt
rescheduling program.  Meanwhile, the group's other two units --
Korea Kumho Petrochemical Co. and Asiana Airlines Inc. -- will
have to improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.

Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap reported.

According to Bloomberg data, the group's net debt was KRW2.21
trillion as of September 30, 2009 -- more than double the KRW998.5
billion it had at the end of 2005 before Kumho Asiana bought 72%
of Daewoo Engineering for KRW6.43 trillion.  Kumho Tire's net debt
stood at KRW1.71 trillion at the end of September 2009.

                        About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


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


EVERMASTER GROUP: Names UHY Diong as Receiver to Two Units
------------------------------------------------------------
Evermaster Group Berhad disclosed in a regulatory filing that
Tee Guan Pian of Messrs. UHY Diong was appointed receiver and
manager appointed for Evermaster Wood Industries Sdn Bhd and
Evermaster Wood Products Sdn Bhd, both wholly-owned subsidiary
companies of Evermaster.

The appointment of the Receiver and Manager for EWISB and EWPSB
was due to the Company's failure to repay the settlement to Abrar
Discounts Berhad on February 12, 2010, the deadline given by ADB
as the condition for previous discharge of Receiver and Manager of
these companies for the total outstanding of MYR97,709,825.35.

                       About Evermaster Group

Evermaster Group Berhad is a Malaysia-based investment holding
company.  Through its subsidiaries, the Company is engaged in
integrated timber activities, which consist of manufacturing and
trading of timber and timber-related products, and general
construction business.  It operates through two segments: timber
and timber related operations, and general constructions.  Its
major subsidiaries include Evermaster Sdn. Bhd., Evermaster Wood
Industries Sdn. Bhd., Evermaster Wood Products Sdn. Bhd. and
Evermaster Development Sdn. Bhd.

Evermaster Group Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(b)
of the Amended PN17.

A Receiver and Manager has been appointed over the asset of the
Evermaster Group.  The asset accounts for at least 50 percent of
the total assets employed of the listed issuer on a consolidated
basis under the terms of the Debenture dated December 18, 2003
executed between the company and Abrar Discounts Berhad.


HO HUP CONSTRUCTION: AmInvestment Bank Resigns as Adviser
---------------------------------------------------------
Ho Hup Construction Company Berhad disclosed that AmInvestment
Bank Berhad has resigned as Adviser of the Company in relation to
the Proposed Regularization Plan with effect from March 17, 2010,
pursuant to the terms of the appointment letters that in the event
of any changes in the composition of the Board of Directors of the
Company, their appointment shall then terminate immediately.

The Company also said that Newfield Advisors Sdn. Bhd. has
resigned as Financial Adviser to the Company with effect from
March 17, 2010.

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

                           *     *     *

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


NAM FATT: Submits Application for Restraining Order
---------------------------------------------------
Nam Fatt Corporation Berhad has applied to the Shah Alam High
Court pursuant to Section 176 of the Companies Act, 1965, which
also includes an application for a restraining order under Section
176(10) of the Companies Act, 1965.

Nam Fatt Construction Sdn. Bhd., Maddusalat Berhad and Agenda
Istimewa Sdn. Bhd. are wholly owned subsidiaries of the Company
and NF Energy Sdn. Bhd. is a 51% subsidiary of the Company.  As
such, the Company and the Subsidiaries are joint applicants in the
application vide SAHC Originating Summons No. 24-569-2010 wherein
an interim order has been granted by the Shah Alam High Court on
March 18, 2010, and the order, among others, include:

Pending the hearing of the Originating Summons dated March 17,
2010:

   (1) an ad interim order in force for a period of 3 months from
       the date of this order that the plaintiff(s) to the pending
       actions or proceedings against the Applicants and all the
       creditors of the Applicants or otherwise be restrained
       whether by themselves, their servants and/or agents and/or
       otherwise from all further actions or proceedings including
       but not limited to winding-up, enforcement, execution and
       arbitration proceedings except by leave of the Court;

   (2) an ad interim order in force for a period of 3 months from
       the date of this order that any creditors who holds any of
       the security documents, signed with or given to such
       creditors, against the Applicants and/or any third party
       who have given security for and on behalf of the Applicants
       or otherwise, be restrained whether by themselves, their
       servants and/or agents and/or otherwise from appointment of
       receivers and managers and/or taking any action or
       proceeding whatsoever under such securities except by leave
       of the Court; and

   (3) Applicants be at liberty to apply.

The Ad Interim Order is pending the disposal of the hearing of
Section 176 Originating Summons application proper.  The hearing
for the Originating Summons is fixed on June 2, 2010.

                          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.

                           *     *     *

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.


PRIME UTILITIES: Bursa to Delist Securities on April 2
------------------------------------------------------
The Bursa Malaysia Securities Berhad will delist the securities of
Prime Utilities Berhad on April 2, 2010, after Bursa Malaysia
decided to dismiss the company's appeal.

The Company's securities may remain deposited with Bursa
Depository notwithstanding the de-listing of the securities from
the Official List of Bursa Securities.  It is not mandatory for
the securities of a company which has been de-listed to be
withdrawn from Bursa Depository.

