TCRAP_Public/100412.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, April 12, 2010, Vol. 13, No. 070

                            Headlines



A U S T R A L I A

ENTELLECT SOLUTIONS: Unit Placed in Voluntary Administration
FLETCHERS FREIGHTERS: Administrators Accept Offers Until April 19


C H I N A

COUNTRY GARDEN: S&P Affirms 'BB' Corporate Credit Rating


H O N G  K O N G

AGIFEL INTERNATIONAL: Commences Wind-Up Proceedings
ALNERY NO. 112: Members' Final Meeting Set for May 10
APOLLO TRANSPORTATION: Members' Final Meeting Set for May 10
ARABIAN GULF: Commences Wind-Up Proceedings
ASIA EXPORT: Creditors' Proofs of Debt Due May 10

CAMFORD PRINTING: Contributories and Creditors to Meet on April 26
CHELSEA TOYS: Johnson Kong Chi How Appointed as Liquidator
CHIEFUND INVESTMENT: Tam and Muk Step Down as Liquidators
CLUB REGENCY: Court to Hear Wind-Up Petition on May 12
CHUNBO INDUSTRIAL: Court to Hear Wind-Up Petition on May 19

CITI-VANTAGE LIMITED: Meetings Set for April 16
CONCORD (HK): Shum Lap Chi Steps Down as Liquidator
CONSTRUCTION INDUSTRY: Members' Final Meeting Set for May 11
D-MEDIA SYSTEM: Court to Hear Wind-Up Petition on May 5
VICTOR CHIU: Members' and Creditors Meetings Set for April 16


I N D I A

AMARTEX INDUSTRIES: ICRA Rates INR1.0 Bil. Term Loans at 'LB+'
ARCHIDPLY INDUSTRIES: ICRA Rates INR95 Mil. Term Loan at 'LB+'
ARTEX APPARELS: ICRA Rates INR85 Million LT Bank Debts at 'LB+'
DRISHA IMPEX: ICRA Rates INR50 Mil. Fund Based Limits at 'LB'
GASHA STEELS: CRISIL Reaffirms 'BB' Ratings on INR30MM Cash Credit

HARRISONS MALAYALAM: ICRA Puts 'LB' Rating on INR1.07B Bank Debts
HY-LINK OVERSEAS: ICRA Places 'LBB' Rating on INR50MM Bank Debts
JOHNSON JEWELLERS: ICRA Assigns 'LBB-' Rating on INR110M Loans
KAIRALI STEELS: CRISIL Reaffirms 'BB' Rating on INR85M Cash Credit
KARIA DEVELOPERS: ICRA Places 'LBB' Rating on INR200MM Bank Debts

LORENZO VITRIFIED: ICRA Places 'LBB+' Rating on INR150MM Term Loan
LUCKY STEEL: ICRA Assigns 'LBB' Rating on INR80MM Bank Facilities
MEGA VITRIFIED: ICRA Places 'LBB' Rating on INR102.8MM Term Loan
N SATISHKUMAR: CRISIL Reaffirms 'P4' Ratings on Various Debts
SANDY RESORT: CRISIL Rates INR146.0 Million Loan at 'B'

SPECIFIC CERAMICS: ICRA Assigns 'LBB+' Rating on INR78.7M Loan
SUNORA TILES: ICRA Assigns 'LBB' Rating on INR80 Mil. Term Loans
SUPER FINE: CRISIL Assigns 'BB' Ratings on INR39.8MM Term Loan
SUPERFINE SYNTEX: CRISIL Assigns 'BB' Ratings on INR44.3MM Loan
UNIQUE PUNCH: ICRA Puts 'LBB' Rating on INR50MM Fund Based Limits

Y.S. INVESTMENTS: ICRA Rates INR40 Million Bank Limits at 'LBB-'


J A P A N

ALL NIPPON: To Merge Two Subsidiaries to Streamline Operations
NISSAN MOTOR: Renault and Daimler Deal Won't Affect Moody's Rating
ORSO FUNDING: Moody's Downgrades Ratings on Five Certificates
* S&P Puts Ratings on Three Tranches on CreditWatch Positive


K O R E A

KUMHO ASIANA: Workers Reject Tentative Paycuts Agreement
* SOUTH KOREA: 22 Public Firms Have KRW211.7 Tril. Debts in 2009


M A L A Y S I A

LITYAN HOLDINGS: 17th Annual General Meeting Sets for April 28
TRANSMILE GROUP: To Hold 14th Annual General Meeting on April 29


N E W  Z E A L A N D

AIR NEW ZEALAND: Starts Code-Share Deal with Continental


P H I L I P P I N E S

BENGUET CORP: Raises PHP329 Million in Fresh Funds


S I N G A P O R E

ASIA REAL: Creditors' Proofs of Debt Due May 10
CONCEIVE ASIA: Creditors' Proofs of Debt Due May 10
GIMWAH PTE: Creditors' Proofs of Debt Due April 23
LE MUSE: Creditors' Proofs of Debt Due May 10
KLS TECHNOLOGY: Creditors' Meeting Set for April 21

TEDJO ENGINEERING: Court to Hear Wind-Up Petition on April 23
WOOD DOCTOR: Court Enters Wind-Up Order
YASHIDA INTERNATIONAL: Court to Hear Wind-Up Petition on April 16
YEO BROTHERS: Creditors Get 1.33041749% Recovery on Claims


T A I W A N

AU OPTRONICS: Reports First Qtr. Revenue of NT$111.55 Billion


T H A I L A N D

THAI AIRWAYS: Shifts Sales Campaign Focus Away From Bangkok




                         - - - - -


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


ENTELLECT SOLUTIONS: Unit Placed in Voluntary Administration
------------------------------------------------------------
Tim Lohman at Computerworld reports that MXL Consolidated, a
subsidiary of Entellect Solutions, has been placed in voluntary
administration.  Rodgers Reidy Chartered Accountants were
appointed as voluntary administrators on April 9.

According to the report, the move is a major blow to Entellect
as MXL, a provider of web-based student administration and
curriculum management software, conducts the significant majority
of trading operations of the Entellect group.

The report notes that MXL's collapse affects Entellect's plans to
become a major player in the education software sector.  In
addition, the report says, Entellect's plans to acquire the
international license, excluding Australia and New Zealand, of
Learner Enterprise and Learner Analytics from CSG Limited
subsidiary, CSG Education, have also fallen through.

According to the report, CSG said in an ASX statement that the
transaction was dependent on several conditions, and that these
conditions could not be met by Entellect.

Based in Australia, Entellect Solutions Limited (ASX:ESN) --
http://www.entellectsolutions.com/-- formerly MXL Limited,
is engaged in the development, customization, sale and support of
eMinerva student management systems software, vSTARS curriculum,
assessment and reporting software and vPublisher e-book online
publishing software.


FLETCHERS FREIGHTERS: Administrators Accept Offers Until April 19
-----------------------------------------------------------------
Fletchers Freighters' administrators are seeking buyers for the
company and its assets, SmartCompany reports.

The report relates the administrators, Rob Kirman and Sam Davies
from the Adelaide office of insolvency firm McGrathNicol, are
seeking expressions of interest by April 19.

The administrators have continued to trade the business but are
now seeking "urgent expressions of interest" from parties who
might buy the company and its assets, according to SmartCompany.

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

Fletchers Freighters went into voluntary administration on
March 28, ahead of potential restructuring or trade sale of
the business.  Sam Davies and Rob Kirman of McGrathNicol were
appointed voluntary administrators of the company.


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


COUNTRY GARDEN: S&P Affirms 'BB' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB' long-term corporate credit rating on China-based property
developer Country Garden Holdings Co. Ltd.  The outlook was
revised to negative from stable.  At the same time, Standard &
Poor's assigned an issue credit rating of 'BB-' to the proposed
seven-year fixed-rate senior unsecured notes issued by Country
Garden that will be used to conduct the repurchasing.  The final
rating on the notes is subject to finalization of documentation.

"S&P has affirmed the 'BB' long-term corporate credit rating on
Country Garden following the company's announcement that it has
offered to buy back all of its outstanding convertible bonds due
2013," said Christopher Lee, credit analyst with Standard &
Poor's.  "However, the announcement has caused us to revise the
outlook on Country Garden to negative from stable, as, in S&P's
view, the company's tender offer for its outstanding convertible
bonds, its concurrent offering of a high-yield bond, and the
weaker than expected 2009 results, will likely pressure the credit
ratios."

