TCRAP_Public/100408.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 8, 2010, Vol. 13, No. 068

                            Headlines



A U S T R A L I A

ANCORA PTY: Moody's Changes Outlook on 'Ba1' Rating to Stable
CB&M DESIGN: In Liquidation; Gets More Time to Refinance Debts


C H I N A

AGRICULTURAL BANK: Seeks Underwriting Proposals From 21 Banks
CHINA MILK: Ordered to Appoint Special Auditor Immediately


H O N G  K O N G

CITIZENS TRAVEL: Ordinary Creditors Get 8.35% Recovery on Claims
FEALTY INVESTMENTS: Court Enters Wind-Up Order
FREEWAY CHINA: Court Enters Wind-Up Order
HING YIP: Lai and Haughey Appointed as Liquidators
INFOSCIENCE HOLDINGS: Court Enters Wind-Up Order

IMMVIC LIMITED: Wong and Tsui Appointed as Liquidators
KINBERLY ENGINEERING: Court Enters Wind-Up Order
FOREFRONT MOTORS: Maund and Gasper Step Down as Liquidators
FORE LEADER: Court Enters Wind-Up Order
LING'S LINKAGE: Court Enters Wind-Up Order

MANIFAST LIMITED: Court Enters Wind-Up Order
S.G.S. PRODUCTS: Commences Wind-Up Proceedings
TRULY TOP: Members' and Creditors Final Meetings Set for April 30
UNI-ARTS (HK): Members' and Creditors Meetings Set for April 13
UNICREDIT ADVISORY: Creditors' Proofs of Debt Due April 22

WILMAX DEVELOPMENT: Ngan Lin Chun Steps Down as Liquidator


I N D I A

ADHUNIK INDUSTRIES: Fitch Upgrades National Rating From 'BB+'
ADI ISPAT: Delays in Loan Repayment Cues CRISIL Junk Ratings
ANNAPURNA EARCANAL: CRISIL Puts 'BB+' Rating on INR35MM Term Loan
BEC CHEMICALS: CRISIL Puts 'BB+' Rating on INR7.5MM LT Loan
CAPRICORN PLAZA: CRISIL Reaffirms 'BB' Rating on INR700MM LT Loan

DIAM STAR: CRISIL Reaffirms 'P4+' Ratings on Various Bank Debts
DIGAMBER CAPFIN: CRISIL Rates INR60 Million LT Loan at 'B+'
DYNAMIX CHAINS: CRISIL Assigns 'B-' INR378.5 Mil. Term Loans
EXICOM TELE-SYSTEMS: Fitch Assigns 'BB' National Long-Term Rating
FINE STAR: CRISIL Reaffirms 'P4' Rating on INR50MM Packing Credit

G.M. DALUI: CRISIL Assigns 'B/P4' Ratings on Various Bank Debts
GOLD STAR: CRISIL Reaffirms 'P4+' Ratings on Various Bank Debts
GOPAL GEMS: CRISIL Reaffirms 'P4' Rating on INR20MM Packing Credit
GHODAWAT FOODS: ICRA Assigns 'LBB+' Ratings on INR397.1MM LT Loan
KINGFISHER AIRLINES: Plans to Raise $100-Mil. by Selling GDRs

MOHIT DIAMONDS: CRISIL Reaffirms 'P4' Ratings on Various Debts
OMAXE INFRASTRUCTURE: ICRA Rates INR100MM Bank Debts at 'LBB-'
OSWAL AGRICOMM: ICRA Assigns 'LBB-' Rating on INR.60MM Term Loans
S RASIKLAL: CRISIL Reaffirms 'P4' Ratings on Various Bank Debts
SATIA INDUSTRIES: Delays in Loan Payment Cues CRISIL 'D' Ratings

SAY INDIA: CRISIL Reaffirms 'P4' Ratings on Various Bank Debts
SHARAD CONSTRUCTIONS: Fitch Assigns 'BB' National Long-Term Rating
SHIVAM DHATU: CRISIL Assigns 'BB-' Rating on INR190MM Term Loan
VAISHALI EXPORTS: CRISIL Reaffirms 'P4' Ratings on INR129M Loan
VARNI GEMS: CRISIL Reaffirms 'P4+' Ratings on INR120MM Bank Debts

YASH JEWELLERY: Delays in Loan Payment Cues CRISIL 'B-' Rating


I N D O N E S I A

BAKRIE & BROTHERS: 2009 Net Loss Narrows to IDR1.63 Trillion


J A P A N

HITACHI LTD: To Pursue International Mergers & Acquisitions
JAPAN GENERAL: JCR Withdraws 'D' Ratings on Senior Debts
OGAKI KYORITSU: Moody's Upgrades Credit Assessment From 'Ba1'
ORIX-NRL TRUST: S&P Raises Ratings on Various Classes of Notes
PACIFIC HOLDINGS: JCR Withdraws 'D' Ratings on Senior Debts, Bonds


K O R E A

DAEWOO MOTOR: To Enter Into Out-of-Court Debt Restructuring
SSANGYONG MOTOR: Sells 5,724 Vehicle in March 2010


N E W  Z E A L A N D

NZ WINDFARMS: Shareholders Approve Increased Vector Stake
PENINSULA ROAD: Placed in Liquidation; Owes More Than NZ$100 Mil.
RICCARTON CONSTRUCTION: Must Pay Deposit or Face Liquidation


S I N G A P O R E

ADC TELECOMMUNICATIONS: Creditors' Proofs of Debt Due May 5
CAELUS SHIPPING: Creditors' Proofs of Debt Due May 5
HOCK HIN: Court to Hear Wind-Up Petition on April 16
STAR CELLARS: Creditors' Meetings Set for April 15
TRAVELITE HOLDINGS: Gives Update on Wind-up Petition Against Unit


UNITED OVERSEAS: Court to Hear Wind-Up Petition on April 16


X X X X X X X X

CELLUCOM LLC: Faces Liquidation; Shuts Down Stores





                         - - - - -


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


ANCORA PTY: Moody's Changes Outlook on 'Ba1' Rating to Stable
-------------------------------------------------------------
Moody's Investors Service has revised the outlook on the Baa2
senior secured ratings and the Ba1 subordinated debt ratings of
Ancora Pty Limited to stable from developing.  Ancora is the
financing company for the Royal Children's Hospital public private
partnership project.

Ancora's rating is linked to the credit quality of Lend Lease
Corporation (Baa3/stable) whose subsidiary -- Bovis Lend Lease --
is building the new Royal Children's Hospital on Ancora's behalf.
Lend Lease is providing credit support through a parent guarantee.
As such, the credit quality of Lend Lease is a key factor in
Ancora's rating.

"The revision in Ancora's rating outlook follows a similar rating
action whereby the outlook on Lend Lease Corporation's Baa3 rating
was changed to stable from developing" says Paul Ovnerud-Potter, a
Moody's Vice President/Senior Analyst.

Ancora is the funding vehicle for Children's Health Partnership
Pty Ltd, which is undertaking the Royal Children's Hospital
Project in Melbourne, Australia, under a PPP with the State of
Victoria (rated Aaa, stable outlook).  The Project is over two
years into a four year construction program to complete the first
stage, which involves the main Hospital buildings.

The last rating action taken with respect to the underlying
ratings of Ancora was on February 26, 2010, when Moody's confirmed
the Baa2 senior secured and Ba1 subordinated ratings and changed
the outlook to developing.


CB&M DESIGN: In Liquidation; Gets More Time to Refinance Debts
--------------------------------------------------------------
The liquidator of cb&m Design Solutions will give the company time
to refinance its debts before it sells off assets, Rachel Williams
at The Tasmania Examiner reports.

The report says that cb&m owes up to AU$500,000 to creditors.  Its
largest, QBE Insurance, is instigating legal action in the NSW
Supreme Court for the company to be wound up, the report notes.

According to the report, liquidator Mark Roufeil of PPB said the
precise amount of money owed was yet to be determined.

"We will take control of the assets and sell them, and if we can
achieve a sale as a going concern that would be good," the
Examiner quoted Mr. Roufeil as saying.

"Various parties have expressed an interest in trying to take over
the company's operations so we will start checking if that is a
realistic option.  But if we can't, we will wind it up and sell
its assets piecemeal," Mr. Roufeil added.

Mr. Roufeil said he would give cb&m a chance to refinance before a
decision was made, with cb&m managing director John Dingemanse
confident that recapitalization to cover debts and provide working
capital would occur this week.

The Supreme Court of NSW in Sydney appointed Mark Roufeil, of PPB
Pty Ltd, as the company's liquidator on March 31.

John Dingemanse, the company's director, told The Tasmania
Examiner that the company was one part of the CBM Sustainability
Group - and that the rest of the group, which has offices in
Launceston, Bendigo and Melbourne, was secure.

cb&m employs 45 people in the design solutions component of its
business and plans to offer affected workers employment in
different cb&m companies, the report notes.


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


AGRICULTURAL BANK: Seeks Underwriting Proposals From 21 Banks
-------------------------------------------------------------
Agricultural Bank of China Ltd. asked 21 investment banks to
submit proposals to manage a planned initial public offering that
could raise more than US$20 billion, The Wall Street Journal
reports citing people familiar with the deal.

The Journal's sources said they haven't been told when
Agricultural Bank will list, but listings in both Shanghai and
Hong Kong are likely this year.

The Financial Times reports that Brian Moynihan, chief executive
of Bank of America Merrill Lynch, and John Mack, chairman of
Morgan Stanley, were among bankers who visited Beijing in recent
weeks and met senior Agricultural Bank executives to discuss the
company's IPO.  They also met other officials connected to rival
Chinese banks' capital raising plans, the FT notes.

According to the FT, Chinese media reports and analysts suggest
Goldman Sachs and UBS are frontrunners for the Hong Kong
underwriting mandate, while the Chinese firms Citic Securities and
CICC are tipped for Shanghai.

China Daily had earlier reported that the bank intends to raise up
to CNY150 billion through an IPO as early as this month.

Agricultural Bank has weaker capital ratios than its three largest
domestic rivals even after getting US$19 billion from the
government in October 2008, potentially making it less attractive
to equity investors, according to Bloomberg News.

Agricultural Bank of China -- http://www.abchina.com/-- one of
China's largest state-owned commercial banks, specializes in
financing and providing services to agricultural, industrial,
commercial, and transportation enterprises in rural areas.  The
bank also offers personal banking, credit cards, and foreign
exchange services.  Founded in 1951, ABC operates approximately
31,000 branches and banking offices, as well as more than 30
provincial-level offices, serving every county in China.  Overseas
it operates branches in Hong Kong and Singapore, and
representative offices in London, New York, and Tokyo.

                           *     *     *

Agricultural Bank of China continues to carry Moody's BFSR 'E+'
rating and Fitch's "E" Individual Rating.


