TCRAP_Public/100415.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, April 15, 2010, Vol. 13, No. 073

                            Headlines



A U S T R A L I A

BEAVER PRESS: Goes Into Voluntary Administration
CHIMAERA FINANCIAL: Primebroker Liquidators Launch AU$97M Lawsuit
FOREST ENTERPRISES: In Administration; Fails to Negotiate Debts
HILTON FABRICS: Goes Into Receivership; Seeks Buyer


C H I N A

CHINA EASTERN: Set to Join Skyteam Alliance
CHINA MERCHANTS: Net Income Falls 14% to CNY18.24 Billion in 2009
CHINA SOUTHERN: Swings Back to Profit in 2009


F I J I

AANUKA ISLAND: Inability to Pay Debts Prompts Court Wind Up Order


H O N G  K O N G

RICHWARE TEXTILES: Creditors' Proofs of Debt Due May 10
RYODEN MACHINERY: Members' Final Meeting Set for May 10
SCRIPTPRO ASIA: Creditors' Proofs of Debt Due May 7
SUN HONEST: Court to Hear Wind-Up Petition on May 12
SUPER GRAND: Court to Hear Wind-Up Petition on April 28

SYSTEM OVERSEAS: Members' Final Meeting Set for May 10
TOP GLORY: Court to Hear Wind-Up Petition on May 19


I N D I A

ANANYA WOOD: CRISIL Reaffirms 'BB-' Rating on INR35MM Bank Debts
AVNASH AUTOMOBILES: ICRA Assigns 'LBB-' Rating on INR100MM Loan
COIMBATORE HITECH: CRISIL Rates INR83.00 Million LT Loan at 'B+'
HIM ALLOYS: ICRA Places 'LBB' Rating on INR350MM Bank Debts
JAY ELECTROCOM: ICRA Assigns 'LBB' Rating on INR30MM Bank Debts

KKP SPINNING: CRISIL Lifts Ratings on INR116.1M Long-Term Loan
KKP WEAVING: CRISIL Upgrades Rating on INR72.8MM LT Loan to 'B'
M VENKATA: Delay in Loan Payment Cues CRISIL 'BB+' Ratings
NARSING TEXTILES: Low Net Worth Prompts CRISIL 'B' Ratings
NATHELLA SAMPATH: CARE Places 'BB+' Rating on INR68.83MM LT Loan

NET 4 COMM: CARE Assigns 'BB' Rating on INR20cr LT Loan
PRAFFUL OVERSEAS: CARE Assigns 'CARE BB+' Rating on INR70.44 Loan
RAJGARIA TIMBER: CRISIL Places 'BB-' Rating on INR80MM Cash Credit
RATHI GRAPHIC: ICRA Puts 'LBB' Rating on INR67.5MM Bank Lines
SHREYAS INTERMEDIATES: CRISIL Assigns Junk Ratings on Bank Debts

SUBBA MICROSYSTEM: CARE Assigns 'BB-' Rating on LT Bank Debts
* INDIA: Growth to Accelerate in 2010; Inflation Pressures Loom


J A P A N

ALL NIPPON: To Sell JPY10 Billion of Bonds to Repay Debt
SHINSEI BANK: May Post JPY130-Bil. Loss in FY2009
* JAPAN: At Risk of Going Bankrupt in 2011, Analysts Say


K O R E A

DAEWOO MOTOR: Creditors Agree to Reschedule Debt
KUMHO ASIANA: Creditors Sign Debt-Restructuring Agreement


N E W  Z E A L A N D

NUPLEX INDUSTRIES: Faces Court Action Over Disclosure Breach


P H I L I P P I N E S

* PHILIPPINES: Economy Set to Recover This Year, ADB Says


T A I W A N

NANYA TECHNOLOGY: Posts NT$1.6 Billion Loss in Q1 2010


X X X X X X X X

* Developing Asia's Recovery from Crisis Takes Firm Hold, ADB Says

* Pacific Economies on the Road to Recovery, ADB Says




                         - - - - -


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A U S T R A L I A
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BEAVER PRESS: Goes Into Voluntary Administration
------------------------------------------------
Beaver Press has gone into voluntary administration, following
earlier reports that the Sydney printing company is to merge with
Chippendale Printing, Daniel Fitzgerald writes for the Proprint.

Beaver Press managing director Robert Francis on Friday confirmed
that PKF had been appointed administrators, the report says.

Proprint relates Mr. Francis said all Beaver's staff had been sent
home but several of them have got positions at Chippendale.

According to the report, the "merger" with Chippendale is said to
currently be at the 'heads of agreement' stage and still needs to
be approved by Chippendale's board of directors and its private
equity owners, Helmsman Funds Management.

David Francis, general manager of Beaver Press, told ProPrint had
been impacted by the global financial crisis and downturn in the
sheetfed sector.

Based in Sydney, Australia, Beaver Press is a 40-year old family-
owned offset and digital printing company.


CHIMAERA FINANCIAL: Primebroker Liquidators Launch AU$97M Lawsuit
-----------------------------------------------------------------
The liquidator of Primebroker Securities Ltd. has launched a
AU$97.7 million legal action against ANZ Banking Corporation Ltd.
on behalf of creditors, Mark Hawthorne at BusinessDay.com.au
reported.

BusinessDay reported on Monday that liquidators Michael Humphris
and Laurence Fitzgerald of BDO had lodged a statement under the
Federal Court's Fast Track application process claiming the return
of AU$86.2 million repaid to the bank in the six months before the
securities lending business was put into receivership.

According to the report, the liquidators seek an order for the
charge under which PricewaterhouseCoopers' were appointed
receivers of Primebroker to be set aside under Section 588FJ of
the Corporations Act, and ANZ's floating charge over Primebroker's
assets declared void.

The report said the liquidators also want the AU$11.5 million
recovered by the receivers to be returned.

BusinessDay said the liquidators allege "ANZ sought and received
substantial preferential payments and significant commercial
advantages at the expense of the unsecured creditors".

The report noted that BDO said, "under the Corporations Act, if a
company goes into liquidation, any transactions that take place
within six months prior may be challenged by a liquidator. In
particular, monies paid can be considered as preferential payments
and therefore claimed by the liquidator".

According to BDO, if successful, "the action would enable the
liquidators to continue the process of assessing all claims and
determining a return to all creditors," BusinessDay adds.

According to BusinessDay, the lawsuit by BDO is the precursor to a
second $200 million damages claim by Chimaera Capital, which
operated Primebroker.

The report said both cases will be financed by Special Situations
LFF, a litigation funding vehicle consisting of Primebroker
principals Ian Pattison and Sal Catalano and former clients.

ANZ spokesman Paul Edwards said earlier this week that the bank
was aware of the accusations being made by Primebroker and its
liquidator, BusinessDay recalled.

"There have been threats of legal action by the Primebroker
liquidator and the Primebroker principals for many months now,"
the report quoted Mr. Edwards as saying.  "This is nothing new and
in the event any actions materialize, ANZ will defend them
appropriately."

                      About Chimaera Financial

Headquartered in Melbourne, Australia, The Chimaera Financial
Group -- http://www.chimaeracapital.com/-- is a private merchant
bank, which is licensed to conduct business in the areas of
investments, securities financing and trading as well as providing
custodian and Responsible Entity services for direct investors and
managed investment schemes.

                           *     *     *

As reported in the Troubled Company Reporter?Asia Pacific on
July 31, 2008, the directors of Primebroker Securities Limited,
Chimaera Financial Group's margin lending business, appointed
Laurence Fitzgerald and Michael Humphris of BDO as voluntary
administrators.

The directors said the appointment follows the appointment of
Paul Kirk and Stephen Longley of PricewaterhouseCoopers as
receivers and managers by ANZ Bank on July 4, 2008.

In October 2008, Messrs. Fitzgerald and Humphris were appointed as
the company's liquidators.


FOREST ENTERPRISES: In Administration; Fails to Negotiate Debts
---------------------------------------------------------------
Forest Enterprises Australia has been placed into voluntary
administration.

"FEA's financiers, namely the Commonwealth Bank of Australia Ltd
and the Australia and New Zealand Banking Group Ltd have provided
a formal notice, via their Security Trustee, to FEA and relevant
FEA guarantor companies," the FEA said in a statement to the
Australian Securities Exchange.

"The Banks have elected to take action, relying on the event of
default previously advised to the market and as a result, each of
the charges granted to the Security Trustee are enforceable and
the previous floating charges over all of FEA's assets have
converted into fixed charges.

"As a result, the Company is now required to deposit the proceeds
of realization of any charged assets into a separate bank account
for the sole benefit of the Banks.

"This has placed the Board in an untenable position as it prevents
the ability of the Company to access the necessary funds to
operate its normal business activities.  As such, the Board has no
option but to place the Company in Voluntary Administration.

"As illustrated by regular announcements to the ASX during the
first quarter of the 2010 calendar year FEA has been in the
process of developing and refining a restructure and refinancing
plan with a focus on retirement of debt as well as on-going
initiatives to reduce operating costs.

"In addition to asset sales, particularly in relation to FEA's
land estate, FEA has been negotiating a potential transaction with
third parties which, if completed, would have resulted in a
restructure of FEA via a major finance raising coupled with a
merger with an industry player.

