TCRAP_Public/100413.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, April 13, 2010, Vol. 13, No. 071

                            Headlines



A U S T R A L I A

AUSTRALASIA RESOURCES: Gets AU$3 Million Loan From Mineralogy
CUBBIE STATION: Sales Process Extended Until June 15
GLOBAL BEVERAGES: Acquavella Chiarelli Raises Going Concern Doubt
MOBIUS NCM-04: S&P Puts Note Ratings on CreditWatch Positive
STORM FINANCIAL: Law Firms Fight Over CBA Compensation Offer


C H I N A

NEW ENERGY SYSTEMS: CFO Junfeng Chen to Serve as Corp. Secretary
NEW ENERGY SYSTEMS: Delays Filing of 2009 Annual Report


H O N G  K O N G

ENLIVEN INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
FREEWAY CHINA: Creditors and Contributories to Meet on April 22
FUNG'S INTERNATIONAL: Court to Hear Wind-Up Petition on May 12
GAT ASIA: Members' and Creditors Meetings Set for May 10
GENERAL APPLIANCE: Court to Hear Wind-Up Petition on April 28

GOLDCONE PROPERTIES: Creditors Get 2.7% Recovery on Claims
GUARDECADE LTD: Creditors Get HK$0.3 Per Share Recovery on Claims
HONET INDUSTRIES: Court to Hear Wind-Up Petition on May 12
INTERCAST HK: Creditors' Proofs of Debt Due May 10
HKC INSURANCE: Members' Final Meeting Set for May 11

JIN HUANG: Placed Under Voluntary Wind-Up Proceedings
KNITFIT KNITTERS: Commences Wind-Up Proceedings
LONG SURE: Commences Wind-Up Proceedings
KRISPY KREME: Contributories' and Creditors Meetings Set for May 4
REVEILER SKIN-PRO: Court to Hear Wind-Up Petition on April 21


I N D I A

100 HOSPITAL: ICRA Rates INR380 Million Term Loan at 'LBB'
AIR INDIA: Inks US$190 Million IT Infrastructure Deal With SITA
AKLAVYA INDUSTRIES: Delay in Loan Payment Cues CRISIL 'D' Ratings
AMETHYST HOSPITALITY: ICRA Puts 'LBB-' Rating on INR200MM Loan
BHAGWATI SPONGE: CRISIL Cuts Ratings on Various Bank Debts to 'D'

DAYA MK: ICRA Assigns 'LBB' Rating on INR345MM Term Loans
HIRACO JEWELLERY: CRISIL Reaffirms 'P4' Ratings on Various Debts
IDEAL EDUCATIONAL: CRISIL Puts 'BB+' Ratings on Various Bank Debts
KAUSTHUBHA PROJECT: ICRA Rates INR100MM Term Loan at 'LBB'
LALL CONSTRUCTION: ICRA Places 'LBB+' Rating on INR30M Bank Limits

MAHAVIR ASHOK: ICRA Assigns 'LBB+' Rating on INR75MM LT Loan
MITTAL SECTIONS: ICRA Assigns 'LBB-' Ratings on Various Debts
NSP KNITTING: CARE Assigns 'CARE BB+' rating on Various Bank Debts
OMAXE BUILDHOME: ICRA Rates INR1.0 Bil. Term Loan at 'LB'
RATANCHAND JEWELLERS: ICRA Puts 'LBB+' Rating on INR300M Limits

RELIANCE JUTE: CRISIL Puts 'BB' Rating on INR107MM Long Term Loan
ROHAN DYES: ICRA Assigns 'LBB' Rating on Various Bank Facilities
RT STAR: CRISIL Reaffirms 'P4' Ratings on Various Bank Facilities
RT STAR JEWELLERY: CRISIL Reaffirms 'P4' Ratings on Bank Debts
SOUTH INDIA: ICRA Rates INR75 Mil. Term Loan at 'BB-'

SOWMIYA SPINNERS: ICRA Assigns 'LBB' on INR110.4MM Term Loans
TECUMSEH PRODUCTS: Fitch Cuts National Long-Term Rating to 'B-'
VIJMOHAN CONSTRUCTIONS: ICRA Rates INR45MM Cash Credit at 'LBB-'
* INDIA: To Introduce New Law to Speed Up Insolvency Process


I N D O N E S I A

LIPPO KARAWACI: Fitch Affirms Issuer Default Ratings at 'B+'
LIPPO KARAWACI: S&P Assigns 'B' Rating on US$350 Mil. Notes
SIGMA CAPITAL: Moody's Assigns 'B1' Senior Unsecured Rating


J A P A N

ARSENAL TRUST: Moody's Reviews Ratings on Various Certificates
J-CORE 15: Moody's Reviews Ratings on Seven Classes of Loans
JAPAN AIRLINES: May Slash More Jobs to Cut Costs
ORIX-NRL TRUST: Moody's Reviews Ratings on Six Classes of Notes


K O R E A

KUMHO ASIANA: Unit May Sell KRW200 Bil. Bond to Creditors


M A L A Y S I A

OILCORP BHD: Ricoh Seeks Payment of MYR535T For Services Rendered
TENGGARA OIL: Bursa to Delist Securities on April 19


N E W  Z E A L A N D

A2 CORPORATION: In Merger Talks; May Shift Listing to ASX
CRAFARS FARMS: Gets NZ$40,000 Fine Over Effluent Discharge


S I N G A P O R E

LE SIRENE: Creditors' Proofs of Debt Due May 10
MUN SIONG: Creditors' Proofs of Debt Due May 10
SABBIA PTE: Creditors' Proofs of Debt Due May 10
SONGA FLOATING: Court to Hear Wind-Up Petition on April 23
SPINEVISION SINGAPORE: Creditors' Proofs of Debt Due May 9


T H A I L A N D

INNOVEX INC: Thai Unit Files Rehabilitation Petition


X X X X X X X X

* BOND PRICING: For the Week April 5 to April 9, 2010




                         - - - - -


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A U S T R A L I A
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AUSTRALASIA RESOURCES: Gets AU$3 Million Loan From Mineralogy
-------------------------------------------------------------
Australasian Resources Ltd. will get a AU$3 million loan facility
from its majority shareholder Clive Palmer's private resources
house Mineralogy, The Australian reports.

Mr. Palmer, who spent the weekend brushing off reports he was set
to walk away from his similarly financial stricken soccer club
Gold Coast United, owns 66% of Australasian, the report says.

According to the report, Australasian, which was down to
AU$1.8 million in cash at the end of December 2009, said it would
use the funds to continue discussions with the "various parties",
including China, who have expressed interest in its Balmoral South
Iron Ore Project in the Pilbara.

The Australian relates that the 12-month loan facility is secured
by a fixed and floating charge over the company's assets and bears
interest at the bank bill swap rate plus 2 per cent.

Australasian was set to merge with Mr. Palmer's Resource
Development International that went into administration last year,
but has since fallen in the background as Mr. Palmer touted, and
then delayed, his troubled US$3 billion (AU$3.2 billion) float of
Resourcehouse.

Perth, Australia-based Australasian Resources Ltd. --
http://www.austresources.com.au/-- is engaged in mineral
exploration. During the fiscal year ended June 30, 2007 (fiscal
2007), the Company's main focus was the finalization of the
acquisition of International Minerals Pty Ltd (International
Minerals), which holds the right to mine one billion tons of
magnetite iron ore from part of the Southern block of the
Balmoral project on lease held by Mineralogy. During fiscal
2007, the Company also acquired Sherlock Bay Extended, which is
an exploration area that surrounds the main Sherlock Bay Nickel
Project area. This is a joint venture between the Company (70%
interest) and Metals Australia Ltd (30% interest). The Company
wholly owns investments in companies, including Lefroy Gold
Mines Limited, Bushjet Pty Ltd and Leteni Pty Ltd.

                           *     *     *

Australasian Resources Ltd. incurred net losses of AU$13.12
million, AU$15.24 million and AU$8.50 million for the years ended
June 30, 2009, 2008 and 2007.

As at June 30, 2009, the Group has a working capital deficiency of
AU$3.88 million (which includes a provision of AU$8.8 million for
stamp duty), and has utilized approximately AU$18.54 million of
cash during the year as part of its operating and investing
activities.  Commitments as at June 30, 2009 are AU$2.59 million.


CUBBIE STATION: Sales Process Extended Until June 15
-----------------------------------------------------
The real estate agents offering Australia's largest irrigation
property Cubbie Station for sale are hopeful the property will
soon change hands, The Syndey Morning Herald reports.

According to the report, Jones Lang LaSalles managing director
Stephen Conry said there were two parties interested in buying
Cubbie Station, situated at Dirranbandi in southwest Queensland.

The Herald relates that administrators McGrathNicol held a meeting
for stakeholders in the neighboring southwest Queensland town of
St. George on Friday.

A spokeswoman for McGrathNicol said no actual decisions were made
during the meeting on what was a complicated transaction with many
issues to consider, the report notes.

The meeting was adjourned until June 15 to allow the interested
parties adjust their offers.

Cubbie Group Ltd -- http://www.cubbie.com.au/-- holds around
93,000 hectares of land on several properties in South West
Queensland.  The group produces a range of irrigated crops,
including cotton, wheat, sorghum, sunflowers, barley, chickpeas
and corn.

John Cronin, Jamie Harris and Colin Nicol of McGrathNicol were
appointed voluntary administrators of Cubbie Group Ltd on
October 30, 2009.  The group owns Cubbie Station and related
farming operations in Dirranbandi and St. George.

The Troubled Company Reporter-Asia Pacific, citing The Australian,
reported on October 29, 2009, that the National Australia Bank was
seeking the urgent repayment of a AU$320 million mortgage over the
93,000ha southern Queensland property.

Citing Cubbie Group's latest financial report, The Australian said
the company lost AU$33 million in 2007 to 2008.  According to The
Australian, auditor BDO Kendalls wrote that Cubbie's liabilities
exceeded its assets a year ago, that it had breached its banking
covenants, and that the bank had guaranteed support only until the
end of last year.


GLOBAL BEVERAGES: Acquavella Chiarelli Raises Going Concern Doubt
-----------------------------------------------------------------
Global Beverages, Inc., filed on April 9, 2010, its annual report
on Form 10-K for the year ended June 30, 2009.

Acquavella, Chiarelli, Shuster, Berkower & Co., LLP, in New York,
expressed substantial doubt about the Company's ability to
continue as a going concern.  The independent auditors noted that
the Company has incurred operating losses and has negative cash
flows from operations for the year ended June 30, 2009.

The Company reported a net loss of US$2,817,752 on US$2,162,966 of
revenue for the year ended June 30, 2009, compared to a net loss
of US$3,628,825 on US$2,318,719 of revenue for the year ended
June 30, 2008.

The Company's balance sheet as of June 30, 2009, showed
US$27,301,063 in assets, US$10,047,501 of debts, and US$17,253,562
of stockholders' equity.

A full-text copy of the annual report is available for free at:

              http://researcharchives.com/t/s?5fbc

Based in Wybong Upper Valley, New South Wales, Australia, Global
Beverages, Inc., is engaged, through its wholly-owned subsidiary,
Yarraman Estate Pty Ltd, in the operation of vineyards and wine
production in Australia and distribution of its wine products in
Australia, People's Republic of China, United States, Canada and
throughout Europe.


MOBIUS NCM-04: S&P Puts Note Ratings on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings on the
class C, D, M, E, and F residential mortgage-backed securities
issued by Mobius NCM-04 Trust remain on CreditWatch with positive
implications.  At the same time, the ratings on the class A1, A2,
and B notes have been affirmed.

