TCRAP_Public/100330.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, March 30, 2010, Vol. 13, No. 062

                            Headlines



A U S T R A L I A

FLETCHERS FREIGHTERS: Goes Into Voluntary Administration
KSUBI: Emerges from Voluntary Administration


H O N G  K O N G

ABB ASIA: Members' Final Meeting Set for April 30
ASIA CHINA: Members' Final Meeting Set for May 6
ASIA CHINA: Creditors' Final Meeting Set for May 6
CSS WORLDWIDE: Court to Hear Wind-Up Petition on April 21
E.A.T.I LIMITED: Members' Final Meeting Set for April 30

EURO AUTO: Court to Hear Wind-Up Petition on May 12
EUROTEK METAL: Court to Hear Wind-Up Petition on May 12
FLEMING FAMILY: Members' Final Meeting Set for April 26
FUK HEI: Creditors' Proofs of Debt Due April 29
GALLAS PUBLISHING: Members' and Creditors Meetings Set for May 6

GEM CRYSTAL: Ho and Man Step Down as Liquidators
GENIUS WELL: Members' Final Meeting Set for April 26
GOLDWAY (HK): Court to Hear Wind-Up Petition on May 12
GREAT GIANT: Members' Final Meeting Set for April 29
HARMONY PROPERTY: Li and Tsang Appointed as Liquidators

HENKEL ASIA-PACIFIC: Members' Final Meeting Set for April 26
HK STATIONERY: Members' and Creditors Meetings Set for April 19
IATOPIA FREEWALKER: Members' Final Meeting Set for May 7
IATOWORLD LIMITED: Members' Final Meeting Set for May 7
IATOPIA TECHNOLOGY: Members' Final Meeting Set for May 7


I N D I A

ABHIJIT REALTORS: CRISIL Places 'BB+' Rating on INR62MM Bank Debts
AIROLAM LIMITED: ICRA Places 'LB+' Rating on INR80MM Term Loan
AJANTA LEATHER: CRISIL Places 'B-' Rating on INR77.5MM Term Loan
CELERITY POWER: ICRA Places 'LBB+' Rating on INR281.1M Term Loan
CIPSA-RIC INDIA: Fitch Assigns National Long-Term Rating at 'BB-'

COTTSTOWN FASHIONS: CRISIL Puts 'B' Rating on INR55MM Bank Debt
HARESH AGENCIES: ICRA Rates INR130MM Bank Debts at 'LBB'
HEALTHCAPS INDIA: CRISIL Puts 'BB-' Rating on INR73.3MM Term Loan
IDEA INTERNATIONAL: Fitch Assigns 'B-' National Long-Term Rating
JKS CONSTRUCTION: ICRA Rates Various Bank Facilities at 'LBB'

PHTHALO COLOURS: ICRA Assigns 'LB' Rating on INR185.5MM Term Loans
RAGHAV STEELS: ICRA Assigns 'LBB' Rating on INR139MM LT Loan
RANA SPONGE: ICRA Assigns 'LB+' Rating on INR832.2MM Bank Debts
RICHIRICH AGRO: Weak Liquidity Cues CRISIL Junk Ratings
RUKMINI POLYTUBES: ICRA Assigns 'LBB' Rating on INR47.5M Loans

SHREE SHIVSAGAR: ICRA Assigns 'LBB' Rating on Various Bank Loans
SHRI GOVIND: ICRA Assigns 'LBB' Rating on INR390 Million Term Loan
SRI CHANDRAKANTHA: CRISIL Rates INR60MM Bank Debt at 'P4'
TRADELINE ENTERPRISES: Low Profitability Cues ICRA 'LC' Ratings
VEDAGIRI HI-TECH: CRISIL Assigns 'B+' Rating on INR100MM LT Loan


I N D O N E S I A

BANK RAKYAT: Gets State Ministry's OK to Buy Bank Agroniaga


J A P A N

ALL NIPPON: May Buy Majority Stake in ANA & JP Express
JAPAN AIRLINES: May Slash 4,000 More Jobs by FY2012
JAPAN AIRLINES: Won't Hire New Staff for Fiscal 2011
L-JAC 8: S&P Downgrades Ratings on Various Certificates
HUIS TEN: Tokyo Court Approves Revised Restructuring Plan

SENOH CORP: To Rehabilitate Under Government-backed Body
SOFTBANK CORP: To Lift Capital Spending on Higher Network Traffic


M A L A Y S I A

TALAM CORP: Earns MYR4.54 Million for Quarter Ended January 31


N E W  Z E A L A N D

CEA GROUP: Receivers to Sell Tavern; Staff to Keep Jobs Until Sale
GENEVA FINANCE: Investors Approve Proposal to Delay Repayment
PERPETUAL TRUSTEE: S&P Affirms Ratings on All Subprime Classes
STRATEGIC FINANCE: Chief Slams Trustee on Appointing Receivers


S I N G A P O R E

HEALTH CARE: Members' Final Meeting Set for April 26
IPJORA (S) PTE: Creditors' Proofs of Debt Due April 26
LEMONGRASS PROPERTIES: Creditors' Proofs of Debt Due April 26
NEW CITY GROUP: Creditors' Proofs of Debt Due April 25
NEW CITY SINGAPORE: Creditors' Proofs of Debt Due April 25

PCH CONTRACTING: Creditors' Proofs of Debt Due April 27
RENEWABLE ENERGY: Court Enters Wind-Up Order
SHANGHAI INDUSTRIAL: Creditors' Proofs of Debt Due April 27
WEE FONG: Members' Final Meeting Set for April 27


X X X X X X X X

LAURUS MASTER FUND: Holds 9.99% of Biovest Int'l Shares

* BOND PRICING: For the Week to March 22 to March 26, 2010




                         - - - - -


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


FLETCHERS FREIGHTERS: Goes Into Voluntary Administration
--------------------------------------------------------
Freight company Fletchers Freighters has gone into voluntary
administration ahead of potential restructuring or trade sale of
the business, The Sydney Morning Herald reports.  Sam Davies and
Rob Kirman of McGrathNicol were appointed voluntary administrators
of the company on March 28.

SMH relates the administrators said they now had control of the
assets and business of the company and were assessing its
operations.

Mr. Davies said the administrators will continue operations on a
"business as normal" basis while considering restructuring and
trade sale opportunities, according to SMH.

Founded in 1948, Fletchers Freighters --
http://www.fletchersfreighters.com.au/-- has a fleet of about 80
linehaul prime movers and depots in Adelaide, Melbourne, Sydney
and Brisbane.


KSUBI: Emerges from Voluntary Administration
--------------------------------------------
Sydney fashion label Ksubi has emerged from voluntary
administration, with its parent company now controlled by a number
of investors and shareholders, SmartCompany reports.

SmartCompany relates that Ksubi is now controlled by co-founders
Dan Single and George Gorrow, investor Harry Hodge and
shareholders of fashion group Bleach, which owns the surfwear
brand Insight and designer brand Something Else.

According to the report, Mr. Hodge will now serve as executive
chairman of the restructured company, with two Bleach executives,
Tim Grainger and Mark Byers, to also serve on the board.  More
board members will be announced at a later date.

"The new business model will allow Ksubi to focus on the creative
development of the brand whilst leveraging the significant
production strength of the Bleach group," the report cited Mr.
Hodge as saying in a statement.

SmartCompany notes that both Mr. Single and Mr. Gorrow are set to
serve as creative directors, continuing their responsibilities
held before the restructure.

"The past year has been very difficult, this new business model
with experienced management is what Ksubi has always lacked," Mr.
Gorrow added.

As reported in the Troubled Company Reporter-Asia Pacific on
January 12, 2010, Tsubi Pty Ltd, the Australian company behind
local denim fashion label Ksubi, has been placed into voluntary
administration.  Paul Billingham and Said Jahani at Grant Thornton
Australia were appointed as the company's administrators.

Ksubi owes creditors more than AU$9 million, including AU$4.28
million secured debt to Westpac.  The group owed trade creditors
AU$3.2 million in March 2008 but had reduced that to AU$1.9
million by last June, according to the Sydney Morning Herald.

Created in 2000, the ksubi label is well known for its jeans and
denim range. The company employs about 20 people and operates
three stores Australia and one in New York.

                           *     *     *

This concludes the Troubled Company Reporter-Asia Pacific coverage
of Ksubi until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.


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


ABB ASIA: Members' Final Meeting Set for April 30
-------------------------------------------------
Members of ABB Asia Pacific Services Limited will hold their final
general meeting on April 30, 2010, at 10:00 a.m., at the Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


ASIA CHINA: Members' Final Meeting Set for May 6
------------------------------------------------
Members Asia China Properties Limited will hold their general
meeting on May 6, 2010, at 10:00 a.m., at the Jardine House 5th
Floor, 1 Connaught Place, Central, in Hong Kong.

At the meeting, Lee Yat Wah Walter and Leung Fung Yee Alice, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ASIA CHINA: Creditors' Final Meeting Set for May 6
--------------------------------------------------
Creditors Asia China Properties Limited will hold their final
meeting on May 6, 2010, at 10:00 a.m., at the Jardine House 5th
Floor, 1 Connaught Place, Central, in Hong Kong.

At the meeting, Lee Yat Wah Walter and Leung Fung Yee Alice, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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

Ad-Prom Specialty Limited filed the petition against the company
on January 13, 2010.