"Should such a transaction have completed, the Directors' believe
that FEA would have stabilized and been in a position to further
grow as a major forest and forest products Company.  FEA had
requested a standstill arrangement on its banking facilities to
pursue this transaction.

"Although the Company had received non binding letters of intent
that support a due diligence and negotiation process for these
transactions, the Company has not been able to negotiate a
sufficient period of time from its Banks to enable these
transactions to be progressed to a more definite stage.

"The Banks have now advised the Company that they are not prepared
to agree to a standstill.

FEA's Chairman, Will Edwards, said that the development was an
extreme disappointment as the Company, Board and staff who have
worked tirelessly to reduce debt and restructure the business to
deliver stability to the Company in anticipation of a future
recovery by international and domestic timber and forestry
investing markets.

"After steady growth in profitability over the preceding 6 years,
the Company's revenue over the past 18 months has been adversely
impacted by the effects of the global financial crisis which
impacted on markets for forestry investment, timber and export
woodfibre.

The Company advises that the Banks had progressively limited FEA
access to its overdraft facilities and also the remaining $12
million of the $39.5 million of capital remaining from the equity
raised in October 2009 expressly for working capital purposes, FEA
had been to date trading off the proceeds generated mainly from
its log trading, timber processing and the revenue from its highly
performing loan book.

BRI Ferrier has been appointed as voluntary administrators of:

   -- Forest Enterprises Australia Limited;
   -- FEA Plantations Limited;
   -- Tasmanian Plantation Pty Ltd; and
   -- FEA Carbon Pty Ltd.

FEA said it is anticipated that the Administrators will make
public announcements on the administration process in due course.

            FEA Staff, Union to Meet with Administrators

The Examiner reports that BRI Ferrier will again meet with staff
and union representatives at the company's Bell Bay saw mill
today, April 15.

The report relates forestry union spokesman Martin Clifford said a
meeting yesterday between the same parties was relatively
optimistic but it would be days before workers were given any real
security.

According to the report, administrator BRI Ferrier will determine
whether it will restructure, sell or close parts of the integrated
forestry business, which had been struggling to refinance its $216
million debt, which became a current liability when FEA reported a
multi-million dollar loss last financial year.

                             About FEA

Forest Enterprises Australia Limited (ASX:FEA) --
http://www.fealtd.com/-- is a vertically integrated forestry and
forest products company.  It is engaged in the sale of woodlot
investments through forestry investments; preparation,
establishment and maintenance of plantations; timber harvesting;
provision of finance to approved growers; sawmilling and wood
chipping of forest produce, and direct exporting of forest produce
to Asian markets.  FEA operates in two divisions: forest products,
which includes forest management services and the processing of
forest products, including whole logs, woodchips and sawn timber,
and forestry investment, which includes establishment and
financing of managed woodlots and provision of related forestry
services, including the lease of investment land.  Its wholly
owned subsidiaries include FEA Plantations Limited, FEA Carbon Pty
Ltd, Tasmanian Plantation Pty Ltd, Tasmanian Plantation Unit Trust
and FEA Timberlands Fund.


HILTON FABRICS: Goes Into Receivership; Seeks Buyer
---------------------------------------------------
Hilton Fabrics (Ballarat) has gone into receivership and is
believed to be looking for a buyer, Cathy Morris at The Courier
reports.

According to The Courier, State secretary Michele O'Neil of the
Textile Clothing and Footwear Union of Australia said there were
concerns about the workers' jobs and entitlements.

Hilton Fabrics (Ballarat) is engaged in fabric weaving, dyeing and
finishing.


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C H I N A
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CHINA EASTERN: Set to Join Skyteam Alliance
-------------------------------------------
China Eastern Airlines Corp. will join the SkyTeam airline
grouping, rejecting proposals from Oneworld and Star Alliance,
Bloomberg News reports citing two company officials familiar with
the situation.

China Eastern spokeswoman Liu Jiangbo told Bloomberg News that an
announcement will be made on April 16.

Bloomberg says that joining SkyTeam would enable China Eastern to
gain access to 13,133 daily flights operated by group members
including Air France-KLM, China Southern Airlines Co., Delta Air
Lines Inc. and Korean Air Lines Co.

The Shanghai-based carrier would also help its new partners expand
in east Asia after SkyTeam failed to lure Japan Airlines Corp.
away from Oneworld, Bloomberg notes.

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com/-- provides civil
aviation services, including passenger transportation, cargo
transportation and mail delivery services.  The company operates
its businesses in domestic and overseas markets.  As of Dec. 31,
2008, the company operated 423 airlines, of which 332 were
domestic passenger transportation lines, one domestic cargo
transportation line, 75 international passenger transportation
lines, 14 international cargo transportation lines, 16 regional
passenger transportation lines and one regional cargo
transportation line.  The company also involves in operation of
five Taiwan chartered flight passenger transportation lines and
one cargo transportation line.  As of December 31, 2008, the
company operated roughly 240 aircrafts, including 214 jumbo
jets and 11 cargo jets.

                           *     *     *

China Eastern continues to carry Xinhua Far East China Ratings'
BB+ issuer credit rating with a stable outlook.


CHINA MERCHANTS: Net Income Falls 14% to CNY18.24 Billion in 2009
-----------------------------------------------------------------
China Merchants Bank Co. posted a net income of CNY18.24 billion
for the year ended Dec. 31, 2009, 14% down from CNY21.08 billion a
year earlier, Dow Jones Newswires reports.

Dow Jones relates the bank said its net interest income, which
accounted for more than 80% of its operating income, dropped to
CNY40.36 billion from CNY46.89 billion due to a narrower net
interest margin.

The bank's unaudited net income for the January-March period,
meanwhile, rose 40% to CNY5.9 billion, Dow Jones notes.

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks.  It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26% stake (through various companies).  The
bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 4, 2010, Fitch Ratings downgraded the Individual ratings
of China Merchants Bank and China CITIC Bank to 'D' from 'C/D',
reflecting both banks' noticeable deterioration in capital and
rising on- and off-balance-sheet credit risk in the wake of last
year's very rapid loan growth.  The assessment was conducted in
conjunction with a review of all 16 Chinese commercial banks under
the agency's coverage.  The ratings of all other banks were
affirmed.


CHINA SOUTHERN: Swings Back to Profit in 2009
---------------------------------------------
China Southern Airlines swung back into profit last year, backed
by booming demand for air travel and a government bailout,
Shanghai Daily reports.

The report says the carrier reported a CNY358 million net income
in 2009, compared with a loss of CNY4.83 billion in 2008.

The carrier said its sales revenue declined 0.68% to CNY56 billion
in the period and its main operating revenue decreased by CNY1.19%
to CNY55 billion, the Daily relates.

According to the report, China Southern carried 66.28 million
passengers last year, up 13.81% from a year earlier.
International passenger volume declined by 2% to 3.87 million.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- operates airlines, as well as
perform aircraft maintenance and air catering operations in the
People's Republic of China and internationally.  It provides
commercial airlines, cargo services, logistics operations, air
catering, utility service, hotel operation, travel services,
aircraft leasing, and Internet services.

                           *     *     *

China Southern Airlines Co. continues to carry Fitch Ratings 'B+'
Long-term foreign and local currency Issuer Default Ratings.


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AANUKA ISLAND: Inability to Pay Debts Prompts Court Wind Up Order
-----------------------------------------------------------------
Aanuka Island Resort Limited has been ordered to wind up its
business for not paying debts, Fiji Times Online reports.  Fiji
Times says the High Court in Lautoka also ordered that AIRL pay
$5,000 in court cost to Northern Projects Fiji Limited, which
filed a winding up petition against AIRL in 2008.

The report relates NPFL is owed $758,844 by the resort for
construction work.  The resort also owed money totaling more than
$1.47 million to 15 other creditors.

Aanuka Island Resort Limited, trading as Amanuca Island Resort,
operated a 100-room resort in the Mamanucas Islands, Fiji.


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H O N G  K O N G
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RICHWARE TEXTILES: Creditors' Proofs of Debt Due May 10
-------------------------------------------------------
Richware Textiles Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 10, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 1, 2010.

The company's liquidator is:

         Lam Ying Sui
         10/F., Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


RYODEN MACHINERY: Members' Final Meeting Set for May 10
-------------------------------------------------------
Members of Ryoden Machinery Company Limited will hold their final
general meeting on May 10, 2010, at 10:00 a.m., at the 11/F.,
Manulife Tower, 169 Electric Road, North Point, in Hong Kong.

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


SCRIPTPRO ASIA: Creditors' Proofs of Debt Due May 7
---------------------------------------------------
Scriptpro Asia Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 7, 2010, to be included in the company's dividend
distribution.

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

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road
         Central, Hong Kong


SUN HONEST: Court to Hear Wind-Up Petition on May 12
----------------------------------------------------
A petition to wind up the operations of Sun Honest Asia Limited
will be heard before the High Court of Hong Kong on May 12, 2010,
at 9:30 a.m.

International Trademart Company Limited filed the petition against
the company on March 8, 2010.