CHINA MILK: Ordered to Appoint Special Auditor Immediately
----------------------------------------------------------
The Singapore Exchange has directed China Milk Products Group to
appoint a Special Auditor immediately to investigate the affairs
of the company, according to the ChannelNews Asia.  The Special
Auditor will report to the China Milk's Audit Committee and SGX
directly.

According to the report, the order was given because China Milk
has failed to release the findings of a cash audit that it was
instructed to do earlier this year.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2010, Bloomberg News said that China Milk Products is
defaulting on some repayment obligations because it hasn't enough
money outside China to pay for early redemption of its bonds.

China Milk said in a Feb. 12 filing with Singapore's stock
exchange that the company was exploring different options with a
view to meeting its funding requirements.  The notes are China
Milk's $150 million of zero coupon convertible bonds due 2012 and
issued in January 2007, according to Bloomberg.

China Milk now said that as a result of the default, the company
can't pay its liabilities as and when they fall due, and its
"ability to operate as a going concern may be in doubt," Bloomberg
relates.

Bloomberg recalled China Milk said Jan. 5 it had received "valid
put exercise notices" from holders of about $146 million of the
notes and was "awaiting clearance" from China for the remittance
of $170.56 million so it could make the required payments.  The
delay was "administrative and procedural in nature," China Milk
said at the time.

The company, whose shares were suspended on Feb. 9, said on
Feb. 12 it was seeking to delay the release of its third-quarter
and nine-month financial results, Bloomberg noted.

According to ChannelNews Asia, SGX then directed the company to
conduct a cash audit to obtain greater transparency with regard to
its circumstances and the possible implications for its ability to
continue as a going concern.

ChannelNews Asia relates that the company was directed to announce
the findings by March 15 but has failed to do so despite repeated
reminders.  It has also not presented its interim financial
statements for the quarter ended December 31, 2009, despite a
seven-week time extension which expires on April 5.

                          About China Milk

China Milk Products Group Limited --
http://www.chinamilkgroup.com/-- is an investment holding
company.  The Company, through Daqing Yinlou Dairy Co., Ltd.
(Yinlou) is engaged in the production of pedigree bull semen,
dairy cow embryos and raw milk in the People's Republic of China.
As at March 31, 2009, the Company had a total herd size of 21,820,
which includes Holsteins of Canadian, Australian and Chinese
origins. The wholly owned subsidiaries of the Company are Cattan
Holdings Corp. (Cattan), which is an investment holding company
and Yinlou, which is engaged in dairy farm operations, including
sale of dairy livestock's agricultural produce.


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


CITIZENS TRAVEL: Ordinary Creditors Get 8.35% Recovery on Claims
----------------------------------------------------------------
Citizens Travel Agency Limited paid the first and final
preferential and ordinary dividend to its creditors on April 1,
2010.

The company paid 100% for preferential and 8.35% for ordinary
claims.

The company's liquidator is:

          Mat Ng
          c/o John Lees Associates
          20/F Henley Building
          5 Queen's Road
          Hong Kong


FEALTY INVESTMENTS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on March 24, 2010, to
wind up the operations of Fealty Investments Company Limited.

The official receiver is E T O'Connell.


FREEWAY CHINA: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on March 24, 2010, to
wind up the operations of Freeway China Limited.

The official receiver is E T O'Connell.


HING YIP: Lai and Haughey Appointed as Liquidators
--------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey on March 23, 2010, were
appointed as liquidators of Hing Yip Holdings (Hong Kong) Limited.

The liquidators may be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


INFOSCIENCE HOLDINGS: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on March 24, 2010, to
wind up the operations of Infoscience Holdings Limited.

The official receiver is E T O'Connell.


IMMVIC LIMITED: Wong and Tsui Appointed as Liquidators
------------------------------------------------------
Wong Sun Keung and Tsui Mei Yuk Janice on March 5, 2010, were
appointed as liquidators of Immvic Limited.

The liquidators may be reached at:

         Wong Sun Keung
         Tsui Mei Yuk Janice
         Unit 4, 20/F
         Far East Consortium Building
         121 Des Voeux Road
         Central, Hong Kong


KINBERLY ENGINEERING: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on January 11, 2010,
to wind up the operations of Kinberly Engineering Company Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


FOREFRONT MOTORS: Maund and Gasper Step Down as Liquidators
-----------------------------------------------------------
David Giles Maund and Femando Gaspar stepped down as liquidators
of Forefront Motors (Hong Kong) Limited on March 16, 2010.


FORE LEADER: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on January 8, 2010,
to wind up the operations of Fore Leader Limited.

The company's liquidators are Wong Sun Keung and Tsui Mei Yuk
Janice.


LING'S LINKAGE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on March 24, 2010, to
wind up the operations of Ling's Linkage Limited.

The official receiver is E T O'Connell.


MANIFAST LIMITED: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on March 24, 2010, to
wind up the operations of Manifast Limited.

The official receiver is E T O'Connell.


S.G.S. PRODUCTS: Commences Wind-Up Proceedings
----------------------------------------------
Members of S.G.S. Products Limited, on March 25, 2010, passed a
resolution to voluntarily wind-up the company's operations.

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


TRULY TOP: Members' and Creditors Final Meetings Set for April 30
-----------------------------------------------------------------
Members and creditors of Truly Top Limited will hold Separate
meetings on April 30, 2010, at 10:00 a.m., and 10:30 a.m.,
respectively at the Unit 803, 8/F., Shanghai Industrial Investment
Building, 48-62 Hennessy Road, Wanchai, in Hong Kong.  The
meetings will be the final for the company's members and
creditors.

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


UNI-ARTS (HK): Members' and Creditors Meetings Set for April 13
---------------------------------------------------------------
Members and creditors of Uni-Arts (Hong Kong) Limited will hold
their annual meetings on April 13, 2010, at 10:00 a.m., and 10:30
a.m., respectively at the 29/F, Caroline Centre, Lee Gardens Tow,
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.


UNICREDIT ADVISORY: Creditors' Proofs of Debt Due April 22
----------------------------------------------------------
Unicredit Advisory Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by April 22, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 24, 2010

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


WILMAX DEVELOPMENT: Ngan Lin Chun Steps Down as Liquidator
----------------------------------------------------------
Ngan Lin Chun stepped down as liquidator of Wilmax Development
Limited on March 22, 2010.


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I N D I A
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ADHUNIK INDUSTRIES: Fitch Upgrades National Rating From 'BB+'
-------------------------------------------------------------
Fitch Ratings has upgraded India's Adhunik Industries Limited's
(ratings were formerly assigned to Adhunik Ispat Ltd) National
Long-term rating to 'BBB-(ind)' from 'BB+(ind)', and the National
Short-term rating to 'F3(ind)' from 'F4(ind)'.  The Outlook is
Stable.  AIL's bank loans limits have also been upgraded:

  -- Outstanding Long-term loans of INR51.5 million (previously
     INR74.84 million) upgraded to 'BBB-(ind)' from 'BB+(ind)';

  -- Sanctioned fund-based limits of INR450.0 million upgraded to
     'BBB-(ind)' from 'BB+(ind)'; and

  -- Sanctioned non-fund-based limits of INR339.0m upgraded to
     'F3(ind)' from 'F4(ind)'.

The upgrades reflect the improvement in AIL's credit metrics - net
debt/EBITDA has fallen to 2.17x in FY09 (FY08: 2.94x), while
interest coverage has increased to 3.29x in FY09 (FY08: 2.97x).
Also, AIL's EBITDA margins have improved over last three years
FY07-FY09 to 6.7% in FY09 (FY07: 4.96%), on the back of a
continuous growth in revenues.  During the nine-month period to
end-December 2009, EBITDA margins improved to 7.24% and interest
coverage to 4.05x.  In FY09 Adhunik Ispat merged with Bhagwati
Resources Limited, and the combined entity was renamed AIL.

AIL's ratings are constrained by volatility in raw material prices
due to the absence of captive backward integration.  However, the
agency notes that this is partly mitigated by the easy
availability of raw materials from its group companies.

A positive rating factor would be a sustained increase in revenue,
along with maintenance of its EBITDA margin at the current levels.
Conversely, any pressure on EBIDTA margins and/or any major debt-
funded capex, resulting in deteriorating net debt/EBITDA beyond
3.0x on a sustained basis would be ratings negative.

AIL's total revenues increased in FY09 by 13.97% to
INR3957.02 million.  Total debt as at FYE09 was INR599.06 million
(FY08: INR574.68 million), which is made up of term loans of
INR68.16 million, working capital debt of INR489.17 million and
unsecured loans from group companies of INR41.73 million.  Free
cash flow was negative INR135.34 million in FY09 (FY08: negative
INR43.09.4 million) due to an increase in working capital.


ADI ISPAT: Delays in Loan Repayment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has downgraded its rating on Adi Ispat Pvt Ltd's (Adi
Ispat's) long-term bank facilities to 'C' from 'B+/Negative'.

   Facilities                       Ratings
   ----------                       -------
   INR105 Million Term Loans        C (Downgraded from
                                       'B+/Negative')
   INR84.5 Million Cash Credit      C (Downgraded from
                                       'B+/Negative')
   INR20 Million Letter of Credit   P4 (Reaffirmed)
               and Bank Guarantee

The downgrade reflects instances of delays in debt servicing by
Adi Ispat in the recent past; the delays were caused by weak
liquidity.  The rating continues to reflect Adi Ispat's weak
financial risk profile, and susceptibility to cyclicality in the
steel industry.  These weaknesses are partially offset by Adi
Ispat's moderate business risk profile backed by benefits derived
from its promoters' experience in the iron and steel industry.
CRISIL has reaffirmed its rating on the short-term facilities of
the company at 'P4'.

                          About Adi Ispat

Adi Ispat was set up by Mr. Ashok Kumar Sarawgi and his sons in
2004. Mr. Sarawgi has more than three decades of experience in the
iron and steel industry.  Adi Ispat has two induction furnaces
with annual capacities of 18,000 tonnes each, and one 96,000-tonne
per annum-capacity rolling mill.  The first induction furnace
began operations in September 2007, and the second in November
2008. The rolling mill commences operations in January 2010, after
a delay of six months.

Adi Ispat reported a profit after tax (PAT) of INR0.7 million on
net sales of INR144 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.3 million on net sales
of INR55 million for 2007-08.


ANNAPURNA EARCANAL: CRISIL Puts 'BB+' Rating on INR35MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Annapurna
Earcanal Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR45 Million Cash Credit        BB+/Stable (Assigned)
   INR35 Million Term Loan          BB+/Stable (Assigned)
   INR40 Million Letter of Credit   P4+ (Assigned)
   INR5 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect AEL's average financial risk profile, which is
constrained by the company's large working capital requirements,
and its susceptibility to cyclicality in the economy.  These
rating weaknesses are partially offset by the benefits that AEL
derives from its promoters' industry experience and its strong
presence in the roll-bond evaporator domain.