S&P has assigned its 'BB-' issue credit rating to Country Garden's
proposed seven-year fixed rate senior-unsecured notes.  The amount
of notes to be issued will depend on market conditions and what is
needed to sufficiently finance the tender offer for the
convertible bonds, although S&P does expect that the convertible
bonds will be repurchased in their entirety.  "The issue rating on
Country Garden's proposed notes is one notch lower than the
corporate credit rating on the company, to reflect S&P's opinion
that potential note holders would be materially disadvantaged in
favor of onshore creditors in the event of default," said Mr. Lee.
"At the end of 2009, S&P estimated the company's on-shore
borrowings as a percentage of total assets to be 17%, which
exceeded S&P's 15% notching threshold for subinvestment-grade
issues."

The negative outlook reflects Country Garden's weaker than
expected 2009 results, likely weaker credit ratios if margins do
not improve, and the additional cash interest expenses associated
with the proposed high-yield bond.

"The rating could be lowered if the EBITDA interest coverage ratio
is below 3x, and the debt-to-EBITDA ratio is above 5x, either of
which could happen if the company's contract sales are materially
below RMB30 billion, its accounting revenue is below
RMB20 billion, and its operating margins are materially weaker
than 25%.  In addition, the rating could be lowered if the
company's unrestricted cash balance is less than RMB2 billion, it
makes a major shift in its business model, and it introduces
aggressive shareholder capital-return initiatives."


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


AGIFEL INTERNATIONAL: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Agifel International Limited, on April 1, 2010, passed
a resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


ALNERY NO. 112: Members' Final Meeting Set for May 10
-----------------------------------------------------
Members of Alnery No. 112 Limited will hold their final meeting on
May 10, 2010, at 10:30 a.m., at the 35th Floor, One Pacific Place,
88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


APOLLO TRANSPORTATION: Members' Final Meeting Set for May 10
------------------------------------------------------------
Members of Apollo Transportation Company Limited will hold their
final general meeting on May 10, 2010, at 10:00 a.m., at the
Flat B, 31/F., Park Horizon, 78 Waterloo Road, Homantin, in
Kowloon.

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


ARABIAN GULF: Commences Wind-Up Proceedings
-------------------------------------------
Members of Arabian Gulf Investments (Far East) Limited, on
April 1, 2010, passed a resolution to voluntarily wind-up the
company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


ASIA EXPORT: Creditors' Proofs of Debt Due May 10
-------------------------------------------------
Creditors of Asia Export Services Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 10, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 29, 2010.

The company's liquidator is:

         Fan Sheung Ha Debbie
         Room 2401, 24th Floor
         Regent Centre, 88 Queen's Road
         Central, Hong Kong


CAMFORD PRINTING: Contributories and Creditors to Meet on April 26
------------------------------------------------------------------
Contributories and creditors of Camford Printing and Manufacturing
Company Limited will hold their first meetings on April 26, 2010,
at 2:30 p.m., and 3:00 p.m., respectively at the 10th Floor, Dah
Sing Life Building, 99-105 Des Voeux Road Central, in Hong Kong.

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


CHELSEA TOYS: Johnson Kong Chi How Appointed as Liquidator
----------------------------------------------------------
Johnson Kong Chi How on March 31, 2010, was appointed as
liquidator of Chelsea Toys HK Limited.

The liquidator may be reached at:

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


CHIEFUND INVESTMENT: Tam and Muk Step Down as Liquidators
---------------------------------------------------------
Gabriel Chi Kok Tam and Jacky Chung Wing Muk stepped down as
liquidators of Chiefund Investment Company Limited on March 30,
2010.


CLUB REGENCY: Court to Hear Wind-Up Petition on May 12
------------------------------------------------------
A petition to wind up the operations of Club Regency Limited
(formerly known as World Sparkle Limited) will be heard before
the High Court of Hong Kong on May 12, 2010, at 9:30 a.m.
International Trademart Company Limited filed the petition against
the company on March 8, 2010.

The Petitioner's solicitors are:

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


CHUNBO INDUSTRIAL: Court to Hear Wind-Up Petition on May 19
-----------------------------------------------------------
A petition to wind up the operations of Chunbo Industrial Limited
will be heard before the High Court of Hong Kong on May 19, 2010,
at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on March 12, 2010.

The Petitioner's solicitors are:

          Chu & Lau
          2nd Floor
          The Chinese General Chamber of Commercial Building
          No. 24-25 Connaught Road
          Central, Hong Kong


CITI-VANTAGE LIMITED: Meetings Set for April 16
-----------------------------------------------
Members and creditors of Citi-Vantage Limited will hold their
final meeting on April 16, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at the 10/F., Dah Sing Life Building, 99-105 Des
Voeux Road, Central, in Hong Kong.


CONCORD (HK): Shum Lap Chi Steps Down as Liquidator
---------------------------------------------------
Shum Lap Chi stepped down as liquidator of Concord (Hong Kong)
Limited on March 31, 2010.


CONSTRUCTION INDUSTRY: Members' Final Meeting Set for May 11
------------------------------------------------------------
Members of Construction Industry Institute (Hong Kong) Limited
will hold their final general meeting on May 11, 2010, at 5:00
p.m., at the 22/F, Tai Yau Building, 181 Johnston Road, Wanchai,
in Hong Kong.

At the meeting, So Kwok Keung Keith, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


D-MEDIA SYSTEM: Court to Hear Wind-Up Petition on May 5
-------------------------------------------------------
A petition to wind up the operations of D-Media System (H.K.) Co.
Limited will be heard before the High Court of Hong Kong on May 5,
2010, at 9:30 a.m.

Wealth Wide International Limited filed the petition against the
company on February 23, 2010.

The Petitioner's solicitors are:

          Leung & Lau
          13th Floor, Public Bank Centre
          120 Des Voeux Road
          Central, Hong Kong


VICTOR CHIU: Members' and Creditors Meetings Set for April 16
-------------------------------------------------------------
Members and creditors of Victor Chiu Tsang Transactions Limited
will hold their final meeting on April 16, 2010, at 2:00 p.m., and
2:30 p.m., respectively at the 10/F., Dah Sing Life Building, 99-
105 Des Voeux Road, Central, in Hong Kong.


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I N D I A
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AMARTEX INDUSTRIES: ICRA Rates INR1.0 Bil. Term Loans at 'LB+'
--------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR1.0 billion term loans
and INR650.0 million fund based facilities of Amartex Industries
Limited.

The assigned ratings are constrained by AIL's relatively small
scale of operations, its relatively low operating profitability,
limited financial flexibility as reflected by a relatively high
gearing of 1.7 times as of March 31, 2009, and inadequate
liquidity as evident from delays in principal repayments during
the last one year.  ICRA notes that AIL is a recent entrant in the
hypermarket/ departmental store format of modern trade.  AIL is
likely to face high competitive pressures  resulting from a
dominant unorganized sector and the financial muscle of some of
the bigger organized players like the Future Group, Reliance ADAG
Group, RPG Group and the emerging players like the Aditya Birla
Group and Bharti Airtel.  Further, there are numerous
international players waiting to enter India.  ICRA also notes
that the retail sector has high sensitivity to macro economic
adversities as reflected by a dip in the industry turnover in
2008-09.  The company also closed over 30 stores in 2008-09 and
H1: 2009-10; its operating income saw almost no growth in 2008-09.
The ratings however, take into account the promoter's extensive
experience in the textiles segment which accounts for over 80% of
its overall sales and its vertically integrated operations which
leads to cost efficiencies. ICRA also notes the company's efforts
to diversify the product basket and leverage existing distribution
and retail network by foraying into grocery segment.

Amartex Industries Limited was originally incorporated on
January 27, 1988 under the name and style of M/S Amar Suiting
Manufacturing Companies Private Limited and was subsequently
changed to Amartex Industries Limited on January 12, 1998.  AIL
was promoted by Mr. Arun Grover who had set up a textile unit in
Panchkula (Haryana) with four power looms and total  installed
weaving capacity of 0.48  million meters per annum (MMPA).  At
present the company has a weaving capacity of 2.0 MMPA, dying &
processing capacity of 5.7 MMPA and garment manufacturing capacity
of 0.9 million pieces per annum.  In addition, AIL has 44 retail
outlets out of which 37 are operated by the company
and 7 are operated on franchisee basis.


ARCHIDPLY INDUSTRIES: ICRA Rates INR95 Mil. Term Loan at 'LB+'
--------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the Rs 95 million term loan
and INR440 million fund based facilities of Archidply Industries
Limited.  ICRA has also assigned an A4 rating to the INR226.5
million non-fund based facilities of APIL.