Alternatively, the Company's shareholders who intend to hold their
securities in the form of physical certificates can withdraw these
securities from their Central Depository System accounts with
Bursa Depository, at anytime after the securities of the company
are de-listed from the Official List of Bursa Securities.  This
can be effected by the shareholders submitting an application form
for withdrawal in accordance with the procedures prescribed by
Bursa Depository.

Upon the de-listing, the Company will continue to exist but as an
unlisted entity.  The Company will still continue its operations
and business and proceed with the company's corporate
restructuring and its shareholders can still be rewarded by the
Company's performance.  However, the shareholders will be holding
shares which are no longer quoted and traded on Bursa Securities.

                       About Prime Utilities

Prime Utilities Berhad is a Malaysia-based investment holding
company.  Through its subsidiaries, the Company is engaged in
property development.  The Company's wholly owned subsidiaries
include PUB Properties Sdn. Bhd. and PUB Development Sdn. Bhd.  In
addition, Prime Utilities Berhad has a 52 % interest in Supreme
Annexe Sdn. Bhd., Berkat Gagah Sdn. Bhd. and LBCN Development Sdn.
Bhd.

                          *     *     *

Prime Utilities Berhad has been classified as an affected issuer
under Amended Practice Note No. 17/2005 of the Bursa Malaysia
Securities Bhd's Listing Requirements for having an insignificant
business or operations.


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


RELIANCE RAIL: S&P Downgrades Junior Debt Ratings to 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
issue credit ratings on the senior secured debt issued by Reliance
Rail Finance Pty Ltd. to 'BBB-' from 'BBB+', and the ratings on
the junior secured debt to 'BB' from 'BBB-'.  At the same time,
the outlooks on both the senior and junior secured debt were
revised to stable from negative.  Reliance Rail is the funding arm
of the consortium granted a concession to design, manufacture,
commission, and maintain 78 commuter trains for 30 years for use
in the Sydney rail network.

"The downgrades reflect a number of factors which, in S&P's view,
combine to reduce the overall credit quality of the project,"
Standard & Poor's credit analyst Philip Grundy said.  "These
factors include potentially higher refinancing risks, pressures
across the project resulting in additional delays in delivery of
the initial train sets, and a risk that liquidation of the debt
insurers could affect the availability of bank debt."

In S&P's view, since the financial closure of the Reliance Rail
project, the company's ability to access debt markets to meet
future refinancing requirements is weaker, and the likelihood of
higher future funding costs (due to higher credit margins) has
increased, weakening the debt service coverage over the project's
life.  Furthermore, pressures across the design and manufacturing
program have delayed practical completion of the first train set,
which is now scheduled for completion in December 2010 (compared
with the original expectations of April 2010).  Although S&P does
not expect the additional delay in practical completion of the
initial train set to affect the project's cash flow, S&P thinks
that the project's capacity to absorb further delays or issues
that may arise in the future has reduced.

Finally, S&P believes there is a risk that the potential
liquidation of the two companies that guarantee timely payment of
principal and interest?FGIC UK Ltd. (not rated) and Syncora
Guarantee Inc. (R/--/--)?could affect the availability of undrawn
bank debt in the future.  The Company has informed S&P that it is
working with stakeholders to minimize any impact of the potential
liquidation; in S&P's view, having regard to these and other
considerations, S&P considers this risk is currently taken into
account at the rating levels.

Mr.  Grundy added: "The critical period for this project is over
the next 12-to-18 months, when the train sets are scheduled to be
delivered into service.  The successful delivery of reliable train
sets and ability to achieve cash flow in line with forecasts will,
in S&P's opinion, be key factors in the refinancing and pricing of
Reliance Rail's future debt."


STRATEGIC FINANCE: Receivers Seek to Delist Firm on NZX
-------------------------------------------------------
The New Zealand Herald reports that the receivers of Strategic
Finance Ltd. have applied to delist the company and cancel
repayment of preference shares because it has not obtained the
money to pay back those creditors.

The Herald relates that Perpetual Trust Limited informed the New
Zealand Stock Exchange that an assessment to date had revealed
there would also be a shortfall in the total amount available to
creditors.

"In these circumstances, the receivers are applying to NZX to
cancel quotation of SFL's preference shares and to delist SFL,"
the statement said, according to the Herald.

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

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

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

The companies' trustee, Perpetual Trust Limited, appointed
receivers after SFL failed to generate sufficient loan recoveries
for its milestone payment on January 7, 2010.  The company owed
NZ$417 million to 13,000 investors.


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


LEUN WAH: Creditors Get 0.8% Recovery on Claims
-----------------------------------------------
Leun Wah Electric Company (Private) Limited will declare the
second and final dividend to creditors on April 1, 2010.

The company will pay 0.8% to the received claims.

The company's liquidator is Tam Chee Chong.


SWAN SWEE: Creditors' Proofs of Debt Due April 2
------------------------------------------------
Creditors of Swan Swee Enterprises Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 2, 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


VIDEOVAN ENTERTAINMENT: Creditors' Meetings Set for April 5
-----------------------------------------------------------
Videovan Entertainment Industries Pte Ltd, which is in
liquidation, will hold a second meeting for its creditors on
April 5, 2010, at 10:00 a.m., at the 6 Shenton Way, #32-00 DBS
Building Tower Two, Singapore 068809.

