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                     A S I A   P A C I F I C

           Friday, April 23, 2010, Vol. 13, No. 079

                            Headlines



A U S T R A L I A

GRIFFIN COAL: Opens Data Room to Potential Buyers
LIVING EDGE: Receivers Get Non-binding Offer From Herman Miller
METAL STORM: Posts US$11MM 2009 Net Loss; Has Going Concern Doubt
PARAGON PRINTING: Administrators in Talks with Potential Buyers
SAFETY MEDICAL: Administrators Seek Buyers for SMP Group's Assets

SIGMA PHARMACEUTICALS: Faces $200 Million Suit From Shareholders


C H I N A

AGILE PROPERTY: Moody's Assigns 'Ba3' Rating on Senior Notes
AGILE PROPERTY: S&P Assigns 'BB' Rating on Senior Unsecured Notes
CHINA DU: Keith Zhen Raises Going Concern Doubt
HUNAN TAIZINAI: Chairman Set to Oppose Liquidation
TONGJI HEALTHCARE: Kabani & Company Raises Going Concern Doubt


H O N G  K O N G

CHINA DIGITAL: Bongiovanni & Associates Raises Going Concern Doubt
FOOD THERAPY: Members' and Creditors Final Meeting Set for May 20
LEESPEED COMPANY: Members' Final Meeting Set for May 17
LEHMAN BROTHERS: HKMA Says Probe of Minibond Complaints Resolved
LUCKY BIRD: Yeung Kam Hoi Steps Down as Liquidator

MAX PACIFIC: Yeung Kam Hoi Steps Down as Liquidator
MAXGEAR INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator
MOUNTAIN DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator
PEAKSTAR COMPANY: Yeung Kam Hoi Steps Down as Liquidator
POLYGON INVESTMENT: Members' Final Meeting Set for May 17

PRETTYLOT COMPANY: Creditors' Proofs of Debt Due May 17
REGENT BONUS: Jacky Chung Wing Muk Steps Down as Liquidator
REO LIMITED: Yeung Kam Hoi Steps Down as Liquidator
ROUNDTABLE HK: Placed Under Voluntary Wind-Up Proceedings
SEVEN SHARDS: Seng and Lo Step Down as Liquidators

SCANBA LIMITED: Members' Final Meeting Set for May 20
SCRAP POWER: Placed Under Voluntary Wind-Up Proceedings
S.G.S PRODUCTS: Creditors' Proofs of Debt Due May 18
SOLID BLISS: Yeung Kam Hoi Steps Down as Liquidator
SYNDICA LIMITED: Members' Final Meeting Set for May 20

TITAN PETROCHEMICALS: S&P Retains 'CC' Rating and Negative Outlook
TOPASIA INTERNATIONAL: Members' Final Meeting Set for May 24
TRANS-GLOBAL (ASIA): Placed Under Voluntary Wind-Up Proceedings
TRI LONG: Creditors' Proofs of Debt Due May 20
ULTIMATE QUEST: Blaauw and Osborn Step Down as Liquidators

UOB FINANCE: Members' Final Meeting Set for May 17
WASHINGTON MUTUAL: Moyes and Yeung Step Down as Liquidators
WHOLLY BEST: Yeung Kam Hoi Steps Down as Liquidator
WORLD UNIVERSAL: Jacky Chung Wing Muk Steps Down as Liquidator
ZAREMBO LIMITED: Members' Final Meeting Set for May 20


I N D I A

ABRAHAM MEMORIAL: CRISIL Rates INR241.8 Mil. LT Loan at 'B-'
ADANI AGRIFRESH: ICRA Assigns 'LBB+' Rating on INR921.3MM Loan
AGSONS AGENCIES: ICRA Assigns 'LBB' Rating on INR40MM Term Loans
C. P. & ASSOCIATES: Weak Liquidity Cues CRISIL Junk Ratings
CONTROLS AND SCHEMATICS: ICRA Rates INR20MM Bank Debts at 'LBB'

DHARAMPAL PREMCHAND: CRISIL Cuts Ratings on Various Bank Ratings
DIVYA JYOTI: CARE Assigns 'CARE BB' Rating on INR8.55cr LT Loan
EPICENTER TECHNOLOGIES: ICRA Places 'LB+' Rating on INR147.5M Loan
ESGI LEATHER: CRISIL Assigns 'D' Ratings on INR10.2MM Term Loan
G. SHANKAR: ICRA Assigns 'LBB' Rating on INR300MM Bank Facilities

GARGO MOTORS: CRISIL Rates INR60 Mil. Cash Credit at 'B+/Stable'
IND-BARATH THERMAL: CARE Assigns 'CARE B' Rating on Term Loan
LGW LIMITED: CRISIL Assigns Junk Ratings on Various Bank Debts
MABEL ENGINEERS: ICRA Places 'LBB-' Rating on INR35MM Term Loan
RATHI DYE: CRISIL Assigns 'BB' Ratings on INR13.90 Mil. Term Loan

SHAMILI HYDEL: ICRA Places 'LBB+' Rating on INR282.2MM LT Loans
TATA MOTORS: May Surpass Hyundai in India as Nano Factory Opens
WAAREE ENERGIES: ICRA Places 'LBB' Rating on INR83MM Term Loan


I N D O N E S I A

BANK CIMB: Fitch Assigns Expected Rating on Subordinated Debt
BAKRIE TELECOM: Fitch Assigns Issuer Default Ratings at 'B'
BAKRIE TELECOM: S&P Assigns 'B' Long-Term Corporate Credit Rating


J A P A N

JAPAN AIRLINES: Holders of Credit-Default Swaps May Recoup 83%
L-JAC 7: Moody's Takes Rating Actions on Various Classes of Notes
OMEGA CAPITAL: S&P Downgrades Ratings on Secured Notes to 'D'
ORIX-NRL TRUST: Moody's Changes Ratings on Various Certificates


K O R E A

HYNIX SEMICONDUCTOR: Posts KRW822B Net Income in Q1 Ended March 31
KUMHO ASIANA: Kumho Tire Creditors to Swap Debt Into Shares


N E W  Z E A L A N D

NUPLEX INDUSTRIES: Shares May Have Fallen 30% on Covenant Breach
PERPETUAL TRUSTEE: S&P Raises Ratings on Five Subprime RMBS
RURAL PORTFOLIO: Sells 6.39% Stake in PGG Wrightson


P H I L I P P I N E S

LEPANTO CONSOLIDATED: To Invest PHP600 Mil. in Benguet Mine


T A I W A N

TAIWAN POWER: Auctions Off NT$11.6 Billion in Corporate Bonds


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


GRIFFIN COAL: Opens Data Room to Potential Buyers
-------------------------------------------------
Griffin Coal Mining Co.'s sale advisers Macquarie Bank and UBS
have allowed potential buyers interested in buying the company's
assets to enter a dataroom in the next few weeks, Rebecca Keenan
at the Australian reports.

According to the Australian, administrator Brian McMaster of
KordaMentha, said interested parties for Griffin Group's assets
included coalminers, power generators and investors from around
the world, including from China and India.

The Australian also says the Federal Court in Perth granted a
request from the administrator to extend the deadline for a second
creditors' meeting until September 28.

Prospective buyers would submit offers in the next few months and
the sale process would be finalized at the creditors' meeting, the
report notes.