The Petitioner's solicitors are:

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


SUPER GRAND: Court to Hear Wind-Up Petition on April 28
-------------------------------------------------------
A petition to wind up the operations of Super Grand Enterprise
Limited will be heard before the High Court of Hong Kong on April
28, 2010, at 9:30 a.m.

Winnif Studio Limited filed the petition against the company on
Feb. 24, 2010.

The Petitioner's solicitors are:

          Cheung & Liu
          25th Floor, C.M.A. Building
          No. 64 Connaught Road
          Central, Hong Kong


SYSTEM OVERSEAS: Members' Final Meeting Set for May 10
------------------------------------------------------
Members of System Overseas Limited will hold their final general
meeting on May 10, 2010, at 10:00 a.m., at the Room 2302, 23/F.,
Chung Kiu Commercial Building, 47-51 Shantang Street, Mongkok, in
Kowloon.

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


TOP GLORY: Court to Hear Wind-Up Petition on May 19
---------------------------------------------------
A petition to wind up the operations of Top Glory International
(HK) Limited will be heard before the High Court of Hong Kong on
May 19, 2010, at 9:30 a.m.

Yun Tin Logistics & Transport Agency Limited filed the petition
against the company on March 15, 2010.

The Petitioner's solicitors are:

          Edward Lau, Wong & Lou
          8th Floor, EIB Centre
          40-44 Bonham Strand
          Sheung Wan, Hong Kong


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ANANYA WOOD: CRISIL Reaffirms 'BB-' Rating on INR35MM Bank Debts
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ananya Wood Pvt Ltd, a
part of the Rajgaria group, continue to reflect the group?s
constrained financial risk profile, marked by a small net worth
and weak interest coverage ratio as a result of low profitability.

   Facilities                             Ratings
   ----------                             -------
   INR35 Million Cash Credit Limits*      BB-/Stable (Reaffirmed)
   INR5 Million Standby Line of Credit    P4+ (Reaffirmed)
   INR40 Million Letter of Credit         P4+ (Reaffirmed)

   * There is one-way inter changeability from cash credit to
     letter of credit limits.

The ratings also factor in the group's exposure to risks related
to high dependence on Malaysia and West Africa for timber
supplies.  These weaknesses are partially offset by the benefits
that the Rajgaria group derives from its moderate business risk
profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RTPL and Ananya Wood Pvt Ltd.  This is
because AWPL and RTPL, together referred to as the Rajgaria group,
have a common management and are engaged in similar lines of
business.

Outlook: Stable

CRISIL believes that the Rajgaria group's financial risk profile
will remain strained over the medium term, with weak debt
protection metrics because of low profitability.  The outlook may
be revised to 'Positive' if there is considerable improvement in
the group's profitability, and the promoters infuse fresh equity
to enhance its net worth.  Conversely, the outlook may be revised
to 'Negative' if the group undertakes a large, debt-funded capital
expenditure programme, or reports a decline in its profitability.

                          About the Group

AWPL was set up by Mr. Pawan Kumar Rajgaria, and commenced
operations in 2006-07 (refers to financial year, April 1 to
March 31).  The company sells sawn timber, primarily of the West
African variety.  RTPL is also in the same line of business.

The Rajgaria group reported a profit after tax (PAT) of INR3
million on revenues of INR999 million for 2008-09, against a PAT
of INR4 million on revenues of INR611 million for 2007-08.


AVNASH AUTOMOBILES: ICRA Assigns 'LBB-' Rating on INR100MM Loan
---------------------------------------------------------------
ICRA has assigned LBB- rating to the INR 100 million fund based
bank facilities of Avnash Automobiles Private Limited.  The
outlook for the assigned rating is stable.

The rating reflects AAPL's small scale of operations with limited
track record of promoters in automobile dealership business and
its stretched financial position characterized by net losses
resulting in depletion of net worth, high gearing, poor coverage
indicators and stretched liquidity position.  The company operates
in a scenario of high competitive intensity with pressure to pass
on price discounts to customers.  The company however has managed
to capture significant market share in its limited period of
operation as an authorized dealer of Maruti Suzuki India Limited,
the market leader in passenger cars in India.

Incorporated in 2005, Avnash Automobiles Private Limited (AAPL) is
promoted by the ATR group of companies and is headed by Mr. A.T.
Rayudu and his son, Mr. Avnash Anumolu.  The ATR group is into
industrial warehousing for oil, gas and consumer goods with land
holdings at strategic locations suited for logistics across
southern India.  Avnash Automobiles has set up a car showroom at
Maddilapalem for dealership of M/s. Maruti Suzuki India Limited
(MSIL) and a service centre at Kancharapalem in September 2006.
The workshop has qualified for star rating and has been identified
as the 20th best work shop out of 585 workshops in India.

Recent Results

AAPL achieved an operating income and operating profit of
INR550.3 million and INR9.4 million respectively in 2008-09.


COIMBATORE HITECH: CRISIL Rates INR83.00 Million LT Loan at 'B+'
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Coimbatore Hitech
Infrastructure Pvt Ltd's term loan facility.

   Facilities                           Ratings
   ----------                           -------
   INR83.00 Million Long-Term Loan      B+/Stable (Assigned)

The rating reflects the volatility in CHIPL's revenues and
profitability because of the impact of the recent economic
slowdown on demand for its special economic zone (SEZ) land.  The
rating also factors in the company's significant exposure to other
entities in its group, which has adversely affected its liquidity.
These rating weaknesses are partially offset by CHIPL's above-
average financial risk profile marked by healthy capital
structure.

Outlook: Stable

CRISIL believes that CHIPL will continue to benefit from its land
holdings and promoters' entrepreneurial experience, over the
medium term.  The outlook may be revised to 'Positive' if CHIPL's
revenue increases and profitability improves substantially.
Conversely, the outlook may be revised to 'Negative' if CHIPL
undertakes a large debt-funded capital expenditure programme,
adversely affecting its capital structure or if its revenues or
profitability declines, or if it further extends substantial
support to its group entities, which negatively affects its
financial risk profile.

                     About Coimbatore Hitech

Set up in 2007, CHIPL develops SEZs and leases out developed land
to information technology (IT) and IT-enabled services (ITeS)
companies.  It has developed an SEZ of around 150 acres at
Saravanapatti near Coimbatore.  As of February 28, 2010, around 73
acres of the SEZ were on lease to IT and ITeS companies.  CHIPL
plans to lease out the remaining land over the next two years.

CHIPL reported a loss of INR28 million on net sales of
INR4.2 million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax of INR721 million on net
sales of INR917 million for 2007-08.


HIM ALLOYS: ICRA Places 'LBB' Rating on INR350MM Bank Debts
-----------------------------------------------------------
ICRA has assigned 'LBB' rating to INR350 million fund based limits
and INR 118.3 million term loans of Him Alloys & Steels Private
Limited.  The rating carries stable outlook.  ICRA has also
assigned an A4 rating to INR20 million non-fund bases limits of
HASPL.

The ratings take into account HASPL's agreement with Kamdhenu
Ispat Limited for the use of their brand name and distribution
network to sell its products.  Kamdhenu has an established brand
image in the steel bars industry in North India and also has a
wide-spread distribution network, which has helped HASPL to grow
its operations at a rapid pace since its inception.  The ratings
however are constrained by the intensely competitive nature of the
industry and the susceptibility of its business to adverse
movements in raw material prices because of lack of adequate
backward integration.  These factors result in moderate
profitability for the company.  Further, the rating also factors
in relatively high gearing of the company which coupled with low
profitability have kept the debt protection indicators at moderate
level.

Him Alloys & Steels Private Limited is a private limited company
engaged in the manufacturing of reinforcing steel bars.  HASPL was
promoted in 2006 by Mr. Ashok Raja and Mr. S.S. Raja.  HASPL is
into selling of TMT bars under the brand name of Kamdhenu, which
is owned by Kamdhenu Ispat Limited (rated at LBBB/A3+).  HASPL
pays a royalty of INR 200 per MT to Kamdhenu, which in turn
provides the marketing and distribution channel to HASPL along
with the technological knowhow and quality monitoring.  The
company has its manufacturing unit in Una (Himachal Pradesh) with
rolling mill capacity of 88,000 tonnes per annum (TPA).


JAY ELECTROCOM: ICRA Assigns 'LBB' Rating on INR30MM Bank Debts
---------------------------------------------------------------
ICRA has assigned 'LBB' rating to the proposed INR30 million
(INR22.5 million sanctioned) fund based bank facilities and A4
rating to INR40 million non-fund based bank facilities of Jay
Electrocom Industries.  The outlook assigned for the long term
rating is stable.

The ratings are constrained by JEI's small scale of operations,
high working capital intensity, declining revenues and
profitability, and high client concentration risk.  The relatively
high level of receivables may exert pressure on company's working
capital intensity resulting in additional funding requirements
going forward.  ICRA notes that any delay in project execution or
receivable collection would result in a strain in JEI's operating
cash flows and an increase in borrowing levels.  Nevertheless,
ICRA continues to derive comfort from the long-track record and
experienced management of the company.