Agenda of the meeting includes:

   a. to receive a status update from the Liquidator;

   b. to approve the liquidator's and his solicitor's fee; and

   e. to consider any other matter which may properly be brought
      before the meeting.

The company's liquidator is Tam Chee Chong.


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


DUBAI WORLD: To Get $9.5-Bil. Bailout From Dubai Government
-----------------------------------------------------------
Stefania Bianchi at Dow Jones Newswires reports that Dubai's
government said Thursday it will inject about $9.5 billion into
Dubai World and real-estate developer Nakheel.  Dow Jones relates
that, according to a statement by Dubai government, cash for Dubai
World "will be funded by $5.7 billion remaining from the loan
previously made available from the Government of Abu Dhabi and
from internal Dubai government resources."

According to Dow Jones, the statement said that "the government is
offering to recapitalize Dubai World through the equitization of
the Government's $8.9 billion claim and a commitment to fund up to
$1.5 billion in new funds."  The statement also said the
government "is offering to inject approximately $8 billion in new
funds, which will have a significant direct impact on the
construction and real estate sectors and the wider economy, and to
recapitalize Nakheel through the equitization of the government's
$1.2 billion claim."

Dow Jones also relates a government financial advisor said on a
conference call that Dubai World's restructuring will include the
selling of some assets.  The advisor added that a restructuring
plan put forward to Dubai World lenders "will include work to be
done to fix companies inside of there, improve companies inside of
there, and also eventually include selling companies inside of
there."  Dow Jones says the government has no specific timeline
and "there's no immediate action" on asset sales.

Dow Jones also reports that Dubai World's chief restructuring
officer, Deloitte's Aidan Birkett, met with bankers Wednesday in a
five-hour conference as it hammers out a deal with creditors.  A
committee of senior creditors leading talks on behalf of the banks
includes HSBC Holdings PLC, Standard Chartered PLC, Lloyds Banking
Group PLC, Royal Bank of Scotland Group PLC, Abu Dhabi Commercial
Bank PJSC and Emirates NBD PJSC.

"Government position seems to be supportive with $9.5 billion in
new funds and governments own claims being equitised," said Saud
Masud, head of Mideast research at Swiss investment bank UBS AG in
Dubai, according to Dow Jones.  "If proposal is accepted it
appears the Nakheel bonds would be paid.  This will be a long
process nonetheless."

                        6-Month Standstill

In November 2009, the Troubled Company Reporter ran a story
about Dubai World seeking a six-month standstill on its debt
obligations.  The government of Dubai said it would restructure
Dubai World and has appointed Deloitte LLP to lead the
restructuring effort, naming an executive at the consultancy as
the group's "chief restructuring officer."

Bloomberg News' Arif Sharif and Laura Cochrane said Dubai World
has US$59 billion in liabilities.  Bloomberg said Dubai
accumulated US$80 billion of debt by expanding in banking, real
estate and transportation before credit markets seized up last
year.

The Wall Street Journal said Standard & Poor's in an October
report estimated Dubai World could be responsible for as much as
50% of Dubai's total government and corporate debt load of some
US$80 billion to US$90 billion.

                          Large Exposure

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2009, The Wall Street Journal's Chip Cummins, Dana Cimilluca and
Sara Schaefer Munoz, citing a person familiar with the matter,
said that U.K.'s Royal Bank of Scotland Group PLC, HSBC Holdings
PLC, Barclays PLC, Lloyds Banking Group PLC, Standard Chartered
PLC and ING Groep NV of the Netherlands, are among the
international banks that have large exposure in Dubai World.

RBS has lent roughly US$1 billion to Dubai World, another person
said, according to the Journal.  Sources also told the Journal
Barclays's exposure to Dubai World is roughly US$200 million, and
that exposure is effectively hedged.

David Robertson at The (U.K) Times reported Credit Suisse has
estimated that European banks could have EUR40 billion
(GBP36 billion) in loans to Dubai and much of this could be at
risk if the Gulf emirate defaults.

The Journal, citing people familiar with the matter, said the
banks with the greatest exposure to Dubai World are Abu Dhabi
Commercial Bank and Emirate NBD PJSC, people familiar with the
matter said.

Dow Jones Newswires' Margot Patrick related that a report by the
Emirates Banks Association said the top eight foreign banks in the
United Arab Emirates by lending volume -- HSBC, Standard
Chartered, Barclays, HSBC, Royal Bank of Scotland's ABN Amro,
Citigroup Inc., BNP Paribas SA, Lloyds and Credit Agricole SA's
Calyon, -- extended about US$36 billion in loans in 2008
throughout the federation, without breaking down the loans by
emirate or type of borrower.