The Petitioner's solicitors are:

         Myra Li & Co.
         702, 7/F, Hing Wai Building
         36 Queen's Road Central
         Hong Kong


E.A.T.I LIMITED: Members' Final Meeting Set for April 30
--------------------------------------------------------
Members of E.A.T.I Limited will hold their final general meeting
on April 30, 2010, at 11:00 a.m., at the 905 Silvercord, Tower 2,
30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, James T. Fulton, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


EURO AUTO: Court to Hear Wind-Up Petition on May 12
---------------------------------------------------
A petition to wind up the operations of Euro Auto Company Limited
will be heard before the High Court of Hong Kong on May 12, 2010,
at 9:30 a.m.

Eriss & Company Limited filed the petition against the company on
March 4, 2010.

The Petitioner's solicitors are:

         Keith Lam Lau & Chan
         5th and 7th Floors
         The Chinese Club Building
         21-22 Connaught Road Central
         Central, Hong Kong


EUROTEK METAL: Court to Hear Wind-Up Petition on May 12
-------------------------------------------------------
A petition to wind up the operations of Eurotek Metal Company
Limited will be heard before the High Court of Hong Kong on
May 12, 2010, at 9:30 a.m.

Wisdom Champion (16) Limited filed the petition against the
company on March 5, 2010.

The Petitioner's solicitors are:

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


FLEMING FAMILY: Members' Final Meeting Set for April 26
-------------------------------------------------------
Members of Fleming Family & Partners (Asia) Limited will hold
their final meeting on April 26, 2010, at 10:00 a.m., at the
20/F., Henley Building, 5 Queen's Road Central, in Hong Kong.

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


FUK HEI: Creditors' Proofs of Debt Due April 29
-----------------------------------------------
Creditors of Fuk Hei Jewellery Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 29, 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:

         Cheung King Wing
         2nd Floor, Front Block
         25 On Kwok Villa
         Sheung Shui, New Territories


GALLAS PUBLISHING: Members' and Creditors Meetings Set for May 6
----------------------------------------------------------------
Members and creditors of Gallas Publishing Group Limited will hold
their annual meetings on May 6, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at the Room 1601-1602, 16th Floor, One Hysan Avenue,
Gauseway Bay, in Hong Kong.

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


GEM CRYSTAL: Ho and Man Step Down as Liquidators
------------------------------------------------
Ho Hoi Lam and Man Fung Ying stepped down as liquidators of Gem
Crystal Limited on March 5, 2010.


GENIUS WELL: Members' Final Meeting Set for April 26
----------------------------------------------------
Members of Genius Well Industries Limited will hold their final
meeting on April 26, 2010, at 10:00 a.m., at the Room 1206, 12/F,
New Victory House, 93-103 Wing Lok Street, Central, in Hong Kong.

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


GOLDWAY (HK): Court to Hear Wind-Up Petition on May 12
------------------------------------------------------
A petition to wind up the operations of Goldway (HK) Enterprises
Limited will be heard before the High Court of Hong Kong on
May 12, 2010, at 9:30 a.m.


GREAT GIANT: Members' Final Meeting Set for April 29
----------------------------------------------------
Members of Great Giant International Holdings Limited will hold
their final general meeting on April 29, 2010, at 10:00 a.m., at
the 1902 MassMutual Tower, 38 Gloucester Road, Wanchai, in Hong
Kong.

At the meeting, Ngan Lin Chun Esther, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HARMONY PROPERTY: Li and Tsang Appointed as Liquidators
-------------------------------------------------------
Li Man Wai and Tsang Lai Fun on March 12, 2010, were appointed as
liquidators of Harmony Property Management Limited.

The company's liquidators are:

         Li Man Wai
         Tsang Lai Fun
         c/o Raymond Li & Co., CPA
         Room 1001, 10/F
         Tai Yau Building
         Wanchai, Hong Kong


HENKEL ASIA-PACIFIC: Members' Final Meeting Set for April 26
------------------------------------------------------------
Members of Henkel Asia-Pacific Limited will hold their final
meeting on April 26, 2010, at 10:00 a.m., at the 8th Floor,
Gloucester Tower, The Landmark, 15 Queen's Road Central, in Hong
Kong.

At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HK STATIONERY: Members' and Creditors Meetings Set for April 19
---------------------------------------------------------------
Members and creditors of Hong Kong Stationery Manufacturing
Company Limited will hold their meetings on April 19, 2010, at
2:00 p.m., and 2:15 p.m., respectively at the Room 704, 3 Lockhart
Road, Wanchai, in Hong Kong.

At the meeting, Lui Wan Ho, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


IATOPIA FREEWALKER: Members' Final Meeting Set for May 7
--------------------------------------------------------
Members of Iatopia Freewalker Limited will hold their final
meeting on May 7, 2010, at 4:00 p.m., at the 12th Floor, Lucky
Building, 39 Wellington Street, Central, in Hong Kong.

At the meeting, Yeung Chi Wai, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


IATOWORLD LIMITED: Members' Final Meeting Set for May 7
-------------------------------------------------------
Members of Iatoworld Limited will hold their final meeting on
May 7, 2010, at 4:00 p.m., at the 12th Floor, Lucky Building, 39
Wellington Street, Central, in Hong Kong.

At the meeting, Yeung Chi Wai, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


IATOPIA TECHNOLOGY: Members' Final Meeting Set for May 7
--------------------------------------------------------
Members of Iatopia Technology Limited will hold their final
meeting on May 7, 2010, at 4:00 p.m., at the 12th Floor, Lucky
Building, 39 Wellington Street, Central, in Hong Kong.

At the meeting, Yeung Chi Wai, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


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


ABHIJIT REALTORS: CRISIL Places 'BB+' Rating on INR62MM Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Abhijit Realtors &
Infraventures Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR62.0 Million Cash Credit        BB+/Stable (Assigned)
   INR8.0 Million Proposed Long-Term  BB+/Stable (Assigned)
                  Bank Loan Facility

The rating reflects ARIPL's exposure to risks related to
completing, funding and saleability of its real estate projects,
cyclicality inherent in the Indian real estate industry, and
geographic concentration in revenue profile.  These rating
weaknesses are partially offset by ARIPL's healthy financial risk
profile, marked by its low gearing and comfortable debt protection
measures, and the benefits that the company derives from the
promoters' track record in the construction industry.

Outlook: Stable

CRISIL believes that ARIPL will maintain its healthy financial
risk profile, which will, however, be dependent on timely
completion and adequate booking for its projects.  The outlook may
be revised to 'Positive' in case of substantial improvement in
booking of new flats and customer advances in its project Jayanti
Mansion VII, leading to high cash accruals.  Conversely, the
outlook may be revised to 'Negative' in case low bookings or ARIPL
faces delays in completion of projects.

ARIPL is a real estate developer based in Nagpur. The company was
incorporated in September 2007 and is promoted by Mr. Abhijit
Majumdar. The promoters have been engaged in the real estate
business since 1997 and were earlier doing the business under a
partnership firm, Abhijit Construction Company (ACC), which was
shut down. Since 1997, ARIPL has completed 30 projects. It is now
implementing three projects.

ARIPL reported a profit after tax (PAT) of INR1.9 million on net
sales of INR33.0 million for 2008-09 (refers to financial year,
April 1 to March 31).


AIROLAM LIMITED: ICRA Places 'LB+' Rating on INR80MM Term Loan
--------------------------------------------------------------
ICRA has assigned a 'LB+' rating to INR80 million term loan and
INR90 million long term fund based bank facilities of Airolam
Limited. ICRA has also assigned an A4 rating to INR30 million
short term non fund based bank facilities of Airolam Limited.

The ratings take into consideration the limited track record of
Airolam's promoters in the laminates industry, the company's
moderate scale of operations which deprive it from enjoying
economies of scale and the delays in debt servicing to banks
because of its stretched liquidity profile.  The rating also
factors in the weak financial profile of the company as reflected
by low profitability (net margins of 0.5% in FY09), high working
capital intensity (net working capital / operating income of 87%
in FY09) and high gearing of 2.4 times as on March 31, 2009.
However the ratings factor in the growing demand for decorative
laminates and the company's distribution capabilities as evidenced
by an established network of more than 30 distributors.

The promoters of Airolam Limited have experience in the tiles
manufacturing and paper industry which also led to their decision
of starting a new venture in construction related industry.  The
promoters of City Tiles Limited (tiles manufacturing) and Crompton
Industries (corrugated boxes manufacturing) joined hands and set
up Airolam limited in 2007 for manufacturing decorative laminates
which are sold under the brand name of Airolam.  The company's
manufacturing facility with a capacity of 1.2 million sheets per
annum is located near ceramic zone in Sabarkantha district,
Gujarat.

The company reported an operating income of INR113.7 million and
profit after tax of INR0.6 million in FY 2009.


AJANTA LEATHER: CRISIL Places 'B-' Rating on INR77.5MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Ajanta Leather Fashions Pvt Ltd.

   Facilities                               Ratings
   ----------                                -------
   INR77.5 Million Term Loan                 B-/Stable (Assigned)
   INR64.0 Million Packing Credit            P4 (Assigned)
   INR43.5 Million Bill Discounting          P4 (Assigned)
   INR2.5 Million Foreign Letter of Credit   P4 (Assigned)

The ratings reflect ALF's small scale of operations and net worth,
weak financial profile marked by high gearing and weak debt
protection metrics, and susceptibility to intense competition in
the leather industry.  These rating weaknesses are partially
offset by the benefits that the company derives from its
promoters' industry experience.

Outlook: Stable

CRISIL believes that ALF's financial risk profile will remain weak
over the medium term on account of small scale of operations and
limited cash accruals.  The outlook may be revised to 'Positive'
in case the company recovers its insurance claims, or if there is
significant increase in the company's revenues, profitability, or
net worth.  Conversely, the outlook may be revised to 'Negative'
if ALF's profit margins decline or if it undertakes a significant
debt-funded capital expenditure programme, resulting in
deterioration in its financial risk profile.