The rating reflects the high working capital intensive nature of
company's operations and its weak liquidity position which has
resulted in delays in debt servicing in the past.  The rating also
reflects the high competitive pressures, including that from the
un-organized sector, and exposure to the volatility in wood
prices.  The capacity expansions by major EWP manufacturers, up-
gradation of manufacturing facilities by tier-II EWP producers and
increasing imports from the Far East countries could further
increase the competitive intensity.

The rating, however, favorably factors in promoters established
track record in the Engineered Wood Product (EWP) industry,
satisfactory operating performance, fiscal benefits at Uttaranchal
unit and APIL's diversified product portfolio, which imparts
significant operating flexibility to adapt to changing market
conditions.  ICRA notes that APIL's product approval from the
leading architects and construction firms has enabled it to
attract some of the leading and high-end industrial consumers,
though higher composition of project sales could impact the
working capital position in case of delay in receipt of payment
from its customers.

Incorporated in 1995, by Mr Deen Dayal Daga, APIL is a medium
sized company, which is in the business of manufacturing and
marketing of Wood panel products.  APIL has its manufacturing
facilities located at Mysore & Chintamani in Karnataka and at
Rudrapur in Uttaranchal with a total installed capacity of 150 and
100 lac sq mt each of plywood and pre-laminated particle board
respectively as on March 2009.

During the 12 month period ended March 2009, APIL recorded a net
profit of INR142 million on a net sale of INR1,509 million.


ARTEX APPARELS: ICRA Rates INR85 Million LT Bank Debts at 'LB+'
--------------------------------------------------------------
ICRA has assigned the 'LB+' rating to INR85.0 million long term
fund based bank lines of M/s Artex Apparels.  ICRA has also
assigned the A4 rating to INR35.5 million fund based and non fund
based short term bank lines of the firm.

The ratings are constrained by recent delays in servicing of
certain debt obligation by the firm.  The ratings also reflect the
weak financial indicators characterized by declining profitability
in FY 2009.  Though funds flow from operations remained positive
gross cash flows slipped into negative category due to increase in
interest and finance charges.  Free cash flows were further
strained by increasing capital expenditure.  The firm has a small
scale of operations restricting economies of scale.  Currently,
sales price for exports is negotiated with customers keeping in
view expected volatility in foreign exchange rate.  However, the
time gap between negotiation of export order and realization of
export debtors (~140?160 days) exposes the firm to volatility in
foreign exchange rate. ICRA notes that customer concentration of
the firm remains high with 85% of sales being accounted for by one
group in the export and domestic market, greater diversification
may not be feasible at its current scale of operations.  The
ratings take into account experience of the promoters in the
apparel segment.

Incorporated in 1981 by Mr. Abhay Shah and Mr. Praful Shah, Artex
Apparels is a partnership firm engaged in manufacture and sale of
kids wear garments with target end customers in the age group of
new born to 16 years.  The firm sells its products to domestic and
international retail chain stores.  Artex has its existing
manufacturing unit at Ahmedabad, Gujarat where it owns eight units
totalling to approximately 7,000 square yards from where day to
day functions of administration and manufacturing are carried out.
The firm has 205 machines and currently commands a work force of
425 workers with annual production capacity of ~ 900,000 pieces
per annum.

Recent Results

The firm recorded net profit of INR15.3 million on operating
revenue of INR169.3 million for 11 months period ended February
2010.  For year ended March 31, 2009, the firm recorded a PAT of
INR2.8 million on operating income of INR179.8 million.


DRISHA IMPEX: ICRA Rates INR50 Mil. Fund Based Limits at 'LB'
-------------------------------------------------------------
ICRA has assigned a long term rating of 'LB'to the INR50 million
Fund Based Limits of Drisha Impex Pvt Ltd.

The rating is constrained by the company's modest scale of
operations, short track record in organized trading business and
relatively high client concentration.  The trading business is
characterized by a fragmented market, presence of large number of
unorganized players, low entry barriers and intense competition
which results in wafer thin margins and weak profitability
indicators.  The business remains sensitive to working capital
cycle and any delay in payments from customers results in higher
dependence on external debt.  The company's financial risk profile
is characterized by relatively high gearing and stretched
liquidity position.  However the rating takes some comfort from
the long experience of promoters in the trading business
and minimal inventory risk faced by the company on account of
material procurement backed by fixed price orders.

The company was incorporated in 2003 under the name of Drisha
Transport Pvt Ltd.  The company was involved in transportation of
sponge iron ore in Orissa.  However, the business didn't take off
and the operations were closed down in 2004.  In 2005, the
company's name was changed to Drisha Impex Pvt Ltd. under which
the company initiated trading activities.  The company is based
out of Mumbai and has an office space in Malad, Mumbai.  It also
has a wholesale outlet in Chandi chowk, Delhi.  DIPL is involved
in trading of fabrics, mobile phones & accessories, lighting
fitting & fixtures and gift items.

Recent Results

In the nine months ending December 31, 2009, the company has
reported a net profit of INR0.22 million on a turnover of INR327.3
million as compared to a net profit of INR0.69 million on a
turnover of INR408.6 million for the full year ending
March 31, 2009.


GASHA STEELS: CRISIL Reaffirms 'BB' Ratings on INR30MM Cash Credit
------------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'BB/Stable/P4+' to the bank
facilities of Gasha Steels Private Limited, a part of the
Kalliyath group.

   Facilities                        Ratings
   ----------                        -------
   INR30.00 Million Cash Credit      BB/Stable (Reaffirmed)
   INR100.00 Million Letter of       P4+ (Reaffirmed)
        Credit/ Bank Guarantee

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

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

Outlook: Stable

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

                          About the Group

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

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


HARRISONS MALAYALAM: ICRA Puts 'LB' Rating on INR1.07B Bank Debts
-----------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR1079.0 million
sanctioned bank limits for long term Fund Based bank facilities of
Harrisons Malayalam Limited.  ICRA has also assigned an A4 rating
to the INR112.6 million sanctioned bank limits for short term Fund
Based and Non-Fund Based bank facilities of HML.

The ratings take into consideration the continued deterioration in
the company's profitability, which along with the significant
investments in group companies have put pressure on the company's
liquidity and consequent debt servicing record. Despite a positive
outlook on both the business segments where it operates, viz
rubber and tea, the company has been adversely affected because of
the high cost of purchases of both latex and green leaf.  The
ratings however favorably factor in the Company's long operating
history and its currently favorable capital structure.

Incorporated in 1978, HML is primarily a rubber and tea producer,
with revenues from the activities accounting for the bulk of its
operating income.  With eleven rubber plantations spread over
7,300 hectares of land in Kerala, HML is one of the major rubber
plantation companies in India with a production of over 11,000 MT
during 2008-09.  The company is also one of the larger tea
producers in South India, producing 12-14 million kgs CTC and
Orthodox teas in its thirteen tea gardens annually, the same
spread over 6,000 hectares of land primarily in Kerala and some in
Tamil Nadu.

HML is a part of RPG Enterprises Ltd., an established group with
interests in tyre, carbon black, power transmission,
telecommunications, retail and entertainment.  During the
financial year 2008-09, the company registered a PAT of INR60.4
million on an operating income of INR2.92 billion.


HY-LINK OVERSEAS: ICRA Places 'LBB' Rating on INR50MM Bank Debts
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR50.0 million Cash
Credit Facility of Hy-Link Overseas Private Limited.  The outlook
on the rating is stable.  ICRA has also assigned an A4 rating to
the INR50.0 million Letter of Credit facility of HOPL.

The rating takes into account HOPL's experienced promoters with
long track record in trading of steel tubes and pipes, significant
growth in its revenues over the last few years and its established
relations with key customers which has enabled it to secure repeat
orders from them in the past.  The rating is however constrained
by the intensely competitive nature of the business characterized
by low margins and vulnerability of HOPL's profits to fluctuations
in product prices in the absence of any price agreements with
suppliers or customers.  The rating is also constrained by the
modest scale of operations and weak debt protection metrics of the
company as reflected by interest coverage of 1.08 times and net
cash accruals to total debt of 6% in 2008-09.

Established in 1998, HOPL is a closely held company promoted by
Mr. Sidharth Gulati and his family members.  The company is
primarily engaged in the business of trading in steel pipes and
edible oil.   The company's head office is located in Delhi from
where it controls the marketing and finance operations. HOPL has
also established its branch offices in Bhopal, Morena in Madhya
Pradesh and Kosi Kalan in Uttar Pradesh.  For stocking of
inventory, the company has established its warehousing facility in
Delhi.  HOPL sells its products mostly to wholesalers and
retailers in North India.  It has established a network of 200-225
retailers and wholesalers in Madhya Pradesh, Uttar Pradesh and
Delhi for marketing steel tubes and pipes to end consumer.

