TCRAP_Public/100421.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

           Wednesday, April 21, 2010, Vol. 13, No. 077

                            Headlines



A U S T R A L I A

ENTELLECT SOLUTIONS: Unit's Administrators Put MXL Up For Sale
FOREST ENTERPRISES: Receivers Terminate CEO, 23 Staff
JACKGREEN LIMITED: Administrators May Sue Integral Energy
OCTAVIAR LIMITED: Court Summons Mark Korda, 8 Others


C H I N A

COUNTRY GARDEN: Tender Offer Won't Affect S&P's 'BB' Rating
YANLORD LAND: Moody's Assigns 'Ba2' Corporate Family Rating
YANLORD LAND: S&P Assigns 'BB' Corporate Credit Rating


H O N G  K O N G

CHINA HONG KONG: Court to Hear Wind-Up Petition on May 26
DANZEN TRADING: Court Enters Wind-Up Order
EVER TEAM: Members' Final Meeting Set for May 17
FLASH INFINITY: Court Enters Wind-Up Order
GOLD ART: Creditors' Proofs of Debt Due May 17

HONEST KING: Court to Hear Wind-Up Petition on May 26
K T ENTERPRISE: Court Enters Wind-Up Order
KAN HING: Court Enters Wind-Up Order
KINGFAIR LAUNDRY: Creditors Get 2.063% Recovery on Claims
LOYAL BEST: Court to Hear Wind-Up Petition on May 26

MARCHPOLE GROUP: Court Enters Wind-Up Order
MANSONDA HOLDINGS: Court Enters Wind-Up Order
MYGUIDEGPS LIMITED: Court Enters Wind-Up Order
NANIWA INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
OCEAN CHAMP: Court Enters Wind-Up Order


I N D I A

ANDHRA RICE: Loan Default Prompts CRISIL Junk Ratings
ATLANTIS PRODUCTS: ICRA Puts 'LBB-' Rating on INR61.5MM Term Loan
BANOWARI LAL: ICRA Assigns 'LBB' Rating on INR190MM Cash Credit
B&A MULTIWALL: Fitch Assigns 'BB-' National Long-Term Rating
CONTROLS AND SCHEMATICS: ICRA Rates INR20 Million LT Loan at 'LBB'

CROSSLAY REMEDIES: Delay in Loan Payment Cues CRISIL Junk Ratings
DAGGER MASTER: ICRA Places 'LBB' Rating on INR55.9MM Term Loan
GILVERT ISPAT: ICRA Assigns 'LBB+' Rating on Various Bank Debts
JAIDEEP ISPAT: ICRA Places 'LBB' Rating on INR400MM Bank Limits
KANCO ENTERPRISES: ICRA Rates INR790.2MM Bank Limits at 'LB+'

LAKE PALACE: Fitch Assigns 'BB' National Long-Term Rating at 'BB'
LEODUCT ENGINEERS: ICRA Puts 'LBB+' Rating on INR150MM Bank Debts
MBM TRADE-LINK: CRISIL Assigns 'P4+' Ratings on Various Bank Debts
NAXPAR PHARMA: ICRA Places 'LB+' Rating on INR116.2MM Term Loan
PRESSMACH: CRISIL Assigns 'BB-' Rating on INR15MM Long Term Loan

QUALITY FOILS: CRISIL Reaffirms 'BB' Rating on INR100M Cash Credit
RAJASHREE SPINTEX: ICRA Puts 'LBB' Rating on INR140.1MM Term Loan
SOUTHERN BATTERIES: ICRA Assigns 'LB+' Rating on INR86.5MM Loans
TATA MOTORS: JLR Reviews Plant Closure Plan; May Seek Gov't Aid
TATA MOTORS: Moody's Raises Corporate Family Rating to 'B2'

TATA STEEL: May Call Off Plan to Sell Corus' Teeside Plant
TATA STEEL: Workers at Corus' TCP Plant Mulls Strike Action
TIMESPAC INDIA: ICRA Assigns 'LBB' Rating on INR27.8MM Term Loan
UPAL DEVELOPERS: CRISIL Rates INR572.5MM Rupee Term Loan at 'B-'
VENUS SUGAR: ICRA Assigns 'LC' Rating on INR266MM Bank Debts

WILLIAM INDUSTRIES: Small Net Worth Cues CRISIL 'B+' Ratings


I N D O N E S I A

ANEKA TAMBANG: Mulls Selling New Shares to Fund Expansion


J A P A N

CAFES 3: Fitch Reviews Negative Watch Status on Various Trusts
JLOC 41: Moody's Reviews Ratings on Various Classes of Notes
JLOC XXXIII: Fitch Affirms Ratings on All Five Classes of Notes
MITSUBISHI MOTORS: Cuts Profit Forecast For FY2009
MITSUBISHI MOTORS: Faces US$900-Mil. Lawsuit From Egyptian Dealer

OMEGA CAPITAL: S&P Downgrades Ratings on Two Notes to 'CC'


K O R E A

HYNIX SEMICONDUCTOR: Mulls Refinancing of $583-Mln Bonds
SSANGYONG MOTOR: SM Group Keen on Acquiring Ssangyong


M A L A Y S I A

OILCORP BERHAD: Delays Filing of 2009 Annual Report
OILCORP BERHAD: Orix Seeks Payment of MYR53T For Unpaid Rental


P H I L I P P I N E S

BANCO DE ORO: Moody's Affirms 'D' Bank Financial Strength Rating
PHILIPPINE AIRLINES: Eyes Spin-Off to Avoid Bankruptcy


X X X X X X X X

* Bingham Elects Three Lawyers to Partnership in Tokyo

* INSOL Discloses Global Insolvency Practice 2nd Graduating Class

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


ENTELLECT SOLUTIONS: Unit's Administrators Put MXL Up For Sale
--------------------------------------------------------------
James Thomson at SmartCompany reports that administrators have put
MXL Consolidated up for sale after the company collapsed earlier
this month, leaving a cloud over the future of its listed parent
company Entellect Solutions.

Administrator Geoff Reidy from accounting firm Rodgers Reidy on
Tuesday advertised the business for sale, SmartCompany says.

According to SmartCompany, reports suggest the administrators have
received solid interest from parties interested in picking up
MXL's assets.

As reported in the Troubled Company Reporter-Asia Pacific on
April 12, 2010, MXL Consolidated, a subsidiary of Entellect
Solutions, has been placed in voluntary administration.  Rodgers
Reidy Chartered Accountants were appointed as voluntary
administrators on April 9.

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

SmartCompany notes that Entellect's shares were suspended when MXL
was placed in administration.

SmartCompany relates that MXL's collapse occurred after Entellect
Solutions failed to complete a $26.5 million capital raising which
was intended to fund the acquisition of a Canadian education
software company, and the acquisition of a license for another
education software product from listed IT company CSG.  Both deals
have now fallen over as a result of the failed capital raising.

                     About Entellect Solutions

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


FOREST ENTERPRISES: Receivers Terminate CEO, 23 Staff
-----------------------------------------------------
Rebecca Urban at The Australian reports that the receivers of the
failed Forest Enterprises Australia have laid off more than 20
staff, including chief executive Andrew White.

"I can confirm that Andrew White was terminated," the report
quoted Tim Norman of Deloitte as saying.  "There were
approximately 23 employees terminated.  The circumstances are we
simply don't have the financial capacity to keep all the personnel
on board."

The Australians says the decision, however, is unlikely to improve
relations between Forest Enterprises and its banks, which had
refused to agree to a standstill agreement that would have enabled
the company to raise capital and restructure its assets.

As reported in the Troubled Company Reporter-Asia Pacific on
April 15, 2010, Forest Enterprises Australia has been placed into
voluntary administration.

The FEA said in a statement to the ASX that its financiers, the
Commonwealth Bank of Australia Ltd and the Australia and New
Zealand Banking Group Ltd, 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."

FEA said 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.

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.

The company has debt facilities totaling AU$240 million with ANZ
and the Commonwealth Bank which mature in January 2011.  The banks
have appointed Deloitte as receivers of FEA.

                              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.


JACKGREEN LIMITED: Administrators May Sue Integral Energy
---------------------------------------------------------
Jackgreen Limited administrators may file legal action against
Integral Energy Australia Ltd. and the Australian Energy Market
Operator over their role in the collapse of the renewable energy
company, The Sydney Morning Herald reports.

PKF Australia Limited, in a report to creditors of Jackgreen
International, a wholly owned subsidiary of the listed company,
has recommended creditors put the company into liquidation.

The Herald says this could pave the way for potential action
against Integral, which is estimated to have acquired 15,000 of
Jackgreen's customers, and the Australian Energy Market Operator,
which suspended Jackgreen's power retail license soon after the
administrators took charge.

Separately, the report adds the administrators have said the
listed parent company, Jackgreen Limited, may have traded while
insolvent from May last year until December.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 22, 2009, Jackgreen Limited appointed Alte Crowe-Maxwell and
John Lord of PKF Australia Limited as voluntary administrators of
JGL and its subsidiaries.

"The action to appoint a voluntary administrator followed Integral
Energy Australia Limited's application to wind up the company in
the NSW Supreme Court.  Despite the Company's attempt to
recapitalize JGL, the Company was unable to reach agreement with
Integral, and accordingly the Directors of JGL have resolved to
place the Company into voluntary administration," Jackgreen said
in a statement to the Australian Securities Exchange.

Based in Sydney, Australia, Jackgreen Limited --
http://www.jackgreen.com.au/-- was a licensed retailer of
electricity, focused on the residential market.  The Company also
provides energy efficient products and services.  The Company is a
renewable energy retailer and one creator of carbon credits
through its subsidiary, Easy Being Green Pty Ltd.  The Company
operates in two business segments: electricity retailing, and
sales of energy efficient products and services.  The Company has
electricity retail business in New South Wales and Queensland.
The Company's wholly owned subsidiaries include Jackgreen
(International) Pty Ltd and Easy Being Green Pty Ltd.


OCTAVIAR LIMITED: Court Summons Mark Korda, 8 Others
----------------------------------------------------
Ben Butler at the Herald Sun reports that insolvency practitioner
Mark Korda is to be grilled under oath about his activities as a
consultant to Octaviar Ltd. in lead-up to the company's collapse.

According to the report, Mr. Korda is among nine people summonsed
by the NSW Supreme Court last week for examination over the
failure of Octaviar, formerly known as MFS.

The Herald Sun relates that the move, revealed in a letter sent to
Octaviar creditors on Friday by liquidators Bentleys Corporate
Recovery, comes on top of the ongoing examinations of five company
executives.

The report says the Court also summonsed Mitch Craig, an audit
partner at Octaviar's accountants KPMG, and lawyer Philip Hoser,
formerly with Octaviar's lawyers Freehills.  No allegations have
been made against the advisers, the report says.

The Herald Sun recalls that Mr. Korda's insolvency firm
KordaMentha advised Octaviar in late 2007, as it struggled to
survive.

Under examination in the NSW Supreme Court last week, the report
relates, former Octaviar chief operating officer David Kennedy
said the company's chief executive, Craig White, told him a
controversial $130 million loan from a related fund had been
approved by Mr. Korda.

According to Herald Sun, Mr. Kennedy also said he was not aware of
any potential conflict of interest in having KPMG as auditor when
chief financial officer David Anderson, company secretary Kim
Kercher and internal auditor Nigel Fitzgerald had all worked for
KPMG.

Mr. White, Ms. Kercher, Mr. Andersen and founder Michael King have
already been called to give evidence.

The report adds that the new company directors called to give
evidence in Friday's letter to creditors are former directors
Barry Cronin, Rolf Krecklenberg, Paul Manka and Geoff Williams.

Also to be examined are Mr Fitzgerald, the internal audit manager,
and Guy Hutchings, who was chief executive of subsidiary MFS
Investment Management, the report says.

The latest set of examinations is set to take place in June, the
report notes.

                          About Octaviar Limited

Headquartered in Queensland, Australia, Octaviar Limited (ASX:OCV)
-- http://www.mfsgroup.com.au-- formerly known as MFS Limited,
operates as an Investment Management business with a portfolio of
businesses and assets, including: operating businesses in the
leisure and childcare sectors; real estate portfolio; 35% interest
in the Stella Group; operating businesses which hold AFSL licenses
and act as Responsible Entity for a number of Managed Investment
Schemes.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed John Greig and
Nicholas Harwood of Deloitte as Voluntary Administrators.

The directors of three Octaviar subsidiaries, Octaviar Financial
Services Pty Ltd, Octaviar Investment Notes Limited and Octaviar
Investment Bonds Limited, also appointed Messrs. Greig and Harwood
as Voluntary Administrators.

The TCR-AP reported on Sept. 17, 2008, that Fortress Credit
Corporation (Australia) II Pty Ltd., one of Octaviar Limited's
major creditors, appointed Stephen James Parbery and Anthony
Milton Sims of PPB as receivers and managers for Octaviar.

Octaviar's the creditors in December 2008 voted for a deed of
company arrangement over two entities in the Octaviar group,
Octaviar Limited and Octaviar Administration Pty Limited.  The
three other companies in the group were subsequently wound up.

