TCRAP_Public/100401.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, April 1, 2010, Vol. 13, No. 064

                            Headlines



A U S T R A L I A

LEHMAN BROTHERS: Australian Councils Set to Launch Class Action


C H I N A

DELONG HOLDINGS: PwC Raises Going Concern Doubt
SINOBEST TECHNOLOGY: Auditors Cast Going Concern Doubt


H O N G  K O N G

AIRCOMMUNICATIONS INFO: Creditors' Proofs of Debt Due April 28
ASIAN BUSINESS: Members' Final Meeting Set for May 7
BASF CONSTRUCTION: Creditors' Proofs of Debt Due April 30
BINNINGTON LIMITED: Luk Wing Hay Steps Down as Liquidator
CHRISTIAN GRACE: Members' Final General Meeting Set for April 30

EUROTEK METAL: Court to Hear Wind-Up Petition on May 12
FAIR & HONEST: Liu Ka Yuen Appointed as Provisional Liquidator
F. PRECISION: Lim and Kwok Step Down as Liquidators
HAYES INTERNATIONAL: Leung Mei Fan Steps Down as Liquidator
ROAD KING: S&P Changes Outlook to Stable; Affirms 'BB-' Rating

ROBOTOOLZ LIMITED: Creditors Get 100% & 99.998% Recovery on Claims
SANDBROOK (CHINA): Members' Final Meeting Set for April 30
SOLSAMMEN (HK): Court to Hear Wind-Up Petition on May 12
STRONG OFFER: Members' and Creditors Meetings Set for April 27
SUCCESS CHART: Court Enters Wind-Up Order

SZE KUEN: Creditors' Proofs of Debt Due April 30
TAK LEE: Members' and Creditors Meetings Set for April 19
TASTE INTERIORS: Court Enters Wind-Up Order
TOGEN BUSINESS: Members' Final Meeting Set for April 26
WASAKI (FAR EAST): Members' Final Meeting Set for April 30

WRITS LIMITED: Creditors' Proofs of Debt Due April 30


I N D I A

AKS ALLOYS: CRISIL Assigns 'B+' Rating on INR29.5MM LT Loan
ARUN ENGINEERING: CRISIL Rates INR80MM Cash Credit at 'B'
AUTO INTERNATIONAL: CRISIL Assigns 'BB-' Rating on INR36MM Loan
BANK OF BARODA: Raises US$350 Million by Selling Bonds
CHIRAG INFRAPROJECTS: CRISIL Rates INR60M Cash Credit at 'BB+'

CJI PORCELAIN: CRISIL Assigns 'BB' Rating on INR61.5M Term Loan
DARSHAN FOODS: CRISIL Places 'BB' Rating on INR55MM Term Loan
IDEAL ENERGY: Fitch Assigns 'BB+' National Long-Term Rating
G N M COTTON: Delay in Loan Payment Cues CRISIL Junk Ratings
K CHANDRAKANT: CRISIL Reclassifies 'P4+' Ratings on Bank Debts

KALLIYATH STEEL: CRISIL Rates INR40.00 Mil. Cash Credit at 'BB'
KANAK EXPORTS: Low Net Worth Prompts CRISIL 'P4' Ratings
KERALA STEEL: CRISIL Assigns 'BB' Rating on INR29.8MM Term Loan
KUMAR STEEL: Low Net Worth Cues CRISIL to Assign 'BB' Ratings
MAHAAMERU SPINNING: CRISIL Assigns 'B' INR82 Million LT Loans

MAHAMARUTI LOGISTICS: CRISIL Puts 'BB+' Rating on Various Debts
SPICEJET LIMITED: Sun TV's Maran Eyeing Majority Stake


I N D O N E S I A

MEDCO ENERGI: To Invest US$1.7 Billion in Projects by 2014


J A P A N

TAIHEIYO CEMENT: To Cut Regular Jobs, Capacity by Over 20%
* JAPAN: Corporate Bankruptcies Set to Rise 8-year High


K O R E A

HYUNDAI MOTOR: To Increase Local Production by 6% This Year


M A L A Y S I A

ARK RESOURCES: Bourse to Suspend Trading of Shares on April 2
PRIME UTILITIES: Bank Islam Withdraws Winding-Up Petition


N E W  Z E A L A N D

FIVE STAR: Liquidators Win First Court Action
GENEVA FINANCE: S&P Raises Long-Term Rating to 'CCC'
GENEVA FINANCE: S&P Downgrades Long-Term Rating to 'SD'
NLG INSURANCE: Fitch Affirms 'B' Insurer Financial Strength Rating
NZ FARMING: Sells Land to Partially Pay NZ$18-Mln Debts


T H A I L A N D

G STEEL: To Issue 8.84 Billion Shares to Swap for Debt




                         - - - - -


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


LEHMAN BROTHERS: Australian Councils Set to Launch Class Action
---------------------------------------------------------------
Susannah Moran at The Australian reports that councils, churches
and charities are set to launch a $1.2 billion class action
against Lehman Brothers, after a victory in the High Court.

Ms. Moran says the court's ruling on Tuesday knocked over a deal
that had been recommended by Lehman Brothers Australia, which is
in liquidation, under which it would pay the councils between 2.4c
and 10c of each dollar for failed investments, while other related
Lehman Brothers companies could get all their money back.

The High Court decision also means the councils can sue Lehman
Brothers in the US to recover their investments, Ms. Moran adds.

According to the report, litigation funder IMF said it was ready
to proceed with a class action, and had 70 clients signed up.
These included councils, churches and charities, the report notes.

The Australian relates lawyer Sacha Ivanstoff, whose firm Piper
Alderman acted for 56 councils in the High Court, said he was
pleased with the result.  "If our clients' claims are admitted,
they are likely to achieve a significantly greater return than
they would have otherwise achieved under the deed," the report
quoted Mr. Ivanstoff as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
February 19, 2010, the High Court of Australia has held a hearing
on Lehman Brothers Australia's appeal against a ruling in favor of
three local councils, according to a February 8 report by The
Australian Financial Review.

The Full Federal Court earlier upheld the councils' claim that a
deed of company arrangement, which was entered into in May 2009,
was not valid.  Creditors of Lehman Brothers Australia voted in
favor of the proposal, which was filed by Lehman Brothers Asia
Holdings, that will repay the creditors more and avoids costly
and time delays of litigation.

The administrators of Lehman Brothers Australia estimate $142.2
million to $247.6 million will be distributed to all the creditors
including other Lehman units; $43.5 million will be set aside for
councils and other contingent creditors which are owed $626.5
million; and as much as $11 million will be distributed to
executives of Lehman Brothers.

The three local councils had invested in collateralized debt
obligations, and about 40 other councils may participate in a
class action if the appeal is rejected, The Australian Financial
Review reported.

                           About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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C H I N A
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DELONG HOLDINGS: PwC Raises Going Concern Doubt
-----------------------------------------------
Delong Holdings Ltd. faces "material uncertainty which may cast
significant doubt about the group's ability to continue as a
going concern," Bloomberg News reports citing auditors
PricewaterhouseCoopers LLP.

PwC said in a statement released through the stock exchange in
Singapore that the company was in a net liabilities position as of
Dec. 31.  While the company's financial statements met with local
requirements, PwC wanted to "draw attention" to one of the mill's
notes, it said.

As of Dec. 31, 2009, the company's current liabilities exceeded
the current assets by CNY311.11 million mainly due to the use of
the short-term borrowings to finance the property.

Delong Holdings Limited -- http://www.dlholdings.com/-- is
principally engaged in the manufacture and sale of hot-rolled
steel coils with the People's Republic of China as its principal
market.  The Company's subsidiaries include Asia Paragon
International Limited, Dexin Steel Pte Ltd and DL Resources
(Australia) Pty Ltd.


SINOBEST TECHNOLOGY: Auditors Cast Going Concern Doubt
------------------------------------------------------
Channel News Asia reports that Sinobest Technology Holdings Ltd.'s
external auditor, Nexia TS Public Accounting Corporation, has cast
doubt over the firm's ability to continue operations as a going
concern.