The five classes of notes were initially placed on CreditWatch
positive on Sept. 30, 2009, pending a review of a restructure
proposed to the noteholders, relating to the trust's lenders'
mortgage insurance deposit account and reserve account.

After having reviewed the proposal, the secured creditors have
passed a resolution on March 12, 2010, enabling the restructure to
proceed as proposed.  S&P will resolve the CreditWatch once the
transaction documents concerning the restructure proposal are
signed and executed in the form presented to Standard & Poor's,
and the reserve funds are deposited into the reserve account:

            Ratings Remaining on Credit Watch Positive

                     Class     Rating
                     -----     ------
                     C         BBB+/Watch Pos
                     D         CCC+/Watch Pos
                     M         CCC+/Watch Pos
                     E         CCC-/Watch Pos
                     F         CC/ Watch Pos

                         Ratings Affirmed

                         Class     Rating
                         -----     ------
                         A1        AAA
                         A2        AAA
                         B         AA


STORM FINANCIAL: Law Firms Fight Over CBA Compensation Offer
------------------------------------------------------------
A war of words has broken out between two law firms over
compensation deals offered to Storm Financial investors by the
Commonwealth Bank, The Age reports.

The Age says Slater & Gordon's Damian Scattini claims about 2,100
clients and a 90% acceptance rate as Storm investors receive
offers under a dispute resolution scheme.

On the other hand, The Age relates, Levitt Robinson partner
Stewart Levitt, who claims to have increased the number of Storm
clients it represents to 210, vigorously attacks the scheme and
plans to launch a class action by the end of the month.

According to the report, the differing views have led the Storm
Investors Consumer Action Group to call for Mr. Scattini,
Mr. Levitt, the bank and ASIC to meet to consider improvements to
the scheme.

As reported in the Troubled Company Reporter-Asia Pacific on
February 24, 2010, the Commonwealth Bank said it has finalized a
framework to resolve claims brought by customers affected by the
collapse of Storm Financial.  The framework will operate within
the Storm Resolution Scheme, announced by the Bank in June 2009,
in which more than 2,000 affected customers are participating.

The Bank agreed to the framework with Slater & Gordon based on an
assessment of six test cases, representing a variety of scenarios
across home and margin lending, by the Independent Panel
established by the Bank to oversee the Scheme.

The Panel -- comprising retired High Court Justice Ian Callinan
AC, retired Federal Court Justice Roger Gyles AO QC and Robert
Gotterson QC -- held that the framework constitutes a fair and
reasonable basis for the resolution of claims.

Commonwealth Bank CEO Ralph Norris said recipients of offers would
still retain all their rights under the Scheme, including the
ability to have their claim evaluated and determined by the
Independent Panel if they wish.

                        About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AU$27.09 million debt claim at a first
meeting of the company's creditors on January 20.  The group's
remaining creditors are owed AU$51 million, plus a provision for
dividends of AU$10 million.

On March 27, 2009, the TCR-AP reported that the Australian
Securities and Investments Commission won its bid to liquidate
Storm Financial Group after the Federal Court ruled that the
Company be wound up.  Federal court Justice John Logan appointed
Ivor Worrell and Raj Khatri of Worrells Solvency and Forensic
Accountants as liquidators for the Company.


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NEW ENERGY SYSTEMS: CFO Junfeng Chen to Serve as Corp. Secretary
----------------------------------------------------------------
The Board of Directors of New Energy Systems Group on April 7,
2010, appointed Junfeng Chen -- current Chief Financial Officer of
the Company -- as Secretary of the Company.  Mr. Chen does not
hold any other directorships with reporting companies in the
United States.  There are no family relationships between Mr. Chen
and the directors, executive officers, or persons nominated or
chosen by the Company to become directors or executive officers.
During the last two years, there have been no transactions, or
proposed transactions, to which the Company was or is to be a
party, in which Mr. Chen (or any member of his immediate family)
had or is to have a direct or indirect material interest.

               About New Energy Systems Group

With offices in New York and Shenzhen, China, New Energy Systems
Group (OTCBB: NEWN) -- http://www.chinadigitalcommunication.com/
-- manufactures and distributes lithium ion batteries.  The
company assembles and distributes finished batteries through its
sales network and channel partners.  The company also sells high-
quality lithium-ion battery shell and cap products to major
lithium-ion battery cell manufacturers in China. The company's
products are used to power mobile phones, MP3 players, laptops,
digital cameras, PDAs, camera recorders and other consumer
electronic digital devices.

On November 17, 2009, China Digital obtained approval from FINRA
to change its name to New Energy Systems Group.  In conjunction
with the name change, the company's CUSIP number was changed to
643847106 and the stock began trading under the ticker symbol
"NEWN" on November 18.

At September 30, 2009, the Company had $17,622,130 in total assets
against $3,197,717 in total liabilities, all current.  At
September 30, 2009, the Company had accumulated deficit of
$4,660,858 and stockholders' equity of $14,424,413.

                          Going Concern

In its quarterly report on Form 10-Q, the Company said it believes
it has sufficient cash to continue its current business through
September 30, 2010, due to expected increased sales revenue and
net income from operations.  "However we have suffered recurring
losses in the past and have a large accumulated deficit.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern," the Company said.

The Company has taken certain restructuring steps to provide the
necessary capital to continue its operations.  These steps
included 1) acquire profitable operations through issuance of
equity instruments, and 2) to continue actively seeking additional
funding and restructure the acquired subsidiaries to increase
profits and minimize the liabilities.


NEW ENERGY SYSTEMS: Delays Filing of 2009 Annual Report
-------------------------------------------------------
New Energy Systems Group failed to file its annual report on Form
10-K for the year ended December 31, 2009, by the March 31
deadline.  In a regulatory filing, the Company said it cannot file
its December 31, 2009 Form 10-K within the prescribed time period
because its independent accountants have not completed the process
of gathering and analyzing the financial information necessary for
the review of the financial statements that will be included in
the Form 10-K.

               About New Energy Systems Group

With offices in New York and Shenzhen, China, New Energy Systems
Group (OTCBB: NEWN) -- http://www.chinadigitalcommunication.com/
-- manufactures and distributes lithium ion batteries.  The
company assembles and distributes finished batteries through its
sales network and channel partners.  The company also sells high-
quality lithium-ion battery shell and cap products to major
lithium-ion battery cell manufacturers in China. The company's
products are used to power mobile phones, MP3 players, laptops,
digital cameras, PDAs, camera recorders and other consumer
electronic digital devices.

On November 17, 2009, China Digital obtained approval from FINRA
to change its name to New Energy Systems Group.  In conjunction
with the name change, the company's CUSIP number was changed to
643847106 and the stock began trading under the ticker symbol
"NEWN" on November 18.

At September 30, 2009, the Company had $17,622,130 in total assets
against $3,197,717 in total liabilities, all current.  At
September 30, 2009, the Company had accumulated deficit of
$4,660,858 and stockholders' equity of $14,424,413.

                        Going Concern

In its quarterly report on Form 10-Q, the Company said it believes
it has sufficient cash to continue its current business through
September 30, 2010, due to expected increased sales revenue and
net income from operations.  "However we have suffered recurring
losses in the past and have a large accumulated deficit.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern," the Company said.

The Company has taken certain restructuring steps to provide the
necessary capital to continue its operations.  These steps
included 1) acquire profitable operations through issuance of
equity instruments, and 2) to continue actively seeking additional
funding and restructure the acquired subsidiaries to increase
profits and minimize the liabilities.


================
H O N G  K O N G
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ENLIVEN INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------------
At an extraordinary general meeting held on March 30, 2010,
creditors of Enliven International Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Henry Ha Yue Fuen
         Unit A, 5/F., Amtel Building
         144-148 Des Voeux Road
         Central, Hong Kong


FREEWAY CHINA: Creditors and Contributories to Meet on April 22
---------------------------------------------------------------
Creditors and contributories of Freeway China Limited will hold
their first meetings on April 22, 2010, at 11:00 a.m., and 12:00
p.m., respectively at the official Receiver's Office, 10th floor,
Queensway Government Offices, 66 Queensway, in Hong Kong.

At the meeting, E T O'Connell, the official receiver & liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FUNG'S INTERNATIONAL: Court to Hear Wind-Up Petition on May 12
--------------------------------------------------------------
A petition to wind up the operations of Fung's International
Company Limited will be heard before the High Court of Hong Kong
on May 12, 2010, at 9:30 a.m.

Dah Sing Bank Limited filed the petition against the company on
March 4, 2010.

The Petitioner's solicitors are:

          K.B. Chau & Co.
          11th Floor, Wing Lung Bank Building
          45 Des Voeux Road
          Central, Hong Kong


GAT ASIA: Members' and Creditors Meetings Set for May 10
--------------------------------------------------------
Members and creditors of Gat Asia Limited will hold their final
meeting on May 10, 2010, at 11:00 a.m., at the Room 1302, 13/F.,
CRE Building, 303 Hennessy Road, Wanchai, in Hong Kong.

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


GENERAL APPLIANCE: Court to Hear Wind-Up Petition on April 28
-------------------------------------------------------------
A petition to wind up the operations of General Appliance
(Holdings) Limited will be heard before the High Court of Hong
Kong on April 28, 2010, at 9:30 a.m.

To Chun Fan filed the petition against the company on January 25,
2010.

The Petitioner's solicitors are:

          Tony Au & Partners
          Room 2003, Tower 2
          Lippo Centre, 89 Queensway
          Hong Kong


GOLDCONE PROPERTIES: Creditors Get 2.7% Recovery on Claims
----------------------------------------------------------
Goldcone Properties Limited, which is in liquidation, will pay the
final dividend to its creditors on April 26, 2010.

The company will pay 2.7% for ordinary claims.

The company's liquidators are:

         Lui Wan Ho
         Lui Yee Lin
         17/F., Kam Sang Building
         255 Des Voeux Road
         Central, Sheung Wan
         Hong Kong


GUARDECADE LTD: Creditors Get HK$0.3 Per Share Recovery on Claims
-----------------------------------------------------------------
Guardecade Limited, which is in compulsory liquidation, paid the
fourth and final dividend to its creditors on April 9, 2010.

The company paid HK$0.3 per share for ordinary claims.

The company's liquidators are:

         Lau Siu Hung
         Liang Yang Keng
         Room 2009-10
         20/F, Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


HONET INDUSTRIES: Court to Hear Wind-Up Petition on May 12
----------------------------------------------------------
A petition to wind up the operations of Honet Industries Limited
will be heard before the High Court of Hong Kong on May 12, 2010,
at 9:30 a.m.

Industrial and Commercial Bank of China (Asia) Limited filed the
petition against the company on March 9, 2010.

The Petitioner's solicitors are:

          Y.T. Chan & Co
          5th Floor, The Chinese Bank Building
          61-65 Des Voeux Road
          Central, Hong Kong


INTERCAST HK: Creditors' Proofs of Debt Due May 10
--------------------------------------------------
Creditors of Intercast Hong Kong 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's liquidators are:

          Cheng Kwok Wai David
          Chan Yuen Bik Jane
          31/F, Gloucester Tower
          The Landmark, 11 Pedder Street
          Central, Hong Kong


HKC INSURANCE: Members' Final Meeting Set for May 11
----------------------------------------------------
Members of HKC Insurance Company Limited will hold their final
meeting on May 11, 2010, at 10:00 a.m., at the 6th Floor, Sunning
Plaza, 10 Hysan Avenue, Causeway Bay, in Hong Kong.