The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of
Queensland placed Octaviar Limited into liquidation.  Justice
Philip McMurdo terminated a deed of company arrangement
that has been in place since December, naming company
administrators John Greig and Nick Harwood at Deloitte, as
provisional liquidators.

Administrators and liquidators Greig and Harwood at Deloitte were
replaced by Bentleys Corporate Recovery under court order.


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C H I N A
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COUNTRY GARDEN: Tender Offer Won't Affect S&P's 'BB' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that the rating on Country
Garden Holdings Co. Ltd. (BB/Negative/--) and on its proposed
senior unsecured notes (BB-) are not affected by announced tender
and issue details.  In S&P's view, the proposed issue will support
Country Garden's liquidity position.  Nevertheless, a lower-than-
expected tender ratio for its convertible bonds and higher-than-
expected borrowings following the proposed notes issuance should
maintain pressure on the company's financial metrics in 2010.

Country Garden proposes to issue US$550 million 11.25% notes due
2017.  It intends to use about US$127.5 million of the net
proceeds to pay for the convertible bonds tendered (about 18% of
those outstanding).  S&P expects the company to keep the majority
of the remaining proceeds in bank accounts offshore China to
finance the redemption of the remaining convertible bond
outstanding.

S&P could downgrade Country Garden if it uses a significant amount
of the remaining bond proceeds for business expansion.


YANLORD LAND: Moody's Assigns 'Ba2' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating to Yanlord Land Group Limited.  Moody's has also assigned a
provisional (P)Ba2 foreign currency senior unsecured rating to
Yanlord's proposed USD bond issuance.  This is the first time that
Moody's has assigned ratings to the company.

Proceeds from the bonds will be used to fund Yanlord's land
acquisitions and working capital requirements.  The bond rating
will be removed from its provisional status once Yanlord has
successfully completed the bonds issuance as planned.

"Yanlord's Ba2 rating reflects its competitive business model
focusing on high-end property developments with high profit
margins," says Peter Choy, a Moody's Vice President and Senior
Credit Officer.

"It also reflects its proven track record replicating its business
model in second-tier cities and ability to manage through a down
market.  Moreover, its demonstrated access to debt and capital
markets and its history of equity raising to improve funding for
development operations also supports its rating," says Choy, also
Moody's Lead Analyst for the company.

Since 2007, Yanlord has raised a total of S$1.4 billion through
equity and convertible bond issuances and additional amounts
through syndicated loans demonstrating Yanlord's financial
flexibility.  At the same time its rating is constrained by its
revenue concentration in Shanghai and its deluxe products' high
volatility arising from regulatory measures taken by the
government to cool the property market.

Its business model of acquiring good locations has also
constrained its land bank growth, and its size is small compared
with the Ba-rated peers.  The land bank though small is relatively
high value and is sufficient for development for over 5 years at
the current pace of development.

Despite the expected slow-down in contracted sales in 2010,
Yanlord's prudent financial management and land acquisition
strategy will support an adjusted Debt/Total Capitalization of
around 40% over the next few years.  Such debt level compares
favorably with other Ba-rated peers.

The stable outlook reflects Moody's expectation that Yanlord will
have adequate cash and operating cash flow to fund its current
projects, and that it will not aggressively pursue large land
acquisitions.

Upgrade pressure could emerge if the company (1) successfully
implements its business plan and achieves less volatile sales
through further geographical diversity; and/or (2) demonstrates
strong financial discipline and soundly manages its business and
financial risks.

In that event, Moody's would consider an upgrade if the company
achieves and maintains credit metrics of adjusted debt leverage
below 35-40% and EBITDA/interest of above 6x.

The ratings could come under downward pressure if Yanlord (1)
fails to execute its business plan such that operating cash flow
generation is weaker than anticipated; and/or (2) materially
accelerates development and executes an aggressive land
acquisition plan beyond Moody's expectations, such that its
balance sheet becomes more leveraged, with adjusted debt leverage
above 45-50% and/or EBITDA/interest under 4-5x.

Yanlord Land Group Limited is one of the major property developers
in China, targeting mid to high-end large-scale residential
developments in the Yangtze River Delta.  It has a land bank with
gross floor area of around 4.5 million sqm.  It was established in
1993 and was listed on the Singapore Stock Exchange in 2006.


YANLORD LAND: S&P Assigns 'BB' Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' long-term corporate credit rating to China-based property
developer Yanlord Land Group Ltd. The outlook is stable.  At the
same time, Standard & Poor's also assigned its 'BB' issue rating
to Yanlord's proposed issue of five- to seven-year fixed rate
senior unsecured notes.  The final rating on the notes is subject
to S&P's review of documentation.

The 'BB' rating on Yanlord reflects the company's somewhat small
land bank and operations; limited, albeit improving,
diversification; and its exposure to the competitive property
market with evolving regulations in China.  These weaknesses are
moderated by Yanlord's good market position in the high-end
property market, above-average profitability, and good financial
flexibility.  The company's consistent financial performance and
prudent financial management also support the rating.

"The issue rating isn't notched lower than the corporate credit
rating on Yanlord because S&P believes the company is likely to
maintain its ratio of onshore borrowings to total assets below its
notching threshold of 15% for speculative-grade debt over the next
two years.  In 2009, Yanlord's ratio was 11.3%," said Standard &
Poor's credit analyst Christopher Lee.

Based in Shanghai and listed in Singapore, Yanlord is a niche
property developer focusing on high-end residential property
projects in China.  The company has high-quality products, a good
reputation, and an established market position in Shanghai.  This
is reflected in Yanlord's strong pricing capability and above-
average profit margins.  In the past five years and through the
market downturn in 2008, the company has increased its average
selling prices and margins.  Yanlord is developing a modest
portfolio of commercial property projects, which S&P view as
competitively positioned and likely to provide increasing
recurring income over the next two years.

"In S&P's view, Yanlord has a track record of prudent financial
management.  In the past three years, the company's credit ratios
have been stronger than those of its 'BB' rated peers.  Yanlord
has a stable and experienced management team with a culture
focused on quality products," said Mr. Lee.  "S&P believes Yanlord
has good financial flexibility, supported by diverse funding
sources including equity, syndicated bank loans, and funding from
strategic partners.  It has several joint ventures with GIC Real
Estate Pte. Ltd.  In S&P's view, Yanlord is open to further equity
issuances, supported by its major shareholder."

The rating is constrained by Yanlord's small scale and land bank,
as well as its limited product range and geographic
diversification.  However, this weakness is partly mitigated by
the prime location of its land bank.  In S&P's view, the company's
small land bank could make it vulnerable to changes in land supply
policy and currently elevated land prices.  Further, Yanlord
continues to derive substantially half of its property sales from
its projects in Shanghai, although S&P expects this proportion to
decline.  Also, the company may be more exposed to the Chinese
government's policy measures to cool the property market, given
its focus on the luxury segment

The outlook is stable.  In S&P's view, Yanlord should generate
steady cash flows from property sales, maintain above-average
margins, and increase its recurring income.  However, the
company's credit ratios will be weaker in 2010 due to an increase
in borrowings to fund a land premium payment and increased
construction.  In S&P's base-case scenario, the company should
maintain a debt-to-EBITDA ratio of 3x-4x in 2010, up from 2x in
2009.


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


CHINA HONG KONG: Court to Hear Wind-Up Petition on May 26
---------------------------------------------------------
A petition to wind up the operations of China Hong Kong Textile
Company Limited will be heard before the High Court of Hong Kong
on May 26, 2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on March 18, 2010.

The Petitioner's solicitors are:

          Arthur K.H. Chan & Co.
          Unit C1, 15th Floor
          United Centre
          No. 95 Queensway
          Hong Kong


DANZEN TRADING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on March 31, 2010, to
wind up the operations of Danzen Trading Hong Kong Limited.

The official receiver is E T O' Connell.


EVER TEAM: Members' Final Meeting Set for May 17
------------------------------------------------
Members of Ever Team (Hong Kong) Limited will hold their final
meeting on May 17, 2010, at 10:30 a.m., at the Rooms 1901-2, Park-
In Commercial Centre, 56 Dundas Street, in Kowloon.

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


FLASH INFINITY: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on April 7, 2010, to
wind up the operations of Flash Infinity Limited.

The official receiver is E T O' Connell.


GOLD ART: Creditors' Proofs of Debt Due May 17
----------------------------------------------
Gold Art Chain Making Company Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by May 17, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 12, 2010

The company's liquidator is:

         Ip Kwun Ting
         Room 1315, 13/F
         Asian House, 1 Hennessy Road
         Wanchai, Hong Kong


HONEST KING: Court to Hear Wind-Up Petition on May 26
-----------------------------------------------------
A petition to wind up the operations of Honest King Enterprises
Limited will be heard before the High Court of Hong Kong on
May 26, 2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on March 18, 2010.

The Petitioner's solicitors are:

          Arthur K.H. Chan & Co.
          Unit C1, 15th Floor
          United Centre
          No. 95 Queensway
          Hong Kong


K T ENTERPRISE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on March 31, 2010, to
wind up the operations of K T Enterprise Group Limited.

The official receiver is E T O' Connell.


KAN HING: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on April 7, 2010, to
wind up the operations of Kan Hing Manufacturing Limited.

The official receiver is E T O' Connell.


KINGFAIR LAUNDRY: Creditors Get 2.063% Recovery on Claims
---------------------------------------------------------
Kingfair Laundry Factory Limited, which is in liquidation, paid
the first and final dividend to its creditors on April 19, 2010.

The company paid 2.063% for ordinary claims.

The official receiver is E T O'Connell.


LOYAL BEST: Court to Hear Wind-Up Petition on May 26
----------------------------------------------------
A petition to wind up the operations of Loyal Best Enterprises
Limited will be heard before the High Court of Hong Kong on
May 26, 2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on March 18, 2010.

The Petitioner's solicitors are:

          Arthur K.H. Chan & Co.
          Unit C1, 15th Floor
          United Centre
          No. 95 Queensway
          Hong Kong


MARCHPOLE GROUP: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on March 31, 2010, to
wind up the operations of Marchpole Group Limited.

The official receiver is E T O' Connell.


MANSONDA HOLDINGS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on April 7, 2010, to
wind up the operations of Mansonda Holdings Limited.

The official receiver is E T O' Connell.


MYGUIDEGPS LIMITED: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on April 7, 2010, to
wind up the operations of MyGuideGPS Limited.

The official receiver is E T O' Connell.


NANIWA INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on April 8, 2010,
creditors of Naniwa International Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Hue Yat Lun Sansom
         Room 509 Bank of America Tower
         12 Harcourt Road
         Central, Hong Kong


OCEAN CHAMP: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on April 7, 2010, to
wind up the operations of Ocean Champ Investment Limited.

The official receiver is E T O' Connell.


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ANDHRA RICE: Loan Default Prompts CRISIL Junk Ratings
-----------------------------------------------------
CRISIL has assigned its rating of 'D' to the term loan facility of
Andhra Rice Oil Mills Pvt Ltd, as the company has defaulted on its
term loan obligations because of weak liquidity.

    Facilities                      Ratings
    ----------                      -------
    INR177.00 Million Term Loan     D (Assigned)

Incorporated in 2008, AROMPL is setting up a solvent extraction
plant with crushing capacity of 250 tonne per day (TPD) of rice
bran and 50 TPD oil refinery units to generate refined rice bran
oil.  The unit is coming up at Chinakothapalli village in Prakasam
District, Andhra Pradesh.  The company is promoted by Mr Surendra
Babu, Mr Hari Babu and their family members.  The company is
expected to commercialise operations by May 2010.


ATLANTIS PRODUCTS: ICRA Puts 'LBB-' Rating on INR61.5MM Term Loan
-----------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR61.5 million term
loans and INR 28.5 million cash credit facilities of Atlantis
Products Private Limited.  The outlook for the rating is stable.
ICRA has also assigned an A4 rating to the INR 35.0 million non
fund based facilities of APPL.

The assigned ratings are constrained by the weak financial profile
characterized by highly leveraged capital structure with gearing
of 3.82 times as on January 31, 2010, limited track record of
commercial operations, small scale of operations in a highly
fragmented industry and vulnerability of profitability to
volatility in raw material prices.  The ratings, however, draw
comfort from the extensive experience of the promoters in the
polymer industry as well as in the Polypropylene (PP) woven sack
industry, group support in terms of benefits from bulk procurement
of polymer commodities and the reputed client profile for APPL
especially in the cement sector.

Atlantis Products Private Limited is a newly incorporated company
(incorporated on April 28, 2009) and is engaged in the
manufacturing of HDPE/PP woven sacks with installed capacity of
420 TPM (tonnes per month).  The woven sacks are used for packing
of cement, fertilizer, foodgrains, chemicals etc.  APPL is an
associate company of Rajiv Group based out of Ahmedabad and
managed by its founder Mr. Rajiv Vastupal.  Rajiv group consists
of more than ten entities which are diversified into manufacturing
and trading of various polymer products, PVC Resin, Polyester
films, Electrical accessories & lighting equipments, chemicals,
medical diagnostic equipments and other products.  During the ten
months ended January 31, 2010, APPL recorded operating income of
INR124.05 million and PAT of INR0.88 million.