The report relates the auditor said the company had posted a net
loss of CNY2.02 million and incurred negative cash flow from its
operations amounting to CNY101.38 million in its last financial
year.

According to the report, the auditors also said that Sinobest
needs to secure new businesses and contracts that are more
profitable to ensure that it is able to continue as a going
concern.

Based in Guangzhou, China, Sinobest Technology Holdings Ltd.
-- http://www.sinobest.cn/-- is a solution provider of
information technology (IT) services with two business segments:
system integration for computer information systems and
intelligent buildings systems, and software development and
technical services.  Its customers are government bureaus and
departments and state-owned enterprises in the People?s Republic
of China (PRC) in the sectors of telecommunication service, power
supply, railway and transportation, immigration and custom, public
security, labor and social insurance, universities, land and
resources, taxation and finance, food and drugs, as well as some
privately-owned enterprises.  The major suppliers of the Company
include suppliers in the PRC and overseas, such as CISCO, IBM and
Digital China.


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


AIRCOMMUNICATIONS INFO: Creditors' Proofs of Debt Due April 28
--------------------------------------------------------------
Aircommunications Information Services Limited, which is in
members' voluntary liquidation, requires its creditors to file
their proofs of debt by April 28, 2010, to be included in the
company's dividend distribution.

The company's liquidators are:

         Isabelle Angeline Young
         John Chi Wai Wong
         21/F., Edinburgh Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


ASIAN BUSINESS: Members' Final Meeting Set for May 7
----------------------------------------------------
Members of Asian Business Aviation Association Limited will hold
their final meeting on May 7, 2010, at 11:00 a.m., at the 802A,
Level 8, Liverty Square Building, 287 Silom Road, Bangkok 10500,
in Thailand.

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


BASF CONSTRUCTION: Creditors' Proofs of Debt Due April 30
---------------------------------------------------------
BASF Construction Chemicals (Hong Kong) Limited, 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:

         Ng Wai Yan
         Ha Man Kit Marcus
         Rm 1902, Queen's Place
         74 Queen's Rd
         Central, Hong Kong


BINNINGTON LIMITED: Luk Wing Hay Steps Down as Liquidator
---------------------------------------------------------
Luk Wing Hay stepped down as liquidator of Binnington Limited on
March 22, 2010.


CHRISTIAN GRACE: Members' Final General Meeting Set for April 30
----------------------------------------------------------------
Members of Christian Grace Association for the Elderly Limited
will hold their final general meeting on April 30, 2010, at 9:00
a.m., at the Rooms 603-4, 6/F., Hang Seng Wanchai Building, 200
Hennessy Road, Wanchai, in Hong Kong.

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


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

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

The Petitioner's solicitors are:

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


FAIR & HONEST: Liu Ka Yuen Appointed as Provisional Liquidator
--------------------------------------------------------------
Liu Ka Yuen on March 17, 2010, was appointed as provisional
liquidator of Fair & Honest (HK) Company Limited.

The liquidator may be reached at:

         Liu Ka Yuen
         Asia Trade Ctr., Room 2808, 28/F
         79 Lei Muk Road
         Kwai Chung, N.T.
         Hong Kong


F. PRECISION: Lim and Kwok Step Down as Liquidators
---------------------------------------------------
Leung Hok Lim and David Leong Ting Kwok stepped down as
liquidators of F. Precision Limited on March 16, 2010.


HAYES INTERNATIONAL: Leung Mei Fan Steps Down as Liquidator
-----------------------------------------------------------
Leung Mei Fan stepped down as liquidator of Hayes International,
Limited on March 22, 2010.


ROAD KING: S&P Changes Outlook to Stable; Affirms 'BB-' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Road King Infrastructure Ltd. to stable from negative.
At the same time, S&P affirmed the 'BB-' long-term corporate
credit rating on RKI.  S&P also affirmed the 'BB-' issue rating on
the senior unsecured notes issued that RKI guarantees.

"S&P revised the outlook and affirmed the ratings to reflect RKI's
improved liquidity and a turnaround in its property business,
which is showing signs of further improvement.  In addition, the
integration of the property businesses of Sunco Property Holdings
Co. Ltd. is nearly complete.  RKI's toll road business also
continues to provide stable cash flows to the company," said
Standard & Poor's credit analyst Joe Poon.

While S&P expects RKI's property business to continue to improve,
policy tightening could limit the extent.  In 2009, RKI's
liquidity improved materially due to higher property sales,
supported by the Chinese real-estate market recovery.  Contracted
sales increased 2.6x year-over-year to about Hong Kong dollar
(HK$) 6.3 billion.  The company's property business turned around
in 2009 to make an income contribution after it had mostly
digested Sunco's loss-making projects.

RKI's toll road business continues to provide stable cash flows,
which is a supporting rating factor.  The rating already took into
consideration that the profit contributions from the toll-roads
would decline from 2009 because RKI would have a lower share of
profits for two expressway projects in Hebei province.  The
company relies on the contributions from its three expressways,
which comprise 82% of its toll revenues.  If RKI disposes of any
of these expressways, its business risk profile will deteriorate
and place downward pressure on the rating.  This deterioration
could be magnified because of the prospect that the company's
property business will continue to grow.

After two years of efforts, the integration of Sunco into RKI is
now almost complete, alleviating a credit risk for RKI.  RKI has
effectively gained control of two Tianjin companies that it
acquired from Sunco in the second half of 2009.  The company has
resumed development of property projects in Tianjin.  Furthermore,
RKI has an outstanding lawsuit with the former Sunco owner in Hong
Kong; S&P does not expect the outcome to have an impact on RKI's
operations.

In S&P's view, RKI's credit metrics in 2010 should improve because
of better profit margins for property development and limited land
acquisitions.  The company has a land bank of about 5.1 million
square meters, which is sufficient for about four to five years'
development.  In S&P's opinion, RKI is likely to have little
urgency to replenish its land bank, and S&P expects the company to
focus mainly on executing its existing projects.  RKI purchased
only one piece of land in 2009: in Guangzhou for Chinese renminbi
830 million.


ROBOTOOLZ LIMITED: Creditors Get 100% & 99.998% Recovery on Claims
------------------------------------------------------------------
Robotoolz Limited, which is in creditors' voluntary liquidation,
paid the first and final dividend to its creditors on March 26,
2010.

The company paid 100% for preferred claims and 99.998% for
ordinary claims.

The company's liquidators are:

         Chen Yung Ngai Kenneth
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


SANDBROOK (CHINA): Members' Final Meeting Set for April 30
----------------------------------------------------------
Members of Sandbrook (China) Limited will hold their final meeting
on April 30, 2010, at 10:00 a.m., at the 25/F., Wing On Centre,
111 Connaught Road Central, in Hong Kong.

At the meeting, Johnson Kong Chi How, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal


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


STRONG OFFER: Members' and Creditors Meetings Set for April 27
--------------------------------------------------------------
Members and creditors of Strong Offer Investment Limited will hold
their annual meetings on April 27, 2010, at 3:00 p.m., and 3:30
p.m., respectively at the 12/F., Bel Trade Commercial Building, 1-
3 Burrows Street, Wanchai, in Hong Kong.

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


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

The official receiver is E T O'Connel.


SZE KUEN: Creditors' Proofs of Debt Due April 30
------------------------------------------------
Creditors of Sze Kuen Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 30, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 17, 2010.

The company's liquidator is:

         Ronald Chan Chi Kei
         Suites 216-218, 2/F
         Shui On Centre, 6-8 Harbour Road
         Wanchai, Hong Kong


TAK LEE: Members' and Creditors Meetings Set for April 19
---------------------------------------------------------
Members and creditors of Tak Lee Rubber & Metal Manufacturing
Limited will hold their meetings on April 19, 2010, at 10:30 a.m.,
and 10:45 a.m., respectively at the Room 704, 3 Lockhart Road,
Wanchai, in Hong Kong.