Outlook: Stable

CRISIL believes that AEL will continue to benefit from its
established relationships with its customers and the extensive
experience of its promoters over the medium term.  The outlook may
be revised to 'Positive' if the company improves its scale of
operations and diversifies its revenue profile.  Conversely, the
outlook may be revised to 'Negative' if the company's revenues and
profitability decline because of economic slowdown or
deterioration in receivables collection, or if the company
undertakes a large, debt-funded capital expenditure programme.

                      About Annapurna Earcanal

Incorporated in 1999, AEL manufactures roll-bound evaporators that
are used in direct-cooling refrigeration systems.  AEL has
capacity to manufacture 3.5 million units per annum.

AEL reported a profit after tax (PAT) of INR3.50 million on net
sales of INR413.5 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR13.80 million on net
sales of INR538 million for 2007-08.


BEC CHEMICALS: CRISIL Puts 'BB+' Rating on INR7.5MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of BEC Chemicals Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR7.5 Million Long-Term Loan    BB+/Stable (Assigned)
   INR45 Million Bill Discounting   P4+ (Assigned)
   INR50 Million Letter of Credit   P4+ (Assigned)
   INR2.5 Million Bank Guarantee    P4+ (Assigned)

The rating reflects BEC's product and customer concentration in
revenue profile, and small scale of operations.  These rating
weaknesses are partially offset by the company's healthy operating
margin, and long-standing relationships with customers.

Outlook: Stable

CRISIL believes that BEC will maintain its business risk profile
on the back of established relationships with customers, over the
medium term.  The outlook could be revised to 'Positive' if the
company strengthens its capitalization, while diversifying its
product and customer base.  Conversely, the outlook could be
revised to 'Negative' if the company's capital structure
deteriorates, or if there is sustained decline in its margins.

                        About BEC Chemicals

Established in 1979 by Mr. Dinesh Shah, Mr. M T Shah and Mr. C T
Shah, BEC is engaged in the manufacture of bulk drugs, and
intermediates for the pharmaceutical industry.  Prior to this
business, the promoters were engaged in engineering and
fabrication business.  BEC is a manufacturer for formulations
companies globally.  These companies approach BEC to manufacture
active pharmaceutical ingredient/intermediate.  BEC develops the
product in India, and once the product has been approved by the
client and by the regulators from the client's country, commercial
supplies to the client commence.  BEC is a 100% export-oriented
unit.

BEC reported a profit after tax (PAT) of INR7.4 million on net
sales of INR22 million for 2008-09 (refers to financial year,
April 1 to March 31), against a net loss of INR3.3 million on net
sales of INR10 million in 2007-08.


CAPRICORN PLAZA: CRISIL Reaffirms 'BB' Rating on INR700MM LT Loan
-----------------------------------------------------------------
CRISIL's ratings on Capricorn Plaza Pvt Ltd's bank facilities
continue to reflect Capricorn Plaza's exposure to risks relating
to implementation of its four-star hotel project and generation of
adequate revenues from the hotel's operations.  These rating
weaknesses are partially offset by the benefits that Capricorn
Plaza derives from its experienced management team and tie-up with
Marriott International Inc.

   Facilities                          Ratings
   ----------                          -------
   INR700.0 Million Long Term Loan *   BB/Stable (Reaffirmed)

   * includes sub-limit of Rs 200.0 Million for Letter of Credit

Outlook: Stable

CRISIL believes that Capricorn Plaza will derive benefits from its
promoters' extensive experience, and tie-up with Marriott
International Inc.  Though the construction of the hotel is
expected to be delayed by about six months, the company has
rescheduled its term loan installments; also no cost-overrun is
expected.  The outlook may be revised to 'Negative' if the project
faces further delay, or the company is unable to generate stable
accruals from operations, impacting its debt repayment ability.
Conversely, the outlook may be revised to 'Positive if the company
completes the project without any further time or cost overruns,
and generate stable accruals from operations.

                        About Capricorn Plaza

Capricorn Plaza is a joint venture (JV) between Advantage Raheja
group (23.75%), the Capricorn group (47.5%), Mr. Vijay Raheja
(23.75%) and Mr. Berjis Desai (5%).  The company is incorporated
with the objective to own, and manage hotels, food courts, malls,
and multiplexes.  Currently, the company is constructing a four-
star hotel at Sasoon Road, Pune (Maharashtra).  The company has
tied up with Marriott International Inc for managing the
operations of the hotel, which will be branded as 'Courtyard'.
The hotel will have 179 rooms comprising 118 king standard deluxe
rooms, 39 double standard deluxe rooms, 7 king deluxe rooms, 7
executive suite rooms, 8 junior suite rooms . The hotel will also
have two restaurants, a coffee shop and a banquet.

The total cost of the project is estimated at around INR1.07
billion and will be funded with a debt to equity ratio of 2:1. The
hotel is now expected to be opened by July 2010.


DIAM STAR: CRISIL Reaffirms 'P4+' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Diam Star Jewellery (I)
Pvt Ltd, part of the Goldstar group, continues to reflect the
group's average financial risk profile.

   Facilities                             Ratings
   ----------                             -------
   INR260 Million Export Packing Credit   P4+ (Reaffirmed)
   INR170 Million Post-Shipment Credit    P4+ (Reaffirmed)
   INR130 Million Standby Letter of       P4+ (Reaffirmed)
     Credit and Bank Guarantee

The rating also factors in the group's exposure to probability of
lengthening in the company's debtor cycle, as the revival in the
US and UK market is slow.  These weaknesses are partially offset
by the group's established position in the gems and jewellery
business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Goldstar Diamonds Pvt Ltd, Goldstar
Jewellery Ltd, Goldstar Jewellery Designs Pvt Ltd and Diam Star,
collectively referred to as the Goldstar group.  This is because
these entities are under a common management, have inter-company
transactions, and have operational linkages with each other.

                           About the Group

Set up by Mr. Satish Shah in 1996, the Goldstar group trades in
diamonds and manufactures gold jewellery. The diamond business is
looked after by GSDPL, the flagship company of the group, which
has manufacturing facilities in Surat and Mumbai. The company is a
Diamond Trading Corporation sight holder, and supplies mostly to
its group companies engaged in the gold jewellery business,
besides to clients in the US, Belgium, Dubai, and Hong Kong. The
gold jewellery business is carried on through GJL, GJDPL, and
DJPL.

For 2008-09 (refers to financial year, April 1 to March 31), the
Gold Star group reported a net loss of INR210 million on net sales
of INR4.8 billion, against a profit after tax of INR112 million on
net sales of INR6.6 billion for 2007-08.


DIGAMBER CAPFIN: CRISIL Rates INR60 Million LT Loan at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term bank
loan facility of Digamber Capfin Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR60 Million Long-Term Bank Loan   B+/Stable (Assigned)
          Facility

The rating reflects DCL's very small presence in the microfinance
business with regional concentration of operations, modest
financial risk profile, and exposure to risks inherent in the
microfinance industry.  These rating weaknesses are partially
offset by the company's sound asset quality.

Outlook: Stable

CRISIL expects DCL to benefit from the growth opportunities in the
microfinance sector.  However, given DCL's limited experience in
the sector, its ability to grow its business and accordingly scale
up its systems and processes to manage asset quality and operating
expenses, needs to be demonstrated.  The outlook could be revised
to 'Positive' if DCL exhibits sustained profitable growth without
compromising on its asset quality. Conversely, the outlook could
be revised to 'Negative' if DCL is unable to raise adequate
resources to fund its planned growth or is not able to maintain
its asset quality and profitability as it expands its operations.

                       About Digamber Capfin

Incorporated in 1995, DCL is a non-deposit-taking non-banking
financial company (NBFC-ND) registered with the Reserve Bank of
India. DCL lends to joint-liability groups (JLGs) and provides
top-up loans to clients in and around a few districts in Jaipur.
It entered into the microfinance business in 2007, prior to which
it was involved in two-wheeler financing. As on February 28, 2010,
DCL had a borrower base of 9920 members across eight branches in
four districts of Rajasthan.

For 2008-09 (refers to financial year, April 1 to March 31), DCL
reported a profit after tax (PAT) of INR0.5 million on a total
income of INR10.8 million, against a PAT of INR0.5 million on a
total income of INR9.8 million for the corresponding period of the
previous year. For the nine months ended December 31, 2009, the
company's net profit was INR0.4 million on a total income of
INR9.4 million.


DYNAMIX CHAINS: CRISIL Assigns 'B-' INR378.5 Mil. Term Loans
------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Dynamix Chains Manufacturing Pvt Ltd, part of the
Dynamix group.

   Facilities                          Ratings
   ----------                          -------
   INR378.5 Million Term Loans         B-/Stable (Assigned)
   INR100.00 Million Packing Credit*   P4 (Assigned)
   INR200.00 Million Post Shipment     P4 (Assigned)
        Credit*
   INR50.00 Million Standby Letter     P4 (Assigned)
     of Credit and Bank Guarantee

   *  Fully interchangeable

The ratings are constrained by delays in repayment of term loan
obligations by a group company, Rolly Jewellery Pvt Ltd.  The
ratings also factor in the Dynamix group's weak financial risk
profile, marked by high gearing and poor debt protection metrics,
its working-capital-intensive operations, and exposure to risks
related to geographic concentration in its revenue profile.  These
weaknesses are partially offset by the Dynamix group's moderate
market position in the jewellery industry, and the benefits that
it derives from its sound manufacturing facilities.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Dynamix Chains, SAY India Jewellers Pvt
Ltd, Lily Jewellery Pvt Ltd, Yash Jewellery Pvt Ltd, Rolly
Jewellery Pvt Ltd, Dania Oro Jewellery Pvt Ltd, Jewel America Inc
and Barjon Inc.  This is because these entities, collectively
referred to as the Dynamix group, are under a common promoter
group, in the same line of business, and have operational
synergies and fungible cash flows among them.

Outlook: Stable

CRISIL believes that the Dynamix group will continue to benefit
from its sound manufacturing facilities and reputed customer base.
The outlook may be revised to 'Positive' if there is significant
improvement in the group's financial risk profile because of
healthy cash accruals and profitability, and if the group
companies demonstrate a track record of timely repayment of debt
obligations.  Conversely, the outlook may be revised to 'Negative'
if the group's financial risk profile deteriorates because of
continued losses in Jewel America, or if the group undertakes any
large, debt-funded capital expenditure program.