M/s Jay Electrocom Industries was started as a partnership firm on
1st April 2004 in Amravati, Maharashtra.  It is a Railway
Signaling Automation Systems & Technology Company.  JEI operates
in the areas of design, execution, supply, installation,
commissioning and maintenance of safety-related rail signaling and
control systems.  It has a corporate office in Mumbai and branch
offices in Delhi along with site offices at Jhansi, Bhopal,
Solapur, Nagpur, Bhusaval and Bilaspur.  JEI is registered under
ISO 9001:2000.  It has developed expertise in handling
sophisticated signaling projects on turnkey basis involving
electronic interlocking system, audio frequency track circuit,
multi entry digital axle counter, panel interlocking and route
relay interlocking.

Recent Results

JEI achieved an operating income and operating profit of INR109
million and INR6.2 million respectively in 2008-09.


KKP SPINNING: CRISIL Lifts Ratings on INR116.1M Long-Term Loan
--------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
KKP Spinning Mills Ltd, a part of the KKP group, to 'B/Stable'
from 'C', while reaffirming the short-term rating at 'P4'.

   Facilities                        Ratings
   ----------                        -------
   INR116.1 Million Long-Term Loan   B/Stable (Upgraded from C)
   INR180.00 Million Cash Credit     B/Stable (Upgraded from C)
   INR98.2 Million Proposed LT       B/Stable (Reassigned from P4)
                   Bank Facility
   INR20.00 Million Letter of Credit P4 (Reaffirmed)
   INR15.90 Million Bank Guarantee   P4 (Reaffirmed)

The upgrade reflects the timely repayment of debt obligations by
the KKP group over the 12 months ended March 31, 2010, and
CRISIL's expectation that the group will continue to service its
debt obligations in a timely manner over the medium term.  The
upgrade also factors in the expected improvement in the group's
financial risk profile in 2009-10 (refers to financial year,
April 1 to March 31), backed by healthy debt protection metrics
and reduced gearing.

The ratings also take into account the likely pressure on the
group's liquidity, given its large debt repayments, and limited
track record of servicing debt obligations on time.  The group is
also exposed to risks related to volatility in raw material
prices, and to the fragmentation in the textile industry.  These
weaknesses are partially offset by the group's established
position in the industry, its integrated operations, and its
above-average financial risk profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KKP Spinning, KKP Textiles Ltd, and KKP
Weaving and Processing Mills Ltd.  This is because the three
companies, collectively referred to as the KKP group, are part of
the textile value chain, and have a common management.  Moreover,
the companies are interdependent, and have inter-company
commercial transactions, although at arm's length, and a
centralized system for the procurement of raw materials and for
marketing.

Outlook: Stable

CRISIL believes that the KKP group will continue to benefit over
the medium term from its established track record in the textile
industry and long-standing relationships with customers.  The
outlook may be revised to 'Positive' if healthy profitability and
cash accruals lead to improvement in the group's capital
structure.  Conversely, the outlook may be revised to 'Negative'
if the group's cash accruals decline steeply, adversely affecting
debt servicing ability, or if it contracts large debt to fund
capital expenditure.

                           About the Group

Based in Namakkal (Tamil Nadu), the KKP group manufactures cotton
yarn and grey and dyed fabric, and has a capacity of 76,872
spindles and 93 looms.  The group was set up by Mr. K Periyasamy,
father of Mr. P Nallathambi, who is the current chairman.

KKP Textiles has a capacity of 41,688 spindles.  It manufactures
cotton yarn of counts in the range of 20s to 40s, and also has
rotors to manufacture open-ended yarn of counts ranging from 4s to
30s, using waste cotton.  KKP Spinning has both spinning and
weaving facilities, with 35,184 spindles and 48 looms.  KKP
Weaving has a capacity of 45 looms and produces around 1.8 million
metres of fabric per month; part of the output is for internal
consumption, while the remainder is sold to manufacturers of
garments and home furnishings.

For 2008-09, the group reported a profit after tax (PAT) of
INR22.5 million on net sales of INR1.9 billion, against a PAT of
INR40.9 million on net sales of INR3.1 billion for the previous
year.


KKP WEAVING: CRISIL Upgrades Rating on INR72.8MM LT Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
KKP Weaving and Processing Ltd, a part of the KKP group, to
'B/Stable' from 'C'.

   Facilities                        Ratings
   ----------                        -------
   INR72.80 Million Long-Term Loan   B/Stable (Upgraded from 'C')
   INR20.00 Million Cash Credit      B/Stable (Upgraded from 'C')

The upgrade reflects the timely repayment of debt obligations by
the KKP group over the 12 months ended March 31, 2010, and
CRISIL's belief that the KKP group will continue to service its
debt obligations in a timely manner over the medium term.  The
upgrade also factors in the expected improvement in the group's
financial risk profile in 2009-10 (refers to financial year,
April 1 to March 31), backed by healthy debt protection metrics
and reduced gearing.

The rating also takes into account the likely pressure on the
group's liquidity, given its large debt repayments, and limited
track record of servicing debt obligations on time.  The group is
also exposed to risks related to volatility in raw material
prices, and to the fragmentation in the textile industry.  These
weaknesses are partially offset by the group's established
position in the industry, its integrated operations, and its
above-average financial risk profile.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of KKP Weaving, KKP Textiles Ltd, and KKP
Spinning Mills Ltd.  This is because the three companies,
collectively referred to as the KKP group, are part of the textile
value chain, and have a common management.  Moreover, the
companies are interdependent, and have inter-company commercial
transactions, although at arm's length, and a centralized system
for the procurement of raw materials and for marketing.

Outlook: Stable

CRISIL believes that the KKP group will continue to benefit over
the medium term from its established track record in the textile
industry and long-standing relationships with customers.  The
outlook may be revised to 'Positive' if healthy profitability and
cash accruals lead to improvement in the group's capital
structure.  Conversely, the outlook may be revised to 'Negative'
if the group's cash accruals decline steeply, adversely affecting
its debt servicing ability, or if it contracts large debt to fund
capital expenditure.

                          About the Group

Based in Namakkal (Tamil Nadu), the KKP group manufactures cotton
yarn and grey and dyed fabric, and has a capacity of 76,872
spindles and 93 looms.  The group was set up by Mr. K Periyasamy,
father of Mr. P Nallathambi, who is the current chairman.

KKP Textiles has a capacity of 41,688 spindles.  It manufactures
cotton yarn of counts in the range of 20s to 40s, and also has
rotors to manufacture open-ended yarn of counts ranging from 4s to
30s, using waste cotton.  KKP Spinning has both spinning and
weaving facilities, with 35,184 spindles and 48 looms.  KKP
Weaving has a capacity of 45 looms and produces around 1.8 million
metres of fabric per month; part of the output is for internal
consumption, while the remainder is sold to manufacturers of
garments and home furnishings.

For 2008-09, the group reported a profit after tax (PAT) of
INR22.5 million on net sales of INR1.9 billion, against a PAT of
INR40.9 million on net sales of INR3.1 billion for the previous
year.


M VENKATA: Delay in Loan Payment Cues CRISIL 'BB+' Ratings
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
M Venkata Rao Infra Projects Pvt Ltd to 'BB+/Negative/P4+' from
'BBB+/Stable/P2'.

   Facilities                       Ratings
   ----------                       -------
   INR550 Million Cash Credit       BB+/Negative (Downgraded from
                                                   'BBB+/Stable')

   INR30 Million Term Loan*         BB+/Negative (Downgraded from
                                                   'BBB+/Stable')

   INR1320 Million Letter of        P4+ (Downgraded from 'P2')
      Credit /Bank Guarantee

   *Includes proposed limit of INR5.9 million.

The downgrade reflects weakening of MVR's financial risk profile
because of its stretched liquidity due to delay in payments from
its customers, especially the state governments.  The company's
liquidity has been further constrained by a cost overrun of INR360
million in its build-own-transfer (BOT) project, of which INR90
million was contributed by MVR.  The company has floated a
special-purpose vehicle MVR Infrastructure and Tollways Pvt Ltd
for execution of the BOT project.  The downgrade also reflects
CRISIL's belief that the company's liquidity will remain stretched
over the medium term, as the majority of the projects under
execution are owned by state government departments.

The ratings reflect MVR's healthy order book and proven project
execution capability.  These rating strengths are partially offset
by the company's exposure to high-risk build-operate-transfer
(BOT) projects, working capital intensive operations, and
fluctuations in input costs.

Outlook: Negative

CRISIL believes that MVR's financial risk profile will come under
pressure because of large working capital requirements, and delay
in payments from customers.  The ratings may be downgraded in case
of an increase in the company's gearing, decline in operating
margin, higher-than-expected investment in associate companies, or
further stretch in its liquidity, leading to deterioration in its
financial risk profile.  Conversely, the outlook may be revised to
'Stable' if MVR substantially improves its business risk profile
on the back of an enhanced scale of operations, while maintaining
its profitability, or in case of infusion of equity into the
company, thus improving its capital structure.

                          About M Venkata

MVR (formerly M Venkata Rao) began operations as a sole
proprietorship concern in 1964, and was reconstituted as a private
limited company in 2005.  MVR is into infrastructure development,
and has been involved in construction of airport runways,
specialised buildings, roads, bridges, and flyovers.

For 2008-09 (refers to financial year, April 1 to March 31), MVR
reported a profit after tax (PAT) of INR125 million on revenues of
INR2.97 billion, against a PAT of INR89 million on revenues of
INR1.7 billion in the previous year.


