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                     A S I A   P A C I F I C

           Wednesday, March 31, 2010, Vol. 13, No. 063

                            Headlines



A U S T R A L I A

CIT GROUP: Bank of Queensland Eyes CIT Australian Unit


C H I N A

VIVA MACAU: Aviation Regulator Terminates Airline's License


H O N G  K O N G

ICEA SECURITIES: Placed Under Voluntary Wind-Up Proceedings
INTELLILOGICA LIMITED: Creditors' Proofs of Debt Due April 26
ITALY TAIGUHANG: Court to Hear Wind-Up Petition on April 28
JOY FORCE: Members' and Creditors Meetings Set for April 15
JOYPLUS ENTERPRISES: Court Enters Wind-Up Order

KENLORD INDUSTRIES: Court Enters Wind-Up Order
KING FAMOUS: Creditors' Proofs of Debt Due April 26
LEE TAT: Danvil Chan Kin Hang Appointed as Liquidator
M2W LIMITED: Members' Final Meeting Set for April 30
MARY'S HEALTH: Danvil Chan Kin Hang Appointed as Liquidator

MAVER INTERNATIONAL: Creditors' Proofs of Debt Due April 16
MEGA SUPREME: Danvil Chan Kin Hang Appointed as Liquidator
N.G.A. OPTICAL: Creditors Get 1.024% Recovery on Claims
NEW AGE: Court Enters Wind-Up Order
OFFICE PLANNING: Members' Final Meeting Set for May 7

PERFECT SHARP: Court Enters Wind-Up Order
PINE YEAR: Court Enters Wind-Up Order
PINNACLE INVESTMENT: Members' Final Meeting Set for April 27
PFL PACIFIC: Creditors' Proofs of Debt Due April 26
PFL PACIFIC NETWORK: Creditors' Proofs of Debt Due April 26


I N D I A

AMAR BUILDERS: Weak Liquidity Prompts CRISIL Junk Ratings
AIR INDIA: Defers March Salary Payment to April 7
BANK OF BARODA: Sets Final Price Guidance on Bond Sale
BHUVAL INDUSTRIES: Low Net Worth Cues CRISIL 'BB' Rating
DEVI FISHERIES: CRISIL Places 'P4+' Rating on Various Bank Debts

GANDHI AUTOMATIONS: Low Net Worth Cues CRISIL 'BB+' Ratings
GSR TEXTILES: ICRA Assigns 'LB+' Rating on INR120.3MM Term Loans
JET AIRWAYS: To Dry Lease 3 Boeing 777-300 ER to Thai Airways
LAKSHYA FOOD: CRISIL Assigns 'B-' Rating on INR220 Mil. Term Loan
MAX INFRATECH: ICRA Assigns 'LB+' Rating on INR1.5 Bil. Debts

METALOGIC SYSTEMS: CRISIL Puts 'BB+' Rating on INR85MM Term Loan
NANCY KRAFTS: Low Profitability Cues CRISIL 'BB' Ratings
NEOTERIC INFOMATIQUE: CRISIL Lifts Rating on INR455M Debt to 'BB+'
ORBIT EXPORTS: ICRA Assigns 'LBB+' Rating on INR335MM LT Loans
OTTOMAN STEEL: CRISIL Assigns 'B' Rating on INR60 Million LT Loan

PURPLE CREATIONS: ICRA Assigns 'LBB' Rating on INR113.6MM LT Loan
RADHA INFRA: CRISIL Rates INR150 Million Cash Credit at 'C'
RADHA REALTY: CRISIL Rates INR250 Million Cash Credit at 'C'
SHIV SHAKTI: ICRA Assigns 'LBB' Rating on INR20 Mil. Bank Debts
SRI LAKSHMI: CRISIL Assigns 'B' Rating on INR200 Million Term Loan

SVR LABORATORIES: CRISIL Places 'BB' Rating on INR32.5MM Term Loan
SWASTIK REFINERY: Small Net Worth Cues CRISIL 'B+' Rating
TATA STEEL: Plans $500 Million GDR Issue
UDYOG MANDIR: CRISIL Rates INR65 Mil. Cash Credit Limit at 'B'
VEDAGIRI HI-TECH: CRISIL Assigns 'B+' Rating on INR100MM LT Loan

VISHAL CONTAINERS: CRISIL Puts 'BB' Rating on INR32.5MM Term Loan


J A P A N

AIFUL CORP: Moody's Changes Counterparty Credit Rating to 'CCC'


K O R E A

HYNIX SEMICONDUCTOR: Aims to Cut Debt by KRW1 Trillion This Year


P H I L I P P I N E S

PHILIPPINES: Moody's Puts Stable Outlook on Ba3 Sov. Credit Rating


S I N G A P O R E

EDBV MANAGEMENT: Creditors' Proofs of Debt Due April 30
HAI CHEONG: Creditors' Proofs of Debt Due April 9
PLE INVESTMENTS: Creditors' Proofs of Debt Due April 30
SOLVATORS INC: Court to Hear Wind-Up Petition on April 16
SOLVATORS INC: Court to Hear Wind-Up Petition on April 16


T A I W A N

UNION INSURANCE: Fitch Raises Insurance Strength Rating to 'BB+'


T H A I L A N D

THAI AIRWAYS: Finance Ministry to Support Recapitalization Plan


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


CIT GROUP: Bank of Queensland Eyes CIT Australian Unit
------------------------------------------------------
The Sydney Morning Herald reports that Bank of Queensland is
eyeing the $900 million lending book of CIT Group Australia, the
Australian arm of the troubled US equipment financier CIT Group.

According to the report, Bank of Queensland said it would conduct
due diligence over CIT's Australian vendor finance unit.

While it will take about two weeks to examine CIT's books, the
bank said there was no guarantee of any transaction taking place.

BusinessDay reported in 2009 that several Australian banks,
including the Commonwealth Bank, were circling the local
operations of CIT Group after its U.S. parent sought a US$2.3
billion taxpayer-funded bailout.

Bank of Queensland is a retail bank based in Queensland,
Australia.

                          About CIT Group

CIT Group Inc. (NYSE: CIT) -- http://www.cit.com/-- is a bank
holding company with more than $60 billion in finance and leasing
assets that provides financial products and advisory services to
small and middle market businesses.  Operating in more than 50
countries across 30 industries, CIT provides an unparalleled
combination of relationship, intellectual and financial capital to
its customers worldwide.  CIT maintains leadership positions in
small business and middle market lending, retail finance,
aerospace, equipment and rail leasing, and vendor finance.
Founded in 1908 and headquartered in New York City, CIT is a
member of the Fortune 500.

CIT Group Inc. and affiliate CIT Group Funding Company of Delaware
LLC announced a Chapter 11 filing on November 1, 2009 (Bankr.
S.D.N.Y. Case No. 09-16565).  Evercore Partners, Morgan Stanley
and FTI Consulting are the Company's financial advisors and
Skadden, Arps, Slate, Meagher & Flom LLP is legal counsel in
connection with the restructuring plan.  Sullivan & Cromwell is
legal advisor to CIT's Board of Directors.

CIT Group on November 1 announced that, with the overwhelming
support of its debtholders, the Board of Directors voted to
proceed with the prepackaged plan of reorganization for CIT Group
Inc. and a subsidiary that will restructure the Company's debt and
streamline its capital structure.  None of CIT's operating
subsidiaries, including CIT Bank, a Utah state bank, were included
in the filings.

On December 8, the Court confirmed the Debtors' prepackaged plan.
On December 11, CIT emerged from bankruptcy.


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


VIVA MACAU: Aviation Regulator Terminates Airline's License
-----------------------------------------------------------
Chan Sue Ling at Bloomberg News reports that Viva Macau had its
license revoked by Macau's aviation regulator after failing to
offer assistance to passengers stranded by flight cancellations.

Bloomberg, citing a statement posted on the government's Web site,
relates that the carrier cancelled services on March 26 because of
"fuel payment issues" and didn't cooperate to help passengers.

According to Bloomberg, Air Macau Ltd. has ended a sub-franchise
contract with Viva Macau at the request of the government and the
Civil Aviation Authority has withdrawn the discount carrier's air-
operating license.

"The government was greatly concerned with the negative
impacts of the Viva Macau incident towards passengers and the
community," the March 28 statement said, citing Chan Weng Hong,
president of the Civil Aviation Authority.

Bloomberg notes the government will also pursue repayment of 200
million patacas ($25 million) in loans made to the carrier between
2008 and 2009 "through legal means."

Viva Macau, which started its operation in 2006, has been in
trouble financially since 2008, and the Government of Macau
Special Administrative Region has been providing financial support
to the airline, according to Xinhua News Agency.

Viva Macau is Macau's first budget airline.