HOPL reported a Profit After Tax (PAT) of INR1.8 million on
operating income of INR1.78 billion in 2008-09, as against
corresponding figures of INR 0.6 million and INR1.29 billion in
2007-08.


JOHNSON JEWELLERS: ICRA Assigns 'LBB-' Rating on INR110M Loans
--------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR110.0 million, cash
credit facility of Johnson Jewellers with stable outlook.

The rating reflects the weak financial profile of the firm
characterized by a highly leveraged capital structure, low levels
of profitability, weak return and coverage indicators.  The rating
also takes into account JJ's moderate scale of operations which
remain geographically limited to a single state at present.  The
rating also incorporates the susceptibility of the margins to gold
price fluctuations and the inherent competition from a large
number of organized and unorganized players in the gold jewellery
business.  The rating however draws comfort from the promoter's
long standing experience in the jewellery business and the
company's sustained growth in operating income over the last three
fiscals.

Incorporated in 1991, Johnson Jewellers is engaged in trading of
gold chains, pendant and bracelets on B2B and retail basis.
Johnson Jewellers runs a showroom with 4000 sq ft of useable area
in Ahmedabad since 2005.  Johnson Jewellers also sells bulk gold
jewellery to retailers located in small towns of Gujarat.

JJ reported a net profit of INR2.00 million on an operating income
of INR511.00 million for FY 2008-09.


KAIRALI STEELS: CRISIL Reaffirms 'BB' Rating on INR85M Cash Credit
------------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'BB/Stable/P4+' to the bank
facilities of Kairali Steels & Alloys Private Limited, a part of
the Kalliyath group.

   Facilities                      Ratings
   ----------                      -------
   INR85.00 Million Cash Credit    BB/Stable (Reaffirmed)
   INR200.00 Million Letter of     P4+ (Reaffirmed)
       Credit/ Bank Guarantee

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

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

Outlook: Stable

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

                          About the Group

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

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


KARIA DEVELOPERS: ICRA Places 'LBB' Rating on INR200MM Bank Debts
-----------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' with stable outlook
to INR200 million fund based limits of Karia Developers &
Builders.

The rating is constrained by KDB's plans to acquire land parcels
which could lead to a stretched liquidity position if the proposed
equity infusion does not take place in time, high dependence of
project funding on customer advances, expected increase in its
gearing on account of additional debt availed in FY10, market
risks for two of KDB's residential projects, early stage of
development in its ongoing projects, inherent risks in partnership
and the fact that the firm agreements are yet to be executed for
75% of the area sold.  However, the rating draws comfort from
experience of KDB's management in real estate development in Pune
and Mumbai, low approval risks, the fact that 42% of the saleable
area stands sold and healthy collection efficiency levels from
sales.

Karia Developers & Builders, a partnership firm registered in year
2004, is engaged in real estate development.  KDB, along with a
group entity Karia Developers, has developed 2.3 million sq. ft
of residential saleable area in Pune and Mumbai since 1993.  At
present, KDB is developing three residential projects in Pune with
aggregate saleable area of 5.4 lakhs sq. ft. KDB is led by three
partners viz. Mr. Nitin Karia, Mr. Samit Karia and Mr. Rupesh
Sheth.


LORENZO VITRIFIED: ICRA Places 'LBB+' Rating on INR150MM Term Loan
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR150.0 million term
loans and the INR100.0 million, cash credit facility of Lorenzo
Vitrified Tiles Private Limited.  The outlook for the rating is
stable.  ICRA has also assigned an A4+ rating to the INR50.00
million, short-term, non-fund based limits of LVTPL.

The ratings are constrained by LVTPL's relatively small size of
operations compared to organized pan India players; limited track
record of  commercial operations; highly competitive nature of the
ceramic tile industry  and relatively lower visibility of its
brand compared to other large organized players.  The ratings also
take into account the vulnerability of LVTPL's profitability to
the cyclicality associated with the real estate industry.
However, the ratings favorably consider the steady ramp-up of
operations by LVTPL; prior experience of the promoters in ceramic
industry, stable demand for vitrified tiles in the domestic market
and recent foray into value added products like Glaze Vitrified
Tiles (GVT) and Nano polished tiles which will enable LVTPL to
earn better realizations.

Lorenzo Vitrified Tiles Pvt Ltd was incorporated in October 2006
to manufacture vitrified tiles.  The company started commercial
production from February 2008.  The company has its production
facilities at Morbi, Gujarat with a total manufacturing capacity
of 50000 MTPA.  The company has in January 2010 expanded capacity
and can now produce 180,000 boxes per month (equivalent to ~66,960
MTPA capacity).

During the eleven month ended February 2010, the company reported
an operating income of INR538.06 million and profit before tax of
INR52.51 million.


LUCKY STEEL: ICRA Assigns 'LBB' Rating on INR80MM Bank Facilities
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR80 million fund-based
bank limits of Lucky Steel Industries.  The outlook on the long-
term rating is 'stable'.  ICRA has also assigned an 'A4' rating to
the INR420 million non-fund based bank limits of LSISBD.

The assigned ratings are constrained by the LSISBD's small scale
of operations; volatility in revenues and profits; low profit
margins; susceptibility to adverse movements in commodity prices
and exchange rates and the cyclicality in the steel industry.
ICRA has also taken into consideration the regulatory risks that
are inherent in the ship breaking industry.  The ratings, however,
draw comfort from the long-standing presence of LSISBD in the ship
breaking business; its compliance with international environmental
norms, forward linkages with group companies that are engaged in
steel re-rolling, financial flexibility owing to a low gearing and
a favorable outlook for the ship breaking industry in the near
term.

Incorporated as a proprietorship firm in 1995 by Ashfaqhusen S.
Masani, LSISBD belongs to the Bhavnagar-based Lucky Group held by
the Masani family.  LSISBD is engaged in the business of ship
breaking and scrap trading and operates on a plot leased by
Gujarat Maritime Board in the Alang Ship Recycling Yard.

In 2008-09, LSISBD reported an operating income of INR 449.7
million and net profit of INR 5.1 million.


MEGA VITRIFIED: ICRA Places 'LBB' Rating on INR102.8MM Term Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR102.8 million term
loans and the INR70.0 million, cash credit facility of Mega
Vitrified Tiles Private Limited.  The outlook for the rating is
stable. ICRA has also assigned an 'A4' rating to the INR20.00
million, short-term, non-fund based limits of MVTPL.

The ratings are constrained by MVTPL's relatively small size of
operations compared to organized pan India players; limited track
record of commercial operations; highly competitive nature of the
ceramic tile industry, MVTPL's single product portfolio and
relatively lower visibility of its brand compared to other large
organized players.  The ratings also take into account MVTPL's
highly leveraged capital structure with high gearing of 2.55 times
as on March 31, 2009, high working capital intensity and the
vulnerability of the profitability to the cyclicality associated
with the real estate industry.  However, the ratings favorably
consider the steady ramp-up of operations by MVTPL; prior
experience of the promoters in ceramic industry & stable demand
for vitrified tiles in the domestic market.

Mega Vitrified Tiles Pvt Ltd was incorporated in March 2007 and is
engaged in manufacturing of vitrified tiles.  The company started
commercial production from March 2008. The company has its
production facilities at Morbi, Gujarat with a total manufacturing
capacity of 36000 MTPA.

During the 11 month ended February 2010, the company reported an
operating income of INR386.80 million and profit before
depreciation and tax of INR30.6 million.


N SATISHKUMAR: CRISIL Reaffirms 'P4' Ratings on Various Debts
-------------------------------------------------------------
CRISIL's rating on the bank facilities of N Satishkumar & Co.
continues to reflect N Satishkumar's weak financial risk profile,
marked by weak debt protection measures and moderate gearing, and
poor liquidity because of large working capital requirements, and
modest scale of operations.  These weaknesses are partially offset
by the firm's promoter's experience in the diamond business.

   Facilities                               Ratings
   ----------                               -------
   INR60.0 Million Export Packing Credit    P4 (Reaffirmed)
   INR180.0 Million Post Shipment Credit    P4 (Reaffirmed)
   INR48.0 Million Standby Line of Credit   P4 (Reaffirmed)
   INR72.0 Million Proposed Short-Term      P4 (Reaffirmed)
                   Bank Loan Facility

N Satishkumar was promoted in 1977 by Mr. Satish Kumar Parikh, Mr.
Narendra Shah, and Mr. Ramniklal Shah; the firm is in the business
of diamond manufacturing and trading.  The firm has three
manufacturing units, two in Surat and one in Navsari.  The firm
now has seven partners, all members of the families of the
original partners.