NARSING TEXTILES: Low Net Worth Prompts CRISIL 'B' Ratings
----------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Narsing Textiles Industries Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR34.8 Million FCNR (B) LT Loan   B/Stable (Assigned)
   INR20.2 Million Cash Credit        B/Stable (Assigned)
   INR1.0 Million Rupee Term Loan     B/Stable (Assigned)
   INR0.2 Million Proposed LT Bank    B/Stable (Assigned)
                   Loan Facilities

The rating reflects Narsing's weak financial risk profile
constrained by low net worth, high gearing, and weak debt
protection indicators, small scale of operations, and low
profitability.  These weaknesses are partially offset by the
benefits that Narsing derives from its promoters' experience in
the textile business.

Outlook: Stable

CRISIL believes that Narsing will continue to benefit over the
medium term from its promoters' experience in textiles industry.
The outlook may be revised to 'Positive' if Narsing's financial
risk profile improves because of substantial equity infusion or if
the company increases its operating margin considerably while
maintaining its revenue growth.  Conversely, the outlook may be
revised to 'Negative' if Narsing's financial risk profile
deteriorates because of larger-than-expected debt-funded capital
expenditure.

                      About Narsing Textiles

Set up as a proprietorship in 1981 by Mr. Jayantilal Parasmal
Jain, Narsing was incorporated as private limited company in 1990.
The company manufactures suiting and shirting fabrics for men.  It
is managed by Mr. Jayantilal Parasmal Jain and his brother, Mr.
Popatlal Parasmal Jain.

Narsing reported a profit after tax (PAT) of INR2.1 million on net
sales of INR258.0 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.6 million on net sales
of INR228.9 million for 2007-08.


NATHELLA SAMPATH: CARE Places 'BB+' Rating on INR68.83MM LT Loan
----------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the Long-term Bank
Facilities of Nathella Sampath Jewelry Private Ltd aggregating to
INR68.83 cr.  This rating is applicable for facilities having
tenure of over one year.  Facilities with this rating are
considered to offer inadequate safety for timely servicing of debt
obligations.  Such facilities carry high credit risk.

CARE assigns '+' or '-' signs after the assigned rating (wherever
necessary) to indicate the relative position within the band
covered by the rating symbol.

                                 Amount
  Facilities                 (INR crore)      Ratings
  ----------                 -----------      -------
  Long-term Bank facilities     68.83         CARE BB+

Rating Rationale

The ratings are constrained by NSJPL's weak financial profile
characterized by low profitability margins, low level of
capitalization in relation to the scale of the operation and
highly working capital intensive nature of operations.  Large part
of NSJPL's sale was from bullion trade in Chennai and in the last
couple of years the company has managed to change its product mix
towards the ornaments business.  The rating draws strength from
the long-standing track record of the promoters in the jewellery
business.

The ability of NSJPL to maintain sales growth while improving on
its operating margins in a highly competitive and fragmented
market will be key rating sensitivities.

NSJPL is engaged in the trading and retailing of gold, silver,
diamond and platinum jewellery in Chennai, Tamil Nadu.  The
company has four showrooms in Chennai.  NSJPL reported a PAT of
INR2 cr on sales of INR351 cr for FY09.


NET 4 COMM: CARE Assigns 'BB' Rating on INR20cr LT Loan
-------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the long term/medium term
bank facilities and a 'PR4' rating to the short term bank
facilities of Net 4 Communications Ltd.  While 'Double B' rating
is applicable for facilities having tenure of more than one year,
'PR Four' rating is applicable for facilities having tenure up to
one year.  The aforesaid ratings are assigned to short term,
medium term and long term bank facilities aggregating INR34.0
crore of NCL.

Facilities with 'Double B' rating are considered to offer
inadequate safety for timely servicing of debt obligations.  Such
facilities carry high credit risk.  Facilities with 'PR Four'
rating would have inadequate capacity for timely payment of short-
term debt obligations and carry very high credit risk.  Such
facilities are susceptible to default.  A snapshot of the ratings
assigned is as under:

                                 Amount
  Facilities                 (INR crore)      Ratings
  ----------                 -----------      -------
  Long term bank facilities     20.0          'CARE BB' (Double B)
  Short-term bank facilities    14.0          'PR4 (PR four)

Rating Rationale

The aforesaid ratings are constrained by short track record with
relatively small size of the company, informal organization
structure, low net profit margins, high collection period leading
to liquidity pressure with regular usage of adhoc limits,
dominance of large players on the supply front, capital intensive
nature of business and intense competition from relatively large
players in the industry.  The ratings also take cognizance of
considerable experience of the promoters, favorable demand outlook
for IP communication & networking/hardware industry and moderate
financial position.  Ability of the company to improve
profitability level in the wake of increasing competition,
efficient fund management, successful performance of high margin
value added products and continuous up-gradation of the technology
employed by the company will remain the key rating sensitivities.

NCL, founded by one Shri Jasjit Sawhney, was incorporated in June
2005 as a wholly owned subsidiary of Net 4 India Limited.  The
group is one of the leading IP communication and solutions
providers.  NCL is a multi-divisional company engaged in
networking & hardware products/services and value added solutions
business.  Services of NCL are divided into three major division -
Networking and Hardware Equipment Division (selling of routers,
switches, hubs, servers, switches, modems, adopters etc.  To
corporate customers mainly), Web Services Division (Application
Integration Solutions), and Internet Telephony Services Division
(selling of calling time).

NCL earned a PBILDT of INR14.8 crore on net sales of INR62.3 crore
in FY09.  PAT level and margin declined marginally in FY09 due to
higher capital charge.  GCA of the company remained moderate
vis-a-vis schedule debt repayment in FY09.

Both long-term debt equity & overall gearing ratios have been
comfortable as on the last three account closing dates.  Current
ratio at 1.75 as on Mar. 31, 2009 was adequate.

Average collection period, though improved over the last three
years, remained high at 99 days in FY09.  This was mainly because
of the nature of the industry in which NCL operates.  In order to
drive sales, especially in the HD, the company has to provide over
three months of credit to its customers and maintain an inventory
of over two months as against a credit of around 15-20 days from
its suppliers.  This leads to a pressure on its liquidity
resulting in very high utilization of bank limit with regular
availing of ad hoc facilities.


PRAFFUL OVERSEAS: CARE Assigns 'CARE BB+' Rating on INR70.44 Loan
-----------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the long-term bank
loans/facilities of Prafful Overseas Pvt. Ltd.  This rating is
applicable for facilities having tenure of more than one year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations.  Such facilities
carry high credit risk.  Also, CARE assigned a 'PR 4' rating to
the short-term bank facilities of POPL.  This rating is applicable
for facilities having tenure up to one year.  Facilities with this
rating would have inadequate capacity for timely payment of short-
term debt obligations and carry very high credit risk.  Such
facilities are susceptible to default.

CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position
within the band covered by the rating symbol.

                                 Amount
  Facilities                 (INR crore)      Ratings
  ----------                 -----------      -------
  Term Loan                    70.44          'CARE BB+'
  Long Term Bank Facilities    21.30          'CARE BB+'
  Short Term Bank Facilities   13.00          'PR4'

Rating Rationale

The ratings are constrained by the post-implementation risk
associated with the ongoing nylon project which is highly debt
funded and yet to operationalize fully, along with working capital
intensive nature of operations bringing stress on the liquidity
position with all these factors; resulting in a comparatively
weaker financial profile.  Its operations in the highly fragmented
embroidery segment with moderate growth prospects also constrain
the ratings.  However, the ratings do factor in the strength of
the Prafful group consisting of entities operating in related
segments and the strength of 'Prafful' brand.  Going forward, the
timely commissioning of the nylon project, deriving the envisaged
revenue growth and subsequent improvement in overall financial
profile will remain the key rating sensitivities.

Incorporated in 1990, POPL was promoted by Aggarwal family which
has been associated with Textile trade for over 40 years.  Over
the years the group has made its presence felt in the textile
industry in manufacturing, processing, printing or embroidery
through various entities under the Prafful group.  The group is
known for Fancy Sarees & Dress Material and its exclusive range of
fashion fabrics under the flagship brand 'Prafful'.  POPL operates
under two divisions, i.e. Embroidery and Nylon.  The Embroidery
unit has already been operational while the Nylon unit for has
been partly operational with commercialization of two out of the
proposed four manufacturing lines during FY09.

On a total income of INR52.07 crore, POPL earned a PAT of INR1.14
crore in FY09.  Long-term debt equity ratio and overall gearing
remained at 1.87 times and 2.19 times respectively as at Mar.31,
2009 mainly due to the term loan raised for the nylon project
along with increase in working capital borrowings given the nature
of operations.

Total income for the 9-months ended Dec.31,'09 (Provisional) was
INR70.10 crore while PAT was INR2.31 crore.


RAJGARIA TIMBER: CRISIL Places 'BB-' Rating on INR80MM Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rajgaria Timber Pvt
Ltd, a part of the Rajgaria group, continue to reflect the group's
constrained financial risk profile, marked by a small net worth
and weak interest coverage ratio as a result of low profitability.
The ratings also factor in the group's exposure to risks related
to high dependence on Malaysia and West Africa for timber
supplies.  These weaknesses are partially offset by the benefits
that the Rajgaria group derives from its moderate business risk
profile.