                          About the Group

The Dynamix group of companies, engaged in the manufacture of
jewellery, is promoted by Mr. Pramod Goenka. The group
manufactures gold, silver, and diamond-studded jewellery, which is
mainly exported to countries such as the US and the UK.

Set up in October 2007, Dynamix Chains manufactures specialized
chains and pendants, which are exported to the US. SAY India,
Lily, Dania Oro and Yash (set up in May 1995, February 2004,
February 2006, and November 2006, respectively), export diamond-
studded gold jewellery, while Rolly (established in January 2005)
exports light-weight electro-form jewellery. Jewel America, a
leading jewellery wholesaler in the US, was acquired by the group
in February 2009.

Dynamix Chains reported a profit after tax PAT of INR40 million on
net sales of INR667 million for 2008-09 (refers to financial year,
April 1 to March 31).


EXICOM TELE-SYSTEMS: Fitch Assigns 'BB' National Long-Term Rating
-----------------------------------------------------------------
Fitch Ratings has assigned India's Exicom Tele-Systems Limited a
National Long-term rating of 'BB(ind)'.  The Outlook is Stable.
Fitch has also assigned ratings of 'BB(ind)/F4(ind)' to the
company's fund-based limits of INR100 million and a 'F4(ind)'
rating to its non-fund-based limits of INR300 million.

The ratings reflect Exicom's long-standing relationship with
Public Sector Undertakings, such as Bharat Sanchar Nigam Ltd. and
Mahanagar Telephone Nigam Ltd., an improvement in EBITDA margins
(FY09: 17.6%; FY07: 2.9%) given an increased focus on high-margin
products, and its negative net debt position during FY06-FY09.
Fitch notes that though the company has moderate capex plans in
the medium-term, gross financial leverage (total adjusted debt/
operating EBITDA) is expected to remain low.

Exicom's ratings are constrained by its small scale of operations
- FY09 revenues were INR1049 million, up from INR704.2 million in
FY08.  The company also faces customer concentration risk; 70% of
its FY09 revenues are derived from two major customers, namely
BSNL and MTNL.  Its orders are tender-driven, hence exposing it to
cyclicality of its orders.  Further there are shareholdings and
operational linkages with related companies, including HFCL
Infotel Ltd. and HTL Ltd., which have negative tangible net worth
due to accumulated losses.  Fitch notes that that the promoters
are not common between these companies but they are related.

Negative ratings triggers would include significant debt-led
capex, or a fall in profitability, leading to increase financial
leverage on a sustained basis.

Exicom is a manufacturer of Switch Mode Power Plants, telephones
and Integrated Telecom Power Units.  Free cash flow has remained
negative in the past three years due to high working capital
requirements.  Interest coverage has remained high at 35.2x in
FY09 (FY08: 17.9x).

According to its results for the nine-month period to end-December
2009, Exicom achieved revenues of INR781.4 million
(INR715.5 million in 9MFY09) and EBITDA margins at 20.9% (22% in
9M FY09).


FINE STAR: CRISIL Reaffirms 'P4' Rating on INR50MM Packing Credit
-----------------------------------------------------------------
CRISIL's rating on the packing and post-shipment credit facilities
of Fine Star Diamonds continue to reflect FSD's average gearing,
small net worth and scale of operations, large working capital
requirements, and supplier concentration in revenue profile.
These weaknesses are partially offset by the benefits that the
firm derives from its promoters' experience in the diamond
manufacturing and trading business.

   Facilities                          Ratings
   ----------                          -------
   INR50.0 Million Packing Credit      P4 (Reaffirmed)
         and Post-Shipment Credit

FSD is a proprietorship firm managed by Mr. Vinod Kumar Jain in
his capacity as the karta of a Hindu Undivided Family (HUF).  It
is engaged in trading in, and manufacturing, cut and polished
diamonds.

FSD reported a net loss of INR22 million on net sales of INR742
million for 2008-09 (refers to financial year, April 1 to
March 31), against a net profit of INR6 million and INR299
million, respectively, for 2007-08.


G.M. DALUI: CRISIL Assigns 'B/P4' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of GM Dalui & Sons Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR50.0 Million Cash Credit        B/Stable (Assigned)
   INR35.0 Million Proposed Long      B/Stable (Assigned)
           Term Facility
   INR20.0 Million Letter of Credit   P4 (Assigned)
   INR25.0 Million Bank Guarantee     P4 (Assigned)
   INR20.0 Million Bill Discounting   P4 (Assigned)

The ratings reflect GMDPL's weak financial risk profile, marked by
poor debt protection metrics and small net worth, and
susceptibility of its operating margin to fluctuations in raw
material prices.  These weaknesses are partially offset by GMDPL's
established relationships with customers and diverse end-user
industry base.

Outlook: Stable

CRISIL believes that GMDPL will continue to benefit from its
established customer base and promoters' extensive experience in
the valves industry, and maintain its healthy order book position,
over the medium term.  The outlook may be revised to 'Positive' in
case of more-than-expected growth in the company's revenue and
profitability backed by improvement in order book, resulting in
further improvement in its financial risk profile.  Conversely,
the outlook may be revised to 'Negative' in case of lesser-than-
expected demand for GMDPL's products, or significant increase in
raw material prices, which can result in lower-than-expected
profitability, or if the company undertakes a large debt-funded
capital expenditure program, leading to deterioration in its
financial risk profile.

                           About GM Dalui

GMDPL was originally set up and registered in 1975 as a
partnership firm by Mr. Nirmal Kumar Dalui and his family members,
based in Howrah (West Bengal).  In 2005, the family incorporated a
private limited company, GMDPL, to take over the existing business
of the partnership firm; GMDPL took over the business from
April 1, 2008.  The family is also part owner of Bhagya Lakshmi
Iron Foundry operating from Baltikuri, Kolkata. GMDPL manufactures
all kinds of valves for water, oil, air, and gas service
applications.  The product range includes sluice valves, gate
valves, non-return valves, butterfly valves, and air valves.

For 2008-09 (refers to financial year, April 1 to March 31), GMDPL
reported a profit after tax (PAT) of INR0.4 million on net sales
of INR160.8 million, against a PAT of INR1.3 million on net sales
of INR110.3 million for 2007-08.


GOLD STAR: CRISIL Reaffirms 'P4+' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Gold Star Jewellery
Design Ltd, part of the Gold Star group, continues to reflect the
Gold Star group's average financial risk profile and exposure to
risks related to lengthening of its debtor cycle due to
vulnerability to the demand scenario in the US and UK markets.
These weaknesses are partially offset by the group's established
position in the gems and jewellery business.

   Facilities                       Ratings
   ----------                       -------
   INR340 Million Packing Credit    P4+ (Reaffirmed)
   INR130 Million Post-Shipment     P4+ (Reaffirmed)
                         Credit
   INR100 Million Standby Letter    P4+ (Reaffirmed)
                      of Credit
   INR50 Million Bank Guarantee     P4+ (Reaffirmed)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GJDPL, Gold Star Diamonds Pvt Ltd, Gold
Star Jewellery Ltd, and Diamstar Jewellery (I) Pvt Ltd.  This is
because these entities, collectively referred to as the Gold Star
group, are under a common management, have intra-group
transactions, and derive operational synergies from each other.

                           About the Group

Set up by Mr. Satish Shah in 1996, the Gold Star group trades in
diamonds and manufactures gold jewellery.  The diamond business is
looked after by GSDPL, the flagship company of the group, which
has manufacturing facilities at Surat and Mumbai.  The company is
a Diamond Trading Company (DTC) sightholder and supplies mostly to
group companies engaged in the gold jewellery business, besides
clients in the US, Belgium, Dubai, and Hong Kong.  The gold
jewellery business is carried on through GJL, GJDPL, and DJPL,
which cater to the export market.

The Gold Star group reported a net loss of INR210 million on net
sales of INR4.8 billion for 2008-09 (refers to financial year,
April 1 to March 31), against a profit after tax of INR112 million
on net sales of INR6.6 billion for 2007-08.


GOPAL GEMS: CRISIL Reaffirms 'P4' Rating on INR20MM Packing Credit
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Gopal Gems continues to
reflect Gopal Gems' small scale of operations in the diamond
industry, and average financial risk profile.  These weaknesses
are partially offset by the extensive industry experience of the
partners.

   Facilities                             Ratings
   ----------                             -------
   INR55.0 Million Post-Shipment Credit   P4 (Reaffirmed)
   INR20.0 Million Packing Credit         P4 (Reaffirmed)

Gopal Gems, a partnership firm established in 1999, manufactures
and exports cut and polished diamonds.  The firm was set up by
Mr. Jivraj Khunt and his nephews, Mr. Deepak Khunt, Mr. Ghanshyam
Khunt, and Mr. Jitendra Khunt as partners.  Mr. Valji Khunt,
brother of Mr. Jivraj Khunt, joined the firm as a partner in the
2006.  The firm has manufacturing units at Bhavnagar and Surat
(Gujarat).

Gopal Gems reported a profit after tax (PAT) of INR3 million on
net sales of INR136 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.98 million on net
sales of INR204.6 million for 2007-08.


GHODAWAT FOODS: ICRA Assigns 'LBB+' Ratings on INR397.1MM LT Loan
-----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR 397.1 million long
term facilities (INR 137.1 million Term Loans and INR 260 million
Cash Credit facility) of Ghodawat Foods International Private
Limited.  The outlook on the long term rating is stable.

The assigned rating reflects the fragmented and unorganized nature
of the edible oil markets resulting in thin margins, stretched
capitalization, and inherent susceptibility of the business to
agroclimatic conditions and import duty. The rating however takes
comfort from the financial flexibility enjoyed by being part of a
group with strong promoters, established regional presence and the
long term stable demand outlook for edible oils.

GFPL is part of the Kolhapur-based Ghodawat group of companies and
was incorporated in 2002. It is engaged in the business of Edible
Oil manufacturing, refining and trading. The company manufactures
edible oil mainly from Soybean and sunflower seeds and sells it
under the Star brand. Along with this, it also engages in trading
of refined oil procuring it from small manufacturers and selling
it under its brand name. Sangli had been one of the major centers
for the variety of oil seeds like soybean, groundnut etc. and the
company therefore commissioned solvent extraction and refinery in
2002-03 there. The installed capacities were 250 MT per day for
crushing and 100 MT per day for refining. In 2009, GFPL also
completed erection of a crushing plant with capacity to crush 500
MT of seeds per day at Gangakhed.

Recent results:

For the nine months ending December 31, 2009, GFPL reported a PAT
of INR 22.8 million (1.90%) and OPBDITA margin of 3.75% on a
revenue base of INR 1.20 billion. In FY09, the company had
reported OPBDITA and PAT of 60.93 million and 12.12 million on
revenues of INR 2.03 billion indicating OPBDITA and PAT margins of
3.01% and 0.60% respectively.