For 2008-09 (refers to financial year, April 1 to March 31), N
Satishkumar reported a profit after tax (PAT) of INR2.6 million on
net sales of INR1012.5 million, against a PAT of INR11.4 million
on net sales of INR931.2 million for 2007-08.


SANDY RESORT: CRISIL Rates INR146.0 Million Loan at 'B'
-------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the rupee term loan
facility of Sandy Resort Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR146.0 Million Rupee Term Loan      B/Stable (Assigned)

The rating reflects the expected weakening in SRPL's financial
risk profile with the ongoing large debt funded hotel project and
the company's exposure to risks relating to the implementation and
commissioning of the same.  These rating weaknesses are partially
offset by the benefits SRPL derives from the availability of
adequate funding for its project, and its established marketing
network and position in franchising.

Outlook: Stable

CRISIL believes that SRPL's credit risk profile will remain
constrained until the commercialization of SRPL's proposed hotel.
The outlook maybe revised to 'Positive' if SRPL reports sustained
improvement in accruals and profitability after its hotel begins
commercial operations.  Conversely, the outlook may be revised to
'Negative' if material time or cost overruns occur in the
completion of its hotel project, adversely affecting the quantum
and timeliness of cash flows for servicing debt.

                        About Sandy Resort

Incorporated in 1998 by the late Mr. M D Patra, SRPL operates
franchise outlets for Cafe Coffee Day, and Habib Hair Salon, and
Spark pub in Bhubaneswar (Orissa).  The company's operations are
currently overseen by the founder's son, Mr. Sanjeev Patra. SRPL
is setting up a 70-room, three-star hotel in Bhubaneswar.

SRPL reported a profit after tax (PAT) of INR1.5 million on net
sales of INR4.8 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.4 million on net sales
of INR5.2 million for 2007-08.


SPECIFIC CERAMICS: ICRA Assigns 'LBB+' Rating on INR78.7M Loan
--------------------------------------------------------------
ICRA has assigned 'LBB+' rating to INR78.7 million term loan and
INR140.0 million fund based facilities of Specific Ceramics
Limited.  The outlook on the long-term rating is Stable.  ICRA has
also assigned an A4+ rating to INR27.0 million non-fund based
facilities of SCL.

The ratings are constrained by the highly competitive nature of
the ceramic tile industry resulting from fragmented nature of the
industry and cheap Chinese imports, SCL's small scale of
operations and relatively lower visibility of its brand compared
to that of other large players.  Moreover, the company's revenues
and cash flows are exposed to the cyclicality in the real estate
industry.  The large scale capacity expansions by major ceramic
tile manufacturers and up-gradation of manufacturing facilities by
other smaller tile manufacturers may result in increased
competitive pressure in the industry.  The assigned ratings
however favorably factor in the financial profile characterized by
moderate gearing and debt coverage indicators; pan India
distribution network which reduces dependence on one region and
favorable demand prospects in the domestic tile industry driven by
the steady revival in demand in the housing and commercial real
estate.

ICRA also notes that there has been considerable improvement in
the performance of the company after the change in the management
during 2007-08.

During the 10 months ending January 2010, SCL reported operating
income of INR562.5 million and an operating profit margin of
18.2%.

SCL was incorporated in April 1996 and was originally promoted by
Mr. Suresh Patel, Mr. Bharvin Patel and Mr. Rasik Patel.  SCL
stated commercial production of ceramic tiles in February 1999
with a capacity of manufacturing ~ 2,000 square meters (sq. mt.)
of plain glazed floor tiles per day.  During 2000-04, the
installed capacity was increased to ~10,000 sq. mt. per day.  In
March 2005, SCL entered into an agreement with a leading ceramic
tile manufacturer to supply exclusively to it; however according
to SCL, the agreement was not honored and this resulted in a
financial crisis in SCL.  Thereafter, in October 2007, the
original promoters transferred their shareholding in the company
to the new promoters namely, Mr. Manu Patel, Mr. Kasan Patel and
Mr. Prakash Tated and the commercial production restarted in
February 2008 under the new management. SCL is currently engaged
in the manufacturing of polished and unpolished vitrified tiles
under the brand Durato and has an installed capacity of
manufacturing ~13,000-15,000 sq. mt. of vitrified tiles per day.


SUNORA TILES: ICRA Assigns 'LBB' Rating on INR80 Mil. Term Loans
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR80.0 million term
loans and the INR47.50 million, cash credit facility of Sunora
Tiles Private Limited.  The outlook for the rating is stable.
ICRA has also assigned an A4 rating to the INR10.0 million, short-
term, non-fund based limits of STPL.

The ratings are constrained by STPL's relatively small size of
operations; limited track record of commercial operations; highly
competitive nature of the ceramic tile industry and high gearing
of 2.14 times as on March 31, 2009, on account of high debt funded
capex and high working capital requirements.  The ratings also
take into account STPL's single product portfolio; relatively
lower visibility of its brand compared to other large organized
players as well vulnerability of the profitability to the
cyclicality associated with the real estate industry.  However,
the ratings favorably consider the steady ramp-up of operations by
STPL since commencement; prior experience of the promoters in this
business and stable demand for vitrified tiles in the domestic
market.

Sunora Tiles Private Limited was incorporated in January 2007 to
manufacture vitrified tiles with its production facilities
situated at Morbi, Gujarat.  The reported installed capacity for
the company is 30000 MTPA as on March 31, 2009.  The project was
set up at a total capital cost of about INR150 million which was
funded through team loan of about INR80.0 million, INR46.0 million
as equity infusion and the remaining through unsecured loans from
promoters.  The company manufactures vitrified tiles of size 605
mm X 605 mm at its production facilities and markets them under
two different brand names Sunora and Spice.

During the ten month ended January 2010, the company reported an
operating income of INR288.19 million and profit after tax of
INR19.84 million.


SUPER FINE: CRISIL Assigns 'BB' Ratings on INR39.8MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Super Fine Knitters Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR70.0 Million Cash Credit Limit*     BB/Stable (Assigned)
   INR39.8 Million Term Loan              BB/Stable (Assigned)
   INR10.0 Million Letter of Credit       P4+ (Assigned)

   * Includes Export Packing Credit limit of INR7.5 million &
     INR5.0 million of Export Bill Purchase

The ratings reflect Superfine's small scale of operations,
constrained finance risk profile because of weak debt protection
measures, and exposure to risks related to customer concentration
in revenue profile, and fluctuations in foreign exchange rates.
These rating weaknesses are partially offset by the benefits that
Superfine derives from its moderate operating efficiency marked by
promoters experience in the industry and stable profitability
level.

Outlook: Stable

CRISIL believes that Superfine will continue to benefit from its
promoter's industry experience and moderate operating efficiencies
over the medium term.  The outlook may be revised to 'Positive' if
Superfine increases its customer diversification and scale of
operations.  Conversely the outlook may be revised to 'Negative'
if the company's liquidity weakens because of deterioration in
debtor profile, or if it's financial risk profile deteriorates
because of fresh, large, debt-funded capital expenditure.

                          About Super Fine

Set up as a partnership firm in 1980, Superfine was incorporated
as a public limited company in 1998-99 (refers to financial year,
April 1 to March 31).  The company manufactures basic and designer
knitted fabrics and garments.  Its manufacturing unit in Ludhiana
(Punjab) has a total area of 100,000 square feet.  Superfine
procures yarn and converts it into fabric through its 22 circular
knitting machines.  The company undertakes the entire processing
and finishing work of the ready-made garments in-house; it,
however, outsources the dyeing process to local players in
Ludhiana.

Superfine reported a profit after tax (PAT) of INR2.1 million on
net sales of INR271 million for 2008-09, against a PAT of INR5.2
million on net sales of INR320 million for 2007-08.


SUPERFINE SYNTEX: CRISIL Assigns 'BB' Ratings on INR44.3MM Loan
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the various bank
facilities of Superfine Syntex Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR77.50 Million Cash Credit*    BB/Stable (Assigned)
   INR44.30 Million Term Loan       BB/Stable (Assigned)

   * Interchangeable with letter of credit

The rating reflects the company's small scale and non-integrated
nature of operations, limited pricing flexibility, vulnerability
to volatile raw material prices and weak financial profile.  These
weaknesses are, however, partially mitigated by Superfine's high
profit margins from made-to-order products, and by the operational
flexibility of the company's plant, which helps meet changing
customer requirements.