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


TASTE INTERIORS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on March 17, 2010, to
wind up the operations of Taste Interiors Limited.

The official receiver is E T O'Connel.


TOGEN BUSINESS: Members' Final Meeting Set for April 26
-------------------------------------------------------
Members Togen Business Software Corporation Limited will hold
their final general meeting on April 26, 2010, at 10:00 a.m., at
the Level 28, Three Pacific Place, 1 Queen's Road East, in Hong
Kong.

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


WASAKI (FAR EAST): Members' Final Meeting Set for April 30
----------------------------------------------------------
Members of Wasaki (Far East) Investments Limited will hold their
final general meeting on April 30, 2010, at 2:35 p.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.


WRITS LIMITED: Creditors' Proofs of Debt Due April 30
-----------------------------------------------------
Writs Limited, 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 commenced wind-up proceedings on March 17, 2010.

The company's liquidator is:

         Lau Wing Ling
         Unit C, 16/F
         Chinaweal Centre
         414-424 Jaffe Road
         Wanchai, Hong Kong


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AKS ALLOYS: CRISIL Assigns 'B+' Rating on INR29.5MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of AKS Alloys Pvt Ltd, which is part of the AKS group.

   Facilities                       Ratings
   ----------                       -------
   INR29.50 Million Long-Term Loan  B+/Stable (Assigned)
   INR110.00 Million Cash Credit    B+/Stable (Assigned)
   INR40.00 Million Letter of       P4 (Assigned)
                 Credit
   INR3.10 Million Bank Guarantee   P4 (Assigned)

The ratings reflect the AKS group's project-implementation risk -
AKS is planning to set up a vertically integrated plant in 2010-11
(refers to financial year, April 1 to March 31) for manufacturing
thermo-mechanically treated (TMT) steel bars, concentration in
revenue profile, and the expected weakening in the group's
financial risk profile because of the planned debt-funded capital
expenditure (capex).  These rating weaknesses are partially offset
by the group's established position in the iron and steel
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of AKS and SAR Ispat Pvt Ltd, together
referred to as the AKS group.  This is because SAR is a subsidiary
of AKS (51 per cent shareholding; the remainder is held by the
promoters of AKS). Both the companies are in the same line of
business, have fungible cash flows, and are under a common
management.

Outlook: Stable

CRISIL believes that the AKS group will continue to benefit over
the medium term from its established position in the iron and
steel industry, and the prospective vertical integration of
operations.  The outlook may be revised to 'Positive' on timely
completion and stabilization of operations of the new plant, along
with improvement in its financial risk profile.  The outlook may
be revised to 'Negative' if the group's financial risk profile
deteriorates because of large debt-funded capex, or delay in
completion of, or lower generation of revenues from, the new
project.

                        About the Group

AKS and SAR were set up in 1997 and 2006, respectively, by Mr.
Sanjay Sharma and Mr. Nemi Chand Kothari.  The AKS group has
capacity to produce 41,000 tonnes of mild steel ingots per annum.
The group derives its entire revenue from South India, of which
around 70 per cent is derived from Chennai.  The group is
undertaking a INR1-billion capex in 2010-11 to set up a vertically
integrated plant manufacturing TMT steel bars; the plant will have
capacity to manufacture 20 million tonnes of briquettes and 10
million tones of TMT steel bars and is expected to commence
operations in June 2011.

The AKS group reported a profit after tax (PAT) of INR10 million
on net sales of INR1.4 billion for 2008-09, against a PAT of INR31
million on net sales of INR1.3 billion for 2007-08.


ARUN ENGINEERING: CRISIL Rates INR80MM Cash Credit at 'B'
---------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Arun Engineering
Projects Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR80.00 Million Cash Credit        B/Stable (Assigned)
   INR110.00 Million Bank Guarantee    P4 (Assigned)
            & Letter of Credit

The ratings reflect Arun Engg's below-average financial risk
profile, the geographical concentration in its revenue profile,
its small scale of operations, and its large working capital
requirements.  These rating weaknesses are partially offset by the
benefits that the company derives from its sizeable order book and
the industry experience of its promoters.

Outlook: Stable

CRISIL believes that Arun Engg will maintain its business risk
profile over the medium term, on the back of its sizeable order
book and its promoter's experience in the water management works
segment.  The outlook may be revised to 'Positive' if Arun Engg
significantly increases its scale of operations and revenue
diversity, while maintaining its profitability and improving its
capital structure.  Conversely, the outlook may be revised to
'Negative' if the company's margins deteriorate steeply; or if it
undertakes a large debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile; or in case
of significant exposure to unrelated businesses.

                       About Arun Engineering

Set up in 1972 as a proprietorship concern by Mr. R.A. Harry,
Bengaluru-based Arun Engg converted to a private limited company
in 1998.  Arun Engg provides engineering, procurement, and
construction (EPC) services in the water supply and underground
drainage water system segments.

Arun Engg reported a profit after tax (PAT) of INR6 million on net
sales of INR208 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3 million on net sales
of INR112 million for 2007-08.


AUTO INTERNATIONAL: CRISIL Assigns 'BB-' Rating on INR36MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Auto
International's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR50.0 Million Cash Credit Limit      BB-/Stable(Assigned)
   INR36.0 Million Term Loan              BB-/Stable(Assigned)
   INR2.5 Million Standby Line of Credit  BB-/Stable(Assigned)

The rating reflects AI's high gearing, small net worth, moderate
debt protection metrics, and product and customer concentration in
revenue profile.  These rating weaknesses are partially offset by
the firm's promoters' experience in forging and machining of
components industry.

Outlook: Stable

CRISIL believes that AI will maintain its market position over the
medium term on the back of its promoters' experience in the
forging and machining industry.  However, the firm's financial
risk profile will remain constrained by its high gearing and
moderate debt protection metrics.  The outlook may be revised to
'Positive' in case of a significant increase in AI's net worth,
improvement in capital structure, or reduction in revenue
concentration.  Conversely, the outlook may be revised to
'Negative' if the firm's operating income or profitability
declines.

AI is in the business of forging and machining of components,
which are mainly used in the automobile industry; its units are
located in Ludhiana, Punjab.  AI was established as a partnership
firm in 2001 by six partners. In 2007-08 (refers to financial
year, April 1 to March 31), following a family partition, Mr.
Rajan Mittal and Mr. Pramod Gupta became the owners of AI, and
other partners retired from the firm.  The production capacity of
the forging unit is around 600 tonnes per month, while that of the
machining unit is around 55,000 pieces per month.

AI reported a book profit of INR2.5 million on net sales of INR206
million for 2008-09, against a book profit of INR1.6 million on
net sales of INR133 million for 2007-08.


BANK OF BARODA: Raises US$350 Million by Selling Bonds
------------------------------------------------------
Bank of Baroda said in a statement on the Bombay Stock Exchange
that it has raised US$350 million by way of 5-1/2 years Senior
Unsecured Bonds maturing on October 7, 2015.  The Bond carries a
coupon of 4.75% with the yield to maturity of 4.886.  The
borrowing is to fund the Bank's overseas assets growth.

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'.


CHIRAG INFRAPROJECTS: CRISIL Rates INR60M Cash Credit at 'BB+'
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities Chirag Infraprojects Pvt Ltd, which is part of the
Chirag group.

   Facilities                          Ratings
   ----------                          -------
   INR60.0 Million Cash Credit         BB+/Stable (Assigned)
   INR340.0 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect Chirag group's average financial risk profile,
geographical concentration of revenues, and exposure to intense
competition in the government civil contracts segment.  These
rating weaknesses are somewhat mitigated by the benefits that the
Chirag group derives from its promoter's industry experience, and
the group's established presence in the government civil and
engineering projects segment, and its healthy operating
efficiency.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Chirag, Mahavir Construction (MC) and
VNC Infraprojects.  This is because the three entities,
collectively referred to as the Chirag group, have a common
management and business and cash flow fungibility.