KINGFISHER AIRLINES: Plans to Raise $100-Mil. by Selling GDRs
-------------------------------------------------------------
Kingfisher Airlines Ltd. plans to raise more than $100 million by
selling global depository receipts, Bloomberg News reports citing
Ravi Nedungadi, chief financial officer of UB Group, the airline's
parent.

The Business Standard says it is expected that Kingfisher Airlines
will look at the Luxemburg Exchange to list the GDR.  "We have
been meeting global investors across Europe and Asia.  There is
palpable appetite for aviation stocks in the global markets," the
Standard quoted Nedungadi as saying.

"Kingfisher has to raise equity as its networth has eroded due to
the recent losses the airline has been posting.  Post the GDR, and
if there is appetite for aviation stock in the Indian market, the
company may also look at a follow-on public issue," a senior
official of the UB Group told the Standard.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines reported a net loss of INR16.09 billion for
the year ended March 31, 2009, compared with a net loss of
INR1.89 billion in the year ended March 31, 2008.

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.


MOHIT DIAMONDS: CRISIL Reaffirms 'P4' Ratings on Various Debts
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Mohit Diamonds Pvt Ltd
continues to reflect the weak liquidity of Mohit's jewellery
division, given the division's upcoming term debt obligations, and
the company's weak debt protection metrics.  These rating
weaknesses are partially offset by Mohit's high operational
efficiency, backed by assured supply of rough diamonds from the
Diamond Trading Company, and by the promoter's long-standing
experience in the diamonds business.

   Facilities                        Ratings
   ----------                        -------
   INR419.2 Million Packing Credit   P4 (Reaffirmed)
   INR460.8 Million Post-Shipment    P4 (Reaffirmed)
      Facility
   INR175.7 Million Adhoc Post       P4 (Reaffirmed)
     Shipment and Packing Credit

Established in 1991, Mohit is the flagship company of the Mohit
group.  The company has been a DTC sight-holder since inception.
The sight-holder status is due for renewal in 2011.  The company,
headed by Mr. Anoop Mehta, manufactures and distributes polished
diamonds, primarily small diamonds.  The promoter family has been
in this business since 1916. The company has a presence across
leading diamond consuming markets, such as the US, Japan, Middle
East, and Asia.


OMAXE INFRASTRUCTURE: ICRA Rates INR100MM Bank Debts at 'LBB-'
--------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR 100 million fund based
limit and INR 300 million non-fund based limits of Omaxe
Infrastructure & Construction Limited.

The rating takes into account OICL's limited project execution
track record in the construction industry, its low net-worth which
limits its ability to bid for larger and more complex projects,
highly competitive nature of the construction industry, and its
exposure to volatility in commodity (cement, steel etc.)
prices which can adversely impact its profitability. While
assigning the rating ICRA has also noted the impact of the real
estate downturn on the financial profile of its parent company -
Omaxe Limited, which limits OICL's financial flexibility. However,
OICL's rating takes support from long track record of its parent
company in construction industry; its current order book position
which provides revenue visibility, and positive outlook for
infrastructure sector. Going forward, OICL's working capital
intensity can increase as it executes more projects leading to
additional funding requirements.

OICL was incorporated in February 2007 as a construction company
with focus on executing infrastructure construction project on
contract basis. It is a wholly-owned subsidiary of Omaxe Limited.
OICL started operations in later part of 2008.  In about three
months of operations in FY2009, OICL registered an operating
income of INR 300.5 million and profit after tax (PAT) of INR 12.5
million.


OSWAL AGRICOMM: ICRA Assigns 'LBB-' Rating on INR.60MM Term Loans
-----------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR 0.60 million term
loans and the INR 40 million, cash credit facility of Oswal
Agricomm Private Limited.  ICRA has also assigned an A4) rating to
the INR 20 million, short-term, non-fund based limits of OAPL.
The CC facility includes sub limit of INR 30.00 million for
EPC/PCFC which has been assigned short term rating of A4.  ICRA
has also assigned Stable Outlook to the long term rating.

The ratings are constrained by the relatively small size of
operations; regulatory risk associated with the import of plastic
scraps and weak financial risk profile as characterized by low
margins and high gearing. The ratings also reflect the
vulnerability of margins to raw material price fluctuations, focus
on low value added products and vulnerability of its profitability
to foreign currency fluctuations.  The ratings, however, favorably
factor in the established track record of the company in the
plastic business and the locational advantage arising from
proximity to ports.

Oswal Agricomm Private Limited promoted by the Champalal Group,
was incorporated in January 2005. Oswal Polymers, then a division
of Plastene India Limited, had received the license to import
plastic scrap from the Government of India. However, in February
2006, this division was taken over by OAPL. The above division has
an installed capacity of 5000 MTPA to manufacture plastic
agglomerates from the imported plastic scrap. The other unit of
the company, located at Chirai, Kutch is involved in the
manufacturing of various items like Plastic Granules, Bags,
Tarpaulin, Pipes, etc. from Plastic Agglomerates. Besides, OAPL is
also involved in trading activities mainly consisting of
agricultural commodities like sesame seeds, groundnut seeds,
castor oil, salt, etc.

During FY 2009, the company reported operating income of
INR 353.05 million and profit after tax of INR 1.18 million.


S RASIKLAL: CRISIL Reaffirms 'P4' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL's rating on the bank facilities of S Rasiklal & Company
continues to reflect Rasiklal's modest scale of operations in the
diamond industry, average financial flexibility, and customer
concentration in revenue profile.  These weaknesses are partially
offset by the benefits that Rasiklal derives from the experience
of its promoters in the diamond business.

   Facilities                              Ratings
   ----------                              -------
   INR179.9 Million Post-Shipment Credit   P4 (Reaffirmed)
   INR64.6 Million Packing Credit          P4 (Reaffirmed)
   INR34.5 Million Line of Credit          P4 (Reaffirmed)
   INR1.0 Million Proposed Short-Term      P4 (Reaffirmed)
                  Bank Loan Facility

Set up in 1969 as a proprietorship concern by Mr. Rasiklal Shah,
Rasiklal was converted into a partnership firm in 1972; it is
currently managed by Mr. Pravin Shah and members of his family -
Mr. Dinesh Shah, Mr. Ramesh Shah, Mr Saurabh Shah, Mr Kamlesh
Shah, and Mr. Chetan Shah. The firm is headquartered in the Opera
House area of Mumbai, and manufactures and exports cut and
polished diamonds.

Rasiklal reported a profit after tax (PAT) of INR5.1 million on
net sales of INR559 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR7.5 million on net sales
of INR642 million for 2007-08.


SATIA INDUSTRIES: Delays in Loan Payment Cues CRISIL 'D' Ratings
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Satia Industries Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR453.6 Million Term Loan         D (Assigned)
   INR190.0 Million Cash Credit       D (Assigned)
   INR107.9 Million Proposed          D (Assigned)
   Long-Term Bank Loan Facility
   INR47.0 Million Packing Credit     P5 (Assigned)
   INR60.0 Million Letter of Credit   P5 (Assigned)
   INR60.0 Million Bank Guarantee     P5 (Assigned)

The ratings reflect continued delays in term loan servicing by
SIL; the delays have been caused by financial indiscipline, as SIL
has adequate liquidity to service its debt.  The ratings also
factor in SIL's average size of operations, and expected pricing
pressure. These weaknesses are partially offset by SIL's
established position in the writing and printing paper industry
backed by established client relationships, and moderate financial
risk profile.

Promoted by Dr. Ajay Satia in 1980, SIL, formerly Satia Paper
Mills Ltd, manufactures writing and printing paper; the company's
only production facility, in Muktsar in Punjab, has an installed
capacity of 40,000 tonnes per annum.  The company has a fully
integrated paper mill, with a pulping facility based on agro-
residue and a chemical recovery plant.  SIL sells 60% of its
products to state textbook boards through open tenders or rate
contracts.  The remaining 40% is sold through dealers.

SIL reported a profit after tax (PAT) of INR84.8 million on net
revenues of INR2.1 billion for the year ended March 31, 2009,
against a PAT of INR56.1 million on net revenues of INR1.8
billion, the preceding year.


SAY INDIA: CRISIL Reaffirms 'P4' Ratings on Various Bank Debts
--------------------------------------------------------------
CRISIL's rating on the bank facilities of SAY India Jewellers Pvt
Ltd, which is part of the Dynamix group, continue to be
constrained by delays in repayment of term loan obligations by a
group company, Rolly Jewellery Pvt Ltd.  The rating also factor in
the Dynamix group's weak financial risk profile, marked by high
gearing and poor debt protection metrics, its working-capital-
intensive operations, and exposure to risks related to geographic
concentration in its revenue profile.  These weaknesses are
partially offset by the Dynamix group's moderate market position
in the jewellery industry, and the benefits that it derives from
its sound manufacturing facilities.

   Facilities                             Ratings
   ----------                             -------
   INR470.00 Million Packing Credit*      P4 (Reaffirmed)
   INR300.00 Million Post Shipment        P4 (Reaffirmed)
       Credit*
   INR80.00 Million Standby Line of       P4 (Reaffirmed)
       credit
   INR35.60 Million Proposed Short Term   P4 (Reaffirmed)
      Bank Loan Facility

        * Fully interchangeable

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SAY India, Dynamix Chains Manufacturing
Private Limited, Lily Jewellery Pvt Ltd, Yash Jewellery Pvt Ltd,
Rolly Jewellery Pvt Ltd, Dania Oro Jewellery Pvt Ltd, Jewel
America Inc, and Barjon Inc.  This is because these entities,
collectively referred to as the Dynamix group, are under a common
promoter group, in the same line of business, and have operational
synergies and fungible cash flows among them.

                          About the Group

The Dynamix group of companies, engaged in the manufacture of
jewellery, is promoted by Mr. Pramod Goenka.   The group
manufactures gold, silver, and diamond-studded jewellery, which is
mainly exported to countries such as the US and the UK.

Set up in October 2007, Dynamix Chains manufactures specialised
chains and pendants, which are exported to the US.  SAY India,
Lily, Dania Oro and Yash (set up in May 1995, February 2004,
February 2006, and November 2006, respectively), export diamond-
studded gold jewellery, while Rolly (established in January 2005)
exports light-weight electro-form jewellery. Jewel America, a
leading jewellery wholesaler in the US, was acquired by the group
in February 2009.

SAY India reported a profit after tax (PAT) of INR10 million on
net sales of INR1.6 billion for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR11 million on net
sales of INR1.3 billion for 2007-08.