                        About Dubai World

Dubai World -- http://www.dubaiworld.ae/-- is Dubai's flag bearer
in global investments.  As a holding company it operates a highly
diversified spectrum of industrial segments and plays a major role
in the emirate's rapid economic growth.  Dubai World's investment
spans four strategic growth areas of 21st Century commerce namely,
Transport & Logistics, Drydocks & Maritime, Urban Development and
Investment & Financial Services.  Dubai World's portfolio includes
DP World, one of the largest marine terminal operators in the
world; Drydocks World & Dubai Maritime City designed to turn Dubai
into a major ship-building and maritime hub; Economic Zones World
which operates several free zones around the world including Jafza
and TechnoPark in Dubai; Nakheel the property developer behind
iconic projects such as The Palm Islands and The World among
others; Limitless the international real estate master planner
with current development projects in various parts of the world;
Leisurecorp a global sports and leisure investment group,
reshaping the industry by unlocking value across investment,
development and brand opportunities; Dubai World Africa which
oversees the regional development and portfolio of investments in
the African continent; and Istithmar World, the group's investment
arm that has a global footprint in finance, capital, leisure,
aviation and various other business ventures.

The Sun Never Sets on Dubai World, its Web site says.


* Standard & Poor's Says 264 Global Defaults Set New Records
------------------------------------------------------------
Standard & Poor's says that 2009 set many new records in terms of
global corporate default and transition performance.  There were
264 defaults globally, the highest annual total since its database
began in 1981.  The rated debt amount affected by these defaults
reached $627.7 billion, also a series high. Distressed exchanges
featured prominently as a trigger, accounting for 39% of defaults
globally and 55% of total debt affected by defaults.

Credit degradation among nondefaulting issuers was widespread and
pronounced, especially in the first half of 2009, with the
percentage of issuers downgraded during the course of the year
reaching 18.34%, the highest rate in 29 years.  There were 3.85
downgrades for every upgrade, the worst ratio on record.  In
addition, the average number of notches recorded among downgrades
rose in 2009 to 1.76, a pace unmatched since 2002.

Financials featured disproportionately among issuers that
experienced downgrades of seven or more notches.  Meanwhile,
global speculative-grade default rates -- expressed as a
percentage of the issuer count -- rose to levels that, though not
unprecedented, had not been seen since 1991, driven by trends in
the U.S.

At the end of December 2009, speculative-grade default rates rose
to 10.93% in the U.S. compared with 7.5% in Europe, 5.90% in the
emerging markets, 7.5% in Asia-Pacific, and 9.35% in an assorted
grouping of other developed markets.  In all regions, default
rates in 2009 outpaced the long-term averages.  If all rated
entities are included, the global default rate rose to 3.99% in
2009 from 1.72% a year earlier.  Meanwhile, the investment-grade
default rate fell to 0.32% in 2009 from 0.41% in 2008.

This study includes industrials, utilities, financial institutions
(which includes banks, brokerages, asset managers, and other
financial entities), and insurance companies around the world with
long-term local-currency ratings.  All default rates reported are
calculated on an issuer-weighted basis.

Notwithstanding the record number of defaults, the Gini ratio -- a
key measure of the relative ability of ratings to differentiate
risk -- rose to 82.7% in 2009 from an all-time low of 64.9% a year
earlier.  For the entire 29-year time horizon, the average one-
year Gini was 82.07%.  The high Gini ratio for 2009 indicates that
ratings ably differentiated between defaulters and nondefaulters
in a year characterized by very high defaults. By sector, 11 out
of 13 sectors recorded default rates that were in excess of the
long-term weighted averages.  The only two sectors that failed to
pierce the mean in 2009 were utilities and insurance.  Broken out
by rating, we note that nine out of 17 rating categories recorded
default rates that were in excess of the long-term average.

A copy of the report, which contains a list of the Companies that
have defaulted in 2009, is available for free at:

                 http://researcharchives.com/t/s?5c0e


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company            Ticker            (US$MM)          (US$MM)
  -------            ------            ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW      AHGN                16.93          -8.23
ANTARES ENERGY L      AZZ                 13.71          -1.96
ARC EXPLORATION       ARX                 56.83         -15.05
AUSTAR UNITED         AUN                568.69        -325.83
AUSTRAILIAN Z-PP      AZCCA               77.74          -2.57
AUSTRALIAN ZIRC       AZC                 77.74          -2.57
BCD RESOURCES OP      BCO                 22.09         -61.19
BCD RESOURCES-PP      BCOCC               22.09         -61.19
BIRON APPAREL LT      BIC                 19.71          -2.22
CENTRO PROPERTIE      CNP             14,784.56        -461.11
CHALLENGER INF-A      CIF              2,307.01        -104.58
CHEMEQ LTD            CMQ                 25.19         -24.25
CITY PACIFIC LTD      CIY                171.50          -6.38
D2 MARKETING LTD      DTO                 16.70          -4.04
ELLECT HOLDINGS       EHG                 18.25         -15.49
HEALTH CORP LTD       HEA                 13.26          -0.01
HYRO LTD              HYO                 21.50         -14.83
JAMES HARDIE NV       JHXCC            2,130.90        -131.10
JAMES HARDIE-CDI      JHX              2,130.90        -131.10
MAC COMM INFR-CD      MCGCD            8,104.42        -103.34
ORION GOLD NL         ORN                 12.37         -24.99
POWERLAN LTD          PWR                 30.84          -5.94
RESIDUAL ASSC-EE      RAGXF              597.33        -126.96
SCIGEN LTD-CUFS       SIE                 71.21         -25.62
SHELL VILLAGES A      SVC                 13.47          -1.66
VERTICON GROUP        VGP                 14.22         -24.60