Outlook: Stable

CRISIL believes that the Chirag group will maintain a stable
business profile on the back of steady revenues from its existing
order book and expected orders.  The outlook may be revised to
'Positive' in case of a significant increase in the group's order
book, coupled with maintenance of its operating margin.
Conversely, a slowdown in orders or deterioration in the capital
structure due to significant withdrawals by the promoters may
result in the outlook being revised to 'Negative'.

                          About the Group

Chirag group, comprising Chirag, MC and VNC, undertakes civil
construction contracts for various government and semi-government
projects.   The group has a presence in road repairs, road
development, other allied services.  Its contracts are mainly
undertaken on behalf of the Brihanmumbai Municipal Corporation
(BMC). Chirag is a Class AA contractor for BMC and is also
registerd with the Public Works Department (PWD).  The group's
office is in Mumbai; it owns a stone quarry at Vasai (Maharashtra)
and has set up four Ready Mix Concrete (RMC) plants near Panvel
(Maharashtra).

On standalone basis, Chirag had reported a profit after tax (PAT)
of INR57.5 million on net sales of INR949 million for 2008-09
(refers to financial year, April 1 to March 31), against a PAT of
INR48.2 million on net sales of INR790.5 million for 2007-08.


CJI PORCELAIN: CRISIL Assigns 'BB' Rating on INR61.5M Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of CJI Porcelain Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR100.0 Million Cash Credit Limit   BB/Stable (Assigned)
   INR61.5 Million Term Loan            BB/Stable (Assigned)
   INR2.5 Million Letter of Credit      P4+ (Assigned)
   INR1.0 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect CJI's weak financial risk profile, constrained
by high working capital requirements and debt-funded capital
expenditure (capex), and exposure to risks related to small scale
of operations and intense competition in the porcelain insulators
industry.  These rating weaknesses are partially offset by the
benefits that CJI derives from favorable demand prospects,
promoters' experience in the porcelain insulators industry, and
strong relationships with clients.

Outlook: Stable

CRISIL believes that CJI will maintain its business risk profile
over the medium term, backed by its strong customer base and
moderate operating margin.  The outlook may be revised to
'Positive' if the company registers higher-than-expected revenues
and operating margin, or improves its capital structure.
Conversely, the outlook may be revised to 'Negative' if CJI
contracts higher-than-expected working capital debt, leading to
deterioration in its debt protection measures, or if it registers
lower-than-expected net cash accruals because of a decline in
operating margin or turnover.

                        About CJI Porcelain

Incorporated in 1988, CJI manufactures high voltage porcelain
insulators, primarily, for substations.  The company manufactures
hollow bushings, transformer bushings and solid core insulators,
in the range of 11 kilo volt-ampere (kVA) to 400kVA.  CJI has an
installed capacity of 5000 tonnes per annum (tpa), which is
expected to increase to 5500 tpa by 2010-11 (refers to financial
year, April 1 to March 31).

CJI reported a profit after tax (PAT) of INR4 million on net sales
of INR202 million for 2008-09, against a PAT of INR29 million on
net sales of INR228 million for 2007-08.


DARSHAN FOODS: CRISIL Places 'BB' Rating on INR55MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Darshan Foods Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR55.0 Million Rupee Term Loan      BB/Stable (Assigned)
   INR47.5 Million Cash Credit          BB/Stable (Assigned)

The rating reflects DFPL's small scale of operations and exposure
to risks inherent in the meat processing industry.  These rating
weaknesses are partially offset by DFPL's above-average financial
risk profile marked by low gearing and healthy debt protection
measures, and established distribution network.

Outlook: Stable

CRISIL believes that DFPL will continue to benefit over the medium
term from its established position in the meat processing
industry.  The outlook may be revised to 'Positive' if DFPL
reports sustained growth in revenues and increase in
profitability.  Conversely, the outlook may be revised to
'Negative' if the commissioning of its proposed plant is delayed,
adversely affecting the quantum and timeliness of cash flows for
servicing debt contracted for funding the capital expenditure.

Incorporated by the Delhi-based Jaisinghani family in 1996, DFPL
manufactures raw and processed meats, as well as vegetarian
products, at its plant in Gurgaon (Haryana). The company's
operations are managed by Mr. Narinder Jaisinghani and his
brother, Mr. Rajeev Jaisinghani.

DFPL reported a profit after tax (PAT) of INR3.2 million on net
sales of INR319.8 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3.2 million on net sales
of INR264.1 million for 2007-08.


IDEAL ENERGY: Fitch Assigns 'BB+' National Long-Term Rating
-----------------------------------------------------------
Fitch Ratings has assigned a National Long-term rating to India-
based Ideal Energy Projects Limited's project bank loans of
INR11,070 million at 'BB+(ind)'.  The Outlook is Stable.

Being a merchant power plant, IEPL's rating is constrained by the
project completion and off-take risks, and also the uncertainty
surrounding the sponsor's equity infusion.  On the other hand,
India's chronic power shortage, which will not likely be resolved
in the medium-term, and the sponsor group's track record and
experience in successfully building other greenfield
infrastructure projects (particularly roads) lend strength to the
rating.

The construction of the power project has just begun, and
contracts have been concluded with Bharat Heavy Electricals Ltd
('AAA(ind)'/Stable) for the critical Boiler-Turbine-Generator
island, and with McNally Bharat Engineering Company Ltd. for the
balance of plant equipment and the civil work on an Engineering,
Procurement and Construction basis.  The completed contract
negotiations, coupled with the appointment of experienced
technical advisors and personnel, should partly offset the
sponsor's lack of experience in the power sector.  That said,
given BHEL's overflowing order book position, a price variation
(with a cap of 20%) clause in the EPC contracts and a meager
contingency provision (less than 3%), the timely completion of the
project without cost overruns remains a challenge.  Also, capital
cost of INR54.70 million per Mega Watt for this project (excluding
expenditure on shared facilities for Phase II of INR880 million
and debt service reserve account of INR400 million, the cost per
MW is INR49.96 million) is higher compared to other projects of
its kind.

Fitch notes that even though there is a power purchase agreement
with Reliance Energy Trading Ltd., the absence of long-term off-
take agreements with end-user utilities may expose the project to
revenue risks for both volume and price.  That said, Fitch expects
merchant power prices to remain firm in the short to medium-term
at levels not lower than in the base case assumption.  The
prevalent and forecasted electricity demand-supply imbalance lends
weight to the economic argument for the project.

While the entire debt required for the project has been secured
and the commercial banks have commenced term loan disbursals, the
sources from which the sponsors would meet equity commitments have
not yet been fully finalized, though an initial amount of INR1bn
has been infused.  Fitch notes that the sponsors have an option of
leveraging their 16.77% equity stake in the group's listed
company, IRB Infrastructure Developers Ltd ('A-(ind)'/Stable},
through pledging or sale of its shares.  Principal moratorium of
one year on project loans is a positive consideration despite a
high gearing (3:1).

Sponsors are reportedly in advanced stages of negotiations with
private equity investors for partial stake sale that could result
in an equity infusion of c.INR1,500m into the project.  Management
has stated its intention to tie up long-term power purchase
agreements with state-owned distribution utilities for about
200MW.  Should this materialize, it could substantially mitigate
the demand risk and a combination of both the above events may
result in an upgrade, should all other things remain the same.

IEPL has also plans to implement a Phase II power plant of
equivalent capacity.  Fitch has not considered this in its
analysis but will await financial closure and receipt of
documentation in order to evaluate possible impact, if any, on
IEPL's current rating.

IEPL is promoted by Ideal Toll and Infrastructure Pvt Ltd., which
holds 53.14% of the equity with the rest held by individual
promoter group shareholders (the Mhaiskars).  The company is
currently carrying out construction of a coal-based thermal power
plant with a capacity of 270MW in Nagpur, in the state of
Maharashtra, at an estimated cost of INR14,770 million.