BANOWARI LAL: ICRA Assigns 'LBB' Rating on INR190MM Cash Credit
---------------------------------------------------------------
ICRA has assigned an 'LBB/Stable' rating to the INR190 million
cash credit and INR730 million long term non fund based bank
facilities of Banowari Lal Agarwalla Pvt. Ltd.  The outlook on the
assigned long term rating is stable.  BLA's non-fund based bank
limits are entirely interchangeable between long term and short
term facilities.  ICRA has also assigned an A4 to the INR 730
million short term non fund based bank limits of BLA.

The ratings take into account the pressure on the liquidity
position of BLA demonstrated by high utilization of the working
capital limits, which reduces the financial flexibility of the
company to an extent, weak financial profile characterized by low
profit margins, nominal cash accruals and low business returns and
a weak MIS structure.  The company has however been able to
maintain a moderate capital structure with declining gearing
levels due to regular infusion of equity.  The interest coverage
and cash accruals relative to debt indicators have also been
maintained at moderate levels.  The contracts executed by BLA are
won through a tender process whereby high competition leads to
low margins and returns. FY09 witnessed further decline in the
overall profitability of the company primarily because of higher
increase in costs relative to increase in revenues primarily
because of larger share of road projects commanding lesser profits
vis--vis mining and transport projects.  ICRA also notes that the
business model for BLA is capital intensive and significant ramp
up of the financial, management and execution capabilities will be
required to meet the aggressive growth plans of the management.
The management has however, recently placed orders for heavy
machineries worth INR100-150 million and fresh technical team is
being hired to achieve the growth path.

The ratings also factor in the long experience of the promoters in
the current line of business, diversified revenues from mining of
coal and removal of overburden, transportation of coal and road
construction sectors resulting in mitigation of sector
concentration risks to an extent, presence of an experienced
technical team and low counter party risk considering the client
profile.  The price variation clause covers around 50% of the
volatility in costs in case of road projects and 90% of the change
in diesel prices for mining and transportation contracts.  This
coupled with 12 to 36 months of average execution period for
contracts across three sectors exposes BLA to fluctuations in the
price of key raw materials.  As on October 31, 2009, BLA's
outstanding executional responsibility stood at around
INR4 billion which is approximately 3 times the FY09 operating
income, thereby providing revenue visibility for the company over
the short term at least.

BLA was incorporated as a partnership firm in 1978 (in 1998
converted into company) by a Kolkata based Agarwal family.  The
company executes work in the field of mining, transportation and
road building.

During FY09, BLA recorded a net profit after tax (PAT) of
INR11.4 million on an operating income of INR1.41 billion as
against a PAT of INR24.8 million on an operating income of
INR1.12 billion during FY08.


B&A MULTIWALL: Fitch Assigns 'BB-' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has assigned India's B&A Multiwall Packaging Limited
a National Long-term rating of 'BB-(ind)'.  The Outlook is Stable.
Fitch has also assigned these ratings to BAMPL's bank loans:

  -- Outstanding long-term loans aggregating INR5.9 million:
     'BB-(ind)';

  -- Cash credit limits aggregating INR60.0 million: 'BB-(ind)';
     and

  -- Sanctioned non-fund based limits aggregating INR32.0 million:
     'F4(ind)'.

The ratings reflect BAMPL's small size of operations, and
dependence on the volatile tea industry which exposes it to
relatively high business risks.  The ratings however benefit from
the company's track record of more than 20 years and its position
as a market leader in the domestic market for supply of tea paper
sacks.  Fitch draws comfort from the company's plans to diversify
its product base into the flexible-packaging sector.  However,
given the current ongoing capex program, Fitch expects gross
leverage (Total debt/ EBITDA) to be stretched in the short-term.

Ratings upgrades would occur if there is a sustained increase in
operating margins, if total adjusted debt/operating EBITDA falls
below 4.0x, and/or if there is a timely implementation of capex
program.  Negative ratings triggers would occur if there is a
major reduction in operating margins along with an increase in
total adjusted debt/operating EBITDA of over 6.0x.

BAMPL and started its commercial production in 1989, and has a
manufacturing facility of 9.0m MT of paper sacks.  It registered
revenues of INR186.7 million during FY09 with an EBITDA margin of
15%.  The company's financial leverage (Total Adjusted Debt / Op.
EBITDA) was 2.2x for FY09, while its interest coverage was 2.3x.


CONTROLS AND SCHEMATICS: ICRA Rates INR20 Million LT Loan at 'LBB'
------------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to INR 20 million
fund based and INR 100 million non fund based facilities of
Controls and Schematics Ltd.  Besides, ICRA has assigned stable
outlook to it.  ICRA has also assigned 'A4' rating to INR 120
million non fund based limits of CSL.  The ratings are constrained
by the company's small sized operations and intense competitive
pressures from established technology players, most of whom are
also original equipment manufacturers (OEMs) for components used
in LT switchboards, resulting in low profitability.

Also, operating profitability levels remains exposed to any
unfavorable fluctuations in prices of basic raw materials given
the raw material-intensive nature of operations & fixed price
nature of all orders.  The ratings are further constrained by the
high working capital intensity in the operations resulting in
moderately high leveraging level as on March 2009.

Further, the company's ability to execute ongoing/future orders in
a timely manner remains important to its profitability, given the
past incidences of liquidated damages claimed by customers.  The
ratings however consider the company's long track record in supply
of Low Tension switchboards to leading Engineering, Procurement
and Commission contractors/consulting companies as well as State
Electricity Boards and the favorable demand potential for such
products from user industry segments such as power, and other
process industries.

Control and Schematics Ltd. was incorporated in 1971 as a
partnership firm by Mr. P.P. Reddy, Mr. A.A. Raje, Mr. A.M.
Bendrey, Mr. K.S. Reddy, Mrs. Lalitha Rajmal Davda and Mrs. Vimal
Deshmukh and supplied motor starter panels for irrigation pumps,
motor control centres for pharmaceutical industries, bottling
plants and other process industries.  With years of experience in
the industry, the company now undertakes total turnkey orders of
Low Tension Switchgear projects comprising of providing equipments
like Motor Control Centre (MCC), Power Control Centre (PCC), Bus
Ducts, Distribution Boards, Push Button stations for process
industries.  Historically, the company has maintained its focus
towards the customers in power sector and to some extent in
refineries & petrochemicals.  The turnkey orders include design,
engineering, manufacturing, supply, erection and commissioning.
For the financial year ending 2008-09, CSL reported a profit after
tax (PAT) of INR1.5 million on operating income of
INR220.3 million.


CROSSLAY REMEDIES: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to Crosslay Remedies
Ltd's bank facilities.  The ratings reflect delay by Crosslay in
repayment of term loan obligations owing to weak liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR40.0 Million Working Capital       D (Assigned)
                   Demand Loan
   INR960.0 Million Term Loan*           D (Assigned)
   INR50.0 Million Bank Guarantee        P5 (Assigned)

   *Includes a proposed limit of INR10.0 Million

Crosslay, incorporated in 2002, is part of Pushpanjali Healthcare
group. Dr. Vinay Aggarwal, chairman and managing director, heads
the company.  The company has set up a 400-bed (100 beds
operational currently) multi-specialty tertiary care hospital by
the name of Pushpanjali Crosslay Hospital in Ghaziabad (Uttar
Pradesh). The hospital commenced operations in June, 2008.  It
provides specialised services in various medical services such as
neurology, orthopaedics, gynaecology, oncology, and cardiology
etc. Crosslay also runs a family clinic, Pushpanjali Family
Clinic, in Ghaziabad that provides primary care services.

Crosslay reported a net loss of INR85.4 million on net sales of
INR31.2 million for 2008-09 (refers to financial year, April 1 to
March 31).


DAGGER MASTER: ICRA Places 'LBB' Rating on INR55.9MM Term Loan
--------------------------------------------------------------
ICRA has assigned an "LBB" rating for long-term to the
INR55.9 million term loan limit and fund based bank limit of
INR12.0 million of Dagger Master Tool Industries Limited.  ICRA
has also assigned A4 rating to the INR2.20 million of non-fund
based limit of DMTIL on short term scale.  ICRA has assigned
stable outlook to the long-term rating.  The ratings are
constrained by DMTIL's small scale of operations, high working
capital intensity as reflected from the high levels of inventory
days and increase in the financial leverage over the past few
years.  Further, the ratings take into account the decline of
around 7% in the turnover during first nine months of FY10.
Nevertheless, the ratings are supported by established track
record, experienced management team, reputed client base and
widespread sales channel which is supported by its shareholder's
group company namely Zecha Hartmetall Werkezugfabrikation GmbH
(Zecha).

Recent Results

As per the provisional figures of the first nine months of FY10
ending December 31, 2009; DMTIL reported an OI of INR 52.8 million
and net profit of INR0.20 million.  As of December 31, 2009, the
company's gearing stood at 0.89 times and the total debt of
INR54.8 million was largely contributed by long-term loan (~67%)
and cash credit (~19%) and the remaining by unsecured loans from
promoters.

Dagger Master Tool Industries Limited was established in 1980 as a
partnership firm by Mr. Vimal Nayan Nevatia and his partners.
While the Nevatia family acquired the entire stake in DMTIL in
1986, their holdings were diluted to 65% when a Germany based
company JoReiCo GmbH (JoReiCo) took a stake of 35% in the company
through subscription of fresh equity shares in 2006.  JoReiCo is
the holding company of Zecha with which DMTIL has a joint venture
arrangement for technical collaboration and sales dealership of
its products in international markets.  DMTIL is a domestic player
engaged in manufacture of solid carbide micro twist drills.  The
end users of the company's tools and tooling are Original
Equipment Manufacturers (OEMs) and suppliers of products such as
auto components, fuel injection, turbo charger parts, electronic
parts, writing instruments, dental & trauma implants, surgical
needles, intra ocular lenses, hydraulics, pneumatics and
electrical equipments.  DMTIL has been executing orders for
domestic as well as overseas customers which includes Auro
Laboratories Limited, Quality Needles Private Limited, Today's
Writing Products Limited, Mikron Tool S.A. Agno and Zecha.

As of FY09, DMTIL reported an operating income (OI) of
INR69.2 million and a profit after tax (PAT) of INR0.30 million as
against an OI of INR64.6 million and PAT of INR3.2 million in
FY08, registering a growth rate of 7.1%.  Based on the provisional
figures of the first nine months of FY10 ending December 31, 2009;
DMTIL reported an OI of INR52.8 million and net profit of
INR0.20 million.


GILVERT ISPAT: ICRA Assigns 'LBB+' Rating on Various Bank Debts
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR250.0 million Cash
Credit Facility, INR105.7 million Term Loan and INR12.5 million
bank Guarantee of Gilvert Ispat.  The outlook on the rating is
stable. ICRA has also assigned an A4+ rating to the
INR350.0 million Letter of Credit facility of Gilvert.  The rating
is constrained by cyclical and competitive nature of the industry,
Gilvert's modest scale of operations and lack of backward
integration which exposes it to adverse movement in raw material
prices.  Moreover, the rating takes into account Gilvert's modest
profitability which coupled with its relatively high gearing level
translates into modest debt protection indicators.  The rating
also takes into consideration risks inherent in a partnership firm
like limited ability to raise equity capital, risk of dissolution
due to death/retirement/insolvency of partners etc.  However, the
rating draws comfort from the promoter's long track record in the
stainless steel industry and tax benefits arising on account of
establishing manufacturing facilities in a tax free region.

Gilvert Ispat is a partnership firm engaged in the production and
sale of mild steel (MS), Stainless Steel (SS) flats, rounds and
bars. Gilvert is a closely held partnership firm promoted by Mr.
Umesh Moudgil and his family members.  The company initially
started with manufacturing of mild steel and recently shifted its
focus towards manufacturing of Stainless Steel.  Going forward,
Gilvert has increased its focus on SS segment and SS billet, flats
and rounds are now the main product of the entity. Its production
facility at Baddi (Himachal Pradesh) has capacity to produce
55,688 tonnes per annum (TPA) of SS billets.


JAIDEEP ISPAT: ICRA Places 'LBB' Rating on INR400MM Bank Limits
---------------------------------------------------------------
ICRA has assigned "LBB" and "A4" ratings to the INR400 million
Fund and Non-Fund Based bank limits of Jaideep Ispat & Alloys Pvt.
Ltd.  The long rating has been assigned a stable outlook.  The
ratings take into account the cyclicality inherent in the steel
business, which makes margins and cash flows vulnerable to
fluctuations in prices.  The ratings also considers JIAPL's weak
financial profile as reflected in its low operating profit margins
and return on capital employed and the high working capital
intensive nature of operations because of substantial investments
in debtor and inventory.  While assigning the ratings, ICRA has
also noted the significant capital expenditure planned by JIAPL.
Although the funding risk is partly mitigated as the company has
been able to tie-up debt required for the project, the company is
exposed to project risk as the planned capex is significant as
compared to its current asset base. Nevertheless, the ratings
derive comfort from the long experience of promoters in this
business and the company's strong client base which has enabled
healthy growth in sales.