   Facilities                           Ratings
   ----------                           -------
   INR80 Million Cash Credit Limits*    BB-/Stable
       (Enhanced from INR65 Million)

   INR100 Million Letter of Credit      P4+
      (Enhanced from INR90 Million)

   *There is one-way inter changeability from cash credit to
    letter of credit limits.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RTPL and Ananya Wood Pvt Ltd (AWPL).
This is because AWPL and RTPL, together referred to as the
Rajgaria group, have a common management and are engaged in
similar lines of business.

Outlook: Stable

CRISIL believes that the Rajgaria group's financial risk profile
will remain strained over the medium term, with weak debt
protection metrics because of low profitability.  The outlook may
be revised to 'Positive' if there is considerable improvement in
the group's profitability, and the promoters infuse fresh equity
to enhance its net worth.  Conversely, the outlook may be revised
to 'Negative' if the group undertakes a large, debt-funded capital
expenditure program, or reports a decline in its profitability.

                          About the Group

Set up as a partnership firm by the Kolkata-based Rajgaria family,
RTPL was reconstituted as a private limited company in 2000.
After a division in the family in 2004, Mr. Pawan Kumar Rajgaria
acquired a controlling stake in RTPL.  The company sells sawn
timber; it imports timber logs from Malaysia, Burma, and West
Africa.  AWPL, also in the same line of business, commenced
operations in 2006-07 (refers to financial year, April 1 to
March 31).

The Rajgaria group reported a profit after tax (PAT) of
INR3 million on revenues of INR999 million for 2008-09, against a
PAT of INR4 million on revenues of INR611 million for 2007-08.


RATHI GRAPHIC: ICRA Puts 'LBB' Rating on INR67.5MM Bank Lines
-------------------------------------------------------------
ICRA has assigned LBB rating to the INR 67.5 million bank lines of
Rathi Graphic Technologies Limited.  The rating carries stable
outlook.  ICRA has also assigned A4 rating to the INR 33.5 million
Non-Fund Based Limits of RGTL.

The ratings reflect the high business risk profile of the company
on account of its modest scale of operations; high competitive
intensity of the toner industry; dependence on imports for major
raw materials which exposes the company to raw material price risk
as well as foreign exchange risk; and the high working capital
intensity of the business.  The ratings are however supported by
the long presence of the company in the industry; its established
distributor network; and its healthy profitability.

Rathi Graphic Technologies Limited is a public limited engaged in
the manufacturing of black toners for photocopiers, laser
printers, and multi function printers.  The company was
incorporated in December 1991 by Mr.  Raj Kumar Rathi and is being
managed by him since inception.  The manufacturing facility is
located at Bhiwadi an industrial town of Rajasthan.  The company
sells its product under the brand name of Rathi Toner.  The
promoter Mr. Raj Kumar Rathi belongs to the Rathi family which has
long track record and established name in manufacturing of Cold
twisted deformed (CTD) / Thermo mechanically treated (TMT) bars.

Mr. Raj Kumar Rathi and his sons also manage another company Rathi
Iron and Steel Industries Limited, which is engaged in the
business of TMT bars manufacturing in Indore.  Further, in 2007,
RGTL promoted another company by the name of Rathi Rajasthan Steel
Mills Ltd. RRSML is engaged in manufacture of CTD/TMT bars having
an installed capacity of 75000 TPA and commenced production in
May, 2009.

For the year ended March 31, 2009, RGTL generated PAT of INR 8
million on turnover of INR 151.3 million.


SHREYAS INTERMEDIATES: CRISIL Assigns Junk Ratings on Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Shreyas Intermediates Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR203.0 Million Cash Credit     D (Assigned)
   INR254.0 Million Term Loan       D (Assigned)
   INR77.0 Million Packing Credit   P5 (Assigned)
   INR66.0 Million Bill Purchase    P5 (Assigned)
   INR150.0 Million Letter of       P5 (Assigned)
   Credit

The ratings reflect delays in term loan servicing by Shreyas, and
persistent overdrawing in the company's cash credit facility.  The
delay and the overdrawing have been caused due to insufficient
access to funds as a result of stretched working capital position.

Shreyas is an export oriented unit engaged in the manufacture of
pthalocyanine pigments.  The company has copper pthalocyanine
crude manufacturing capacity of 36,000 million tonnes per annum,
at Lote Parshuram near Ratnagiri.  Mr Dinesh Sharma, who set up
the company in 1989, manages the business operations along with
his son, Mr Shreyas Sharma.  The company is listed on Bombay Stock
Exchange.

Shreyas reported a profit after tax (PAT) of INR8.8 million on
revenues of INR1096 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR16.7 million on revenues
of INR1294.4 million for 2007-08.


SUBBA MICROSYSTEM: CARE Assigns 'BB-' Rating on LT Bank Debts
-------------------------------------------------------------
CARE has assigned a 'CARE BB-' rating to the long term bank
facilities of Subba Microsystem Ltd.  'Double B' rating is
applicable for facilities having tenure of more than one year.
The aforesaid rating is assigned to long term bank facilities
aggregating INR29.6 crore of SML.

Facilities with 'Double B' rating are considered to offer
inadequate safety for timely servicing of debt obligations.  Such
facilities carry high credit risk.

CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position
within the band covered by the rating symbol.  A snapshot of the
ratings assigned is as under:-

                                 Amount
  Facilities                 (INR crore)        Ratings
  ----------                 -----------        -------
  Long-term Bank Facilities       29.6          'CARE BB-'

Rating Rationale

The rating factors in short track record of the company in the
hospitality business, small scale of current operation, risk
associated with proposed expansion project & stabilization of the
recently completed project, low level of profitability, seasonal
nature of the hotel industry and recent political turmoil in
Darjeeling affecting tourism.  The rating also takes cognizance of
the company's operational & management tie-up for its hotel
operation with Sarovar Hotels & Resorts (one of the established
chain of hotels & resorts in India), comfortable gearing ratios
and close proximity of the hotel to the business hub of North-East
India (i.e. Siliguri).  Successful completion of the proposed
expansion project, achieving optimum occupancy and Average Room
Rent (ARR) from the recently completed hotel, resolution of the
turmoil in Darjeeling hills and ability to improve profitability
will remain the key rating sensitivities.

SML, promoted by two brothers Shri S. R. Subba and Shri M K Subba,
was incorporated in August, 1996.  The company perennially derived
its income from smart card business solutions as well as sale of
readers, writers and other IT related services to Govt. of West
Bengal and Nagaland.  Of late, the company has diversified into
hotel business through setting up a premium luxury class hotel
with five star facilities at Siliguri (West Bengal) which
commenced operation in November, 2009 with an overall room
capacity of 26 and other ancillary facilities.  In order to
position the hotel among the 'Branded premium hotel segment', SML
entered into a technical and management collaboration with Sarovar
Hotels Pvt. Ltd. (Sarovar), fourth largest chain of hotels &
resorts in India.  Till FY09, SML derived its income from smart
card business solutions as well as sales of readers, writers and
other IT related services from Govt. of West Bengal and Nagaland.
Net sales from the smart card division declined sharply during the
last three years due to gradual reduction in the level of orders
from West Bengal.  This had a consequential impact on the
profitability level (PBILDT & PAT) for the company.


* INDIA: Growth to Accelerate in 2010; Inflation Pressures Loom
---------------------------------------------------------------
India?s rebound from the global crisis is set to accelerate in
2010, with estimated growth of 8.2%, although rising price
pressures present a challenge to policy makers as they steer the
economy?s recovery, the Asian Development Bank said in a new major
report.

The Asian Development Outlook 2010 (ADO 2010), ADB's flagship
annual economic publication released on April 13, said prompt
fiscal and monetary stimulus measures, an improving global
environment, a return of investor risk appetite, and large capital
inflows, combined to help the economy grow a government-estimated
7.2% in 2009, from 6.7% in 2008.

Expansionary fiscal and monetary policies are now being wound back
gradually as the rebound gains traction.  While trade flows have
yet to return to pre-crisis levels, rising private consumption and
investment are likely to underpin growth over the next two years,
the report said, with the economy estimated to expand 8.7% in
2011.

Clouding the outlook, however, is a surge in food prices following
a poor summer monsoon and floods, as well as expectations for
increased fuel prices this year and next.  In addition, a weak
agriculture sector and infrastructure bottlenecks remain obstacles
to longer-term growth. Annual inflation in 2010 is seen at 5.0%,
rising to 5.5% in 2011.

?The outlook is for a return of high growth, although this will
require continued apt handling of macroeconomic policies, and to
sustain long-term growth it will be essential to address
infrastructure bottlenecks and to reform agriculture,? said ADB
Chief Economist Jong-Wha Lee.

To counter the trend in rising food prices and to strengthen
agricultural output, which fell an estimated 0.2% in 2009, the
report said, will require a range of measures, including boosting
farmgate prices, and addressing distribution, trade, research, and
subsidy constraints. More government spending on infrastructure is
also needed, which may require a tightening of subsidies as part
of fiscal consolidation, as well as more public-private investment
partnerships.