SHARAD CONSTRUCTIONS: Fitch Assigns 'BB' National Long-Term Rating
------------------------------------------------------------------
Fitch Ratings has assigned India-based Sharad Constructions
Private Ltd a National Long-term rating of 'BB(ind)'.  The Outlook
is Stable.   The agency has also assigned National ratings to
SCPL's senior secured and short-term debt:

  -- INR0.68 million long-term loans: 'BB(ind)';
  -- INR5.0 million fund based limits: 'BB(ind)'; and
  -- INR50.0 million non-fund based limits: 'F4(ind)'.

The ratings reflect SCPL's long operating history of over 48 years
in executing construction projects, cash flow generation, and its
comfortable credit metrics.  In the past four years (FY06-FY09)
the company has had a positive cash flow from operations as well
as free cash flow.  Fitch notes that this is in contrast to most
construction companies, who have had negative operating cash flows
due to high working capital requirements.  The company has a low
leverage level (debt/EBITDA) of 0.9x and high interest coverage at
6.3x in FY09.

However, SCPL's ratings are constrained by client concentration
risk, limited size of its order book, and low margins in relation
to its peers.  Though margins have been low in the past, the
management expects profitability to improve in FY10 due to lower
raw material costs.  Fitch notes that a large part of SCPL's order
book comprises of projects awarded by pharmaceutical companies
with good credit quality, thereby mitigating client credit risk to
some extent.  At end December 2009, the company's order book was
INR144m (0.5x of FY09 revenues), thereby providing low revenue
visibility.

The positive rating triggers include strong revenue growth for the
next two to three years and/or a lowering of concentration risks.
The ratings will be negatively impacted in case there is a sharp
decline in revenues and/or profitability, which would lead to a
significant worsening of credit metrics.

Established approximately 49 years ago, SCPL independently
executes small scale construction projects.  In FY09, the company
reported lower revenue of INR269 million (FY08: INR314.47 million)
and lower EBITDA of INR29.61 million (FY08: INR31.41 million).
Profitability has increased with an EBITDA margin of 11% in FY09
(FY08 & FY07: 10%, FY05: 7.9%).


SHIVAM DHATU: CRISIL Assigns 'BB-' Rating on INR190MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Shivam Dhatu Udyog Pvt Ltd, which is part of the Shivam group.

   Facilities                       Ratings
   ----------                       -------
   INR180.00 Million Cash Credit    BB-/Stable (Assigned)
   INR190.00 Million Term Loan      BB-/Stable (Assigned)

The rating reflects the Shivam group's small scale of operations
in the steel industry, and sizeable debt-funded capital
expenditure (capex) plans.  Also, SDUPL operations are still in
the nascent stage.  These rating weaknesses are partially offset
by the expected improvement in the group's sales volumes and
profitability, on the back of gradual stabilization of operations
and backward integration.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SDUPL and Shivam India Ltd.  This is
because the two companies, together referred to as the Shivam
group, are under a common management, are in similar lines of
business, and have operational and financial linkages with each
other.

Outlook: Stable

CRISIL believes that the Shivam group's operating profitability
will improve gradually, over the medium term, on the back of
backward integration.  However, the group will remain a minor
entity in the steel industry.  The outlook may be revised to
'Positive' if the Shivam group significantly improves its
profitability, and secures linkages for raw material procurement.
Conversely, the outlook may be revised to 'Negative' if the group
undertakes larger-than-expected debt-funded capex program, or if
its profitability comes under pressure.

                          About the Group

SDUPL, set up in 2004, manufactures sponge iron; the company's
sponge iron manufacturing unit has a capacity of 60,000 tonnes per
annum (tpa), with two kilns, each with a capacity of 100 tonnes
per day; the units is in the Jamuria Industrial Area, Jamuria,
Burdwan, West Bengal.

SIL was incorporated in 1999 as Shivam India Pvt Ltd, which
manufactured coke.  The company was reconstituted as a public
company in 2004-05 (refers to financial year, April 1 to March
31); it discontinued its coke business, and started producing
steel products, in 2005-06. SIL has installed manufacturing
capacity of 108,000 tpa for billets, and 100,000 tpa for thermo-
mechanically treated steel bars, rods, wires, and coils.

The Shivam group reported a profit after tax (PAT) of INR32
million on operating income of INR2940 million for 2008-09,
against a PAT of INR34 million on operating income of INR2339
million for 2007-08.


VAISHALI EXPORTS: CRISIL Reaffirms 'P4' Ratings on INR129M Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Vaishali Exports
continue to reflect Vaishali's modest scale of operations, limited
financial flexibility, and customer concentration.  These
weaknesses are partially offset by Vaishali's established position
in the diamond export market, and its promoters' experience in the
diamond export business.

   Facilities                         Ratings
   ----------                         -------
   INR129.0 Million Post-Shipment     P4 (Reaffirmed)
                           Credit
   INR21.0 Million Packing Credit     P4 (Reaffirmed)

Vaishali is into trading/exporting of cut and polished diamonds.
The firm was converted into a partnership from a sole
proprietorship concern in 2004.  The firm's partners are
Mr. Kishoremal Khimavat and his wife Ms. Basantidevi Khimavat.
The firm is headquartered in the Opera House area, Mumbai.

For 2008-09 (refers to financial year, April 1 to March 31),
Vaishali reported a profit after tax of INR12 million on net sales
of INR523 million, against a net loss of INR1.9 million on net
sales of INR332 million for 2007-08.


VARNI GEMS: CRISIL Reaffirms 'P4+' Ratings on INR120MM Bank Debts
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Varni Gems continue to
reflect Varni's average financial risk profile marked by small net
worth and scale of operations, weak debt coverage indicators, and
exposure to risk related to partnership business.  These
weaknesses are partially offset by the benefits that the firm
derives from its promoters' experience in the diamond industry.

   Facilities                         Ratings
   ----------                         ------
   INR120.0 Million Packing Credit*   P4+ (Reaffirmed)

   * Interchangeable with post-shipment credit.

A partnership firm set up in 1999, Varni manufactures and exports
polished, round diamonds.  The firm is headquartered in Mumbai,
and two manufacturing units, one each in Surat and Bhavnagar.

Varni reported a profit after tax (PAT) of INR2 million on net
sales of INR208 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR6 million on net sales
of INR267 million for 2007-08.


YASH JEWELLERY: Delays in Loan Payment Cues CRISIL 'B-' Rating
--------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Yash Jewellery Private Limited, part of the Dynamix
group.

   Facilities                           Ratings
   ----------                           -------
   INR282.40 Million Term Loan          B-/Stable (Assigned)
   INR1000.00 Million Packing Credit*   P4 (Assigned)
   INR65.00 Million Standby Line of     P4 (Assigned)
                        Credit
   INR107.70 Million Proposed Short     P4 (Assigned)
          Term Bank Loan Facility

   * Interchangeable with post shipment credit

The ratings are constrained by delays in repayment of term loan
obligations by a group company, Rolly Jewellery Pvt Ltd.  The
ratings also factor in the Dynamix group's weak financial risk
profile, marked by high gearing and poor debt protection metrics,
its working-capital-intensive operations, and exposure to risks
related to geographic concentration in its revenue profile.  These
weaknesses are partially offset by the Dynamix group's moderate
market position in the jewellery industry, and the benefits that
it derives from its sound manufacturing facilities.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Yash, Dynamix Chains Manufacturing
Private Limited, SAY India Jewellers Pvt Ltd, Rolly Jewellery Pvt
Ltd, Dania Oro Jewellery Pvt Ltd, Jewel America Inc, and Barjon
Inc.  This is because these entities, collectively referred to as
the Dynamix group, are under a common promoter group, in the same
line of business, and have operational synergies and fungible cash
flows among them.

Outlook: Stable

CRISIL believes that the Dynamix group will continue to benefit
from its sound manufacturing facilities and reputed customer base.
The outlook may be revised to 'Positive' if there is significant
improvement in the group's financial risk profile because of
healthy cash accruals and profitability, and if the group
companies demonstrate a track record of timely repayment of debt
obligations. Conversely, the outlook may be revised to 'Negative'
if the group's financial risk profile deteriorates because of
continued losses in Jewel America, or if the group undertakes any
large, debt-funded capital expenditure program.

                          About the Group

The Dynamix group of companies, engaged in the manufacture of
jewellery, is promoted by Mr. Pramod Goenka.  The group
manufactures gold, silver, and diamond-studded jewellery, which is
mainly exported to countries such as the US and the UK.

Set up in October 2007, Dynamix Chains manufactures specialised
chains and pendants, which are exported to the US. SAY India,
Lily, Dania Oro and Yash (set up in May 1995, February 2004,
February 2006, and November 2006, respectively), export diamond-
studded gold jewellery, while Rolly (established in January 2005)
exports light-weight electro-form jewellery. Jewel America, a
leading jewellery wholesaler in the US, was acquired by the group
in February 2009.

Yash reported a profit after tax (PAT) of INR103 million on net
sales of INR2.3 billion for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR71 million on net
sales of INR1.5 billion for 2007-08.


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


BAKRIE & BROTHERS: 2009 Net Loss Narrows to IDR1.63 Trillion
------------------------------------------------------------
PT Bakrie & Brothers said Tuesday its net loss narrowed to
IDR1.63 trillion (US$180.9 million) in 2009, from a restated
IDR16.3 trillion in 2008, the Jakarta Globe reports.  The loss
from sales of equities narrowed to IDR377 billion, from IDR17.1
trillion a year earlier, the report says.

According to the report, Bakrie & Brothers suffered a huge loss in
2008 as it sold assets to help pay US$1.2 billion of debt raised
by pledging the shares of coal miner PT Bumi Resources and other
units.

The Globe relates the company said its sales slid to IDR7.63
trillion last year, compared with IDR8.4 trillion a year earlier.

Bakrie & Brothers booked a foreign exchange gain of IDR292 billion
last year, compared with a loss of IDR526 billion in 2008.
Interest expenses rose to IDR1.1 trillion, from IDR309 billion a
year earlier.

Indonesia-based PT Bakrie & Brothers Tbk (JAK:BNBR) --
http://www.bakrie-brothers.com/-- engages in general trading,
steel pipe manufacturing, building materials and construction
products, telecommunications systems, electronic and electrical
goods and equity investments. The Company comprises three core
business segments: infrastructure, plantations and
telecommunication. Infrastructure segment includes production of
steel pipes, corrugated metal products, cast iron products for
automotive industry, fiber cement building products and the
provision of fabrication and site engineering services. Plantation
segment includes agriculture and processing and trading of
agricultural and industrial products.  Telecommunication segment
includes provision of telecommunication equipment and radio wave
base telecommunication system and fixed wireless services.


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


HITACHI LTD: To Pursue International Mergers & Acquisitions
-----------------------------------------------------------
Hitachi Ltd.'s newly appointed president Hiroaki Nakanishi said
the company will push forward international mergers and
acquisitions in a bid to become more competitive globally, as it
looks to reinforce its social infrastructure business, Japan Today
report.