Further, the company's operations have an upside potential from
the positive demand outlook for steel given the revival in the
level of economic activity in the country.  About the company
Jaideep Ispat & Alloys Pvt. Ltd. was initially promoted by the
Agrawal family in 2004 with the prime objective to manufacture all
kinds of steel related alloys.  The company started with a 7 tonne
induction furnace to manufacture ingots. Later the company's
manufacturing facilities were taken over by the Singhania family
in 2006.  The company also purchased another induction furnace of
the same capacity from Andhra Bank resulting in doubling its
melting capacity to 36, 000 MT.  The company is a closely held
promoter driven entity with more than 95% share being held by the
promoter family led by Mr. Pawan Singhania.  The company has set
up a rolling mill of 60, 000 MT as a means of forward integration
and has also increased the ingots manufacturing capacity by 52,500
MT.  The commercial production has partially commenced from
March 2010.


KANCO ENTERPRISES: ICRA Rates INR790.2MM Bank Limits at 'LB+'
-------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR790.2 million
sanctioned bank limits for long term Fund Based facilities of
Kanco Enterprises Limited.  The rating reflects the company's weak
financial profile and its weak competitive position given the
small size of yarn and tea operations, lack of any forward or
backward integration in yarn operations and presence in the highly
fragmented yarn industry.  On account of losses made during the
past two years, the company has delayed on its scheduled loan
repayments.  The same have been restructured by its bankers in the
current financial year.

The ratings favorably factor in the track record of the promoters
in both yarn and tea operations, the company's diversified revenue
streams, and the high quality of teas produced by the company as
reflected by the premium fetched in the auctions.

Kanco is primarily engaged in the manufacturing of cotton yarn and
black tea.  The company has been promoted by Mr. Umang Kanoria
(the current CMD), a cost accountant and an MBA with adequate
experience in tea and textiles.  Incorporated in 1991 as a private
limited company, Kanco was converted into a public limited company
in 1997.  The company made its foray into tea and textiles in 1998
following the takeover of tea estates in Assam and a textile unit
in Gujarat (as part of a scheme of arrangement).  The bulk of the
company's operating income is accounted for by the sale of cotton
yarn, with the balance accounted for by black tea.  Kanco is
currently listed on the Calcutta Stock Exchange.  The textiles
division located in Ahmedabad (Gujarat) is an EOU which primarily
manufactures cotton yarn.  The unit currently has a production
capacity of around 7000 tpa.  The company has two tea estates at
Mackeypore and Lakmijan, located in Upper Assam, which together
produce around 1.5 million kgs per annum.  The factory at
Mackeypore has an installed capacity of 2 million kgs per annum
(primarily CTC tea).  Total area covered by the tea estates is
approximately 1160 hectares. During the financial year 2008-09,
the company registered a net loss of INR82 million on an operating
income of INR939 million. During the first nine months of the
current financial year 2009-10, Kanco's operating income
(unaudited) grew by more than 30% over the corresponding period of
the previous financial year, to INR888 million, with net losses
declining to INR28 million from INR76 million in the corresponding
period of the previous financial year.


LAKE PALACE: Fitch Assigns 'BB' National Long-Term Rating at 'BB'
-----------------------------------------------------------------
Fitch Ratings has assigned India's The Lake Palace Hotels & Motels
Pvt. Ltd. a National Long-term rating of 'BB(ind)'.  The Outlook
is Stable.  Fitch has also assigned a 'BB(ind)' Long-term National
rating to LPHL's INR717.6 million long-term bank loan.

The ratings factor in the established LPHL brand name and
locational advantage it enjoys; most of its properties are
heritage hotels which are part of the historic forts of Udaipur,
and Fitch notes that the demand for such properties is strong.

The ratings also reflect the cash flow stability provided by
minimum guaranteed receivables from Indian Hotel Company Ltd; LPHL
has licensed its prime property (Lake Palace Hotel) to IHC, for 20
years (till 2020).  LPHL is entitled to a minimum of
INR112.5 million per year till 2014, which would then increase to
INR135 million a year from April 2014 until March 2020.  LPHL will
also receive a fee from IHC that is based on revenue for this
property.  Fitch notes that this largely stable cash flow covers a
large part of LPHL's current debt maturities (principal and
interest).  All LPHL loans are long-term in nature, and a majority
of LPHL's loans are covered under an escrow mechanism of IHC's
receivables.

However, the ratings are constrained by LPHL's limited revenue
base, high financial leverage and low interest coverage.  In
addition, most of the company's EBITDA constitutes lease rental
received from IHC, and LPHL saw average room revenue and occupancy
levels decline in FY09.  The global slowdown over 2008-2009, as
well as the November 2008 terrorist attacks in Mumbai, affected
tourism in Udaipur over FY09-FY10.  At the same time, increasing
competition from new players has resulted in continued decrease in
occupancy levels.

Negative ratings triggers include higher-than-anticipated debt-led
capex, a fall in average room rentals or occupancy levels which
would lead to a further increase in financial leverage.  Also, a
cancellation of the license agreement with IHC would lead to
ratings downgrade.  Positive ratings actions would be triggered by
a significant deleveraging of the balance sheet supported by
increasing EBITDAR and an increase in occupancy levels.

In FY09 LPHL's revenue declined YOY? by 11.4% to INR298.3 million.
There was a fall in EBITDAR margin (FY09: 37.4%; FY08: 47.3%).
The company reported a net loss of INR23.2 million compared to a
net profit of INR31.3 million in FY08.  Leverage levels also
deteriorated with total net adjusted debt/EBITDAR at 7.9x in FY09
(FY08: 5.5x).

LPHL, the flagship company of the HRH Group of Hotels, has a major
presence in the city of Udaipur, where it is runs two properties;
a third hotel has been licensed to IHC.  LPHL also has a presence
in Kumbhalgarh and Ranakpur.


LEODUCT ENGINEERS: ICRA Puts 'LBB+' Rating on INR150MM Bank Debts
-----------------------------------------------------------------
ICRA has assigned an "LBB+" rating to the INR150.0 million fund
based bank limit and INR100.0 million non-fund based limits of
LeoDuct Engineers and Consultants Limited. ICRA has also assigned
an A4+ rating to the INR9.80 million short-term loan limit of
LDECL.  ICRA has assigned Stable Outlook to the long term rating.
The ratings are constrained by LDECL's high working capital
intensity, moderate scale of operations and high concentration
risk owing to dependence on projects in Maharashtra.  Further, the
ratings take into account the 27.2% decline in the company's
turnover in the first six months of FY10 as compared to the
corresponding period of FY09 resulting from delay in execution of
some of its projects; relatively high gearing of 1.96 times as on
March 31, 2009, and stressed working capital intensity as
represented by Net Working Capital (NWC)/Operating Income (OI) of
57.7% during FY09 resulting from high level of debtors.
Nevertheless, the ratings are supported by established track
record, experienced management team, order book and the reputed
client base of LDECL.

                       About Leo Duct Engineers

Leo Duct Engineers & Consultants Ltd. was started as a partnership
firm in the year 2000 and was converted to public limited company
in 2003. LDECL is the promoter held flagship company of Leo Duct
group established by Mr. Suleman Ahmed Azmi (Chairman) and Mr.
Daiyan Ahmed Azmi (Managing Director) in 1988.  LDECL undertakes
contract orders in four sectors viz. construction, gas
distribution, power and telecom.  While the company executes
orders such as telecom cable/network installation and maintenance
and erection and maintenance of Base Transceiver Station (BTS) for
companies in telecom industry including Essar Telecom
Infrastructure Limited, Bharti Airtel Limited and Tata
Teleservices (Maharashtra) Limited; it undertakes works involving
installation of gas pipelines/meters for domestic connections on
contractual basis for clients like Maharashtra Natural Gas Limited
and Indraprashta Gas Limited.

In power sector, it is into the business of installation,
operation and maintenance of high/low tension power cables for
companies such as Ijin Electric Company Limited.  In FY09, LDECL
bagged projects of construction of skywalk and bridge in Mumbai
for Mumbai Metropolitan Region Development Authority (MMRDA) and
for Central Railway respectively which resulted in diversified
order-book in terms of business segments.  At present, the
company's operations are focussed in Maharashtra with some
presence in Madhya Pradesh, Gujarat and Delhi.

The Leoduct group has three more entities, LeoDuct Contractors
Private Ltd., which undertakes projects such as cable ducting and
cable laying for public sector telecom companies such as BSNL; Hi-
Tech Valves Private Ltd., which is into manufacturing of high
pressure industrial valves and pipe fittings catering to power and
oil companies and Hi-Chem Engineers India Pvt. Ltd., which is into
manufacturing and fabrication of telecom towers and Optical Fibre
Cables (OFC) laying accessories.

As of FY09, LDECL reported an operating income (OI) of
INR615.6 million and a profit after tax (PAT) of INR 39.83 million
as against an OI of INR550.88 million and PAT of INR7.90 million
in FY08, registering a growth rate of 11.7%. Based on the
provisional figures; the company reported an OI of
INR233.0 million in the first six months of FY10 ending
September 30, 2009; registering decline of 27.2% as compared to
the OI of the corresponding period of FY09.

Through its total of 97 subsidiaries, 22 associate companies and
15 joint ventures as of March 31, 2009, the group is involved in
IT services, financial and infrastructure development activities.
The E&C which is the largest business segment for L&T is involved
in engineering, procurement and commissioning of large projects
under oil & gas, infrastructure, power, metals & minerals. It has
also presence in heavy engineering which includes nuclear, marine
and aviation sectors.  The Electrical and Electronics segment
manufactures range of products including switchgears,
switchboards, metering equipments, medical devices and control and
automation systems.  The Machinery and Industrial segment deals in
manufacturing of construction machinery and equipments like
hydraulic and material handling equipments and are also involved
in valves and industrial machinery products.

During the current financial year it divested its ready mix
business to Lafarge and acquired the switchgear business of TAMCO,
Malaysia.  For the financial 2008-09, L&T reported a net profit of
INR34.8 billion on a total income of INR347 billion as compared to
INR21.73 billion and INR255.29 billion, respectively in fiscal
2008.


MBM TRADE-LINK: CRISIL Assigns 'P4+' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to MBM Trade-Link Pvt Ltd's
bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR40.0 Million Foreign Bill Purchase   P4+ (Assigned)
   INR10.0 Million Packing Credit          P4+ (Assigned)
   INR10.0 Million Letter of Credit &      P4+ (Assigned)
                   Bank Guarantee

The rating reflects MBM's limited track record in the agricultural
commodities (agro-commodities) trading business, and exposure to
risks related to intense competition in the agro-commodity trading
business, and to product concentration in its revenue profile.
These rating weaknesses are partially offset by MBM's low debtor
default and inventory risks in its business model, and its
promoters' industry experience.

MBM is promoted by Mr. Chandan Jain and his family members.  The
company, incorporated in 2008, started operations in August 2009.
It trades in various agro-commodities such as groundnut kernels,
sesame seeds, red chilli powder, and coriander leaves.  The
company has two packing and processing facilities located in
Mumbai and Rajkot (Gujarat).


NAXPAR PHARMA: ICRA Places 'LB+' Rating on INR116.2MM Term Loan
---------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR116.2 million term
loan and INR36.0 million cash credit facilities of Naxpar Pharma
Private Limited.  ICRA has also assigned an A4 rating, to
INR5.5 million non-fund based bank facilities of Naxpar.  The
assigned ratings reflect recent delay in payment of debt
obligations due to tight liquidity condition; small scale of
operations and stretched capital structure of Naxpar with high
gearing and weak coverage indicators.

ICRA also notes that the company is susceptible to high client
concentration risk owing to dependence on its largest client.
However, ICRA derives comfort from long standing experience of the
promoters in the pharmaceutical industry and strong prospects for
the Indian pharmaceutical sector.

Naxpar is engaged in contract manufacturing of liquid orals,
capsules, ointments, powder and tablets.  The manufacturing unit
was established in Baddi (Himachal Pradesh) at an estimated
project cost of INR250 million funded by debt to equity mix
1.02:1.  The unit is situated on the outskirts of Baddi and its
tarted its commercial production from October 2007.  Naxpar is a
subsidiary of Parnax Lab Private Limited (Parnax) which is also
engaged in pharmaceutical formulation and contract manufacturing
business at Silvassa (Dadra & Nagar Haveli).  Parnax holds 99.80%
of shareholding in Naxpar and it has reported a net profit of
INR2.3 million (INR12.8 million PY) on an operating income of
INR 187.3 million (INR261.1 million PY) in FY09.

Recent Results

In FY09, Naxpar has reported a net profit of INR0.72 million on an
operating income of INR100.84 million.


PRESSMACH: CRISIL Assigns 'BB-' Rating on INR15MM Long Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to PressMach's
bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR15.00 Million Long-Term Loan   BB-/Stable (Assigned)
   INR80.00 Million Cash Credit      BB-/Stable (Assigned)
   INR7.50 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect PressMach's small scale and working-capital-
intensive operations, and below-average financial risk profile
marked by a small net worth and high gearing.  These rating
weaknesses are partially offset by the benefits that PressMach
derives from the growth prospects in the niche pre-fabricated
shelter segment.