At the meeting, Alison Wong Lee Fung Ying and Wong Kwok Man, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JIN HUANG: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on April 9, 2010,
creditors of Jin Huang Food Industry Investment Limited resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

         Poon Wai Hung Richard
         Room 1410, 14/F., Harbour Centre
         No. 25 Harbour Road
         Wanchai, Hong Kong


KNITFIT KNITTERS: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Knitfit Knitters Limited, on March 29, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Billy Li Sze Kuen
         12/F., No. 3 Lockhart Road
         Wanchai, Hong Kong


LONG SURE: Commences Wind-Up Proceedings
----------------------------------------
Members of Long Sure Industries Limited, on March 29, 2010, passed
a resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Ng Lai Hung
         810, 8/F, Sun Hung Kai Centre
         30 Harbour Road
         Wanchai, Hong Kong


KRISPY KREME: Contributories' and Creditors Meetings Set for May 4
------------------------------------------------------------------
Contributories and creditors of Krispy Kreme Hong Kong Limited
will hold their annual meetings on May 4, 2010, at 11:00 a.m., and
11:30 a.m., respectively at the 602 The Chinese Bank Building, 61-
65 Des Voeux Road, Central, in Hong Kong.

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


REVEILER SKIN-PRO: Court to Hear Wind-Up Petition on April 21
-------------------------------------------------------------
A petition to wind up the operations of Reveiler Skin-Pro Limited
will be heard before the High Court of Hong Kong on April 21,
2010, at 9:30 a.m.

Siu Ping filed the petition against the company on April 8, 2010.

The Petitioner's solicitors are:

          Leung & Wan
          Unit 2602, 26/F, Office Tower
          Convention Plaza
          1 Harbour Road
          Wanchai, Hong Kong


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100 HOSPITAL: ICRA Rates INR380 Million Term Loan at 'LBB'
----------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR380 million Term Loan
of Live 100 Hospital Private Limited.  The outlook on the assigned
rating is stable.

The rating takes into account Live 100 Hospital's state-of-the-art
medical facilities and its team of reputed doctors and
consultants.  The rating is however constrained by the non
commencement of operations and the likely increase in competition
in the medium term due to new medical facilities planned in the
city. Besides, the rating also takes into account the stretched
financials of the company due to high gearing.  Going forward, the
hospital's ability to attract and retain reputed medical
practitioners with the intensifying competition in the region
would be the key sensitive factor.

Live 100 Hospital Private Limited was incorporated in 2009 by Dr.
H.N. Nagaraj and Dr. Pasha.  LHPL is a 200-bed multi-specialty
hospital with super-specialization in cosmetology, orthopaedic,
O&G, surgical, ICU, plastic surgery, Nuero surgery etc.  The
Hospital is due to start its operation in early April 2010.  The
total cost of constructing the Hospital was INR635.3 million which
was funded through bank loans of INR380 million and the rest
through funds contributed by promoters.


AIR INDIA: Inks US$190 Million IT Infrastructure Deal With SITA
---------------------------------------------------------------
The National Aviation Company of India said Thursday that SITA,
the aviation IT specialist, has been selected to provide its
hosted Horizon Passenger Services System (PSS) to Air India on a
turnkey basis following a global competitive tendering process.
The deal with the 13.5 million passenger airline is valued at
US$190 million over 10 years.

SITA's Horizon platform provides hosted PSS services to 140
airlines boarding 120 million passengers and will be used to
deliver a single airline code in order to allow the seamless
integration of the former domestic carrier Indian Airlines with
Air India for the first time since they merged in August 2007.
Another early deliverable will be enabling Air India to meet the
requirements for joining the Star Alliance.

In addition to the core Horizon PSS suite, SITA will also
implement an efficient online booking engine, departure control
system, check-in and automated boarding control, baggage
reconciliation system (BRS) and a frequent flyer program.

Arvind Jadhav, NACIL Chairman and Managing Director, said:
"Implementation of the Horizon Passenger Services System will
complete the merger of Air India with the former domestic carrier
Indian Airlines, and enable us to align processes and systems to
meet Star Alliance standards. Air India will then be able to
leverage the complementary strengths and synergies of the single
new carrier to the maximum, resulting in a more competitive,
customer friendly and world class airline with significant
improvement in our passenger yields.

"This will be achieved through maximum flexibility in our "Go to
Market" strategy and provision of an easy?to-use booking engine by
SITA which will provide us full control over our own ticket
distribution and drastically reduce our distribution costs."

Francesco Violante, SITA CEO, said: "It is a great honour for SITA
to be the chosen technology partner of Air India as it begins in
earnest the journey towards business transformation.

"SITA has been providing Air India with mission-critical services
for more than 50 years, including network connectivity at all
their domestic and international stations, check-in, air-to-ground
communications, fares management and baggage tracing. Air India is
now invited to join our Horizon Advisory Board which sets the
strategic direction for SITA as it engages with Oracle and other
partners to deliver a next generation Passenger Services System
which will greatly benefit Air India as it exploits new technology
and open systems architecture."

This announcement follows the recent successful migration of two
major Asian airlines to the SITA Reservations platform.

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

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

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

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

                          About Air India

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


AKLAVYA INDUSTRIES: Delay in Loan Payment Cues CRISIL 'D' Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Aklavya Industries Pvt Ltd.  The rating reflects delay by AIPL in
servicing its term loan; the delay has been caused by weak
liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR30.0 Million Cash Credit Limit    D (Assigned)
   INR78.4 Million Term Loan            D (Assigned)
   INR2.2 Million Bank Guarantee        P5 (Assigned)

Incorporated in 2007, AIPL undertakes job work of dyeing grey
polyester fabrics.  The company has a total capacity of processing
100,000 metres of cloth per day at its plant in Surat (Gujarat).
It commenced commercial operations in April 2008.

AIPL reported net loss of INR1.6 million on net sales of INR167.5
million for 2008-09 (refers to financial year, April 1 to
March 31).


AMETHYST HOSPITALITY: ICRA Puts 'LBB-' Rating on INR200MM Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB-' to the INR 200
million term loan of Amethyst Hospitality Private Ltd.  The
outlook for the assigned rating is stable.

The rating takes into account the limited experience of the
promoters in the development and operations of hotel, ongoing
delays in the project resulting in time and cost overruns and the
relatively high gearing level of the project.  The rating is
further constrained by the market risk associated with the project
considering intensely competitive Bangalore Hospitality market
and the significant hotel room supply expected in Bangalore  in
the medium to long term; which may impact occupancy and room
rates. However, the rating draws comfort the management tie-up in
place with Sarovar Hotels Pvt. Ltd which owns the master franchise
for the Park brand in India and the favorable location of the
project.

Amethyst Hospitality Private Limited was promoted by Kausthubha
Project Private Limited in August 2007, to enter into hospitality
business.  It is developing 135 rooms all-suite hotel, named Park
Plaza.  The hotel will come up on the 4th, 5th, 6th, 7th and
terrace floor of Davanam Plaza earlier known as Madiwala
Commercial Complex situated on the junction of Hosur road and
Sarjapur road.  The super built area available for development is
154,000 Sq ft.  The hotel shall be marketed and managed by Sarovar
Hotels Pvt Ltd (SHPL), which owns the master franchise for the
Park Brand in India.  The hotel is expected to commence its
operation from July 2010.


BHAGWATI SPONGE: CRISIL Cuts Ratings on Various Bank Debts to 'D'
-----------------------------------------------------------------
CRISIL has downgraded the ratings on Bhagwati Sponge Pvt Ltd's
bank facilities to 'D/P5' from 'BB/Negative/P4'.  The downgrade
reflects the recent delays in the repayment of its term loan
instalments; the delay has been caused by BSPL's stretched
liquidity, with its working capital limits fully utilised.

   Facilities                            Ratings
   ----------                            -------
   INR32.0 Million Cash Credit           D (Downgraded from
                                            'BB/Negative')

   INR63.0 Million Long-Term Loan        D (Downgraded from
                                            'BB/Negative')

   INR5.0 Million Bank Guarantee         P5 (Downgraded from 'P4')

Incorporated in 2003 by Mr. Ashok Kumar Sonthalia, BSPL began
commercial operations in 2005.  The company produces sponge iron;
its unit in Jamuria (West Bengal) has capacity to produce 30,000
tonnes of sponge iron per annum.

BSPL reported a profit after tax (PAT) of INR2 million on net
sales of INR339 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR14 million on net sales
of INR294 million for 2007-08.


DAYA MK: ICRA Assigns 'LBB' Rating on INR345MM Term Loans
---------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR345.0 million term loans
and INR5.0 million fund based facilities of Daya MK Developers
Private Limited.  The long-term rating has been assigned a Stable
outlook.

The rating is constrained by company's small scale of operations,
geographical risk arising from Company's presence in Southern
Bangalore, negative cash flow from operations and also moderate
gearing of 0.92 times (March 31, 2009).  The rating also factors
in the recent slowdown in real estate demand which resulted in
certain delays in dues to banks and also poses a challenge to the
company especially in one of its on-going residential project ?
Vivartha Magan (VM), where a substantial portion of the area is
yet to be booked.  However, the rating derives comfort from the
company's satisfactory track record of project execution, its
strong in-house project development capabilities, low cost of the
land bank and the fact that the ongoing projects have received
requisite approvals and legal sanctions.

Daya MK Developers Private Limited, incorporated in 1994, is a
real estate player in Bangalore, Karnataka.  In past, the company
has developed over 13 residential projects ranging from
independent bungalows to complexes with several residential
blocks.  The company is currently developing two residential
projects in Kammanahalli  area of Bangalore  ? SMP II and VM. SMP
II offers a saleable area of around 1,37,500 Sq Ft while VM offers
a saleable area of around 1,67,706 Sq Ft.  During 2008-09, the
company recorded a Profit after Tax of INR22.5 million on a
turnover of INR450 million.


HIRACO JEWELLERY: CRISIL Reaffirms 'P4' Ratings on Various Debts
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Hiraco Jewellery Pvt Ltd
continues to reflect Hiraco Jewellery's revenue concentration (the
Facet group accounts for a majority of its revenues), moderate
operating margin, and small net worth.  These weaknesses are
partially offset by the benefits that Hiraco Jewellery derives
from its promoters' long-standing experience in the jewellery
business.

   Facilities                             Ratings
   ----------                             -------
   INR84 Million Bill Discounting/        P4 (Reaffirmed)
             Post-Shipment Credit
   INR36 Million Export Packing Credit    P4 (Reaffirmed)
   INR280 Million Proposed Short-Term     P4 (Reaffirmed)
                  Bank Loan Facilities

Set up by Mr. Nitin Shah, who is the promoter of the RT Group, and
the Facet group in 2005, Hiraco Jewellery exports diamond-studded
jewellery.  The company has a manufacturing unit in SEEPZ, Mumbai.
The company sells most of the jewellery to the Facet group; the
group holds 50 per cent stake in the company.

For 2008-09 (refers to financial year, April 1 to March 31),
Hiraco Jewellery reported a net loss of INR5 million on net sales
of INR677 million, against a profit after tax of INR21 million on
net sales of INR691 million for 2007-08.

The Facet group, promoted by Mr. Jose Miguel Serret, is a Spain-
based company dealing in diamonds, and studded jewellery, which it
supplies to retail jewellers and jewellery manufacturers across
Europe.  The Facet group has been in the jewellery business for
the past 30 years.  The group has offices in Belgium, the UK, and
France.


IDEAL EDUCATIONAL: CRISIL Puts 'BB+' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Ideal Educational Society.

   Facilities                            Ratings
   ----------                            -------
   INR5.1 Million Cash Credit Limit      BB+/Stable (Assigned)
   INR135.1 Million Long-Term Loan       BB+/Stable (Assigned)

The rating reflects IES's exposure to unfavorable changes in the
restrictions imposed by regulatory bodies in the education sector.
These rating weaknesses are partially offset by the benefits IES
derives from its diverse course offerings and moderate financial
risk profile, marked by moderate debt protection measures.