CHINA

AMOI ELECTRONI-A      600057             100.95         -42.95
ANHUI KOYO GROUP      979                 43.55         -32.06
BAO LONG ORIENTA      600988              16.38          -3.24
CHANG LING GROUP      561                 33.36         -13.70
CHENGDU UNION-A       693                 42.59         -10.05
CHINA EAST AIR-A      600115          10,663.62        -669.02
CHINA EAST AIR-H      670             10,663.62        -669.02
CHINA KEJIAN-A        35                  83.78        -182.39
DANDONG CHEM F-A      498                100.50        -111.14
DONGGUAN FANGD-A      600656              62.02         -10.11
DONGXIN ELECTR-A      600691              20.72          -6.13
GAOXIN ZHANGTO-A      2075               119.52         -30.48
GUANGDONG HUAL-A      600242              19.85          -1.62
GUANGDONG KEL-A       921                650.07        -103.76
GUANGMING GRP -A      587                 48.72         -47.59
GUANGXI BEISHE-A      600556             103.12        -138.38
GUANGXIA YINCH-A      557                 19.31         -37.90
HEBEI BAOSHUO -A      600155             133.67        -361.69
HEBEI JINNIU C-A      600722             241.28        -228.12
HISENSE ELEC-H        921                650.07        -103.76
HUASU HOLDINGS-A      509                 86.94          -2.12
HUDA TECHNOLOG-A      600892              21.31          -2.90
HUNAN ANPLAS CO       156                 51.58         -70.84
JIANGSU CHINES-A      805                 12.52         -11.39
LIAOYUAN DEHENG       600699             138.72          -6.69
QINGHAI SUNSHI-A      600381              50.90         -26.09
SHAANXI QINLIN-A      600217             250.40         -32.18
SHANG HONGSHENG       600817              16.78        -451.81
SHANG LIANHUA-A       600617              15.68          -1.54
SHANG LIANHUA-B       900913              15.68          -1.54
SHANGHAI WORLDBE      600757             181.37        -127.60
SHENZ CHINA BI-A      17                  27.97        -264.11
SHENZ CHINA BI-B      200017              27.97        -264.11
SHENZHEN DAWNC-A      863                 28.09        -157.71
SHENZHEN KONDA-A      48                 195.27         -14.90
SHENZHEN SHENX-A      34                  22.09        -118.12
SHENZHEN ZERO-A       7                   61.82          -3.40
SHIJIAZHUANG D-A      958                235.06         -54.14
SICHUAN DIRECT-A      757                128.39        -118.67
SUNTEK TECHNOL-A      600728              37.92         -21.21
TAIYUAN TIANLO-A      600234              48.94         -25.23
TIANJIN MARINE        600751              82.40         -30.39
TIANJIN MARINE-B      900938              82.40         -30.39
TIBET SUMMIT I-A      600338              86.47          -0.05
TOPSUN SCIENCE-A      600771             183.02        -138.22
WINOWNER GROUP C      600681              10.72         -71.85
WUHAN BOILER-B        200770             349.55         -74.89
WUHAN GUOYAO-A        600421              11.45         -39.41
XIAMEN OVERSEA-A      600870             286.40        -145.07
YUEYANG HENGLI-A      622                 37.27         -15.53
YUNNAN MALONG-A       600792             145.38         -30.28
ZHANGJIAJIE TO-A      430                 45.95          -4.59


HONG KONG

21 HOLDINGS LTD       1003                43.65          -4.26
ASIA TELEMEDIA L      376                 16.62          -5.37
CHAOYUE GROUP LT      147                 42.69        -127.80
CHINA GOLDEN DEV      162                253.00          -2.72
EGANAGOLDPFEIL        48                 557.89        -132.86
EMPEROR ENTERTAI      8078                39.23          -5.35
FULBOND HLDGS         1041                60.26         -14.42
HONBRIDGE HOLDIN      8137                12.15          -0.89
HUTCHISON TELE H      215              2,400.10        -366.06
MITSUMARU EAST K      2358                38.17          -1.45
NEW CITY CHINA        456                112.20         -14.59
NGAI LIK INDL         332                132.82          -4.76
PAC PLYWOOD           767                 75.64          -5.41
PALADIN LTD           495                157.69          -6.23
PALADIN LTD -PRE      642                157.69          -6.23
PCCW LTD              8                5,801.75        -261.18
PERCEPTION DIG        8248                31.21          -4.64
PROVIEW INTL HLD      334                412.85        -191.26
SINO RESOURCES G      223                 33.92         -58.77
WAI CHUN MINING       660                 12.79         -14.60
WAYTUNG GLOBAL G      21                  12.33          -2.96