Outlook: Stable

CRISIL believes that PressMach will maintain its business risk
profile over the medium term, supported by its established
position in the installation of pre-fabricated shelters.  The
outlook may be revised to 'Positive' if PressMach's revenues and
margins improve significantly, coupled with an improvement in its
capital structure.  Conversely, the outlook may be revised to
'Negative' if PressMach's revenues and margins decline
considerably, because of the expected increase in competition, or
if the firm undertakes a large, debt-funded capital expenditure
program, resulting in deterioration in its financial risk profile.

                           About PressMach

Set up in 1984 as a proprietorship firm by Mr. C A Sunny,
PressMach is engaged in the erection of pre-fabricated site
offices, guesthouses, and staff hostels.  These pre-fabricated
shelters are made of reinforced plastic and steel. The shelters
are mostly temporary structures to shelter staff and employees at
site offices in the infrastructure segment.  The firm has
completed projects for many infrastructure majors including Larsen
& Toubro Ltd, Consolidated Consortium Construction Ltd, and
Ascendas Bangalore.  The firm has its manufacturing facility near
Chennai to manufacture and assemble pre-fabricated segments.

PressMach reported a profit after tax (PAT) of INR19 million on
net sales of INR348 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR20 million on net sales
of INR202 million for 2007-08.


QUALITY FOILS: CRISIL Reaffirms 'BB' Rating on INR100M Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Quality Foils (India)
Pvt Ltd, which is part of the Quality group, continue to reflect
the group's small scale of operations in the cold-rolled (CR)
stainless steel (SS) strips and tubes industry, small net worth,
high gearing, and weak debt protection metrics.

   Facilities                          Ratings
   ----------                          -------
   INR100.00 Million Cash Credit       BB/Stable (Reaffirmed)
   INR50.00 Million Letter of Credit   P4+ (Reaffirmed)

The ratings also reflect the group's vulnerability to volatility
in raw material prices.  These weaknesses are partially offset by
the benefits that Quality Group derives from its promoters'
experience in the CRSS strips industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of QFIPL and Quality Stainless Steel Pvt
Ltd.  This is because QFIPL and QSSPL, together referred to as the
Quality group, are under the same management and in the same line
of business, and have strong business linkages with each other;
QSSPL sources almost its entire raw material requirement from
QFIPL.

Outlook: Stable

CRISIL believes that the Quality group's scale of operations will
remain small, and its financial risk profile will remain moderate
given the proposed capital expenditure (capex) programme.  The
outlook may be revised to 'Positive' if the group increases its
scale of operations while maintaining its profitability, thereby
resulting in more-than-expected cash accruals and improved debt
protection coverage.  Conversely, outlook may be revised to
'Negative' if the group raises more debt than expected for its
capex programs, or reports lower-than-expected revenues and cash
accruals.

                          About the Group

Established in 1991, QFIPL manufactures CRSS strips; the company
has three rolling mills with an aggregate installed capacity of
10,000 tonnes per annum in Hisar (Haryana).  The CRSS strips are
used in the manufacture of tubes and pipes.

Established in 2000, QSSPL manufactures CRSS tubes and pipes, and
has one manufacturing unit in Hisar (Haryana) with an aggregate
installed capacity of 2500 tonnes per annum.  The CRSS tubes and
pipes are used in the sugar industry, primarily through
engineering, procurement and construction players (EPCs).

On a consolidated basis, Quality Group reported a profit after tax
(PAT) of INR2.6 million on net sales of INR682 million for 2008-09
(refers to financial year, April 1 to March 31), against a PAT of
INR12.4 million on net sales of INR819 million for 2007-08.


RAJASHREE SPINTEX: ICRA Puts 'LBB' Rating on INR140.1MM Term Loan
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR140.1 million term
loans, INR50.0 million fund based facilities and INR0.9 million
long term non fund based facilities of Rajashree Spintex Private
Limited.  The outlook on the long term rating is stable. ICRA has
also assigned an A4 rating to the INR9.0 million short term fund
based facility and INR20.0 million short term non fund based
facility of RSPL.

The assigned ratings factor in RSPL's small scale of operations,
the highly fragmented industry structure and the commoditized
nature of the cotton yarn business, which limit the pricing power
of the company.  The ratings also factor in the weak financial
profile of RSPL characterized by relatively high gearing, falling
profitability owing to high fixed costs (high depreciation charges
and interest cost on account of debt funded capital expenditure
for modernization of the spinning unit) and deteriorating
coverage/ return indicators.

Rajashree Spintex Pvt Ltd was incorporated in 2003 to set up a
cotton yarn spinning mill in Rajapalayam, Tamil Nadu.  The
commercial production started in April 2004 with an initial
capacity of 7,500 spindles which has been gradually increased to
18,506 spindles. RSPL also has four open ended machines (with 896
rotors) to manufacture yarn from waste cotton.  RSPL's product mix
is dominated by yarns ranging from 40-60 counts.  The Company has
also installed two wind mills in Thenkasi with a capacity of 750
KWH each.  The power generated from the mills is being used for
captive consumption for their cotton yarn manufacturing.  The
company has recorded a net profit of INR3.4 million on an
operating income of INR194.9 million for the year ending
March 31, 2009.


SOUTHERN BATTERIES: ICRA Assigns 'LB+' Rating on INR86.5MM Loans
----------------------------------------------------------------
ICRA has assigned 'LB+' rating to INR86.5 million term loans and
INR280.0 million long term, fund based credit facilities of
Southern Batteries Private Limited.  ICRA has also assigned A4
rating to the INR110.0 million short term, non-fund based credit
facilities SBPL.  The assigned ratings reflects the tight short
term liquidity conditions faced by the company, due to high
working capital requirements, as evident from the delays in debt
servicing by the company.  SBPL has a modest scale of operations
with bulk of the revenues coming from Railways, Solar & UPS
segments.

The company's profitability is relatively low due to significant
competition from larger established players as well as low cost
Chinese imports.  Moreover, the financial profile of the company
remains weak due to high gearing, weak coverage indicators, and
high working capital intensity. ICRA however takes note of the
experience of the promoters in the tubular batteries segment,
healthy revenue growth for the last five years, positive outlook
for the industrial batteries segment, and improved performance of
the company in first nine months of FY10.

Southern Batteries Private Limited started its operation in 1980
with manufacture of low maintenance lead acid tubular batteries.
At present, the company is a leading supplier of industrial
batteries for solar photovoltaic application, railway signaling,
electricity boards and UPS / Invertors applications under the Hi-
Power Brand from its manufacturing facilities located at
Bangalore.

The company is currently also setting up a new facility for
manufacturing of Sealed Maintenance Free (SMF) and Valve Regulated
Lead Acid (VRLA) batteries targeting the Telecom and UPS
applications at an estimated capex of INR80.0 million near the
existing Bangalore unit.

The company has reported an operating income of INR773.8 million
and a profit after tax of INR16.1 million for the financial year
ending March 31, 2009.  According to provisional financials, the
company is expected to report an operating income of
INR686.0 million and a net profit after tax of
INR41.7 million for nine months ending December 31, 2009.


TATA MOTORS: JLR Reviews Plant Closure Plan; May Seek Gov't Aid
---------------------------------------------------------------
The Times of India, citing The Sunday Times, reports that Tata
Motors' Jaguar Land Rover is reviewing earlier plans to close one
of its U.K. plants.

The Times of India relates The Sunday Times, quoting sources close
to JLR, said a recent revival in sales coupled with the arrival of
a new management team "has led to a review of the closure plan".

According to The Times of India, The Sunday Times has reported JLR
is also likely to seek the UK government's assistance for
launching new models.

Tata has hired CarlPeter Forster, a former boss of General Motors
in Europe, and Ralf Speth, previously a BMW executive, to manage
JLR operations, The Times of India recounts.

The Times of India notes the publication, quoting sources, said
that Messrs. Forster and Speth were now considering a business
plan that would see both marques launch models and increase
production.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.


TATA MOTORS: Moody's Raises Corporate Family Rating to 'B2'
-----------------------------------------------------------
Moody's Investors Service has upgraded Tata Motors Ltd's corporate
family rating to B2 from B3.  The outlook on the rating is
positive.

This rating action completes the rating review for possible
upgrade initiated on March 2, 2010, when TML announced its
consolidated Q3 FY2010 results.

"The rating upgrade reflects the quick turnaround in the operating
performance of the Jaguar Land Rover business and the solid
recovery in the company's Indian business, which translate into
stronger than expected credit metrics and an improved financial
profile for TML," says Ivan Palacios, a Moody's AVP/Analyst.

"The upgrade also reflects the company's progress in improving its
liquidity and lengthening its debt maturities," adds Palacios,
also Moody's lead analyst for Tata Motors.

JLR's performance bottomed out a year ago and has been recovering
steadily since then, driven by growing volume, a better
geographical mix, initial benefits of cost management measures,
and higher revenues linked to new product launches and lower
incentives.

Thus, JLR looks to be on track in its plans to re-establish a
sustainable and competitive business model.  Continued progress
should enable an improvement in performance during FY2011, as
vehicle demand continues to recover and the company starts
benefiting from a higher margin on its recent product launches and
from the cost management measures as they fully manifest
themselves.

In addition, TML is seeing a solid recovery in its Indian
business, driven by the strong fundamentals of India's auto
sector.  Volume growth driven by recent product launches such as
the ultra-low cost Nano will support strong revenue growth, while
EBITDA margins will likely remain in the historical 12%-14% range.

As a result of this progress in India and at JLR, the company's
financial profile will improve such that Adjusted Debt/EBITDA is
expected to decline to around 5.0x by FY2011.

Mood's note, however, that the deleveraging is coming from
increased EBITDA rather than an absolute reduction in debt.
Moody's expect the company to continue to look for asset disposal
opportunities and equity-related fund raising to restore its
balance sheet, which remains highly leveraged, with an Adjusted
Debt/Book Capitalization in the 80% range.

Moody's notes that, despite the favorable operating and financial
momentum TML is enjoying, as evidenced in its strong third-quarter
performance, the company continues to face medium-term challenges.
Most importantly, the recovery in global automotive demand could
be slower than expected due to the end of stimulus policies.
JLR's performance highlights the substantial degree of operating
leverage that is driving the volatility of its results.  In
addition, rising commodity prices will impact the company's
margins if it is unable to pass on the increased costs through
higher prices.  Finally, competition in the fast-growing Indian
market will heat up as other OEMs try to expand their presence.

With the speed of the recovery and turnaround at JLR, further
improvement in TML's rating over the medium term is likely, as
signaled by the positive outlook.  The positive outlook is also
supported by the benefits of a refreshed product lineup at JLR and
strong growth forecasts for the Indian auto sector.

The rating could be upgraded in the near to medium term if the
company's credit metrics improve such that Adjusted debt/EBITDA
falls below 5x and EBITDA margins are maintained at the 10% range.
Further asset sales or equity-related fund raising to lower debt
will accelerate the transition towards a higher rating.

Downward pressure on the rating is unlikely, given the positive
outlook.  The factors most likely to result in a change in outlook
to stable would be a material decline in margins driven by
increased commodity prices, a slower recovery in vehicle demand,
and a tougher competitive environment in India leading to a
substantial market share loss, such that Adjusted debt/EBITDA
stays at around 6x.

Moody's last rating action with regard to TML was taken on
March 2, 2010, when the company's B3 corporate family rating was
placed on review for possible upgrade.

Tata Motors Ltd, incorporated in 1945, is India's largest
manufacturer of commercial vehicles and second-largest
manufacturer of passenger vehicles.  Its products include light,
medium, and heavy-duty commercial vehicles (trucks, pick-ups, and
buses), utility vehicles, and cars.  TML is 38.32%-owned by the
Tata Group (as of December 2009).


TATA STEEL: May Call Off Plan to Sell Corus' Teeside Plant
----------------------------------------------------------
Tata Steel is close to aborting its plan to sell the Teesside
plant of its Corus unit as high raw material prices of iron ore
and coal have made the unit unattractive for prospective buyers,
The Economic Times reports, citing a person with direct knowledge
of the development.

"It's very difficult to get people interested in Teesside now
because raw material prices are too high and there is no market
for steel yet," the report quoted the person who is part of the
negotiations with prospective buyers as saying.  "At last year's
prices, the 3-million tonne Teesside plant spends more than $500
million for raw materials," the person told ET.

The Economic Times states that this difficulty in finding buyers
will further sour relations between Tata Steel management and
Corus employees.  The report says the workers' union has been
strongly critical of the Tata Group's decision to mothball, or
temporarily close, the Teesside unit and had been looking at the
proposed sale as a way to bail out employees.  The closure has
affected about 1,600 employees at Teesside, according to The
Economic Times.