"We are of course thinking about forming alliances or acquiring
companies with a strong base in certain regions and with whom we
can share our future direction," the report quoted Mr. Nakanishi
as saying at his first news conference since taking the helm of
the Japanese electronics conglomerate last week.  "We will
accelerate (M&As) at an unprecedented speed."

According to the report, Mr. Nakanishi said the company will also
recruit people who can lead its global operations, particularly in
fast-growing China, other parts of East Asia and the Middle East,
and respond better to local needs by setting up project offices in
each region.

Hitachi Ltd. (NYSE:HIT) -- http://www.hitachi.co.jp/-- develops a
diversified product mix ranging from electricity generation
systems to consumer products and electronic devices.  The Company
has seven segments: Information & Telecommunication Systems,
Electronic Devices, Power & Industrial Systems, Digital Media &
Consumer Products, High Functional Materials & Components,
Logistics, Services & Others and financial services.  In April
2008, Hitachi acquired a majority ownership interest in M-Tech
Information Technology, Inc.  In April 2008, Hitachi, Ltd.
established a wholly owned subsidiary, Hitachi Information &
Telecommunication Systems Global Holding Corporation. In March
2008, Hitachi Consulting, the global consulting company of
Hitachi, acquired JMN Associates.  On March 16, 2009, the Company
made Hitachi Koki Co., Ltd. a subsidiary via share purchase.  On
March 18, 2009, the Company made Hitachi Kokusai Electronic Inc. a
subsidiary via share purchase.

                           *     *     *

For the 2008 fiscal year ended March 31, 2009, Hitachi incurred a
third annual loss of JPY788 billion.  For the year ended March 31,
2008, Hitachi posted a net loss of JPY58.12 billion, compared with
a net loss of JPY32.79 billion for year ended March 31, 2007.


JAPAN GENERAL: JCR Withdraws 'D' Ratings on Senior Debts
--------------------------------------------------------
Japan Credit Rating Agency, Ltd. has withdrawn the D ratings on
senior debts, outstanding bonds and CP program of The Japan
General Estate Co., Ltd.

Senior debts: D

             Amount
Issue        (bn)    Issue Date  Due Date   Coupon  Rating
-----        ------  ----------  --------   ------  ------

bonds no.10 JPY10    9/28/2007   9/28/2010  2.58%   D

CP: D
Maximum: JPY3 billion
Backup Line: 0%

Rationale

JCR announced the downgrade of the ratings on senior debts and
bonds of the Company to D on February 5, 2009, upon its filing for
protection under the Corporate Rehabilitation Law with the Tokyo
District Court.

Its reorganization plan was approved at the meeting of interested
persons held on March 24, 2010 and then approved and ruled by the
Tokyo District Court as of today.  As a result, the reorganization
plan has become effective now.

JCR withdraws the ratings on the outstanding bonds and senior
debts of the Company as well because the court approval and ruling
of the plan provokes a change in the right to claim the rated
bonds.


OGAKI KYORITSU: Moody's Upgrades Credit Assessment From 'Ba1'
-------------------------------------------------------------
Moody's Investors Service has upgraded the baseline credit
assessment of Ogaki Kyoritsu Bank, Ltd., to Baa3 from Ba1.  OKB's
BFSR and long- and short-term deposit ratings remain unchanged.
The outlook for all the ratings is stable.

The upgrade to the BCA is prompted by Moody's re-assessment of the
OKB's capital resiliency to deal with the stress situations after
observing the negative developments in operating environment
during 2008 and 2009.  In Moody's analysis, the likelihood of the
bank's capital ratio to falling to a level of D BFSR (bank
financial strength rating or BCA at Ba2) -- with a stressed Tier 1
ratio benchmark of around mid-5-6% -- is deemed to be remote.

The bank's business strategy of focusing on housing loans and
controlled market risk management with ongoing equity reduction
would enable the bank to maintain low but less volatile earnings
in the near future, with low potential for significant capital
erosion.  Recent decline in SME defaults partly due to government
measures and the stabilization of the domestic stock market would
underpin this observation.  Also, the bank's fundamental strength
of franchise in local markets, and strong liquidity position are
largely unchanged.

Negative capital impact of FY2008 net losses (JPY7.2 billion)
caused by a large increase in credit expenses and the recognition
of evaluation losses on securities holdings (mainly equities) was
largely redressed by the common stock issue of JPY16 billion
public offering in September 2009.  OKB's current Tier 1 ratio of
7.47% (as of December 2009) was improved from 6.44% as of March
2009.  Also, positive valuation of OKB's capital structure with no
reliance on preferred securities is another factor that lead to
re-assessment of its BCA.

No change in its BFSR at D+ reflects Moody's current expectation
that OKB's operating environment will continue to be challenging
and its operating profitability will not improve significantly.
Any significant improvement in profitability or pick-up in capital
accumulation that could lead to a further rating upgrade, to a
BFSR of C- (equivalent to BCA of Baa2) in the near term is
believed to be unlikely.

Moody's last rating action on OKB was taken on May 4, 2007, when
the bank's BFSR was upgraded to D+ from D- and its long-term
deposit rating, to A3 from Baa2.

Ogaki Kyoritsu Bank, Ltd., is headquartered in Gifu Prefecture,
Japan.  Its consolidated assets came to JPY3.8 trillion as of
December 2009.


ORIX-NRL TRUST: S&P Raises Ratings on Various Classes of Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on classes B
to D, and lowered its ratings on classes F and G, issued under the
ORIX-NRL Trust 16 transaction.  At the same time, S&P affirmed the
ratings on the class E and X trust certificates issued under the
same transaction.  The class A trust certificates were redeemed in
March 2010.

S&P is upgrading classes B to D as credit enhancement levels have
improved dramatically due to the following factors: the
transaction's biggest underlying loan (representing about 62.2% of
the total initial issuance amount of the trust certificates) was
fully repaid on the maturity date in February 2010; and the repaid
amount was used to redeem the trust certificates in a sequential
order (starting from the upper level tranches).

Meanwhile, the downgrades reflect the uncertainty that S&P sees in
the recovery prospects of the properties backing an underlying
loan that defaulted in March 2009 and an underlying specified
bond, which has also defaulted, although S&P understand that the
servicer has seen some progress in the liquidation of the
properties.  S&P still considers that the transaction faces a
risk, especially with respect to the one defaulted loan, given
that there has not been a significant change in the status of the
collection procedures since the aforementioned liquidation
procedures were initiated some time ago.

S&P currently assumes that the combined value of the properties
backing the loan and the specified bond would be about 67% of
S&P's initial assumption of the properties' total value.

S&P has affirmed the ratings on classes E and X.  However, S&P is
considering amending the rating methodology for interest-only
certificates, which include class X of this transaction.  If the
proposal is adopted, it could affect the rating on class X.

ORIX-NRL Trust 16 is a multi-borrower CMBS transaction.  The trust
certificates were initially secured by two loans and one specified
bond (tokutei shasai) extended to three obligors, which were
originally backed by 22 real estate certificates and real estate
properties.  The transaction was arranged by ORIX Corp., and ORIX
Asset Management & Loan Services Corp. is the transaction
servicer.  Given the progress of repayments on the transaction's
underlying loans, the legal final maturity date was changed to
March 2012 from September 2013, in accordance with the transaction
agreement.

The ratings address the ultimate repayment of principal and full
payment of interest by the legal final maturity date for the class
B to G trust certificates, and the timely payment of available
interest for the interest-only class X certificates.

                          Ratings Raised

                        ORIX-NRL Trust 16
        JPY19.0 billion trust certificates due March 2012

            Class    To    From   Initial Issue Amount
            -----    --    ----   --------------------
            B        AAA   AA     JPY1.9 bil.
            C        AA    A      JPY1.9 bil.
            D        A-    BBB-   JPY1.7 bil.

                         Ratings Lowered

                        ORIX-NRL Trust 16

            Class    To    From   Initial Issue Amount
            -----    --    ----   --------------------
            F       B-     B+     JPY0.6 bil.
            G       CCC+   B-     JPY0.3 bil.

                        Ratings Affirmed

     Class   Rating   Initial Issue Amount
     -----   ------   --------------------
     E       BB       JPY0.6 bil.
     X*      AAA      JPY19.0 bil. (Initial notional principal)

                         * Interest only


PACIFIC HOLDINGS: JCR Withdraws 'D' Ratings on Senior Debts, Bonds
------------------------------------------------------------------
Japan Credit Rating Agency, Ltd. has withdrawn the D ratings on
senior debts and bonds of Pacific Holdings, Inc.

Senior debts: D

Issues    Amount(bn) Issue Date      Due Date      Coupon  Rating
------    ---------- ----------      --------      ------  ------

bonds no. 3 JPY10     Mar. 15, 2007   Mar. 15, 2012   2.94%    D
bonds no. 4 JPY7      Feb. 27, 2008   Feb. 26, 2010   3.43%    D

JCR announced the downgrade of the ratings on senior debts and
bonds of the Company to D on March 10, 2009, upon its filing for
protection under the Corporate Rehabilitation Law with the Tokyo
District Court.

Its reorganization plan was approved at the meeting of interested
persons held on March 29, 2010 and then approved and ruled by the
Tokyo District Court on March 31.  As a result, the reorganization
plan has become effective now.

JCR withdraws the ratings on the outstanding bonds and senior
debts of the Company as well because the court approval and ruling
of the plan provokes a change in the right to claim the rated
bonds.


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


DAEWOO MOTOR: To Enter Into Out-of-Court Debt Restructuring
-----------------------------------------------------------
Kyung Bok Cho at Bloomberg News reports that Daewoo Motor Sales
Corp. said in a regulatory filing it will discuss out-of-court
debt restructuring with creditors.

Daewoo Motor Sales Corporation is a Korea-based company engaged in
the marketing of automobiles. The Company operates its business
under two segments: automobile marketing and construction. Its
automobile marketing segment sells Daewoo buses and Tata Daewoo
trucks, as well as other imported automobiles such as Volkswagen
and Audi through its subsidiaries. The Company's construction
segment constructs and engineers residential buildings, commercial
buildings and other plants. It is also engaged in the distribution
and exportation of pre-owned cars, as well as provision of after-
market services. The Company announced that its GMDAT auto sale
business has been closed, effective March 10, 2010, as the
supplier GMDAT refused to continue supplying automobiles.


SSANGYONG MOTOR: Sells 5,724 Vehicle in March 2010
--------------------------------------------------
Ssangyong Motor Co. sold 5,724 cars last month, more than doubled
from a year ago, according to Trading Markets.  The company sold
with 2,485 units in March last year.