INDONESIA

ASIA PACIFIC          POLY               481.76        -847.67
ERATEX DJAJA          ERTX                10.05         -15.29
JAKARTA KYOEI ST      JKSW                28.00         -39.75
KARWELL INDONESI      KARW                10.28          -8.09
MULIA INDUSTRIND      MLIA               349.54        -393.20
PANASIA FILAMENT      PAFI                51.27          -4.30
PANCA WIRATAMA        PWSI                28.57         -34.35
PRIMARINDO ASIA       BIMA                10.97         -20.00
STEADY SAFE TBK       SAFE                12.27          -4.84
SURABAYA AGUNG        SAIP               248.50         -92.41
TEIJIN INDONESIA      TFCO               185.09         -14.27
UNITEX TBK            UNTX                15.67         -14.25


INDIA

ALCOBEX METALS        AML                 16.59         -21.47
ASHIMA LTD            ASHM                59.92         -47.15
BALAJI DISTILLER      BLD                 51.16         -38.38
BELLARY STEELS        BSAL               451.68        -108.50
BHAGHEERATHA ENG      BGEL                22.65         -28.20
CFL CAPITAL FIN       CEATF               14.31         -40.04
COMPUTERSKILL         CPS                 14.90          -7.56
CORE HEALTHCARE       CPAR               185.36        -241.91
DCM FINANCIAL SE      DCMFS               16.54         -10.99
DIGJAM LTD            DGJM                98.77         -14.62
DISH TV INDIA         DITV               422.08        -127.61
DUNCANS INDUS         DAI                116.96        -183.24
GANESH BENZOPLST      GBP                 77.84         -41.87
GEM SPINNERS LTD      GEMS                15.23          -0.11
GLOBAL BOARDS         GLB                 25.15          -0.79
GSL INDIA LTD         GSL                 37.04         -42.34
GSL NOVA PETROCH      GSLN                44.39          -0.93
GUJARAT SIDHEE        GSCL                59.44          -0.66
HARYANA STEEL         HYSA                10.83          -5.91
HENKEL INDIA LTD      HNKL               102.05         -10.24
HFCL INFOTEL LTD      HFCL               151.65         -85.81
HIMACHAL FUTURIS      HMFC               406.63        -210.98
HINDUSTAN PHOTO       HPHT                68.94      -1,147.18
HINDUSTAN SYNTEX      HSYN                12.68          -1.79
HMT LTD               HMT                139.31        -277.69
ICDS                  ICDS                13.30          -6.17
INDIA FOILS LTD       IF                  22.01          -2.04
INFOMEDIA 18 LTD      INF18               35.80          -1.94
INTEGRAT FINANCE      IFC                 45.56         -43.27
ITI LTD               ITI              1,116.21          -0.80
JCT ELECTRONICS       JCTE               122.54         -50.00
JD ORGOCHEM LTD       JDO                 10.46          -1.60
JENSON & NIC LTD      JN                  15.93         -74.33
JIK INDUS LTD         KFS                 20.63          -5.62
JK SYNTHETICS         JKS                 13.51          -3.03
JOG ENGINEERING       VMJ                 50.08         -10.08
KALYANPUR CEMENT      KCEM                32.04         -26.76
KERALA AYURVEDA       KRAP                13.41          -0.59
KINGFISHER AIR        KAIR             1,458.64        -418.91
LLOYDS FINANCE        LYDF                27.68          -8.64
LLOYDS STEEL IND      LYDS               358.94         -83.14
MILLENNIUM BEER       MLB                 36.39          -3.20
MILTON PLASTICS       MILT                18.31         -40.44
NATH PULP & PAP       NPPM                13.59         -39.13
NICCO UCO ALLIAN      NICU                28.84         -56.77
ORIENT PRESS LTD      OP                  16.70          -0.09
PANCHMAHAL STEEL      PMS                 51.02          -0.33
PANYAM CEMENTS        PYC                 38.84          -0.64
PARASRAMPUR SYN       PPS                111.97        -317.11
PAREKH PLATINUM       PKPL                61.08         -88.85
PEACOCK INDS LTD      PCOK                11.40         -14.40
PIRAMAL LIFE SC       PLSL                32.05          -3.73
POLAR INDS LTD        PLI                 11.61         -22.28
RAMA PHOSPHATES       RMPH                34.07          -1.19
RATHI ISPAT LTD       RTIS                44.56          -3.93
RELIGARE TECHNOV      RTCL                44.13          -1.46
RENOWNED AUTO PR      RAP                 14.12          -1.25
ROLLATAINERS LTD      RLT                 22.97         -22.24
ROYAL CUSHION         RCVP                20.22         -62.97
RPG CABLES LTD        RPG                 51.43         -20.19
SCOOTERS INDIA        SCTR                13.29          -0.58
SHALIMAR WIRES        SWRI                24.49         -49.90
SHAMKEN COTSYN        SHC                 23.13          -6.17
SHAMKEN MULTIFAB      SHM                 60.55         -13.26
SHAMKEN SPINNERS      SSP                 42.18         -16.76
SHREE RAMA MULTI      SRMT                63.73         -52.93
SIDDHARTHA TUBES      SDT                 70.93         -12.09
SIL BUSINESS ENT      SILB                12.46         -19.96
SOUTHERN PETROCH      SPET             1,543.61         -35.61
SPICEJET LTD          SJET               147.98         -84.65
STERLING HOL RES      SLHR                52.91          -0.63
STI INDIA LTD         STIB                28.05          -8.04
TAMILNADU TELE        TNT                 10.26          -4.14
TATA TELESERVICE      TTLS               793.63         -74.64
TRIUMPH INTL          OXIF                58.46         -14.18
TRIVENI GLASS         TRSG                24.39          -8.90
UNIWORTH LTD          WW                 145.71        -114.87
USHA INDIA LTD        USHA                12.06         -54.51
VENTURA TEXTILES      VRTL                14.25          -0.33
WINDSOR MACHINES      WML                 14.50         -28.14
WIRE AND WIRELES      WNW                102.42         -37.06
WIRE AND WIRE-PP      WNWPP              102.42         -37.06