Based in Australia, The Griffin Coal Mining Company Pty Ltd --
http://www.griffincoal.com.au/-- is engaged in coal mining and
processing.  Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth.  The Company is
producing more than three million tons of coal per year.  Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham
Mine.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
January 4, 2010, Griffin Coal Mining Co. appointed Kordamentha as
Administrator.  The coal supplier defaulted on an interest payment
in December 2009 to bondholders owed US$475 million and also
missed a payment to Australia's tax authority.


LIVING EDGE: Receivers Get Non-binding Offer From Herman Miller
---------------------------------------------------------------
The Receivers & Managers of The Living Edge Group Pty Ltd. said
they have received a non-binding offer for the business from major
supplier, Herman Miller (Aust) Pty Ltd.

McGrathNicol said the non-binding offer, which remains subject to
due diligence, contemplates an acquisition of the Living Edge
business by April 30, 2010, including the existing customer
contracts on hand which Herman Miller intends to fulfill, should
the acquisition proceed.

"Herman Miller has agreed interim arrangements with the Receivers
& Managers to ensure continued trading to April 30, 2010," the
receivers said.

"This non-binding offer signifies Herman Miller's commitment to
both existing and prospective customers in the Australian market
and the architectural and design community.  The Receivers &
Managers are pleased to have received this interest from Herman
Miller which offers the opportunity of continuity for employees
and other stakeholders.

"The Receivers & Managers will continue to explore interest from
other parties in parallel and on an accelerated basis,"
McGrathNicol said.

The Living Edge Group Pty Ltd -- http://www.livingedge.com.au/--
is an Australian owned company that supplies high design
furniture.  The company has showrooms in Sydney, Melbourne,
Brisbane, Perth, Canberra and Adelaide.

Keith Crawford and Matthew Caddy of McGrathNicol were appointed
Receivers and Managers of the company by its secured lender
National Australia Bank on April 12, 2010.

Mr. Crawford said "Our objective is to work constructively with
Living Edge's stakeholders to stabilize and prepare the business
for sale."


METAL STORM: Posts US$11MM 2009 Net Loss; Has Going Concern Doubt
-----------------------------------------------------------------
Metal Storm Ltd. disclosed its annual financial report for the
year ended December 31, 2009.  The Company reported a net loss of
US$11,307,664 on US$1,112,481 of revenue for 2009, compared with a
net loss of US$10,656,003 on US$2,201,331 of revenue for 2008.

The Company's balance sheet as of December 31, 2009, showed
US$829,640 in assets and US$20,030,644 in debts resulting in
US$19,201,004 in stockholders' deficit.

The Company's balance sheet as of December 31, 2009, also showed
strained liquidity with US$376,634 in total current assets
available to pay US$20,006,958 in total current liabilities.

The Company said there is significant uncertainty in regards to
its ability to continue as a going concern for the next 12 months
and, therefore whether the Company will realize its assets and
settle liabilities at amounts different from those stated in the
financial statements.  To reduce or eliminate this uncertainty and
continue operating for the next 12 months, the Company will
continue to seek new or additional sources of funding.  The
Company has successfully conducted a number of small equity
placements during 2009 and is actively working to source a more
substantial capital investment.  In addition, management intends
to focus on careful management of costs associated with business
operations and product development.

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

               http://ResearchArchives.com/t/s?608a

                         About Metal Storm

Metal Storm Limited (ASX:MST) (PINKSHEETS: MTSXY) --
http://www.metalstorm.com/-- is a defense technology company with
offices in Australia and the United States.  The Company
specializes in the research, design, development and integration
of projectile launching systems utilizing its electronically
initiated / stacked projectile technology for use in the defense,
homeland security, law enforcement and industrial markets.  Metal
Storm has entered into a number of partnerships with companies,
including Singapore Technologies Kinetics (STK), iRobot, Electro
Optic Systems, and Defence Technologies Inc., where partners
provide capabilities, such as manufacturing, complementary
technology, or access to markets in areas where Metal Storm is not
active.


PARAGON PRINTING: Administrators in Talks with Potential Buyers
---------------------------------------------------------------
ProPrint reports that creditors and workers of Paragon Printing
have voted to place the company in liquidation on the
recommendation of administrators Hall Chadwick.

Administrator Blair Pleash told ProPrint that liquidation was the
best option left to creditors, as the other two options --
accepting a deed of company arrangement (DOCA) or taking Paragon
out of administration and returning it to directors' control --
were not in the best interests of the company.  Mr. Pleash said
the liquidation was more of a formality as part of the sales
process, the report notes.

According to the report, administrators are still in negotiations
with a potential buyer for the company, believed to be Victorian
printer Ducor.

"We're still selling the business as a going concern, and we're
still trading it as a going concern," Mr. Pleash told ProPrint.

The Australian Manufacturing Workers Union, which is said to be
involved in the negotiations, said it hoped a sale to be finalized
by April 27, the report notes.

ProPrint, meanwhile, says the union is currently organizing a
march on the offices of the Australian Securities and Investments
Commission on April 30 to protest a lack of action against Paragon
director Amir Hyster, who left the country shortly after placing
Paragon in administration.

Paragon Printing Ltd is an Albury-Wodonga-based printing company.

Hall Chadwick partners Richard Albarran, Blair Pleash and David
Ross have been appointed as administrators of Paragon Printing
Limited, M10 Group Pty Limited, RRR Don 6 Pty Limited (formerly
RRD Pty Limited), KKKESEF Manger 88 Limited (formerly Kesef
Management Limited and MBSA Limited), RRR Don 96 Pty Limited
(formerly RR Donnelley Pty Limited), NXA Pty Limited and MMMM
Office 69 Pty Limited (formerly Moore Office Pty Limited).

KKKESEF Manger 88 provides internal management support to Paragon
Printing and MMMM Office 69 while the other entities do not trade.


SAFETY MEDICAL: Administrators Seek Buyers for SMP Group's Assets
-----------------------------------------------------------------
The administrators acting for the SMP Group are seeking urgent
expressions of interest for the recapitalization or purchase of
the business and assets of the Group, comprising:

* Safety Medical Products Ltd. -- an ASX-listed company involved
   in the development and sale of retractable syringes and medical
   products.  Separate interest is also sought for the listed
   shell;

* Pureste Pty Ltd. -- a 50% subsidiary involved in the
   distribution of Australia's only sterilized tampons, pads and
   liners;

* Baratex Pty Ltd (trading as Procontrol Systems) -- a 100%
   subsidiary specializing in automation engineering and
   technology; and

* Innovative products and associated intellectual property
   include retractable Syringe (patent pending), Meditag, one
   handed medical and stationary tape dispensers, disposable
   thermometers, surgical face masks, Exel product line
   including insulin syringes and pen needles.

The SMP Group operates from leased premises in Salisbury Plain,
South Australia and is a manufacturer and marketer of the
Securetouch(TM), single use manual retractable safety syringe as
the Safetymed flagship product.  The SMP Group owns the
Intellectual Property associated with this and is in possession of
the specialized assembly machine used to assemble and package the
single-use Securetouch(TM) devices.

Urgent expressions of interest are sought by 5:00 p.m. on
April 29, 2010.  Interested parties may obtain further information
subject to execution of a Confidentiality Agreement, from
McGrathNicol.

Safety Medical Products Ltd was placed in voluntary administration
on April 15, 2010.  Sam Davies and Rob Kirman of McGrathnicol were
appointed as the company's voluntary administrators.

The Board of SafetyMed said the move was taken as a result of
recent negotiations with potential investors not materializing.