G N M COTTON: Delay in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of G
N M Cotton & Oils Pvt Ltd.  The ratings reflect the delay by GNM
in the repayment of its term loan obligations; the delay has been
because of GNM's weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR104.0 Million Cash Credit        D (Assigned)
   INR52.0 Million Rupee Term Loan     D (Assigned)
   INR15.0 Million Standby Line        D (Assigned)
                    of Credit
   INR1.5 Million Bank Guarantee       P5 (Assigned)

Incorporated in 2008, GNM undertakes cotton ginning and pressing
activities. The company manufactures full pressed cotton bales and
also trades in cotton lint and raw cotton. Its manufacturing unit
in Nalgonda, Andhra Pradesh has an installed capacity of 350 bales
per day.

GNM reported a profit after tax (PAT) of INR1.1 million on net
sales of INR42 million for 2008-09 (refers to financial year,
April 1 to March 31), its first year of operations.


K CHANDRAKANT: CRISIL Reclassifies 'P4+' Ratings on Bank Debts
--------------------------------------------------------------
CRISIL has reclassified its rating on the bank facilities of K
Chandrakant & Co to 'P4+' from 'P4'.

   Facilities                              Ratings
   ----------                              -------
   INR387.5 Million Post Shipment Credit   P4+ (Reclassified from
                                                'P4')
   INR60.5 Million Packing Credit          P4+ (Reclassified from
                                                'P4')
   INR102 Million Proposed Short-Term      P4+ (Reclassified from
                        Bank Facility           'P4')

The ratings continue to reflect K Chandrakant's average scale of
operations, customer concentration in revenue profile, and
declining profitability.  These weaknesses are partially offset by
the firm's established market position, backed by track record of
around 50 years, in the diamonds industry.

Set up in 1958 as a partnership firm by Mr. Chhabildas Shah, Mr.
Kantilal Shah, and Mr. Chandrakant Doshi, K Chandrakant has eight
partners - three founder partners, and their five sons.  The firm
manufactures and trades in cut and polished diamonds.  Its
manufacturing facilities are in Surat (Gujarat) and Mumbai
(Maharashtra). The US market contributes around 90 per cent to the
firm's export revenues.

For 2008-09 (refers to financial year, April 1 to March 31), K
Chandrakant reported a profit after tax (PAT) of INR7.5 million on
net sales of INR1.41 billion, against a PAT of INR11 million on
net sales of INR1.37 billion for the previous year.


KALLIYATH STEEL: CRISIL Rates INR40.00 Mil. Cash Credit at 'BB'
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the cash credit
facility of Kalliyath Steel Traders, a part of the Kalliyath
group.

   Facilities                            Ratings
   ----------                            -------
   INR40.00 Million Cash Credit          BB/Stable (Assigned)

The rating reflects the Kalliyath group's below-average financial
risk profile, revenue concentration, and exposure to intense
competition and to volatility in steel prices.  These weaknesses
are mitigated by the group's established presence in the steel
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KST, Kerala Steel Associate, Kairali
Steels and Alloys Pvt Ltd, Gasha Steels Pvt Ltd, Kalliyath Steels
Pvt Ltd, Humayoon Associates, Kalliyath Steels, Kalliyath Steel
Enterprises, and Kalliyath Steel Associates, collectively referred
to as the Kalliyath group.  This is because all the entities are
in the same line of business under a common management, and have
intra-group operational and financial linkages.

Outlook: Stable

CRISIL expects the Kalliyath group to maintain its credit risk
profile over the medium term on the back of its established
presence in the steel industry.  The outlook may be revised to
'Positive' if the group scales up its operations, leading to a
significant improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the group
undertakes significant debt-funded capital expenditure or if its
revenues and margins deteriorate steeply.

                          About the Group

Formed in 1927 by Mr. Kalliyath Abdul Khadar, the Kalliyath group
is based in Kerala. The group is primarily managed by Mr. Khadar's
grandsons, Mr. K Abdul Gafoor and Mr. K M Noorisha.  The group
derives 90 per cent of its revenues from the sale of thermo-
mechanically treated (TMT) bars, and the remainder from the sale
of other steel items used in the construction industry. GSPL and
Kairali are the only two manufacturing companies in the group; 65
per cent of the group's revenues come from trading operations of
the other group entities with the remaining 35 per cent of its
revenues coming from the manufacturing entities. The trading
entities constitute 60 per cent of the revenues of GSPL and
Kairali while the manufacturing entities constitute 20 per cent of
the revenues of the trading entities.

The Kalliyath group reported a profit after tax (PAT) of INR50
million on net sales of INR7 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR27.4
million on net sales of INR5.6 billion for 2007-08.


KANAK EXPORTS: Low Net Worth Prompts CRISIL 'P4' Ratings
--------------------------------------------------------
CRISIL's rating on the bank facilities of Kanak Exports continue
to reflect Kanak Exports' weak financial risk profile marked by
weak debt protection metrics and low net worth, and its modest
scale of operations.  These weaknesses are partially offset by the
company's established position in the diamond export market, and
the extensive industry experience of its promoters.

   Facilities                               Ratings
   ----------                               -------
   INR172.50 Million Post-Shipment Credit   P4 (Reaffirmed)
   INR43.50 Million Export Packing Credit   P4 (Reaffirmed)

Kanak Exports was established in 1986 as a partnership firm by Mr.
Muljibhai Dhameliya and his family members.  The firm exports cut
and polished diamonds. Mr. Dhameliya has an experience of more
than 40 years in the diamond industry.  Currently, one of the
partners, Mr. Kanak Dhameliya (son of Mr. Muljibhai Dhameliya)
looks after the entire marketing and finance operations. Mr. Kanak
Dhameliya has an experience of more than 15 years in the diamond
industry.

For 2008-09 (refers to financial year, April 1 to March 31), Kanak
Exports reported a profit after tax (PAT) of INR0.07 million on
net sales of INR516 million, against a PAT of INR12.9 million on
net sales of INR665 million for the previous year.


KERALA STEEL: CRISIL Assigns 'BB' Rating on INR29.8MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' to the bank
facilities of Kerala Steel Associate, a part of the Kalliyath
group.

   Facilities                            Ratings
   ----------                            -------
   INR140.00 Million Cash Credit         BB/Stable (Assigned)
   INR29.80 Million Term Loan            BB/Stable (Assigned)

The ratings reflect the Kalliyath group's below-average financial
risk profile, revenue concentration, and exposure to intense
competition and to volatility in steel prices.  These weaknesses
are mitigated by the group's established presence in the steel
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KSA, Kalliyath Steel Traders, Kairali
Steels and Alloys Pvt Ltd, Gasha Steels Pvt Ltd, Kalliyath Steels
Pvt Ltd, Humayoon Associates, Kalliyath Steels, Kalliyath Steel
Enterprises, and Kalliyath Steel Associates, collectively referred
to as the Kalliyath group.  This is because all the entities are
in the same line of business under a common management, and have
intra-group operational and financial linkages.

Outlook: Stable

CRISIL expects the Kalliyath group to maintain its credit risk
profile over the medium term on the back of its established
presence in the steel industry.  The outlook may be revised to
'Positive' if the group scales up its operations, leading to a
significant improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the group
undertakes significant debt-funded capital expenditure or if its
revenues and margins deteriorate steeply.

                          About the Group

Formed in 1927 by Mr. Kalliyath Abdul Khadar, the Kalliyath group
is based in Kerala. The group is primarily managed by Mr. Khadar's
grandsons, Mr. K Abdul Gafoor and Mr. K M Noorisha.  The group
derives 90 per cent of its revenues from the sale of thermo-
mechanically treated (TMT) bars, and the remainder from the sale
of other steel items used in the construction industry.  GSPL and
Kairali are the only two manufacturing companies in the group; 65
per cent of the group's revenues come from trading operations of
the other group entities with the remaining 35 per cent of its
revenues coming from the manufacturing entities.  The trading
entities constitute 60 per cent of the revenues of the
manufacturing entities while the latter constitute 20 per cent of
the revenues of the trading entities.

