TCRAP_Public/100329.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

           Monday, March 29, 2010, Vol. 13, No. 061

                            Headlines



A U S T R A L I A

ABC LEARNING: Wind-up Meeting Adjourned for 45 Days
BILL EXPRESS: Investigation Yields Further Charges
GRAND HOTEL: Placed in Receivership; Owes AU$5-Mil. to Bankwest
SURF ROCK: Placed in Receivership; Owes AU$13-Mil. to Bankwest


H O N G  K O N G

AFK FAR EAST: Creditors' Proofs of Debt Due April 12
ASIAHQ LIMITED: Court Enters Wind-Up Order
AUTRON MAURITIUS: Court to Hear Wind-Up Petition on April 7
BIG INCOME: Court Enters Wind-Up Order
BRIDISCO (HK): Members' and Creditors Meetings Set for April 15

BUSINESS & INDUSTRIAL: Court Enters Wind-Up Order
CELLON HK: Creditors' Proofs of Debt Due April 12
CHINA DATA: Court Enters Wind-Up Order
EASTAR TRADING: Annual Meetings Set for April 9
ELITE REGENT: Annual Meetings Set for April 9

FULLY INDUSTRIAL: Creditors' Proofs of Debt Due April 9
GREYCELLS MANAGEMENT: Court Enters Wind-Up Order
HANG FUNG: Court Enters Wind-Up Order
HKRB OPERATIONS: Creditors' Proofs of Debt Due April 16
KEYWIN LIMITED: Annual Meetings Set for April 8

M & T: Creditors' Final Meeting Set for April 8
MLA FINANCIAL: Creditors Get 1.024% Recovery on Claims
STYLATRADE COMPANY: Annual Meetings Set for April 8
SUNEX TRADING: Annual Meetings Set for April 9
UNDERLINE FITCH: Members' Final Meeting Set for April 19


I N D I A

ANUPAM SARMA: Delays in Loan Payment Prompts CRISIL 'C' Ratings
ANKIT COTTON: CRISIL Assigns 'B-' Rating on INR60MM Cash Credit
ASIA WOVEN: ICRA Assigns 'LBB' Rating on INR49.5MM Term Loan
BAGHAULI SUGAR: CRISIL Reaffirms 'D' Ratings on INR1.4B Term Loan
BLING TELECOM: ICRA Places 'LBB-' Rating on INR20M Bank Debts

BOMMIDALA SREERAM: CRISIL Places 'BB' Ratings on Various Debts
DOONVALLEY TECHNOPOLIS: CRISIL Rates INR750MM Term Loan at 'B'
FLORA MARMO: ICRA Assigns 'LBB+' Rating on INR230.3MM LT Loans
GCL INDIA: ICRA Assigns 'LBB+' Rating on INR83MM Bank Debts
KEDARNATH COTTONS: CRISIL Assigns 'B' Rating on INR39.3MM LT Loan

KERALA STATE: CRISIL Rates INR1 Bil. Overdraft Facility at 'BB+'
LUMBINI CONSTRUCTIONS: CRISIL Reaffirms 'B' Rating on INR200M Loan
MADRAS HARDTOOLS: Weak Liquidity Cues CRISIL 'C' Ratings
MAESTRO FASHIONS: ICRA Assigns 'LBB+' Rating on INR35MM Term Loans
NAGAR KOPARGAON: Delays in Loan Repayment Cues ICRA 'LB-' Ratings

OSWAL ARTS: ICRA Assigns 'LBB' Rating on INR170MM Bank Facilities
OSWAL TRADERS: ICRA Assigns 'LB+' Rating on INR61.8MM Term Loans
PRANJAL INFRASTRUCTURE: ICRA Cuts Ratings on Bank Debts to 'LB-'
RAM INFRASTRUCTURE: ICRA Cuts Ratings on Bank Facilities to 'LB-'
REGENT BEERS: Delays in Loan Payment Prompts ICRA 'LB' Rating

SANTOSH OVERSEAS: CRISIL Puts 'BB' Rating on INR230MM Term Loan
SITI ENERGY: ICRA Assigns 'LB+' Rating on INR216.5MM Term Loans
SOLID STATE: Weak Liquidity Prompts CRISIL 'D' Ratings
SWAGAT SYNTHETIC: ICRA Rates INR110 Million LT Loan at 'LBB'
TATA MOTORS: JLR to Open Five More Dealerships in India

VEEJAY SYNTEX: ICRA Assigns 'LBB' on INR78.5 Million Term Loan
VENUS COTSYN: ICRA Assigns 'LBB' Rating on INR157M Term Loan


J A P A N

AIFUL CORPORATION: Moody's Confirms 'Caa1' Senior Debt Ratings
CORSAIR NO 3: Moody's Downgrades Ratings on Series 22 to 'C'
JAPAN AIRLINES: ANA Seeks Disclosure of Public Funds Usage
JAPAN AIRLINES: Creditors May Waive Up to JPY519-Bil. Debt
JAPAN AIRLINES: Expands Codeshare Partnership With British Airways

JAPAN AIRLINES: Expands Codeshare Agreement With Jetstar Airways
JAPAN AIRLINES: Establishes Compliance Investigation Panel
JAPAN AIRLINES: Releases January Traffic Data
JAPAN AIRLINES: To Halt Freighter Flights by End of October
JAPAN AIRLINES: TWU Calls for Antitrust Immunity for AMR Deal

SHINSEI BANK: S&P Downgrades Ratings on Securities to 'BB-'
TAKEFUJI CORPORATION: Moody's Downgrades Ratings to 'Caa2'


K O R E A

DAEWOO ELECTRONICS: Creditors to Complete Sale by August
MAGNACHIP SEMICONDUCTOR: Moody's Puts 'B2' Corp. Family Rating
KUMHO ASIANA: Daewoo E&C Investors Agree on Sale Terms
KUMHO ASIANA: Kumho Industrial Creditors Plan Debt-To-Equity Swap
MAGNACHIP SEMICONDUCTOR: S&P Assigns 'B+' Issuer Credit Ratings


M A L A Y S I A

AMBANK BERHAD: Fitch Upgrades Individual Rating From 'C/D'
RAMUNIA HOLDINGS: To Hold 6th Annual General Meeting on April 20
RAMUNIA HOLDINGS: Posts MYR3.42-Mil. Net Income in Jan. 31 Quarter


N E W  Z E A L A N D

BOTRY-ZEN LTD: Directors Resign Effective March 30
EASTERN HI FI: To Delist From NZX on March 31
* NEW ZEALAND: GDP Up 0.8% in December Quarter


S I N G A P O R E

CHUAN SIANG: Court to Hear Wind-Up Petition on April 9
CITYHUB BUSINESS: Court Enters Wind-Up Order
ELCHEMI ASSETS: Court to Hear Wind-Up Petition on April 9
FORTUNE DESIGN: Court to Hear Wind-Up Petition on April 9
NCAT 2: Creditors' Proofs of Debt Due April 25

NCAT 3: Creditors' Proofs of Debt Due April 25
NCAT 4: Creditors' Proofs of Debt Due April 25
NEW CITY: Creditors' Proofs of Debt Due April 25
NGEE LEONG: Court to Hear Wind-Up Petition on April 9
ONG LAND: Court to Hear Wind-Up Petition on April 9


T H A I L A N D

THANACHART CAPITAL: Fitch Puts Ratings on Positive Watch




                         - - - - -


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


ABC LEARNING: Wind-up Meeting Adjourned for 45 Days
---------------------------------------------------
Creditors of ABC Learning Centers Ltd. have given administrators
and receivers a 45-day window to finalize the transfer of leases
to not-for-profit venture GoodStart, The Age reports.

In a meeting in Brisbane on Friday that lasted less than 10
minutes, the Age relates, creditors agreed to a motion backed by
receivers McGrathNicol and administrators Ferrier Hodgson to
adjourn for 45 days a meeting convened to wind up the childcare
company.

According to the report, administrator Greg Moloney said the
adjournment would give the receivers more time to "finalize the
overall transaction".  Getting landlords' approval for the
transfer of about 550 outstanding leases would be the major issue
to be sorted out in that period, he said.

Receivers are negotiating with Austock and Orchard, which
collectively own more than half the centers, to sign over leases
to not-for-profit venture GoodStart.

                         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.


BILL EXPRESS: Investigation Yields Further Charges
--------------------------------------------------
Following an investigation by the Australian Securities &
Investments Commission, Mr. Enzo Di Donato, of Kew, Victoria, has
been charged with four counts of providing false or misleading
information to ASIC during the course of an examination.

Mr. Di Donato is the sole director and secretary of 3D Salesforce
Pty Ltd.  3D Salesforce is one of a network of companies that
operated from the same premises in Eaglemont, Victoria, as Bill
Express Limited.

In mid-March in the Melbourne Magistrates Court former Macquarie
broker Mr. Newton Chan pleaded guilty to eight counts of
manipulating the price of Bill Express shares through a number of
share trading accounts (refer AD10-07).  Two of the charges
Mr. Chan pleaded guilty to relate to trades for Bill Express
shares he placed on 3D Salesforce's share trading account.

ASIC alleges that Mr. Di Donato provided false or misleading
information to ASIC in relation to his communications with
Mr. Chan, and other matters including transfers of funds to 3D
Salesforce.

Mr. Di Donato will next appear on May 20, 2010, in Melbourne
Magistrates Court.

The charges each carry a maximum penalty of two years
imprisonment, an $11,000 fine, or both.

ASIC's investigation followed a referral from the Australian
Securities Exchange.  The matter is being prosecuted by the
Commonwealth Director of Public Prosecutions.

                        About Bill Express

Bill Express Ltd. (ASX:BXP) -- http://www.billexpressltd.com/--
was engaged in the management and development of an electronic
distribution system for pre-paid products and services across in
excess of 14,000 locations around Australia, automated ordering,
delivery and inventory control for pre-paid services including
mobile, landline and Internet services.  It also processed
payments for bills and services, including bills that are
presented for payment to its outlets across Australia.  The
company had an in-store media, which is a network that promotes
Bill Express Limited's and other products at the point of sale
and in-store aisles.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Bill Express went into administration with
AU$180 million in debts after a subsidiary of Saudi-based Al
Othman Group withdrew its proposal for the recapitalization and
restructuring of the company.  The proposal was to include a
substantial capital injection and new bank guarantees combined
with a restructuring of the existing liabilities of the company.
In addition, the Board and management of the company were to be
substantially restructured.

The company then initiated talks with its financiers and major
suppliers, whom it has standstill agreements until Aug. 22,
2008.  The suppliers and financiers indicated that they are not
willing to continue the standstill arrangements or otherwise
support the company's continued trading.


GRAND HOTEL: Placed in Receivership; Owes AU$5-Mil. to Bankwest
---------------------------------------------------------------
The Sydney Morning Herald reports that Bankwest has appointed
receivers to two Sydney hotels to protect loans worth more than
AU$18 million.

The two Sydney hotels under receivership are:

   * the Surf Rock Hotel, located at Collaroy, on the northern
     beaches, which has been owned by the publican Brian Adams
     for nearly 25 years.  Surf Rock Hotel owes the bank about
     AU$13 million; and

   * the Grand Hotel in Wyong on the central coast, owned by a
     Terrey Hills property developer, Cedric Millner.  The
     Grand Hotel owes more than AU$5 million.

According to the report, the bank appointed Peter Walker from
Ferrier Hodgson as receiver while insolvency expert Jack Bournelis
from PPB was appointed to the Grand Hotel.

Mr. Adams had hoped to sell the Surf Rock Hotel, also known as the
Beach Hotel, at auction last on March 18, but no bids were lodged,
the report says.

The Herald recalls that the Surf Rock Hotel has been struggling to
service its debt since the budget blew out on extensive
renovations which began in 2004.

The Surf Rock Hotel is expected to attract between AU$10.5 million
and AU$12 million when it is sold by the bank in coming months,
the Herald notes.


SURF ROCK: Placed in Receivership; Owes AU$13-Mil. to Bankwest
--------------------------------------------------------------
The Sydney Morning Herald reports that Bankwest has appointed
receivers to two Sydney hotels to protect loans worth more than
AU$18 million.

The two Sydney hotels under receivership are:

   * the Surf Rock Hotel, located at Collaroy, on the northern
     beaches, which has been owned by the publican Brian Adams
     for nearly 25 years.  Surf Rock Hotel owes the bank about
     AU$13 million; and

   * the Grand Hotel in Wyong on the central coast, owned by a
     Terrey Hills property developer, Cedric Millner.  The
     Grand Hotel owes more than AU$5 million.

According to the report, the bank appointed Peter Walker from
Ferrier Hodgson as receiver while insolvency expert Jack Bournelis
from PPB was appointed to the Grand Hotel.

Mr. Adams had hoped to sell the Surf Rock Hotel, also known as the
Beach Hotel, at auction last on March 18, but no bids were lodged,
the report says.

The Herald recalls that the Surf Rock Hotel has been struggling to
service its debt since the budget blew out on extensive
renovations which began in 2004.

The Surf Rock Hotel is expected to attract between AU$10.5 million
and AU$12 million when it is sold by the bank in coming months,
the Herald notes.


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


AFK FAR EAST: Creditors' Proofs of Debt Due April 12
----------------------------------------------------
Creditors of AFK Far East Limited, which is in compulsory
liquidation, are required to file their proofs of debt by
April 12, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         c/o Borrelli Walsh Limited
         Level 17, Tower 1 Admiralty Centre
         18 Harcourt Road
         Hong Kong


ASIAHQ LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on March 17, 2010, to
wind up the operations of AsiaHQ Limited.

The official receiver is E T O'Connel.