After running substantial budget deficits over the past two years,
the government has committed to consolidating its fiscal position,
with the projected deficit targeted at 5.5% of gross domestic
product in 2010, down 1.2 percentage points from 2009. It is seen
falling further to 4.0% in 2011, supported by the introduction of
a new direct tax code, and national goods and services tax.

But policy makers will have to be careful about the timing of
fiscal and monetary adjustments to avoid stoking inflation or
choking off growth, ADO 2010 said.

?Too slow a removal of the fiscal and monetary stimulus support
may lead to a quick uptake of inflation, while too rapid a removal
may derail the recovery,? said Mr. Lee.

ADO 2010 said the normalization of financial market conditions
will support a rebound in private investment in 2010, while urban
consumption is set to remain strong, with fears of job cuts
dissipating amidst substantial new recruitment, and salaries on an
upward trend.

After bottoming out in late 2009, exports and imports are set to
rebound further as the global economy recovers, with exports seen
rising 16% this year and 12% in 2011, and imports seen up 20% in
2010 and 18% in 2011.


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


ALL NIPPON: To Sell JPY10 Billion of Bonds to Repay Debt
--------------------------------------------------------
All Nippon Airways Co. plans to sell JPY10 billion ($107 million)
of five-year bonds this week in its first debt offering since
2008, Bloomberg News reports, citing a banker familiar with the
sale.

Bloomberg relates the banker, who declined to be identified
because the information is private, said ANA told investors it may
price the bonds to yield between 90 and 98 basis points more than
the yen swap rate.

ANA last sold bonds on May 27, 2008, when it raised JPY10 billion
in five-year 1.84% notes, priced to yield 25 basis points more
than the yen swap rate, and another JPY10 billion in 10-year 2.45%
notes at a 45 basis point spread, according to data compiled by
Bloomberg.

ANA spokesman Yoshifumi Miyake told Bloomberg the company is
considering a sale of five-year bonds to repay debt and ?the
schedule and the size are not decided yet.?

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

                           *     *     *

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


SHINSEI BANK: May Post JPY130-Bil. Loss in FY2009
-------------------------------------------------
Shinsei Bank Ltd. will post a full-year loss of about
JPY130 billion (US$1.4 billion) and scrap a planned merger with
Aozora Bank Ltd., Bloomberg News reports, citing a person with
knowledge of the matter.

Bloomberg's source said the bank may announce it canceled the deal
with Aozora next month when it announces earnings for the 12
months that ended March 31.

The bank may also appoint Shigeki Toma as chief executive officer
to replace Masamoto Yashiro, who will retire, the person said.

Raymond Spencer, a spokesman for Tokyo-based Shinsei, said the
bank is still calculating its earnings and remains in merger
discussions with Aozora.

                        About Shinsei Bank

Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution.  The Bank operates mainly in
three business segments.  The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others.  The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries.  The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others.  The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 29, 2010, Standard & Poor's Ratings Services lowered the
debt rating on the preferred securities issued by Shinsei Bank to
'BB-' from 'BBB-', and placed it on CreditWatch with negative
implications.  S&P also affirmed the 'A-2' short-term counterparty
credit ratings on Shinsei and Aozora and the 'C+' bank fundamental
strength ratings on both banks, which were not placed on
CreditWatch previously.


* JAPAN: At Risk of Going Bankrupt in 2011, Analysts Say
--------------------------------------------------------
Kyoko Hasegawa at Agence France Presse reports analysts have
warned that Japan may go bankrupt next year unless it issues more
government bonds.

AFP says public debt is expected to hit 200% of GDP in the next
year as the government tries to spend its way out of the economic
doldrums despite plummeting tax revenues and soaring welfare costs
for its ageing population.

Based on fiscal 2010's nominal GDP of JPY475 trillion, AFP
relates, Japan's debt is estimated to reach around JPY950 trillion
  -- or roughly JPY7.5 million per person.

According to AFP, Hideo Kumano, chief economist at Dai-ichi Life
Research Institute, said Japan "can't finance" its record
trillion-dollar budget passed in March for the coming year as it
tries to stimulate its fragile economy.

"Japan's revenue is roughly JPY37 trillion and debt is JPY44
trillion in fiscal 2010," the report quoted Mr. Kumano as saying.
"Its debt to budget ratio is more than 50 percent."

Without issuing more government bonds, Japan "would go bankrupt by
2011", Mr. Kumano told AFP.

AFP adds that despite crawling out of a severe year-long recession
in 2009, Japan's recovery remains fragile with deflation, high
public debt and weak domestic demand all concerns for
policymakers.


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


DAEWOO MOTOR: Creditors Agree to Reschedule Debt
------------------------------------------------
Creditors of Daewoo Motor Sales Corp. agreed to reschedule the
Korean auto retailer's debt repayments to July 13, Bloomberg News
reports citing main creditor Korea Development Bank.

The bank said in an e-mailed statement on Wednesday that creditors
will map out a survival plan for the company, Bloomberg News
relates.

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


KUMHO ASIANA: Creditors Sign Debt-Restructuring Agreement
---------------------------------------------------------
Bomi Lim at Bloomberg News reports that Kumho Industrial Co. and
its creditors signed a debt-restructuring agreement on Wednesday.

Bloomberg News relates that the company said in a regulatory
filing that Kumho Industrial creditors have agreed to swap about
KRW2.5 trillion ($2.2 billion) of debt into equity and provide
KRW360 billion of fresh funds.

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.


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


NUPLEX INDUSTRIES: Faces Court Action Over Disclosure Breach
------------------------------------------------------------
The Securities Commission said it would file civil proceedings
against Nuplex Industries Limited and certain current and former
directors.

The directors involved are John Hirst (Managing Director, Sydney),
Robert Aitken (Chairman and non-executive director, Sydney),
Barbara Gibson (non-executive director, Melbourne), David Jackson
(non-executive director, Auckland), Bryan Kensington (former non-
executive director, Auckland) and Michael Wynter (non-executive
director, Sydney).

The Commission said it is seeking declarations of contravention,
pecuniary penalties (maximum penalty of up to NZ$1 million per
defendant) and compensatory orders.

"The Commission alleges that from December 22, 2008, until
February 19, 2009, Nuplex breached its continuous disclosure
obligations under the NZX Listing Rules and the Securities Markets
Act 1988 by failing to disclose to the market a breach of a
banking covenant, and that both Nuplex and the directors are
responsible for this failure," Commission Chairman Jane Diplock
said.

This is the first continuous disclosure case brought by the
Commission.

The Securities Commission said in a separate statement released on
Wednesday that Commerce Minister Simon Power has accepted the
resignation of Securities Commission member David Jackson after it
was announced that civil proceedings were to be filed against him
in his role as a director of Nuplex Industries Ltd.

The resignation is effective immediately.

Nuplex denied the allegations and said it will defend the charges
vigorously.

                       About Nuplex Industries

Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was
founded in 1956 and is incorporated in New Zealand.  The company
is listed on both the New Zealand (NZX) and Australian (ASX)
Stock Exchange.

Nuplex produces and supplies technical materials used as inputs
to a broad range of manufacturing processes.  It also provides
specialist building products.  Nuplex has operations in
Australia, China, Malaysia, Brazil, United Kingdom, Netherlands,
the U.S., among others and reports in four business segments.


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


* PHILIPPINES: Economy Set to Recover This Year, ADB Says
---------------------------------------------------------
The Philippines is expected to recover significantly this year and
next from a very weak 2009, but needs to seriously address several
constraints to growth if it is to reach its full potential, the
Asian Development Bank said in a new major report.

The Asian Development Outlook 2010 (ADO 2010), ADB's flagship
annual economic publication, released on April 13, forecasts the
country's gross domestic product (GDP) to expand 3.8% in 2010 and
4.6% in 2011.  That is well up from 0.9% in 2009, but remains
below both potential growth and average growth (5.5%) during 2004-
2008.

Private consumption will remain the main driver of the economy,
underpinned by robust remittances, a firmer labor market, and
stronger consumer confidence.  Spending ahead of the presidential
and local elections in May will also boost consumption in the
first half of 2010.

Investment is forecast to rebound from last year's low levels,
while external trade will be considerably stronger this year.
Exports will grow in line with the global recovery.  While the
trade deficit will persist, higher remittances and business
process outsourcing income will swing the current account into
surplus.

ADO 2010 foresees less-stimulative fiscal policy in 2010, given
the budget constraints and plans by the current administration to
trim the fiscal deficit to 3.5% of gross domestic product.  Bangko
Sentral ng Pilipinas is expected to gradually unwind liquidity-
boosting measures put in place during the global financial crisis.

But ADB remains cautious about the quality of the recovery.

"The new administration's economic and fiscal policies will have
an important bearing on the momentum and the quality of growth,"
said Neeraj Jain, Country Director for ADB's Philippines Country
Office. "The global financial crisis and adverse weather
conditions have increased the risks to attaining the Millennium
Development Goals in the Philippines exacerbating challenges
facing the policy makers."

The ADO 2010 warns that the Philippines has been investing less in
social sectors and infrastructure than most of its neighbors,
partly due to the tight fiscal situation, high public debt, and
poor business climate.