The Kalliyath group reported a profit after tax (PAT) of INR50
million on net sales of INR7 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR27.4
million on net sales of INR5.6 billion for 2007-08.


KUMAR STEEL: Low Net Worth Cues CRISIL to Assign 'BB' Ratings
-------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Kumar Steel India, which is part of the Kumar group.
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 risks
related to unfavorable changes in government regulations. These
rating weaknesses are partially offset by the experience of the
management in the ship breaking industry.

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KSI and Bhuval Industries, 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 KSI 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

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

KSI reported a profit after tax (PAT) of INR3.0 million on net
sales of INR149 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR2.8 million on net sales
of INR75 million for 2007-08.


MAHAAMERU SPINNING: CRISIL Assigns 'B' INR82 Million LT Loans
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Mahaameru Spinning Mills Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR82.00 Million Long Term Loans     B/Stable (Assigned)
   INR25.00 Million Cash Credit         B/Stable (Assigned)

The rating reflects MSMPL's limited revenue diversity, below-
average financial risk profile, and small scale of operations.
These weaknesses are partially offset by the benefits that MSMPL
derives from its experienced management.

Outlook: Stable

CRISIL believes that MSMPL will continue to benefit over the
medium term from its management's industry experience.  The
outlook may be revised to 'Positive' if the company enhances its
scale of operations and diversifies its revenue base, while
improving the financial risk profile.  Conversely, the outlook may
be revised to 'Negative' if MSMPL undertakes a large, debt-funded
capital expenditure programme, or its revenues and cash accruals
decline, leading to deterioration in the financial risk profile.

Set up by Mr. V R Balasundaram in 2005, MSMPL manufactures cotton
yarn of 60s count.  The family-owned, Coimbatore-based company
commenced operations in October 2008.  It has an annual production
capacity of 12,000 spindles at its facility. MSMPL derives its
entire revenues from Maharashtra.

MSMPL reported a net loss of INR12 million on net sales of INR32
million for 2008-09 (refers to financial year, April 1 to
March 31); this is the first year of operations.


MAHAMARUTI LOGISTICS: CRISIL Puts 'BB+' Rating on Various Debts
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Mahamaruti Logistics Pvt Ltd, which is part of the
Mahamaruti group.

   Facilities                       Ratings
   ----------                       -------
   INR35 Million Cash Credit        BB+/Stable (Assigned)
   INR6.4 Million SME Care          BB+/Stable (Assigned)
   INR31.1 Million Term Loan        BB+/Stable (Assigned)
   INR57.5 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect the group's healthy business risk profile,
supported by good relationships with customers, and above-average
financial risk profile, marked by healthy debt protection
measures.  These rating strengths are partially offset by the
group's exposure to risks related to its small scale and intense
competition in the consignment clearing and forwarding services
industry and customer concentration in its revenue profile.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sri Venkataramana Engineering and
MMLPL, together referred to as the Mahamaruti group.  This is
because SVE and MMLPL are in the same line of business, and have a
common management and financial and operational linkages.

Outlook: Stable

CRISIL believes that the Mahamaruti group will continue to benefit
over the medium term from long-standing relationships with its
customers and the extensive experience of its promoters. The
outlook may be revised to 'Positive' if the group's financial risk
profile improves considerably because of higher accruals or
increased diversity in revenue profile. Conversely, the execution
of a significant debt-funded capital expenditure programme or
unrelated diversification may result in a revision in outlook to
'Negative'.

                          About the Group

MLPL (formerly Maruti Transports) was set up as a partnership firm
in 1978 by Mr. A Satyanarayana Murthy and was reconstituted as a
private limited company in 2004.  SVE commenced commercial
operations as a proprietorship firm in 1990 and was converted into
a partnership firm in 2004-05.  Based in Visakhapatnam (Andhra
Pradesh), MLPL and SVE provide freight forwarding, customs
clearance, inland transportation, warehousing, and consultancy
service.

The Mahamaruti group reported a profit after tax (PAT) of INR9.30
million on net sales of INR218.70 million for 2008-09 (refers to
financial year, April 1 to March 31) against a PAT of
INR23.90million on net sales of INR325.90 million for 2007-08.


SPICEJET LIMITED: Sun TV's Maran Eyeing Majority Stake
------------------------------------------------------
Kalanithi Maran, promoter of Sun TV is interested in buying
majority stake in Spicejet Ltd., the Economic Times reports.
Mr. Maran has completed due diligence and is believed to have made
an offer of INR7 billion for a 51% stake in the carrier, the
report says.

The report says the deal, if it goes through, will be a
combination of share sale by existing shareholders and issue of
new shares to Mr. Maran, who has been looking for an opportunity
to enter the aviation industry.

Citing a person with direct knowledge of the development, the
report relates Religare Enterprise Ltd is also keen on investing,
but yet to do the due diligence.  The Anil Ambani Group had showed
some initial interest, the report notes.

Advisory firm Ernst & Young is doing the financial due diligence
for SpiceJet and law firm Amarchand & Mangaldas & Suresh A Shroff
& Co is advising Mr. Maran on legal issues, the report adds.

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
airline company.  The Company operates 113 flights daily to 18
destinations, offering connectivity between metros and non-metros.
During fiscal year ended March 31, 2008 (fiscal 2008), the Company
inducted eight new aircrafts to its fleet taking the total fleet
strength to 19 aircrafts.  Out of the eight new aircraft inducted,
two were Boeing 737-900.

                          *     *     *

SpiceJet Limited booked annual net losses of INR707.43 million in
2007 and INR1,335.07 million in 2008.


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


MEDCO ENERGI: To Invest US$1.7 Billion in Projects by 2014
----------------------------------------------------------
PT Medco Energi Internasional plans to invest US$1.7 billion
between 2010 and 2014 in several major projects, including oil
development in Libya, the Jakarta Globe reports citing a company
official.

The Globe says Medco Energi's Area 47 oil project in Libya is
expected to produce between 50,000 and 100,000 barrels per day and
is due to start production in 2014.

"We are waiting for approval from the Libyan government for
commercialization of the Area 47 block.  We will fund the project
with a loan of about US$200 million," the Globe quoted Medco
president director Darmoyo Doyoatmojo as saying.  "Medco will also
apply to the Libyan government to operate the Area 47 project."

According to the report, Darmoyo said the company was still
optimistic that its liquefied natural gas project in Sulawesi
would go ahead in 2014 despite issues over where the gas would be
sold and whether the project would be economical.

Other Medco projects include:

   -- the Sarulla geothermal power plant in North Sumatra, which
      is expected to start operations in 2014 and with capacity
      of 330 megawatts; and

   -- the Block A gas field in Aceh.

The report relates Darmoyo said the Block A project would supply a
fertilizer firm in Aceh and was waiting for approval by the
governor.

                            About Medco

Headquartered in Jakarta, Indonesia, Medco Energi Internasional
Tbk PT (JAK:MEDC) -- http://www.medcoenergi.com/-- is an
integrated energy company.  The company is engaged in oil and
gas exploration and production, drilling services, methanol
production and the power generation industry.  The company holds
working interests in various exploration and production blocks
in Indonesia and overseas, producing more than 21 million barrel
of oil and 61 million cubic feet of gas annually.  In addition,
it has 10 onshore rigs and four offshore rigs (swamp barge) and
operates one methanol plant, one liquefied petroleum gas plant
and three power plants.  The company's Indonesian operations
span from Aceh in Indonesia's western border to Papua in the
eastern territory.

The company's subsidiary, PT Apexindo Pratama Duta Tbk, is a
heavy equipment provider.  Apexindo Pratama has five
subsidiaries, namely PT Antareja Jasatama, Apexindo Asia Pacific
B.V., Apexindo Khatulistiwa B.V., Apexindo Offshore Pte. Ltd.
and Apexindo Raniworo Pte. Ltd.

                           *     *     *

As of March 12, 2010, PT Medco Energi Internasional Tbk continues
to carry Moody's Investors Service's B2 corporate family rating.
The outlook for the ratings is negative.