Outlook: Stable

CRISIL expects Superfine to maintain its current financial risk
profile over the medium term.  The outlook may be revised to
'Positive' if there is a substantial improvement in the company's
capital structure through equity infusion.  Conversely, the
outlook may be revised to 'Negative' if Superfine undertakes
large, debt-funded capital expenditure, which could weaken its
capital structure and debt protection measures.

                       About Superfine Syntex

Incorporated in July 2001 by brothers, Mr. Manoj Kumar Agarwal,
Mr. Manish Kumar Agarwal and Mr. Kaushik Kumar Agarwal, Superfine
manufactures partially-oriented yarn (POY), polyester filament
yarn (PFY) and knitted fabrics.  The company began operations in
August 2002 with an initial production capacity of 3000 tonnes per
annum (tpa). Superfine increased it production capacity to 6500
tpa in July 2004.

Superfine reported a profit after tax (PAT) of INR7.7 million on
net sales of INR607.8 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR6.5 million on net
sales of INR420.4 million for 2007-08.


UNIQUE PUNCH: ICRA Puts 'LBB' Rating on INR50MM Fund Based Limits
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating with a stable outlook to the
INR 50 million fund based limits of Unique Punch Systems Private
Limited.

The rating factors in UPSLs established market position in the
sheet metal components business with an established customer base
and a diversified product portfolio supplying a range of sheet
metal components to engineering companies.  The rating also takes
into account the company's satisfactory capitalization and debt
coverage indicators.  The rating is however constrained by the
small scale of operations with limited bargaining power vis-a-vis
customers and suppliers, the highly competitive nature of the
business the company is operating in, high customer concentration
risks and exposure to raw material price risks.  These factors
have resulted in relatively low overall profitability and this
situation is unlikely to change in the medium term.

Unique Punch Systems Private Limited is a private held company.
It is in the business of manufacturing precision sheet metal
components up to 3 mm thick, mainly enclosures applicable for
telecommunication, electrical controls, computer peripherals,
electrical, electronics and medical equipment.  In FY2009, the
company reported a PAT of INR5.36 million on a total income of
INR247.46 million vis-a-vis PAT of INR7.07 million on a total
income of INR322.84 million in FY2008.


Y.S. INVESTMENTS: ICRA Rates INR40 Million Bank Limits at 'LBB-'
----------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR40 million fund-based
bank limits of Y.S. Investments.  The outlook on the long-term
rating is 'stable'.  ICRA has also assigned an A4 rating to the
INR410 million non-fund based bank limits of YSI.

The assigned ratings are constrained by  the vulnerability of YSI
to  the cyclical nature of the steel industry, the company's small
scale of operations; high volatility in revenues and profits
driven by the availability of ships; weak profitability of
operations and exposure to fluctuations in foreign exchange rates.
ICRA has also taken note of the regulatory risks that are inherent
in the ship breaking business.  The ratings however draw comfort
from the long-standing presence of YSI in the ship breaking
industry; its track record of compliance with international
environmental norms, forward linkages with group companies engaged
in steel re-rolling; financial flexibility derived from a low
gearing and a favorable outlook for the ship breaking industry in
the near term.

Incorporated as an Association of Persons (AOP) in 1955 and
acquired by Mr. Riazhusen S. Masani and Mr. Arifhusen S. Masani in
1994, YSI belongs to the Bhavnagar-based Lucky Group held by the
Masani family.  YSI is engaged in the business of ship breaking
and operates on a plot leased by Gujarat Maritime Board in the
Alang Ship Recycling Yard.

In 2008-09, YSI reported an operating income of INR 44.94 million
and a net profit of INR 6.05 million.


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


ALL NIPPON: To Merge Two Subsidiaries to Streamline Operations
--------------------------------------------------------------
All Nippon Airways Co. Ltd. said that its Board of Directors has
decided to merge two of its consolidated subsidiaries, Air Japan
Co., Ltd. and ANA & JP Express Co., Ltd, in order to build a more
flexible operating structure and streamline their operations.

The merger is in accordance with the ANA's fiscal year 2010-2011
corporate strategy announced on March 19, 2010, and in response to
the changing environment of the airline industry overall.

It will be an acquisition and merger, with AJX the surviving
company and AJV will be dissolved.

ANA will seek shareholders' approval of the merger at
extraordinary meeting of shareholders on April 16.

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

                           *     *     *

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


NISSAN MOTOR: Renault and Daimler Deal Won't Affect Moody's Rating
------------------------------------------------------------------
Moody's Investors Services says that the strategic cooperation
announced between Nissan Motor Co., Ltd. (Baa2/stable), Renault
S.A. (Ba1/stable), and Daimler AG (A3/negative) on April 7 will
initially be neutral for Nissan's credit rating, given its
investment will not be significant.  At the same time, the
cooperation has the potential to provide various benefits to
Nissan, but only over time.

The strategic cooperation will include cross-share holdings
between the three companies; Nissan and Renault will each own
1.55% of Daimler, while Daimler will own 3.1% of both Nissan and
Renault.  Nissan's stake in Daimler will be worth JPY74.1 billion,
equivalent to just 2.2% of Nissan's equity as of December 2009.

Moody's will monitor closely the progress of their cooperation and
its effects on earnings.

The major elements of the agreement are:

* Cooperation on the next-generation smart fortwo and Renault
  Twingo, including electronic versions, as well as expanding the
  smart and Twingo families;

* Power train sharing between Daimler, Renault and Nissan's
  Infiniti brand as well as co-development on future projects for
  cars and light commercial vehicles;

* Cooperation on light commercial vehicles; Daimler will expand
  its product range to include the entry-level van segment, based
  on technology from Renault, including small diesel engines
  procured from Renault-Nissan

Because the development of fuel-efficient cars is so important to
the industry, an automaker's access to a wide variety of
technologies is critical, but investing in such technologies is
very costly.

As such, the three companies will -- through the strategic
cooperation -- seek potential benefits from greater scale, lower
procurement costs, expanded production, and shorter payback
periods for the rising development costs for power trains.

In addition, each company has different and complementing
strengths -- Nissan, eco-cars; Renault, small cars; and Daimler,
luxury cars.

Moody's believes all three companies could over the long term save
time and money on the investments needed to develop these
vehicles.

For example, Nissan will be able to use Daimler's 4- and 6-
cylinder gasoline and diesel engines for its Infiniti luxury
brand.  In turn, Nissan's fuel-efficient vehicle technology could
help Daimler and shorten the payback period for its related
development costs.

Moody's last rating action with respect to Nissan was taken on
February 25, 2009, when the company's long-term ratings were
downgraded to Baa2 from A3 with stable outlook.

Nissan Motor Co., Ltd., headquartered in Yokohama, is a leading
global automobile manufacturer and is 44.3% owned by Renault S.A.


ORSO FUNDING: Moody's Downgrades Ratings on Five Certificates
-------------------------------------------------------------
Moody's Investors Service has downgraded these Trust Certificates;
their final maturity will take place in October 2010.

  -- Class D, downgraded to B3 from B1; previously downgraded to
     B1 from Baa2 on June 25, 2009

  -- Class E, downgraded to C from Caa1; previously downgraded to
     Caa1 from Ba3 on June 25, 2009

  -- Class F, downgraded to C from Caa2; previously downgraded to
     Caa2 from B1 on June 25, 2009

  -- Class G, downgraded to C from Caa3; previously downgraded to
     Caa3 from B3 on June 25, 2009

  -- Class M, downgraded to C from Caa3; previously downgraded to
     Caa3 from Caa2 on June 25, 2009

ORSO Funding CMBS 2005-3 Trust, effected in December 2005,
represents the securitization of a non-recourse loan backed by
real estate trust certificates.

The current rating action reflects Moody's concerns that the
recovery of a specially serviced loan will likely be hampered by
the stressed environment in the commercial real estate market.

This rating action is also based on Moody's view that the loss
from the loan will affect Classes D through M, upon the completion
of the disposal of the properties, in view of the actual recovery
from sold properties and the recovery assumption of a remaining
property.

By the end of March 2010, 24 of the 25 properties had been sold by
the Special Servicer.  The disposition prices were 5% lower than
the stressed recovery Moody's estimated in its previous rating
action.

Though the remaining property is likely to be sold at the legal
final maturity in October 2010, Moody's reassessed the recovery
stress to 40% from the 20% assumed in its previous rating action,
in light of the current offering condition to purchase this asset.

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


* S&P Puts Ratings on Three Tranches on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on three
tranches relating to three Japanese synthetic CDO transactions on
CreditWatch with positive implications.

The three tranches placed on CreditWatch positive had SROC
(synthetic rated overcollateralization) levels that had risen
above 100% at higher ratings than the current ratings during
March's month-end run.