Domestic sales rose 20.5% to 2,555 units and exports jumped more
than 9-fold to 3,169 units, the report says.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse.  In
February, the Seoul Central District Court accepted Ssangyong's
application to rehabilitate under court protection.  The court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker.

A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted
a revival plans to the Seoul Central District Court seeking
capital reduction and a debt-for-equity swap by creditor.  A
South Korean bankruptcy court approved in December Ssangyong
Motor's restructuring plan despite opposition by some bondholders,
the TCR-AP reported on Dec. 18, 2009.  Yonhap News said Ssangyong
vowed to get itself in order over the next three years.


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


NZ WINDFARMS: Shareholders Approve Increased Vector Stake
---------------------------------------------------------
Shareholders of New Zealand Windfarms have overwhelmingly
supported the company's request that its 20% shareholder, Vector,
be allowed to increase its holding to as much as 40%, BusinessWire
reports.

A special shareholders' meeting on Tuesday considered the
question, which arises from the expectation that a rescue
recapitalization plan, involving a deeply discounted $34.1 million
eight-for-three cash issue, will not be fully subscribed.

Vector has said it intends to take up its entitlement, but has yet
to make a formal decision.

The special resolution gained 99.8 percent shareholder approval.

As reported in the Troubled Company Reporter-Asia Pacific on
March 25, 2010, The National Business Review said NZ Windfarms is
losing its chief executive while carrying out a deeply discounted
capital raising to remain solvent.

The Review relates the company's chief executive Steve Cross has
advised that for personal reasons he does not wish to extend his
contract, which expires on June 30.

Bloomberg News reported NZ Windfarms will sell shares at a 62%
discount to help fund the expansion of its wind farm on New
Zealand's North Island.

According to Bloomberg, the company plans to raise NZ$31.4 million
offering shareholders eight new shares for every three held at a
price of 15 New Zealand cents apiece.  The sale is not
underwritten and a placement may be made to institutions and
shareholder Vector Ltd. to meet any shortfall, Bloomberg said.

The Review, citing an independent report from Northington
Partners, noted that NZ Windfarms would become insolvent without
additional capital.

According to the Review, the developer of the Te Rere Hau windfarm
in the Manawatu is 19.9% owned by Vector Ltd, which has provided
it with a NZ$6.5 million bridging loan.  A dispute with turbine
supplier Windflow Technology Ltd has delayed capital raising
plans.

                         About NZ Windfarms

Christchurch, New Zealand-based NZ Windfarms Limited --
http://www.nzwindfarms.co.nz/-- is engaged in the development
and operation of wind power generation assets for the purpose of
generating and selling electricity.  The company's Te Rere Hau
Wind Farm is a 48.5-megawatt wind farm situated on the Tararua
Ranges near Palmerston North.  The first stage of the Te Rere
Hau wind farm consists of five New Zealand-made Windflow 500
turbines (2.5 megawatts capacity).  NZ Windfarms has arranged a
connection to the local network for the first stage of the Te
Rere Hau wind farm.  The company offers a variety of services
associated with wind farm development and operation, such as new
wind farm site identification; wind resource surveying and
assessment; securing wind generation rights; obtaining resource
consents, developing wind farm infrastructure, such as roading,
and onsite and offsite electricity networking; procuring
appropriate wind turbines; providing ongoing support and
maintenance of the wind farm installation, and marketing the
electricity production.


PENINSULA ROAD: Placed in Liquidation; Owes More Than NZ$100 Mil.
-----------------------------------------------------------------
Ben Heather at the BusinessDay.co.nz reports that Peninsula Road
Ltd., the company behind stages two and three of Queenstown's
Kawarau Falls hotel development, was placed into liquidation on
March 24.

The report says that the first liquidator's report reveals more
than 50 unsecured creditors sitting behind big lenders Allied
Farmers, Bank of Scotland International and Fortress Credit
Corporation.  According to the report, the question remains about
what happened to more than NZ$100 million Peninsula Road owed to
its three big lenders.

According to the report, liquidator Chris Horton said unsecured
creditors were owed NZ$9.14 million but were unlikely to recover
any money.

As reported in the Troubled Company Reporter-Asia Pacific on
March 4, 2010, Peninsula Road Ltd was placed in receivership on
March 2.  Tim Downes and Richard Simpson of Grant Thornton New
Zealand Ltd. were appointed receivers and managers of Peninsula
Road.  Stages two and three were mortgaged to Fortress Credit
Corporation (Australia) Pty Limited.

Kawarau Falls was owned by Auckland developer Nigel McKenna, who
recently had several other companies placed into liquidation by
creditors seeking payment.

Two McKenna companies behind stage one of Kawarau Falls Station
were also placed in receivership by Bank of Scotland International
in May 2009.


RICCARTON CONSTRUCTION: Must Pay Deposit or Face Liquidation
------------------------------------------------------------
Riccarton Construction has been ordered to come up with a
NZ$3 million deposit or face liquidation, The National Business
Review reports.

In May 2009, Riccarton planned to buy a motor lodge from Coljon
Ltd for NZ$6.7 million.  The sale contract had an 11-month delayed
settlement period.  It also stipulated that a deposit of $300,000
would be paid to Coljon in August 2009.

Further terms of the sale contract allowed Riccarton to carry out
a subdivision of the property before the delayed settlement.

After Riccarton failed to pay the deposit on time, Coljon issued a
statutory demand for payment.

"Against this rather unpromising background Riccarton makes this
application for an order setting aside the statutory demand,"
associate judge Rob Osborne says in his ruling.

Riccarton's counsel, Raylee Harley, argued that the contract only
provided for penalty interest to be paid if the deposit was not
paid on time. It accused Coljon of cancelling the contract,
thereby giving Riccarton a cause for a damages claim.

Judge Osborne says the sale contract emphasizes the timely payment
of the deposit.

He concludes that he is satisfied that there is a debt due by
Riccarton to Coljon and the court has power to order Riccarton to
pay the debt within a specified time or to put it into
liquidation.

Associate Judge Osborne has asked the lawyers concerned to present
further arguments about whether Riccarton should be placed in
liquidation before he makes a final decision.


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


ADC TELECOMMUNICATIONS: Creditors' Proofs of Debt Due May 5
-----------------------------------------------------------
ADC Telecommunications Singapore Pte Ltd, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by May 5, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Tam Chee Chong
         Lim Loo Khoon
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


CAELUS SHIPPING: Creditors' Proofs of Debt Due May 5
----------------------------------------------------
Caelus Shipping Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 5, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Chin Huat
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


HOCK HIN: Court to Hear Wind-Up Petition on April 16
----------------------------------------------------
A petition to wind up the operations of Hock Hin Leong Timber
Trading (Pte) Ltd will be heard before the High Court of Singapore
on April 16, 2010, at 10:00 a.m.

Imperial Construction (Private) Limited filed the petition against
the company on March 19, 2010.

The Petitioner's solicitor is:

          M/s David Ong & Co
          151 Chin Swee Road
          #08-14 Manhattan House
          Singapore 169876


STAR CELLARS: Creditors' Meetings Set for April 15
--------------------------------------------------
Star Cellars Pte Ltd, which is in compulsory liquidation, will
hold a meeting for its creditors on April 15, 2010, at 3:00 p.m.,
at 1 Claymore Drive #08-11 Orchard Towers (Rear Block) Singapore
229594.

Agenda of the meeting includes:

   a. to receive a report from the liquidator;

   b. to approve liquidator's fee $5600/; and

   c. discuss other business.


The company's liquidator is:

         Goh Boon Kok
         1 Claymore Drive #08-11
         Orchard Towers (Rear Block)
         Singapore 229594


TRAVELITE HOLDINGS: Gives Update on Wind-up Petition Against Unit
-----------------------------------------------------------------
Travelite Holdings Ltd. provided an update on the latest
development of the winding up petition against the Company's
subsidiary, Fashion Way Sdn Bhd.

Fashion Way's application to transfer the proceeding to the High
Court of Malaya at Shah Alam was heard in the High Court of
Malaysia at Johor Bahru on March 17, 2010.  After hearing the
submissions from the counsels representing Fashion Way and the
petitioner, the Judge requested both counsels to be present in the
Judge's chambers for clarification.  During such clarification in
chambers, the Judge directed parties to attempt settlement talks
again and scheduled the matter for mention on April 9, 2010.

Fashion Way has been served a winding up petition from J & L
Design made pursuant to Section 218 of the Companies Act, 1965
regarding a sum of MYR64,060.00 being the amount due to the
Petitioner as at August 13, 2009, for goods supplied and services
rendered to Fashion Way Sdn Bhd.

Travelite Holdings Ltd. (SIN:5KH) -- http://www.etravelite.com--
is a Singapore-based company.  The Company is principally engaged
in investment holding company and the provision of management
services.  The Company, through its wholly owned subsidiaries, is
engaged in importing, exporting, manufacturing and wholesaling of
luggage bags and travelling accessories; wholesaling, dealing and
retailing of luggage, travel bags, winter wear and small leather
goods; trading in garments and other related products, and trading
in handbags, footwear and related products.  Its wholly owned
subsidiaries include Demarco Pte Ltd, Travelite Marketing Sdn.
Bhd., Travel For All Sdn. Bhd., YGM Marketing Pte Ltd, Fashion
Street (S) Pte Ltd (FS), Yangtzekiang Industries Sdn. Bhd. and SYI
Co. (Pte) Ltd. On July 31, 2008, FS acquired the remaining 50%
equity interest in Fashion Way Sdn. Bhd.  On March 23, 2009, the
Group acquired 100% of Yangtzekiang Industries Sdn. Bhd.


UNITED OVERSEAS: Court to Hear Wind-Up Petition on April 16
-----------------------------------------------------------
A petition to wind up the operations of United Overseas Bank
Limited will be heard before the High Court of Singapore on
April 16, 2010, at 10:00 a.m.

Prestige Building Maintenance Services Pte Ltd filed the petition
against the company on March 22, 2010.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          No. 9 Battery Road #15-01
          Straits Trading Building
          Singapore 049910


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


CELLUCOM LLC: Faces Liquidation; Shuts Down Stores
--------------------------------------------------
Al Rostamani Group, which owns 51% of mobile handset retailer
Cellucom, said Cellucom could no longer continue as a business
concern, gulfnews.com reports.

"Al Rostamani Group confirms that in June 2009 it filed
applications for liquidation in the Dubai courts of Dubai-based
companies Cellucom FZCO and Cellucom LLC in which it has a 51%
shareholding," according to an e-mailed statement obtained by
gulfnews.com.

The report says the applications for liquidation are pending final
judgment by the Dubai Courts.

Cellucom is one of the largest mobile phone retailers in the
United Arab Emirates.  It had more than 500 stores across the GCC,
Africa and India.  The company began closing its more than 25
Cellucom and Eon outlets across the Emirates last year.


                         *********

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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