ALF was formed in 1976 by the late Mr. R D Chandani and his
brother. Currently Mr. Manish Chandani, son of Mr. R D Chandani,
and Mr. Talat Ahmed look after the company. ALF is engaged in the
bulk manufacture of leather bags, wallets, and other similar
products, mainly for women. ALF currently has an installed
capacity of 0.5 million leather bags at its unit located in
Kolkata.

For 2008-09 (refers to financial year, April 1 to March 31), ALF
reported a profit after tax (PAT) of INR0.15 million on revenues
of INR194.19 million, against a PAT of INR0.99 million on revenues
of INR282.63 million for 2007-08.


CELERITY POWER: ICRA Places 'LBB+' Rating on INR281.1M Term Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the Term Loans of Celerity
Power Private Limited aggregating to INR281.10 million.  The
rating carries a positive outlook.

The rating takes into account the limited operational performance
of the power plant, relatively small size of operations with PLF
(Plant Load Factor) levels constrained by the capacity of the dam
and the exposure of operations to any variations in rainfall in
the region, going forward.  The rating however favorably factors
in the successful commissioning of the power plant with marginal
time and cost overruns and the in-place Power Purchase Agreement
(PPA) with Tata Power Trading Company Ltd. (TPTCL) for a period of
ten years at healthy tariff rates.  The ability of the company to
operate the power plant with satisfactory operational efficiency
will be a key rating sensitivity going forward.

Celerity Power Private Limited was incorporated on April 8, 2005.
The company is promoted by Mr. Raj Shroff and his spouse, Mrs.
Priti Shroff. CPPL has setup a 7 MW (2 x 3.5 MW) hydro-electric
power plant at Nira River in Bhor Taluka, Pune District
(Maharashtra).  The project was awarded to the company by the
Chief Engineer (Electrical) Hydro Project, Department of Water
Resources in December 2005.  The Commercial Operation Date (COD)
of the plant was on October 9, 2009.  The company is carrying out
the project on BOOT basis for a period of 30 years.


CIPSA-RIC INDIA: Fitch Assigns National Long-Term Rating at 'BB-'
-----------------------------------------------------------------
Fitch Ratings has assigned CIPSA-RIC India Pvt Ltd a National
Long-term rating of 'BB-(ind)' with a Stable Outlook, and a
National Short-term rating of 'F4(ind)'.  Fitch has also assigned
ratings to CIPL's bank loans:

  -- Term loans of INR298.4m: 'BB-(ind)';
  -- Fund-based limits of INR201.7m: 'BB-(ind)/F4(ind)'; and
  -- Non-fund-based limits of INR245m: 'F4(ind)'

The ratings are underpinned by CIPL's promoters' established track
record in the printed circuit board industry, as well as CIPL's
strong relationships with its customers, and the strong
operational linkages it enjoys with shareholding companies,
Spain's Circuitos Impresos Profesionales, S.A., and Tecnomec of
Italy.  The strong operational linkages ensure that there is
sharing of technology and international training, as well as an
opportunity to service some of the direct customers of the
overseas promoters.  CIPL derives nearly 50% of its revenues
through exports.

CIPL's ratings are constrained by the small scale of operations, a
possible underutilization of production capacities, due to likely
slowdown in the export markets.  The ratings are also constrained
by the probability of a deterioration in margins due to an
increase in raw material costs and overheads.  Total Adjusted Debt
Net of Cash/Operating EBITDA in FY09 was 9.5x versus 7.8x in FY08,
which Fitch notes with concern as it may be difficult to service
existing debt levels in a stress scenario.  Another key concern is
rising competition from PCB manufacturers in China and South East
Asia.

Negative rating triggers include interest coverage falling below
1.25x, leverage crossing 6.0x on a sustained basis and EBITDA
margins falling below 10%.  A positive ratings trigger would be if
leverage improves to less than 5.0x on a continued basis.

CIPL was incorporated in 2005 and is located in Bangalore.  During
FY09, CIPL reported revenues of INR538 million, EBITDA of
INR60 million (EBITDA margin 11.3%), and PAT of INR2.8 million
(PAT Margin: 0.5%).  During the nine-month period to end-December
2009, CIPL reported revenues of INR381 million and EBITDA of
INR60 million (EBITDA margin 15.7%).


COTTSTOWN FASHIONS: CRISIL Puts 'B' Rating on INR55MM Bank Debt
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Cottstown Fashions
Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR55.0 Million Cash Credit      B/Stable (Assigned)
   INR4.5 Million Rupee Term Loan   B/Stable (Assigned)

The rating reflects CFPL's weak financial risk profile marked by
low net worth and high gearing, large working capital
requirements, limited pricing power, and exposure to intense
competition in the Indian textile market from both Indian and
global brands.  These rating weaknesses are partially offset by
the strong growth in CFPL's revenues, supported by its healthy
client relationships and the good brand appeal of its products.

Outlook: Stable

CRISIL believes that CFPL's operating income will grow at a
healthy rate over the medium term, backed by steady revenues, and
also that the company will benefit from increase in sales and
profitability from its focus on retailing under own brand.  The
outlook may be revised to 'Positive' if CFPL sustains an
improvement in its financial risk profile, supported most likely
by substantial capital infusion by promoters or significant
improvement in working capital management.  Conversely, the
outlook may be revised to 'Negative' if CFPL's financial risk
profile weakens, most likely because of significant decline in
sales or margins, delay in realization of receivables, or large
debt-funded capital expenditure.

                     About Cottstown Fashions

Incorporated in 2004 by Mr. Saurabh Pradhan and his mother, CFPL
manufactures ready-made garments for retailers in the Indian and
UK markets.  It also has its own unisex brand, Bombay High.  CFPL
manufactures men's and women's shirts for retailers as well as own
brand, whereas it outsources manufacturing of trousers and suits
sold under Bombay High brand.  The company has three manufacturing
units in Mumbai, having a combined capacity of around 800 pieces
per day. CFPL currently has three retail outlets for Bombay High
in and around Mumbai.

CFPL reported a profit after tax (PAT) of INR1.86 million on net
sales of INR55.01 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.84 million on net
sales of INR22.53 million for 2007-08.


HARESH AGENCIES: ICRA Rates INR130MM Bank Debts at 'LBB'
--------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR130 million fund based
facility of M/s Haresh Agencies.  The ratings are constrained by
high working capital requirements of the firm's operation in
relation to its profits which results in weak capital structure
and moderate debt coverage indicators, low profitability levels
which remains vulnerable to competition, which is intense in the
sector and the firm's ability to achieve high volume sales because
of volume based discount structured followed by its main supplier,
and vulnerability of business to economic cycles.  The rating also
factors in high inter group transactions with a group concern.
The rating however favorably factors in the long track record of
HA in the distribution of Light Diesel Oil and Furnace Oil,
established association with Hindustan Petroleum Corporation Ltd.
since 1977 and diversified customer base across industries, which
partly insulates the firm from downturn in any particular
industry.  ICRA further notes that back to back order placement
with HPCL & customers reduces risks related to inventory and
price.

M/s Haresh Agencies was promoted in 1968 by Mr. Kanayalal C.
Makhija as a proprietorship concern and currently, the operations
are handled by the promoter himself and his four sons.  HA started
as a distributor of petroleum products for Esso Inc. but with its
acquisition in mid seventies by Hindustan Petroleum Corporation
Ltd. (HPCL) it became the distributor of petroleum products for
HPCL from 1977.  The petroleum products distributed by the firm
are Light Diesel Oil (LDO), Furnace Oil (FO), Public Distribution
System (PDS) Kerosene and all lubricating oils.  HA's area of
operation for HPCL is Sewri, Ulhasnagar, and Ambernath regions in
Maharashtra.  The firm has also been appointed as an authorized
dealer of Essar Oil Ltd. for FO, LDO, Bitumen and Sulphur etc.
w.e.f. July 2009.  The area of operation for Essar Oil Ltd. is
Maharashtra, Goa, Madhya Pradesh and Chattisgarh.  The firm has
its own fleet of 11 oil tankers for transporting petroleum
products from HPCL's terminal to the customers premise.

During FY 2009 HA recorded operating income of INR2280 million and
PBT of INR20.6 million.


HEALTHCAPS INDIA: CRISIL Puts 'BB-' Rating on INR73.3MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Healthcaps India Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR17.5 Million Cash Credit Limit   BB-/Stable (Assigned)
   INR73.3 Million Term Loan           BB-/Stable (Assigned)
   INR23.2 Million Letter of Credit    P4+ (Assigned)

The ratings reflect HIL's moderate business risk profile, marked
by modest scale of operations, and exposure to risks relating to
geographical and customer concentration in its revenue profile.
These weaknesses are, however, partially offset by the company's
established presence in the domestic gelatine capsule industry,
and above-average financial risk profile, marked by healthy
topline growth, and comfortable capital structure and debt
protection measures.

Outlook: Stable

CRISIL expects HIL to maintain a stable credit risk profile on the
back of established presence in the empty gelatine capsules
industry, and consistent operating efficiencies.  The outlook may
be revised to 'Positive' if the company's topline and
profitability improve substantially leading to stronger debt
protection measures.  Conversely, the outlook may be revised to
'Negative' in case there is an increased pressure on liquidity
deteriorating financial flexibility of the company.