                       About Safety Medical

Based in Australia, Safety Medical Products Limited (ASX:SFP) --
http://www.safetymed.com.au/-- is primarily involved in the
development, manufacture and commercialization of medical
products, printing and distribution of products for the
pharmaceutical industry, and the provision of industrial control
and automation systems, machine vision, robotics and turn-key
solutions.  It operates in three business segments: Safety Medical
Products, which is engaged in the development, production and
commercialization of a range of medical products, focusing
principally on the SecureTouch single use manual retractable
safety syringe; ProControl Systems, which is engaged in the
provision of specialist industrial control and automation systems,
machine vision, robotics and turn-key solutions for large and
small industrial businesses, and Bagot Press, which is a
manufacturer and supplier of specialist printing and general
consumables to the pharmaceutical industry.


SIGMA PHARMACEUTICALS: Faces $200 Million Suit From Shareholders
----------------------------------------------------------------
Sigma Pharmaceuticals Ltd. may face a damages claim of more than
$200 million from shareholders over its annual loss and alleged
breach of continuous disclosure obligations, The Sydney Morning
Herald reports.

Tom Tarasewicz, the vice-president of the US litigation funder
Comprehensive Legal Funding, said his firm had been approached
last month by Australian institutional shareholders in Sigma, who
were concerned about the company's long trading halt and the end-
of-year adjustments it was about to make to its 2010 accounts.

According to the report, Mr. Tarasewicz said law firm Slater &
Gordon was still several weeks from finalizing its investigation
into Sigma's financial woes, which included nearly $500 million in
goodwill write-downs, but said that at this stage the shareholder
case looked strong.

A damages bill above $200 million would be nearly half of Sigma's
market capitalization of $572 million or almost three times its
2009 full-year profit, the Herald notes.

Based in Australia, Sigma Pharmaceuticals Limited (ASX:SIP) --
http://www.sigmaco.com-- is engaged in the manufacture, marketing
and wholesale distribution of pharmaceutical products through the
pharmacy and grocery channels and the provision of services to
retail pharmacists.  Its Pharmaceuticals segment includes the
manufacture or contract manufacture for Australian and overseas
customers.  The Company's Healthcare segment represents its
traditional pharmacy wholesale business. Its subsidiaries include
Chemist Club Pty Limited, Sigma Company Limited, Amcal Pty.
Limited, Commonwealth Drug Company Pty. Ltd., Fawns & McAllan
Proprietary Limited, Guardian Pharmacies Australia Pty. Ltd and
Sigma Finance Pty. Ltd.  On October 2, 2009, the Company acquired
some parts of the Australian business operations of Bristol Myers
Squibb Australia (BMSA) and associated assets (BMS Australian
Business).  The BMS Australian Business consists of the
pharmaceutical and technical operations division, which operates
out of BMS Australia's Noble Park facility.


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C H I N A
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AGILE PROPERTY: Moody's Assigns 'Ba3' Rating on Senior Notes
------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Agile
Property Holdings Ltd's proposed US$ senior unsecured notes.  At
the same time, Moody's has affirmed Agile's Ba3 corporate family
rating.  The rating outlook is positive.

Proceeds from the proposed US$ bonds are intended to refinance
Agile's US$400 million bonds due 2013 and to fund existing and new
property projects.

"The proposed bond issuance is in line with Moody's expectation
that Agile will have to incur new debt to fund its growth target
in 2010 and refinance existing borrowings," says Kaven Tsang, a
Moody's AVP/Analyst.

"Meanwhile, Agile's financial results for 2009 and the pre-sale
for 1Q 2010 are also consistent with Moody's expectations, and
continue to support its relatively strong credit profile when
compared with other Ba3 rated property peers," adds Tsang, also
Moody's Lead Analyst for the company.

"Additionally, Agile's Ba3 rating continues to reflect its
established market position in China's economically strong Pearl
River Delta, track record of cautious expansion, and prudent
financial management," he adds.

At the same time, Agile's rating position is tempered by the high
concentration of its development business in Guangdong Province,
as well as the uncertain and evolving character of the operating
environment in the China property market.

The positive outlook reflects Agile's demonstrated ability to
sustain its credit profile through the difficult market conditions
in 2H 2008 and 1Q 2009, and its prudent management of its growth.

Upward rating pressure could emerge if Agile 1) consistently
achieves its planned sales; 2) continues to demonstrate strong
financial discipline and prudently monitors its business and
financial risks; and 3) maintains a sound liquidity profile.

Moody's would regard EBITDA/interest coverage consistently above
5-6x and adjusted leverage below 45% as indications of a potential
rating upgrade.

The outlook could return to stable if Agile (1) experiences
declining sales and profit margins because of a significant
downturn in China's property market; (2) materially raises
development costs without a corresponding rise in cash inflow;
and/or (3) executes an aggressive land acquisition plan beyond
Moody's expectations, such that its balance sheet becomes more
leveraged, with adjusted leverage above 50% and/or EBITDA/interest
under 4-5x.

In addition, the bond rating will be downgraded by one notch to
reflect the risk of subordination if there is evidence that Agile
has increased its onshore borrowings, such that secured and
subsidiary debt consistently exceeds 15% of total assets on a
sustained basis.

The last rating action on Agile was on 27 October 2009 when
Moody's assigned a Ba3 rating to Agile's US$ bond issuance.

Agile Property Holdings Ltd is one of China's major property
developers targeting the mid-to-high-end segment.  It has a land
bank with gross floor area of around 30.7 million sqm.


AGILE PROPERTY: S&P Assigns 'BB' Rating on Senior Unsecured Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue rating
to the proposed issue of U.S.-dollar-denominated senior unsecured
notes by Agile Property Holdings Ltd. (BB/Stable/--).

The issue rating is subject to S&P's review of the final terms and
conditions of the proposed notes.  The proceeds will be used to
finance the redemption of Agile's existing US$400 million 9%
senior unsecured notes due Sept. 22, 2013, and for general
corporate purposes or transaction-related fees and expenses.  S&P
expects the terms and conditions of the proposed issue to be
similar to the outstanding US$400 million notes, but with
increased flexibility to take on subsidiary debt.

Agile is also seeking to amend bond covenants for its outstanding
US$300 million 10% senior unsecured notes due Nov. 14, 2016.  S&P
believes the amendment will give Agile additional financial
flexibility because the company and its subsidiaries could take on
additional debt.  Nevertheless, this flexibility may increase the
proposed notes' subordination risk.  The issue rating is not one
notch lower than the rating on Agile as S&P believes the
subsidiary debt ratio to total asset ratio is likely to stay blow
S&P's threshold in the next 12 months.

S&P expects Agile's debt level to increase further in 2010, given
its ongoing land acquisition activities and the ramp-up of
property construction.  S&P has incorporated this expectation into
the rating on Agile.  S&P believes the proposed notes and
potential covenant change will exert limited pressure on the
company's overall financing costs and gearing level.  This is
because S&P view the proposed issuance as an exchange for the
US$400 million notes and the change in covenant as purely
opportune.

The outlook for China's real estate market is less certain this
year due to a tightening of Chinese government policy, but the
good visibility over Agile's financial performance in 2010 tempers
this risk.  The company had locked in 40% of its total expected
gross floor area sales for 2010 as at the end of March 2010.  This
combined with Agile's consistent financial management has somewhat
lowered the risk associated with its higher capital spending in
2010.  S&P expects Agile to maintain a minimum cash level of no
less than RMB2 billion, with a ratio of total debt to EBTIDA of
less than 4x, and EBITDA interest coverage above 3x over the next
24 months.