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


ICEA SECURITIES: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on March 18, 2010,
creditors of Icea Securities Asia Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


INTELLILOGICA LIMITED: Creditors' Proofs of Debt Due April 26
-------------------------------------------------------------
Intellilogica Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by April 26,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on March 26, 2010.

The company's liquidator is:

         Patrick Wong Lung Tak
         Room 1101, 11th Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


ITALY TAIGUHANG: Court to Hear Wind-Up Petition on April 28
-----------------------------------------------------------
A petition to wind up the operations of Italy Taiguhang Trading
Finery Limited will be heard before the High Court of Hong Kong on
April 28, 2010, at 9:30 a.m.

John Swire & Sons (H.K.) Limited filed the petition against the
company on February 22, 2010.

The Petitioner's solicitors are:

         JSM
         18/F, Prince's Building
         10 Chater Road, Central
         Hong Kong


JOY FORCE: Members' and Creditors Meetings Set for April 15
-----------------------------------------------------------
Members and creditors of Joy Force Limited (Formerly Known as
Linguaphone Institute (Hong Kong) Limited) will hold their annual
meetings on April 15, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at the 29th Floor, Caroline Centre, Lee Gardens Two,
28 Yun Ping Road, in Hong Kong

At the meeting, Chen Yung Ngai Kenneth, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


JOYPLUS ENTERPRISES: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on March 17, 2010, to
wind up the operations of Joyplus Enterprises Limited.

The official receiver is E T O'Connel.


KENLORD INDUSTRIES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on March 17, 2010, to
wind up the operations of Kenlord Industries Limited.

The official receiver is E T O'Connel.


KING FAMOUS: Creditors' Proofs of Debt Due April 26
---------------------------------------------------
Creditors of King Famous Corporation Limited, 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 commenced wind-up proceedings on March 19, 2010.

The company's liquidator is:

         Alexander Lee Kwok On
         Rooms 1901-2, Park-In Commercial Centre
         56 Dundas Street
         Kowloon


LEE TAT: Danvil Chan Kin Hang Appointed as Liquidator
-----------------------------------------------------
Danvil Chan Kin Hang on March 19, 2010, was appointed as
liquidator of Lee Tat Transportation Development Limited.

The liquidator may be reached at:

         Danvil Chan Kin Hang
         Ginza Square, Room 2301, 23/F
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


M2W LIMITED: Members' Final Meeting Set for April 30
----------------------------------------------------
Members of M2W 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.


MARY'S HEALTH: Danvil Chan Kin Hang Appointed as Liquidator
-----------------------------------------------------------
Danvil Chan Kin Hang on March 19, 2010, was appointed as
liquidator of Mary's Health & Beauty Limited.

The liquidator may be reached at:

         Danvil Chan Kin Hang
         Ginza Square, Room 2301, 23/F
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


MAVER INTERNATIONAL: Creditors' Proofs of Debt Due April 16
-----------------------------------------------------------
Creditors of Maver International (HK) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 16, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 19, 2010.

The company's liquidator is:

         Gari Cheng Kam Woon
         Room A 27/F Block 8
         Royal Ascot Fotan Shatin
         New Territories, Hong Kong


MEGA SUPREME: Danvil Chan Kin Hang Appointed as Liquidator
----------------------------------------------------------
Danvil Chan Kin Hang on March 19, 2010, was appointed as
liquidator of Mega Supreme Limited.

The liquidator may be reached at:

         Danvil Chan Kin Hang
         Ginza Square, Room 2301, 23/F
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


N.G.A. OPTICAL: Creditors Get 1.024% Recovery on Claims
-------------------------------------------------------
N.G.A. Optical Manufactory Co. Limited, which is in creditors'
voluntary liquidation, will pay the second interim dividend to its
creditors on April 23, 2010.

The company will pay 5% for ordinary claims.

The company's liquidators are:

         Roderick John Sutton
         Desmond Chung Seng Chiong
         14/F, The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


NEW AGE: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on March 17, 2010, to
wind up the operations of New Age International Limited.

The official receiver is E T O'Connel.


OFFICE PLANNING: Members' Final Meeting Set for May 7
-----------------------------------------------------
Members of Office Planning Company Limited will hold their final
general meeting on May 7, 2010, at 10:00 a.m., at the Suites 903-
5, 9/F., Allied Kajima Building, 138 Gloucester Road, Wanchai, in
Hong Kong.

At the meeting, Tang Yau Sing and Pang Fung Ming, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


PERFECT SHARP: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on March 17, 2010, to
wind up the operations of Perfect Sharp Limited.

The official receiver is E T O'Connel.


PINE YEAR: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on March 17, 2010, to
wind up the operations of Pine Year Development Limited.

The official receiver is E T O'Connel.


PINNACLE INVESTMENT: Members' Final Meeting Set for April 27
------------------------------------------------------------
Members of Pinnacle Investment Management Limited will hold their
final general meeting on April 27, 2010, at 10:00 a.m., at the
15th Floor, The Bank of East Asia Building, 10 Des Voeux Road
Central, in Hong Kong.

At the meeting, Cheung Kwok Ming and Yan Chuek Ning, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


PFL PACIFIC: Creditors' Proofs of Debt Due April 26
---------------------------------------------------
Creditors of PFL Pacific Container Lines Limited, 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 commenced wind-up proceedings on March 15, 2010.

The company's liquidators are:

         Victor Tse Wing Sing
         Yeung Man Chi
         Flat B, 16/F
         Kwong On Bank (Mongkok Branch) Building
         728-730 Nathan Road
         Mongkok, H.K.S.A.R.


PFL PACIFIC NETWORK: Creditors' Proofs of Debt Due April 26
-----------------------------------------------------------
Creditors of PFL Pacific Network Forwarding (China) Limited, 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 commenced wind-up proceedings on March 15, 2010.

The company's liquidators are:

         Victor Tse Wing Sing
         Yeung Man Chi
         Flat B, 16/F
         Kwong On Bank (Mongkok Branch) Building
         728-730 Nathan Road
         Mongkok, H.K.S.A.R.


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


AMAR BUILDERS: Weak Liquidity Prompts CRISIL Junk Ratings
---------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to the bank facilities of
Amar Builders.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       C (Assigned)
   INR350 Million Bank Guarantee    P4 (Assigned)

The ratings reflect Amar's weak liquidity, and limited financial
flexibility. The firm's working capital cash credit limit remained
overdrawn from April to June 2009, and then throughout August
2009, reflecting tight liquidity.  The firm availed a short-term
loan of INR200 million in September 2009, which is repayable in
six monthly instalments of INR33.3 million each starting April
2010.  Amar generated low net cash accruals of INR74.2 million in
2008-09 (refers to financial year, April 1 to March 31), and INR66
million in 2007-08.  CRISIL believes that the firm's net cash
accruals are unlikely to increase significantly, and will not be
adequate to service the maturing short-term debt; therefore, the
firm may have to refinance or restructure the debt.

Set up as a partnership firm in 1987, Amar undertakes road
construction work contracts and has four partners - Mr. Chaturbhuj
Rathi, Mr. Mahendra Rathi, Mr. Narendra Rathi, and Mr. Surendra
Rathi.

For 2008-09, Amar reported net sales and a profit after tax (PAT)
of INR1.03 billion and INR52.6 million, respectively, against
INR0.95 billion and INR48.8 million, respectively, for 2007-08.


AIR INDIA: Defers March Salary Payment to April 7
--------------------------------------------------
Air India has deferred payment of March salary to its employees by
a week to April 7, instead of the usual practice of paying it
within the month, ANTARA News reports citing airlines sources.

According to the news agency, this is the second time in the
recent past that the national carrier has had to defer salary
payments.  In June 2009, the report relates, Air India had
postponed salaries by 15 days due to non-availability of funds.

The sources told ANTARA that the cash crunch was caused by the
ongoing recession facing the aviation industry and other committed
payments, including interest on the aircraft delivered.

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

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

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

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

                          About Air India

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


BANK OF BARODA: Sets Final Price Guidance on Bond Sale
------------------------------------------------------
Bank of Baroda has set the final price guidance on its planned
benchmark-sized 5-1/2 year dollar bond sale, Reuters reports
citing a source close to the deal.

Reuters' source said the issuer was seeking a yield of between 230
and 235 basis points over comparable U.S. Treasuries, tighter than
its initial indication of around 235.

Barclays Capital, Citigroup Inc., Deutsche Bank AG, HSBC Holdings
Plc and Standard Chartered Plc were managing the deal, Reuters
notes.

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  Bank of Baroda has branches in the Bahamas,
Belgium, the Fiji Islands, Mauritius, Republic of South Africa,
Seychelles, Singapore, Sultanate of Oman, United Arab Emirates,
the United Kingdom, and the United States of America.

                          *     *     *

As of March 30, 2010, Bank of Baroda continues to carry Moody's
foreign LT Bank Deposits at 'Ba1'.