AUTRON MAURITIUS: Court to Hear Wind-Up Petition on April 7
-----------------------------------------------------------
A petition to wind up the operations of Autron Mauritius
Corporation will be heard before the High Court of Hong Kong on
April 7, 2010, at 9:30 a.m.

Da Ya Bay Development Limited filed the petition against the
company on December 28, 2009.

The Petitioner's solicitors are:

         Chung & Kwan
         Rooms 1601-1606, 16/F
         ING Tower
         308-320 Des Voeux Road Cetral
         Hong Kong


BIG INCOME: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on March 17, 2010, to
wind up the operations of Big Income Investments Limited.

The official receiver is E T O'Connel.


BRIDISCO (HK): Members' and Creditors Meetings Set for April 15
---------------------------------------------------------------
Creditors and members of Bridisco (Hong Kong) Limited will hold
their annual meetings on April 15, 2010, at 3:30 p.m., at the
offices of Ferrier Hodgson Limited, 14th Floor, The Hong Kong Club
Building, 3A Chater Road, Central, in Hong Kong.

At the meeting, Roderick John Sutton, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BUSINESS & INDUSTRIAL: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on March 17, 2010, to
wind up the operations of Business & Industrial Trade Fairs
Limited.

The official receiver is E T O'Connel.


CELLON HK: Creditors' Proofs of Debt Due April 12
-------------------------------------------------
Creditors of Cellon Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 12, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Cosimo Borrelli
         Jacqueline Walsh
         c/o Borrelli Walsh Limited
         Level 17, Tower 1 Admiralty Centre
         18 Harcourt Road
         Hong Kong


CHINA DATA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on March 17, 2010, to
wind up the operations of China Data Technology Limited.

The official receiver is E T O'Connel.


EASTAR TRADING: Annual Meetings Set for April 9
-----------------------------------------------
Contributories and creditors of Eastar Trading Limited will hold
their annual meetings on April 9, 2010, at 2:30 p.m., and 2:45
p.m., respectively at the Room 103 Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Mok Hon Kwong Thomas, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ELITE REGENT: Annual Meetings Set for April 9
---------------------------------------------
Contributories and creditors of Elite Regent Limited will hold
their annual meetings on April 9, 2010, at 4:30 p.m., and 4:45
p.m., respectively at the Room 103 Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Mok Hon Kwong Thomas, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FULLY INDUSTRIAL: Creditors' Proofs of Debt Due April 9
-------------------------------------------------------
Creditors of Fully Industrial Company Limited, which is in
liquidation, are required to file their proofs of debt by
April 9, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Kenny King Ching Tam
         Room 908, 9/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


GREYCELLS MANAGEMENT: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on March 17, 2010, to
wind up the operations of Greycells Management Limited.

The official receiver is E T O'Connel.


HANG FUNG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on March 17, 2010, to
wind up the operations of Hang Fung Electric Wire Factory Limited.

The official receiver is E T O'Connel.


HKRB OPERATIONS: Creditors' Proofs of Debt Due April 16
-------------------------------------------------------
Creditors of HKRB Operations Limited (F.K.A. Cable & Wireless
Regional Businesses (Hong Kong) Limited), which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 16, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 15, 2010.

The company's liquidator is:

         Johnson Kong Chi How
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


KEYWIN LIMITED: Annual Meetings Set for April 8
-----------------------------------------------
Contributories and creditors of Keywin Limited will hold their
annual meetings on April 8, 2010, at 3:30 p.m., and 3:45 p.m.,
respectively at the Room 103 Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Mok Hon Kwong Thomas, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


M & T: Creditors' Final Meeting Set for April 8
---------------------------------------------
Creditors of M & T International Limited will hold their final
general meeting on April 8, 2010, at 3:00 p.m., at the Room 2010,
20/F., Nan Fung Tower, 173 Des Voeux Road Central, in Hong Kong.

At the meeting, Lau Siu Hung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


MLA FINANCIAL: Creditors Get 1.024% Recovery on Claims
------------------------------------------------------
MLA Financial Services (HK) Limited, which is in creditors'
voluntary liquidation, will pay the fifth and final dividend to
its creditors today, March 29, 2010.

The company will pay 1.024% for ordinary claims.

The official receiver and liquidator is E T O'Connell.


STYLATRADE COMPANY: Annual Meetings Set for April 8
---------------------------------------------------
Contributories and creditors of Stylatrade Company Limited will
hold their annual meetings on April 8, 2010, at 2:30 p.m., and
2:45 p.m., respectively at the Room 103 Duke of Windsor Social
Service Building, 15 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Mok Hon Kwong Thomas, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SUNEX TRADING: Annual Meetings Set for April 9
----------------------------------------------
Contributories and creditors of Sunex Trading Limited will hold
their annual meetings on April 9, 2010, at 3:30 p.m., and 3:45
p.m., respectively at the Room 103 Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Mok Hon Kwong Thomas, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


UNDERLINE FITCH: Members' Final Meeting Set for April 19
-----------------------------------------------------------
Members of Underline:Fitch Hong Kong Limited will hold their final
meeting on April 19, 2010, at the 1301 Eton Tower, 8 Hysan Avenue,
Causeway Bay, in Hong Kong.

At the meeting, Wendy Lin Lai Har, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


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


ANUPAM SARMA: Delays in Loan Payment Prompts CRISIL 'C' Ratings
---------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to Anupam Sarma's bank
facilities.

   Facilities                       Ratings
   ----------                       -------
   INR25 Million Cash Credit        C (Assigned)
   INR75 Million Bank Guarantee     P4 (Assigned)

The ratings reflect past instances of delays by AS's in servicing
unrated debt, and the firm's exposure to risks related to large
working capital requirements, leading to constrained liquidity,
geographical and segmental concentration in revenue profile, and
small scale of operations.  These rating weaknesses are partially
offset by the benefits that AS derives from its moderate order
book and the experience of its promoters in the civil construction
segment.

Set up in Barpeta (Assam) in 1999 by Mr. Anupam Sarma, Anupam
Sarma undertakes civil construction activities in Assam.  The firm
generally undertakes government contracts and is mainly involved
in the construction of roads; it executes bridge and building
construction projects as well.  The firm is registered with the
Public Works Department (PWD), Assam.  AS has executed projects
for PWD, Pradhan Mantri Gram Sadak Yojana, and other organisations
in Assam.

AS reported a profit after tax (PAT) of INR30 million on net sales
of INR548 million for 2008-09 (refers to financial year, April 1
to March 31) against a PAT of INR11 million on net sales of INR193
million for 2007-08.


ANKIT COTTON: CRISIL Assigns 'B-' Rating on INR60MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the bank facilities
of Ankit Cotton Co.

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

The rating reflects Ankit's weak financial risk profile, marked by
low net worth, high gearing, and weak debt protection measures,
and exposure to risks relating to unfavorable changes in
government policy.  These rating weaknesses are partially offset
by the benefits that Ankit derives from its proprietor's
experience in the cotton ginning business.

Outlook: Stable

CRISIL believes that Ankit will continue to benefit over the
medium term from its proprietor's strong track record in the
cotton ginning business.  However, the firm's financial risk
profile is expected to remain constrained because of high gearing
and weak debt protection measures.  The outlook may be revised to
'Positive' if the firm's capital structure improves because of
significant improvement in accruals or infusion of funds.
Conversely, the rating may be revised to 'Negative' if Ankit's
financial risk profile deteriorates because of lower-than-expected
operating margin or debt-funded capital expenditure.

                        About Ankit Cotton

Set up in 1994 as a proprietorship firm by Mr. Pradeep Kumar,
Ankit is engaged in cotton ginning in Bhatinda (Punjab).  The
firm's plant has capacity to process 350 bales of cotton per day.
It also has an oil mill to manufacture cotton oil cakes.

Ankit reported a book profit of INR0.2 million on net sales of
INR153 million for 2008-09 (refers to financial year, April 1 to
March 31), against a book profit of INR0.4 million on net sales of
INR293 million for 2007-08.


ASIA WOVEN: ICRA Assigns 'LBB' Rating on INR49.5MM Term Loan
------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR49.5 million term
loans and INR4.5 million working capital facilities of Asia Woven
Sacks Private Limited.  The outlook for the rating is stable. ICRA
has also assigned an A4 rating to the INR68.9 million fund based
and non fund based limits.

The assigned ratings are constrained by the small scale of
operations in a highly fragmented industry, vulnerability of
profitability to volatility in raw material prices, high client
concentration risk characterized by major dependence on an export
trading client -- Gulf Star Trading Corp and a leveraged capital
structure as indicated by a gearing of 1.83 times as on March 31,
2009.  The ratings, however, draw comfort from the extensive
experience of the promoters in the Polypropylene (PP) woven sack
industry and moderate debt repayment obligations in the long term.
The ratings also take into account orders received by AWS from
Food Corporation of India (FCI) for foodgrain packaging which
could provide higher realizations; however the same would be
subject to regulatory risk as currently all foodgrain packaging is
required to be done through jute bags with interim shortages
allowed to be fulfilled by PP/HDPE woven sacks.

Asia Woven Sacks Pvt. Ltd. was incorporated in 1984. AWS is a
manufacturer of Polypropylene (PP) bags, which are used as
industrial packaging material in fertilizers, cement, sugar and
food grain industries.  AWS has its manufacturing facilities in
Nani Kadi, Dist. Mehsana, Gujarat and the capacity of the plant is
3000 MTPA as on December 31, 2009. AWS is managed by Mehsana based
entrepreneurs Mr. Ajit J. Chaudhari and Mr. Chhatrasinh Chaudhari
The company's installed capacity was increased from 1800 MT to
3000 MT in 2006.  The capacity utilization for FY2009 was about
77%.

During FY 2009, AWS recorded operating income of INR217 million
and PAT of 6 million.  During the nine months of FY 2010, company
recorded operating income of INR210.1 million and PAT of INR5.4
million.


BAGHAULI SUGAR: CRISIL Reaffirms 'D' Ratings on INR1.4B Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Baghauli Sugar & Distillery
Ltd's cash credit facility, and has reaffirmed its rating on the
company's term loan at 'D'.

   Facilities                            Ratings
   ----------                            -------
   INR1400 Million Term Loan             D (Assigned)
   (Enhanced from INR1150 Million)

   INR520 Million Cash Credit Facility   D (Assigned)

The rating reflects continued delays in servicing of the
facilities by BSDL; the delays have been caused by weak liquidity,
as BSDL reported less-than-expected revenues during the past 12
months because of lower-than-estimated capacity utilization.

Incorporated in 2006, BSDL has set up a sugar plant with a cane
crushing capacity of 5000 tonnes per day, and a bagasse-based 12-
megawatt cogeneration power plant, in Hardoi, Uttar Pradesh. The
sugar mill and the power plant were commissioned in January 2009.
As part of the integrated sugar unit, the company is also setting
up a 100-kilolitre per day distillery and a blending unit.  The
company has the license from the Government of Uttar Pradesh to
manufacture and supply country liquor to government channels in
the state; hence, BSDL is also setting up a bottling unit in an
annex to the distillery. The cost of the entire project, INR2.19
billion, has been funded in a debt-to-equity ratio of 1.8:1.


BLING TELECOM: ICRA Places 'LBB-' Rating on INR20M Bank Debts
-------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR20.0 million proposed
fund based bank limits of Bling Telecom Private Limited.
The outlook on the rating is stable.  ICRA has also assigned an A4
rating to INR65.0 million proposed non fund based bank limits of
BTPL.

The ratings take into account BTPL's moderate scale of operations,
its low profitability in the initial pre stabilization period of
operations, its limited track record of operations and risk of
brand failure amidst intense competition in the market.  However
the ratings derive comfort from BTPL's experienced management, its
cost effective supply chain management and attractive growth
opportunities for low cost mobile handsets in India.

Bling Telecom Private Limited was incorporated in the year 2009
and it started its operations in October 2009.  The company has
been incorporated by Mr. Rajiv Khanna who had worked in Xerox Inc,
USA (posted at several countries) for around 30 years and after
that he headed Meridian Telecom Limited which sells "FLY" brand
mobile handsets in India.  After working in Meridian Telecom
Limited for four years Mr. Khanna started his own company Bling
Telecom Private Limited (BTPL) which is involved in selling of
mobile handsets in India under the brand names of "Movil" and
"Bling".


BOMMIDALA SREERAM: CRISIL Places 'BB' Ratings on Various Debts
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Bommidala Sreeram
Agro Traders Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR180.0 Million Cash Credit     BB/Stable (Assigned)
   INR55.0 Million Long Term Loan   BB/Stable (Assigned)
   INR35.0 Million Proposed Long    BB/Stable (Assigned)
              term Loan Facility

The rating reflects BSRAT's exposure to risks related to limited
track record in cottonseed oil business, wide fluctuations in
revenues, delayed stabilization of capacities added in the past,
and to fluctuations in commodity prices.  These rating weaknesses
are partially offset by BSRAT's low gearing and healthy liquidity
position.

Outlook: Stable

CRISIL believes that BSRAT will maintain its financial risk
profile, marked by low gearing and healthy liquidity. The outlook
may be revised to 'Positive' if BSRAT's operating profits improve
substantially, aided by stable growth in revenues and
stabilization of enhanced capacities.  Conversely, the outlook may
be revised to 'Negative' if the company's financial risk profile
deteriorates because of delays in stabilization of production
capacities or if it undertakes a large debt-funded capital
expenditure program.

                      About Bommidala Sreeram

BSRAT, a part of the Bommidala group, was established in 1996
after the division of assets in the Bommidala family.  The
company, which is based in Guntur (Andhra Pradesh), manufactures
and processes cottonseed oil and its by-products.  The company was
earlier in the tobacco seed oil business, which was discontinued
in 2006-07.