CHINA DU: Keith Zhen Raises Going Concern Doubt
-----------------------------------------------
China Du Kang Co., Ltd., filed on April 14, 2010, its annual
report on Form 10-K for the year ended December 31, 2009.

Keith Z. Zhen, CPA, in Brooklyn, N.Y., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditor noted that the Company has incurred an
operating loss in 2009 and 2008 and has a working capital
deficiency and a shareholders' deficiency as of December 31, 2009.
The Company reported a net loss of US$532,075 on US$1,987,659 of
revenue for 2009, compared with a net loss of US$1,502,067 on
US$1,143,195 of revenue for 2008.

The Company's balance sheet as of December 31, 2009, showed
US$9,867,391 in assets and of US$16,999,234 of debts, for a
stockholders' deficit of US$7,131,843.

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

               http://researcharchives.com/t/s?606d

Headquartered in Shaanxi, PRC, China Du Kang Co., Ltd. (OTC: CDKG)
was incorporated as U.S. Power Systems, Inc. in the State of
Nevada on January 16, 1987.  The Company manufactures, sells,
licenses and distributes a proprietary line of white wines that
are generally known in China under the heading Du Kang.  Du Kang
is a generic description, like "vodka" or "merlot" and is one of
the most famous Chinese white wine brands.


HUNAN TAIZINAI: Chairman Set to Oppose Liquidation
--------------------------------------------------
The chairman of dairy group Hunan Taizinai is set to oppose the
company's liquidation, Reuters reports citing a source direct
knowledge of the matter.

"Taizinai's chairman, Li Tuchun, is expected to resist the
liquidation proposal, because he wants to get his business back,"
the source told Reuters.

As reported in the Troubled Company Reporter-Asia Pacific on
April 16, 2010, Dow Jones Newswires said Hunan Taizinai Group,
backed by U.K. private equity firm Actis, Morgan Stanley, and
Goldman Sachs Group Inc., has gone into provisional liquidation
leaving its equity holders with a potential loss on their stakes.

The Grand Court of the Cayman Islands appointed Hong Kong
accountant Borrelli Walsh as provisional liquidator of the
company.

According to Reuters, sources said liquidators are currently
trying to carve out a framework agreement with the Hunan
provincial government in China and Taizinai's creditors to push
ahead with the liquidation plans.

Dow Jones' source said the company also owes creditors more than
CNY300 million.  The report says the company has a syndicate loan
with five banks: Royal Bank of Scotland Group PLC, Singapore's DBS
Group Holdings and Citigroup Inc., as well as two domestic banks.

                     About Hunan Taizinai

Hunan Taizinai Group Co., Ltd. produces probiotic dairy products,
drinking yogurt, milk-based health drinks, and lactobacillus dairy
drinks in China.  The company was founded in 1996 and is based in
Hunan, China.


TONGJI HEALTHCARE: Kabani & Company Raises Going Concern Doubt
--------------------------------------------------------------
Tongji Healthcare Group, Inc., filed on April 14, 2010, its annual
report on Form 10-K for the year ended December 31, 2009.

Kabani & Company, Inc., in Los Angeles, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that of the Company's significant
operating losses and insufficient capital.

The Company's balance sheet as of December 31, 2009, showed
US$5,886,584 in assets, US$5,703,685 of debts, and US$182,899 of
stockholders' equity.

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

               http://researcharchives.com/t/s?606b

Based in Guangxi, People's Republic of China, Tongji Healthcare
Group, Inc. was incorporated in the State of Nevada on
December 19, 2006.  The Company operates Nanning Tongji Hospital,
a general hospital with 105 licensed beds in Nanning in the
province of Guangxi, PRC.


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H O N G  K O N G
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CHINA DIGITAL: Bongiovanni & Associates Raises Going Concern Doubt
------------------------------------------------------------------
China Digital Media Corporation filed on April 14, 2010, its
annual report on Form 10-K for the year ended December 31, 2009.

Bongiovanni & Associates, CPA's, in Cornelius, N.C., expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
had an accumulated deficit of US$12,136,140 and a working capital
deficiency of US$9,905,650 at December 31, 2009.

The Company reported net income of US$2,210,139 on US$9,525,141 of
revenue for 2009, compared with a net loss of US$13,375,575 on
US$7,290,344 of revenue for 2008.

The Company's balance sheet as of December 31, 200, showed
$25,711,723 in assets, $19,351,627 of debts, and $6,360,096 of
stockholders' equity.

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

               http://researcharchives.com/t/s?606f

Headquartered in E. Kowloon, Hong Kong, China Digital Media
Corporation was previously known as HairMax International, Inc., a
Nevada corporation.  The Company is primarily engaged in: 1) cable
television operational support services and digital broadcast
technology development; and 2) advertising sales.


FOOD THERAPY: Members' and Creditors Final Meeting Set for May 20
-----------------------------------------------------------------
Members and creditors of Food Therapy Limited will hold their
final meetings on May 20, 2010, at 11:00 a.m., and 11:15 a.m.,
respectively at the Room 1108, 11/F, Wellborne Commercial Centre,
8 Java Road, North Point, in Hong Kong.

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


LEESPEED COMPANY: Members' Final Meeting Set for May 17
-------------------------------------------------------
Members of Leespeed Company Limited will hold their final general
meeting on May 17, 2010, at 11:00 a.m., at the Jalan Sultan Agung
No. 63 C-D, Jakarta Selatan 12970, in Indonesia.

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


LEHMAN BROTHERS: HKMA Says Probe of Minibond Complaints Resolved
----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced that
investigation of over 99% of a total of 21,547 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 13,060 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,002 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,624 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 2,783 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 2,484 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 299 cases; and

    * 930 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

    Investigation work is underway for the remaining 147 cases.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LUCKY BIRD: Yeung Kam Hoi Steps Down as Liquidator
--------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Lucky Bird Limited on
March 31, 2010.


MAX PACIFIC: Yeung Kam Hoi Steps Down as Liquidator
--------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Max Pacific Trading
Limited on March 31, 2010.


MAXGEAR INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator
----------------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Maxgear Investment
Limited on March 31, 2010.


MOUNTAIN DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator
------------------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Mountain Development
Limited on March 31, 2010.


PEAKSTAR COMPANY: Yeung Kam Hoi Steps Down as Liquidator
--------------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Peakstar Company
Limited on March 31, 2010.


POLYGON INVESTMENT: Members' Final Meeting Set for May 17
---------------------------------------------------------
Members of Polygon Investment Partners HK Limited will hold their
final general meeting on May 17, 2010, at 10:30 a.m., at the
Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Chan Mi Har and Ying Hing Chiu, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


PRETTYLOT COMPANY: Creditors' Proofs of Debt Due May 17
-------------------------------------------------------
Creditors of Prettylot Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 17, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Cheung Kwan Ho
         16/F., V Heun Building
         138 Queen's Road
         Central, Hong Kong


REGENT BONUS: Jacky Chung Wing Muk Steps Down as Liquidator
-----------------------------------------------------------
Jacky Chung Wing Muk stepped down as liquidator of Regent Bonus
Investment Limited on April 12, 2010.


REO LIMITED: Yeung Kam Hoi Steps Down as Liquidator
---------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Reo Limited on
March 31, 2010.