BHUVAL INDUSTRIES: Low Net Worth Cues CRISIL 'BB' Rating
--------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Bhuval Industries, which is part of the Kumar group.

   Facilities                             Ratings
   ----------                             -------
   INR40.00 Million Cash Credit Limit     BB/Stable (Assigned)
   INR360.00 Million Letter of Credit     P4+ (Assigned)

The ratings reflect the Kumar group's low net worth and the
vulnerability of its margin to fluctuations in steel scrap prices,
intense competition in the ship breaking industry, and unfavorable
changes in government regulations.  These rating weaknesses are
partially offset by the experience of the management in the ship
breaking industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Bhuval Industries and Kumar Steel India
(KSI), together referred to as the Kumar group.  This is because
the two entities have a common management, operational linkages,
and fungible funds.

Outlook: Stable

CRISIL believes that the Bhuval Industries will benefit over the
medium term from the healthy growth prospects in the ship breaking
industry.  The outlook may be revised to 'Positive' if the firm
generates higher-than-expected sales and profits, thereby
improving its debt protection metrics.  Conversely, the outlook
may be revised to 'Negative' in case the firm's margin declines
sharply, most likely because of a drop in steel scrap prices and
failure to recover the cost of purchasing ships.

                          About the Group

Bhuval Industries, a partnership firm engaged in ship breaking,
was set up in April 2004.  KSI, set up as a proprietorship firm in
1994, is engaged in ship breaking and recycling.  The firm had
dismantled around 33 ships till March 2009.


DEVI FISHERIES: CRISIL Places 'P4+' Rating on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4+' to the bank facilities of
Devi Fisheries Limited.

   Facilities                               Ratings
   ----------                               -------
   INR200.00 Million Packing Credit         P4+ (Assigned)
   INR250.00 Million Post Shipment Credit   P4+ (Assigned)
   INR100.00 Million Letter of Credit       P4+ (Assigned)

The rating reflects DFL's below-average financial risk profile,
the geographical concentration in its revenue profile, and its
exposure to inherent risks in the seafood industry.  These risks
include volatility in raw material prices, fluctuations in foreign
exchange rates, and demand-supply imbalances.  The impact of these
rating risks is mitigated by DFL's established presence in the
seafood industry, and its healthy operating capabilities.

Incorporated in 1997 by Mr. Y Surya Rao and his family members,
the Visakhapatnam-based DFL is engaged in the business of
processing and exporting shrimps.  Its plants at Visakhapatnam and
Kakinada have a combined processing capacity of 40 tonnes per day.
The company also has shrimp farming and hatching, and trawler
operations.

For 2008-09 (refers to financial year, April 1 to March 31), DFL
reported a profit after tax of INR9.48 million on net sales of
INR1.14 billion, against INR5.95 million and INR1.01 billion,
respectively, in the preceding year.


GANDHI AUTOMATIONS: Low Net Worth Cues CRISIL 'BB+' Ratings
-----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Gandhi Automations Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR70.0 Million Cash Credit       BB+/Stable (Assigned)
   INR25.5 Million Rupee Term Loan   BB+/Stable (Assigned)
   INR5.0 Million Letter of Credit   P4+ (Assigned)
   INR5.0 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect Gandhi's low net worth and small scale of
operations, and limited financial flexibility because of large
working capital requirements.  These rating weaknesses are
partially offset by the benefits that Gandhi derives from its
established market position in the entrance automation systems
segment, with a wide distribution network and strong customer
base, and moderate financial risk profile marked by above-average
debt protection metrics.

Outlook: Stable

CRISIL believes that Gandhi will sustain its business risk profile
led by its leading market position in entrance automation systems
and its wide distribution network.  The outlook may be revised to
'Positive' if Gandhi increases its scale of operations
significantly, while sustaining its profitability and financial
risk profile.  Conversely, the outlook may be revised to
'Negative' if the company undertakes a large debt-funded capital
expenditure programme, thereby adversely affecting its capital
structure.

                         About Gandhi Automations

Incorporated in 2003 and promoted by Mr. Samir Gandhi and Mr.
Kartik Gandhi, the Mumbai (Maharashtra) based Gandhi is a
distributor of entrance automation systems.  The company has a
wide product range comprising doors, gates, rolling shutters, and
bay loaders.  It is the exclusive all-India distributor for
European manufacturers of entrance automation and warehouse
equipment systems, namely Ditec SpA, Campisa Srl, OMG SpA, Alulux
Beckhoff GmbH, Saima Sicurezza SpA, and Gaposa Srl. Gandhi has
over 15 sales offices across India.

Gandhi reported a profit after tax (PAT) of INR9.2 million on net
sales of INR227.2 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR12.1 million on net
sales of INR187.0 million for 2007-08.


GSR TEXTILES: ICRA Assigns 'LB+' Rating on INR120.3MM Term Loans
----------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR120.3 million term
loans, INR5.0 million corporate loan, INR70.0 million cash credit
facility and the INR5.7 million non-fund based bank facilities of
GSR Textiles Private Limited.  ICRA has also assigned an A4 rating
to the INR 9.0 million fund-based facilities and the INR7.5
million non-fund based facilities of GSRTPL.

The ratings take into account the recent delays by GSRTPL in
meeting its interest and principal repayments, the relatively
small scale of operations of the company, its weak financial
profile, and the surplus capacities in a fragmented industry which
restrict GSRTPL's pricing flexibility.  The rating considers
favorably the experience of the promoters in cotton trading
business, proximity of the company to cotton growing areas, and
the advantages of power and interest subsidy received by the
company.  The financial profile of the company is characterized by
high gearing of 2.12 times as on March 31, 2009, high working
capital intensity due to high inventory of raw material
maintained, and weak debt coverage indicators with OPBDITA/
Interest & Financial Charges at 1.79 times and PBIT/ Interest at
1.45 times in FY 2009 .

                           About GSR Textiles

Incorporated in December 2005, GSR Textiles Private Limited is
engaged in the production of cotton and polyester yarns. GSRTPL
has spinning facilities located in Nadimpalem village of Guntur
District with an aggregate installed capacity of 13,200 spindles.
The company's installed machinery can produce cotton yarn in
counts ranging from 30s to 100s.  The company commenced commercial
production with 7200 spindles in December 2006 after its
manufacturing facilities at Guntur became operational; and at full
capacity of 12,000 spindles during FY 2008.  The project was set
up with support from Technology Upgradation Fund Scheme (TUFS)
under the Government of India.

Recent Results

For the six month period ending September 2009, GSRTPL reported
Profit before tax of INR 4.9 million on net sales of INR 75.0
million.


JET AIRWAYS: To Dry Lease 3 Boeing 777-300 ER to Thai Airways
-------------------------------------------------------------
Jet Airways (India) Ltd said that as part of its strategic fleet
and capacity rationalization initiative, the airline signed a new
lease agreement, for three of its B777-300 ER aircraft with Thai
Airways.  The three new wide-bodied 777-300 ER aircraft will be
dry leased to the Thai National carrier for a period of three
years with immediate effect.  The lease agreement with Thai
Airways is in addition to the four other 777-300 ER aircraft
currently on dry lease with Turkish Airlines.

Mr. Nikos Kardassis, CEO, Jet Airways, said "Jet Airways has
worked with a focused approach over the last two years to more
closely align the airline's deployed capacity with current demand,
streamlining costs in the process.  The leasing of three of our
wide-body B777-300ER aircraft is among the last steps to fully
achieving this objective. With the improvement in the global
economic environment leading to a rise in air traffic, Jet Airways
is now optimally positioned to return to profitability and sustain
stronger growth, both in India and overseas with the introduction
of new routes."

Jet Airways recently registered impressive growth, over five
consecutive months (October '09 - February '10), consolidating its
leadership position in the Indian aviation industry. The average
international seat factor during this period exceeded 80%, while
the average domestic seat factor was an impressive 74% -
reflecting continued high demand for the airline's award-winning
world-class product and service.

JetLite, Jet Airways' all-economy subsidiary too has been showing
significant signs of a turnaround registering an average of over
18% growth in passenger traffic on a seat factor in excess of 78%
for the past four months.

Effective April 14, 2010, the airline will launch its planned
daily non-stop flight from Mumbai to Johannesburg in South Africa,
and a daily flight on the Thiruvananthapuram-Dammam sector,
effective March 28, 2010.  Domestically, Jet Airways' Konnect
service will introduce daily services on the New Delhi-Dehradun
and the Kochi-Bengaluru-Ahmedabad sectors, as also five-days-a-
week service on the Hyderabad-Chennai-Port Blair sectors,
effective March 28, 2010.