Outlook: Stable

CRISIL believes that IES will maintain its credit risk profile on
the back of continuous increase in the number of students enrolled
and healthy profitability.  The outlook may be revised to
'Positive' if IES's promoters infuse funds in to the society,
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
society's financial risk profile deteriorates because of larger-
than-expected debt-funded capital expenditure.

                         About the Society

IES, set up in 1998 by Mr. R K Gupta, operates four institutes, in
Meerut and Ghaziabad (Uttar Pradesh), which offer graduate and
post-graduate courses in biotechnology, microbiology, engineering,
and management.  These institutes are affiliated to the Uttar
Pradesh Technical University (UPTU) and CCS University, Meerut.
The Meerut and Ghaziabad campuses occupy 7.82 hectares and 1.34
hectares of land, respectively.  The society plans to undertake
research and development projects in the near future.

IES reported a profit after tax (PAT) of INR14.5 million on net
sales of INR111 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR9.5 million on net sales
of INR59 million for 2007-08.


KAUSTHUBHA PROJECT: ICRA Rates INR100MM Term Loan at 'LBB'
----------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to the INR 100
million Term Loan of Kausthubha Project Private Ltd.  The outlook
for the assigned rating is stable.

The rating takes into account the client concentration risk given
the entire retail space (1,69,000 sft) is leased to Food Express
Stores (FES) and considering the fact that the debt servicing is
closely aligned to rental inflows; any vacancy or delay in payment
of lease rentals by the tenant could strain timely debt servicing.
Moreover, the relatively high gearing level of KPPL and the
funding requirement of its group companies increase the financial
risk of the company.  The rating, however, derives comfort from
the long tenure of the lease and favorable location of the project
which mitigates occupancy risk to an extent.

Incorporated in 2003, KPPL is involved in developing properties
and making investments in properties for further development. On
March 2006, KPPL took over the Madivala Commercial Plaza property
from its group company, Davanam Jewellers Private Limited on a
concession agreement for 29 years and developed it as Davanam
Plaza.  The total built-up area of the commercial complex is
330,000 sft.  The entire space has been further leased to Food
Express Stores (169,000 sft of built-up area) for the retail mall
which is currently operational and AHPL (154,000 sft built-up
area) for development of hotel which is expected to be operational
by July 2010.

KPPL reported a net profit of INR0.39 million on an operating
income of INR 67.44 million in 2008-09 as against a net profit of
INR 0.51 million on an operating income of INR 62.04 million in
2007-08.


LALL CONSTRUCTION: ICRA Places 'LBB+' Rating on INR30M Bank Limits
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR30.0 million fund
based bank limits of Lall Construction Company.  The outlook on
the rating is stable.  ICRA has also assigned an A4+ rating to
INR150.0 million non fund based bank limits of LLC.

The ratings take into account LLC's moderate scale of operations,
its low profitability and its high client concentration risk.
Further the ratings also take into consideration its relatively
high gearing and the risks inherent in partnership firms such as
limited ability to raise equity capital and the risk of
dissolution upon death/retirement/insolvency of partners etc.
However the ratings derive comfort from LLC's experienced
management, its long track record with Indian Railways and healthy
order book which provides visibility to its revenues going
forward.

Lall Construction Co. was started as a partnership concern in
1977.  The partners include Mr. Rajesh Kumar Meghani, Mr. Rakesh
Kumar, Mr. Ravi Kumar their mother Mrs. Parvati Devi and their
first cousin Mr Behari Lal Meghani.  The firm is primarily
involved in construction work for Indian Railways. Their works
include construction of bridges, laying of tracks etc.  The
company has primarily done works for the North Eastern Railway,
North Central Railway and Northern Railway.

The firm reported an operating income of INR342.1 million and
profit before tax of INR7.4 million in FY 2009.


MAHAVIR ASHOK: ICRA Assigns 'LBB+' Rating on INR75MM LT Loan
------------------------------------------------------------
ICRA has assigned 'LBB+' rating to INR75.00 million long term fund
based facilities of Mahavir Ashok Enterprises Pvt. Ltd.  The
outlook assigned to the long term rating is "Stable".

The rating reflects MAEPL's small size of operations, the highly
competitive nature of the jewellery retail trade and the working
capital intensity of the business.  Also the company's margins can
be affected by the volatility in gold prices.  The rating
favorably factors in the significant experience of the promoters
in the gold and jewellery business and moderate leveraging at
present.

M/s Mahavir Ashok Enterprises Pvt. Ltd. (formerly known as M.
Dhariwal Complex Pvt. Ltd.) is a family run private limited
company.  The company is involved in trading of gold jewellery;
gold bullion and diamond studded gold jewellery.  The company
caters from its showroom (6456 sq. Ft.) at Raipur. MAEPL being a
closely held company is run by various members of the Burad family
who constitute the board of directors of the company.  The
company's registered office is at Raipur, Chattisgarh.

MAEPL recorded a profit after tax (PAT) of INR13.40 million on an
operating income of INR281.80 million for the year ending
March 31, 2009 and gross profit of INR18.70 million on the total
sales of INR359.68 million as on February 28, 2010.


MITTAL SECTIONS: ICRA Assigns 'LBB-' Ratings on Various Debts
-------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR37.4 million, term
loans and the INR56.6 million, long-term, fund-based facilities of
Mittal Sections Limited.  ICRA has also assigned an A4 rating to
the INR45.0 million, short-term, non-fund-based facilities of MSL.
The outlook on the long-term rating is stable.

The rating takes into account MSL's receipt of IS 2062
certification for its structural steel products from the ISI which
would enable it gain a competitive advantage; the locational
advantage enjoyed by MSL on account of the proximity to the
customer base and the limited capital expenditure requirement for
increasing its product profile.  The ratings, are however,
constrained by the low margin nature of the business; MSL's
stretched financial profile and exposure to fluctuations in steel
prices.  ICRA, however, notes that MSL has been effective in
upgrading its facilities and thereby, improving the yield to 95%
from 93% in the past.  While this would facilitate an improvement
in the margins, the liquidity position of the company continues to
remain stretched.

Incorporated in December 2006 as a partnership firm under the name
M/s. Mittal Steel Industries, it got converted to a private
limited company, Mittal Sections Limited, with effect from April
2, 2009. MSL is engaged in the manufacturing of mild steel (MS)
structural products like Channels, Angles, Flat Bars and T-
Sections, with current manufacturing capacity at ~30,000 MT/ annum
and a capacity utilisation of ~67%.

For the twelve months ending March 31, 2009, MSL reported loss of
INR9.9 million on an operating income of INR554.3 million as
against profit after tax of INR0.4 million on an operating income
of INR304.8 million for the twelve months ending March 31, 2008.


NSP KNITTING: CARE Assigns 'CARE BB+' rating on Various Bank Debts
------------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the long term bank
facilities of NSP Knitting Mills.  Facilities with this rating are
considered to offer inadequate safety for timely servicing of debt
obligations and carry high credit risk.  Also, CARE has assigned a
'PR4' rating to the Short-term Bank Facilities of NSPK.
Facilities with this rating would have inadequate capacity for
timely repayment of short-term debt obligations and carry very
high credit risk.  Such facilities are susceptible to default.
These ratings are assigned for an aggregate amount of INR45.65 cr.
CARE assigns '+' or '-' sign after the assigned rating (wherever
necessary) to indicate the relative position within the band
covered by the rating symbol.

                                      Amount
   Facility                          (INR cr)          Rating
   --------                           -------          ------
   Long-term Loans                    13.15            CARE BB+
   Long-term Fund-based Limits         6.00            CARE BB+
   Short-term Fund-based Limits       14.00            PR4
   Short-term Non -Fund-based Limits  12.50            PR4

Rating Rationale

The ratings are constrained by the constitution of the entity
being a partnership firm, the relatively small size of business
operations, non-integrated nature of operations to some extent,
higher dependence on the managing partner and sales concentration
risk in the terms of geography and customer base.  The ratings
also consider NSPK's established track record and the promoter's
experience in the textile industry, growth in sales and profitable
operations during FY09, presence in export markets and consistent
infusion of capital by the partners.

Ability to grow successfully in the existing markets with
diversification of client base, achieving higher operating margins
through reduction of outsourcing of Knitting and Printing
processes and ability of the firm to finance future capital
expenditure without excessively relying on debt would be the key
rating sensitivities.

NSP Knitting Mills is a partnership firm established in the year
1980 by Mr.K.Govindasamy Gounder and is involved in the
manufacturing of cotton knitted garments and cotton yarn, at
Tiruppur, Tamil Nadu. By the end of March 2009, the firm had
19,728 spindles, 500 automatic sewing machines, 27 knitting
machines (leased from a group company) along with the in-house
capacity for compacting, cutting, embroidery and packing.  For
FY09, NSPK reported PAT of INR1.34cr on a total income of
INR76cr.  The firm achieved an annualized sales growth of around
12% during H1FY10 amounting to INR39cr.


OMAXE BUILDHOME: ICRA Rates INR1.0 Bil. Term Loan at 'LB'
---------------------------------------------------------
ICRA has assigned 'LB' rating to the INR1.0 billion term loan of
Omaxe Buildhome Private Limited.

The rating takes into account the weak liquidity position of the
company resulting from delays in its projects, low collection
efficiency, and its relatively high gearing levels.  The rating is
also constrained by intense competition in Noida/Greater Noida's
residential property market which increases risk for the unsold
part of its projects in that region, and also increases the
funding risks for the projects as the company is proposing to
partly fund the project cost through customer advances.  However,
OBPL's rating takes support from the fact that the construction
work in its two main residential projects in is advanced stages
and significant area in these projects have been booked.

Incorporated in August 2006, OBPL is a wholly owned subsidiary of
Omaxe Limited involved in development of residential properties.
OBPL is currently developing three projects: i) Grand Woods at
Sector-93B, Noida, ii) Omaxe Palm Greens at Sector-mu, Greater
Noida, and iii) Omaxe City at Bathinda, Punjab. The first two are
residential projects initially transferred from Omaxe Limited to
OBPL. Substantial amount of work has been done for these two
projects.  The third project  - Omaxe City in Bathinda is a
township project and is in early stages of development.

In the financial year ending March 2009, OBPL registered a profit
after tax of INR68.4 million on operating income of
INR924.4 million.


RATANCHAND JEWELLERS: ICRA Puts 'LBB+' Rating on INR300M Limits
---------------------------------------------------------------
ICRA has assigned the 'LBB+' rating to the INR 300 million fund
based limits of Ratanchand Jewellers Private Limited.  ICRA has
also assigned the A4+ rating to the INR 100 million non-fund based
limits of RJPL.

The ratings factor in RJPL's moderate scale of operations, weak
profitability, low cash accruals, its leveraged capital structure;
high competitive intensity arising from both organized and
unorganized players and high concentration risk arising out of its
exports only in UAE market.  The ratings, however, favorably
factor in the long experience of the promoters in the jewellery
business and high growth registered by the company.

Ratanchand Jewellers Private Limited is in the business of
manufacturing and export of gold jewellery.  The company is run by
the Ramani Family, which has a presence in the jewellery business
since 1945. The Ramani Family had a small gold jewellery business
in Nellore, Andhra Pradesh.  In 2000, the family moved to
Bangalore and started a proprietorship firm called Ratan
Jewellers.  In 2005, the firm was converted into a private limited
company.  Initially, its small jewellery manufacturing unit
supplied to domestic as well as export markets.  In FY2008,
exports constituted about 59% of the total revenues while the
domestic market contributed the rest.  The company became an
export manufacturing unit in August 2008 and was recognized as a
100% Export Oriented Unit in November 2008.