ROUNDTABLE HK: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on March 31, 2010,
creditors of Roundtable Hong Kong Avantgarde Policy Research
Institute Limited resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

         Chu Kam Chiu
         Room 804, 8/F., Lap Fai Building
         6-8 Pottinger Street
         Central, Hong Kong


SEVEN SHARDS: Seng and Lo Step Down as Liquidators
--------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Seven Shards Productions Limited on April 10, 2010.


SCANBA LIMITED: Members' Final Meeting Set for May 20
-----------------------------------------------------
Members of Scanba Limited will hold their final general meeting on
May 20, 2010, at 10:00 a.m., at the 2/F., East Ocean Centre, 98
Granville Road, Tsimshatsui East, Kowloon, in Hong Kong.

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


SCRAP POWER: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on April 7, 2010,
creditors of Scrap Power Trading Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chui Sze Hung Samuel
         Room 1006, Unicorn Trade Centre
         127-131 Des Voeux Road
         Central, Hong Kong


S.G.S PRODUCTS: Creditors' Proofs of Debt Due May 18
----------------------------------------------------
S.G.S Products Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 18, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Isabelle Angeline Young
         John Chi Wai Wong
         21/F., Edinburgh Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


SOLID BLISS: Yeung Kam Hoi Steps Down as Liquidator
---------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Solid Bliss Company
Limited on March 31, 2010.


SYNDICA LIMITED: Members' Final Meeting Set for May 20
------------------------------------------------------
Members of Syndica Limited will hold their final general meeting
on May 20, 2010, at 10:00 a.m., at the 2/F., East Ocean Centre, 98
Granville Road, Tsimshatsui East, Kowloon, in Hong Kong.

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


TITAN PETROCHEMICALS: S&P Retains 'CC' Rating and Negative Outlook
------------------------------------------------------------------
Standard & Poor's Ratings Services said that the rating on Titan
Petrochemicals Group Ltd. (CC/Negative/--) is not affected by the
company's announcement that it is terminating its exchange offer
and consent solicitation for its existing notes.  The current
rating indicates that the company is highly vulnerable to
nonpayment of its financial obligations within the next six
months.

In S&P's opinion, Titan's cash position is extremely tight.  As at
Dec. 31, 2009, the company had cash and cash equivalents of about
HK$530 million, of which HK$358 million were unrestricted,
compared with about HK$761.5 million in short-term debt.  In
addition, the company generated negative funds from operations of
about HK$33.2 million in 2009.  Given the current market
conditions, S&P believes Titan's operating performance is likely
to remain weak, putting further pressure on its already-stretched
liquidity position to service its debt obligations.  Although the
company is still in the process of issuing new shares, they may or
may not materialize.

S&P has no access to Titan's management.  S&P's ratings are based
on publicly available information.


TOPASIA INTERNATIONAL: Members' Final Meeting Set for May 24
------------------------------------------------------------
Members of Topasia International Limited will hold their final
general meeting on May 24, 2010, at 10:00 a.m., at the 13/F., Wah
Kit Commercial Centre, 302 Des Voeux Road Central, in Hong Kong.

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


TRANS-GLOBAL (ASIA): Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on April 7, 2010,
creditors of Trans-Global (Asia) Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chui Sze Hung Samuel
         Room 1006, Unicorn Trade Centre
         127-131 Des Voeux Road Central
         Hong Kong


TRI LONG: Creditors' Proofs of Debt Due May 20
----------------------------------------------
Tri Long Import & Export Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 20, 2010, to be included in the company's dividend
distribution.

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

The company's liquidators are:

         James T. Fulton
         Cordelia Tang
         905 Silvercord
         Tower 2, 30 Canton Road
         Tsimshatsui, Kowloon


ULTIMATE QUEST: Blaauw and Osborn Step Down as Liquidators
----------------------------------------------------------
Jan G. W. Blaauw and Donald Edward Osborn stepped down as
liquidators of Ultimate Quest Limited on April 7, 2010.



UOB FINANCE: Members' Final Meeting Set for May 17
--------------------------------------------------
Members of UOB Finance (H.K.) Limited will hold their final
meeting on May 17, 2010, at 11:00 a.m.

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


WASHINGTON MUTUAL: Moyes and Yeung Step Down as Liquidators
-----------------------------------------------------------
Paul David Stuart Moyes and Betty Yuen Yeung stepped down as
liquidators of Washington Mutual Trade Service Limited on
April 16, 2010.


WHOLLY BEST: Yeung Kam Hoi Steps Down as Liquidator
---------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Wholly Best Company
Limited on March 31, 2010.


WORLD UNIVERSAL: Jacky Chung Wing Muk Steps Down as Liquidator
--------------------------------------------------------------
Jacky Chung Wing Muk stepped down as liquidator of World Universal
Investment Limited on April 12, 2010.


ZAREMBO LIMITED: Members' Final Meeting Set for May 20
------------------------------------------------------
Members of Zarembo Limited will hold their final general meeting
on May 20, 2010, at 10:00 a.m., at the 35th Floor, Two Pacific
Place, 88 Queensway, in Hong Kong.

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


=========
I N D I A
=========


ABRAHAM MEMORIAL: CRISIL Rates INR241.8 Mil. LT Loan at 'B-'
------------------------------------------------------------
CRISIL has assigned its 'B-/Negative' rating to The Abraham
Memorial Educational Trust's term loan facility.

   Facilities                           Ratings
   ----------                           -------
   INR241.80 Million Long-Term Loan     B-/Negative (Assigned)

The rating reflects AMET's below-average financial risk profile,
and limited track record of operations. These rating weaknesses
are partially offset by the benefits that AMET derives from its
promoters' experience, and good infrastructure facilities.

Outlook: Negative

CRISIL believes that AMET's liquidity will remain weak because of
low cash accruals over the medium term. The rating may be
downgraded if the cash flows deteriorate, or the ongoing large
debt-funded capex stretches its liquidity further. Conversely, the
outlook may be revised to 'Stable' in case the trust's school
achieves healthy occupancy rates above break-even levels resulting
in more than expected cash accruals, and the trustees infuse more
equity, thereby improving its financial risk profile.

Set up in 1998 by Dr. Abraham Ebenezer, AMET runs a k-12 school in
the name Ebenezer International School.  The Bangalore-based
school has a student intake capacity of 1500and currently operates
with 740 students.

AMET reported a profit after tax (PAT) of INR1 million on net
sales of INR76 million for 2008-09 (refers to financial year,
April 1 to March 31) against a net loss of INR6 million on net
sales of INR39 million for 2007-08.


ADANI AGRIFRESH: ICRA Assigns 'LBB+' Rating on INR921.3MM Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR 921.3 million term
loans, INR 250.0 million corporate loan and INR 500.0 million fund
based limits of Adani Agrifresh Limited.  ICRA has assigned a
stable outlook to the long term ratings of AAFL. ICRA has also
assigned an A4+ rating to the INR 100.0 million non fund based
limits of AAFL.

The assigned ratings are constrained by the business risk arising
out of AAFL's exposure to price risk, vulnerability to agro
climatic conditions and the high interest cost arising out of
working capital intensive nature of operations.  The ratings also
take into account the uncertainty over the premium that apples
stored in controlled atmosphere (CA) facilities can command
compared to imported produce.

The rating however, draws comfort from AAFL's strong parentage,
growth prospects of the agriculture retail chain with organized
retail receiving impetus and the ability demonstrated by the
company in procuring apples successfully in 2008-09 which resulted
in a peak capacity utilization of 95 percent.