JAPAN

ARDEPRO               8925               310.82        -253.28
COMMERCIAL RE         8866               296.85          -0.35
COSMOS INITIA CO      8844             1,652.69        -564.01
FLIGHT SYS CONSU      3753                14.88          -1.07
HARAKOSAN CO          8894               265.03         -21.41
ICHITAN CO LTD        5645                99.16          -4.38
JIPANGU HOLDINGS      2684                15.05          -8.38
L CREATE CO LTD       3247                42.34          -9.15
LCA HOLDINGS COR      4798                49.52          -2.24
NESTAGE CO LTD        7633                11.77         -12.20
PROPERST CO LTD       3236               303.29        -415.76
RAYTEX CORP           6672                61.49          -3.49
SAIKAYA CO LTD        8254               398.46         -17.56
SHINWA OX CORP        2654                61.39         -12.95
SOWA JISHO CO LT      3239                17.45         -33.84
TERRANETZ CO LTD      2140                11.63          -4.29


KOREA

AJU MEDIA SOL-PF      44775               13.82          -1.25
CL LCD CO LTD         35710               55.59         -14.79
DAHUI CO LTD          55250              186.00          -1.50
DAISHIN INFO          20180              740.50        -158.45
HANSHIN DNP           12170               10.61          -0.74
KORES CO LTD          8340                49.04          -4.03
MOBO CO LTD           51810              196.64         -11.98
ORICOM INC            10470               82.65         -40.04
PAPERCOREA INC        1020               310.53        -154.09
ROCKET ELEC-PFD       425                 68.58          -2.14
ROCKET ELECTRIC       420                 68.58          -2.14
SAMT CO LTD           31330              303.86         -77.57
SOLAR & TECH CO       30390               11.47          -0.59
STARMAX CO LTD        17050               50.13         -25.44
TAESAN LCD CO         36210              187.94        -546.26
TONG YANG MAGIC       23020              355.15         -25.77
UTX CO LTD            45880               19.76          -2.85
YOUILENSYS CORP       38720              166.70         -12.34


MALAYSIA

AXIS INCORPORATI      AXIS                37.88         -80.60
HO HUP CONSTR CO      HO                  73.63          -4.31
LCL CORP BHD          LCL                 78.28         -72.28
LIMAHSOON BHD         LIMA                26.52          -1.56
MANGOTONE GROUP       MTON                12.44          -9.21
POLY TOWER VENTU      PTV                 58.06          -5.45
SINOTOP HOLDING       SNHB                22.80          -0.41
WONDERFUL WIRE        WW                  11.70         -16.48
WWE HOLDINGS BHD      WWE                 66.24          -1.88


NEW ZEALAND

DOMINION FINANCE      DFH                258.90         -55.31


PHILIPPINES

APEX MINING 'B'       APXB                51.26          -8.97
APEX MINING-A         APX                 51.26          -8.97
BENGUET CORP 'B'      BCB                 75.49         -37.05
BENGUET CORP-A        BC                  75.49         -37.05
CYBER BAY CORP        CYBR                12.93         -79.23
EAST ASIA POWER       PWR                 50.80        -139.42
FIL ESTATE CORP       FC                  37.29         -11.36
FILSYN CORP A         FYN                 22.00         -10.28
FILSYN CORP. B        FYNB                22.00         -10.28
GOTESCO LAND-A        GO                  18.68         -10.86
GOTESCO LAND-B        GOB                 18.68         -10.86
MRC ALLIED            MRC                 13.04          -3.68
PICOP RESOURCES       PCP                105.66         -23.33
PRIME ORION PHIL      POPI                90.35          -5.12
STENIEL MFG           STN                 28.67          -1.48
UNIVERSAL RIGHTF      UP                  45.12         -13.48
UNIWIDE HOLDINGS      UW                  52.80         -56.18
VICTORIAS MILL        VMC                178.06         -36.66