                       About Healthcaps India

Incorporated in 1983, by Mr. Chiranjiv Singh, HIL manufactures and
sells empty hard-gelatin capsules.  Its manufacturing unit at
Fatepur (Punjab) has capacity to produce 5 billion capsules per
annum, which is the second largest capacity in India.  It sells
its products to pharmaceutical companies such as Maxheal
Pharmaceuticals Private Ltd, Cipla Ltd and Wockhardt Ltd.  The
company has an in-house research and development department, and
marketing offices at Baddi (Himachal Pradesh), Chandigarh, New
Delhi, and Mumbai.  HIL reported a profit after tax (PAT) of
INR13.7 million on net sales of INR214.8 million for 2008-09
(refers to financial year, April 1 to March 31), as against a PAT
of INR7.6 million on net sales of INR179.6 million for 2007-08.


IDEA INTERNATIONAL: Fitch Assigns 'B-' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has assigned India-based Idea International Private
Limited a National Long-term rating of 'B-(ind)'.The Outlook is
Stable.  Simultaneously, Fitch has assigned a 'B-(ind)' to the
company's INR40 million cash credit Limits and a 'F4(ind)' rating
to its INR75 million non-fund based bank limits and INR45 million
packing credit limits.

The ratings are primarily constrained by the high degree of
volatility in commodity prices and the relatively thin operating
margins (0.35% to 1%), which provide Idea International with only
a limited buffer against adverse price movements.  Another
constraint is increased competition due to low barriers of entry,
since it may result in margin pressure.

The ratings factor in the volatility in both raw material prices
and forex rates, and reflect Idea's high annualized debt/EBITDA of
12.6x for the financial year ended 2010.  In spite of a good soya
crop in 2009, seed availability remained poor due to farmers
holding the crop in expectation of increase in seed prices.  This
resulted in high raw material costs for Idea, making Idea's Soya
DOC uncompetitive.  Historically, the last quarter of the
financial year has been the highest revenue contributor for the
company, although Q4FY10 is expected to be quite weak compared to
earlier years.  Furthermore, increased focus on exports operations
would likely result in pressure on inventory and receivable days.
Meanwhile, Idea's Short-term ratings are constrained by the high
working capital requirements for its export operations and the
nature of its business.

On the other hand, the ratings are supported by Idea's good
operational track record and the long-standing relationships it
has with its customers and suppliers.  The company purchases goods
on confirmed orders and sells them on a cash basis, which resulted
in low receivables and short inventory cycles for the past four
years.

Improvements in sales and margins leading to a better liquidity
position could prompt a positive rating action.  Conversely, any
significant negative changes in working capital, which raise
leverage levels, and/or any greater-than-expected decline in end-
market demand, which affects margins, could have a negative impact
on ratings.

Laxmi Ventures - Idea's associate company -- provides Idea with a
corporate guarantee of INR160 million in credit facilities;
however, Fitch's analysis takes a standalone view of Idea.  Laxmi
Ventures is primarily involved in soya crushing, oil refining, but
also has a five-star hotel and share-trading business.

In FY09, Idea reported revenues of INR3.1 billion
(FY08:2.4 billion), with corresponding EBITDA margins of 0.71%
(0.75%) and debt/EBITDA of 6.7x (4.4x).  The company reported net
sales of INR2 billion (9MFY09: 1.9 billion), operating margins of
0.35% (0.34%) and interest cover of 1.25x (1.29x) in 9MFY10.
Founded in 2003, Idea is a trading company engaged in soya seed,
de-oiled cake, steel scrap and other commodities.


JKS CONSTRUCTION: ICRA Rates Various Bank Facilities at 'LBB'
-------------------------------------------------------------
ICRA has assigned rating of 'LBB' to INR250 million fund based
limits, and INR50 million non-fund based limits of JKS
Construction Private Limited.  The outlook on the assigned rating
is stable.

The rating reflects JKS's limited track record of operation, its
modest scale of revenues, and its current high sectoral
concentration with airport sector contributing to major portion of
its revenue.  While assigning the rating ICRA has also taken note
of the current weak financial profile of the company characterized
by low profitability, high working capital intensity and high
gearing level.  The rating however positively factors in the
healthy order book position of the company and the long experience
of the promoters in the construction business.

JKS, established in the year 2005, has been mainly involved in
airport construction activity since its inception.  The main work
completed by the company includes construction of runway, apron,
taxiway etc done for several airports including that of
Coimbatore, Pondicherry and Tirupathi.  During FY2009, the company
generated a Profit After Tax (PAT) of INR6.4 million on a turnover
of INR250.7 million.  As compared to this, during the first eleven
months of FY2010 (11m FY2010), the company recorded a PAT of
INR11.1 million on a turnover of INR597.5 million.


PHTHALO COLOURS: ICRA Assigns 'LB' Rating on INR185.5MM Term Loans
------------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR185.5 million term
loans and the INR30 million fund-based limits of Phthalo Colours
and Chemicals (I) Limited. ICRA has also assigned an 'A4' rating
to the INR134 million fund based limits in the short term.

The ratings are constrained by the company's weak financial risk
profile as reflected by the weak capital structure, stretched
liquidity arising from the losses during the last three years and
irregularities in debt servicing.  The ratings are further
constrained by vulnerability of the company's profitability to raw
material price volatility and currency fluctuations to the extent
it remains unhedged.  However, the ratings favorably consider the
long track record of the company in the business of manufacturing
CPC Blue, diversified revenue base after forward integration into
pigments and dyes manufacturing, strong customer profile
comprising established dye manufacturers and locational advantage
by virtue of proximity to ports & raw material sources.

Phthalo Colours and Chemicals (India) Limited was incorporated in
1992 and commenced operations from 1993 onwards.  It started by
setting up a manufacturing plant at Vapi, Gujarat to produce
Copper Phthalocynine Crude Blue with an installed capacity of 600
MTPA.  It gradually increased its installed capacity of
manufacturing CPC Blue, which currently stands at 7380 MTPA.
Also, the newly acquired unit has the facility to manufacture
Pigment Green 7 (installed capacity of 1200 MTPA), Pigment Alpha
Blue 15;0 (1200 MTPA) and Reactive Blue Dyes (1200 MTPA).  PCCIL
belongs to the Nanavati group which started its business in 1926
by setting up Nanavati & Co. Pvt. Ltd.  The group has a total
turnover of around INR1500 millions and gross assets exceeding
INR500 millions.

During FY 2009, the company reported an operating income of
INR1184.95 million and profit after tax of INR-58.50 million.


RAGHAV STEELS: ICRA Assigns 'LBB' Rating on INR139MM LT Loan
------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to the INR139
million fund based facilities of Raghav Steels.  The rating
carries a stable outlook.  ICRA has also assigned a short term
rating of A4 to the INR30 million non-fund based facilities of RS.

ICRA's ratings factor in intensely competitive and cyclical nature
of the iron and steel industry; RS's modest scale of operations;
and its highly leveraged capital structure, which coupled with
thin profitability, have resulted in average debt protection
metrics for the firm.  ICRA however draws comfort from the
experience of the promoters in the business, the firm's long
standing relations with reputed steel manufacturers which has
resulted in repeat orders over the years, and favorable demand
outlook for iron and steel products, driven by infrastructure
growth in the country.

Raghav Steels is a sole proprietorship firm engaged in trading of
ferro alloys and iron and steel products. RS was promoted by the
Kabra family in 1999 and currently the operations of the firm are
being managed by Mr. Sanjay Kabra and his brother Mr. Rajesh
Kabra.  The warehousing facility of the firm is located in Jaipur
(Rajasthan).

For FY 2009, the firm reported revenues of INR471 million and
Profit After Tax of INR5 million.


RANA SPONGE: ICRA Assigns 'LB+' Rating on INR832.2MM Bank Debts
---------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR823.2 million, fund
based limits of Rana Sponge Limited.  ICRA has also assigned an A4
rating to the INR60 million, non-fund based facilities of RSL.
ICRA's non investment grade rating factors in the stretched
liquidity position of the company, which has resulted in overdraws
in working capital limits and delays in meeting interest
obligation in the past.  The rating also factors in the
vulnerability of the company's sponge iron and steel making
operations to fluctuations in coal and iron ore price (as the
company doesn't have captive mines), the inherent cyclical nature
of the steel industry and a highly fragmented market leading to
intense competition.  Further, the company is incurring a capex to
enter into Thermo Mechanically Treated (TMT) bars which is being
largely debt funded.  The rating however derives comfort from
RSL's proximity to raw materials sources leading to lower inward
freight cost, availability of cheap power generated in the captive
power plant and the experience of RSL's management in running
steel related businesses.  These strengths are also supported by
healthy operating margins in the business on account of backward
integration and moderate gearing levels (0.82 times) on account of
regular equity infusion in the past.  The company's ability to
stabilize the ongoing capital expenditure and to maintain the
margins in the competitive business and service debt in timely
manner will be key rating drivers going forward.

Incorporated in year 2003 Rana Sponge Limited is engaged in the
manufacturing of Sponge iron by way of Dry reduced Iron (DRI)
process.  The company is fully owned by promoters and family
members.  The operations of the company are partially integrated
where in it can manufacture steel structural by using sponge iron
and billets manufactured inhouse.  The company also has a 12 MW
power plant which is used to meet the requirement of power to
manufacture sponge iron and billets.  The company is managed by
Mr. Shahzama who along with his father Mr. Qamaruzama Rana(founder
of Rana Group) having a long experience in running the steel
business.  The manufacturing facility of the company is located in
Dhenkanal district of Bhubansehwar.  For FY09 RSL made a net
profit of INR87.44 million on Net sales of INR1042.42 million.