During FY 2008-09, RJPL generated a PAT of INR 30.2 million over
an Operating Income of INR 1205.6 million.


RELIANCE JUTE: CRISIL Puts 'BB' Rating on INR107MM Long Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Reliance Jute
Mills (International) Ltd bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR50.0 Million Cash Credit             BB/Stable (Assigned)
   INR107.0 Million Long-Term Loan         BB/Stable (Assigned)
   INR45.0 Million Packing Credit          P4+ (Assigned)
   INR45.0 Million Foreign Bill Purchase   P4+ (Assigned)
   INR34.0 Million Letter of Credit        P4+ (Assigned)
   INR19.0 Million Bank Guarantee          P4+ (Assigned)

The ratings reflect RJML's below-average financial risk profile,
marked by low net worth and high gearing, company's exposure to
risks related to the regulated nature of the jute industry, and
the susceptibility of its margins to pricing pressures and
fluctuations in jute prices.  These rating weaknesses are
partially offset by the benefits that RJML derives from its
promoters' extensive experience and its diversified product
profile.

Outlook: Stable

CRISIL believes that RJML will maintain its established position
in the jute industry on the back of its promoters' extensive
industry experience and its diversified product portfolio.  The
outlook may be revised to 'Positive' if there is a significant
increase in RJML's scale of operations or operating margin, or
there is an improvement in its net worth, most likely through
equity infusion by promoters.  Conversely, the outlook may be
revised to 'Negative' if there is a decline in RJML's
profitability or if the company undertakes a large debt-funded
capital expenditure programme, weakening its financial risk
profile.

                        About Reliance Jute

RJML owns the Reliance Jute Mills situated in Bhatpara (West
Bengal).  This mill was founded in 1906 and was under the British
government.  It was acquired by the Kanoria family in 1963. Mr. P
K Kanoria is the chairman of the company currently.  RJML has
capacity to manufacture 55,000 tonnes of jute per annum. RJML has
a diversified product range comprising hessian, sacking, and
yarns.

RJML reported a profit after tax (PAT) of INR15.7 million on net
sales of INR1.5 billion for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR0.02 million on net sales
of INR1.6 billion for 2007-08.


ROHAN DYES: ICRA Assigns 'LBB' Rating on Various Bank Facilities
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR20.00 million cash
credit facility of Rohan Dyes and Intermediates Limited.  ICRA has
also assigned an A4 to the INR 60.00 million short term EPC
facility, INR 140.0 million short term FBP facility,
INR105.00 million short term non-fund based facility and
INR45.00 million Standby Line of Credit facility of RDIL.  The
long term rating has been assigned stable outlook.

The ratings are constrained by high competitive intensity in the
dyestuffs industry, its small size of operations, vulnerability of
the company's profitability to raw material price and forex
fluctuations, weak profitability and coverage levels, and high
working capital intensity.  The ratings are also constrained by
sizeable capital expenditure being undertaken by the company,
which exposes it to project execution risk.  The ratings, however,
favourably consider the long and established presence of RDIL in
this line of business; its integrated operations with in-house
production of major dye intermediates; location advantage arising
from proximity to ports; raw material sources and end-user
industries and modest demand outlook from textile and leather
industries.

Rohan Dyes & Intermediates Limited was incorporated in March, 1992
by Mr. Radheshyam Agrawal.  The promoters started with the
production of H-acid, a dye intermediate, with an installed
capacity of 3000 metric tonnes per annum (MTPA).  Later, they
ventured into the production of reactive and acid dyes.  It also
started another unit named Cambay Chem Limited (CCL) to produce
dyes intermediates, K-acid and Gamma acid (installed capacity of
480 MTPA).  In FY 10, RDIL amalgamated CCL with itself mainly to
increase the asset base of RDIL with the effective date for the
above amalgamation being April 1, 2007.  Currently RDIL is
manufacturing acid and reactive dyes along with Diamine
Sulfonalide (DASA).

During FY 2009, the company reported an operating income of
INR914.18 million and profit after tax of -INR30.77 million.


RT STAR: CRISIL Reaffirms 'P4' Ratings on Various Bank Facilities
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of RT Star Solitaires,
which is part of the RT Star group, continues to reflect the
group's weak financial risk profile, marked by high gearing and
small net worth, which, coupled with stretched receivables, has
resulted in poor financial flexibility for the group.

   Facilities                              Ratings
   ----------                              -------
   INR65.0 Million Export Packing Credit   P4 (Reaffirmed)
   INR195.0 Million Post-Shipment Credit   P4 (Reaffirmed)
   INR47.0 Million Line of Credit          P4 (Reaffirmed)
   INR93.0 Million Proposed Short-Term     P4 (Reaffirmed)
                   Bank Loan Facility

The rating also factors in the RT Star group's low operating
margin because of the low value addition in its products.  These
weaknesses are partially offset by the benefits that the group
derives from its promoters' extensive experience in the diamond
and jewellery business.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RT Star Solitaires, RT Star Jewellery
Pvt Ltd, and RT Star Diamonds.  This is because these entities,
together known as the RT Star group, derive significant business
and operational synergies from each other, including fungible cash
flows, and have common promoters.

                           About the Group

Promoted by Mr. Nitin Shah in 1970, the RT Star group primarily
exports polished diamonds (solitaires) and high-end jewellery.

For 2008-09 (refers to financial year, April 1 to March 31), the
RT Star group reported a net loss of INR28 million on net sales of
INR2.54 billion, as against a profit after tax (PAT) of INR64
million on net sales of INR1.92 billion for 2007-08.

RT Star Solitaires was started by Mr. Nitin Shah in 2003, with
Mr. Rupesh Shah joining as the partner.  The firm manufactures
large diamonds/solitaires from 0.5 to 3 carats at its
manufacturing facility at Surat.  The firm is the wholesale
exporter of solitaires to markets in Israel, Hong Kong, Japan, and
Europe.

For 2008-09, RT Solitaires reported a PAT of INR8.8 million on net
sales of INR1.33 billion, against a PAT of INR9.4 million on net
sales of INR1.07 billion for 2007-08.


RT STAR JEWELLERY: CRISIL Reaffirms 'P4' Ratings on Bank Debts
--------------------------------------------------------------
CRISIL's rating on the bank facilities of RT Star Jewellery Pvt
Ltd, which is part of the RT Star group, continues to reflect the
group's weak financial risk profile, marked by high gearing and
small net worth, which, coupled with stretched receivables, has
resulted in poor financial flexibility for the group.  The rating
also factors in the RT Star group's low operating margin because
of the low value addition in its products.  These weaknesses are
partially offset by the benefits that the group derives from its
promoters' extensive experience in the diamond and jewellery
business.

   Facilities                                Ratings
   ----------                                -------
   INR182.0 Million Export Packing Credit    P4 (Reaffirmed)
   INR168.0 Million Post-Shipment Credit     P4 (Reaffirmed)
   INR50.0 Million Proposed Short-Term       P4 (Reaffirmed)
                   Bank Loan Facility

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RT Star Jewellery, RT Star Solitaires,
and RT Star Diamonds. This is because these entities together
referred to as the RT Star group, derive significant business and
operational synergies from each other, including fungible cash
flows, and have a common set of promoters.

                          About the Group

Promoted by Mr. Nitin Shah in 1970, the RT Star group primarily
exports polished diamonds (solitaires) and high-end jewellery.

For 2008-09 (refers to financial year, April 1 to March 31), the
RT Star group reported a net loss of INR28 million on net sales of
INR2.54 billion, against a profit after tax (PAT) of INR64 million
on net sales of INR1.92 billion for 2007-08.

Started in 2002 by Mr. Nitin Shah, RT Star Jewellery is into
manufacturing and exporting diamond-studded jewellery.

For 2008-09, RT Star Jewellery reported a net loss of INR37.5
million on net sales of INR645.1 million, as against a PAT of
INR50.7 million on net sales of INR746.4 million for 2007-08.


SOUTH INDIA: ICRA Rates INR75 Mil. Term Loan at 'BB-'
-----------------------------------------------------
CRISIL has assigned its rating of 'BB-/Negative' to the term loan
facility of South India Freight Carrier, which is part of the SIFC
group.

   Facilities                      Ratings
   ----------                      -------
   INR75 Million Term Loan         BB-/Negative (Assigned)

The rating reflects the SIFC group's weak financial risk profile,
exposure to risks relating to intense competition in the logistics
industry, and the partnership nature of SIFC's business which
restricts financial flexibility. These weaknesses are partially
offset by the benefits that the group derives from its promoters'
experience in the road transportation segment, and an established
customer base.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of SIFC and South India Freight
Carriers (SIF Carriers), a proprietorship concern, collectively
referred to as the SIFC group; this is because both the entities
are under the same management, share a brand, resources,
employees, and infrastructural facilities.

Outlook: Negative

CRISIL expects the SIFC group's financial risk profile to weaken
further over the medium term, led by large debt-funded capital
expenditure plans in SIFC over the medium term. The ratings may be
downgraded if the group's financial risk profile deteriorates more
than anticipated on account of low sales and profitability.
Conversely, the outlook may be revised to 'Stable' if the group's
financial risk profile improves, supported by an improvement in
capital structure, or an increase in scale of operations and
profitability, backed by expected growth in the industry.

                          About the Group

SIFC was established in April 2009 by Mr. N. Nageshwar Rao and Mr.
N. Shyam Prasad for the purpose of providing parcel services and
offering end to end logistic solutions through Full Truck Loads
(FTL).  It commenced operations in the last week of October 2009.
The partners have been in this industry through SIF Carriers since
1988.

The SIFC group reported a profit after tax (PAT) of
INR10.7 million on net sales of INR397 million for 2008-09 (refers
to financial year, April 1 to March 31), as against a PAT of
INR9.5 million on net sales of INR319 million for 2007-08.


SOWMIYA SPINNERS: ICRA Assigns 'LBB' on INR110.4MM Term Loans
-------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR110.4 million term loans
and INR 25.0 million fund based facilities of Sowmiya Spinners
Private Limited.  The outlook on the long term rating is stable.
ICRA has also assigned 'A4' rating to the INR22.0 million short
term non fund based facilities of SSPL.

The rating reflects SSPL's small scale of operation, the
vulnerability of the company to fluctuations in price of raw
material and its weak financial profile characterized by high
gearing and modest cash accruals.  SSPL's small scale of
operations and the commoditized nature of cotton yarn greatly
limit the pricing flexibility in a fragmented spinning industry.
The outlook for the textile industry also remains vulnerable to
weak demand conditions and high competitive intensity.
Nevertheless, the assigned ratings factor in the modest growth in
operating income for last three years, diversified client base of
the company and the operational support from the group concerns
engaged in the same line of business.

Sowmiya Spinners Private Limited was incorporated in the year
2004, by Mr. K.M.Chinnadurai.  The commercial production was
started in 2006.  The company is closely held by the promoters and
their family members.  The promoters have a family background of
groundnut oil crushing business and a significant experience of
around 30 years in edible oil trading.  In order to diversify the
business, Sowmiya Textiles Pvt Ltd was floated to manufacture spun
yarn. Subsequently, Sowmiya Spinners Pvt Ltd was also floated to
manufacture combed cotton yarns.  At present, the group consists
of four companies operating in the business of solvent extraction
and spinning of cotton yarn.  The company has established a state
of art facilities at Annur with current capacity of 12,000
spindles.