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- provides air transportation.  The geographic segments of the
company are domestic and international.  The company has a
frequent flyer program named Jet Privilege wherein the passengers
who uses the services of the airline become services of the
airline become members of Jet Privilege and accumulates miles to
their credit.  The company's subsidiaries include Jet Lite (India)
Limited, Jetair Private Limited, Jet Airways LLC, Trans
Continental e Services Private Limited, Jet Enterprises Private
Limited, Jet Airways of India Inc., India Jetairways Pty Limited
and Jet Airways Europe Services N.V.  On April 20, 2007, the
company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


LAKSHYA FOOD: CRISIL Assigns 'B-' Rating on INR220 Mil. Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Negative' rating to the bank
facilities of Lakshya Food (India) Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR20.0 Million Cash Credit     B-/Negative (Assigned)
   INR220.0 Million Term Loan      B-/Negative (Assigned)

The rating reflects Lakshya's limited track record, weak financial
risk profile marked by small net worth, high gearing, and weak
debt protection metrics.  The rating also factors in the company's
exposure to government regulations, and risk of cattle-related
epidemics.  These weaknesses are partially offset by the benefits
that Lakshya derives from its promoters' experience in the
agriculture industry, and by its moderate operating efficiency
driven by integrated operations.

Outlook: Negative

CRISIL believes that Lakshya's liquidity position is expected to
remain under pressure due to large interest payment and term loan
installments.  The company's cash accruals are expected to remain
low because of the start-up phase of its operations vis--vis its
large debt obligations and the expected increase in working
capital requirements.  The rating may be downgraded in case of a
steep deterioration in liquidity. Conversely, the outlook may be
revised to 'Stable' in case of a significant increase in the
company's scale of operations and profitability, leading to
higher-than-expected cash accruals and improvement in liquidity
profile.

                        About Lakshya Food

Incorporated in 2007 as a private limited company, Lakshya was
reconstituted as a public limited company in 2008.  The company
has been promoted by Mr. Baljit Singh Redhu and his nephews
Mr. Amardeep Singh Redhu and Mr. Pardeep Singh Redhu.  The company
has a dairy farm (capacity to produce 15,000 litres of raw milk
per day), and a milk-processing unit (capacity to process 150,000
litres per day), in Jind (Haryana).  It sells dairy products, such
as pasteurised milk, ghee, butter, curd, cheese, and ice-cream,
under the Lakshya brand.  The promoters also operate Redhu
Hatcheries Pvt Ltd and Redhu Farms Pvt Ltd, engaged in poultry
hatching and farming businesses respectively.

Lakshya reported a profit after tax (PAT) of INR0.5 million on net
sales of INR76.8 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.3 million on net sales
of INR123.5 million for 2007-08.


MAX INFRATECH: ICRA Assigns 'LB+' Rating on INR1.5 Bil. Debts
-------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the long term sanctioned bank
facilities of Max Infratech (India) Private Limited.

   Facilities           Amount                Ratings
   ----------           ------                -------
   Fund Based           INR 0.29 Billion        LB+
   Non-Fund Based       INR 1.50 Billion        LB+

The assigned rating takes into account delays by the company in
the recent past in servicing term loan obligations, current
stretched working capital position of MIIPL on account of delays
in receiving payments from clients, high concentration of revenue
from the irrigation sector with Irrigation Department of Andhra
Pradesh Government acting as major client.  The rating however,
draws comfort from the experience of the promoters in executing
irrigation projects, positive outlook for the irrigation sector,
and healthy order book position of the company.  ICRA notes that
the amalgamation of the company with Uan Max Infra Limited the
total operating income of the consolidated entity is INR 4.32
billion and Net Worth of INR 649.2 million as on March 31, 2009)
provides revenue visibility and ability to bid and execute
projects of higher value.

                        About Max Infratech

Max Infratech (India) Private Limited was established as a
partnership firm in 1975 with the objective of executing civil
engineering works. The erstwhile partnership firm was converted
into a private limited company in September 2007 with the growth
in the business of the firm.  Since its formation MIIPL has
executed projects in areas such as earth dams, masonry dams,
barrages, major canal works and open-cast mine works.  The company
is amalgamated with UMIL with retrospective effect from April 1,
2008.


METALOGIC SYSTEMS: CRISIL Puts 'BB+' Rating on INR85MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Metalogic Systems Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR35 Million Cash Credit              BB+/Stable (Assigned)
   INR85 Million Term Loan*               BB+/Stable (Assigned)
   INR45 Million Export Packing Credit    P4+ (Assigned)
   INR10 Million Letter of Credit/Bank    P4+ (Assigned)
                            Guarantee

   * Includes proposed amount of INR30 million

The ratings reflect MSPL's small scale of operations and exposure
to revenue concentration risks.  These rating weaknesses are
partially offset by the benefits that MSPL derives from its
established market position in the legacy application
transformation and software automation business domain, and its
healthy financial risk profile.

Outlook: Stable

CRISIL believes that MSPL will continue to benefit from its
established position in the niche legacy application
transformation domain and its established alliances with large
information technology (IT) system integration companies. The
outlook may be revised to 'Positive' if there is significant and
sustained improvement in MSPL's profitability and revenues, or
improvement in its receivables collection.  Conversely, the
outlook may be revised to 'Negative' if MSPL contracts larger-
than-expected debt to fund its capital expenditure, or if it
reports lower-than-expected increase in operating income and
profits, or in case of further deterioration in its receivables
level.

                      About Metalogic Systems

Incorporated in July 1997, the Kolkata-based MSPL has been
providing software services over the past 12 years.  The company's
promoters, Mr. Arup Dasgupta and Mr. Ansuman Bhattacharya, have
over two decades of experience in similar lines of business.  MSPL
has an established market position in the niche legacy application
modernisation, software application migration, and software
automation domain.  MSPL is an ISO 9001:2000 certified company. It
also has ISO 27001:2005 (BS 7799) certification for information
security management systems.

MSPL reported a profit after tax (PAT) of INR4.70 million on net
sales of INR74.60 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR17.80 million on net
sales of INR72.10 million for 2007-08.


NANCY KRAFTS: Low Profitability Cues CRISIL 'BB' Ratings
--------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Nancy Krafts, part of the Nancy Krafts group.

   Facilities                               Ratings
   ----------                               -------
   INR8.5 Million Term Loan                 BB/Stable (Assigned)
   INR17.5 Million Packing Credit *         P4+ (Assigned)
   INR17.5 Million Post Shipment Credit *   P4+ (Assigned)
   INR5.0 Million Standby Line of Credit    P4+ (Assigned)

   INR10.5 Million Proposed Short Term      P4+ (Assigned)
                   Bank Loan Facility

   INR11.0 Million Letter of Credit/Bank    P4+ (Assigned)
                   Guarantee

   * Fully interchangeability between Packing Credit and
      Post Shipment Credit.

The ratings reflect the Nancy Krafts group's large working capital
requirements and weak financial risk profile, marked by weak debt
protection measures.  These rating weaknesses are partially offset
by the benefits that the group derives from its promoters'
experience in the readymade garments business and established
relationships with customers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Nancy Krafts, Nancy Krafts Pvt Ltd
(NKPL), and Kitty Overseas.  This is because the three entities,
collectively referred to as the Nancy Krafts group, are in same
line of business, and have a common customer base and common
promoters and management.

Outlook: Stable

CRISIL believes that the Nancy Krafts group will continue to
benefit from its established relationships with customers.
However, the group's financial risk profile is expected to remain
weak due to low profitability margins and large working capital
requirements, leading to weak debt protection measures. The
outlook may be revised to 'Positive' if the group's topline or
profitability margin improves, leading to improved debt protection
measures and if its working capital management improves.
Conversely, the outlook may be revised to 'Negative' in case of a
larger-than-expected deterioration in the group's capital
structure due to large working capital requirements or debt-funded
capital expenditure, or decline in profitability margin, exerting
pressure on the group's already weak debt protection measures.

                          About the Group

Nancy Krafts, set up in 1980 as partnership firm, manufactures
readymade garments, specializing in women's and children's
clothes. Its plant in New Delhi has capacity of around 4000 pieces
of garments a day.  NKPL, set up in 1981 as a partnership firm,
was reconstituted as a private limited company. It manufactures
readymade garments for women and children.  Its plant in New Delhi
has capacity to manufacture around 10,000 pieces a day.  Kitty
Overseas, a partnership firm set up in 1993, manufactures
readymade garments, specializing in women's and children's
clothes.  Its plant, located in New Delhi, has capacity to
manufacture around 4000 pieces of garments a day.  All the three
entities cater to the exports market and supply their products to
retailers and wholesalers based in South America, Mexico, the US,
and Europe.

The Nancy Krafts reported a book profit of INR1.3 million on net
sales of INR145.1 million for 2008-09 (refers to financial year,
April 1 to March 31) against a book profit of INR0.8 million on
net sales of INR7.8 million for 2007-08.


NEOTERIC INFOMATIQUE: CRISIL Lifts Rating on INR455M Debt to 'BB+'
------------------------------------------------------------------
CRISIL has upgraded its long-term rating on Neoteric Infomatique
Ltd's bank facilities to 'BB+/Positive' from 'BB/Stable'; the
short-term rating has been reaffirmed at 'P4+'.