AAFL was incorporated in December 2004 and is a 100 per cent
subsidiary of Adani Enterprises Limited.  Mr. Pranav V. Adani is
the present Managing Director of the company.  AAFL procures
apples during the harvest season (August-October) and stores them
in three Controlled Atmosphere (CA) storage facilities, located in
Himachal Pradesh with a combined capacity of 18,000 MT. The apples
are then sold to various mandis and a distributor network of the
company under the brand Farmpik.  The company believes that it can
capitalize on the superior quality of the apples compared to those
which are stored in the traditional cold storages and thereby earn
a premium in the market place for its product. The company has
also commenced export of fruits like grapes, pomegranate, litchi,
mango, kinno, pear, orange and onion in 2008-09.  However, sale of
apples accounted for 92% of AAFL's turnover in FY09.  AAFL plans
to offer a complete bouquet of fruits under the brand name
"Farmpik" in the future.

Recent Results

In 2008-09 AAFL was able to procure and store apples aggregating
to 17,147 MT resulting in a peak capacity utilization of 95%.
AAFL recorded an operating income of INR931.2 million and a loss
after tax of INR 121.9 million in 2008-09.


AGSONS AGENCIES: ICRA Assigns 'LBB' Rating on INR40MM Term Loans
----------------------------------------------------------------
ICRA has assigned a rating of 'LBB' to the INR 40 million Term
Loans and INR50 million fund based facilities of Agsons Agencies
(I) Pvt. Ltd.  ICRA has also assigned an A4 rating to the
INR410 million non fund based facilities of AAIPL.  The outlook on
the long term rating is stable.

The ratings assigned to the company take into account the risks
arising out of modest size of operations in its core business of
metal trading, which results in limited economies of scale,
exposure to price fluctuation risks as the company does not fully
hedge scrap prices and moderate exposure to foreign currency
fluctuations as significant amount of the loans are in foreign
currency denomination.  The financial profile of the company is
also weak, characterized by low profitability which coupled with
high gearing has resulted in weak debt protection indicators.
However, the ratings draw comfort from the established track
record of the promoters in the scrap trading business and
diversified product profile of the company with the company
trading in a variety of ferrous and non ferrous scrap catering
to various industries like auto sector, steel sector and battery
manufacturers.

Agsons Agencies (I) Pvt. Ltd. was incorporated in April 1974 and
the company started with manufacturing of low carbon Ferro alloys
like Low Carbon Iron Manganese, Iron -Titanium, etc. which
are the key raw materials used by stainless steel and alloy steel
industries. However, with the company facing pressure from low
priced china products coupled with pollution problems in
manufacturing at its Gurgaon based manufacturing facility, it
became more viable for the company to enter into trading rather
than manufacturing and therefore, the company shifted to trading
since 1996.  AAIPL is promoted by Mr. R.C. Agarwal having over 35
years of experience in the metal industry.  The other directors of
the company are Mr. Ravi Agarwal and Mrs. Rakhi Agarwal.  The
promoters have another company Himgiri Buildcon & Industries which
is in the same line of business.


C. P. & ASSOCIATES: Weak Liquidity Cues CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of C. P. & Associates Pvt Ltd.  The ratings reflect continued
over-utilization of cash credit limits by CPA because of weak
liquidity.

   Facilities                            Ratings
   ----------                            -------
   INR50.00 Million Cash Credit Limit    D (Assigned)
   INR360.00 Million Long-Term Loan      D (Assigned)
   INR150.00 Million Bank Guarantee      P5 (Assigned)

Set up in 2001, CPA undertakes architectural and finishing work
for real estate projects.  The company has been a regular vendor
to Delhi Metro Rail Corporation (DMRC) since 2001 and has
completed work on over 20 underground as well as elevated metro
stations.  Currently, CPA is executing projects worth
INR719 million for DMRC on 14 metro stations.  The company also
undertakes civil construction, and interior and landscaping work
(plumbing, electrical, heating ventilating and air-conditioning
[HVAC], granite and marble work, sandstone work, and stainless
work), on a project basis for shopping malls, hospitality, and
infrastructure projects.  The company is also developing a luxury
resort at Almora (Uttarakhand) for an associate company, Brahma
Resorts Pvt Ltd, for INR440 million and a multiplex in Karampura
(New Delhi) for INR970 million, under its wholly owned subsidiary,
Jasjeet Films Pvt Ltd.

CPA reported a profit after tax (PAT) of INR29.4 million on net
sales of INR704.9 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.97 million on net
sales of INR51.92 million for 2007-08.


CONTROLS AND SCHEMATICS: ICRA Rates INR20MM Bank Debts at 'LBB'
---------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to INR20 million
fund based and INR100 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 INR 1.5 million on operating income of INR 220.3
million.


DHARAMPAL PREMCHAND: CRISIL Cuts Ratings on Various Bank Ratings
----------------------------------------------------------------
CRISIL has revised its ratings on the bank loan facilities of
Dharampal Premchand Ltd to 'BB/Stable/P4+' from 'BBB-
/Negative/P3'.

   Facilities                      Ratings
   ----------                      -------
   INR980 Million Cash Credit*     BB/Stable (Downgraded from
                                               BBB-/Negative)

   INR20.0 Million Stand by Line   BB/Stable (Downgraded from
           of Credit                          BBB-/Negative)

   INR450 Million Term Loan        BB/Stable (Downgraded from
                                              BBB-/Negative)

   INR20 Million Bank Guarantee    P4+ (Downgraded from P3)
   INR150 Million Letter of Credit P4+ (Downgraded from P3)

  * Includes proposed limit of INR70.0 million

The rating action reflects the expected weakening in the financial
risk profile of DPL on account of losses from its steel division
over the near to medium term.  The rating action also factors in
the possible further exposure to equity and derivatives, despite
the company's history of incurring losses of INR856 million on the
same over the three years ended 2008-09 (refers to financial year,
April 1 to March 31).

CRISIL's ratings continue to reflect DPL's exposure to risks
related to negative accruals from the steel division because of
operational hurdles, and to intense competition and unfavorable
regulatory changes in the tobacco business.  These rating
weaknesses are partially offset by DPL's established presence in
the flavored chewing tobacco segment and moderate financial risk
profile, marked by adequate net worth, and low gearing, and the
benefits that the company derives from the financial support from
its group company, Dharampal Satyapal Ltd.

Outlook: Stable

CRISIL believes that DPL's financial risk profile will remain
constrained over the near to medium term because of continued
losses in the company's steel division and possible further
exposures to equity and derivatives portfolios.  The outlook may
be revised to 'Positive' if DPL curtails its speculative
activities and successfully scales up its operations in its
upcoming steel project, thus improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
more-than-expected losses, either from the company's equity and
derivatives portfolios or from its steel division, which will lead
to further deterioration in its capital structure and debt
protection measures.