BSRAT reported a profit after tax (PAT) of INR 1.1 million on net
sales of INR 141.9 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR 18.8million on net sales
of INR 63.5 million for 2007-08.


DOONVALLEY TECHNOPOLIS: CRISIL Rates INR750MM Term Loan at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'B/Negative' rating to the term loan
facility of Doonvalley Technopolis Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR750.0 Million Term Loan      B/Negative (Assigned)

The rating reflects DVPL's exposure to risks related to project
implementation, and to the inherent cyclicality in the hotel
business.  These weaknesses are partially offset by the benefits
that the company is expected to derive from tie-ups with leading
brands such as Radisson for the hotel and Tanishq, Bikanerwala and
Adlabs for the mall, and its promoters' track record in project
execution.

Outlook: Negative

CRISIL believes that delays in commissioning of the project
combined with the risks associated with attaining break even
occupancy levels could lead to deterioration in DVPL's credit risk
profile.  The rating may be downgraded if the company faces
further delays or cost overruns.  Conversely, the outlook may be
revised to 'Stable' if a significant portion of the mall is leased
out, and if the hotel receives good customer response post
commissioning resulting in improvement in profitability and debt
protection metrics.

DVPL is an equal joint venture between Assotech Ltd and Supertech
Ltd. Set up in 2005, the special purpose vehicle is constructing a
five-star business hotel and a mall in Rudrapur, Uttarakhand.  The
cost of the project, with a developmental area of 4.73 acres, is
estimated around INR1220 million -- around INR640 million for the
hotel, and INR580 million for the mall and four-screen multiplex.
DVPL has signed agreements with Carlson Hotels for the management
of the hotel under the name of Radisson Hotel Metropolis. The
projects are expected to be commissioned by July 2010.


FLORA MARMO: ICRA Assigns 'LBB+' Rating on INR230.3MM LT Loans
--------------------------------------------------------------
ICRA has assigned 'LBB+' rating to INR230.30 million long-term
fund based bank limits of Flora Marmo Industries Private Limited.
The rating factors in the company's modest scale of operations,
weak capital structure and coverage indicators arising from the
high working capital intensity of operations.  The company's
profitability indicators, which were otherwise robust, have also,
seen a decline in recent past, because of the challenging
operating environment with a marked slowdown in the major
consuming segments.  Moreover, since a major portion of purchases
are made through imports, the margins remain susceptible to
foreign exchange fluctuations and increase in import duty.  The
rating, however, factors in the rich experience of the promoters
in the industry, established presence of FMIPL in the domestic
market and its favorable competitive position as reflected in
robust operating and net profit margins.

Flora Marmo Industries Pvt. Ltd was incorporated in 2009 by Mr.
Amit Jalan & Mr.  Troy Caeiro to take over the business of Mahavir
Industries, a partnership firm which was formed in the year 2002.
The company has a processing unit at Silvassa (U.T.) and has a
registered office in Vile Parle, Mumbai.

FMIPL is engaged in importing, processing & selling of imported
marble in the domestic market.  The total cutting & polishing
capacity of the company is 74 million Sq. Mt. per annum.
Recent Results:

FMIPL recorded a net profit of INR26.7 million on an operating
income of INR587.5 million for the year ending March 31, 2009 and
a net profit of INR47.8 million on an operating income of INR450.6
million for the year ending March 31, 2008.


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.


KEDARNATH COTTONS: CRISIL Assigns 'B' Rating on INR39.3MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Kedarnath Cottons Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR39.30 Million Long Term Loan   B/Stable (Assigned)
   INR170.00 Million Cash Credit     B/Stable (Assigned)

The rating reflects Kedarnath's weak financial risk profile and
working-capital-intensive operations.  These rating weaknesses are
partially offset by the benefits that Kedarnath derives from its
promoters' experience in the cotton ginning business.

Outlook: Stable

CRISIL believes that Kedarnath will continue to benefit over the
medium term from its promoters' experience in the cotton ginning
business.  However, its liquidity is expected to remain
constrained because of low cash accruals.  The outlook may be
revised to 'Positive' if Kedarnath scales up its operations and
improves its financial risk profile, supported by improvement in
its margins and cash flows, and equity infusion by its promoters
leading to improvement in its capital structure.  Conversely, the
outlook may be revised to 'Negative' if Kedarnath's operating
margin and cash flows decline, or if the company undertakes a
large debt-funded capital expenditure program, leading to
deterioration in its financial risk profile.

                      About Kedarnath Cottons

Kedarnath was formed in 2009 by Mr. Kedarnath Padigela.  Based in
Adilabad (Andhra Pradesh), the company is engaged in cotton
ginning.  It has capacity of 108 double-rolling gins.  The company
enjoys good relationships with local farmers, and procures 60% of
its total cotton requirement directly from farmers.

Kedarnath reported a profit after tax (PAT) of INR9.4 million on
net sales of INR396.6 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR7.2 million on net
sales of INR606.0 million for 2007-08.


KERALA STATE: CRISIL Rates INR1 Bil. Overdraft Facility at 'BB+'
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the overdraft
facility of Kerala State Co-operative Agricultural and Rural
Development Bank Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR1 Billion Overdraft Facility    BB+/Stable(Assigned)

The rating reflects KSCARDB's exposure to risks inherent in the
long-term structure of rural credit cooperatives in India leading
to weak asset quality; though the bank's gross non-performing
assets have been lower than most of the agricultural rural
development banks.  The rating also reflects KSCARDB's modest
earnings profile.  These weaknesses are partially offset by the
bank's strong market position among rural financing entities in
Kerala.

Outlook: Stable
CRISIL believes that KSCARDB will maintain its market position and
stable business risk profile over the medium term on the strength
of its outreach in Kerala.  The outlook may be revised to
'Negative' if the bank's asset quality and earnings profile
deteriorate further.  Conversely, the outlook may be revised to
'Positive' if there is a marked improvement in the entity's asset
quality and capitalization.

                         About Kerala State

Set up in 1956, KSCARDB (formerly Kerala Co-operative Central Land
Mortgage Bank) caters to the long-term agricultural credit needs
of farmers in Kerala.  KSCARDB is the apex financial institution
for 48 primary co-operative agricultural and rural development
banks (PCARDBs) functioning at the taluka level in Kerala.

As per the unaudited results, the bank reported a profit after tax
(PAT) of INR170 million on a gross total income of INR2.23 billion
for 2008-09 (refers to financial year, April 1 to March 31),
against a PAT of INR160 million on a gross total income of INR2.20
billion for 2007-08.


LUMBINI CONSTRUCTIONS: CRISIL Reaffirms 'B' Rating on INR200M Loan
------------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'B/Negative' to Lumbini
Constructions Ltd's bank facilities.

   Facilities                     Ratings
   ----------                     -------
   INR200 Million Term Loan       B/Negative (Reaffirmed)
   INR200 Million Overdraft       B/Negative (Assigned)
   INR5 Million Bank Guarantee    P4 (Assigned)

The ratings continues to reflect LCL's below-average financial
risk profile, and exposure to risks relating to cyclicality in the
Indian real estate industry, and to execution and saleability of
its ongoing real estate projects, Lumbini SLN Terminus and Lumbini
Ram Woods.  The ratings also factor in LCL's exposure to risks
inherent in the Indian real estate industry. These weaknesses are
partially offset by the company's strong track record in the
building construction segment.

Outlook: Negative

CRISIL believes that LCL will remain exposed to project
implementation risks, and to the current slowdown in the real
estate sector, resulting in strained cash flows.  The ratings may
be downgraded if LCL's financial risk profile deteriorates because
of low revenues from, or time and cost overruns on, its ongoing
project.  Conversely, the outlook may be revised to 'Stable' if
LCL completes projects on schedule, and finalizes sales contracts
for all saleable units without dilution in realizations.

                     About Lumbini Constructions

Set up in 1987 as a partnership firm, LCL (formerly, Lumbini
Constructions) was reconstituted as a closely-held public limited
company in 2001. LCL undertakes construction of residential and
commercial projects.  LCL reported net losses of INR1 million on
net sales of INR21.60 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR3.50 million on
net sales of INR81.70 million for 2007-08.


MADRAS HARDTOOLS: Weak Liquidity Cues CRISIL 'C' Ratings
--------------------------------------------------------
CRISIL has assigned its'C/P4' ratings to the bank facilities of
Madras Hardtools Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR31.00 Million Long Term Loan   C (Assigned)
   INR100.00 Million Cash Credit     C (Assigned)
   INR5.00 Million Bill Purchase-    P4 (Assigned)
            Discounting Facility
   INR5.00 Million Bank Guarantee    P4 (Assigned)

The ratings reflect MHPL's weak liquidity because of its delayed
collection of receivables, and below-average financial risk
profile.  These rating weaknesses are partially offset by the
benefits that MHPL derives from its established position in the
wire rope sling market, and the company's moderate operating
efficiency.

Set up as a partnership firm in 1972 by Mr. S Badruddin and his
son, Mr. B Ali Akbar in Chennai (Tamil Nadu), MHPL was
reconstituted as a private limited company in 1985.  It
manufactures wire rope slings, which are basic material handling
tools, used in lifting applications in offshore, infrastructure,
and heavy industries.  The company derives 85 per cent of its
revenues from trading in raw materials used for manufacturing wire
rope slings, and the remainder from its manufactured product. MHPL
purchases around 90 per cent of its raw materials from Usha Martin
Ltd (Usha), and is Usha's exclusive dealer for these materials in
South India.

MHPL reported a profit after tax (PAT) of INR11 million on net
sales of INR612 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR6 million on net sales
of INR491 million for 2007-08.


MAESTRO FASHIONS: ICRA Assigns 'LBB+' Rating on INR35MM Term Loans
------------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR35 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.


NAGAR KOPARGAON: Delays in Loan Repayment Cues ICRA 'LB-' Ratings
-----------------------------------------------------------------
ICRA has revised the long term rating assigned to bank facilities
of Nagar Kopargaon Infrastructure Private Limited from 'LB+' to
LB-.

The rating revision reflects continuing delays by NKIPL in meeting
its debt servicing obligations on account of a significant delay
in commencement of tolling operations.  The tolling operation on
the 55km stretch of State Highway No. 10 (SH-10) in Maharashtra
from Kolhar to Ahmednagar, which was supposed to commence from
November 2009, has been delayed by more than 6 months on account
of escalation in project cost and paucity of funds to meet the
cost escalation.  The repayment of debt, however, commenced in
October 2009 leading to cash flow mismatches and delays in debt
servicing.  The rating revision also takes note of the high level
of indebtedness and stretched liquidity position of NKIPL's parent
Ram Infrastructure Limited (rated LB- by ICRA) which has given a
corporate guarantee for the term loans availed by NKIPL.

NKIPL is a Special Purpose Vehicle (SPV) formed by RIL in May 2007
to undertake the project of widening of a stretch of SH-10 in
Maharashtra from Kolhar to Ahmednagar.  Currently, RIL has a
99.97% shareholding in NKIPL.   The project was awarded by the
Government of Maharashtra, Public Works Department (PWD) on a
Build Operate and Transfer (BOT) basis with a concession period of
10 years 4 months and 3 days commencing from May 2007.  As per the
30 month construction period of the project, the scheduled
Commercial Operation Date (COD) was November 2009.  The length of
the project corridor is 55.50 km.  The total project cost is
estimated as INR1.49 billion which is to be funded by INR932
million of debt and INR564 million of equity i.e. in a debt to
equity ratio of 1.65:1.


OSWAL ARTS: ICRA Assigns 'LBB' Rating on INR170MM Bank Facilities
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR170 million fund based
limits of Oswal Arts Private Limited.  ICRA has also assigned an
LBB rating to the INR80 million proposed bank facilities of OAPL.
Outlook on the rating is stable.

The rating takes into account intensely competitive nature of
handicrafts industry, OAPL's modest scale of operations and its
high working capital intensity of operations which can put
pressure on cash flows.  The rating also factors in the slowdown
in tourism owing to global recessionary conditions that can impact
the business of the company. Nevertheless, the rating draws
comfort from OAPL's experienced management, its established track
record in the handicrafts industry and its moderate gearing levels
(0.73 times as on March 31, 2009).

OAPL was incorporated in 2008 by merging four proprietorship firms
namely Oswal Exports, Oswal Emporium, Kandariya Shilp Gram and
Touraids (I) Travel Services.  The company has been peomoted by
Mr. Ashok Jain who has been in the handicrafts business for more
than three decades.  The company has three showrooms: two in Agra
and one in Khajuraho.  The showroom deals in a wide variety of
handicraft products, with major focus on marble-based products.
Various products sold in the showroom include marble and stones
inlaid with precious and semi precious stones and other handicraft
items made of wood, sandal wood, carpets and durries, silver and
brass items and also collection of precious jewellery and stones.
Apart from handicrafts business, OAPL also operates a travel
agency where they provide services like transport assistance,
inbound tours and guide and escort service for sight-seeing, hotel
reservation etc. to tourists.  OAPL is a member of Travel Agents
Association of India, Indian Association of Tour Operators and is
approved by Department of Tourism (Government of India).


OSWAL TRADERS: ICRA Assigns 'LB+' Rating on INR61.8MM Term Loans
----------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR61.80 million term
loans, INR150 million cash credit facilities/ working capital
demand loan and INR88.20 million proposed bank facilities of Oswal
Traders and Travels Private Limited.