The company has recorded a profit after tax (PAT) of
INR 8.20 million on an operating income of INR 148.70 million for
the year ending March 31, 2009.


TECUMSEH PRODUCTS: Fitch Cuts National Long-Term Rating to 'B-'
---------------------------------------------------------------
Fitch Ratings has downgraded Tecumseh Products India Private
Limited's National Long-term rating to 'B-(ind)' from 'B(ind)'.
The Outlook is Stable.  Fitch has simultaneously downgraded
TPIPL's fund-based working capital banking lines aggregating
INR530m to 'B-(ind)'/ 'F4(ind)' from 'B(ind)'/ 'F4(ind)'.  The
agency has also affirmed the company's non fund-based working
capital banking lines of INR532.5 million at 'F4(ind)'.  The
rating of 'B(ind)' on term-loan of INR30 million stands withdrawn
as it has been paid-in-full.

The downgrades in the Long-term ratings reflect TPIPL's
inconsistent financial performance, with EBITDA losses in three
out of last four years (FY05 to FY09) including FY09.  The
revenues have also registered an annualized decline of 20.8% to
INR4127.7 million from INR6514.5 million in FY08.  Although
TPIPL's US-based parent company, Tecumseh Products Company, has
been supporting it financially by extending loans with deferred
repayments, Fitch notes that it has also suffered operating losses
in three out of last four years (CY06-CY09).

The ratings reflect the highly competitive and price-sensitive
nature of the industry, especially given competition from low-cost
Chinese compressors, and the high volatility in the prices of
major raw materials (copper and electrical steel), which expose
the company to commodity and forex risks.  Due to the global
slowdown, TPIPL's export revenues declined by an annualized 28%,
which affected net revenues and EBITDA margins as export products
have better EBITDA margins.  The ratings are moderated by revenue
concentration risk, with the top domestic customer contributing
about 48% of its domestic revenue in the nine-month period to end-
December 2009 (9MFY10).  The ratings are further moderated by the
seasonality in the business.

The ratings are supported by TPC's low net debt position over
2007-2009), and its focus on the Indian subsidiary on account of
low costs of production.  The parent has provided financial
assistance to TPIPL since FY05 in the form of loans with deferred
repayment terms, which has enabled TPIPL to meet its financial
obligations despite having negative EBITDA in FY09.

Also, TPIPL supplies compressors to established original equipment
manufacturers such as Whirlpool of India Limited, Videocon
Industries ('A-(ind)'/Negative) and Haier Appliances India, which
provide some comfort to the ratings.  Fitch notes the current low
penetration of air-conditioners and refrigerators in India, which
provides growth opportunities to compressor manufacturers such as
TPIPL.

Negative ratings triggers include a reduction of financial support
from the parent and any unplanned debt-led capex.  On the other
hand, the achievement of the financials as per company
projections, which would lead to an improvement in leverage, would
be positive for the ratings.

TPIPL has changed its accounting year from December to March with
effect from March 2008.  At FYE09, the company reported net
revenues of INR4127.7 million and an operating EBITDAR loss of
INR306.3 million, compared to net revenues of INR6514.5m and
operating EBITDAR of INR590.7 million in FYE08 (15-month financial
year).

Incorporated in 1997, TPIPL is engaged in the manufacturing,
trading and sale of compressors used in room air-conditioners and
refrigerators.  It has two manufacturing facilities at Hyderabad
and Ballabgarh.  TPIPL added new products in FY10 for sales in the
domestic market, as well as for intercompany sales to TPC.


VIJMOHAN CONSTRUCTIONS: ICRA Rates INR45MM Cash Credit at 'LBB-'
----------------------------------------------------------------
ICRA has assigned rating of 'LBB-' to the INR45.0 million fund
based limits (cash credit) of Vijmohan Constructions Private
Limited.  ICRA has also assigned an A4 rating to INR 20.0 million
of non-fund based letter of credit & bank guarantee limits of
VCPL.  ICRA has also assigned a stable outlook for the long term
rating.

The ratings are constrained by modest scale of operations of the
company, concentration risks arising out of limited focus on road
construction for various government clients around Hyderabad and
recent delays in receiving payments from government client. The
ratings draw comfort from the established position and the
experience of the management and the currently healthy order book
status. Going forward, the company's ability to scale up its
operations and manage its receivable would be the key rating
sensititvies.

Incorporated in 2003, Vijmohan Constructions Private Limited
(VCPL) is a closely held private limited company based in
Hyderabad.  The company is primarily engaged in the construction
of roads.  The company was promoted by Mr. D. Chandramohan Reddy
who is also the Managing Director of Prajay Engineers Syndicate
Limited (PESL) (rated LB-/A4 by ICRA), a listed company engaged in
the construction of residential as well as commercial buildings
and developing & operating hotels/ clubs primarily in Hyderabad.

In the financial year ending March 2009, the company reported an
operating income of INR 72.9 million with a net profit of INR 8.5
million as compared to an operating income of INR 75.9 million and
net profit of INR 2.9 million last year.


* INDIA: To Introduce New Law to Speed Up Insolvency Process
------------------------------------------------------------
The Economic Times reports that the Indian government plans to
introduce a separate legislation to speed up insolvency
proceedings and help distressed firms wind up operations quickly.

The report says the new law will shorten the legal processes
involving insolvency operations of small and medium entities.  The
government is keen to make bankruptcy proceedings a time-bound
procedure, the report notes.

According to the report, a senior official in the ministry of
corporate affairs said that while the proposed company law has
incorporated specific provisions relating to speedy corporate
insolvency, the government may go in for an independent insolvency
law to make the process more effective.

The report notes that liquidation process in India is fairly
protracted, taking on an average 7-10 years, against 1-6 years in
other countries, according to a recent survey.  It often yields
very little in terms of recoveries and leads to substantial waste
of resources and funds.


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


LIPPO KARAWACI: Fitch Affirms Issuer Default Ratings at 'B+'
------------------------------------------------------------
Fitch Ratings has affirmed PT Lippo Karawaci Tbk's Long-term
foreign currency and local currency Issuer Default Ratings at
'B+', and National Long-term rating at 'BBB+(idn)'.  The Outlook
is Stable.  Fitch has also affirmed the rating of 'B+' and
recovery rating of 'RR4' on the USD250m senior unsecured notes due
2011 issued by Lippo Karawaci Finance B.V. and guaranteed by LK.
At the same time, the agency has assigned an expected rating of
'B+' and an expected recovery rating of 'RR4' to the proposed
USD350m notes due 2015 to be issued by Sigma Capital Pte. Ltd. and
guaranteed by LK.  The final ratings are contingent upon receipt
of documents conforming to information already received.

LK plans to use the proceeds from the 2015 Notes to exchange for
all of the 2011 Notes and for general corporate purposes.  While
the proposed issue will increase the company's gross debt level
marginally, its debt maturity profile would improve substantially,
with the majority of its debt maturing in 2015 as compared to 2011
currently.

LK's 'B+' rating and Stable Outlook reflect its position as one of
Indonesia's leading property developers with a diversified revenue
base, comfortable liquidity position, and significant cash flow
from recurring businesses.  At end-December 2009, LK had a land
bank of 1,652 hectares located mostly in its established urban
projects such as Lippo Village, Lippo Cikarang, and Tanjung Bunga.
It has a range of property projects in different locations,
including urban, large-scale integrated, industrial zone, and
cemetery estate developments.  This diversification provides LK
with the flexibility to launch projects that match the changes in
market demand.

The cyclical nature of property development continues to be the
main rating constraint.  LK's significant cash flows from
recurring businesses (about half of 2009 revenue) such as
healthcare, hospitality, township infrastructure, and property and
portfolio management partially mitigate the risk.  Fitch also
notes that the company develops its large-scale integrated
projects in phases, which to some extent, helps to offset
execution risks.

Like it did for the 2011 Notes, LK will be entering into a USD/IDR
swap for the entire principal amount of the 2015 Notes to reduce
currency mismatch risks.  However, some forex risks remain as the
coupon payments on the Notes and a SGD24.6m annual rental payments
to its sponsored REIT remain un-hedged.


LIPPO KARAWACI: S&P Assigns 'B' Rating on US$350 Mil. Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue rating
to the proposed US$350 million senior unsecured notes due 2015 to
be issued by PT Lippo Karawaci Tbk.'s (B/Stable/--) fully owned
special purpose vehicle Sigma Capital Pte Ltd. The notes will be
issued in exchange for any or all of the US$250 million senior
unsecured notes due 2011 issued by Lippo Karawaci Finance BV.
Both the notes are unconditionally and irrevocably guaranteed by
Indonesia-based property developer Lippo Karawaci.

If the proposed notes are issued successfully, they would allow
Lippo Karawaci to ease its debt maturity profile.  This is because
the proposed notes are due in 2015 and the amount raised in excess
of the 2011 notes will be used to fund Lippo Karawaci's capital
investments, particularly in further developing the company's
healthcare business.  S&P expects Lippo Karawaci to maintain its
credit protection metrics in what S&P considers to be an improving
operating environment.

S&P does not view the proposed exchange offer as distressed under
its criteria, because S&P believes noteholders would receive no
less than the promise of the original securities should they
choose to accept the offer.  Importantly, S&P understands the
exchange offer does not include any language to marginalize those
investors that decide not to opt for the exchange.  As at Dec. 31,
2009, the company had cash and cash equivalent of Indonesian
rupiah 1.5 trillion (approximately US$160 million), which is
adequate to cover the estimated annual interest of US$45 million
on the 2015 notes.

For the fiscal year ended Dec. 31, 2009, Lippo Karawaci's ratio of
lease adjusted EBITDA to interest was 1.8x.  S&P expects it to
remain above 1.8x in the next 12 months.  However, S&P could lower
the rating on Lippo Karawaci if the proposed notes bring about a
deterioration in the company's credit protection metrics such that
this ratio falls below 1.5x on a sustainable basis.


SIGMA CAPITAL: Moody's Assigns 'B1' Senior Unsecured Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured
rating to the proposed US$ bonds to be issued by Sigma Capital
Pte. Ltd. and guaranteed by PT Lippo Karawaci Tbk.

At the same time, Moody's has affirmed LK's B1 corporate family
rating and the B1 senior unsecured rating on its guaranteed
US$250 million bonds due 2011.  The outlook for the ratings is
stable.

Moody's notes that the company has proposed to its existing US$
bondholders that it exchanges its US$250 million bonds maturing in
March 2011 into the proposed US$ bonds maturing in 5 years, with
similar terms and conditions as the existing bonds.

"A successful completion of such an exchange offer would
materially enhance the company's liquidity and financial
flexibility.  The proposed additional issuance of US$100 million
will also provide capital to support the company's planned capex
for the healthcare business and residential and retail property
developments," says Kaven Tsang, a Moody's AVP/Analyst.

"The increased borrowing will weaken LK's projected EBITDA
interest coverage to below 2x in 2010 and position it at the weak
side if its B1 rating," says Tsang.

"However, an expected improvement in EBITDA upon commencement of
the new hospitals and increased property sale by 2011 will restore
the ratio back to around 2.5x, a level appropriate for its B1
rating level," he adds.

Additionally, the B1 ratings continue to reflect LK's exposure to
industry cyclicality and the high development and execution risks
associated with its core property development business, which
accounts for half of the company's sales, and the planned
expansion for the healthcare business.  Such exposure, however, is
partly mitigated by the relatively stable and recurring income
from the existing healthcare, hospitality and infrastructure
businesses.

The stable outlook reflects Moody's expectation that LK will be
able to execute its business and sales plans and restore its
financial profiles by end-2011 after a potential dip in 2010.