For the transactions that S&P ran on version 5.0, S&P applied the
top obligor and industry test SROCs, in addition to the Monte
Carlo default simulation results.

The tranches listed below that have been placed on CreditWatch are
intended to be reviewed in accordance with the updated CDO
criteria by the end of this month.

                           Ratings List

                    Corsair (Jersey) No.2 Ltd.
                   Series 45 credit default swap

              To                  From      Amount
              --                  ----      ------
              CCC+srp/Watch Pos   CCC+srp   JPY3 bil.

                    Momentum CDO (Europe) Ltd.
             SONATA floating rate notes series 2006-11

           Class   To               From   Issue Amount
           -----   --               ----   ------------
           AF      CCC-/Watch Pos   CCC-   $6.0mil.

                       Signum Vanguard Ltd.
    Class A secured fixed rate credit-linked loan series 2005-04

                To               From   Issue Amount
                --               ----   ------------
                CCC-/Watch Pos   CCC-   JPY4.0 bil.


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


KUMHO ASIANA: Workers Reject Tentative Paycuts Agreement
--------------------------------------------------------
Kumho Tire Co.'s workers have rejected a tentative agreement to
cut salaries, Yonhap News reports.

As reported in the Troubled Company Reporter-Asia Pacific on
March 26, 2010, Bloomberg News said unionized workers at Kumho
Tire Co., a subsidiary of Kumho Asiana Group, accepted wage cuts,
averting a possible strike.  According to Bloomberg, the union
said it will accept a 10% reduction in base pay and remains
opposed to job cuts.

Unionized workers had threatened to strike after Kumho Tire in
February proposed to reduce factory jobs by 30% and lower wages by
20%.

The company's labor union told Yonhap that "nothing has been
decided yet, and there are no scheduled meetings with the
management."

As reported in the Troubled Company Reporter-Asia Pacific on
August 6, 2009, The Korea Herald said Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  Bloomberg said
creditors including Shinhan Bank may force the company to repay
KRW3.9 trillion (US$3.2 billion) by June if they exercise an
option to sell Daewoo Engineering shares they hold back to Kumho
Asiana.

The creditors decided on Dec. 30 to put two other ailing units --
Kumho Industrial Co. and Kumho Tire Co. -- under a debt
rescheduling program.  Meanwhile, the group's other two units --
Korea Kumho Petrochemical Co. and Asiana Airlines Inc. -- will
have to improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.

Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap reported.

According to Bloomberg data, the group's net debt was KRW2.21
trillion as of September 30, 2009 -- more than double the KRW998.5
billion it had at the end of 2005 before Kumho Asiana bought 72%
of Daewoo Engineering for KRW6.43 trillion.  Kumho Tire's net debt
stood at KRW1.71 trillion at the end of September 2009.

                        About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


* SOUTH KOREA: 22 Public Firms Have KRW211.7 Tril. Debts in 2009
----------------------------------------------------------------
The Korea Times reports that the combined debts of 22 publicly run
enterprises in South Korea surpassed KRW200 trillion last year,
raising concerns over deteriorating financial soundness in the
public sector.

The Times, citing sources, says the outstanding debts of 22
publicly-run enterprises reached KRW211.7 trillion as of the end
of 2009, up 20.6% from KRW175.6 trillion a year earlier.
Liabilities have been growing by an average of 20.6% from 2004
through 2008.

The combined capital, meanwhile, inched up 4.6% to KRW138.8
trillion last year.  The report notes that the average debt-to-
equity ratio rose to 152% from 132% over the one-year period,
lagging far behind listed companies in financial soundness.

According to the report, the elevated debt levels of public firms
were blamed to inefficient management and excessively generous
compensation packages for executives and some employees, despite
suffering huge financial losses.


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


LITYAN HOLDINGS: 17th Annual General Meeting Sets for April 28
--------------------------------------------------------------
Lityan Holdings Berhad will hold its 17th annual general meeting
at 10:00 a.m., on April 28, 2010, at Ballroom I, Tropicana Golf &
Country Resort, Jalan Kelab Tropicana, 47410 Petaling Jaya, in
Selangor Darul Ehsan.

At the meeting, the members will be asked to:

   -- receive the audited financial statements together with
      The reports of the Directors and Auditors for the
      financial year ended December 31, 2009;

   -- re-elect Y. Bhg. Dato' Syed Sidi Idid bin Syed Abdullah
      Idid who retires by rotation pursuant to Article 96 of
      the Company's Articles of Association;

   -- re-elect En. Mohamed Ridza bin Mohamed Abdulla who retires
      in accordance with Article 96 of the Company's Articles of
      Association;

   -- approve the Directors' fees amounting to MYR180,000 for the
      financial year ending December 31, 2010;

   -- approve the Directors' fees amounting to MYR188,000 for the
      financial year ending December 31, 2011;

   -- re-appoint Messrs Wong Weng Foo & Co. as Auditors of the
      Company and to authorize the Directors to fix their
      Remuneration; and

   -- consider and if thought fit, pass these ordinary/special
      resolutions:

          * authority to issue shares;

          * proposed renewal of the existing shareholders'
            mandate and general mandate and proposed new
            shareholders' mandate for recurrent related
            party transactions of a revenue or trading in
            nature; and

          * proposed change of name of the company from
            Lityan Holdings Berhad to Theta Edge Berhad.

                       About Lityan Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.


TRANSMILE GROUP: To Hold 14th Annual General Meeting on April 29
----------------------------------------------------------------
Transmile Group Berhad will hold its 14th annual general meeting
at 10:00 a.m., on April 29, 2010, at Zamrud Room, The Saujana
Kuala Lumpur, Saujana Resort, Jalan Lapangan Terbang SAAS, 40150
Shah Alam, in Selangor Darul Ehsan.

At the meeting, the members will be asked to:

   -- receive the audited financial statements for the financial
      year ended December 31, 2009, and the Reports of the
      Directors and the Auditors thereon;

   -- re-elect the following Directors who retire pursuant to
      Article 80 of the Company's Articles of Association:

       i) Tan Sri A. Razak bin Ramli
      ii) Dato' Mohamad Idris bin Mansor

   -- re-elect Encik Mohd Lutf bin Mat Lazim who retires pursuant
      to Article 87 of the Company's Articles of Association;
   -- approve the payment of Directors' fees in respect of the
      financial year ended December 31, 2009;

   -- re-appoint Messrs. KPMG as Auditors for the ensuing year
      and to authorize the Directors to fix their remuneration;
      and

   -- pass these ordinary resolutions:

         i. authority to allot shares pursuant to Section 132D of
            the Companies Act, 1965;

        ii. proposed renewal of shareholders' mandate for
            recurrent related party transactions of a revenue or
            trading nature; and

       iii. proposed new shareholders' mandate for recurrent
            related party transactions of a revenue or trading
            nature.

                       About Transmile Group

Transmile Group Berhad is an investment holding company.  The
Company is engaged in provision of air transportation and related
services.  The Company's subsidiaries include Transmile Air
Services Sdn. Bhd., which is engaged in provision of air
transportation and related services and dealing in aircraft,
aircraft parts and equipment; Transmile Thailand Sdn. Bhd., which
is engaged in investment holdings; Transmile Management Sdn. Bhd.,
which is engaged in provision of management services; Viunique
Corporation Sdn. Bhd., which is engaged in leasing of aircraft,
and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.

Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.


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


AIR NEW ZEALAND: Starts Code-Share Deal with Continental
--------------------------------------------------------
Air New Zealand and Continental Airlines have begun a reciprocal
code share agreement, providing Air NZ access to parts of the
United States not previously available with current partners, the
New Zealand Press Association reports.

Under the agreement, NZPA says, Air NZ will code share on more
than 540 flights per week to and from Continental's main hubs
serving Houston, New York and Cleveland.

The code share will complement existing arrangements with fellow
Star Alliance partners United Airlines and US Airways, NZPA notes.

NZPA relates that Continental will code share on Air NZ's trans-
Pacific services, trans-Tasman, domestic and Auckland to Hong Kong
service.

"This presents exciting inbound tourism opportunities for New
Zealand, especially when you consider Continental is the world's
fifth largest airline," the report quoted Air New Zealand group
general manager Ed Sims as saying.

"The new code share also provides excellent options for Kiwis
wanting to travel to the East Coast of the US, with very
convenient connection times to a range of Continental Airlines
flights," he added.

Continental Airlines (NYSE: CAL) is the fourth-largest airline in
the US based on revenue passenger miles.  Continental operates
flights to destinations throughout the U.S., Canada, Latin
America, Europe, and the Asia-Pacific regions.