RICHIRICH AGRO: Weak Liquidity Cues CRISIL Junk Ratings
-------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Richirich Agro Foods Pvt Ltd.  The rating reflects the delay by
Richi Rich in servicing its term loan; the delay has been caused
by the company's weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR20.0 Million Cash Credit Limit   D (Assigned)
   INR80.0 Million Term Loan^          D (Assigned)
   INR150.0 Million Packing Credit^^   P5 (Assigned)

   ^ Including Proposed Limit of INR74.0 Million
   ^^ Including proposed limit of INR100.0 Million

Set up in 1997, Richi Rich mills, processes, and sells basmati
rice in India and abroad. Exports contributed around 72 per cent
to the company's revenues in 2008-09 (refers to financial year,
April 1 to March 31). The company's plants at Barara and Jagadhri
(Haryana) have combined milling and sorting capacities of 12
tonnes per hour.

Richi Rich reported a profit after tax (PAT) of INR1.3 million on
net sales of INR532 million for 2008-09, against a PAT of INR0.1
million on net sales of INR208 million for 2007-08.


RUKMINI POLYTUBES: ICRA Assigns 'LBB' Rating on INR47.5M Loans
--------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR47.5 million fund-
based limits/term loans of Rukmini Polytubes Private Limited.  The
rating carries a stable outlook.  ICRA has also assigned a short-
term rating of A4 to INR22.5 million non-fund- based limits of
RPPL.  The ratings take into account RPPL's experienced
management, its diversified client base and its long track record
in the PVC business.  The rating is however constrained by
competitive nature of the industry, RPPL's moderate operating
margins and its exposure to crude oil prices.  Going forward, ICRA
expects RPPL's profitability to remain under pressure owing to
intense competition which is likely to lead to modest cash
accruals.

Rukmini Polytubes Pvt. Ltd commenced its operations in financial
year 2000-2001 with the establishment of PVC Pipes manufacturing
facilities having capacity of 3600 MT per annum.  RPPL is
currently into manufacturing of PVC pipes with the production
capacity of 6000 MT per annum and into trading of Resin, Calcium
Carbonate, CR Sheets and GP Coils.  The manufacturing facilities
of the company are located at Bahadurgarh in Haryana.  In FY 2009,
RPPL reported a net profit of INR0.72 million on the back of
operating income of INR233.61 million.


SHREE SHIVSAGAR: ICRA Assigns 'LBB' Rating on Various Bank Loans
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the Term Loans and Fund Based
Cash Credit Limits of Shree Shivsagar Sugar & Agro Products
Limited aggregating to INR400.0 million and INR80.0 respectively.
The rating has a stable outlook.

The rating takes into account the project construction risks
involved in the on-going construction of the sugar plant with
commercial operation expected to commence from sugar year (SY)
2011, the relatively lower size of operations with 2500 TCD
(Tonnes Crushed per Day) crushing capacity and the pending
financial closure for the co-generation and distillery units.
ICRA notes that post-commissioning, the company would remain
exposed to agro-climatic risks, cyclical trends in sugar business
and government regulations prevalent in the sugar business in
terms of cane pricing and release orders.  The rating is however
supported by the fact that the term loans for the sugar plant have
been tied-up and about 87% of the equity portion has been brought
in.  Post-commissioning of operations, the forward integration
into co-generation unit and distillery unit would negate to some
extent the effect of sugar cyclicality.  The Statutory Minimum
Price (SMP) linked sugarcane payments in Karnataka state would
also partly mitigate the risks of downturn in sugar prices.

Shree Shivsagar Sugar & Agro Products Limited was incorporated in
March 1999.  The company is currently setting up a 2500 TCD sugar
plant, expandable upto 5000 TCD, which would be forward integrated
with co-generation unit of 18 MW and distillery unit of 30 KLPD at
a total project cost of INR1607 million.  The plant would be
located at village Udapudi, that lies 20 km from Ramdurg ? Tehsil
in Belgaum district of Karnataka.  The sugar plant had initially
been planned to commission operations in SY 2010, however the same
was delayed on account of procedural delays in obtaining the
required licenses.  The sugar plant is now expected to be
operational by June 2010, though commercial production would
commence from the beginning of SY 2011, i.e. October 2010.  The
co-generation unit and distillery unit are expected to be setup
during early CY 2011.


SHRI GOVIND: ICRA Assigns 'LBB' Rating on INR390 Million Term Loan
------------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR390 million term loan
of Shri Govind Realty Private Limited.  The rating carries stable
outlook.

The rating takes into account the significant market risk on
account of unleased / unsold space in SGRPL's retail mall cum
multiplex and office space project in Bhopal, which is currently
under development.  The market risk is further exacerbated by the
fact that some of the Letters of Intent (LoIs) for leasing of
space were signed some time ago which leads to the possibility
that some of these LoIs may not get converted to final agreements.
The rating also takes into consideration the risks inherent with
projects under construction like possibility of time and cost
overruns given the fact that the project completion has already
been delayed by around six months from its original scheduled date
of completion in December 2009 to June 2010.  Delay in completion
has also impacted the debt repaying capacity of SGRPL and the
company has requested banks to postpone the repayment of term
loans. In case the repayment of loan is not rescheduled, the
promoters may have to bring in additional funds to meet the
shortfall and meet debt servicing requirements.  However, the
rating takes comfort from the long track record of promoters in
the real estate development in Bhopal, their good market
reputation and the favorable location of the project.

The promoters of three real estate firms in Bhopal namely Asnani
Builders & Developers Limited, Raj Developers and Kamal Krishana
Builders had promoted a partnership firm Shri Govind Realty in
2005 for construction of Aashima Mall. Later on in the year 2008,
the firm was converted into a private limited company in the name
of Shri Govind Realty Private Limited.  The promoters are well
qualified and have an experience of more than 18 years in real
estate development in the Bhopal city.  They have developed a
number of commercial and residential projects in the city and
neighboring areas which are operating successfully.


SRI CHANDRAKANTHA: CRISIL Rates INR60MM Bank Debt at 'P4'
---------------------------------------------------------
CRISIL has assigned its 'P4' rating to the export packing credit
facility of Sri Chandrakantha Marine Exports.

   Facilities                              Ratings
   ----------                              -------
   INR60.0 Million Export Packing Credit   P4 (Assigned)

The rating reflects SCME's weak financial risk profile, small net
worth, and limited scale of operations in the competitive seafood
exports business. These weaknesses are partially offset by the
benefits that SCME derives from the experience of its promoters in
the seafood exports business.

Set up in 1999 by Mr. Venkateswara Rao, SCME trades in black tiger
shrimps. It primarily exports its products to the US, Canada, and
Europe. SCME is located in West Godavari District of Andhra
Pradesh, and procures shrimp from Nellore, East Godavari and
Ongole regions of the state. During 2008-09 the firm procured and
sold around 600 tonnes of shrimps.

For 2008-09 (refers to financial year, April 1 to March 31), SCME
reported a profit after tax (PAT) of INR0.8 million on net sales
of INR230.3 million, against a PAT of INR0.7 million on net sales
of INR186.4 million for 2007-08.


TRADELINE ENTERPRISES: Low Profitability Cues ICRA 'LC' Ratings
---------------------------------------------------------------
ICRA has assigned an 'LC' rating to the term loans and fund based
facilities of Tradeline Enterprises Private Limited aggregating to
INR289.00 million and INR100 million respectively.  ICRA has also
assigned an 'A5' rating to the non fund based facility of TEPL
aggregating to INR67.50 million.

The rating is restricted by TEPL's adverse financial profile
characterized by low profitability, highly leveraged capital
structure, stretched liquidity profile and its limited scope of
operations which exposes it to fluctuations in price of raw
material as well as to volatilities in foreign exchange market.
ICRA also takes note of the incidences of delay in debt servicing
and the inability of the company to provide adequate collaterals
till date. Moreover, the earnings also remain exposed to
competitive pressures from countries enjoying higher economies of
scale and lower costs/ exchange fluctuations. However ICRA notes
that the operations of the TEPL are still at a nascent stage and
the financial profile of the company could improve on
stabilization of operations.  The rating favorably incorporates
the long standing experience of the promoters in the cotton
business and the superior quality yarn (supima) manufactured by
the company which targets a niche segment.

Tradeline Enterprises Private Ltd was incorporated in the year
2006 and the commercial production commenced in December 2008.
The company was started by Mr. Prasanth P. Palayam, a third
generation entrepreneur.  TEPL offers yarns manufactured from 100%
superior imported raw cotton from USA.  The counts of cotton yarn
range from 20's to 80's with the average count being 40's.

The company has a manufacturing facility at Dist. Kancheepuram,
Tamilnadu and has a registered office and administrative office in
Teynampet, Chennai.  The total installed spindle capacity of the
unit is 10,800 which are expected to reach 12000 spindles in FY
2010.


VEDAGIRI HI-TECH: CRISIL Assigns 'B+' Rating on INR100MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Vedagiri Hi-Tech Spinning Mills Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR100.00 Million Long Term Loan    B+/Stable (Assigned)
   INR12.20 Million Bank Guarantee     P4 (Assigned)

The ratings reflect Vedagiri's exposure to risks related to
project implementation, and lack of track record in the cotton
yarn industry.  These rating weaknesses are partially offset by
the benefits that Vedagiri derives from the proximity to end user
market and its promoters' experience in the textile industry.