                           About the Group

DPL, part of the Dharampal Premchand group, was founded by the
late Mr. Dharampal in 1929 as a Delhi-based trading house for
tobacco and related products. Currently, the company is being
managed by the founder's grandson, Mr. Ravinder Kumar.  Over the
years, DPL has expanded its operations by setting up several
manufacturing facilities.  In 1995, it set up its engineering
division in Noida (Uttar Pradesh) for manufacturing fill and seal
machines.  In 1999, it set up a tobacco unit at Agartala
(Tripura), for manufacturing various grades of its flagship
tobacco brand, Baba Zarda.  In 2000, it set up a silver unit in
Noida for making silver foil/cut silver used in zarda and other
products.  The company also has a manufacturing unit at Damowala
(Himachal Pradesh) for manufacturing zarda, supari, qiwam, and
elaichi, and pan chutney.  In 2009, DPL set up a steel plant in
Agartala, with a capacity of 160,000 tonnes per annum for
conversion of hot-rolled (HR) coils into cold-rolled (CR)
coils/sheets and 50,000 tonnes per annum, for galvanized
plain/corrugated (GP/GC) sheets.  Around INR1.85 billion of this
INR2.4 billion project was funded out of excise duty
reimbursement, earlier available to DPL's and DSL's tobacco
operations in the north eastern region of India.

DPL reported a loss of INR139.4 million on net sales of INR1.29
billion for 2008-09, against a loss of INR264.3 million on net
sales of INR976.5 million for 2007-08.


DIVYA JYOTI: CARE Assigns 'CARE BB' Rating on INR8.55cr LT Loan
---------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities of Divya Jyoti Industries Limited.  Facilities with
'CARE BB' rating are considered to offer inadequate safety for
timely servicing of debt obligations and carry high credit risk.

                                 Amount
   Facilities                  (INR crore)       Ratings
   ----------                  -----------       -------
   Long-term Bank Facilities      8.55           CARE BB
              (Cash Credit)*

   *the above facilities are in addition to INR20.52 crore
    of long-term bank facilities rated earlier

Rating Rationale

The rating is constrained by the poor financial profile of the
company as reflected by its low level of margins, comparatively
small size of operations, working-capital intensive nature of the
industry and presence in the highly volatile agro-commodity
business. Deterioration in profitability margins in FY09 further
constrains the rating.  These outweigh rating strengths like
DJIL's proximity to soyabean growing region, its long standing
track record and relatively higher capacity utilization compared
to the industry average.

Improvement in operating risk profile through successfully
managing commodity price risk, diversification of revenue mix and
significant debt funded project, if any, would be key rating
sensitivities.

DJIL, incorporated on May 8, 1992, is an established processor,
engaged in crushing and processing of soyabean for extraction of
soya oil and De Oiled Cake.  It has solvent extraction plant at
Pithampur, Madhya Pradesh with an installed capacity of 650 TPD
for soyabean crushing and extraction of crude oil.

For FY09, DJIL reported a profit after tax (PAT) of INR0.05 crore
on total income of INR278.98 crore as against a PAT of INR0.33
crore on total income of INR188.16 crore for FY08. During 6MFY10,
DJIL reported net loss of INR0.34 crore on total income of
INR74.24 crore.


EPICENTER TECHNOLOGIES: ICRA Places 'LB+' Rating on INR147.5M Loan
------------------------------------------------------------------
ICRA has assigned 'LB+' rating to the INR 147.5 million long term
sanctioned bank limits of Epicenter Technologies Private Limited.
ICRA has also assigned A4 rating to the INR 42.5 million short
term sanctioned bank limits ETPL.

The ratings factor in the relatively small scale of operations of
ETPL that limit the scale benefits and customer diversification
which are essential to de-risk its voiced based BPO business. The
company faces stiff competition from established players in
collection services and has high client concentration.
The closure of the Providian Financial Corporation account has
been a major setback for the company and its ability to scale up
remains to be seen.  The ratings also take into account the
continued losses which have resulted in significant erosion of
net-worth and lead to a highly leveraged capital structure.  ICRA
however favorably factors in the support ETPL gets from the
promoter groups that provides financial flexibility. The focus
towards newer verticals could provide diversification and entry
into late stage collections is expected to improve profitability.
The company has recently consolidated its two offices into a
single facility which is expected to improve operating efficiency
and reduce the rental burden.

Epicenter Technologies Private Limited, set up in 2000, is a voice
based BPO company providing collection services, and query support
and sales.  The company had two facilities in Mumbai till recently
(located at Powai and Malad-both in Mumbai), which it has
consolidated into a new single 700 seat facility at Bhayander,
Thane.  ETPL is a joint venture between Pune based Kalyani Group,
Mr. Kenneth Eldred (Chairman of Ariba Group, USA) and Seignior
Exports Private Limited.

Recent results

For the year ended March 2009 and 9 Months ended December 2009,
the company reported an operating income INR654 million and
INR343 million respectively.  The loss for the year ended
March 2009 stood at INR95 million.


ESGI LEATHER: CRISIL Assigns 'D' Ratings on INR10.2MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'D/P5' rating to ESGI Leather Exports'
bank facilities.  The rating reflects delay by ESGI in servicing
its term loan; the delay has been caused by ESGI's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR10.20 Million Term Loan           D (Assigned)
   INR5.00 Million Open Cash Credit     D (Assigned)

   INR20.00 Million Proposed Long-Term  D (Assigned)
                    Bank Loan Facility

   INR30.00 Million Packing Credit      P5 (Assigned)
   INR47.00 Million Foreign Bill        P5 (Assigned)
                    Purchase

As part of this rating exercise CRISIL has combined the business
and financial risk profiles of ESGI and it subsidiary SG Fashions.
This is because both ESGI and SG Fashions, collectively referred
to as the ESGI group, are under the same management, and have
operational linkages.

Set up in 1993 in Chennai by Mr. M Rafiur Rahman, ESGI is a
partnership firm manufacturing leather apparel such as jackets,
skirts, shorts and trousers.  The firm was earlier engaged in the
processing of leather, and started manufacturing operations in
2006-07 (refers to financial year, April 1 to March 31). It has a
capacity of 3.5 million square feet of finished leather and 90,000
pieces of leather apparel.  It is predominantly present in the
export market with sales to USA and European region. SG Fashions,
based in Delhi, undertakes job work for ESGI and generates its
entire income from sale to ESGI.

ESGI group reported a profit after tax (PAT) of INR5 million on
net sales of INR181 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR6 million on net sales of
INR144 million for 2007-08.


G. SHANKAR: ICRA Assigns 'LBB' Rating on INR300MM Bank Facilities
-----------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR300.0 million fund based
limits and A4 rating to the INR350.0 million non fund based limits
and INR56.0 million short term loan of G. Shankar.  The outlook on
the assigned ratings is stable.

ICRA's rating draws comfort from long track record of the
proprietor in the business of civil construction in Karnataka,
moderate profitability of G. Shankar and good execution capability
in view of adequate resource base. GS has shown 25% compounded
growth in revenues in past four years.  The rating is, however,
constrained by significant business risks arising out of the
competitive intensity of the construction industry and high
sectoral, geographical and client concentration risks. The rating
also takes into account high gearing on account of the debt funded
capital expenditure and investments. G. Shankar is largely
involved in executing irrigation projects in the state of
Karnataka for water utilities namely Karnataka Neeravari Nigam
Ltd., Krishna Bhagya Jala Nigam Ltd. and Cauvery Neeravari Nigam
Ltd. and this exposes the firm to any slowdown in new orders by
these departments.  Ability to source and execute more orders and
diversify across geographies and clients will be key rating
determinants going forward.

G Shankar is a sole proprietorship with more than 20 years of
experience in civil construction in Karnataka.  The firm is
promoted by Mr. G Shankar and is a registered Class I contractor
with the Karnataka PWD, which allows the firm to bid for the
largest projects of the Karnataka PWD.  The firm is engaged in
excavation, aqua duct work at Canals, dams and is also involved in
building bridges/barrages. Majority of the firm's contracts are
from the government of Karnataka and the operations are restricted
to North Karnataka at places like Athini, Belgaum and Yargiri.