The rating factors in OTTPL's high working capital intensity and
its relatively high gearing level leading to pressures on its cash
flow and consequently stretched liquidity condition.  Moreover,
the rating factors in company's modest scale of operations and
intensely competitive nature of the industry.  The rating is
however supported by OTTPL's experienced management, its
established track record in the handicrafts industry and
demonstrated support from the promoters as reflected in regular
equity infusions in the past few years.

Incorporated in December 1987, Oswal Traders and Travels (P) Ltd.
(OTTPL) is a company involved in trading of handicraft products,
through its showroom in Agra).  The company became operational in
February 2005 with the launch of its showroom- "Kalakriti Kendra"
located on Fatehabad Road in Agra.  The showroom deals in a wide
variety of handicraft products, with major focus on marble-based
products. Various products sold in the showroom include marble and
stones inlaid with precious and semi precious stones and other
handicraft items made of wood, sandal wood, carpets and durries,
silver and brass items and also collection of precious jewellery
and stones.

Subsequently in October 2008, the company also ventured into
entertainment segment by setting up a Kalakriti Cultural and
Convention Center (Cultural Center) within the premises of its
showroom.  The company now holds cultural shows on the history of
Taj Mahal in its Cultural Center, on a daily basis.  The company
reported an operating income of INR317.2 milion and PAT of INR23.5
million in 2008-09 as compared to operating income of INR238.7
million and PAT of INR15.2 million in 2007-08.


PRANJAL INFRASTRUCTURE: ICRA Cuts Ratings on Bank Debts to 'LB-'
----------------------------------------------------------------
ICRA has revised the long term rating assigned to bank facilities
of Pranjal Infrastructure Private Limited from 'LB+' to 'LB-'.

The rating revision reflects a significant delay in project
construction by PIPL and the stretched liquidity position of its
parent Ram Infrastructure Limited (rated LB- by ICRA) and Hari
Infrastructure Private Limited (rated LB- by ICRA) that have given
a corporate guarantee for the term loans availed by PIPL.  The
tolling operation on the 40km stretch of State Highway No. 10 (SH-
10) in Maharashtra from Kopargaon to Kolhar, which was supposed to
commence from December 2009, has been delayed.  The company
expects to commission the project by June 2010, resulting in loss
of at least six months of toll revenues. However, the repayment of
debt is scheduled to commence as per the original schedule from
June 2010 thereby increasing the risk of cash flow mismatches in
debt servicing.

PIPL is a Special Purpose Vehicle (SPV) formed by RIL in May 2007
to undertake the project of widening of a stretch of State Highway
No. 10 (SH-10) in Maharashtra from existing two lanes to four
lanes and construct a two lane Shirdi-Rahata bypass.  Currently,
RIL and its group companies have a 99.96% shareholding in PIPL.
The project was awarded by the Government of Maharashtra, Public
Works Department (PWD) on a Build Operate and Transfer (BOT) basis
with a concession period of 10 years 1 month and 18 days
commencing from May 2007.  The project is bifurcated into two
phases. Phase I work consists of widening of existing two lane SH-
10 from km.78/200 to km.120/000 to four lane width and land
acquisition and 50% work of Shirdi -- Rahata bypass. Phase II
comprises of completion of the remaining 50% work of Shirdi-Rahata
bypass.  The construction period for the entire project is fixed
at 36 months (24 months for Phase I and 12 months for Phase II)
starting May 2007.  The length of the project corridor including
the bypass is 62.78 km (SH-10: 39.48 kms, Shirdi -- Rahata Bypass:
23.3 kms).  The total project cost is estimated as INR1.42 billion
which is to be funded by INR980 million of debt and INR446 million
of equity i.e. in a debt to equity ratio of 2.19:1.


RAM INFRASTRUCTURE: ICRA Cuts Ratings on Bank Facilities to 'LB-'
-----------------------------------------------------------------
ICRA has downgraded the long term rating assigned to bank
facilities of Ram Infrastructure Limited from 'LB+' to 'LB-'.  The
short term ratings were retained at A4.

The rating downgrade reflects recent delays by the company in
meeting its debt servicing obligations. RIL has provided corporate
guarantee for the debt taken up by two of its subsidiaries-
Pranjal Infrastructure Private Limited and Nagar Kopargaon
Infrastructure Private Limited.  The delays were on account of the
fact that RIL was faced with liquidity problems as it diverted a
part of its toll revenues earned during FY 10 towards providing
financial support to its two subsidiaries -- PIPL and NKIPL.  Both
PIPL and NKIPL had suffered cost escalations and delays in project
implementation. Moreover the Phase II of Malegaon project under
RIL too suffered similar challenges.  The ability of RIL to
overcome the ongoing liquidity pressures would depend on the
ability of PIPL, NKIPL & RIL to successfully execute the
respective ongoing BOT (build operate transfer) projects and
commence the tolling operations.

Ram Infrastructure Limited was incorporated in 2001 by Mr. Umakant
Dinkar Nehete for undertaking projects on Build Operate Transfer
(BOT) basis. Mr. Nehete is a civil engineer and has professional
experience of around 20 years as a PWD contractor for GoM
(Government of Maharashtra). RIL started business by undertaking
construction of two major and minor bridges in Jalgaon on BOT
basis (Dharangaon Project).  The first project undertaken by RIL -
-Dharangaon Project -- was completed two months ahead of schedule
in March 2003, at the total cost of INR33.5 million.  This project
was followed by another BOT project --Malegaon project-- with
lengths of 86.4 Km under Phase I and 13.45 Km under Phase II of
the project. While Phase I was completed in June 2005, Phase II is
still under construction.  The tolling for Phase I started as per
schedule in FY 2006 and the two toll plazas of Malegaon project
witnessed significant traffic growth over the past few years
leading to RIL generating OI of INR182.70 million and PAT of
INR22.9 million in FY 2009.  Subsequently RIL incorporated three
subsidiaries -- Hari Infrastructure Private Limited, Pranjal
Infrastructure Private Limited and Nagar Kopargaon Infrastructure
Private Limited for undertaking various BOT projects awarded by
PWD, GoM.  The project under HIPL achieved Commercial Operations
Date in 2007 and is currently an operational toll road while NKIPL
and PIPL are expected to achieve COD in FY 2010 and FY 2011
respectively.


REGENT BEERS: Delays in Loan Payment Prompts ICRA 'LB' Rating
-------------------------------------------------------------
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.


SANTOSH OVERSEAS: CRISIL Puts 'BB' Rating on INR230MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Santosh
Overseas Ltd bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR770.0 Million Cash Credit Limit     BB/Stable (Assigned)
   INR230.0 Million Term Loan             BB/Stable (Assigned)
   INR430.0 Million Proposed Long Term    BB/Stable (Assigned)
                    Bank Loan Facility
   INR7.5 Million Letter of Credit        P4+ (Assigned)
   INR2.5 Million Bank Guarantee          P4+ (Assigned)
   INR60.0 Million Proposed Short Term    P4+ (Assigned)
                   Bank Loan Facility

The ratings reflect SOL's weak financial risk profile marked by a
highly leveraged capital structure and average debt protection
metrics, and exposure to risks related to large working capital
requirements, fluctuations in raw material prices, uneven
rainfall, and unfavorable changes in regulatory policies.  These
rating weaknesses are partially offset by the benefits that SOL
derives from the growth opportunities in the basmati rice export
industry.

Outlook: Stable

CRISIL believes that SOL will maintain its financial risk profile
on the back of sales growth expected from its enhanced capacities;
SOL's capital structure, though, is expected to remain weak over
the medium term.  The outlook may be revised to 'Positive' in case
of significant improvement in SOL's gearing, most likely through
fresh equity infusion.  Conversely, the outlook may be revised to
'Negative' if significant increase in inventory levels leads to
large incremental bank borrowings, thereby exerting further
pressure on the company's financial risk profile.

                       About Santosh Overseas

SOL was set up by Mr. Sunil Mittal in 2007.  The company processes
basmati rice (1121 grade), and has a 24 tonne-per-hour rice
milling plant in Secundrabad (Uttar Pradesh).  The commercial
operations of this facility began in February, 2008.

SOL reported a PAT of INR45 million on net sales of INR1369
million for 2008-09 (refers to financial year, April 1 to
March 31) against PAT of INR16 million on net sales of INR114
million for 2007-08.


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, the pending authorization of SEL's
operations by PNGRB or Government of India 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, molded 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.


SOLID STATE: Weak Liquidity Prompts CRISIL 'D' Ratings
------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the various bank
facilities of Solid State Systems Pvt Ltd.  The ratings reflect
SSSPL's frequent delays in servicing its term debt obligations due
to weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR85.0 Million Rupee Term Loan     D (Assigned)
   INR15.0 Million Cash Credit         D (Assigned)
   INR45.0 Proposed Long Term Bank     D (Assigned)
                     Loan Facility
   INR20.0 Million Bill Purchase-      P5 (Assigned)
           Discounting Facility
   INR10.0 Million Packing Credit      P5 (Assigned)
   INR25.0 Million Letter of Credit    P5 (Assigned)

Set up by Mr. Jawad Basith and Mrs. Iqbal Basith in 1972, SSSPL
initially manufactured metalized paper and polyester direct
current capacitors for its sole customer, Indian Telephone
Industries Ltd.  Later, SSSPL began producing alternating current
capacitors for household appliances such as pumps, washing
machines, and air conditioners.  It began export of capacitors in
1995; exports now contribute more than 70% to SSSPL's revenues.

For 2008-09 (refers to financial year, April 1 to March 31), SSSPL
reported a net loss of INR0.4 million on net sales of INR171
million, as against a net loss of INR5 million on net sales of
INR154 million for 2007-08.


SWAGAT SYNTHETIC: ICRA Rates INR110 Million LT Loan at 'LBB'
------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR153 million long-term loan
and INR110 million long term fund-based limits of Swagat Synthetic
Private Limited.  ICRA has also assigned 'A4' rating to INR1
million short term non-fund based limits of SSPL.  The long term
rating has been assigned stable outlook.

The ratings take into account promoters' experience and track
record in manufacturing synthetic fabric from polyester viscose
(PV) yarn.  The ratings are however constrained by SSPL's moderate
operating profitability and commoditized nature of its product.
Synthetic fabric manufacturing is characterized by competition
from large number of players in the Bhilwara market. Moreover,
given the low entry barriers, SSPL's business is susceptible to new
capacity additions in the industry.  ICRA's ratings factor in the
relatively large capital expenditure plan of INR140 million
undertaken by SSPL to increase its production capacity.

The operating income of SSPL has increased at a CAGR of 7% from
INR418.6 million 2006-07 to INR476.5 million 2008-09.  The
operating profit margin has ranged from 6.5-8.5% with ROCE of
5%-8%.  Total gearing has remained around 2.0x in the last three
years.  ICRA expects that the profitability of the company will
continue to be in similar range however fall in operating
profitability and debt funded capex will remain the key rating
sensitivity for further rating action.

Incorporated in 1989, Swagat Synthetics Private Limited is in the
business of manufacturing and selling synthetic fabrics in the
Bhilwara market in Rajasthan.  SSPL has been promoted by Mr.
Jagdish Prasad Nuwal. SSPL started operations with the
establishment of 28 CIMMCO Looms with financial assistance from
Rajasthan Financial Corporation.  Over the years SSPL has
periodically replaced/modernised the looms and currently has 68
Sulzer looms.  At present, SSPL is in the process of installing 36
Sulzer double width looms, thereby augmenting its production
capacity by over 50%.


TATA MOTORS: JLR to Open Five More Dealerships in India
-------------------------------------------------------
Bloomberg News reports that Jaguar Land Rover, the luxury-vehicle
maker owned by Tata Motors Ltd., will open five more dealerships
in the Asian nation next fiscal year as economic growth spurs
demand for premium automobiles.

According to Bloomberg, Rajiv Dube, the president in charge of
passenger cars at Tata, said the sedan and sport-utility vehicle
maker expects to sell 250 vehicles in India in the nine months
ending March 31.  Mr. Dube spoke at an event in Delhi to mark the
opening of Jaguar's second Indian dealership.  The first opened in
Mumbai in June 2009.

Bloomberg relates Mr. Dube said the new dealerships will be in
cities including Hyderabad, Ludhiana, Bangalore and Chennai.
Another will be in either Pune or Kochi, he said.

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

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

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


VEEJAY SYNTEX: ICRA Assigns 'LBB' on INR78.5 Million Term Loan
--------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR78.5 million term loan
and INR30.0 million long term fund based facilities of Veejay
Syntex Private Limited.  The outlook on the long term rating is
stable.  ICRA has also assigned A4 rating to the Rs 15.0 million
short term non fund based facility of VSPL.

The ratings reflect VSPL's moderate scale of operations, low
profitability and susceptibility of the margins to raw material
price fluctuations.  The ratings takes into account the company's
concentrated client base coupled with intense competition in a
fragmented industry, which limits pricing flexibility and
company's ability to pass on hike in raw material cost to its
customers.  The rating also factors in the power shortage
prevailing in Tamil Nadu, which is adversely impacting capacity
utilization and cash flows of VSPL.  The ratings incorporate the
significant experience of VSPL's promoters in the textile industry
and the moderate capital structure of the company.

Promoted by Mr. J. Raghupathy in 1983, Veejay Syntex Private
Limited (VSPL) is a closely held entity with the promoters/
promoter's family holding 100% stake. Located in Coimbatore
District of Tamil Nadu, VSPL commenced commercial production in
May 1984 with 1,728 spindles and gradually increased its
production to 29,328 spindles as on March 31, 2009.  VSPL
manufactures combed and compact yarn in counts of 60s, 74s, 84s
and 100s.