Outlook: Stable

CRISIL believes that Vedagiri will commence commercial production
without any further time or cost overruns.  The outlook may be
revised to 'Positive' if Vedagiri is able to stabilize its
operations post commissioning of the plant leading to significant
cash accruals and improvement in gearing levels. Conversely, the
outlook may be revised to 'Negative' in case of delay in
commencement of operations, or significant cost overruns, under-
utilization of capacity, or if the company contracts larger-than-
expected debt to fund its capital expenditure.

Vedagiri is setting up a plant for manufacturing cotton yarn of
counts 30s to 80s; the plant will be equipped with 12096 spindles
and is located at Komarapalayam (Tamil Nadu).  The total outlay of
INR19.14 crores is 52% debt-funded and the balance 48% is funded
through promoter's equity. The company's commercial operations are
expected to commence by June 2010.


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


BANK RAKYAT: Gets State Ministry's OK to Buy Bank Agroniaga
-----------------------------------------------------------
Jakarta Globe reports that the State Enterprises Ministry has
approved PT Bank Rakyat Indonesia's bid to acquire PT Bank
Agroniaga.  The ministry also called for the deal to be completed
quickly to spur lending to the agricultural sector, the Globe
says.

"The study for the acquisition has been completed and I hope the
process can be accelerated," the report quoted Agus Pakpahan, the
deputy for agriculture, forestry, paper and printing at the
ministry, as saying.  "Bank Agro could be a medium for BRI to
increase its lending to the agriculture and plantation sector."

The Globe says that micro lending is one of BRI's core businesses
and by buying Bank Agro it would acquire a large number of micro
credit customers in the agro-business sector.

BRI expects its micro credit lending to grow 33% this year to
IDR71 trillion compared with IDR53 trillion in 2009, the Globe
adds.

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk -- http://www.bri.co.id/-- is engaged in banking
activities and its products and services include savings, loans,
consumer products, investment banking and sharia.  As of Dec. 31,
2008, the Bank was supported by 14 regional offices, 12 inspection
offices, 372 domestic branch offices, one special branch office,
three overseas offices, 337 cash offices, 4,417 BRI units, 76
small offices, 27 sharia branch offices and 18 sharia sub branch
offices.

                           *     *     *

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


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


ALL NIPPON: May Buy Majority Stake in ANA & JP Express
------------------------------------------------------
Japan Today reports that All Nippon Airways Co. has proposed
buying all stakes held by Japan Post Service Co. and two other
partners in joint air cargo venture, ANA & JP Express Co., to make
it a wholly owned subsidiary.

The report relates that ANA plans to acquire respective stakes of
33.3%, 10% and 5% from Japan Post Service, Nippon Express Co and
Mitsui O.S.K. Lines Ltd.  ANA currently owns 51.7% of outstanding
shares in the ANA & JP Express.

ANA & JP Express Co. offers scheduled air cargo transport service,
non-scheduled air cargo transport service and other business
relating to aircraft.  It was established in line with the 2007
decision by the government then led by the Liberal Democratic
Party to privatize Japan's postal services.

All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The company has 112 subsidiaries and 40 associated
companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2009, Moody's Investors Service downgraded the long-term
debt ratings of All Nippon Airways Co., Ltd., to Ba2 from Baa3.
The outlook is stable.


JAPAN AIRLINES: May Slash 4,000 More Jobs by FY2012
---------------------------------------------------
Japan Airlines Corp. might eliminate more than 4,000 more jobs
than anticipated by fiscal 2012, Kyodo News reports citing
informed sources.

Kyodo's sources said the expanded reductions, to around 20,000
from the currently planned 15,700, will include additional early
retirements.  The reduction would account for nearly 40% of the
JAL group's workforce, Kyodo notes.

According to the report, JAL is apparently aiming to acquire new
loans by deepening its restructuring so it can promote early
rehabilitation.  The job cuts will be the pillar of its
reconstruction plan, which is to be compiled by the end of June.

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: Won't Hire New Staff for Fiscal 2011
----------------------------------------------------
Japan Airlines Corp. said Friday that it will not hire any new
staff for all kinds of jobs including pilot and cabin crew for
fiscal 2011, Japan Today reports.

The report says JAL decided not to hire pilot trainees for the
first time in 26 years as the airline will scrap or reduce
unprofitable flights in the near future.  According to the report,
it is also the first time that the company will hire no one for
cabin crew or back-office jobs, including engineering, in 10 years
and 13 years, respectively.

Japan Today relates that JAL's rival All Nippon Airways Co. also
plans to reduce the number of new recruits for fiscal 2011,
beginning in April next year, due to its deteriorating business
performance.

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

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

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

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


L-JAC 8: S&P Downgrades Ratings on Various Certificates
-------------------------------------------------------
Standard & Poor's Ratings Services downgraded the class A and
class C to K trust certificates issued under the L-JAC 8 Trust
Beneficial Interest transaction.  At the same time, S&P lowered
its rating on class B and removed it from CreditWatch with
negative implications.  In addition, S&P also affirmed its rating
on the class X trust certificates.

The rating actions are based on the following factors:
With regard to one of the transaction's underlying loans
(representing about 75% of the initial issuance amount of the
trust certificates), which defaulted in July 2009, the
transaction's interested parties have opted for swift debt
collection under an early recovery plan.  The sale of the related
collateral property was finalized in March 2010, in accordance
with the plan, causing a loss at the loan level.  Like the
defaulted loan, the transaction's remaining underlying loan
(representing about 25% of the initial issuance amount of the
trust certificates), which is scheduled to mature in December
2010, is backed by a regional commercial property.  S&P holds the
view that uncertainty appears to be mounting over the recovery
prospects of that collateral property.  Accordingly, S&P has
lowered its assumption with respect to the property's value.

In its latest ratings analysis, S&P assumed that the value of the
property backing the transaction's remaining underlying loan would
be about 47% of its initial underwriting value.  Meanwhile, the
total recovery amount from the aforementioned defaulted loan stood
at about 42% of S&P's initial assumption.

At this point, Standard & Poor's has affirmed its rating on class
X.  However, S&P is considering amending the rating methodology
for interest-only certificates, which include the class X trust
certificates of this transaction.  If the proposal is adopted, it
could affect the rating on class X.

L-JAC 8 Trust Beneficial Interest is a multi-borrower CMBS
transaction that was originally secured by two loans extended to
two obligors.  The loans were initially backed by one real estate
beneficial interest and one real estate property.  The transaction
was arranged by Lehman Brothers Japan Inc. Premier Asset
Management Co. acts as the servicer for this transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in January 2013 for the class A trust
certificates, the full payment of interest and ultimate repayment
of principal by the legal final maturity date for the class B to K
certificates, and the timely payment of available interest for the
class X certificates.

             Rating Lowered, Off Creditwatch Negative

                 L-JAC 8 Trust Beneficial Interest
                Trust certificates due January 2013

Class   To   From           Initial issue amount   Coupon type
-----   --   ----           --------------------   -----------
B       CCC  BB/Watch Neg   JPY1.68 bil.           Floating rate

                          Ratings Lowered

                 L-JAC 8 Trust Beneficial Interest

   Class   To   From   Initial issue amount      Coupon type
   -----   --   ----   --------------------      -----------
   A       BBB  A+     JPY8.78 bil.              Floating Rate
   C       CC   CCC    JPY1.68 bil.              Floating rate
   D       CC   CCC    JPY1.68 bil.              Floating rate
   E       CC   CCC    JPY0.79 bil.              Floating rate
   F       CC   CCC    JPY0.76 bil.              Floating rate
   G       CC   CCC    JPY0.77 bil.              Floating rate
   H       CC   CCC    JPY0.87 bil.              Floating rate
   I       CC   CCC    JPY0.84 bil.              Floating rate
   J       CC   CCC    JPY0.6 bil.               Floating rate
   K       CC   CCC    JPY0.32 bil.              Floating rate

                         Rating Affirmed

                L-JAC 8 Trust Beneficial Interest

    Class   Rating   Initial issue amount
    -----   ------   --------------------
    X       AAA      JPY18.77 bil. (Initial notional principal)


HUIS TEN: Tokyo Court Approves Revised Restructuring Plan
---------------------------------------------------------
Huis Ten Bosch Co. has gained approval from the Tokyo District
Court for its new plan to seek restructuring under the initiative
of travel agency H.I.S. Co., The Japan Times reports.

The report says that based on the new restructuring plan filed
with the court in February:

   * all members of the management team have resigned;

   * H.I.S. Chairman Hideo Sawada became president of
     Huis Ten Bosch;

   * Koji Karaike, president of Kyushu Railway Co., or
     JR Kyushu, assumed the post of part-time director;

   * Shingo Matsuo, chairman of Kyushu Electric Power Co.,
     took office as adviser.

According to the report, Huis Ten Bosch will reduce its capital to
zero on April 6 while receiving at the same time fresh capital of
JPY2 billion from the Tokyo-based travel agency and JPY1 billion
from five local companies, including Kyushu Electric Power, to
transform itself into a new operator of the theme park.

As reported in the Troubled Company Reporter-Asia Pacific on
February 16, 2010, H.I.S. Co. said it will provide financial
assistance to Huis Ten Bosch to help its turnaround efforts.
H.I.S. made the decision to help in the rehabilitation of the
theme park after judging that it will help promote tourism in the
region.  H.I.S. said it will also be beneficial for its travel
operations particularly for visitors from Asian countries such as
China and South Korea.

Huis Ten Bosch's rehabilitation administrator submitted in
February submitted a revised turnaround plan to the Tokyo District
Court.

Headquartered in Nagasaki, Japan, Huis Ten Bosch is a popular
theme park, which imitates Holland villages allowing travelers to
experience the culture and atmosphere of Europe.  It is located in
Kyushu.