   Facilities                         Ratings
   ----------                         -------
   INR455 Million Cash Credit*        BB+/Positive (Upgraded from
                                                   'BB/Stable')

   INR20 Million Bills Discounting    P4+ (Reaffirmed)

   INR580 Million Letter of Credit#   P4+ (Reaffirmed)

   * Fully interchangeable with letter of credit, bank guarantee,
     and buyer's credit to the extent of INR75 million; with
     working capital demand loan to the extent of INR60 million;
     with bill discounting and working capital demand loan to the
     extent of INR50 million; and with foreign currency loan to
     the extent of INR270 million.

   # Interchangeable with buyer's credit and bank guarantee

The upgrade reflects the improvement in Neoteric's financial risk
profile, with higher-than-expected revenue growth and
profitability in 2009-10 (refers to financial year, July 1 to
June 30).  The upgrade also reflects CRISIL's belief that Neoteric
will sustain the improvement in its credit risk profile over the
medium term, supported by its established market position and the
healthy medium-term prospects for the information technology (IT)
products distribution business.  However, the ratings continue to
reflect Neoteric's moderately working-capital-intensive
operations, resulting in high short-term debt levels and modest
debt protection metrics, and the company's exposure to risks
inherent in the IT products distribution business.

Outlook: Positive

CRISIL believes that Neoteric will sustain the improvement in its
overall credit risk profile over the medium term, driven by the
steady growth prospects for the IT products distribution business.
A better-than-expected business performance by Neoteric, also
leading to better cash generation and an improvement in key debt
protection metrics, or equity infusions to improve the capital
structure, could result in the rating being revised further
upwards.  Conversely, the outlook may be revised to 'Stable' in
case of a significant decline in Neoteric's profitability, or
higher-than-expected debt levels because of increase in working
capital requirements.

                    About Neoteric Infomatique

Neoteric began operations in 1991 as a re-seller of IT products.
The company commenced distribution operations at a national level
in 1997, and currently has an established presence in the domestic
IT hardware distribution space with an authorized distributorship
of 28 brands.  As of February 28, 2010, Neoteric had 38 branches,
8 representative offices, and 4 logistic centres, catering to over
6000 channel partners in more than 350 cities.  The company also
provides after-sales service for most of its products.  Neoteric
has a representative office in Shenzhen, China, which is used for
sourcing components.

For the 15 months ended June 30, 2009, Neoteric reported a net
profit of INR25.6 million on net sales of INR10 billion, as
against a net profit of INR43.6 million on net sales of
INR6 billion for the 12 months ended March 31, 2008.  For the six
months ended December 31, 2009, the company reported a net profit
of INR43.6 million on net sales of INR4.8 billion.


ORBIT EXPORTS: ICRA Assigns 'LBB+' Rating on INR335MM LT Loans
--------------------------------------------------------------
ICRA has assigned the LBB+ rating to INR335.0 million long term
fund based bank lines of Orbit Exports Limited.  ICRA has also
assigned the A4+ rating to INR110.0 million fund based short term
bank lines of the company.  Outlook on long term is stable.

The ratings take into account track record of the current
management in turnaround of operational and financial position of
the company.  The ratings also factor in favorably, established
customer relationship and diversified clientele of the company.
The ratings are however constrained by moderate financial
indicators coupled with small scale of operations limiting
economies of scale.  The company operates in a highly fragmented
and competitive market resulting in absence of pricing power,
which can result pressure on profitability due to volatility in
raw material costs and demand.  Though the capital structure of
the company remained moderate at end of December 2009, increase in
debt to finance planned capital expenditure will result in
increased gearing and downward pressure on coverage indicators of
the company.  ICRA notes that the company has planned significant
capital expenditure to augment its production capacity, though the
benefits from these investments would critically depend on
prevailing demand conditions.

                        About Orbit Exports

Incorporated in 1984 as a private limited company, OEL was
converted into a public limited company by offering its equity
shares to the public via IPO in 1994.  The company is a government
recognized star export house engaged in the business of
manufacture and sale of woven fabric, velvet cloth and fancy
textiles (made ups).  With manufacturing set up at Jalgaon,
Erandol and Dombivali, the company has 42 looms and an annual
production capacity in the range of 624,000 meters ? 744,000
thousand meters.  The company is in the process of setting up of
new textile unit at Surat to augments its existing capacity.

For nine months ended December 31, 2009, the company recorded a
PAT of INR 26.5 million on operating income of INR 464.9 million
(based on unaudited numbers).


OTTOMAN STEEL: CRISIL Assigns 'B' Rating on INR60 Million LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Ottoman Steel
Tubes Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR90.0 Million Cash Credit        B/Stable (Assigned)
   INR60.0 Million Long Term Loan     B/Stable (Assigned)
   INR50.0 Million Letter of Credit   P4 (Assigned)
   INR30.0 Million Bank Guarantee     P4 (Assigned)

The ratings reflect Ottoman's small net worth, average gearing,
weak debt protection measures, large working capital requirements,
small scale of operations, and exposure to intense competition in
the steel tubes industry.  These rating weaknesses are partially
offset by the benefits that Ottoman derives from its promoters'
experience in the steel tubes industry.

Outlook: Stable

CRISIL believes that Ottoman will continue to benefit from its
promoters' industry experience; however, its financial risk
profile will remain weak over the medium term, given its large
working capital requirements.  The outlook may be revised to
'Positive' if there is fresh large equity infusion into the
company, or if the company reports more-than-expected increase in
cash accruals, leading to improvement in its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' in
case of sustained pressure on the company's profitability, leading
to deterioration in its debt protection measures.

                        About Ottoman Steel

Ottoman was set up by Mr. Hardeep Mahajan in 2006.  The company
manufactures electric resistance welded (ERW) tubes, cold-drawn
welded (CDW) tubes, and stainless steel (SS) tubes, for use in the
automotive industry.  The company is an approved vendor for Hero
Honda Motors Ltd (rated 'AAA/FAAA/Stable/P1+' by CRISIL) and
Yamaha Motor Company Ltd. Ottoman also manufactures products for
Tata Steel Ltd on job work basis.  Ottoman's facility has capacity
to manufacture around 42,000 tonnes per annum (tpa) of ERW tubes,
and 6000 tpa of CDW and SS tubes.  The company is managed by Mr.
Hardeep Mahajan and his sons Mr. Vishesh Mahajan and Mr. Vipul
Mahajan.

Ottoman reported a profit after tax (PAT) of INR13.4 million on
net sales of INR389 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR8.1 million on net sales
of INR202 million for 2007-08.


PURPLE CREATIONS: ICRA Assigns 'LBB' Rating on INR113.6MM LT Loan
-----------------------------------------------------------------
ICRA has assigned "LBB" rating to the INR 113.60 million long term
fund based limits of Purple Creations Private Limited.  The
outlook assigned to the long term rating is "Stable".

The rating reflects PCPL's small scale of operations and presence
in a highly competitive industry characterized by a large number
of unorganized as well as large established players.  The rating
also takes into account PCPL's leveraged capital structure which
is not expected to improve in the near future given the
significant capital expenditure planned.  Moreover, the rating
also factors in the high working capital intensity in the business
arising from the need to maintain high inventory levels. The
rating favorably factors in the experience of the promoters, a
good client base and benefits derived from the integrated nature
of operations with presence in garment manufacturing, distribution
and retailing.

Purple Creations Private Limited, a private firm, established in
the year 1995, is a business group involved in the manufacturing
and sale of knitted readymade garments to distributors and
wholesalers.  It primarily manufactures garments for children of
age 6 months to 12 years, under two brand names, Giraffe and
Purple Kid.  The office and factory are located in Vikhroli,
Mumbai.

PCPL recorded a net profit of INR 3.8 million on an operating
income of INR 116 million for the year ending March 31, 2009.


RADHA INFRA: CRISIL Rates INR150 Million Cash Credit at 'C'
-----------------------------------------------------------
CRISIL has assigned its 'C' rating to the cash credit facility of
Radha Infra Projects (India) Pvt Ltd, which is part of the Radha
group.

   Facilities                       Ratings
   ----------                       -------
   INR150 Million Cash Credit       C (Assigned)

The rating reflects the past instances of delay by Radha group in
servicing its debt due to stretched liquidity; and the group's
exposure to risks related to geographical concentration in revenue
profile, and cyclicality in Indian real estate industry.  These
rating weaknesses are partially offset by the benefits that the
Radha group derives from its promoters experience in real estate
development.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of RIPPL, and Radha Realty Corporation
(India) Pvt Ltd (RRCPL).  This is because the two companies,
together referred to as the Radha group, have high operational
linkages. Moreover, RRCPL has provided corporate guarantee for the
facilities of RIPPL.