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


TAIHEIYO CEMENT: To Cut Regular Jobs, Capacity by Over 20%
----------------------------------------------------------
Taiheiyo Cement Corp. plans to reduce regular employees and its
group cement production capacity by more than 20% in fiscal 2010
to boost profit by JPY16 billion annually, Japan Today reports.

Taiheiyo Cement said the number of its regular employees will
decline by about 740 under an early retirement program and
transfers by the end of September, the report relates.

The report adds that the company also plans to cut its group
annual cement production capacity by 5.6 million tons to 18
million tons by the March 2011 end of fiscal 2010 to meet
slackening cement demand amid fewer public works projects and
housing starts.  Five of Taiheiyo Cement's alliance partners will
decrease their production capacity by a total of 2.5 million tons,
the report says.

Taiheiyo Cement reported net loss of JPY2.54 billion for the
quarter ended Dec. 31, 2009, compared with a net loss of JPY21.93
billion in the same period in 2008.

The company's balance sheet as at Dec. 31, 2009, showed strained
liquidity with JPY360.97 billion in total current assets available
to pay JPY486.59 billion in total current liabilities.

Headquartered in Tokyo, Japan, Taiheiyo Cement Corporation --
http://www.taiheiyo-cement.co.jp/-- formed by the 1998 merger
of Chichibu Onoda Cement and Nihon Cement, is Japan's leading
cement manufacturer.  Taiheiyo's other interests include
minerals and aggregates, construction materials (ready-mix
concrete and concrete products), and real estate.  The company
also operates materials recycling businesses that include the
conversion of sewage sludge from power plants.  Taiheiyo
provides real estate management services in the Tokyo area.


* JAPAN: Corporate Bankruptcies Set to Rise 8-year High
-------------------------------------------------------
The value of Japanese corporate bankruptcies is set to rise to an
eight-year high after the collapse of Japan Airlines Corp.,
Bloomberg News reports.

According to calculations by Bloomberg News, total liabilities of
publicly traded companies that filed for protection in the fiscal
year that ends March 31 stand at JPY2.57 trillion.  That's up 8.7
percent from last year and would be the highest since 2001, when
bankruptcy debts totaled a record 4 trillion yen, according to
Tokyo Shoko Research Ltd.

Bloomberg News discloses that seven listed companies failed in
fiscal 2009, down from a record 45 the previous year as credit
conditions improved.  Seven firms also used a new out-of-court
reorganization process that helps troubled companies avoid
bankruptcy, Bloomberg adds.


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


HYUNDAI MOTOR: To Increase Local Production by 6% This Year
-----------------------------------------------------------
The Korea Herald reports that Hyundai Motor Co. plans to increase
local plants' output by 6% from last year.  The company's local
production facilities produced 1.61 million vehicles in 2009.

Hyundai said that if the target is met, the company's local plants
will produce 1.71 million units, setting a new record, the Herald
relates.

According to the Herald, the company said it would introduce four
new models, and update facilities to increase productivity to meet
the target.

The report says the majority of the 1.71 million unit target will
be met by Hyundai's Ulsan plant, which aims to manufacture 1.37
million vehicles this year.

The production target for company's plant in Asan, South
Chungcheong Province has also been raised by 12% from last year to
280,000 units, the Herald adds.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 11, 2009, Fitch Ratings revised the Outlook on Hyundai
Motor's and Kia Motors' foreign currency Long-term Issuer Default
Ratings to Positive from Negative, and simultaneously affirmed
them at 'BB+'.  The agency also affirmed the 'BB+' rating on both
companies' senior unsecured debt and the Short-term IDRs at 'B'.

HMC's and Kia's Long-term IDR was downgraded to 'BB+' with
Negative Outlook in January 2009, due to concerns that the global
auto market downturn would negatively impact the profitability and
key credit metrics of the companies to an extent that is not
commensurate to investment grade levels.


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


ARK RESOURCES: Bourse to Suspend Trading of Shares on April 2
-------------------------------------------------------------
Bursa Malaysia Securities Berhad will suspend trading of ARK
Resources Berhad's securities on April 2, 2010, pursuant to
paragraph 8.14C of the Listing Requirements of Bursa Securities.

Bursa Malaysia notes that ARK has failed to implement its
regularization plan approved by the Securities Commission within
the timeframe accorded by the SC and no further extension of time
has been given.

In addition to the imposition of suspension, Bursa Securities has
commenced de-listing procedures against the company.  The company
has been served with a notice today to make representations to
Bursa Securities as to why the company's securities should not be
de-listed from the Official List of Bursa Securities.  Due process
is therefore accorded to the company prior to making a decision on
whether to de-list the company's securities from the Official List
of Bursa Securities.

Upon due consideration of the matter and the conclusion of the
relevant due process accorded, Bursa Securities will decide
whether to de-list the company.  Where a decision is made to de-
list a company, the company shall be notified of the same
accordingly.  Upon receipt of the notification of the decision by
Bursa Securities to de-list the company's securities from the
Official List of Bursa Securities, the company shall be required
to make an immediate announcement.  Thereafter, the securities of
the company shall be removed from the Official List of Bursa
Securities on a date specified by Bursa Securities.

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

                          *     *     *

On April 24, 2006, Lankhorst was classified as an affected
listed issuer under the Bourse's Practice Note 17/2005.  It was,
therefore, required to submit and implement a plan to regularize
its financial condition category.


PRIME UTILITIES: Bank Islam Withdraws Winding-Up Petition
---------------------------------------------------------
Prime Utilities Berhad disclosed in a regulatory filing that Bank
Islam Malaysia Berhad has withdrawn the winding-up petition
against LBCN Development Sdn Bhd, a major subsidiary of the
Company.

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

                           *     *     *

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


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


FIVE STAR: Liquidators Win First Court Action
---------------------------------------------
Fiona Rotherham at The Dominion Post reports that the liquidators
of Five Star Finance have won the first court action seeking to
recover money for investors after the firm's collapse owing
NZ$51.7 million in late 2007.

The Post relates that Five Star Finance applied for summary
judgment against Jeanne Williams, the wife of shadow director and
undischarged bankrupt Neill Williams after she illegally received
NZ$505,000 worth of payments from the company.  The 26 payments
were made over four years until the firm went under, the report
says.

According to the report, associate Judge Roger Bell described as
"ludicrous" Mrs. Williams' explanation that the payments related
to the sale of shares in another firm.

"The payments should be seen for what they are: her husband, at
the very least in some management role in the company, and Mr.
[Nicholas] Kirk, a director, have authorized payments to her
without any proper reason," the report quoted Judge Bell as
saying.

As such, Mr. Bell said, these payments are an improper diversion
of company funds to the wife of someone occupying some form of
managerial position, the Post notes.

"This is nothing less than misappropriation of company funds," Mr.
Bell said in a judgment.

The report says the summary judgment against Mrs. Williams
includes interest dating back to the first payment in July 2003,
taking the total amount to NZ$660,404.

                          About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.

At the start of the liquidation in June 2009 the shortfall of
assets to liabilities was NZ$51.7 million, according to The
Dominion Post.

The Post says joint liquidator Paul Sargison, of Gerry Rea &
Associates, said the firm's directors attributed the group's
failure to the economic crisis but his own appraisal is that Five
Star has been insolvent since no later than March 31, 2005.


GENEVA FINANCE: S&P Raises Long-Term Rating to 'CCC'
----------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term rating on New Zealand finance company Geneva Finance
Ltd. to 'CCC' from 'SD'.  At the same time, the insurer financial
strength rating on Geneva's captive insurer, Quest Insurance Group
Ltd., was raised to 'CCC' from 'CC', and removed from CreditWatch
Negative.  The outlook on both ratings is negative.