The Troubled Company Reporter-Asia Pacific reported on July 5,
2004, that the Tokyo District Court approved Huis Ten Bosch Co.'s
rehabilitation plan under the support of Nomura Principal Finance
Co., an investment firm controlled by Nomura Holdings Inc.  Huis
Ten Bosch inked a rehabilitation sponsorship contract with Nomura
Principal in December 2003.


SENOH CORP: To Rehabilitate Under Government-backed Body
--------------------------------------------------------
The Enterprise Turnaround Initiative Corp. of Japan has decided to
sponsor the rehabilitation of Senoh Corp. although the medium-
sized maker of sports equipment was found to have window- dressed
its financial statements, according to Kyodo News.

Kyodo New relates the government-backed corporate turnaround body
said it will help Senoh to prevent grave effects of its
bankruptcy, including the difficulty of maintaining sport gear
used at some 10,000 schools and 3,500 gymnasiums as well as the
loss of about 400 jobs.

Kyodo relates that the ETIC will also:

   -- carry out a 100% equity reduction at Senoh and buy claims
      on loans to the company from creditors;

   -- set up a new company to take over Senoh's operations and
      contribute JPY400 million in capital to it; and

   -- send a management team to the firm as all of Senoh's board
      members will resign.

According to the report, the ETIC said Senoh concealed its
financial woe by booking fictitious inventories and sales after
the company in 1990's fell into liabilities in excess of assets
due to a failed operational diversification.

The report says the company filed for support from the ETIC as its
real net liability reached JPY6.5 billion at the end of last
September.

Japan-based Senoh Corp. -- http://www.senoh.co.jp/-- manufactures
hard-ware sports and exercise equipment.


SOFTBANK CORP: To Lift Capital Spending on Higher Network Traffic
-----------------------------------------------------------------
Yoshinori Eki and Pavel Alpeyev at Bloomberg News report that
Softbank Corp. will increase its capital spending 54% next fiscal
year to handle the higher network traffic its smartphones are
forecast to generate.

Softbank Chief Executive Officer Masayoshi Son told reporters in
Tokyo on Sunday that Softbank will introduce in April its first
smartphone based on the Android operating system of Google Inc,
according to Bloomberg.

Bloomberg relates Mr. Son said the company will invest JPY400
billion in the 12 months starting April 1, compared with JPY260
billion planned this fiscal year.  Softbank spokesman Katsumasa
Tochihara said the number of base stations will rise to 120,000
from 6,000 to cope with rising network traffic, Bloomberg relates.

Bloomberg says the company, Apple Inc.'s exclusive provider of the
iPhone in Japan, is adding the Android model to expand its lineup
of smartphones, devices that can surf the Web and download music,
video and applications to counter similar moves by rivals.

Softbank Corp. (TYO:9984) -- http://www.softbank.co.jp/-- is a
Japan-based company that provides digital information services.
The Company has six business segments.  The Mobile Communication
segment provides cellular phone services and sells attached
cellular phone terminals.  The Broadband and Infrastructure
segment provides high-speed Internet access services, Internet
protocol (IP) phone service, and contents.  The Fixed
Communication segment provides transmission services for audio and
data, as well as exclusive line and data center services.  The
Internet Culture segment is engaged in the Internet advertising,
broadband portal and auction businesses.  The Electronic Commerce
(E-Commerce) segment sells personal computers (PCs), peripheral
devices and software for PC use, as well as provides business-to-
business and business-to-customer e-commerce services.  The Others
segment is involved in the broadcasting media, technology service,
media marketing and overseas fund businesses.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 26, 2010, Moody's Investors Service changed to positive from
stable its outlook for the Ba2 long-term debt rating and issuer
rating of SOFTBANK CORP.


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


TALAM CORP: Earns MYR4.54 Million for Quarter Ended January 31
--------------------------------------------------------------
Talam Corp Bhd reported net profit of MYR4.54 million for the
quarter ended January 31, 2010, compared with a net profit of
MYR16.62 million in the same quarter in 2009.

The Group reported revenue of MYR72.88 million for the quarter
ended January 31, 2010, 49.36% lower than the corresponding
quarter of the preceding year.  The decrease was mainly due to
lower progress billings generated from the development projects
during the current quarter under review.

As of January 31, 2010, the Company's unaudited balance sheet
showed total assets of MYR3.02 billion, total liabilities of
MYR2.45 billion and stockholders' equity of MYR566.36 million.

The Company's unaudited balance sheet as of January 31, 2010,
showed strained liquidity with MYR1.53 billion in total current
assets available to pay MYR1.64 billion in total current
liabilities.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


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


CEA GROUP: Receivers to Sell Tavern; Staff to Keep Jobs Until Sale
------------------------------------------------------------------
The Southland Times reports that the receivers of CEA Trading are
selling the group's Frankton Arms Tavern in the hope of paying off
a AU$57.5 million debt.

According to the report, co-receiver Andrew Grenfell, of McGrath
Nicol, said staff employed at the tavern would keep their jobs, at
least until the receivership sale was completed.

The tavern was offered for sale on March 25 by Colliers
International, the report says.  It is offered for sale by
deadline private treaty, closing on April 29 unless sold before
then.

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2009, the Otago Daily Times said that a group of companies
trading under the CEA banner have been placed in receivership.

The group, which owns 20 bars in the South Island and employs
about 300 people, were placed in the hand of receivers McGrath
Nicol Partners in Auckland by creditor Commonwealth Bank of
Australia.

The CEA group of companies that are under receivership are CEA
Trading, CEA Staff Employment Services, CEA Services NZ, and CEA
Property.


GENEVA FINANCE: Investors Approve Proposal to Delay Repayment
-------------------------------------------------------------
Investors in Geneva Finance voted on Monday in favor of a proposal
to delay capital repayments to ensure the immediate survival of
the company, The New Zealand Herald reports.

The Herald says that at a meeting held in Auckland yesterday, 100%
of Geneva's noteholders and 99% of debenture holders voted in
favor of the board's proposal to delay repayments by three years.

According to the Herald, debentureholders will have to wait until
March 2015 to receive the remaining 50% of their money while
noteholders will have to wait until April 2015 to receive around
85% of their money back.  Both were originally scheduled to be
repaid by September and October 2012, respectively.

The move saved the company from receivership for now and will
allow it to continue operating in moratorium, the report says.

Geneva Finance was the first finance company to freeze payments in
November 2007, owing NZ$142 million to 3,000 investors.

                       About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/--
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 25, 2010, Standard & Poor's Ratings Services said that it
had lowered its long-term rating on Geneva Finance Ltd. to 'CC'
from 'CCC'.  The rating is also placed on CreditWatch with
negative implications.  At the same time, the insurer financial
strength rating on Geneva's captive insurer, Quest Insurance Group
Ltd., was lowered to 'CC' from 'CCC', and placed on CreditWatch
with negative implications.


PERPETUAL TRUSTEE: S&P Affirms Ratings on All Subprime Classes
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed the ratings on all
rated classes of subprime and nonconforming residential mortgage-
backed securities issued by Perpetual Trustee Company Ltd. as
trustee for GPAC Series 2008-AN1 Trust.

Standard & Poor's undertakes surveillance of its outstanding
ratings over time, and has typically informed the market of any
consequent changes to S&P's credit opinions.  To enhance market
transparency, S&P will also be publishing rating affirmations from
time to time, where S&P has conducted a rating review that does
not result in a rating change.

The affirmations follow a review of the performance of the
transaction and its underlying loan portfolio.  The rating
affirmations reflect S&P's opinion that the rated notes are able
to withstand the stresses commensurate with their respective
ratings.  The credit support for the notes as a percentage of the
portfolio balance, which has amortized to less than 50% of the
initial pool amount in May 2008, have continued to build up.
Nevertheless, toward the tail-end of the transaction, the pool
faces rising adverse selection risk, whereby borrowers that are
susceptible to financial difficulties may remain in the pool.

Further, any slowdown in prepayments could result in negative
yield at the tail-end of the transaction, as the weighted average
funding costs will increase when the notes pay down sequentially.
The annualized prepayment rate has been volatile, falling from a
peak of 61% in May 2009, to a low of 16% in December 2009.  S&P
expects prepayment volatility to continue as the portfolio balance
diminishes.  The weighted-average prepayment rate is just below
30% over the six months ended February 2010.

The loan pool performance has broadly improved, in line with the
sector trend.  Arrears reduced to 17% in February 2010, from a
peak of 24% over 12 months ago.  The portion of loans greater-
than-30 days in arrears, however, has consistently exceeded the
sector average.  The number of loans that are greater-than-90 days
in arrears have significantly decreased, and tend to be weighted
to loans of larger sizes.

On the other hand, the pool composition has not seen any notable
improvements.  Currently, about 59% of the loans have loan-to-
value ratios exceeding 80%, with most having larger balances.
Self-employed borrowers form more than 80% of the current pool
balance, while low documentation loans comprise over 70%.  About
75% of the portfolio consists of refinancing loans.  A third of
the portfolio will reach the end of their interest-only periods
within the next 12 months, when most of the loans will face
principal and interest payments.

Based on the current pool composition, S&P believes the
transaction may remain sensitive to tail-end adverse selection and
negative portfolio yield risks.  S&P expects the lower rated notes
will be more at risk due to the sequential pay structure.  The
build-up in credit support, however, will help to offset these
pressures and mitigate some of the tail-end risk.