VENUS COTSYN: ICRA Assigns 'LBB' Rating on INR157M Term Loan
------------------------------------------------------------
ICRA has assigned 'LBB' rating to INR157.0 million term loan and
INR108.0 million fund based facilities of Venus Cotsyn (India)
Limited.  The outlook on the long-term rating is Stable. ICRA has
also assigned an A4 rating to INR20.0 million non-fund based
facilities of VCIL.

The assigned ratings are constrained by VCIL's weak financial
profile characterized by high gearing and moderate debt coverage
indicators.  The ratings also reflect the high competitive
intensity of the industry resulting from a high level of
fragmentation and the small size of VCIL's operations makes it
vulnerable to the raw material price fluctuations & cyclicality in
the textile industry.  The ratings however, favorably factor in
VCIL's integrated facilities for fabric processing and yarn
dyeing; and the significant experience of the promoters in this
line of business. ICRA also notes that there is some assurance of
future revenues on account of VCIL being the preferred supplier of
processed fabric and dyed yarn to the other companies in the Venus
group.

Recent Results

For the nine months ending December 2009, VCIL reported operating
income of INR393.9 million, profit after tax of INR21.2 million
and an operating profit margin of 14.3%.

VCIL was incorporated in 1983 and is part of the Venus group
promoted by Mr. Anil Kumar Jain. VCIL was earlier known as Duke
Fabrics (India) Limited and was renamed in October 2005.  VCIL
commenced commercial production during 1984-85 and is currently
engaged in the dyeing of yarn and processing (dyeing, printing and
finishing) of knitted fabrics.  It has a processing unit in
Ludhiana (Punjab) with an installed capacity of dyeing ~9 Tons per
day (tpd) of yarn and fabric; and printing and processing of ~6
tpd of knitted fabric.  In addition, VCIL also undertakes washing
of garments and has an installed capacity of washing 9 tpd of
knitted garments.  VCIL has the facilities to print designs having
upto 12 different colors on knitted fabric having width upto 72
inches on rotary printing machines.


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


AIFUL CORPORATION: Moody's Confirms 'Caa1' Senior Debt Ratings
--------------------------------------------------------------
Moody's Investors Service has confirmed the Caa1 long-term senior
unsecured debt, unsecured medium term note, and issuer ratings of
Aiful Corporation.  The outlook for all the ratings is negative.

The confirmation reflects Moody's view that impairment of Aiful's
operating franchise would continue over the term in light of the
requirements to deal with its large outstanding global bonds
coming due under the persistently severe operating environment.
This downward pressure on franchise will remain despite the
prospect that the short-term pressure on Aiful's liquidity will be
somewhat alleviated by the agreement of its creditors -- through
alternative dispute resolution process -- to modify the company's
payment schedule and defer bank loan principal payments.

About JPY279 billion in bank loan principal payment obligations
will be deferred until September 29, 2010 and about JPY 76 billion
will be repaid until June 2014 since then, according to the
agreement with creditors.  In Moody's view, this development
mitigates somewhat short-term liquidity pressure which Moody's
previously assumed.

The company will still have to make major downsizing of its
operations to deal with large global bonds that will fall due in
2010 (and are excluded from the ADR process).  There is still high
degree of uncertainty, given the current overpaid interest claims
situation and the substantial deterioration in its financial
flexibility, as shown by its weakened capital base.  Moody's
expects that such persistent pressure on Aiful's operations will
impair its operating franchise and earnings capacity.

At the same time, the confirmation of the ratings also reflects
Moody's view that Aiful's substantial reserves -- coupled with the
alleviation of the short-term pressure on liquidity -- will for
the moment limit overall losses to a level in keeping with the
company's Caa1 ratings.

The negative ratings outlook reflects the Moody's concern that
there is still an uncertainty with Aiful's ability to achieve
significant downsizing of its operations under current difficult
environment.

Moody's believes that, without clear signs of stabilization on the
issue of overpaid interest claims or a recovery of market
confidence, the company's business prospects will be limited for
the foreseeable future.  Should such downward pressures exceed
Moody's expectations and result in adversely affecting the
company's ability to manage the repayment of its maturing bonds,
the rating could be downgraded.

Moody's last rating action with respect to Aiful was taken on
December 25, 2009, when the review of Caa1 long-term senior
unsecured debt, unsecured MTN, and issuer ratings was continued
for possible downgrade.

Moody's determines Aiful's rating by evaluating factors it
considers relevant to the company's credit profile, such as
franchise value, risk positioning, operating and regulatory
environment, and financial fundamentals versus its competitors, as
well as its projected performance for the near to medium term.
These attributes were compared to those of other issuers both
inside and outside its core industry.  Thus, Moody's believes
Aiful's rating to be comparable to those of other issuers with
similar credit risk.

Aiful Corporation, headquartered in Kyoto, was established in
1967.  It is a major, specialized consumer finance company in
Japan, with consolidated assets of about JPY1.3 trillion as of
December 31, 2009.


CORSAIR NO 3: Moody's Downgrades Ratings on Series 22 to 'C'
------------------------------------------------------------
Moody's Investors Service has announced this rating action:

Issuer: Corsair (Jersey) No.3 Limited

  -- Series 22 JPY1,000M Floating Rate Credit-linked Notes due
     2021, Downgraded to C; previously on October 15, 2008
     Downgraded to Ca

The rating action reflects the credit events of two reference
entities.  This transaction is a synthetic CDO which applies fixed
recovery rate structure.  On October 15, 2008, Moody's downgraded
the rating of the notes to Ca from Aa3, because of the several
credit events.  The principal amount of this note has been fully
written down following the additional two reference entities'
credit events.

Moody's monitors this transaction primarily using the methodology
and supplements for corporate CSO described in "Moody's Approach
to Rating Corporate Collateralized Synthetic Obligations"
(September 2009).

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


JAPAN AIRLINES: ANA Seeks Disclosure of Public Funds Usage
----------------------------------------------------------
Japan Today reports that All Nippon Airways Co. President
Shinichiro Ito has called for the disclosure of information on how
bigger rival Japan Airlines Corp. will use public funds JAL has
received to turn itself around after filing for bankruptcy in
January.  Mr. Ito warned that JAL's planned use of government-
backed funds to upgrade its aging fleet and carry out fare
reductions will undermine fair competition in the aviation
industry, the report says.

"The public funds should first be used to maintain aviation
networks that are necessary for public transportation and to
reduce debt," the report quoted Mr. Ito as saying at a news
conference in Tokyo. "Each company is making strenuous efforts to
invest in aircraft so we cannot remain silent if public funds are
going to be easily spent on this critical area."

According to Japan Today, Mr. Ito's comments came after JAL
Chairman Kazuo Inamori said that the company will use part of the
public funds to shift to smaller-sized, fuel-efficient aircraft
while it works to maintain struggling international operations,
which lie at the root of its financial demise.

Mr. Ito said ANA also shares "the sense of crisis" as it competes
in the same market with JAL.

The Troubled Company Reporter-Asia Pacific, citing Dow Jones
Newswires, reported on March 22, 2010, All Nippon expects to incur
an even deeper net loss for its fiscal year ending March 31.

ANA expects a net loss of JPY65 billion for the current fiscal
year, worse than the JPY4.26 billion net loss reported in the
previous fiscal year.  The projected loss is also higher than the
JPY28 billion loss forecast in its previous outlook in October,
Dow Jones said.

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: Creditors May Waive Up to JPY519-Bil. Debt
----------------------------------------------------------
Chris Cooper and Makiko Kitamura at Bloomberg News report that
Japan Airlines Corp. creditors may waive as much as JPY519 billion
of the carrier's debt as the airline restructures in bankruptcy
protection.

State-affiliated Enterprise Turnaround Initiative Corp. of
Japan also agreed to buy JPY191 billion of Japan Air debt,
Bloomberg says.

JAL's four biggest lenders at the end of March 2009 were
Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial
Group and Mizuho Financial Group Inc. and the Development Bank of
Japan.

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: Expands Codeshare Partnership With British Airways
------------------------------------------------------------------
Japan Airlines Corp. and British Airways, both members of leading
quality airline alliance oneworld, have reached an agreement to
expand their codeshare partnership.  Beginning March 28, 2010, JAL
will codeshare with BA on nine new routes and from April 28, 2010,
four new routes, all in the European region.  Including current
codeshare flights within the United Kingdom and within Europe, the
total number of codeshare flights between the two airlines will be
23, broadening JAL's Europe network to cover 36 cities with 54
routes.

JAL and BA first started to codeshare in February, 2004.  At
present, "JL" indicators are placed on BA-operated flights plying
ten routes from London (Heathrow) to such destinations as
Manchester and Vienna among others.  Of the latest 13 routes,
Brussels -- the capital of Belgium, and Geneva in Switzerland are
cities well-known to Japanese travelers and that will be brand new
additions to JAL's network while Athens gets placed back on the
map after a 20 year absence since the airline suspended operations
there in 1990.

With this expansion, JAL can now provide more convenience to
customers traveling to popular tourist destinations like Madrid
and Barcelona in Spain, to business cities in Germany like Berlin
and Munich, as well as several other cities in Northern Europe.

oneworld partners Japan Airlines and British Airways are in
discussions to further augment their bilateral partnership beyond
codeshare arrangements, details of which will be announced as soon
as developments are finalized.  Customers of the alliance-partners
can be certain to look forward to exciting new products offered in
the near future.

                        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: Expands Codeshare Agreement With Jetstar Airways
----------------------------------------------------------------
Japan Airlines Corp. said Wednesday it will expand its codeshare
agreement with Jetstar Airways from April 1, 2010.

Starting April 1, 2010, JAL will place its 'JL' indicator on Jet
Airways-operated flights between Osaka (Kansai) and Cairns, a
service with four weekly flights commencing the same day.

JAL and Jetstar have been bilateral partners since May 2007 and
currently codeshare on flights operated by the latter between
Tokyo (Narita) and Cairns.  Fares issued by JAL for Jet Airways-
operated codeshare flights will be for economy class only,
inclusive of meals and soft drinks.  Alcoholic drinks and
additional refreshments will be available for purchase onboard.

JAL currently operates 1 daily flight between Tokyo (Narita) -
Brisbane, and 1 daily flight on the Tokyo (Narita) - Sydney route
on which the airline's award-wining seats - the JAL Shell Flat
seat in business class and the JAL Sky Shell seat in premium
economy, are available.

                        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: Establishes Compliance Investigation Panel
----------------------------------------------------------
Japan Airlines (JAL) has formed the Compliance Investigations
Committee on March 2, 2010.  As part of the Company's efforts in
executing a fair and transparent restructuring, JAL has tasked the
Committee to examine past business practices of the JAL Group.

With the purpose of obtaining more information about compliance
issues in the company's history, the Committee is asking anyone
with relevant information to contact them by post, or by sending
an email to a dedicated email address (please see below) by no
later than April 15, 2010.

    Mailing address :  Law office of Nishikohri & Miyama
                       Compliance Investigations Committee
                       Chiyoda-ku, Hirakawacho 1- 9 - 3
                       Kyosho Building 2nd Floor
                       Tokyo 102-0093, Japan

    Email address   :  jal-chousa@abox3.so-net.ne.jp

    Closing date    :  April 15, 2010 (Thursday)

                       About the Committee

An independent investigative organization, the Committee is
comprised of third-party members who can impartially provide
professional opinion and effectively assess the JAL Group.
Activities of the Committee and key findings in the course of
their investigations will be disclosed and reported to the
appointed Trustees of JAL, under the Corporate Reorganization
Proceedings.

Members of the Compliance Investigations Committee

Position in
Committee            Name              Background
-----------          ----              ----------
Chairman        Chiharu SAIGUCHI    Lawyer, former member of the
                                   Supreme Court of Japan

Vice chairman   Tatsuo KAINAKA      Former Superintending
                                   Prosecutor of the Tokyo High
                                   Public Prosecutors' Office,
                                   former member of the Supreme
                                   Court of Japan

Member          Shinsuke KUBO       Certified public accountant

Member          Masaya Miyama       Lawyer

Member          Kyoko UEMURA        Lawyer, former judge

                       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: Releases January Traffic Data
---------------------------------------------
Japan Airlines announced on March 9, 2010, their monthly traffic
data for the month of January 2010.  The Monthly Traffic
Data consist of a (1.1) JAL Group International Passenger Traffic
Data - FY2009, (1.2) Month International Passenger Route Traffic
Data - January 2010, (2) JAL Group Total Domestic Passenger
Traffic - FY2009, (3) JAL Group Cargo Traffic Data - FY2009, and
(4) Monthly JAL Group Flight Operation Data - January 2010.

A spreadsheet file of the January Monthly Traffic Data is
available for free at:

         http://bankrupt.com/misc/JAL_JAN10TrafficData.xls

                       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: To Halt Freighter Flights by End of October
-----------------------------------------------------------
Japan Airlines Corp. said Thursday that it will adopt a new cargo
business model that solely utilizes the cargo belly space of the
airline's passenger flights.  The airline's passenger flights
provide cargo capacity (measured in available tonne kilometers)
approximately three times the volume available on its scheduled
freighter flights which will consequently be suspended at the end
of October 2010.

On May 2, 1959, JAL operated its first freighter flight using a
Douglas DC-4 charter aircraft from Haneda to San Francisco and in
the same year on November 25, introduced for the first time, a
remodeled DC-6B semi-cargo aircraft to its fleet.  Since then, JAL
has been providing quality cargo transport services using both
passenger flights and freighter flights, and over the last 50
years, steadily expanded its international network alongside the
economic growth of Japan.  Until today, JALCARGO, as the cargo
business arm of JAL is known, has met the needs of countless
satisfied customers.