As reported by the Troubled Company Reporter-Europe on Feb. 18,
2010, Tata Steel's Corus was due to begin mothballing its Teesside
Cast Products site Feb. 12, threatening to end more than 150 years
of iron and steelmaking on Teesside and resulting in up to 3,000
job losses.  The Financial Times disclosed Corus blamed TCP's
problems on the sudden termination last year by an international
consortium of a deal by which it was to buy 78% of the steel
output from the site, which has a 3m tonnes a year capacity.  That
withdrawal, half way through a 10-year contract, undermined an
agreement by two of the consortium members -- Marcegaglia of Italy
and Dongkuk of South Korea -- to buy the plant for US$480 million,
the FT said.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                           *     *     *

Tata Steel Ltd. continues to carry a Ba2 rating from Moody's
Investors Service with stable outlook.  The rating was downgraded
from Ba3 in June 2009.


TATA STEEL: Workers at Corus' TCP Plant Mulls Strike Action
-----------------------------------------------------------
Jennifer Hill at The Scotsman reports that workers at Tata Steel's
Corus are threatening to go on strike at the Teesside Cast
Products plant in Redcar, which has been partially mothballed
following the loss of a contract.

According to the report, union officials at the TCP plant are
pressing for a ballot over the firm's "inability" to resolve the
long-term future of the site.

Around 1,500 workers are facing redundancy after an international
consortium suddenly cancelled a long-term contract to buy products
from the Redcar plant last year, the report notes.  The report
says a number of bidders are believed to be in negotiations about
taking over the site, including a local consortium.

                         About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                           *     *     *

Tata Steel Ltd. continues to carry a Ba3 corporate family rating
from Moody's Investors Service with stable outlook.  The rating
was downgraded by Moody's from Ba2 in June 2009.


TIMESPAC INDIA: ICRA Assigns 'LBB' Rating on INR27.8MM Term Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR27.8 million term loan
and INR52.1 million long term fund based limits of Timespac India
Limited.  The outlook on the long term rating is stable. ICRA has
also assigned an A4 rating to the INR18 million short term non
fund based limits of TIL.

The ratings take into consideration the weak financial profile of
TIL characterized by low profit margins, nominal cash accruals and
moderate debt coverage indicators.  The ratings also factor in the
fragmented nature of the industry, high customer and sector
concentration risks of TIL and its small size of operations, which
deprives it from the benefits of economies of scale and also
results in its weak bargaining power with both suppliers and
customers.

Currently TIL caters to the domestic cement industry with 85% of
its total sales being made to five large cement sector players and
36% of its total sales is made to one single customer, exposing it
to sector and customer concentration risks. ICRA takes note of the
high working capital intensity of TIL's operations, which results
in a tight liquidity position.  The ratings however take into
account TIL's moderate gearing, the experience of the promoters in
the packaging material industry, the company's long standing
relationship with the clients resulting in repeat orders and
recent approval for supply of food bags to the Government of
Madhya Pradesh, While assigning the ratings, ICRA has also noted
the favorable demand outlook for TIL's product, primarily driven
by the expected growth in the cement sector.

In addition, supplies to the Government of Madhya Pradesh are
expected to both diversify the client base and lower sector
concentration risk for TIL.

Timespac India Limited was established in 1999 by the Kolkata
based Agarwal family and is engaged in the manufacture of bulk
packing materials made from Polypropylene (PP).  The company is
incorporated in Kolkata and its factory is situated at Barjora,
district Bankura in West Bengal.  The company started commercial
production from September 2002 and currently has a capacity of
2300 MTPA. During FY09, TIL recorded a profit after tax (PAT) of
INR -0.2 million on an operating income of INR167.4 million.
For the year ended March 31, 2010 the company is estimated to have
reported a net profit of INR4.9 million on an operating income of
INR197.6 million.


UPAL DEVELOPERS: CRISIL Rates INR572.5MM Rupee Term Loan at 'B-'
----------------------------------------------------------------
CRISIL has assigned its 'B-/Negative' rating to Upal Developers
Pvt Ltd's term loan facility.

   Facilities                          Ratings
   ----------                          -------
   INR572.5 Million Rupee Term Loan    B-/Negative (Assigned)

The rating reflects Upal's weak financial risk profile marked by
stretched capital structure and poor debt protection measures, and
the low saleability of, and delays in, the company's project.  The
rating also reflects CRISIL's expectation that Upal will continue
to face pressure on its debt repayment ability over the medium
term, given the low expected operating cash flows because of weak
saleability of the company's mall project.  These weaknesses are
partially offset by the strong track record of Upal's promoters in
mall development.

Outlook: Negative

CRISIL believes that Upal Developers will have limited cash flows
compared to its debt obligations over the medium term, leading to
likely shortfall in debt repayments.  The outlook may be revised
to 'Stable' if saleability of the company's mall increases
significantly, thereby increasing the company's revenues and cash
accruals.  Conversely, the rating may be downgraded in case of
further cost overruns in the company's mall project, or if the
saleability of the project is lower than expected.

                       About Upal Developers

Incorporated in 2006, Upal is constructing a mall-cum-multiplex in
Lucknow (Uttar Pradesh).  The mall will be spread over 550,000
square feet, including 370,000 sq ft of leasable area.  The mall
is expected to become operational in June 2010.


VENUS SUGAR: ICRA Assigns 'LC' Rating on INR266MM Bank Debts
------------------------------------------------------------
ICRA has assigned rating of 'LC' to the INR266 million fund based
working capital limits of Venus Sugar Limited.  The non investment
grade rating reflects the weak financial performance of the
company since its inception in 1991.  High cane costs owing to low
cane availability have resulted in operating losses inmost of the
years of its operation.  This coupled with the working capital
intensive operations resulted insubstantial pressures on the
liquidity of the company which in turn resulted in delays in term
loan servicing.  Further the rating action also takes into account
the non-integrated operations that make the company completely
dependent on the sugar cycle.  VSL's profitability will also
remain impacted by agro-climatic variations, government policies
relating to cane pricing, and sugar release mechanism.  However,
rating draws comfort from the fact that a substantial portion of
the debt has been waived off.

VSL is a listed company that was incorporated on January 16, 1991
by Mr. M.P. Singh who is a B. Tech in Mechanical engineering.  Its
3500 TCD plant, which is non-integrated, is located in Chandausi,
Moradabad, UP.  The cane availability has been low in the previous
as well as current crushing seasons at close to 100,000 MT down by
almost 48% than the crushing of season of 2008.  The sugar
production was further challenged by low recovery rates of 8.72%
and 8.10% in year 2009 and 2008.  FY 2009 saw a decline in sales
volume; however the overall sales have improved from INR327.8
million in FY 2008 to INR501.2 million in FY 2009 on account of
higher sugar realizations.  However, Low cane availability
resulted in very low capacity utilization levels of 33% and 26% in
FY2009 and FY 2010 respectively which coupled with the high cane
costs resulted in operating losses.  On the capital structure
front the position of the company looks quite stressed owing to
the cumulative effect of losses which have resulted in complete
erosion of equity.  The gearing as on March 31, 2009, stands at
negative 21.65 times.


WILLIAM INDUSTRIES: Small Net Worth Cues CRISIL 'B+' Ratings
------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to William
Industries Pvt Ltd's bank facilities.

   Facilities                      Ratings
   ----------                      -------
   INR45.0 Million Cash Credit     B+/Stable (Assigned)
   INR7.6 Million Long-Term Loan   B+/Stable (Assigned)
   INR4.0 Million Bank Guarantee   P4 (Assigned)

The ratings reflect William's below-average financial risk
profile, marked by a small operational net worth, average debt
protection indicators, limited financial flexibility, and volatile
profitability, and susceptibility to labor problems and intense
competition in the socks industry.  These rating weaknesses are
partially offset by the benefits that William derives from
promoters' experience in the socks manufacturing industry.

Outlook: Stable

CRISIL believes that William will benefit from its promoter's
experience in the socks manufacturing business and its strong
clientele.  The outlook may be revised to 'Positive' if William's
profitability improves considerably on a sustained basis, or its
revenue dependence on low value-added products reduces.
Conversely, the outlook may be revised to 'Negative' if
significant reduction in revenues and profitability constrains the
company's liquidity.

                      About William Industries

Incorporated in 2004 as a private limited company, William has
been in the socks manufacturing business since 1962 as a
partnership firm. The present directors and promoters, Mr. Vivek
Juneja and Mr. Manoj Juneja, manage the company's operations.
William manufactures cotton and nylon socks for men, women and
kids under the Anchor brand and also sells it to institutions such
as ACC Ltd, Tata Motors Ltd and private labels and retail stores
such as Provogue and Big Bazaar.  The marketing and designing
activities are undertaken in-house; however, the socks are
manufactured in its group companies Narvin Chemicals Pvt Ltd (Navi
Mumbai [Maharashtra], with a capacity of 0.7 million dozen per
annum), Juneja Impex Pvt Ltd (Mumbai, with a capacity of 0.4
million dozen per annum) and Global Knits Pvt Ltd (Indore [Madhya
Pradesh], with a capacity of around 0.6 million dozen per annum).
All these group companies undertake exclusive job work for
William.

William reported a profit after tax of INR26.4 million on net
sales of INR135.4 million for 2008-09 (refers to financial year,
April 1 to March 31), against a net loss of INR10.9 million on net
sales of INR132.3 million for 2007-08.


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


ANEKA TAMBANG: Mulls Selling New Shares to Fund Expansion
---------------------------------------------------------
PT Aneka Tambang may sell new shares or do a rights issue to raise
funds for expansion, Reuters reports.

Reuters relates that Antam has started several big projects worth
up to $3 billion, including a $900 million smelter-grade alumina
project in Indonesia's West Kalimantan, and a $1.2 billion
ferronickel smelter in East Halmahera, North Maluku.

"We are studying some financing plans and one of the ideas is to
dilute the 66 percent of government shares and we will formally
register such a plan," Alwin Syah Loebis, Antam's president
director, told members of a parliamentary commission which
oversees state-owned firms on Monday, according to Reuters.

Alwin Syah Loebis said that Antam has earmarked IDR2.35 trillion
($260 million) in capital expenditure this year from its internal
funds but is also considering external funding, Reuters notes.

According to Reuters, Djaja M Tambunan, Antam's finance director,
said that the rights issue will not be conducted this year, but
possibly next year.

                          About PT Antam

PT Aneka Tambang Tbk (JAK:ANTM) -- http://www.antam.com/-- is an
Indonesia-based diversified mining and metals company.  The
Company is engaged in the mining of natural deposits,
manufacturing, trading, transportation and other related
activities.  The Company undertakes activities from exploration,
excavation, processing to marketing of nickel ore, ferronickel,
gold, silver, bauxite and iron sands.  Its nickel operations are
located in Southeast Sulawesi and North Maluku, its gold mine is
in Pongkor in West Java, while its precious metal refinery is in
Jakarta, its bauxite mine is in Riau province and its iron sands
mine is in Central Java.  Its largest bauxite deposit is located
at Tayan, West Kalimantan and its largest nickel deposit is at
Buli, North Maluku.

                           *     *     *

The company continues to carry Moody's Investors Service 'Ba3'
long-term corporate family rating.  It also carries S&P's 'B+'
ratings on long-term foreign and local issuer credit.


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


CAFES 3: Fitch Reviews Negative Watch Status on Various Trusts
--------------------------------------------------------------
Fitch Ratings has said that it will review the Rating Watch
Negative status on Cafes 3 Trust by end-May 2010.

Fitch had previously reviewed this transaction in October 2009, at
which time the class E and F trust beneficiary interests remained
on RWN pending further progress in the collection activity.

Since the last review, a loan backed by two office properties
defaulted at maturity in late October 2009.  To date, no
properties backing this defaulted loan have been sold.  Two
underlying loans will mature in late April 2010.  Fitch has not
received any information suggesting that these loans will be paid
in full at maturity.  However, the agency had previously assumed
that these loans would be collected under the stressed commercial
real estate market, to reflect time to their loan maturity.

Fitch plans to take further rating actions on this transaction by
end-May 2010 after reviewing expected recovery amounts from the
defaulted loan, the latest situation of the two loans maturing in
April and the performance of the other collateral properties.

The current ratings are:

  -- JPY17.17 billion* Class A TBIs 'AAA'; Outlook Stable;

  -- JPY2.82 billion* Class B TBIs 'A'; Outlook Negative;

  -- JPY2.25 billion* Class C TBIs 'BBB'; Outlook Negative;

  -- JPY1.78 billion* Class D TBIs 'B'; Outlook Negative;

  -- JPY0.52 billion* Class E TBIs 'CCC'; Recovery Rating of
     'RR4'; RWN;

  -- JPY0.15 billion* Class F TBIs 'CCC'; Recovery Rating of
      'RR5'; RWN; and

  -- Class X TBIs (dividend-only) 'AAA'; Outlook Stable.

  * as of April 19, 2010


JLOC 41: Moody's Reviews Ratings on Various Classes of Notes
------------------------------------------------------------
Moody's Investors Service has placed the Class A through D3 Notes
of JLOC 41, a CMBS transaction, on review for possible downgrade.
The final maturity of the Notes will take place in February 2015.

The individual rating actions are listed below.