SINGAPORE

ADV SYSTEMS AUTO      ASA                 11.69         -13.16
ADVANCE SCT LTD       ASCT                19.14         -40.40
CHUAN SOON HUAT       CSH                 27.19         -23.51
FALMAC LTD            FAL                 10.12          -6.80
HL GLOBAL ENTERP      HLGE                93.30         -12.86
INFORMATICS EDU       INFO                24.56          -0.01
JURONG TECH IND       JTL                 98.76        -227.28
LINDETEVES-JACOB      LJ                 151.65         -86.53
PACIFIC CENTURY       PAC                 26.87          -3.66
SUNMOON FOOD COM      SMOON               14.65         -13.74
TIGER AIRWAYS         TGR                122.90         -71.92
TT INTERNATIONAL      TTI                287.51         -38.28
WESTECH ELECTRON      WTE                 40.64         -18.47


THAILAND

ABICO HLDGS-F         ABICO/F             12.07          -9.54
ABICO HOLDINGS        ABICO               12.07          -9.54
ABICO HOLD-NVDR       ABICO-R             12.07          -9.54
BANGKOK RUBBER        BRC                 87.00         -64.96
BANGKOK RUBBER-F      BRC/F               87.00         -64.96
BANGKOK RUB-NVDR      BRC-R               87.00         -64.96
CENTRAL PAPER IN      CPICO               10.22        -216.07
CENTRAL PAPER-F       CPICO/F             10.22        -216.07
CENTRAL PAPER-NV      CPICO-R             10.22        -216.07
CIRCUIT ELEC PCL      CIRKIT              17.39         -88.00
CIRCUIT ELEC-FRN      CIRKIT/F            17.39         -88.00
CIRCUIT ELE-NVDR      CIRKIT-R            17.39         -88.00
DATAMAT PCL           DTM                 12.69          -6.13
DATAMAT PCL-NVDR      DTM-R               12.69          -6.13
DATAMAT PLC-F         DTM/F               12.69          -6.13
ITV PCL               ITV                 33.88         -90.93
ITV PCL-FOREIGN       ITV/F               33.88         -90.93
ITV PCL-NVDR          ITV-R               33.88         -90.93
K-TECH CONSTRUCT      KTECH               39.74         -33.07
K-TECH CONSTRUCT      KTECH/F             39.74         -33.07
K-TECH CONTRU-R       KTECH-R             39.74         -33.07
KUANG PEI SAN         POMPUI              17.15         -12.12
KUANG PEI SAN-F       POMPUI/F            17.15         -12.12
KUANG PEI-NVDR        POMPUI-R            17.15         -12.12
MALEE SAMPRAN         MALEE               56.30          -3.46
MALEE SAMPRAN-F       MALEE/F             56.30          -3.46
MALEE SAMPR-NVDR      MALEE-R             56.30          -3.46
PATKOL PCL            PATKL               51.03         -29.87
PATKOL PCL-FORGN      PATKL/F             51.03         -29.87
PATKOL PCL-NVDR       PATKL-R             51.03         -29.87
PICNIC CORPORATI      PICNI              162.04         -79.86
PICNIC CORPORATI      PICNI/F            162.04         -79.86
PICNIC CORPORATI      PICNI-R            162.04         -79.86
PONGSAAP PCL          PSAAP               25.97          -4.74
PONGSAAP PCL          PSAAP/F             25.97          -4.74
PONGSAAP PCL-NVD      PSAAP-R             25.97          -4.74
SAFARI WORLD PUB      SAFARI             102.74         -23.19
SAFARI WORLD-FOR      SAFARI/F           102.74         -23.19
SAFARI WORL-NVDR      SAFARI-R           102.74         -23.19
SAHAMITR PRESS-F      SMPC/F              31.18         -14.94
SAHAMITR PRESSUR      SMPC                31.18         -14.94
SAHAMITR PR-NVDR      SMPC-R              31.18         -14.94
SUNWOOD INDS PCL      SUN                 19.86         -13.03
SUNWOOD INDS-F        SUN/F               19.86         -13.03
SUNWOOD INDS-NVD      SUN-R               19.86         -13.03
THAI-DENMARK PCL      DMARK               15.72         -10.10
THAI-DENMARK-F        DMARK/F             15.72         -10.10
THAI-DENMARK-NVD      DMARK-R             15.72         -10.10
TRANG SEAFOOD         TRS                 11.52          -1.25
TRANG SEAFOOD-F       TRS/F               11.52          -1.25
TRANG SFD-NVDR        TRS-R               11.52          -1.25
UNIVERSAL S-NVDR      USC-R               97.74         -40.29
UNIVERSAL STARCH      USC                 97.74         -40.29
UNIVERSAL STAR-F      USC/F               97.74         -40.29


TAIWAN

CHIEN TAI CEMENT      1107               202.45         -22.41
HELIX TECH-EC         2479T               23.39         -24.12
HELIX TECH-EC IS      2479U               23.39         -24.12
HELIX TECHNOL-EC      2479S               23.39         -24.12
TAIWAN KOL-E CRT      1606U              507.21        -147.14
TAIWAN KOLIN-EN       1606V              507.21        -147.14
TAIWAN KOLIN-ENT      1606W              507.21        -147.14
VERTEX PREC-ENTL      5318T               43.04          -2.31
VERTEX PRECISION      5318                43.04          -2.31
YEU TYAN MACHINE      8702                39.57        -271.07


                         *********

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

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

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


                            *********


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

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

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

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

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





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