                          About the Group

Radha Realty Corporation (India) Pvt. Ltd. was incorporated in the
year 1997 by Mr. N. Ravindranath Reddy and his brother Mr. N.
Govardhana Reddy.  The company is into real estate development
with its focus on the city of Hyderabad.  Radha Infra Projects
(India) Private Limited was floated later in the year 2006 and is
primarily engaged in subcontracting activities for RRCPL.

The Radha group reported a profit after tax (PAT) of INR82.0
million on net sales of INR2,233.0 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR328
million on net sales of INR1,826 million for 2007-08.


RADHA REALTY: CRISIL Rates INR250 Million Cash Credit at 'C'
------------------------------------------------------------
CRISIL has assigned its 'C' rating to the cash credit facility of
Radha Realty Corporation (India) Pvt Ltd, which is part of the
Radha group.

   Facilities                       Ratings
   ----------                       -------
   INR250 Million Cash Credit       C (Assigned)

The rating reflects the past instances of delay by Radha group in
servicing its debt due to stretched liquidity; and the group's
exposure to risks related to geographical concentration in revenue
profile, and cyclicality in Indian real estate industry.  These
rating weaknesses are partially offset by the benefits that the
Radha group derives from its promoters experience in real estate
development.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of RRCPL and Radha Infra Projects (India)
Pvt Ltd.  This is because the two companies, together referred to
as the Radha group, have high operational linkages. Moreover,
RRCPL has provided corporate guarantee for the facilities of
RIPPL.

                          About the Group

Radha Realty Corporation (India) Pvt. Ltd. was incorporated in the
year 1997 by Mr. N. Ravindranath Reddy and his brother Mr. N.
Govardhana Reddy.  The company is into real estate development
with its focus on the city of Hyderabad.  Radha Infra Projects
(India) Private Limited was floated later in the year 2006 and is
primarily engaged in subcontracting activities for RRCPL.

The Radha group reported a profit after tax (PAT) of INR82.0
million on net sales of INR2,233.0 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR328
million on net sales of INR1,826 million for 2007-08.


SHIV SHAKTI: ICRA Assigns 'LBB' Rating on INR20 Mil. Bank Debts
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR20 million fund based
limits and A4 rating to INR 120 million non-fund based limits of
Shiv Shakti International Private Limited.

The ratings takes into account modest scale of operations, which
results in limited economies of scale in its core business of
timber trading and the relatively low value additive and highly
competitive nature of the business which has resulted in below
average margins in this business and this is unlikely to change
significantly in the medium term.  Further, the entire timber
requirement is met through imports (in USD) and the import
payables are not completely hedged by the company exposing the
company to exchange rate fluctuations.  However, the ratings draw
comfort from the long experience of promoters and low gearing of
the company, given the low capital intensity in the business.  The
company has been able to maintain low working capital intensity
(Net Working Capital/Operating Income in the range of 3% to 11%)
as it gets long credit period for its imports.

Shiv Shakti International Private Limited is a privately owned
company that was incorporated in year 1999.  The company is 100%
held by Mr. Satish goel and his two brothers.  The company
imports hardwood logs from various countries like Malaysia, Ghana
and New Zealand.  The variety of timber imported comprises mainly
Meranti, Sal, Arau, and Kapur which are mainly used in furniture
making and light construction work.  All the sawn timber produced
at its Gandhidham (Gujarat) factory is sold locally in India with
from its offices in Mundka, Delhi (which is relatively sizeable
timber market in northern India) and Gandhidham, Gujarat. The
company sells majorly to the timber traders in Delhi,
Rajasthan, Punjab, Haryana and Gujarat and some portion to few
builders in Delhi.  In FY2009 the Company achieved a turnover of
INR 345.8 million and a PAT of INR 1.2 million.


SRI LAKSHMI: CRISIL Assigns 'B' Rating on INR200 Million Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B/Negative' ratings to the bank
facilities of Sri Lakshmi Godavari Spinning Mills Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       B/Negative (Assigned)
   INR200 Million Term Loan         B/Negative (Assigned)

The ratings reflect Sri Lakshmi's weak financial risk profile,
marked by high gearing and large working capital requirements; the
financial risk profile is expected to weaken further because of
the company's planned debt-funded capital expenditure (capex), and
exposure to risks related to volatility in raw material prices.
These rating weaknesses are partially offset by the benefits that
Sri Lakshmi derives from its moderate operating efficiency.

Outlook: Negative

CRISIL believes that Sri Lakshmi's financial risk profile will
remain constrained over the medium term by weak liquidity and a
highly leveraged capital structure.  The ratings may be downgraded
if Sri Lakshmi's liquidity deteriorates further on account of
more-than-expected pressure on its profit margin, or if the
company undertakes a large, debt-funded capex programme, further
affecting its capital structure.  Conversely, the outlook may be
revised to 'Stable' if the company scales up its operations and
increases its revenues and profitability, resulting in
considerable improvement in its financial risk profile.

                          About Sri Lakshmi

Incorporated in 2005, Sri Lakshmi manufactures cotton yarn.  The
company is promoted by Mr. V Siva Nageswara Rao and his family and
friends. Sri Lakshmi commenced commercial production in August
2007. Sri Lakshmi's facility in Guntur (Andhra Pradesh) is
equipped with 18,000 spindles; capacity utilization at its
production unit was at around 90 per cent in 2008-09 (refers to
financial year, April 1 to March 31).  The company manufactures
combed and carded cotton yarn (with counts ranging from 37s to
67s), which contribute equally to the company's total sales.

Sri Lakshmi is expanding its spinning capacity by 18,720 spindles.
The expansion is expected to be undertaken in 2010-11, at a cost
of around INR390 million, to be funded by term loans of INR290
million, equity infusion of INR30 million, internal accruals of
INR30 million, and interest-free, unsecured loans (considered as
neither debt nor equity) of INR40 million from its promoters.

Sri Lakshmi reported a profit after tax of INR3 million on net
sales of INR206 million for 2008-09, against a net loss of
INR0.2 million on net sales of INR55 million for 2007-08


SVR LABORATORIES: CRISIL Places 'BB' Rating on INR32.5MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of SVR Laboratories Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR40 Million Cash Credit              BB/Stable (Assigned)
   INR32.5 Million Term Loan              BB/Stable (Assigned)
   INR25.6 Million Letter of Credit*      P4+ (Assigned)
   INR1.5 Million Bank Guarantee          P4+ (Assigned)

   *Includes proposed amount of INR12.6 millions

The ratings reflect SVR's small scale of operations and net worth,
and working-capital-intensive operations.  These rating weaknesses
are partially offset by the benefits that SVR derives from its
promoters' experience in the pharmaceuticals industry.

Outlook: Stable

CRISIL believes that SVR's revenues will grow moderately over the
medium term, backed by its promoters' industry experience and
strong relationships with customers.  The outlook may be revised
to 'Positive' if SVR enhances the diversification in its revenue
profile while maintaining its operating margin.  Conversely, the
outlook may be revised to 'Negative' if SVR's financial risk
profile deteriorates, most likely because of large debt-funded
capital expenditure.

                      About SVR Laboratories

Set up in 2003 by Mr. V Ramesh and his wife, Mrs. Vijaylakshmi
Ramesh, SVR commenced operations only in 2008.  The company
manufactures pantoprazole, an anti-ulcer drug, at its plant in
Nalgonda (Andhra Pradesh).  The company's plants will be taken
over by Mr. P Nageswara Rao and Mr. V V Ravi Kumar, with effect
from April 1, 2010. The company has four directors: Mr. P
Nageswara Rao, Mr. V V Ravi Kumar, Mr. Murali Krishna, and Mr.
Srinivasa Rao.

SVR reported a profit after tax (PAT) of INR3.1 million on net
sales of INR70.9 million for 2008-09 (refers to financial year,
April 1 to March 31).


SWASTIK REFINERY: Small Net Worth Cues CRISIL 'B+' Rating
---------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Swastik Refinery Pvt Ltd, which is part of the
Swastik Refinery group.

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Cash Credit        B+/Stable (Assigned)
   INR22 Million Term Loan          B+/Stable (Assigned)
   INR150 Million Letter of Credit  P4 (Assigned)
   INR8 Million Bank Guarantee      P4 (Assigned)

The ratings reflect the Swastik Refinery group's below-average
financial risk profile, marked by small net worth and weak debt
protection metrics, and exposure to risks related to the commodity
nature of, and intense competition in, the vanaspati industry, and
to unfavourable regulatory changes.  These rating weaknesses are
partially offset by the group's moderate operating efficiency.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Swastik Refinery, and Sree Vegetables
Oil Pvt Ltd (Sree Vegetables).  This is because Swastik Refinery
and Sree Vegetables, collectively referred to, herein, as the
Swastik Refinery group, are in the same line of business, under a
common management team, and have fungible cash flows between them.