                         Ratings Affirmed

                    GPAC Series 2008-AN1 Trust*

                       Class        Rating
                       -----        ------
                       AA           AAA
                       AB-L         AAA
                       B            AA
                       C            A
                       D            BBB
                       E            BB
                       F            B

   * The transaction includes three classes that are not rated:
     AB-S, G, and H


STRATEGIC FINANCE: Chief Slams Trustee on Appointing Receivers
--------------------------------------------------------------
Strategic Finance chief executive Kerry Finnigan has slammed its
trustee for placing the company into receivership and says
investors will be worse off, The New Zealand Herald reports.

The Herald relates Mr. Finnigan said the decision was a "huge
disappointment".

"We worked very hard as a board and management to deliver up
viable options to the trustee.  The trustee has decided to take
the safe harbour approach," the report quoted Mr. Finnigan as
saying.

According to the report, Mr. Finnigan also questioned the
independence of PricewaterhouseCoopers being appointed receiver
after the trustee had put the proposals to PWC to assess their
potential success against a receivership.

Mr. Finnigan, according to the Herald, said the company had gone
to a lot of effort to secure the offers and they were from
credible parties but it had not been given enough time to finalize
the deals.  "It's tough enough trying to sell a house in three or
four weeks let along a loan book worth $200 to $300 million," he
said.

The report adds Mr. Finnigan said the proposals he put forward
could have seen investors paid back 65 to 70c in the dollar.
"There is little doubt in our minds that a receivership will be a
far worse outcome."

In response, the Herald notes, Perpetual Trust's Matthew Lancaster
said the company had only acted in the interests of investors and
it believed the receivership would give the best chance of getting
investors their money back.

                      About Strategic Finance

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

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

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

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


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


HEALTH CARE: Members' Final Meeting Set for April 26
----------------------------------------------------
Members of Health Care Specialists Associates Pte Ltd, which is in
members' voluntary liquidation, will hold their final general
meeting on April 26, 2009, at 11:00 a.m., at the 1 North Bridge
Road #13-03 High Street Centre, in Singapore 179094.

At the meeting, Tay Joo Soon, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


IPJORA (S) PTE: Creditors' Proofs of Debt Due April 26
------------------------------------------------------
Creditors of Ipjora (S) Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 26, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Kelvin Thio
         Terence Ng
         c/o Arden Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


LEMONGRASS PROPERTIES: Creditors' Proofs of Debt Due April 26
-------------------------------------------------------------
Creditors of Lemongrass Properties Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 26, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chee Yoh Chuang
         Eu Chee Wei David
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


NEW CITY GROUP: Creditors' Proofs of Debt Due April 25
------------------------------------------------------
New City Group Funds 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


NEW CITY SINGAPORE: Creditors' Proofs of Debt Due April 25
----------------------------------------------------------
New City Singapore 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


PCH CONTRACTING: Creditors' Proofs of Debt Due April 27
-------------------------------------------------------
Creditors of PCH Contracting Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 27, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Timothy James Reid
         c/o 8 Robinson Road
         #12-00 ASO Building
         Singapore 048544


RENEWABLE ENERGY: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on March 12, 2010, to
wind up the operations of Renewable Energy Holdings Private
Limited which is under judicial management.

Bob Yap Cheng Ghee and Chay Fook Yuen filed the petition against
the company.

The company's liquidators are:

         Bob Yap Cheng Ghee
         Chay Fook Yuen
         Tay Puay Cheng
         c/o KPMGA dvisory Services Pte Ltd
         16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


SHANGHAI INDUSTRIAL: Creditors' Proofs of Debt Due April 27
-----------------------------------------------------------
Creditors of Shanghai Industrial Investment Holdings (S.E. Asia)
Pte Ltd, which is in members' voluntary liquidation, are required
to file their proofs of debt by April 27, 2010, to be included in
the company's dividend distribution.

The company's liquidator is:

         Timothy James Reid
         c/o 8 Robinson Road
         #12-00 Aso Building
         Singapore 048544


WEE FONG: Members' Final Meeting Set for April 27
-------------------------------------------------
Members of Wee Fong Construction Pte Ltd, which is in members'
voluntary liquidation, will hold their final meeting on April 27,
2009, at 10:00 a.m., at the 25 International Business Park #04-
22/26 German Centre, Singapore 609916.

At the meeting, Steven Tan Chee Chuan, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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


LAURUS MASTER FUND: Holds 9.99% of Biovest Int'l Shares
-------------------------------------------------------
Russell Smith, the Joint Official Liquidator for the account of
Laurus Master Fund, Ltd., disclosed that as of December 31, 2009,
the fund may be deemed to beneficially own 10,826,822 shares or
roughly 9.99% of the Common Stock of Biovest International, Inc.

The shares are also deemed held by PSource Structured Debt
Limited, Laurus Capital Management, LLC, Valens U.S. SPV I, LLC,
Valens Offshore SPV I, Ltd., Valens Capital Management, LLC, Chris
Johnson, Russell Smith, Eugene Grin and David Grin.

Chris Johnson, Russell Smith, Eugene Grin and David Grin are
affiliated with Johnson Smith Associates Ltd. in Grand Cayman,
Cayman Islands.

Based in Tampa, Florida, Biovest International Inc. (Other OTC:
BVTI) -- http://www.biovest.com/-- is a pioneer in the
development of advanced individualized immunotherapies for life-
threatening cancers of the blood system.  Biovest is a majority-
owned subsidiary of Accentia Biopharmaceuticals Inc., with its
remaining shares publicly traded.

Biovest filed for chapter 11 bankruptcy protection on November 10,
2008 (Bankr. M.D. Fla. Case No. 08-17796).


* BOND PRICING: For the Week to March 22 to March 26, 2010
----------------------------------------------------------


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

   AUSTRALIA
   ---------

AMP GROUP FINANC         9.80    04/01/2019   NZD       0.93
GRIFFIN COAL MIN         9.50    12/01/2016   USD      64.00
GRIFFIN COAL MIN         9.50    12/01/2016   USD      59.62
MINERALS CORP           10.50    09/30/2011   AUD       0.51
NATIONAL WEALTH          6.75    06/16/202    AUD      73.76
NEW S WALES TREA         1.00    09/02/2019   AUD      62.99
ORCHARD INVEST           7.36    12/15/2010   AUD      29.50
PRAECO P/L               7.13    07/28/2020   AUD      70.76
SUNCORP METWAY           6.75    10/06/2026   AUD      58.00
TIMBERCORP LTD           8.90    12/01/2010   AUD      26.10
VERO INSURANCE           6.15    09/07/2025   AUD      71.18


   CHINA
   -----

JIANGXI COPPER           1.00    09/22/2016   CNY      74.35

   HONG KONG
   ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      38.50



   INDONESIA
   ---------

MOBILE-8 TELECOM        12.37    06/15/2017   IDR      50.00

   JAPAN
   -----

AIFUL CORP               1.50    10/20/2011   JPY      68.85
AIFUL CORP               1.20    01/26/2012   JPY      64.98
AIFUL CORP               1.99    03/23/2012   JPY      60.86
AIFUL CORP               1.22    04/20/2012   JPY      56.86
AIFUL CORP               1.63    11/22/2012   JPY      50.93
AIFUL CORP               1.74    05/28/2013   JPY      49.92
AIFUL CORP               1.99    10/19/2015   JPY      44.84
COVALENT MATERIAL        2.87    02/18/2013   JPY      57.12
FUKOKU MUTUAL            4.50    09/28/2025   EUR      72.75
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      57.30
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      56.69

TAKEFUJI CORP            9.20    04/15/2011   USD      56.98
TAKEFUJI CORP            9.20    04/15/2011   USD      58.12
TAKEFUJI CORP            8.00    11/01/2017   USD      11.87
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.37

   MALAYSIA
   --------

DUTALAND BHD             4.00    04/11/2013   MYR       0.75
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.64

   NEW ZEALAND
   -----------
ALLIED NATIONWID        11.52    12/29/2049   NZD      48.75
BLUE STAR PRINT          9.10    09/15/2012   NZD      65.00
CAPITAL PROP NZ          8.00    04/15/2010   NZD       8.05
CONTACT ENERGY           8.00    05/15/2014   NZD       1.02
FLETCHER BUI             8.50    03/15/2015   NZD       8.25
FLETCHER BUI             7.55    03/15/2011   NZD       7.40
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.12
INFRASTR & UTIL          8.50    09/15/2013   NZD       9.20
INFRATIL LTD             8.50    11/15/2015   NZD       9.50
INFRATIL LTD            10.18    12/29/2049   NZD      65.50
MANUKAU CITY             6.15    09/15/2013   NZD       1.01
MANUKAU CITY             6.90    09/15/2015   NZD       1.02
MARAC FINANCE           10.50    07/15/2013   NZD       1.00
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      53.79
SKY NETWORK TV           4.01    10/16/2016   NZD      55.11
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.69
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.42
ST LAURENCE PROP         9.25    05/15/2011   NZD      69.73
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.25
TRUSTPOWER LTD           8.50    03/15/2014   NZD       8.10
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.00
TRUSTPOWER LTD           8.00    12/15/2016   NZD       1.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.94
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.35


   SINGAPORE
   ---------

BLUE OCEAN              11.00    06/28/2012   USD      37.00
DAVOMAS RESOURCES        5.50    12/08/2014   USD      57.01
SENGKANG MALL            8.00    11/20/2012   SGD       0.10
UNITED ENG LTD           1.00    03/03/2014   SGD       1.51


   SOUTH KOREA
   -----------

SMI XXI ABS SPC         12.10    12/30/2012   KRW      63.53


   SRI LANKA
   ---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      65.15


                         *********

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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