  -- Class A, Aa2 Placed Under Review for Possible Downgrade;
     previously on July 6, 2009 Downgraded to Aa2 from Aaa

  -- Class B, A3 Placed Under Review for Possible Downgrade;
     previously on July 6, 2009 Downgraded to A3 from Aa2

  -- Class C1, Ba3 Placed Under Review for Possible Downgrade;
     previously on July 6, 2009 Downgraded to Ba3 from A2

  -- Class C2, Ba2 Placed Under Review for Possible Downgrade;
     previously on July 6, 2009 Downgraded to Ba2 from A2

  -- Class C3, Ba1 Placed Under Review for Possible Downgrade;
     previously on July 6, 2009 Downgraded to Ba1 from A2

  -- Class D1, B3 Placed Under Review for Possible Downgrade;
     previously on July 6, 2009 Downgraded to B3 from Baa2

  -- Class D2, B2 Placed Under Review for Possible Downgrade;
     previously on July 6, 2009 Downgraded to B2 from Baa2

  -- Class D3, B2 Placed Under Review for Possible Downgrade;
     previously on July 6, 2009 Downgraded to B2 from Baa2

JLOC41, effected in June 2008, represents the securitization of 3
liquidating loans.  All of the loans have defaulted and are under
special servicing; one since March 2009 and two since October
2009.  Currently, the property disposition control rights for two
loans have been granted to the controlling parties of the junior
note class; for another loan, the control period has finished.

The transaction is currently secured by 23 underlying properties.
Initially, there were 31 properties.  One property was disposed
before special servicing, and 7 after special servicing.

The rating actions reflect Moody's growing concerns about the
performance of the underlying properties.  The occupancy rates of
some properties have been deteriorating so that their rents and
cash flows are likely to decline.  Therefore, Moody's needs to
consider applying further stress in its recovery assumptions.

Moody's will receive additional performance data, including PM
reports, to review the leasing conditions and the performances of
the underlying properties.  Moody's will also review appraisal
reports.

Additionally, Moody's will continue to monitor and re-examine the
special servicer's servicing strategies, and the prospects for
collateral recovery of the specially serviced loans.


JLOC XXXIII: Fitch Affirms Ratings on All Five Classes of Notes
---------------------------------------------------------------
Fitch Ratings has affirmed all five classes of trust beneficiary
interests from JLOC XXXIII Trust due July 2013, removed the Rating
Watch Negative on Class D and revised the Outlooks on the Class B
and C TBIs.  The rating actions are:

  -- JPY2.29 billion* Class A TBIs affirmed at 'AAA'; Outlook
     Stable;

  -- JPY6.16 billion* Class B TBIs affirmed at 'AA'; Outlook
     revised to Positive from Negative;

  -- JPY5.96 billion* Class C TBIs affirmed at 'B'; Outlook
     revised to Stable from Negative;

  -- JPY5.66 billio* Class D TBIs affirmed at 'CC'; Recovery
     Rating of 'RR6'; off RWN; and

  -- Dividend-only Class X TBIs affirmed at 'AAA'; Outlook Stable.

  * as of April 16, 2010

All TBIs classes have been affirmed as a result of improved credit
enhancement for the higher rated TBIs and an unchanged view of the
credit of the class D TBIs.  Since the last review, the two
performing underlying assets went into default at their maturity
dates in November and December 2009, respectively.  This was
assumed in Fitch's previous analysis, and results in all four
remaining underlying assets being in work out following default.

Progress made in the work outs to date differs by underlying
asset, but based on activities so far, Fitch believes that it will
take time before any of the assets conclude their work out
proceedings, and any potential loan losses are realized.  The
remaining period of time of the transaction till legal final
maturity is about 39 months.

The performance over the last six months has resulted in the
significant pay-down of principal on the TBIs and underlying
loans, based on property sales prior to loan maturity and the
application of loan level excess cash flow and reserves.
Relatively stable cash flow performance at the individual property
level suggests continued redemption of principal is likely, even
if work outs proceed at a slow pace.  This will positively affect
the credit of the senior classes, and provides the basis of the
revision of the Class B Outlook to Positive from Negative.  Fitch
will continue to closely monitor the work out proceedings for each
of the four remaining assets.  The ratings on the dividend-only
Class X TBIs address only the likelihood of receiving dividend
payments, while principal on the related TBIs remain outstanding.

This transaction was originally a securitization of nine
underlying assets, of either non-recourse loans or TMK specified
bonds, and the senior portion of one TBI backed by a non-recourse
loan, ultimately backed by 110 commercial properties located
throughout Japan.  Three bonds and one loan, backed by 47
properties currently remain.


MITSUBISHI MOTORS: Cuts Profit Forecast For FY2009
--------------------------------------------------
The Japan Times reports that Mitsubishi Motors Corp. on Monday
more than halved its operating profit forecast for the financial
year that ended in March due to a decline in sales and slower than
expected cost-cutting efforts.

For fiscal 2009, the company now projects an operating profit of
JPY13.8 billion from an earlier forecast of JPY30 billion,
according to The Japan Times.  The carmaker reduced its sales
forecast to JPY1.44 trillion from JPY1.5 trillion.

The Japan Times relates Mitsubishi also said its net profit
forecast for the year ended March 31 was also revised downward to
JPY4.7 billion from an earlier-projected JPY5 billion.

According to the report, the company said it failed to fully meet
its target to reduce raw material costs and also saw a slump in
sales in some parts of Asia, Africa and Latin America.

                   About Mitsubishi Motors

Japan-based Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.com/index.html-- manufactures
automobile.  The Company, along with its subsidiaries and
associated companies, is engaged in the development, production,
purchase, sale, import and export of general and small-sized
passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
vans, trucks and automobile parts, as well as industrial machines.
It is also engaged in the checking and maintenance of new
vehicles, as well as the provision of automobile sales financing
and leasing services.

Mitsubishi Motors Corp. continues to carry Standard & Poor's Long
Term Foreign Issuer Credit and Long Term Local Issuer Credit
ratings of 'B+'.


MITSUBISHI MOTORS: Faces US$900-Mil. Lawsuit From Egyptian Dealer
-----------------------------------------------------------------
Mitsubishi Motors has been sued by its Egyptian dealer over its
decision to end its sales relationship with the group, Jonathan
Soble at The Financial Times reports.

According to the FT, Mitsubishi said Tuesday the dealer, Masria,
is seeking US$900 million in compensation -- equivalent to more
than half of Mitsubishi's net assets -- after Mitsubishi decided
not to renew its contract, which will end in July.

The FT notes that Mitsubishi said its contract with Masria allowed
it not to renew, provided it gave six months' notice, a condition
it said it has fulfilled.

                      About Mitsubishi Motors

Japan-based Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.com/index.html-- manufactures
automobile.  The Company, along with its subsidiaries and
associated companies, is engaged in the development, production,
purchase, sale, import and export of general and small-sized
passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
vans, trucks and automobile parts, as well as industrial machines.
It is also engaged in the checking and maintenance of new
vehicles, as well as the provision of automobile sales financing
and leasing services.

Mitsubishi Motors Corp. continues to carry Standard & Poor's Long
Term Foreign Issuer Credit and Long Term Local Issuer Credit
ratings of 'B+'.


OMEGA CAPITAL: S&P Downgrades Ratings on Two Notes to 'CC'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC' from 'CCC-' its
ratings on the class A1 and A2 secured multi rate notes, due 2014,
issued under the Omega Capital Investments PLC series 32
transaction.  The transaction is an arbitrage synthetic CDO
transaction referencing global names.  S&P downgraded the notes
because credit event notices have been issued under the terms of
the transaction, and the cash settlement date is scheduled on
April 21, 2010.

                          Rating Lowered

                   Omega Capital Investments PLC
                Secured multi rate notes series 32

              Class    To       From     Issue Amount
              -----    --       ----     ------------
              A1       CC       CCC-     JPY500.0 mil.
              A2       CC       CCC-     JPY300.0 mil.


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


HYNIX SEMICONDUCTOR: Mulls Refinancing of $583-Mln Bonds
--------------------------------------------------------
Hynix Semiconductor Inc. is considering options to refinance
US$583 million of convertible bonds, including a sale of new
convertible notes, Jungmin Hong at Bloomberg News reports.

Hynix spokeswoman Park Seong Hae told Bloomberg News that the
company is reviewing many ways to deal with possible put calls
from convertible bond holders.

The 4.5% notes mature Dec. 14, 2012, and investors will be able to
sell them back to Hynix on June 14, according to data compiled by
Bloomberg.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2010, Moody's Investors Service changed to stable from
negative the outlook for Hynix Semiconductor Inc's B1 corporate
family and senior unsecured bond ratings.  The rating action has
been prompted by the sharp rebound in the company's operating
performance and improved liquidity profile.

Standard & Poor's Ratings Services, on Nov. 17, 2009, revised to
stable from negative the outlook on its long-term corporate credit
rating on Hynix Semiconductor Inc. following the recovery of the
DRAM market and the company's profitability.  At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate and 'B'
senior unsecured debt ratings on Hynix.


SSANGYONG MOTOR: SM Group Keen on Acquiring Ssangyong
-----------------------------------------------------
Bloomberg News, citing the Seoul Economic Daily, reports that SM
Group of South Korea is interested in buying Ssangyong Motor Co.
to expand into small electric cars.

According to Bloomberg News, the Korean-language newspaper said
that two or three potential bidders in South Korea and abroad are
showing interest in acquiring the automaker.

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

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

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


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


OILCORP BERHAD: Delays Filing of 2009 Annual Report
---------------------------------------------------
Oilcorp Berhad has delayed the filing of its Annual Audited
Financial Statements for the financial year ended December 31,
2009.

The Board of Directors of Oilcorp said the Company will not be
able to issue its AAFS by April 30, 2010, pursuant to paragraph
9.23(2) of Bursa Malaysia Securities Berhad Main Market Listing
Requirements.  The Company had on even date applied to Bursa
Securities for an extension of time to submit the AAFS for the
financial year ended December 31, 2009 by July 31, 2010.

Reasons for failing to issue the financial statements include:

   * significant impact of Oilcorp's regularization plan on
     certain accounting issues/treatments.  The Board of
     Directors feel that it will be more appropriate to
     submit the AAFS after having the conceptual regularization
     plan finalized.  Such regularization plan is expected to be
     finalized by July 31, 2010;

   * shortage of staff as a majority of them had left.  Oilcorp
     said rehiring is difficult with its cash flow constraints
     and the current state which made it difficult to attract
     new applicants.  This resulted in the delay of management
     preparing the Company and its subsidiaries accounts as well
     as the consolidated accounts for the financial year ended
     December 31, 2009;

   * the external auditors only started their field work on
     March 8, 2010, instead of January 15, 2010, as planned
     earlier.  In addition, when external auditors requested
     for documents and information, the Group had to take a
     longer time to search and provide the supporting documents
     and information required; and

   * the Group is also engaging professional firm of valuers to
     determine the valuation of assets of the Group to assess
     impairment of assets.  The results of the valuation are
     expected to be made available only by end of April 2010.

Oilcorp said it is still working with its Principal Advisers on
the regularization plan pursuant to PN 17 of Bursa Securities' LR
and simultaneously working with the external auditors to expedite
the finalizing of the said AAFS.

The company's shares will be suspended on May 10, 2010, if Bursa
Securities does not approve the Company's application for
extension of time.

                       About Oilcorp Berhad

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

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


OILCORP BERHAD: Orix Seeks Payment of MYR53T For Unpaid Rental
--------------------------------------------------------------
OilCorp Berhad said that a Summons has been served against
Oil-Line Synergy Sdn. Bhd., an indirect wholly owned subsidiary of
the Company, by Orix Leasing Malaysia Berhad, claiming
MYR53,862.85 plus interest of 0.065% daily from December 30, 2009,
purportedly being monies due and owing for rental of a
photocopying machine.

The Summons was filed in the Kuala Lumpur Sessions Court on
March 30, 2010, and was received by OLSSB on April 14, 2010.

The matter is fixed for hearing on April 29, 2010.

                       About Oilcorp Berhad

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

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


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


BANCO DE ORO: Moody's Affirms 'D' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's has affirmed Banco De Oro Unibank's D bank financial
strength rating, Ba1/NP local currency deposit ratings and Ba3/NP
foreign currency deposit ratings on the announcement that it will
be undertaking an aggregate US$250 million equity raising.  The
outlooks for the ratings are stable.

The affirmation of BDO's ratings reflects Moody's view that the
bank's strong loan growth and potential expansion plans will
moderate improvements in Tier 1 and total capital adequacy ratios
due to the new common equity.

It also recognizes that the expected improvement in BDO's Tier 1
CAR to 10% from 8.4% and total CAR to 14% from 12.4% better aligns
its capital ratios with similarly rated peers.

While BDO's emergence from the global crisis largely unscathed is
evidence of its relatively good financial fundamentals, its level
of non-performing assets relative to equity and loan loss reserves
remains high at 32.8% as at end-2009.

Moody's estimates the new equity to lower the bank's NPA to equity
and loan loss reserves to 29%.