Fiscal resources are severely constrained by weak revenue
generation.  Tax revenue as a share of GDP is lower than most of
its neighbors, and declined to 12.8% in 2009 due to the economic
slowdown and the erosion of the tax base due to tax exemptions.

"Reversing the structural erosion of the tax base and reducing the
size of the government deficit to increase budgetary resources for
development expenditure will require renewed efforts at tax
reforms by the new administration," said ADB Chief Economist Jong-
Wha Lee.

The ADO calls for the rationalization of fiscal and investment
incentives, as well as the indexing of excise taxes to inflation
as part of the measures needed to strengthen its fiscal situation.
It also calls for enhanced tax administration, including a
crackdown on tax evaders and enforcement of anticorruption
programs in tax and customs agencies.

Higher private investment is also needed to upgrade infrastructure
and more generally, the productive capacity of the economy.
Sluggish private investment reflects infrastructure deficiencies,
particularly in power and transport, and weaknesses in governance
and the policy climate, the report adds.


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


NANYA TECHNOLOGY: Posts NT$1.6 Billion Loss in Q1 2010
------------------------------------------------------
Nanya Technology Corp. slipped back into losses in the first
quarter of 2010, after reporting its first profit in 11 quarters
in fourth-quarter 2009, DIGITIMES reports.

The report says Nanya posted unaudited net loss of NT$1.63 billion
(US$51.56 million) for the first quarter, compared to profit of
NT$199 million for the fourth quarter of 2009.  Revenues for the
first quarter slid 15% sequentially to NT$14.12 billion.

According to DIGITIMES, the first-quarter net loss also showed
significant improvement from loss of NT$10.51 billion posted in
the first quarter of 2009.

Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products.  The company
primarily offers dynamic random access memory (DRAM) chips,
including double data rate (DDR) DRAM chips, DDR2 DRAM chips and
DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline
(SO) dual in-line memory modules (DIMMs), 184-pin registered and
unbuffered DDR synchronous dynamic random access memory (SDRAM)
DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered
DDR2 SDRAM DIMMs and others.  DRAMs are used as data storage units
for computer, communications and consumer (3C) products.

Nanya Technology posted a net loss of NT$35.23 billion, or NT$7.54
per diluted share, for the 2008 fiscal year, compared with a
net loss of NT$12.46 billion in the prior year.

In the fiscal year of 2009, the company posted unaudited sales
revenue of NT$42.45 billion with an operating loss of NT$16.07
billion and a net loss of NT$20.74 billion.


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


* Developing Asia's Recovery from Crisis Takes Firm Hold, ADB Says
------------------------------------------------------------------
Developing Asia's strong recovery from the effects of the global
economic crisis is expected to continue through the next two
years, the Asian Development Bank said in a new major report.

ADB's annual flagship economic publication, Asian Development
Outlook 2010 (ADO 2010), released on April 13, forecasts robust
growth of 7.5% in 2010, well up from 5.2% in 2009, supported by a
modest recovery in global trade and the ongoing effects of fiscal
and monetary stimulus.  Growth should moderate slightly to 7.3% in
2011 as effects of those expansionary policies dissipate.

?Developing Asia's recovery has taken firm hold and a return to
stronger and sustainable growth is now in sight if the region can
meet the challenge of strengthening domestic demand,? said ADB
Chief Economist Jong-Wha Lee.

Prospects improved after better-than-expected growth in the second
half of 2009, helped in particular by strong performances in the
People?s Republic of China (PRC) and India.  The stimulus measures
of last year will continue to fuel investment in the region, while
private consumption is likely to increase as income prospects pick
up and unemployment declines.

As the recovery lifts domestic demand, it is also likely to boost
consumer price inflation to about 4% in each of the next two
years. The overall current account surplus is predicted to decline
further this year and next as external demand only slowly picks up
and domestic demand strengthens.

But as the recovery proceeds, the report said, the region faces
several risks, including a slower global recovery, with the
outlook for the industrialized economies still somewhat uncertain.
There is concern that as stimulus measures are unwound,
particularly in the major economies, the strength of private
demand is not healthy enough to take over.

Other potentially unsettling issues to watch out for include a
sharp increase in international commodity prices, deteriorating
fiscal positions, and the persistence of global imbalances.

Developing Asia faces the additional concern that its early and
relatively strong recovery and higher interest rates are already
attracting potentially volatile capital flows, complicating
macroeconomic management.  Rising food prices, which
disproportionately impact the poor, also pose a risk.

As the report points out, government policy makers must face the
challenge of sustaining growth in this still uncertain environment
through a faithful, yet timely return to sound and responsible
fiscal and monetary policies.  These served the region well when
the crisis broke, and authorities need to adapt them appropriately
as recovery takes hold and the crisis recedes.

There is also plenty of scope for longer-term improvements to
Asia's monetary, exchange rate, and fiscal policy frameworks. Such
adjustments, the report outlines, will enable the region to better
adapt to the post-crisis world.

In East Asia, where recovery is strongest, growth is forecast to
accelerate to 8.3% in 2010, from 5.9% in 2009, with solid
recoveries in the three economies that shrank last year (Hong
Kong, China; Mongolia; and Taipei, China).   The gross domestic
product (GDP) growth will also remain buoyant in the PRC, where
huge government stimulus measures will continue to have their
effect. The Republic of Korea is expected to rebound to a 5.2%
expansion, driven by stronger private investment and consumption
and the pickup in global trade.

In Southeast Asia, aggregate growth is likely to rebound to 5.1%
in 2010, from just 1.2% in 2009, when five of ten economies
contracted (Brunei Darussalam, Cambodia, Malaysia, Singapore, and
Thailand).  The bounce back is due in large part to the revival of
global trade and rising investment.  The pace of growth is likely
to quicken a bit in 2011.

South Asia, too, will pick up in 2010, led by a projected 8.2%
performance in India, but also strong growth in Sri Lanka (6.0%),
as it continues to benefit from its recent return to peace after a
long civil conflict.  Pakistan is likely to pick up, with growth
of 3.0% reflecting better domestic economic fundamentals, while
growth is likely to ease slightly in Bangladesh and Nepal.

Economic growth is also expected to edge up in 2010 in Central
Asia, from 2.7% in 2009, as higher oil prices and a recovery in
the Russian Federation underpin economies.  But ongoing weakness
in Kazakhstan?s non-oil economy will hold its overall growth down
to 2.5%, while Armenia and Georgia will eke out only meager growth
of about 2%.

In the Pacific, the overall growth rate is forecast to rise to
3.7% in 2010, from 2.3% in 2009, buoyed mainly by a stronger Papua
New Guinea and Timor-Leste, both of which benefit from higher
export demand and prices for natural resources.  However, GDP in
the Fiji Islands is expected to contract again, and most of the
smaller economies will grow by less than 1%.


* Pacific Economies on the Road to Recovery, ADB Says
-----------------------------------------------------
Countries in the Pacific region are expected to post overall
average economic growth of 3.7% in 2010, up from 2.3% in 2009,
according to a forecast by the Asian Development Bank.

However, growth is expected to remain generally low in most of the
Pacific.  Excluding Papua New Guinea (PNG) and Timor-Leste, the
economies of ADB's Pacific developing member countries are
expected to expand by only 0.5% overall in 2010, after contracting
by an estimated 1.4% in 2009.

The Asian Development Outlook 2010 (ADO 2010), ADB's flagship
annual economic publication released on April 13, said that 13 of
the Pacific island economies covered in its report will begin to
grow again in 2010.  Though the increase is expected to be
relatively small, it would nevertheless be a marked improvement
over 2009, when seven of them contracted.

In its seventh consecutive year of growth, Vanuatu is expected to
remain the best- performing in 2010.  This year economic growth is
expected to accelerate to around 4.6%, due to gains in
construction and tourism, up from nearly 4% in 2009.

Reflecting the stronger than expected performance of the global
economy, ADO 2010 upgrades growth forecasts presented in September
2009. The improvement in the global economy is helping lift
tourism to the Pacific region, prices it receives on its commodity
export are higher, and returns on offshore investment are up. This
is lifting business confidence.

"The increase in growth rate for the Pacific region in 2010 is
largely driven by resource-rich PNG and Timor-Leste, which are now
spending savings accumulated during the commodity boom.  The
improvement in the global economy will also help Pacific economies
perform better," said Cecile Gregory, Officer-in-Charge of ADB's
Pacific Department.

Many of the Pacific island governments are still feeling the
impact of the economic slowdown on their tax revenue, so fiscal
pressures remain.  Those pressures are particularly intense in the
Fiji Islands, Marshall Islands, Samoa, Solomon Islands, and Tonga.

"While economic recovery in the Pacific may be in sight, it must
be noted that some developed economies central to the Pacific's
growth remain at risk of faltering.  Governments must remain
vigilant in their efforts to help guide the Pacific economies to
firmer economic ground," said Jong-Wha Lee, ADB's Chief Economist.
"Managing the fiscal pressures still being felt in the region will
be key to sustaining economic recovery."

The recent rise in global oil prices is expected to keep inflation
moderately high in 2010, with 5.1% expected in the region as a
whole.


                         *********

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

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

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


                            *********

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

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

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

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

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



                 *** End of Transmission ***