Market conditions for international cargo business however, is
expected to remain severe and to adapt to this, JALCARGO will
shift from using a combination of freighter flights and passenger
flights to exclusively utilizing the belly space of passenger
flights -- a new cargo business structure that aims to secure a
stable profit and that can boost the recovery of JAL's financial
standing.

Maintaining access to almost all destinations currently served by
its freighter flights with passenger flights, Japan's largest
international network carrier, JAL, will continue to meet the
needs of its valued customers.  The airline will continue its
cargo business by productively using the belly space of 508 weekly
passenger flights plying 56 international routes, and on 134
domestic routes with 904 daily one-way flights, in addition to
enhancing service standards and offerings.

With the internationalization of Tokyo's Haneda airport taking
place this autumn, JALCARGO will continue in its endeavors to
provide customers with quality services and convenience, and
strive to improve the speed and efficiency of goods distribution
using the international and domestic air transport operations of
JAL.

                        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: TWU Calls for Antitrust Immunity for AMR Deal
-------------------------------------------------------------
The TWU called on the U.S. Department of Transportation to grant
antitrust immunity for the joint business agreement proposed by
American Airlines and Japan Airlines.  The union represents
workers at 23 U.S. airlines, including its American Eagle
subsidiary.

American and Japan airlines are part of the One World Alliance,
which unites 11 global airlines on five continents.

"The proposed alliance between the two carriers is vital for
Oneworld to compete effectively with the Star and SkyTeam
alliances," said TWU President James C. Little and Vice President
John M. Conley, director of the union's Air Transport Division, in
a letter delivered today to U.S. Transportation Secretary Ray
LaHood.

The application by American Airlines and Japan Airlines, Little
and Conley wrote, "will benefit our members, their families, and
communities in which they live, by providing: greater and balanced
ability to compete . . . enhanced opportunity for long-term
growth; improved job security; [and] consistent regulatory
approval."

American Airlines and Japan Airlines and the other partners in the
Oneworld alliance are seeking the same privileges and antitrust
immunities enjoyed for years by the competing Star Alliance and
the SkyTeam alliance.

In addition to the letter to LaHood, TWU will be communicating the
union's position to members of Congress and encouraging TWU
members to reach out to their elected representatives.  TWU
members supported the successful effort by American and its
Oneworld alliance partners to apply for antitrust immunity for
Atlantic routes last year.  The U.S. Department of Transportation
approved the application in February, 2010.

                       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)


SHINSEI BANK: S&P Downgrades Ratings on Securities to 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB+' long-term
counterparty credit rating on Shinsei Bank Ltd., its 'BBB+' debt
rating on the bank's senior unsecured debt, its 'BBB' debt rating
on its subordinated debt, as well as its 'BBB-' debt rating on its
perpetual subordinated debt.  S&P also affirmed its 'BBB+' long-
term counterparty credit rating on Aozora Bank Ltd. and its 'BBB+'
debt rating on the senior unsecured debt issued by Aozora.  At the
same time, S&P removed the ratings from CreditWatch with positive
implications.  The outlooks on the long-term ratings on Shinsei
and Aozora are stable.

At the same time, S&P lowered the debt rating on the preferred
securities issued by Shinsei to 'BB-' from 'BBB-', and placed it
on CreditWatch with negative implications.  S&P also affirmed the
'A-2' short-term counterparty credit ratings on Shinsei and Aozora
and the 'C+' bank fundamental strength ratings on both banks,
which were not placed on CreditWatch previously.

The affirmation and removal of the ratings from CreditWatch follow
the lowering of the stand-alone assessment of Shinsei based on
S&P's expectation that the bank's financial performance for fiscal
2009 (ending March 31, 2010) will deteriorate.  Standard & Poor's
concluded that, even though S&P will incorporate the government
support factor into the rating on the merged bank when the merger
between the two banks materializes, the rating on the merged bank
is unlikely to be higher than the current ratings on the banks,
given that S&P revised downward its stand-alone assessment of
Shinsei, which has larger assets than Aozora.  S&P placed the
long-term ratings on Shinsei and Aozora on CreditWatch with
positive implications on July 1, 2009, when the banks announced
that they planned to merge, reflecting the possibility of an
upgrade given the possible inclusion of government support for the
merged bank.

For the nine-month period ended Dec. 31, 2009, Shinsei's financial
performance improved, as evidenced by the bank posting profit of
JPY22.2 billion for that period.  On the other hand, S&P believes
that the bank has been affected by a decline in land prices, as
the bank's real estate loans amounted to JPY946.0 billion of its
total loan portfolio worth JPY5.1 trillion as of Dec. 31, 2009.
In addition, although Shinsei Financial is well protected from
refund claims thanks to an indemnity agreed at its acquisition,
the business environment for Shinsei's other smaller consumer
finance subsidiaries, APLUS and Shinki, is under pressure due to
claims for refunds of overcharged interest and the negative
effects of the revised Money Lending Business Law.  Based on these
factors, Standard & Poor's expects the bank's financial
performance to worsen again in fiscal 2009, which led us to revise
downward S&P's stand-alone assessment of Shinsei.  As well as
lowering the stand-alone assessment, S&P incorporated a government
support factor, which had not been reflected in the rating so far.
As a result, S&P affirmed the counterparty credit rating on
Shinsei.  The outlook is stable.  These changes are based on S&P's
view that Shinsei is highly likely to receive government support
to maintain its credit quality at a certain level, even though the
bank has less influence in the domestic financial system than
other, bigger Japanese banks.

The downgrade and negative CreditWatch placement of Shinsei's
preferred securities, meanwhile, is based on S&P's view that the
bank's distributable amount, which is one of the terms of dividend
payments of preferred securities, may decline due to its
expectation that business performance at the bank will
deteriorate.  One of the terms of the preferred securities issued
by Shinsei Bank is to cease dividend payments if the bank lacks
the necessary distributable amount.  Standard & Poor's expects
that the bank's distributable amount may decrease in tandem with
the bank's financial performance.  As of Dec. 31, 2009, Shinsei
had a distributable amount of about JPY77 billion against the
scheduled amount of dividends of preferred securities of
approximately JPY10 billion.  Standard & Poor's does not currently
believe that the bank is likely to run short of the necessary
distributable amount.  However, the likelihood of the bank ceasing
dividend payments has increased.  S&P will remove the rating from
CreditWatch after S&P scrutinize the bank's financial results for
fiscal
2009.

Standard & Poor's is of the opinion that the credit quality of
Aozora Bank is unlikely to change considerably.  Although Aozora's
capital ratio is high, its business franchise is small relative to
major domestic banks, resulting in vulnerability to changes in the
operating environment.  The bank's business franchise has shrunk
since the bank withdrew from overseas investments and loans, which
had contributed to its earnings.  On the other hand, the
likelihood of additional losses has decreased, given that the bank
has reduced risk assets, mainly those overseas.  Standard & Poor's
does not incorporate a government support factor into its long-
term counterparty credit rating on Aozora.  The stable outlook
reflects S&P's view that the balance between the business risks
assumed by the bank and its capital and profits is likely to
remain at a level consistent with the current rating in the medium
term.  In addition, the outlook also indicates S&P's view that the
rating is unlikely to be revised when the merger with Shinsei
materializes.


TAKEFUJI CORPORATION: Moody's Downgrades Ratings to 'Caa2'
----------------------------------------------------------
Moody's Investors Service has lowered to Caa2 from Caa1 the long-
term issuer and senior unsecured debt ratings of Takefuji
Corporation, and placed them for them for possible further
downgrade.

This rating action has been prompted by Moody's view that the
pressure on the company's liquidity has been much greater than
anticipated, because of delayed funding plans and the ongoing
uncertainty about overpaid interest claims.  The downgrade and
continued review for down also reflects Moody's concern that
potential economic losses would rise if the company were to
conduct another exchange offer for debt in the future -- in this
connection, Moody's does not exclude the possibility that
potential losses could be higher for some creditors than others.

Takefuji converted some of its euro-yen convertible bonds in
December 2009.  Nevertheless, a delay in obtaining funding --
other than proceeds from the sale of distressed assets -- has led
to liquidity concerns for its remaining CB put options, which will
be exercisable in June 2010, as well for the redemption of global
bonds falling due in April 2011.

Takefuji's recent operating performance has significantly
stagnated -- represented by the single-digit approval ratio -- and
any leeway for managing down its balance sheet to alleviate the
pressure on liquidity is already exhausted.

Moody's review will focus on the progress of Takefuji's funding
plan, specifically, the funding management until June 2010 when
the put option will be exercisable and April 2011 when its global
bonds will fall due.

Moody's last rating action with respect to Takefuji was taken on
November 20, 2009, when its long-term senior unsecured debt and
issuer ratings were downgraded to Caa1 from B2 and the outlook
changed to stable.

Takefuji's rating was assigned by evaluating factors Moody's
considers relevant to its credit profile, such as franchise value,
risk positioning, the operating and regulatory environment, and
financial fundamentals in comparison with its competitors, as well
as the company's projected performance for the near to medium
term.  These attributes were compared to those of other issuers
both in and outside its core industry.  Thus, Moody's considers
Takefuji's rating to be comparable to those of other issuers with
similar credit risk.

Takefuji Corporation, headquartered in Tokyo, was established in
1974.  It is a major specialized consumer finance company in
Japan, with about JPY0.7 trillion in total consolidated assets as
of December 31, 2009.


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


DAEWOO ELECTRONICS: Creditors to Complete Sale by August
--------------------------------------------------------
Yonhap News Agency reports that creditors of Daewoo Electronics
Co. plan to complete the company's sale process by August 2010.

According to Yonhap, Swedish home appliance maker Electrolux and
Iranian rival Entekhab Industrial Group were picked as preferred
bidders on March 24.

Yonhap says that although details of the deal were not disclosed,
the bidding price is likely to be around KRW500 billion, according
to market speculation.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.


MAGNACHIP SEMICONDUCTOR: Moody's Puts 'B2' Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family to
MagnaChip Semiconductor LLC and a B2 senior unsecured rating to
Magnachip's proposed US$250 million bonds.  The outlook for the
ratings is stable.

MagnaChip plans to use the bond proceeds for debt refinancing,
dividend payment, and general corporate purpose.

Moody's previous ratings on MagnaChip were withdrawn in
February 2009 after the company defaulted on its interest payment
and subsequently went into debt restructuring.

"The B2 rating reflects MagnaChip's improved capital structure,
cash flow and business profile after its debt restructuring; it
also reflects the company's refocus on two established businesses,
Display Driver IC and Foundry Services, that have returned to
profitability through cost cutting measures," says Ken Chan, a
Moody's Vice President.

MagnaChip has a better buffer to manage the industry cyclicality
through adequate balance sheet liquidity and stronger capital
structure.  Its pro forma 2009 Debt/Capitalization and Adjusted
Debt/EBITDA ratios improved to 75% and 2.9x respectively from over
100% and 14.4x in 2008.

With less debt and nominal investment, the company is also
expected to generate positive free cash flow.  Its Debt/EBITDA is
projected to improve to 2.0-2.5x over the next two years on the
prospect of a rebound in the global semiconductor industry.  Such
a credit profile could support a higher rating.

"However, the B2 rating is constrained by MagnaChip's recent debt
default history," says Chan.  Moody's also notes that around half
of the bond proceeds will be used to fund dividend payment to
shareholders.

The B2 rating further reflects the semiconductor industry's
cyclicality and the company's weak back-up liquidity arrangement,
with limited access to bank funding post debt restructuring.

The stable rating outlook reflects MagnaChip's profitable core
businesses and adequate balance sheet liquidity to support its on-
going operations.

A near-term rating upgrade is unlikely but upward rating pressure
could arise over time if the company (1) successfully executes its
business model over the next one to two years to win further
customer orders (especially at the DDI division) and also grow its
Power Solutions division; (2) further improves its liquidity such
that it is able to cover its cash needs on a rolling 12-month
basis through a combination of cash and/or back-up liquidity
arrangement; (3) demonstrates a track record of stable business
performance; and/or (4) receives investment from a strong
sponsor/shareholder to further grow its businesses.

On the other hand, downward rating pressure could arise if (1) the
company fails to ramp up its cash flow due to inadequate product
designs and strategy, such that its Debt/EBITDA trends over 3.5-
4.0x and EBITDA/interest falls below 1.5x; and/or (2) the
company's balance sheet liquidity significantly deteriorate due to
aggressive investment plans, high dividend payments or negative
free cash flow generation.

The last rating action with respect to MagnaChip was taken on
February 17, 2009, when the corporate family rating and debt
ratings were withdrawn.

MagnaChip Semiconductor LLC, headquartered in Korea, designs,
develops and manufactures analog and mixed-signal semiconductors
and flat panel display driver ICs.

The company defaulted on its interest payment in 2008 and went
through debt restructuring in 2009.  Avenue Capital is the largest
shareholder with a 72% stake after debt-to-equity swaps post debt
restructuring.


KUMHO ASIANA: Daewoo E&C Investors Agree on Sale Terms
------------------------------------------------------
State-run Korea Development Bank, lead creditor of Kumho Asiana
Group, said Friday that financial investors in Daewoo Engineering
& Construction have agreed to terms for the builder's sale and
financial support for an affiliate, paving the way for the $2.6
billion deal, Reuters reports.

Reuters notes that KDB plans to acquire a 50% stake plus one share
in Daewoo from the financial investors and Daewoo's troubled
parent, Kumho Asiana Group, through a private equity fund it will
raise.

According to Reuters, the sale is a key part of the restructuring
of Kumho Asiana, the country's ninth-biggest business group which
bought Daewoo in 2006 in a highly leveraged deal and is facing
liquidity problems.