A lowering of this ratio by a reduction of its NPA and/or new
injection of common equity such that it is consistently below 20%
could benefit its ratings.

According to BDO's announcement, the capital raising will be
anchored by a US$150 million subscription by the International
Finance Corporation and IFC Capitalization (Equity) Fund, L.P. and
a targeted US$100 million from select institutional investors
outside the Philippines.

The last rating action on BDO was taken on July 28, 2009, when
Moody's lowered its local currency deposit ratings from
Baa2/Prime-2 to Ba1/Not Prime as a result of the change in the
systemic support assumption used in Joint-Default Analysis
application.  At the same time, its foreign currency long-term
deposit rating upgraded from B1 to Ba3 as a result of an upgrade
in the Philippines' sovereign ratings.

BDO is the Philippines' largest bank by assets.  It had total
assets of P862 billion as at December 31, 2009.


PHILIPPINE AIRLINES: Eyes Spin-Off to Avoid Bankruptcy
------------------------------------------------------
The Manila Bulletin reports that the Philippine Airlines is
spinning off its three non-core units as a last resort to avoid
bankruptcy.

PAL will spin off its three non-core units: inflight catering
services; airport services, including ground handling, cargo
handling and ramp handling; and call center reservations by
May 31, the Manila Bulletin says.

According to The Manila Standard Today, the PAL Employees Union
estimated that 2,000 to 4,000 employees assigned to those
departments could be retired.

The Manila Standard relates PAL president Jaime Bautista said
competition from overseas carriers, slower global economic growth,
and higher oil prices had prompted the airline to slash its non-
core businesses.

According to the Manila Standard, the carrier had approached
several investors but failed to secure financial help, and equity
had dropped to a worrisome US$1.1 million as of February.  "We
approached the government for help but it, too, was in dire
financial straits," the Manila Standard quoted Mr. Bautista as
saying.

The Manila Standard discloses that the airline reported a net loss
of $40.2 million in the first nine months of the fiscal year that
ended in December, from a net loss of $330.2 million a year
earlier.  The Manila Standard says PAL'S revenues rose 15% to
$1.08 billion, but expenses, at $1.1 billion, overran the cash
flow, threatening debt payments to foreign creditors.

                         Capital Infusion

The Manila Standard Today reports that PAL's announcement of a
wider outsourcing plan that would eliminate 3,500 non-core jobs is
a condition precedent to the capital-short flag carrier taking in
an unidentified airline-related company as partner.

Mr. Bautista told reporters that "PAL becomes more attractive to
investors after the spin-off [of non-core units]."

According to the Manila Standard, PAL could expect to save up to
$1 billion in operating costs if it could successfully trim its
workforce to about 4,000 by the end of the year from 7,000 now,
Bautista said.  It had around 15,000 employees in 1993 when it was
privatized and acquired by taipan Lucio Tan, the report says.

The Manila Standard says the early retirement of the 3,500
employees would cost the airline about PHP2.5 billion in
separation benefits, calculated at one month?s salary for every
year of service.

Mr. Bautista declined to name the planned foreign partner, whom he
said would be infusing new capital equivalent to at least 25% of
ownership interest, the report adds.

                     About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.


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


* Bingham Elects Three Lawyers to Partnership in Tokyo
------------------------------------------------------
Bingham McCutchen LLP has elected three lawyers to its partnership
in Tokyo.  The new partners include finance and transactional
lawyers Kenji Hirooka and Ryota Sekine, and labor and employment
lawyer Takaharu Matsumura.

"Our Tokyo office handles numerous major restructuring, M&A,
litigation and employment matters," said Bingham Chairman Jay S.
Zimmerman.  "The elevation of these talented lawyers to the
partnership in Tokyo further strengthens our global capability and
signifies our continued investment in Japan and Asia as a whole."

Added Hideyuki Sakai, managing partner of Bingham's Tokyo office:
"We are all proud to see three new partners elected in Tokyo, and
we look forward to working with them to build an even more dynamic
office."  Sakai also noted the arrivals of New York-based
corporate partner Brian Beglin and Hartford, Conn.-based financial
restructuring partner Mark Deveno to Tokyo as further proof of
Bingham's commitment to that office.

Bingham's Tokyo office consists of more than 70 lawyers (most of
whom are Japanese bengoshi), making it one of the largest foreign
law firms in Japan.  The office provides a full range of business
law services, including domestic and large-scale, cross-border
financial restructurings, corporate, M&A, finance, financial
regulatory, intellectual property, antitrust, litigation,
employment and real estate.

Mr. Hirooka has worked on numerous cross-border restructurings,
Japanese M&A, and private equity fund deals.  He also advises on
regulatory matters in connection with investments and recently
completed a tender offer bid and subsequent squeeze-out
transaction.  He joined the firm in 2008 from O'Melveny & Myers
Tokyo. He is a 2006 graduate of Cambridge University, a 2004
graduate of University of Southern California Law School, and a
1997 graduate of University of Tokyo Faculty of Law, and was
admitted to practice as a Japanese (bengoshi) lawyer in 2000 and
in New York in 2005.

Mr. Matsumura has worked on a wide range of employment matters in
the Tokyo office.  His labor law experience includes providing
advice on labor issues related to restructuring and labor union
matters.  He also advises on general corporate law matters,
including M&A and the financial instruments/exchange law. He is a
1994 graduate of the Chuo University Law Department, and was
admitted as a Japanese (bengoshi) lawyer to practice in 2000.

Mr. Sekine has worked on a wide range of complex financial
restructurings, M&A, and financings, in particular mezzanine
financings through preferred shares.  He focuses on equity
transactions and recently completed a complex going private
transaction. Sekine joined the Tokyo office in September 2008 from
O'Melveny & Myers Tokyo.  He is a 2005 graduate of Duke University
School of Law, and a 1995 graduate of Waseda University School of
Law.  He was admitted as a Japanese (bengoshi) lawyer in 2000 and
admitted in New York in 2006.

Bingham McCutchen LLP offers a broad range of market-leading
practices focused on global financial services firms and Fortune
100 companies.  The firm has 1,100 lawyers in 12 locations in the
United States, United Kingdom and Asia.


* INSOL Discloses Global Insolvency Practice 2nd Graduating Class
------------------------------------------------------------------
INSOL International discloses the second graduating class of its
Global Insolvency Practice Course.  These successful participants
are now formally recognized as a Fellow, INSOL International:

-- Justin Cadman, McLaren Knight, Australia;

-- Mathew Clingerman, Krys & Associates (Cayman) Ltd., Cayman
    Islands;

-- Jane Dietrich, Fraser Milner Casgrain LLP, Canada;

-- Stewart Maiden, Barrister, Owen Dixon Chambers West,
    Australia;

-- Craig Martin, Edwards Angell Palmer & Dodge LLP, USA;

-- James Pomeroy, PricewaterhouseCoopers Inc., Canada;

-- Stathis Potamitis, Potamitisvakris, Greece;

-- Nicolaes Tollenaar, RESOR N.V., The Netherlands; and

-- Farrington Yates, Sonnenschein Nath & Rosenthal LLP, USA.

The Global Insolvency Practice Course is the pre-eminent advanced
educational qualification focusing on international insolvency.

INSOL says, "With the fast growing number of cross-border
insolvency cases and the adoption in many jurisdictions of
international insolvency rules and provisions, the turnaround and
insolvency profession faces increasing challenges in the current
economic environment.  The current outlook demonstrates that the
practitioners of tomorrow need to have extensive knowledge of the
transnational and international aspects of legal and financial
problems of businesses in distress."

According to INSOL, the format of the fellowship program is
intensive, carried out over three modules.  The first module was
held in London from October 23 to 25 2009 at University College
London.  The second module took place in Dubai from February 19
to February 21, 2010, prior to the INSOL annual conference.  The
last module involved the students utilizing web enabled technology
which included a virtual court and undertaking real time
negotiations for a restructuring plan involving multiple
jurisdictions. The platform for this module was made
available through the support of the University of British
Columbia, Vancouver, Canada.  A number of senior judges from
around the world took part in Module C in order for the
participants to gain experience of court to court situations.  The
judges included The Hon. Robert Drain, US Bankruptcy Judge,
Southern District of New York; The Hon. Sir David Richards,
Justice of the High Court, Chancery Division, Royal Courts of
Justice, London; The Hon. Justice David Tysoe, Justice of the
British Columbia Court of Appeal, Vancouver, Canada; The Hon.
Judge Jean-Luc Vallens, Magistrat, Cour Commerciale, Strasbourg,
France; The Hon. Justice Rajiv Shakdher, High Court of Delhi,
India; The Hon. James Farley, retired, Ontario Superior Court of
Justice (Commercial List), Toronto, Canada.

Admission to the course is limited to a maximum of 20 candidates
each year.  "This ensures academic excellence and the opportunity
for good personal contact between students and faculty.  Potential
candidates must already hold a degree or equivalent to be
considered for this program and must have a minimum of five years
experience in the field.  Participants represent the different
jurisdictions of the World," INSOL states.

Mahesh Uttamchandani, Global Product Leader, Insolvency,
Investment Climate Advisory Services, World Bank Group, says, "The
fellowship program is a very rewarding investment towards a
successful career, both through helping the development of
professional skills and through fostering a greater understanding
of different jurisdictions' cultures and systems."

Professor Ian Fletcher of University College London, a member of
the Core Committee responsible for planning the program, states,
"Designed and taught by an international Faculty of highly
distinguished experts, the INSOL Fellowship Program offers a
unique learning experience.  It answers a long-felt demand for a
benchmark qualification to identify those practitioners who are in
the front rank of transnational insolvency practice in today's
challenging global market place."

"In this current period of global economic crisis, with continuing
constraints on capital availability, it is even more important for
those involved in assisting both corporates and lenders to have a
strong understanding of the differences in approaches to
restructuring and insolvency that are likely to be encountered in
resolving multinational organizations.  This course, drawing on
leading lecturers from around the world, brings together both the
financial and legal aspects that must be understood in tackling
such cases," Sumant Batra, President of INSOL, says.

Farrington Yates, Sonnenschein Nath & Rosenthal LLP, Fellow, INSOL
International, states, "The program exceeded my expectations for
level of instruction, content, and the commitment of my fellow
participants.  It has been a pleasure to be part of this class"

Stathis Potamitis, Potamitisvakris, Fellow, INSOL International,
says, "I found the course remarkably rewarding and interesting and
the final module was perhaps the richest part of the course,
overall.  I consider myself fortunate to have had the opportunity
to participate.  I also found my fellow fellows a wonderful group,
knowledgeable, friendly and energetic.  The Faculty was obviously
excellent, as were the judges.  Overall, this course seems far
better than other offerings I have come across."

Justin Cadman, McLaren Knight, Fellow, INSOL International states,
"The whole course was professionally run and administrated from
start to finish.  INSOL International should be very proud of the
course facilitators, support staff and lecturers -? it was their
drive and commitment to the course that I think makes it such an
informative yet pleasurable learning experience.  Keep up the
great work -? I will be recommending the course whenever I can."

INSOL International -- http://www.insol.org-- is a worldwide
federation of national associations of accountants and lawyers who
specialize in turnaround and insolvency.  It was formed in 1982.
There are currently 40 Member Associations with over 9,500
professionals participating as members.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Apr. 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York City
       Contact: http://www.turnaround.org/

Apr. 29, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts - East
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
THE COMMERICAL LAW LEAGUE OF AMERICA
    Midwestern Meeting & National Convention
       Westin Michigan Avenue, Chicago, Ill.
          Contact: 1-312-781-2000 or http://www.clla.org/

May 21, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts - NYC
       Alexander Hamilton Custom House, SDNY, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 24, 2010
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York, NY
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 3, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Atlanta Consumer Bankruptcy Skills Training
       Georgia State Bar Building, Atlanta, Ga.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Hawai.i Bankruptcy Workshop
       The Fairmont Orchid, Big Island, Hawaii
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    ABI/NYIC Golf and Tennis Fundraiser
       Maplewood Golf Club, Maplewood, N.J.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 20, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Fordham Law School, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southwest Bankruptcy Conference
       Four Seasons Las Vegas, Las Vegas, Nev.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    ABI/UMKC Midwestern Bankruptcy Institute
       Kansas City Marriott Downtown, Kansas City, Kan.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Chicago Consumer Bankruptcy Conference
       Standard Club, Chicago, Ill.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Hilton New Orleans Riverside, New Orleans, La.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    International Insolvency Symposium
       The Savoy, London, England
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Delaware Views from the Bench and Bankruptcy Bar
       Hotel du Pont, Wilmington, Del.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Detroit Consumer Bankruptcy Conference
       Hyatt Regency Dearborn, Dearborn, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       Camelback Inn, a JW Marriott Resort & Spa,
       Scottsdale, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Rocky Mountain Bankruptcy Conference
       Westin Tabor Center, Denver, Colo.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
             Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Hyatt Regency Newport, Newport, R.I.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hotel Hershey, Hershey, Pa.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Tampa Convention Center, Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Ritz-Carlton Amelia Island, Amelia Island, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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

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

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


                            *********


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

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

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

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

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





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