                       About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd. --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                           *     *     *

Air New Zealand Ltd. continues to carry Moody's Investors Service
"Ba1" Senior Unsecured Issuer rating with stable outlook.


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


BENGUET CORP: Raises PHP329 Million in Fresh Funds
--------------------------------------------------
Benguet Corp. has raised PHP329 million in fresh funds by issuing
shares to selected investors, according to the BusinessWorld
Online.  According to the report, Benguet said it had sold 14.55
million Class "A" common shares at PHP12.00 per share and 9.7
million Class "B" common shares at PHP16.00 apiece through a
private sale to RYM Business Management Corp.

The report relates the miner said part of the proceeds from the
share sale would be used to finance the development of "priority
projects" which include the Balatoc Tailings Project and Acupan
Contract Mining Project in Benguet province.

                        About Benguet Corp.

Benguet Corporation (PSE:BC) -- http://www.benguetcorp.com/-- is
engaged in chromite and gold mining and production, exploration,
research and development, and water projects.  The Company
explores for mines, produces and markets gold, refractory
chromite, nickel laterite ore, limestone and aggregates, and
through its subsidiaries, provides eco-tourism, engineering and
construction, reforestation, trucking and warehousing services,
sells industrial equipment and supplies, develops water resources
and real estate projects.

                           *     *     *

Jaime F. Del Rosario at Sycip Gorres Velayo and Co. raised
significant doubt on Benguet Corporation's ability to continue as
a going concern saying that the group has incurred cumulative
losses of PHP4.8 billion and PHP4.3 billion in 2008 and 2007,
respectively, which resulted to a capital deficiency of PHP1.6
billion and PHP1.3 billion as of December 31, 2008, and 2007,
respectively.  The Group's current liabilities exceeded its
current assets by PHP3.8 billion and PHP3.1 billion as of Dec. 31,
2008 and 2007, respectively.  In addition, the Group was unable to
pay its maturing bank loans and related interests of PHP3.6
billion and PHP3.1 billion as of December 31, 2008 and 2007,
respectively.


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


ASIA REAL: Creditors' Proofs of Debt Due May 10
-----------------------------------------------
Creditors of Asia Real Capital Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 10, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Jacqueline Chan Li Shan
         171 Chin Swee Road
         #08-01 San Centre
         Singapore 169877


CONCEIVE ASIA: Creditors' Proofs of Debt Due May 10
---------------------------------------------------
Creditors of Conceive Asia Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by May 10, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Victor Goh
         C/o Insolvency Advisory Pte Ltd
         100 Tras Street
         #16-03, Amara Corporate Tower
         Singapore 079027


GIMWAH PTE: Creditors' Proofs of Debt Due April 23
--------------------------------------------------
Creditors of Gimwah Pte Ltd, which is in creditors' voluntary
liquidation, are required to file their proofs of debt by
April 23, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Bob Yap Cheng Ghee
         c/o KPMG Advisory Services Pte. Ltd.
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


LE MUSE: Creditors' Proofs of Debt Due May 10
---------------------------------------------
Creditors of Le Muse Pte Ltd, which is in creditors' voluntary
liquidation, are required to file their proofs of debt by May 10,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Victor Goh
         C/o Insolvency Advisory Pte Ltd
         100 Tras Street
         #16-03, Amara Corporate Tower
         Singapore 079027


KLS TECHNOLOGY: Creditors' Meeting Set for April 21
---------------------------------------------------
KLS Technology Pte Ltd, which is in liquidation, will hold a
meeting for its creditors on April 21, 2010, at 4:00 p.m., at the
138 Cecil Street, #06-01 Cecil Court, Singapore 069538.

Agenda of the meeting includes:

   a. consider the company's statement of affairs and to receive
      an update on the progress of the liquidation;

   b. consider the mandate to be given to the joint liquidators,
      moving forward in the liquidation of the company, in
      particular if the joint liquidators should proceed for their
      discharge/release and the dissolution of the company;

   c. approve the joint liquidators' fees and disbursements; and

   d. discuss other business.

The company's liquidators are:

         Yin Kum Choy & Mok Wai Seng
         Kcy In & Co
         Certified Public Accountants
         Singapore 138 Cecil Street
         #06-01 Cecil Court
         Singapore 069538


TEDJO ENGINEERING: Court to Hear Wind-Up Petition on April 23
-------------------------------------------------------------
A petition to wind up the operations of Tedjo Engineering Pte Ltd
will be heard before the High Court of Singapore on April 23,
2010, at 10:00 a.m.

The applicant's solicitors are:

          Andrew & Co
          Block 726 Ang Mo Kio Avenue 6, #01-4152
          Singapore 560726


WOOD DOCTOR: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on March 31, 2010, to
wind up the operations of Wood Doctor (Far East) Pte Ltd.

Standard Chartered Bank filed the petition against the company.

The company's liquidators are:

         Messrs Chee Yoh Chuang
         Lim Lee Meng
         c/o 9 Wilkie Road #03-08
         Wilkie Edge
         Singapore 228095


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

Tong See Low trading as Tan Hup Seng Auto Repair Workshop, filed
the petition against the company on April 1, 2010.

The Petitioner's solicitors are:

          Dominion LLC
          400 Orchard Road #05-19
          Orchard Towers
          Singapore 238875


YEO BROTHERS: Creditors Get 1.33041749% Recovery on Claims
----------------------------------------------------------
Yeo Brothers Company Private Limited will declare the first and
final dividend on April 9, 2010.

The company will pay 1.33041749% to the received claims.

The company's liquidator is:

         Goh Ngiap Suan
         c/o Goh Ngiap Suan & Co
         336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


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


AU OPTRONICS: Reports First Qtr. Revenue of NT$111.55 Billion
-------------------------------------------------------------
AU Optronics Corp. reported preliminary consolidated March 2010
revenue of NT$40.66 billion, up by 24.5% from February and 83.9%
year-over-year.

In the first quarter of 2010, AUO's unaudited consolidated
revenues totaled NT$111.55 billion, down by a slight 2.9% quarter-
over-quarter but an impressive growth of 119.9% year-over-year.

Large-sized panel shipments for March 2010, with applications on
desktop monitor, notebook PC, LCD TV and other applications, hit a
record high, amounting to approximately 9.77 million units, an
increase of 22.0% from the previous month.  As for small-and-
medium-sized panels, the shipments reached 21.39 million units, up
by 32.9% month-over-month.

In the first quarter of 2010, large-sized panel shipments exceeded
27.22 million units, a slight decrease of 0.6% from last quarter
but a significant YoY increase of 107.1%.  Shipments of small-and-
medium-sized panels in the same quarter totaled 56.99 million
units, down by 5.2% quarter-over-quarter, but up by 32.7% year-
over-year.

                         About AU Optronics

Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays. The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels.  Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays.  The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers.  The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays.  In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2009, Fitch Ratings upgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'BB-' from 'B+', and its National Long-term rating to 'BBB(twn)'
from 'BBB-(twn)'.  The Outlook is revised to Stable from Negative.


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


THAI AIRWAYS: Shifts Sales Campaign Focus Away From Bangkok
-----------------------------------------------------------
Bangkok Post reports that Thai Airways International PCL has
shifted the focus of its sales campaign away from Bangkok,
recognizing that escalating civil unrest will deter foreigners
from visiting the capital.

According to the report, the flag carrier has deliberately avoided
mentioning Bangkok in its global communications, to focus instead
on promoting its global network and peaceful domestic
destinations.

"We're focusing on selling our global networks with transits
through our Suvarnabhumi Airport hub, while trying to woo
passengers to domestic destinations like Phuket and Krabi,
bypassing Bangkok," the Post quoted Pruet Boobphakam, THAI's
executive vice-president for commercial affairs, as saying.

The report relates Boobphakam said that though THAI's reservations
are relatively stable, flight bookings were now entering the
airline's system more slowly.

The Post, citing airline managers, says the government's
declaration of a state of emergency in Bangkok and five adjoining
provinces may make foreign visitors jittery, hitting ticket sales.

The Post says THAI, like many other airlines operating through
Bangkok, is still enjoying peak travel demand during the long
Songkran holidays, especially from Thais heading overseas and
upcountry to escape the unsettled situation in the capital.

But the airline's managers are worried the impact of political
demonstrations will deepen after the holiday, the report notes.

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

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

Thai Airways, whose stock has fallen 80% in 2008, has "problems
with cash flow because we lost THB19 billion in cash during the
closures of airports," acting President Narongsak Sangapong told
Reuters.

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

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


                         *********

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.


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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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