A spokesman at KDB said 18 financial investors which funded the
2006 acquisition have handed in agreements to a final plan for
Daewoo's sale and financial support for Kumho Industrial, the
report relates.

KDB previously proposed to buy Daewoo shares at KRW18,000 each,
57% higher than the current market value but sharply lower than
the price financial investors paid for them, Reuters recalls.

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: Kumho Industrial Creditors Plan Debt-To-Equity Swap
-----------------------------------------------------------------
Creditors of Kumho Industrial Co., the ailing construction unit of
Kumho Asiana Group, said Friday they will replenish the builder's
capital through a debt-to-equity swap, saving its shares from
being delisted from the main Seoul bourse, according to Yonhap
News.

According to Yonhap News, the creditors said they plan to convert
their debt holdings in Kumho Industrial into equity worth KRW2.2
trillion (US$1.93 billion) this week, and will put the company on
a debt-rescheduling program that will end in 2014.

Shares of Kumho Industrial have been suspended from trading on the
Seoul bourse since March 11 after its equity capital was wiped
out, Yonhap notes.

Meanwhile, Yonhap News reports that Kumho Industrial plans to buy
back 22.6 million shares in Asiana Airlines from Kumho
Petrochemical, which would make the group's construction unit the
No. 1 stakeholder of Asiana Airlines with a 33.5% share.

According to Yonhap, Kumho Industrial transferred its 12.7% stake
in Asiana Airlines to the group's petrochemical affiliate on
Dec. 21, right before the creditors announced the debt
rescheduling plans.

Yonhap notes the creditors said they plan to supply about KRW95
billion, with which Kumho Industrial could buy back shares in
Asiana Airlines.

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.


MAGNACHIP SEMICONDUCTOR: S&P Assigns 'B+' Issuer Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' local and foreign currency long-term issuer credit ratings to
MagnaChip Semiconductor LLC.  The outlook on the long-term rating
is stable.

At the same time, Standard & Poor's assigned its 'B+' rating to
MagnaChip's proposed US$250 million senior unsecured bonds.  The
rating is subject to final documentation on the bonds.  MagnaChip
Semiconductor S.A. and MagnaChip Semiconductor Finance Co. will be
co-issuers under the new senior unsecured bonds.

The ratings on MagnaChip reflect its exposure to the highly
competitive and fragmented market for nonmemory semiconductors,
weak market positions, and concentrated customer base.  At the
same time, the ratings are supported by the company's lack of
near-term maturities, good customer relationships, and modest
business diversification.  The corporate credit rating also
incorporates expectations that the sale of the planned bond issue
will be successful.

MagnaChip is a Korea-based designer and manufacturer of analog and
mixed-signal semiconductor products.  The company's operations are
divided into three main business units: Display Solutions, Power
Solutions, and Semiconductor Manufacturing Services.  The Display
Solutions segment produces flat panel display drivers for mobile
phones and LCD TVs.  The Power Solutions segment offers MOSFETs,
analog switches, and DC-DC converters.  The Semiconductor
Manufacturing Services division fabricates semiconductor wafers
for third parties based on their designs.

The company faces intense competition and a fragmented market.  In
addition, MagnaChip's operating performance has been very volatile
due to the high cyclicality of the semiconductor industry.
However, its good relationships with customers such as LG Display
Co. Ltd. (not rated) somewhat mitigate the risks.

The company's weak market position is one of the constraining
factors.  MagnaChip has 1%-2% market share of the global
semiconductor foundry market, while the top five producers
dominate the market with total market share of above 80%.  Also
the company's customer base is somewhat concentrated.  Net sales
from its 10 largest customers usually account for over 60%.

The company has improved its financial risk profile significantly
after emerging from Chapter 11 reorganization proceedings.  The
company's debt-to-EBITDA ratio decreased to 1.3x in 2009 from
18.4x in 2008 thanks to significant debt reduction.  Although the
debt is expected to increase again after the proposed bonds are
issued, S&P believes MagnaChip should be able to keep its ratio of
debt-to-EBITDA ratio below 3x in the next two years due to
improving market conditions and the closure of the company's loss-
making Imaging Solutions business.

The company's moderate liquidity provides a degree of support for
the ratings.  While current cash balances are moderate, recovering
demand in its principal served markets and limited capital
expenditures should enable the company to generate stable free
operating cash flows, and maintain its liquidity.  Natural hedges
provide partial protection against won/dollar fluctuations.

The stable outlook on the long-term rating reflects S&P's
expectation that the company will be able to maintain its current
financial risk profile for the next 12 months based on good
market-growth prospects and the company's moderate capital
expenditure levels.  The rating could come under downward pressure
if there is significant deterioration in the company's debt-to-
EBITDA ratio -- to above 4.0x from an expected ratio of 2.2x in
2010 -- due to a significant industry-downturn-driven drop in
profitability or a sizeable increase in capital expenditures.  The
rating could also come under pressure if liquidity were to decline
materially from current levels.  Conversely, S&P may raise the
rating if there is substantial improvement in the company's market
position and profitability.


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


AMBANK BERHAD: Fitch Upgrades Individual Rating From 'C/D'
----------------------------------------------------------
Fitch Ratings has upgraded Malaysia's AmBank (M) Berhad's Long-
term foreign currency Issuer Default Rating to 'BBB' from 'BBB-'
and Individual rating to 'C' from 'C/D'.  The agency has also
upgraded AmInvestment Bank Berhad's Long-term foreign currency IDR
to 'BBB' from 'BBB-' and Individual rating to 'C' from 'C/D'.  The
Outlook on the IDRs is Stable.  The full list of rating actions
follows at the end of the release.

The upgrade of AmBank's ratings reflects the agency's expectations
that the bank's financial profile will likely continue to improve,
after staying resilient in the downturn.  The rating actions come
on the back of the ongoing economic recovery, which should allow
the bank's capital and funding positions to further strengthen and
its loan portfolio to be better diversified over the next two to
three years.  Moreover, the expected improvements are likely to
bring AmBank's credit profile closer to its similarly-rated peers.
While the Rating Outlook is Stable after this upgrade, further
ratings upside will require considerably more improvements in
terms of funding profile, loan diversity and higher core capital
buffer against any exigencies.

Despite the downturn, AmBank's consolidated core Tier 1 capital
adequacy ratio rose to 7.3% at end-2009 (peer average: 9%) as
profits were fairly stable, thanks to the stable job market and
low interest rates in Malaysia, which helped keep asset quality
reasonably healthy and the rise in credit costs moderate.  In
turn, capital impairment risks were low, with the net non-
performing loans (NPLs)/equity ratio having markedly reduced to 3%
at end-2009 (end-March 2007: 70%).  Meanwhile, ongoing efforts to
grow non-bank deposits and reduce interbank borrowings, which led
to a reduced, albeit still high loans/deposits ratio of 97% at
end-2009, should among other things result in a more stable
funding profile.

AmBank's concentrated exposure to auto financing reduced steadily
as a percentage of total loans, due to its focus on broad-based
loan expansion in other segments.  Over the medium-term, it
aspires to feature among the top three players in certain consumer
segments, with a focus on loan quality.  This will help improve
the loan portfolio's diversity, while reducing the interest rate
mismatches arising from its proportionately large fixed-rate loans
and hence, its susceptibility to a margin squeeze when interest
rates increase.

AmInvestment's risk profile and ratings will continue to move in
line with AmBank's due to the high level of operational
integration, even though both banks still operate as separate
legal entities for regulatory reasons.  AmInvestment is
essentially a key operating division within the larger AMMB
Holdings Berhad group -- which in turn functions as a universal
bank -- focusing on investment banking and stockbroking
businesses.

Meanwhile, the upgrade of the Support Rating Floor to 'BB+' from
'BB' reflects Fitch's view that AmBank's systemic importance has
gradually increased over the years, given its expanded market
share of banking sector assets and deposits of about 7% at end-
2009.

With 189 branches and 736 ATMs at end-2009, AmBank has a sizeable
presence in the consumer market with a strong franchise in auto
financing.  It is part of the AHB group.  Tan Sri Dato' Azman
Hashim partly sold his stake to Australia & New Zealand Banking
Group (ANZ; 'AA-'/Stable) in May 2007, paving the way for a
strategic partnership.  ANZ, Tan Sri Dato' Azman Hashim (via
AmcorpGroup Berhad), and Employees Provident Fund held 24%, 17%
and 13% in AHB at end-2009, respectively.

The list of rating actions is:

AmBank

  -- Long-term foreign currency IDR upgraded to 'BBB' from 'BBB-';
     Stable Outlook;

  -- Short-term foreign currency IDR affirmed at 'F3';

  -- Individual rating upgraded to 'C' from 'C/D';

  -- Support rating affirmed at '3';

  -- Support Rating Floor upgraded to 'BB+' from 'BB';

  -- Long-term deposit rating upgraded to 'BBB+' from 'BBB'; and

  -- Rating on US$-denominated hybrid Tier 1 securities upgraded
     to 'BB+' from 'BB'.

AmInvestment

  -- Long-term foreign currency IDR upgraded to 'BBB' from 'BBB-';
     Stable Outlook;

  -- Short-term foreign currency IDR affirmed at 'F3';

  -- Individual rating upgraded to 'C' from 'C/D';

  -- Support rating affirmed at '3';

  -- Support Rating Floor upgraded to 'BB+' from 'BB'; and

  -- Long-term deposit rating upgraded to 'BBB+' from 'BBB'.


RAMUNIA HOLDINGS: To Hold 6th Annual General Meeting on April 20
----------------------------------------------------------------
Ramunia Holdings Berhad will hold its sixth annual general meeting
on April 20, 2010, at 2:30 p.m., at Dewan Seroja, Kelab Golf
Perkhidmatan Awam, Bukit Kiara, Off Jalan Damansara, in Kuala
Lumpur.

At the meeting, the members will be asked to:

   -- receive the Audited Financial Statements for the financial
      year ended October 31, 2009, together with the Report of the
      Directors' and the Auditor's thereon;

   -- approve the payment of Directors' Fees for the financial
      year ended October 31, 2009;

   -- re-elect Mr. Leou Thiam Lai who is retiring pursuant to
      Article 95 of the Company's Articles of Association, and
      being eligible, has offered himself for re-election;

   -- re-elect the following Directors who are retiring pursuant
      to Article 101 of the Company's Articles of Association, and
      being eligible, have offered themselves for re-election:

        * Dato' Azizan Bin Abd Rahman;
        * Dato' Mohzani Bin Datuk Dr. Abdul Wahab; and
        * Encik Roslan Bin Mohd Latif.

   -- re-appoint Messrs. SJ Grant Thornton as Auditors of the
      Company until the conclusion of the next Annual General
      Meeting and to authorize the Directors to fix their
      Remuneration;

   -- consider and, if thought fit, with or without any
      modification, to pass this Ordinary Resolution:

       * Authority To Issue Shares Pursuant to Section 132d
         of the Companies Act, 1965

        "THAT subject to Section 132D of the Companies Act, 1965
         and approvals of the relevant governmental/regulatory
         authorities, the Directors be and are hereby empowered
         to issue and allot shares in the Company, at any time to
         such persons and upon such terms and conditions and for
         such purposes as the Directors may, in their absolute
         discretion, deem fit, provided that the aggregate number
         of shares to be issued does not exceed ten per centum
         (10%) of the issued and paid-up share capital of the
         Company for the time being and the Directors be and are
         also empowered to obtain the approval for the listing of
         and quotation for the additional shares so issued on
         Bursa Malaysia Securities Berhad; AND THAT such
         authority shall commence immediately upon the passing of
         this resolution and continue to be in force until the
         conclusion of the next Annual General Meeting of the
         Company,";

   -- transact any other ordinary business for which due notice
      has been given.

                       About Ramunia Holdings

Based in Kuala Lumpur, Malaysia, Ramunia Holdings Berhad is
engaged in investment holding and provision of management
services.  Its wholly owned subsidiaries include Ramunia
Fabricators Sdn. Bhd., which is engaged in fabrication of offshore
oil and gas related structure and other related civil works;
Ramunia International Holdings Ltd., which is engaged in offshore
investment holding; Ramunia International Services Ltd., which is
engaged in upstream activities of the oil and gas industry;
Ramunia Optima Sdn. Bhd., which is engaged asset owning company,
specifically holding ownership of marine vessels; Globe World
Realty Sdn. Bhd., which is engaged in yard development and
management of the Company's fabrication yards; Ramunia Training
Services Sdn. Bhd., which is provision of training and related
services, and O & G Works Sdn. Bhd., which is engaged in provision
of management and administration services.

                            *     *    *

Ramunia Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad.

The Company triggered the PN 17/2005 listing since auditors have
expressed a modified opinion with emphasis on the company's going
concern status in the latest audited accounts for the financial
year ended October 31, 2009, and the company's shareholders equity
on a consolidated basis is equal to or less than 50% of the issued
and paid-up capital of the company.


RAMUNIA HOLDINGS: Posts MYR3.42-Mil. Net Income in Jan. 31 Quarter
------------------------------------------------------------------
Ramunia Holdings Berhad disclosed in a filing with the Bursa
Malaysia Securities Berhad its unaudited financial results for the
quarter ended January 31, 2010.  For the three months ended
January 31, 2010, Ramunia posted a net income of MYR3.42 million,
compared with a net loss of MYR5.77 million for the same period in
2009.

For the current year quarter, the Company registered revenue of
MYR32.93 million as compared to MYR90.02 million in the preceding
year quarter.

As of January 31, 2010, Ramunia's balance sheet showed total
assets of MYR723.73 million, total liabilities of MYR619.17
million and total stockholders' equity of MYR104.56 million.