The upgrade on Geneva follows the company's success in securing
debenture investors' approval and banker support.  The 'CCC'
rating reflects S&P's view that the finance company has a marginal
liquidity position, which is expected to help it meet its
immediate principal and interest repayment in full and on time
under its new arrangement.  However, there is significant
uncertainty about Geneva's future liquidity position as the
company's liquidity still depends on favorable business,
financial, and economic conditions.  Moreover, Geneva needs to
remain prudent in its management of operating cash flows.  While
management has carefully overseen operations, cash flows, and
banker relationships since initially being placed into moratorium-
-and has compared favorably with other finance company peers that
were also placed in moratorium--a return to profitability is yet
to be proven.

The outlook is negative because Geneva's liquidity still depends
on yet-to-transpire favorable business, financial, and economic
conditions.  The rating may be lowered if there is a substantial
weakening in Geneva's asset quality such that it materially
diminishes its ability to meet its liquidity needs and maintain
its compliance with borrowing facility covenants.  The rating is
also likely to be lowered if Geneva's liquidity management plans,
which are delicately balanced, do not track as expected in the
next 12 months.  Critical to these plans is Geneva's ability to:
generate good operating earnings; raise new debenture funding; and
raise funding from asset sales.

The rating could be raised if there were a material and
sustainable improvement in Geneva's liquidity position.  Equally
pivotal to attaining a higher rating is the continued careful
management of its relationships with its bankers.


GENEVA FINANCE: S&P Downgrades Long-Term Rating to 'SD'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term rating on New Zealand finance company Geneva Finance
Ltd. to 'SD' from 'CC'.  At the same time the rating was removed
from CreditWatch Negative, where it was initially placed on
Feb. 22, 2010.

This rating action follows Geneva's announcement that it has
reached an agreement with its investors and BOS International,
under which all classes of investment maturities are to be
extended by about four years.  Under the revised agreement, the
debenture and subordinated note investors have opted to defer
approximately 30% of their currently scheduled principal
repayments, which Standard & Poor's would view as a selective
default.  However, Geneva will continue to pay interest each month
at the individual investor contracted interest rate.  In S&P's
view, this arrangement is considered a distressed exchange offer
and has resulted in a selective default under existing terms and
conditions between Geneva and its investors.  Under these
circumstances, the long-term rating on Geneva Finance is lowered
to 'SD'.

Now that this new arrangement is approved, S&P will review the
ratings on Geneva for the nature and extent of potential future
support from bankers.  S&P will also review management's ability
to manage its current and forecast operating cash flows and handle
negative asset quality pressures.  It is likely that the rating on
Geneva could be raised to the 'CCC' rating category from 'SD' but
with a negative outlook.


NLG INSURANCE: Fitch Affirms 'B' Insurer Financial Strength Rating
------------------------------------------------------------------
Fitch Ratings has affirmed New Zealand-based NLG Insurance
Limited's Insurer Financial Strength rating at 'B'.  The Outlook
is Stable.

On October 31, 2008, NLG Insurance ceased accepting new business
and was placed into run-off.  Subsequent to this announcement, NLG
Insurance was downgraded following a marked deterioration in its
financial profile as cash resources were moved to other entities
within the group.  While to-date the run-off has been in line with
expectations, Fitch notes that against a backdrop of tighter
margins in the retailing sector NLG Insurance remains dependant on
inter-company support from the retailing subsidiary of the group,
Noel Leeming Group Limited (NLG), to meet on-going financial
liabilities including its policyholder obligations.

Although the cash position at NLG Insurance has strengthened to
NZD0.2m during FY10 from NZD14k at FYE09, outside of a large
inter-company loan, the remaining tangible assets of NZD0.5m in
government bonds are held by the public trustee for the protection
of policyholders, and are not readily realizable.  Fitch considers
that an IFS rating of 'B' reflects the risks inherent in the
current structure, even though financial commitments continue to
be met on a timely basis.  While there is currently a limited
margin of safety, Fitch recognises that the short-term nature of
the portfolio will result in NLG Insurance moving off risk
relatively quickly over the coming 12 months, and entirely by the
end of November 2012.

The impact on NLG Insurance following the implementation of New
Zealand's new prudential regulatory and solvency framework, which
is due towards the end of 2010, is as yet unknown.  Under its most
onerous interpretation, NLG Insurance would most likely require a
significant level of additional capital.  However, following
discussions with management, Fitch is aware of alternative
strategies available to the company should dispensations from the
new regime not be granted.

NLG Insurance is a captive insurer that is wholly-owned by Noel
Leeming Holdings Limited.  NLH is also the holding company for
NLG, New Zealand's largest electrical appliance retailer with a
heritage in New Zealand dating back over 100 years, incorporating
89 stores spread throughout New Zealand.  NLG's turnover of around
NZD500m represents approximately 25% of the electrical goods
retail market.  NLG Insurance provided insurance cover to
customers of NLG that entered into hire purchase arrangements for
the purchase of goods.


NZ FARMING: Sells Land to Partially Pay NZ$18-Mln Debts
-------------------------------------------------------
The National Business Review reports that NZ Farming Systems
Uruguay will miss a deadline to pay an NZ$18 million performance
fee to PGG Wrightson -- but it will pay some.

The company was due to pay a performance fee due to cornerstone
shareholder PGG Wrightson of nearly NZ$18 million by the end of
March, the NBR says.

Chairman John Parker said in February that he was confident it
would be paid on time, but stopped short of guaranteeing it, the
report recalls.

"We owe it, it will be paid," Mr. Parker said then, according to
NBR.  "A fair lump should be paid by the due date and if not paid
by March 31 it will not be far afterwards."

According to the report, the cash-strapped company has since then
sold a 2,500 parcel of its Tobay farm in the east of Uruguay for
US$8.5 million.  Of that, US$5 million (NZ$7.1 million) will go
towards the PGGW debt.

Mr. Parker told NBR the focus of the company is to continue to
develop its dairy operations as quickly as possible.

Based in New Zealand, NZ Farming Systems Uruguay Limited (NZE:NZS)
-- http://www.nzfsu.co.nz/-- is engaged in developing and
operating dairy farming activities in Uruguay.  During the fiscal
year ended June 30, 2009 (fiscal 2009), it had 26 milking sheds in
operation. As of June 30, 2009, the Company's wholly owned
subsidiaries included Gimley S.A., Gabefox S.A., Lembay S.A.,
Ginok S.A., Gabegim S.A. and Dunkit S.A.


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


G STEEL: To Issue 8.84 Billion Shares to Swap for Debt
------------------------------------------------------
G Steel is proposing to issue 8.84 billion shares to swap for debt
and sell to new partners, Steel Guru reports.

The report relates G Steel said in its filing to the Stock
Exchange of Thailand that of the 8.84 million new shares, 3.18
million would be used to settle unsubordinated and unsecured
debentures worth US$170 million coming due this year.  The
remaining 5.66 million shares would go to clearing accounts
payable worth US$300 million, which are already payable.

G Steel CEO Ahap Garas said "The company is now in talks with all
the creditors to ask for coordination in restructuring its debts.
Mitsui is one that the company has negotiated with."  The final
result would depend on appropriate investors, he added.

According to the report, the unsecured creditors will be offered
to convert their debts into equity at THB1 apiece on the condition
that they cannot sell the G Steel shares within 30 days.  A trust
will be appointed to hold the converted shares for these
shareholders, the report says.  SteelGuru adds that in case the
market price of G Steel shares exceeds THB1, the company reserves
the right to buy the shares from them at THB1 each.

The report relates Mr. Garas said that "If the company can buy
back all the shares from creditors, it would not have any share
dilution effect."  He added that if the creditors agree with the
condition, the debt restructuring plan is expected to be completed
in the third quarter, the report notes.

                            About G Steel

Headquartered in Bangkok, G Steel Public Company Ltd --
http://www.g-steel.com/-- produces hot rolled coils (HRC) in
different grades and gauges.  G Steel is a stand-alone operating
entity with no related group companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 14, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on Thailand-based G Steel Public Co. Ltd
to 'D' from 'SD'.  The issue rating on the US$170 million senior
unsecured notes due Oct. 4, 2010, was also lowered to 'D' from
'C'.


                         *********

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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