Outlook: Stable

CRISIL believes that the Swastik Refinery group will benefit from
its recently expanded facilities.  The outlook may be revised to
'Positive' in case the group achieves more-than-expected
profitable growth.  Conversely, the outlook may be revised to
'Negative' if the group's operating margin deteriorates steeply,
or its gearing increases to higher-than-expected levels, leading
to deterioration in its financial risk profile.

                          About the Group

Incorporated in April 1997, Swastik Refinery commenced operations
in 1999. The company manufactures edible oil.  It has its refinery
at Jalan Industrial Complex, Howrah (West Bengal), with capacity
of 15,000 tonnes per annum (tpa) for hydrogenated vanaspati and
5000 tpa for refined oil.  It is currently increasing its capacity
to 80,000 tpa, from the current 20,000 tpa.  Swastik Refinery
markets vanaspati under the brands Vanaspati 2000 and Happy Heart.

Set up in 2003, Sree Vegetables has capacity to manufacture 15,000
tpa of vansapati oil, and operates at about 50 per cent capacity.

The Swastik Refinery group reported a profit after tax (PAT) of
INR3.7 million on net sales of INR1450 million for 2008-09 (refers
to financial year, April 1 to March 31), against a PAT of INR6.3
million on net sales of INR1313 million for 2007-08.


TATA STEEL: Plans $500 Million GDR Issue
----------------------------------------
Tata Steel Ltd. plans to raise $500 million through issuing global
depository receipt within the next two quarters to capitalize its
balance sheet, the Business Standard reports citing bankers
familiar with the development.

The report says the company had raised $500 million about eight
months ago, which was used to expand its Jamshedpur unit.

"The next round of fund raising is in discussion stage now," the
Standard quoted a banker familiar with the development as saying.

Tata Steel had gross debt of $12.9 billion in the quarter ended
December 31, 2009.  It accumulated most of this with the
acquisition of Anglo-Dutch steel maker Corus, for $12.1 billion in
2007.

                         About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2.  Moody's said the rating
outlook is stable.


UDYOG MANDIR: CRISIL Rates INR65 Mil. Cash Credit Limit at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Udyog Mandir's cash
credit facility.

   Facilities                            Ratings
   ----------                            -------
   INR65.0 Million Cash Credit Limit     B/Stable (Assigned)

The rating reflects UM's weak financial risk profile, marked by
high gearing, small net worth, and weak debt protection measures,
and exposure to risks related to intense competition in the edible
oil industry.  These rating weaknesses are partially offset by
UM's long track record in the edible oil industry.

Outlook: Stable

CRISIL believes that UM will benefit from its established customer
base over the medium term.  UM's financial risk profile is
expected to remain constrained due to high gearing and weak debt
protection measures.  The outlook may be revised to 'Positive' if
UM's profitability improves, along with increase in the scale of
its operations, and if its capital structure improves, most likely
through equity infusion.  Conversely, the outlook may be revised
to 'Negative' if UM's financial risk profile deteriorates
significantly because of large borrowings for funding capital
expenditure and large working capital requirements.

                         About Udyog Mandir

Set up in 1987, UM extracts and refines cotton oil, groundnut oil,
and mustard oil.  The firm has extraction capacity of around 30
tonnes per day (tpd) and refinery capacity of around 50 tpd at its
facilities in Bikaner (Rajasthan).

In 2002-03 (refers to financial year, April 1 to March 31),
following a family partition, Mr. Vijay Kumar Naulakha and Mr.
Basant Kumar Naulakha took over the firm from the other partners.

UM reported book profit of INR0.7 million on net sales of INR706.3
million for 2008-09, against a book profit of INR0.8 million on
net sales of INR742.5 million for 2007-08.


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-
utilisation of capacity, or if the company contracts larger-than-
expected debt to fund its capital expenditure.

                       About Vedagiri Hi-Tech

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.


VISHAL CONTAINERS: CRISIL Puts 'BB' Rating on INR32.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Vishal
Containers Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR54.0 Million Cash Credit Facility   BB/Stable(Assigned)
   INR32.5 Million Term Loan              BB/Stable (Assigned)
   INR20.0 Million Letter of Credit       P4+ (Assigned)

The ratings reflect VCL's average financial risk profile, marked
by moderate gearing and debt protection measures, and small scale
of operations in the intensely competitive packaging industry.
These rating weaknesses are partially offset by VCL's improving
product-mix and the benefits that it derives from its healthy
relationships with customers.

Outlook: Stable

CRISIL expects VCL to continue to benefit from healthy
relationships with customers and an improving product-mix over the
medium term.  The outlook may be revised to 'Positive' if VCL
reports high growth in revenues while improving its operating
margin, and also improving its capital structure.  Conversely, the
outlook may be revised to 'Negative' in case the company's
operating margin is adversely affected, most likely because of
pricing pressures in the competitive packaging industry, or if the
company undertakes any large, debt-funded capital expenditure
programme, thereby deteriorating its debt protection metrics.

                      About Vishal Containers

VCL, incorporated in 2004 as Vishal Containers Pvt Ltd, was
converted into a closely held public limited company in 2007.  It
was formed to take over the businesses of family-run entities,
Wellpack Paper and Containers Ltd (only packaging division) and
Vishal Packaging, after the promoter-family members got separated
in 2004. VCL has capacity to manufacture corrugated boxes and
flexible packaging laminates of 4200 tonnes per annum (tpa) and
1080 tpa, respectively, at its plant in Gandhinagar (Gujarat).
The company caters to the packaging demand of industries such as
ceramics, food, and pharmaceutical.

VCL reported a profit after tax (PAT) of INR5.6 million on net
sales of INR220 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3.7 million on net sales
of INR131 million for 2007-08.


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


AIFUL CORP: Moody's Changes Counterparty Credit Rating to 'CCC'
---------------------------------------------------------------
Standard & Poor's Ratings Services revised to 'CCC' from 'CCC-'
its long-term counterparty rating on Aiful Corp., following its
review of Aiful's restructuring plan and its new repayment terms
after the company rescheduled debt repayments worth JPY280 billion
under the alternative dispute resolution (ADR) process.  S&P also
removed the ratings from CreditWatch with positive implications.
The outlook is stable.  At the same time, S&P affirmed its 'C'
short-term counterparty rating on the company and its 'CCC-'
rating on Aiful's senior unsecured bonds.  S&P subsequently
withdrew its senior unsecured bond rating on Aiful due to
information challenges associated with tracking market repurchases
in a timely manner.

The upward revision of Aiful's long-term counterparty rating to
'CCC' reflects Standard & Poor's view that the revision of the
company's bank borrowing repayment reschedule mitigates its near-
term repayment burden, which may enable Aiful to increase the
number of new loans it extends to higher quality customers.
Moreover, the debt restructuring, along with increased reserves
for claims over repayment of overcharged interest, will likely
improve Aiful's future profit prospects.  Notwithstanding this,
Aiful's business prospects will remain difficult, despite the
launch of the restructuring plan.  Given the fact that the ADR
process did not involve any debt reduction, the company will
continue to carry a substantial amount of debt over the next few
years, amid the current difficult operating environment.
Furthermore, weak operating cash flow prospects over the medium
term, as well as limited new financing, will continue to constrain
the company's financial flexibility.

The outlook is stable.  It reflects S&P's view that Aiful's credit
standing over the next one year will be stable, given the easing
of the payment schedule, the level of liquidity at hand, and the
downsizing of assets.

The 'CCC-' senior unsecured bond rating on Aiful, which was lower
than its long-term counterparty rating by one notch following
Aiful's upgrade to 'CCC', reflected the possibility of repurchases
under par during the restructuring process.  Standard & Poor's
sees a likelihood of Aiful undertaking bond repurchases given its
economic incentive to do so.  According to S&P's rating criteria,
such repurchases may be regarded as distressed debt restructuring,
and may require a downward revision to 'D' from 'CCC-' of the
senior unsecured bond rating.  Having previously lowered Aiful's
long term counterparty rating to 'SD' at the time of the debt
restructuring, Standard & Poor's would not downgrade Aiful to 'SD'
again if it were to repurchase bonds at a discount if S&P
considered the repurchase to be part of debt restructuring under
the ADR package.  The bond rating also reflected structural
subordination of unsecured debt due to the high composition of
secured debt.  Standard & Poor's withdrew its senior unsecured
bond rating on Aiful's senior unsecured bonds due to the
difficulty of tracking market repurchases of bonds at a discount
in a timely manner.


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


HYNIX SEMICONDUCTOR: Aims to Cut Debt by KRW1 Trillion This Year
----------------------------------------------------------------
The Financial Times reports that Hynix Semiconductor plans to
reduce its debt by KRW1.0 trillion (US$880 million) this year on
the back of forecasts for record sales and supply shortages in the
global semiconductor industry.