Upward rating pressures could emerge if LK successfully executes
its business plans with sustained improvements in sales
performance and cash flow generation, such that EBITDA interest
coverage rises above 3.5-4.0x and adjusted leverage falls below
40% on a sustained basis.

On the other hand, downgrade pressure would evolve if LK's
financial and liquidity profiles weakens due to 1) LK failing to
execute its business plans; 2) the property market deteriorates
and beyond expectations; and 3) there is a material depreciation
in the Rupiah which increase the company's debt-servicing
obligations.

Moody's considers EBITDA interest coverage consistently below 2.0x
and adjusted leverage rising above 50% as indications that a
downgrade may be necessary.

The ratings could also face downgrade pressure if the proposed
bond issuance fails to go ahead and hence materially weakening
LK's liquidity profile.

The last rating action for LK was taken on June 30, 2009, when its
A2.id national scale corporate family rating was withdrawn.

PT Lippo Karawaci Tbk is one of the largest property developers in
Indonesia with a sizable land bank of around 1,652 ha as of
December 2009.  Since 2004, the company has diversified into
healthcare, hospitality and infrastructure.  Recurring income has
continued to grow and represented around 50% of total revenue over
the past 2-3 years.


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


ARSENAL TRUST: Moody's Reviews Ratings on Various Certificates
--------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the ratings for the [1] Class A through E Trust
certificates issued by Arsenal Trust, and [2] the Specified Loan B
and Specified Bonds 1 and 2 issued by Arsenal Asset TMK.

The final maturity for both types of securities will take place in
August 2013.

The individual rating actions are listed below.

  -- Class A, Aaa placed under review for possible downgrade;
     previously, definitive rating assigned Aaa on August 21, 2006

  -- Class B, A1 placed under review for possible downgrade;
     previously, downgraded to A1 from Aa2 on June 16, 2009

  -- Class E, Ba2 placed under review for possible downgrade;
     previously, downgraded to Ba2 from Baa2 on June 16, 2009

  -- Specified Loan B, B2 placed under review for possible
     downgrade; previously, downgraded to B2 from Ba2 on June 16,
     2009

  -- Specified Bond 1, Caa1 placed under review for possible
     downgrade; previously, downgraded to Caa1 from B2 on June 16,
     2009

  -- Specified Bond 2, Caa3 placed under review for possible
     downgrade; previously, downgraded to Caa3 from Caa2 on
     June 16, 2009

Arsenal Trust and Arsenal Asset TMK, effected in August 2006,
represent the liquidating securitization of 65 residential
properties in Osaka and other local cities.  Nine of the
properties have been disposed of since the closing of the deal.

These rating actions reflect the need to reconsider Moody's
disposition plan and expected property disposal values, taking
into account the fact that no properties have been sold in the
past year, and accordingly actual disposition is much slower than
assumed.

In its review, Moody's plans to question the transaction's asset
manager on its plans for property disposal, including expected
disposal prices, and management strategy on cash flow for the
properties.  Moody's will also take into account the fact that the
Class A balance has been declining due to the fast-pay
amortization of the backing loan.


J-CORE 15: Moody's Reviews Ratings on Seven Classes of Loans
------------------------------------------------------------
Moody's Investors Service has placed seven classes of J-CORE 15
Trust Certificates and asset-backed loans under review for
possible downgrade.  The final maturity will take place in July
2013.

The individual rating actions are listed below.

  -- Class A-2 Trust Certificate, Aaa Placed Under Review for
     Possible Downgrade; previously on July 14, 2008 Definitive
     Rating Assigned Aaa

  -- Class A-2 Loan, Aaa Placed Under Review for Possible
     Downgrade; previously on August 14, 2008 Definitive Rating
     Assigned Aaa

  -- Class B Trust Certificate, Aa2 Placed Under Review for
     Possible Downgrade; previously on July 14, 2008 Definitive
     Rating Assigned Aa2

  -- Class D Loan, Baa2 Placed Under Review for Possible
     Downgrade; previously on July 14, 2008 Definitive Rating
     Assigned Baa2

  -- Class E Trust Certificate, Baa3 Placed Under Review for
     Possible Downgrade; previously on July 14, 2008 Definitive
     Rating Assigned Baa3

  -- Class F Trust Certificate and Class F Loan, Ba1 Placed
     Under Review for Possible Downgrade; previously on July 14,
     2008 Definitive Rating Assigned Ba1

J-CORE15 is a single-asset/single-borrower CMBS deal effected in
July 2008.  Dividend distributions and interest payments on the
rated Trust Certificates and Loans are based on rental income from
the collateral.  If a default event occurs with regard to the
Asset, the property will be liquidated and the proceeds will be
used to pay down the principal.

The property is Shinsei Bank HQ Building, located in Chiyoda-ku,
Tokyo.  Tenant concentration is high, as Shinsei Bank occupies
almost all of the building's rentable areas as its main office.
The bank had planned from the beginning to vacate the building
before the J-CORE 15 Trust Certificates matured -- in two to three
years.  Thus, Moody's originally based its property valuation on
the cash flow to be generated after the property has been re-
leased.

Moody's considers it highly likely that the property's
profitability will fall -- and remain -- below its initial
assumptions; thus, Moody's will re-assess its estimates for rents,
net cash flow, and property value.

As part of its review, Moody's is planning to interview the asset
manager regarding its leasing plans and strategies, refinancing
strategies, and disposal activities, in light of the tenant's
expected vacating of the building.

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.


JAPAN AIRLINES: May Slash More Jobs to Cut Costs
------------------------------------------------
Bloomberg News reports that Japan Airlines Corp. may increase job
cuts as the company strives to return to profit.

JAL President Masaru Onishi said the carrier is considering
various options for the cuts, Bloomberg relates.  "Deeper cuts are
needed," the report quoted Mr. Onishi as saying.  "We're reviewing
several different scenarios."

The International Air Transport Association said that Japan
Airlines Corp. shouldn't allow government aid to distort
competition, Chris Cooper and Kiyotaka Matsuda at Bloomberg News
reports.

"Restructuring has to be fast and painful," IATA Director General
Giovanni Bisignani told reporters in Tokyo.  "They have to cut
costs."

Bloomberg says JAL, which was delisted from the Tokyo Stock
Exchange in February, is planning to cut almost a third of its
workforce, slash flights and retire older planes over three years
to return to profit.

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

                             About JAL

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

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

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


ORIX-NRL TRUST: Moody's Reviews Ratings on Six Classes of Notes
---------------------------------------------------------------
Moody's Investors Service has placed six classes of ORIX-NRL Trust
14 Trust Certificates on review for possible downgrade.  The final
maturity of the trust certificates will take place in December
2014.

The individual rating actions are listed below.

  -- Class A, Aaa Placed Under Review for Possible Downgrade;
     previously on July 1, 2009 Confirmed at Aaa

  -- Class B, Aa3 Placed Under Review for Possible Downgrade;
     previously on July 1, 2009 Downgraded to Aa3 from Aa2

  -- Class C, Baa2 Placed Under Review for Possible Downgrade;
     previously on July 1, 2009 Downgraded to Baa2 from A2

  -- Class D, Ba3 Placed Under Review for Possible Downgrade;
     previously on July 1, 2009 Downgraded to Ba3 from Baa2

  -- Class E, B2 Placed Under Review for Possible Downgrade;
     previously on July 1, 2009 Downgraded to B2 from Baa3

  -- Class X, Aaa Placed Under Review for Possible Downgrade;
     previously on July 1, 2009 Confirmed at Aaa

ORIX-NRL Trust 14, effected in May 2007, represents the
securitization of eight non-recourse loans and two specified
bonds.  The transaction is currently secured by five non-recourse
loans and two specified bonds.  Currently, two non-recourse loans
and one specified bond are under special servicing.

The rating actions reflect Moody's growing concerns about these
issues mainly:

     1) The underlying properties of the non-recourse loan (20.7%
        of initial balance) are one office building and three
        single-tenanted retail buildings located in Shibuya-ku,
        Tokyo.  The asset manager is leasing the two retail
        buildings as a result of delinquent rent payments and
        tenant vacation.  According to the Servicer, the new lease
        agreement has been signed and the vacant retail building
        has been leased; however, the rent level falls below
        Moody's initial assumptions.  Thus, Moody's needs to
        review and reconsider the rent level, the stabilized net
        cash flow and the property value.

     2) Moody's needs to reconsider applying even greater recovery
        stress -- higher than assumed in July 2009 -- in light of
        the servicer's updated work-out strategies, work-out
        results and examination of the appraisal reports of the
        specially serviced non-recourse loans and specified bond.

     3) One of the underlying properties is a shopping mall with a
        high tenant concentration located in a provincial city.
        Moody's needs to review and reconsider the value of the
        property because the rent and cash flow of the main tenant
        is likely to decline.

Moody's will receive the additional performance data, including PM
reports, from the Servicer to review the leasing conditions and
the performance of the underlying properties.  Additionally,
Moody's will continue to monitor and re-examine the special
servicer's servicing strategies, and the prospects for collateral
recovery of the specially serviced loans.

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.


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


KUMHO ASIANA: Unit May Sell KRW200 Bil. Bond to Creditors
---------------------------------------------------------
Korea Kumho Petrochemical Co. may sell KRW200 billion
(US$179 million) of convertible bonds to creditors, Bloomberg News
reports, citing MoneyToday.

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.


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


OILCORP BHD: Ricoh Seeks Payment of MYR535T For Services Rendered
-----------------------------------------------------------------
OilCorp Berhad said that a Writ of Summons has been served against
Oilfab Sdn. Bhd., a subsidiary of the Company, by Ricoh (Malaysia)
Sdn. Bhd., claiming MYR535,031.75 plus interest purportedly being
monies due and owing for services rendered.

The Writ of Summons was presented to the Shah Alam High Court on
February 3, 2010, and was received by OFSB on April 7, 2010.

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.


TENGGARA OIL: Bursa to Delist Securities on April 19
----------------------------------------------------
The securities of Tenggara Oil Berhad will be delisted from the
official list of Bursa Malaysia Securities Berhad on April 19,
2010, as the Company failed to implement its regularization plan
and the agreement in respect of the Company's proposed
restructuring scheme with the EP Group of Companies had lapsed.

The company has been accorded five market days to make an appeal
on Bursa Malaysia's decision to delist the company.

The Company's Board of Directors further said that:

   1) Any appeal submitted after the Appeal Timeframe will
      not be considered by Bursa Securities;

   2) In the event the Company submits an appeal to Bursa
      Securities within the Appeal Timeframe, the removal
      of the securities of the Company from the Official
      List of Bursa Securities on April 19, 2010, shall be
      deferred pending the decision on the Company's appeal
      by the Appeals Committee; and

   3) In the event Bursa Securities decides to de-list the
      Company, TOB will continue to exist but as an unlisted
      entity.  The Company is still able to continue its
      operations and businesses and proceed with its corporate
      restructuring and its shareholders can still be rewarded
      by the Company's performance.  However, the shareholders
      will be holding shares which are no longer quoted and
      traded on Bursa Securities.

                         About Tenggara Oil

Tenggara Oil Berhad is a Malaysia-based investment holding company
engaged in provision of management services.  The principal
activities of the subsidiaries are filling, blending and
processing of lubricants.  The Company's subsidiaries include
Tenggara Lubricant Sdn. Bhd., which is engaged in filling,
blending and processing lubricants; Tenggara Plaza Sdn. Bhd.,
which is engaged in letting and managing of property, and Tenggara
Concrete Sdn. Bhd., which is engaged in manufacturing and
supplying of ready-mixed concrete.

Tenggara is in the process of implementing a debt-restructuring
scheme with relevant parties.