A full-text copy of the Company's Quarterly Report is available
for free at: http://ResearchArchives.com/t/s?5c89


                       About Ramunia Holdings

Based in Kuala Lumpur, Malaysia, Ramunia Holdings Berhad is
engaged in investment holding and provision of management
services.  Its wholly owned subsidiaries include Ramunia
Fabricators Sdn. Bhd., which is engaged in fabrication of offshore
oil and gas related structure and other related civil works;
Ramunia International Holdings Ltd., which is engaged in offshore
investment holding; Ramunia International Services Ltd., which is
engaged in upstream activities of the oil and gas industry;
Ramunia Optima Sdn. Bhd., which is engaged asset owning company,
specifically holding ownership of marine vessels; Globe World
Realty Sdn. Bhd., which is engaged in yard development and
management of the Company's fabrication yards; Ramunia Training
Services Sdn. Bhd., which is provision of training and related
services, and O & G Works Sdn. Bhd., which is engaged in provision
of management and administration services.

                            *     *    *

Ramunia Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad.

The Company triggered the PN 17/2005 listing since auditors have
expressed a modified opinion with emphasis on the company's going
concern status in the latest audited accounts for the financial
year ended October 31, 2009, and the company's shareholders equity
on a consolidated basis is equal to or less than 50% of the issued
and paid-up capital of the company.


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


BOTRY-ZEN LTD: Directors Resign Effective March 30
--------------------------------------------------
The directors of Botry-Zen Ltd have resigned effective from
March 30, 2010.

"The directors, having reluctantly appointed receivers, believe
they have assisted the receivers to the maximum extent possible.
However, there are, regrettably, unlikely to be assets remaining
once the receivers have completed their function and resigned, so
the directors consider there is no longer a role for the directors
to play in the company's future," the director said in statement
to NZX.

"The board again expresses its disappointment that, due to a lack
of capital, it was unable to see to fruition the good work done,
and investment made, by many people over a number of years."

As reported in the Troubled Company Reporter-Asia Pacific on
December 28, 2009, Botry-Zen Ltd. has requested its bankers, Bank
of New Zealand Limited, to appoint receivers.  The move comes
after the company failed to raise a minimum of NZ$1.5 million
under the Share Purchase Plan offering and other funding
opportunities.

Headquartered in Dunedin, New Zealand, Botry-Zen Limited --
http://www.botryzen.co.nz/-- is engaged in the research,
development and commercialization of biological control agents
for use in the agriculture and horticulture industry.  The
company operates in New Zealand, and is engaged in the
production and marketing for sale of the BOTRY-Zen product.
BOTRY-Zen is a live spore preparation of a non-pathogenic
saprophytic fungus.


EASTERN HI FI: To Delist From NZX on March 31
---------------------------------------------
NZX Regulation said Friday that, at the request of the receivers
of Eastern Hi Fi Group Limited, the EHF ordinary shares will cease
to be quoted and EHF will be delisted on March 31, 2010.

NZX Regulation has been advised by the receivers that there will
be a shortfall of funds available for creditors.  As there will be
no funds available for distribution to shareholders, NZX
Regulation said it accepted the receiver's submission that there
is no benefit in the EHF Shares remaining quoted and therefore
there is no detriment in the Shares ceasing quotation or EHF being
delisted.

As reported in the Troubled Company Reporter-Asia Pacific on
January 15, 2010, the directors of Eastern Hi Fi Group Limited
have asked ASB Bank Limited, as the first charge holder over the
assets of the group, to appoint receivers to each of the companies
in the group.  The directors said they are very disappointed that
they have had to take this action but see no alternative.

Michael Stiassny and Brendon Gibson of KordaMentha were appointed
receivers to Eastern Hi Fi Group Limited and its subsidiaries
Eastern Hi Fi Limited and Avalon-Pacic Marketing Limited.

Based in New Zealand, Eastern Hi Fi Group Limited -
http://www.easternhifigroup.com-- is engaged in importation,
wholesaling and retailing of audio visual equipment.  It operates
retail outlets in New Zealand, in Greater Auckland area and in
Tauranga, Napier and Wellington.  The company operates through its
subsidiaries Pacific Audio Limited, Eastern Hi Fi Ltd, Avalon
Pacific Marketing Ltd and Avalon Audio Corporation Limited. Avalon
Pacific Marketing Ltd has sole New Zealand distribution rights for
a select portfolio of brands.  This portfolio includes KEF, Polk
Audio, Audioquest, Dynaudio, Goldring and Hitachi.  These brands
are marketed throughout the country.  Approximately 60% of the
product imported by Avalon Pacific Marketing Ltd is sold at retail
by the Company. Eastern HiFi Ltd operates six stores with outlets
in Auckland (North Shore, Mt Eden, Newmarket and Howick), Tauranga
and Napier. Eastern HiFi Ltd markets brands, such as Denon, Loewe,
Bose, Rotel, Perreaux and Image.


* NEW ZEALAND: GDP Up 0.8% in December Quarter
----------------------------------------------
New Zealand's gross domestic product, the official measure of
economic growth, was up 0.8% in the December 2009 quarter,
Statistics New Zealand said.  This rise follows an increase of
0.3% in the September 2009 quarter and is the third consecutive
quarter of growth in New Zealand's economy.

By industry, the largest movements in the December 2009 quarter
were:

    * manufacturing activity, up 4.5%, the first increase
      after seven consecutive quarters of decline and led by food,
      beverage, and tobacco manufacturing;

    * wholesale trade, up 2.7%, also increased after seven
      consecutive quarters of decline;

    * retail, accommodation, and restaurants, up 1.7%; and

    * personal, health, and community services, down 1.1%.

"Strong manufacturing activity contributed to growth in the
December 2009 quarter," said National Accounts manager Rachael
Milicich.  "This growth reflects both increased demand and the
need to replenish manufacturing inventories that have recently
been run down."

The expenditure measure of GDP, which is released concurrently
with the production measure and is conceptually the same, was also
up 0.8% in the December 2009 quarter.  While the production
measure of GDP shows the volume of goods and services produced by
the economy, the expenditure measure shows how those goods and
services were used.

The volume of goods and services purchased by New Zealand
households (household consumption expenditure) was up 0.9% in the
December 2009 quarter.  Demand for both durable goods (used cars
and furniture and major appliances), and non-durable goods (mostly
alcoholic beverages) increased this quarter, while household
demand for services fell.

Imports of goods were up 7.6% in the December 2009 quarter. The
main increases in imports were for plant, machinery, and transport
equipment; and for cars.  Exports of goods were down 0.3% this
quarter, with volumes of dairy products down 7.1%.


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


CHUAN SIANG: Court to Hear Wind-Up Petition on April 9
------------------------------------------------------
A petition to wind up the operations of Chuan Siang Enterprise (S)
Pte Ltd will be heard before the High Court of Singapore on
April 9, 2010, at 10:00 a.m.

NSC Management Services Pte Ltd filed the petition against the
company on March 15, 2010.

The Petitioner's solicitor is:

          Ruth Chia & Co
          58 Tras Street #02-01
          Singapore 078997


CITYHUB BUSINESS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on March 12, 2010, to
wind up Cityhub Business Services (S) Pte Ltd.'s operations.

Lantrovision (S) Ltd., filed the petition against the company.

The company's liquidator is:

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


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

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

The Petitioner's solicitors are:

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


FORTUNE DESIGN: Court to Hear Wind-Up Petition on April 9
---------------------------------------------------------
A petition to wind up the operations of Fortune Design &
Renovation Pte Ltd will be heard before the High Court of
Singapore on April 9, 2010, at 10:00 a.m.

NSC Management Services Pte Ltd filed the petition against the
company on March 15, 2010.

The Petitioner's solicitor is:

          Ruth Chia & Co
          58 Tras Street #02-01
          Singapore 078997


NCAT 2: Creditors' Proofs of Debt Due April 25
----------------------------------------------
NCAT 2 Pte Ltd, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by April 25,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

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


NCAT 3: Creditors' Proofs of Debt Due April 25
----------------------------------------------
NCAT 3 Pte Ltd, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by April 25,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

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


NCAT 4: Creditors' Proofs of Debt Due April 25
----------------------------------------------
NCAT 4 Pte Ltd, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by April 25,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

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


NEW CITY: Creditors' Proofs of Debt Due April 25
------------------------------------------------
New City Asia Fund Management Pte Ltd, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by April 25, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

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


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

Cemerlang Raya (M) Sdn Bhd filed the petition against the company
on March 18, 2010.

The Petitioner's solicitors are:

          M/s Dominion LLC
          200 Cantonment Road
          #14-03, Southpoint
          Singapore 089763


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

Chia Lay Beng filed the petition against the company on March 11,
2010.

The Petitioner's solicitors are:

          Chee Wai Pong & Co
          151 Chin Swee Road
          #09-05 Manhattan House
          Singapore 169876


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


THANACHART CAPITAL: Fitch Puts Ratings on Positive Watch
--------------------------------------------------------
Fitch Ratings (Thailand) has placed Thanachart Capital Public
Company Limited, Thanachart Bank Public Company Limited and Siam
City Bank Public Company Limited's on Rating Watch Positive
following the announcement of the planned acquisition of SCIB by
TBANK with an expectation of the RWP being resolved in July 2010.

The acquisition will result in TBANK's consolidated assets
increasing to about 9% of system assets, increasing systemic
importance as the fifth largest banking group in Thailand.  This
should also be positive to TBANK's capital and funding profile and
help improve the group's financial performance in the medium term
through its stronger market position and franchise.

The central bank's Financial Institutions Development Fund entered
into a Share Purchase Agreement with TBANK in March 2010 to sell
its 47.58% stake in SCIB to TBANK at THB32.50 per share.  The bank
will also be making a tender offer for the remaining shares of
SCIB during May-July.  The total acquisition cost is estimated to
be up to THB68.7 billion with payment to be made by TBANK.  The
funding sources include: TBANK's THB35.8 billion rights issue to
be subscribed by its major shareholders (TCAP and Bank of Nova
Scotia, BNS); THB7.1 billion hybrid Tier 1 debt and THB6.0 billion
lower Tier 2 debt to be issued by TBANK (the hybrid Tier 1 debt
will also be subscribed by TCAP and BNS); and THB19.7 billion
worth of liquid assets (mainly investment portfolio) to be
liquidated by TBANK.

TBANK reported a net profit of THB4.1 billion, a 115% growth yoy,
with ROA of 1.1% due mainly to stronger revenue, lower loan loss
provisions and significantly higher net interest margin of 3.98%
in 2009 (2008: 3.52%).  Auto finance remains its core strength,
representing 74% of its loan book at end-2009.  Meanwhile, asset
quality slightly deteriorated due mainly to weak economy, although
remains stronger than peers, with NPL ratio of about 3%.  Loan
loss reserves, on the other hand, is stronger at 100% at end-2009
(2008: 89.8%).  Capital also remains adequate with Tier 1 ratio of
8.65%.

TCAP reported a net profit in 2009 of THB3.5 billion on a non
consolidated basis and THB7.2 billion on a consolidated basis with
ROA of 1.7% (c.).  Equity of THB28.5 billion or 62% of assets on a
non consolidated basis at end-2009 is very strong.  TCAP's
leverage while increasing should remain relatively moderate.  As a
holding company, TCAP is reliant on TBANK's dividend payment,
although the holding company should benefit from the stronger
combined operating entity.

In 2009, SCIB's net profit was THB4.2 billion and ROA was 1.0% Net
interest margin declined slightly to 3.3% in 2009 (2008: 3.4%), on
the back of low loan growth.  SCIB's asset quality has
deteriorated in the past few years, due to the bank's earlier
aggressive lending amid weak economic conditions, although this
appears to be stabilizing in 2009 with a slight increase in
impaired loans to THB25.9 billion (up 6% yoy) at end-2009.  SCIB
expects lower impaired loans in 2010 due to loan restructuring,
although downside risks remain due to the bank's high level of
special mention loans (8.6% of total at end-2009).  SCIB's capital
appears relatively strong with Tier 1 ratio of 10.4% at end-2009.

TBANK is now the main operating entity within the Thanachart Group
for commercial banking and other related financial services in
securities, fund management and insurance.  BNS is Canada's third-
largest bank, with assets of over US$500 billion and major
businesses in Canadian and international banking as well as global
capital markets and investment banking.

SCIB was nationalized following the 1997 financial crisis, and in
2002, merged with another nationalized bank, Bangkok Metropolitan
Bank.  SCIB is the seventh-largest bank in Thailand, with a 4%
share of loans and 5% share of deposits.  SCIB has subsidiaries in
insurance, securities, asset management and leasing businesses.
These ratings have been placed on Rating Watch Positive:

Thanachart Capital Public Company Limited

  -- Long-term National Rating: 'A-(tha)'

  -- Short-term National Rating: 'F2(tha)'

  -- Support Rating: '5'

  -- Long-term National Rating of senior unsecured debentures: 'A-
     (tha)'

Thanachart Bank Public Company Limited

  -- Long-term National Rating: 'A(tha)'
  -- Short-term National Rating: 'F1(tha)'
  -- Individual Rating: 'C/D'
  -- Support Rating: '4'

Siam City Bank Public Company Limited

  -- Long-Term Foreign Currency Issuer Default Rating: 'BB'

  -- Short-Term Foreign Currency: 'B'

  -- Individual Rating: 'D';

  -- Support Rating: '4'

  -- Support Rating Floor: 'B+'

  -- Long-term National Rating: 'A-(tha)'

  -- Short-term National Rating: 'F1(tha)'

  -- Long-term National Rating of subordinated unsecured
     debentures: 'BBB+(tha)'


                         *********

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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