The FT relates Mr. Kwon said Hynix, which currently has KRW1.5
trillion in cash reserves, also aimed to:

   -- reduce its KRW7.0 trillion debt to less than KRW4.0
      trillion during the next three years;

   -- earn KRW4.0 trillion in annual earnings before interest,
      taxes, depreciation and amortization; and

   -- lift its operating profit margin to about 20% on average
      to overcome the industry swings.

"We have high expectations for this year's sales and profit as
market conditions are very good. We are now meeting only about 60
per cent of demand," the FT quoted Kwon Oh-chul, the company's new
chief executive, as saying.  "We will pave the way for the
company's steady growth by improving our financial status during
this upturn."

                            About Hynix

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

                           *     *     *

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

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


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


PHILIPPINES: Moody's Puts Stable Outlook on Ba3 Sov. Credit Rating
------------------------------------------------------------------
Moody's Investors Service says that it has a stable outlook on the
Ba3 sovereign credit rating of the Philippines and that the
prospects for the economy remain good, but a number of crucial
challenges are apparent.

"The Philippines was one of the few countries in the region to
avoid year-on-year contractions in output during the worldwide
recession, and its rating is supported by the country's fortified
external payments position, as well as a fairly sound and liquid
banking system," says Christian de Guzman, a Moody's Assistant
Vice President and analyst.

"The country's historically high level of official foreign
exchange reserves has been bolstered by the resilience evident in
remittances from the large numbers of Filipino workers overseas;
this situation has helped buffer the economy and government
finances from external shocks and has greatly supported its
exchange rate stability," according to de Guzman.

The author was speaking on the release of Moody's latest annual
report on the Philippines.  The publication looks at the strength
of the economy, noting its recent economic performance; the
country's institutional capacities, observing that they show a
mixed quality; the state of government revenues, which has shown
improvement over the past few years; and the implications of event
risk, which is currently low.

"In terms of economic fundamentals, for the near term, remittance
inflows and receipts from business-process outsourcing -- now a
major industry -- will (among other things) support the current
account, as well as private consumption," says de Guzman.

"But there remains a dearth of investment spending relative to its
rating and regional peers, thereby underpinning the importance of
fiscal reform to generate higher revenues.  That would enable
adequate public investments and ultimately higher rates of
potential growth."

At the same time, the Philippines continues to receive net inflows
of foreign direct investment, despite the emergence of relatively
more dynamic destinations in the region, such as China and
Vietnam.

Although it is hampered by a relative lack of infrastructure,
foreign investors continue to find the Philippines attractive as a
low-cost destination due to the abundance of a skilled, English-
speaking labor force and favorable fiscal incentives, as well as
other factors.

The scale of the Philippines' $160 billion economy is in the mid-
range among Moody's-rated countries, but its per capita income of
$2,900 is very low.  That, coupled with relatively low fixed
capital investment in the economy, constrain the strength of the
country's economy.

The last rating action on the Philippines was taken on July 23,
2009, when Moody's upgraded the sovereign bond rating to Ba3, from
B1.


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


EDBV MANAGEMENT: Creditors' Proofs of Debt Due April 30
-------------------------------------------------------
EDBV Management Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by April 30, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

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


HAI CHEONG: Creditors' Proofs of Debt Due April 9
-------------------------------------------------
Creditors of Hai Cheong Co Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by April 9,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

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


PLE INVESTMENTS: Creditors' Proofs of Debt Due April 30
-------------------------------------------------------
Ple Investments Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by April 30, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

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


SOLVATORS INC: Court to Hear Wind-Up Petition on April 16
---------------------------------------------------------
A petition to wind up the operations of Solvators Inc Pte Ltd will
be heard before the High Court of Singapore on April 16, 2010, at
10:00 a.m.

Northstar marine Pte Ltd filed the petition against the company on
March 23, 2010.

The Petitioner's solicitor is:

          Ascentsia Law Corporation
          10 Anson Road #03-01
          International Plaza
          Singapore 079903


SOLVATORS INC: Court to Hear Wind-Up Petition on April 16
---------------------------------------------------------
A petition to wind up the operations of Asian Minerals & Ores Pte
Ltd will be heard before the High Court of Singapore on April 16,
2010, at 10:00 a.m.

Chahaya Shipping & Trading Co Pte Ltd filed the petition against
the company on March 22, 2010.

The Petitioner's solicitors are:

          Rajah & Tann
          9 Battery Road#15-01
          Straits Trading Building
          Singapore 049910


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


UNION INSURANCE: Fitch Raises Insurance Strength Rating to 'BB+'
----------------------------------------------------------------
Fitch Ratings has upgraded Taiwan-based Union Insurance Company's
Insurance Financial Strength Rating to 'BB+' from 'BB' and its
National IFS Rating to 'A-(twn)' from 'BBB+(twn)'.
Simultaneously, the agency has revised the Outlook to Stable from
Positive.

The rating upgrade reflects Union's consistent improvement in
underwriting performance and strengthened capitalization,
following two capital injections totalling TWD1.4 billion.
Meanwhile, the company's conservative and liquid investment
portfolio place it in a good position to meet liquidity demands.
However, the positive rating factors are partially offset by the
softening premium prices amid the competitive environment and
modest investment yields due to sustained low interest rates,
which have affected the performance of Taiwan's insurance sector
across the board.  Fitch considers that these factors will
continue to challenge the company's earnings improvement.

Union reported a small profit of TWD68 million in Q109-Q309 (4.4%
of equity, excluding the changes in claims equalization reserves)
after a net loss of TWD13.4 million in 2008, thanks to sustained
efforts in loss control and cost reduction.  Despite the impact of
several unusually large loss events, its combined ratio decreased
to 97.4% in Q109-Q309 from 101.4% in 2008 and 117.6% in 2007,
although the improved ratio remains higher than that of its local
peers.  On the other hand, the modest investment returns (annual
yields: below 3% in Q109-Q309) continue to weigh on Union's
profitability, though Fitch notes that this is partly attributable
to Union's low risk appetite.  Cash and cash equivalents accounted
for more than half of Union's total investments, followed by
government bonds at end-September 2009.  Stock and real estate
investments were contained at reasonably low levels.

The company's strengthened capitalization also mitigates Fitch's
concerns on its modest profitability.  Union received
TWD500 million of new capital from its largest shareholder the
Want Want Group in August 2009 and another TWD900 million via
public offerings in March 2010.  Its statutory risk-based capital
ratio increased to above 300% after the latest capital injection.
Fitch considers that the improved capitalization provides an
adequate buffer to mitigate the impact from any potential large
loss events.


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


THAI AIRWAYS: Finance Ministry to Support Recapitalization Plan
---------------------------------------------------------------
Bangkok Post reports that the Finance Ministry is prepared to
support the recapitalization of Thai Airways only after amendments
are made to eliminate requirements for state guarantees on the
national carrier's loans.

According to the report, finance minister Korn Chatikavanij said
the ministry also wanted to eliminate requirements in THAI's loan
deals that the ministry maintains at least a 51% shareholding in
the airline.

The Post recalls that THAI directors earlier this month announced
plans to raise registered capital by THB10 billion through the
issue of one billion new shares at THB10 par value.

The report relates Mr. Korn said in addition to the issues of loan
guarantees and share ownership, THAI also needed to clearly
outline how the capital increase would help boost the airline's
revenues, reduce costs and improve bottom-line performance.

Shareholders will vote on the capital increase plan at a
shareholders meeting on April 28, the Post notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2009, Thai Airways asked the government for emergency
funds to resolve a cash shortage after being hit by a surge in
fuel prices, the global economic slowdown and shutdowns of Bangkok
airports in 2008.

Citing Raj Tanta-Nanta, Thai Airways's vice-president for investor
relations, The Financial Times reported that the funds would go
towards covering the airline's short-term borrowing requirements,
with the rest going to balance sheet support.

Thai Airways, whose stock has fallen 80% in the past year, has
"problems with cash flow because we lost THB19 billion in cash
during the closures of airports," acting President Narongsak
Sangapong told Reuters.

Thai Airways made a net loss of THB4.03 billion (US$121.4
million), or THB2.37 per share, in the July-September 2009
quarter, against THB426 million profit a year earlier.

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company operates domestic, regional and
intercontinental flights radiating from its home base in Bangkok
to key destinations around the world and within Thailand.  During
the fiscal year ended September 30, 2007, the company owned a
total of 90 aircrafts and provided flights to 11 destinations
domestically, excluding Bangkok, and 62 destinations in 35
countries throughout the world.  Through its subsidiaries, THAI
provides a variety of services, including cargo and mail services,
technical services, catering services, ground support equipment
services and ground customer services.  In addition, the company
offers support services such as dispatch services, sales on board
and Thai shop.  Headquartered in Bangkok, THAI has a subsidiary
and 10 affiliated companies.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

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

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





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