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


A2 CORPORATION: In Merger Talks; May Shift Listing to ASX
---------------------------------------------------------
A2 Corporation may quit the NZAX and is looking to move to the ASX
if a merger with Australian-based Freedom Nutritional Products
goes ahead, according to The National Business Review.

The Review relates that merger discussions have been launched
between the two companies, with the aim of an all scrip-based
'merger of equals' that would see the surviving entity listed on
the ASX.

A2 Corporation currently lists on the NZX alternative market while
Freedom Nutritional Products is listed across the Tasman, the
report says.

                        About A2 Corporation

New Zealand-based A2 Corporation Ltd. (NZAX: ATM) --
http://www.a2corporation.com/-- is engaged in the sale and
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  a2 milk is naturally produced to contain
maximum amounts of a milk protein variant that is associated by
a number of studies with potential benefits in some individuals.
A2 Corporation Ltd receives royalty income from sales of A2 Milk
products and testing for A2 cattle, and shares in the profits or
losses of associates and subsidiaries formed for those purposes.

                          *     *     *

A2 Corp. incurred three consecutive net losses of NZ$6.3
million, NZ$5.08 million and NZ$448,800 for the years ended
March 31, 2008, 2007 and 2006, respectively.

The company also reported a net loss of NZ$3.52 million for the 15
months ended June 30, 2009.

The company reported a post-tax loss of NZ$717,172 in the six
months ending December 31, 2009.  This compared to a loss of
NZ$1.99 million for the six months ended September 30, 2008.


CRAFARS FARMS: Gets NZ$40,000 Fine Over Effluent Discharge
----------------------------------------------------------
The New Zealand Herald reports that a Crafar family farm at
Palmerston North has been fined NZ$40,000 for wrongly discharging
effluent.  The report says a judge fined the Crafar family company
in Palmerston North District Court on Monday after convicting it
of discharging effluent.

According to the Herald, Greg Carlyon of the Manawatu-Wanganui
regional council said the judge had given a clear message.

"I think the judge made it pretty clear when he said this is the
end of a long and sorry saga and of a dynasty that's been acting
in this way for some considerable period of time," the report
quoted Mr. Carlyon as saying.

The Crafars, who pleaded guilty to the charge last year, did not
appear in court -- they said the collapsed dairy empire was now
controlled by the receivers, KordaMentha -- the Herald notes.

The Herald recalls that New Zealand's biggest fine for a single
dairy effluent discharge, NZ$37,500, was imposed in the
Environment Court at Napier over the Crafar Group's breach of
resource consent on Taharua Farm, 40km southeast of Taupo.

Te Pohue Ltd, another Crafar company, was fined NZ$10,550 in 2006
after pleading guilty to 49 charges of animal neglect when
emaciated and dead cows were found on a Crafar farm at Te Pohue,
45km northwest of Napier, according to the Herald.

                         Crafar Refuses to Move

Allan Crafar is defiantly refusing to leave his home farm in the
Waikato, after the receiver's deadline to vacate the property,
Newstalk ZB reports.

Mr. Crafar said the receivers, KordaMentha, have offered to pay
six months' rent in Rotorua if he moves off the farm, but he does
not want to take up the offer and is staying put.  He plans to
continue farming until he believes there is a real reason to move
and is prepared to fight any moves to evict him, Newstalk ZB says.

                        About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employs 200 staff.

Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance.  The
banks are owed around NZ$200 million and put KordaMentha partners
Michael Stiassny and Brendon Gibson in as receivers after Crafar
Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


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


LE SIRENE: Creditors' Proofs of Debt Due May 10
-----------------------------------------------
Creditors of Le Sirene 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


MUN SIONG: Creditors' Proofs of Debt Due May 10
-----------------------------------------------
Creditors of Mun Siong Engineering Design & Construction Pte Ltd,
which is in 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:

         Wee Hui Pheng
         1 Coleman Street #06-10
         The Adelphi
         Singapore 179803


SABBIA PTE: Creditors' Proofs of Debt Due May 10
------------------------------------------------
Creditors of Sabbia 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


SONGA FLOATING: Court to Hear Wind-Up Petition on April 23
----------------------------------------------------------
A petition to wind up the operations of Songa Floating Production
Asa Pte Ltd will be heard before the High Court of Singapore on
April 23, 2010, at 10:00 a.m.

Norsk Tillitsmann Asa, filed the petition against the company on
March 29, 2010.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          No. 9 Battery Road #25-01
          Straits Trading Building
          Singapore 049910


SPINEVISION SINGAPORE: Creditors' Proofs of Debt Due May 9
----------------------------------------------------------
Spinevision Singapore Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 9, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 31, 2010.

The company's liquidators are:

         Abdul Jabar Mustaffa
         Amran Robani
         c/o Rohan Mah & Partners
         78 Shenton Way #26-02
         Singapore 079120


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


INNOVEX INC: Thai Unit Files Rehabilitation Petition
----------------------------------------------------
Innovex Inc.'s subsidiary, Innovex (Thailand) Limited has filed a
rehabilitation petition under Thailand law.  The petition, which
was dated and filed on March 30, 2010, was formally accepted by
the Thai Court on April 2, 2010.  In the petition, Innovex
Thailand has requested for its business to be reorganized under
the Bankruptcy Act in Thailand which allows for the continuation
of its operations while the existing debts with all existing
creditors are properly restructured.  The decision from the Thai
Court on acceptance and approval to reorganize the business in
accordance with the petition is expected to be provided in June
2010.  The petition filing pertains to the restructuring plans of
the Company's subsidiary, Innovex Thailand, and it does not extent
to cover its parent, Innovex, Inc.

Additionally, as previously announced by the Company on January 6,
2010, the Company entered into an agreement with Standard
Chartered Bank (Hong Kong) Limited ("SCB") to restructure its
capital structure, wherein SCB will purchase all of the Company's
outstanding bank debt, approximately $55 million, from Bank of
Ayudhya Public Company Limited and TMB Bank Public Company
Limited, at a discount from the total value outstanding and will
also provide the Company with additional working capital.

Currently, the process is still ongoing pending internal approvals
within SCB, reaching acceptable agreements with the Company's
current banks on the final purchase price and arrangements or
settlements with the Company's other creditors.

                         About Innovex Inc.

Based in Plymouth, Minnesota, Innovex Inc. (Pink Sheets:INVX)
manufactures high-density flexible circuit-based electronic
interconnect solutions.  Innovex's products enable the
miniaturization and increasing functionality of high technology
electronic devices.  Applications for Innovex's products include
data storage devices such as hard disk drives and tape drives,
liquid crystal displays for mobile telecommunication devices and
printers.


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


* BOND PRICING: For the Week April 5 to April 9, 2010
-----------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.05
AINSWORTH GAME           8.00    12/31/2011   AUD       0.80
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.93
ANTARES ENERGY          10.00    10/31/2013   AUD       2.02
AUROX RESOURCES          7.00    06/30/2010   AUD       0.95
BECTON PROP GR           9.50    06/30/2010   AUD       0.35
BOUNTY INDUSTRIE        10.00    06/30/2010   AUD       0.03
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.12
CHINA CENTURY           12.00    09/30/2010   AUD       0.86
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.50
GRIFFIN COAL MIN         9.50    12/01/2016   USD      59.65
GRIFFIN COAL MIN         9.50    12/01/2016   USD      64.00
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.32
JPM AU ENF NOM 1         3.50    06/30/2010   USD       8.06
MACQUARIE BANK           6.50    05/31/2017   AUD      68.04
MINERALS CORP           10.50    09/30/2011   AUD       0.52
NEW S WALES TREA         1.00    09/02/2019   AUD      62.81
PRAECO P/L               7.13    07/28/2020   AUD      70.46
RESOLUTE MINING         12.00    12/31/2012   AUD       1.10
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.55
SUNCORP METWAY           6.75    10/06/2026   AUD      63.77
VERO INSURANCE           6.15    09/07/2025   AUD      71.19


  CHINA
  -----

JIANGXI COPPER           1.00    09/22/2016   CNY      73.49


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      39.50


  INDIA
  -----

AFTEK INFOSYS            1.00    06/25/2010   USD      70.00
GEMINI COMMUNICATION     6.00    07/18/2012   EUR      60.00

  INDONESIA
  ---------

MOBILE-8 TELECOM        12.37    06/15/2017   IDR      55.00


  JAPAN
  -----

AIFUL CORP               1.20    01/26/2012   JPY      67.16
AIFUL CORP               1.99    03/23/2012   JPY      65.30
AIFUL CORP               1.22    04/20/2012   JPY      65.86
AIFUL CORP               1.63    11/22/2012   JPY      56.66
AIFUL CORP               1.74    05/28/2013   JPY      50.87
AIFUL CORP               1.99    10/19/2015   JPY      41.89
COVALENT MATERIAL        2.87    02/18/2013   JPY      61.90
FUKOKU MUTUAL            4.50    09/28/2025   EUR      73.75
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      57.90
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      57.31
TAKEFUJI CORP            9.20    04/15/2011   USD      58.25
TAKEFUJI CORP            9.20    04/15/2011   USD      58.25
TAKEFUJI CORP            8.00    11/01/2017   USD      11.62
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.37


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.01
CRESENDO CORP B          3.75    01/11/2016   MYR       0.80
DUTALAND BHD             4.00    04/11/2013   MYR       0.78
DUTALAND BHD             4.00    04/11/2013   MYR       0.35
EASTERN & ORIENT         8.00    07/25/2011   MYR       0.99
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.04
EG INDUSTRIES            5.00    06/16/2010   MYR       0.37
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.23
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.63
MITHRIL BHD              3.00    04/05/2012   MYR       0.68
NAM FATT CORP            2.00    06/24/2011   MYR       0.20
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.18
OLYMPIA INDUSTRI         4.00    04/11/2013   MYR       0.23
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.64
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       1.36
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.11
SCOMI GROUP              4.00    03/19/2013   MYR       0.09
TRADEWINDS PLANT         2.00    02/08/2012   MYR       0.60
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.01
WAH SEONG CORP           3.00    05/21/2012   MYR       9.01
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.33
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.08


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      74.91
ALLIED NATIONWID        11.52    12/29/2049   NZD      51.00
CAPITAL PROP NZ          8.00    04/15/2010   NZD      12.50
CONTACT ENERGY           8.00    05/15/2014   NZD       1.03
FLETCHER BUI             8.50    03/15/2015   NZD       8.25
FLETCHER BUI             7.55    03/15/2011   NZD       7.20
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.11
INFRASTR & UTIL          8.50    09/15/2013   NZD       9.20
INFRATIL LTD             8.50    11/15/2015   NZD       8.85
INFRATIL LTD            10.18    12/29/2049   NZD      67.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.36
MANUKAU CITY             6.15    09/15/2013   NZD       1.01
MANUKAU CITY             6.90    09/15/2015   NZD       1.02
MARAC FINANCE           10.50    07/15/2013   NZD       0.88
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      69.75
SKY NETWORK TV           4.01    10/16/2016   NZD      56.58
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.81
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.48
ST LAURENCE PROP         9.25    05/15/2011   NZD      71.20
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       8.10
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.00
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.95
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.20


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      36.00
UNITED ENG LTD           1.00    03/03/2014   SGD       1.80
WBL CORPORATION          2.50    06/10/2014   SGD       2.14


SOUTH KOREA
-----------

H K MUTUAL SAVIN         9.50    08/02/2014   KRW      70.38
JEIL MUTUAL BK           8.50    01/22/2015   KRW      70.35


SRI LANKA
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SRI LANKA GOVT           7.00    10/01/2023   LKR      63.47


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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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