In FY09, firm has shown operating income of INR1109.8 million and
profit after tax of INR73.2 million.


GARGO MOTORS: CRISIL Rates INR60 Mil. Cash Credit at 'B+/Stable'
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Gargo Motors Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR60.0 Million Cash Credit     B+/Stable (Assigned)

The rating reflects Gargo's exposure to risks relating to an
average scale of operations and small net worth, and weak
financial risk profile marked by high gearing and weak debt
protection measures.  These weaknesses are partially offset by
Gargo's stable business risk profile, backed by its established
relationship with principal, Tata Motors Ltd (Tata Motors, CRISIL
rated 'A+/Stable/P1+').

Outlook: Stable

CRISIL believes that Gargo will maintain its business risk profile
over the medium term, backed by its stable relationship with Tata
Motors and established position as the latter's authorized dealer
for passenger vehicles in Assam.  The outlook may be revised to
'Positive' in case of substantial equity infusion, or sustained
improvement in operating margin.  Conversely, the outlook may be
revised to 'Negative' if Gargo undertakes a large debt-funded
capital expenditure program, materially impacting its debt
protection measures.

Incorporated in 1996 as a closely held public limited entity by
Mr. Kamakhya Borthakur, Gargo commenced operations in 2006. It is
an authorised dealer for passenger cars of Tata Motors.  It has
six showrooms and two stockyards at Tinsukia, Guwahati and other
locations in Assam.  The company sells passenger cars and utility
vehicles such as Indica, Indica Vista, Indigo, Indigo Manza, Tata
Safari, and Tata Sumo manufactured by Tata Motors.

Gargo reported a profit after tax (PAT) of INR1.2 million on net
sales of INR366.7 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.6 million on net sales
of INR429.2 million for 2007-08.


IND-BARATH THERMAL: CARE Assigns 'CARE B' Rating on Term Loan
-------------------------------------------------------------
CARE has assigned a 'CARE B' rating to the Long-term Bank
Facilities of Ind-Barath Thermal Power Ltd aggregating INR1004.60
crore.  This rating is applicable for facilities having tenure of
more than one year.  Facilities with this rating are considered to
offer low safety for timely servicing of debt obligations and
carry very high credit risk. Such facilities are susceptible to
default.  CARE assigns '+' or '-' signs to be shown after the
assigned rating (wherever necessary) to indicate the relative
position within the band covered by the rating symbol.

                        Amount
   Facilities        (INR crore)          Ratings
   ----------        -----------          -------
   Term Loan          1,004.60            'CARE B'

Rating Rationale

The rating takes into account risk associated with implementation
of project, delay in project implementation, re-schedulement of
debt, relocation of the project from Karwar to Tuticorin resulting
in cost and time overrun, pending approvals for the new project
site, long gestation period and fuel supply risk. The rating is
however underpinned by promoters' experience, power purchase
agreement with PTC India Ltd, financial closure achieved for
project and positive outlook for power sector.  The ability of
IBTPL to obtain the pending approvals, receive timely equity
infusion and complete the project as per revised schedule without
any cost overrun are the key rating sensitivities.

Ind-Barath Thermal Power Limited was incorporated in 2007 as a
special purpose vehicle (SPV) for setting up of coal based 300 MW
power plant in the state of Karnataka.  IBTPL was promoted by Ind-
Bharat Power Infra Private Limited which is an investment vehicle
for Ind-Bharat group in power sector.  IBPIL has presence in power
sector through Nine SPVs, out which six are operational while
three are under development.  Total operating capacity is about
295.5 MW with diversified fuel base such as coal, gas, biomass and
hydel across Tamlinadu and Andhra Pradesh while 1660 MW [Utkal ? I
: 700 MW; Ind Barath Madras ? 660 MW; Ind Barath Thermal ? 300 MW]
is under various stages of implementation in Tamilnadu and Orissa.
The project was initially planned at Hankon Village in Uttar
kannada district in the state of Karnataka.  The company had
received all statutory clearances including Environment Clearance
and Consent for Establishment for the site. However, commencement
of construction activities at project site had been held up on
account of protests from local political / environmental groups.
In view of the inordinate delay in project construction IBTPL
decided to shift the project to new location in Tuticorin in Tamil
Nadu.  Consequently, the Commercial Operation Date (COD) of the
project originally estimated in June 2010 is now expected in June
2012 leading to re-schedulement of Senior and Subordinated Debt
which has been approved by lenders.

The project is estimated to be completed at a cost of INR1297 cr,
revised from earlier projected cost of INR1255.80 cr (before
relocation).  The means of finance the revised cost stand at debt:
sub-debt: equity ratio of 22.6: 72.6:4.8.  The company has already
achieved financial closure for the project.  There is no
requirement of additional debt for the project due to change in
project location.

The annual coal requirement for the project has been envisaged at
around 1.03 million tons at 85% PLF.  IBTPL has already entered
into a contract with PT.  Ind-Bharath Energy, a group company.
The Company has entered into PPA with PTC India Ltd for a period
of six years from the date of commissioning.


LGW LIMITED: CRISIL Assigns Junk Ratings on Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
LGW Ltd.  The ratings reflect prolonged over-utilization of cash
credit limits by LGW because of weak liquidity.

   Facilities                               Ratings
   ----------                               -------
   INR30 Million Proposed Long-Term         D (Assigned)
                 Bank Loan Facility

   INR30 Million Letter of Credit           P5 (Assigned)
   INR40 Million Bank Guarantee             P5 (Assigned)
   INR290 Million Export Packing Credit     P5 (Assigned)
   INR90 Million Foreign Bill Discounting#  P5 (Assigned)

   # one way interchangeably from FBD to EPC to the extent
     of INR40 Million.

Set up in 1984 by Mr. Sanjay Kumar Gupta, LGW exports raw cotton,
primarily, to Bangladesh, China, and Pakistan. It commenced
commercial operations in 1988 by trading in cotton yarn. However,
this business was adversely affected in 2001 because of economic
infeasibility.  For the next two years, the company traded in
chemicals and machineries.  From 2003 onwards, after the inclusion
of raw cotton export under the Open General License (OGL) in the
export import (EXIM) policy of 2001-02 (refers to financial year,
April 1 to March 31), LGW has been exporting raw cotton to meet
the increasing global demand.

LGW reported a net loss of INR114.71 million on net sales of
INR2.06 billion for 2008-09, against a profit after tax of INR8.65
million on net sales of INR2.64 billion for 2007-08.


MABEL ENGINEERS: ICRA Places 'LBB-' Rating on INR35MM Term Loan
---------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR35 million term
loans, INR 15 million fund based facilities, INR90 million non-
fund based facilities of Mabel Engineers Private Limited.
The outlook on the long term rating is stable.  ICRA has also
assigned an A4 rating to the INR20 million fund based facilities
and INR20 million non-fund based facilities of MEPL.

The assigned ratings reflect MEPL's small size of operations
restricting its economies of scale, highly concentrated customer
profile, volatility of margins to commodity prices and the
intensely competitive nature of the industry resulting in low
bargaining power with customers.  The ratings also factor in the
Company's weak financial profile characterized by high leverage,
weak coverage indicators and high interest cost on account of debt
funded capital expenditure for enhancement of production
capacities in the past.  The favorable demand for chemical and
petro-chemical projects and the company's established track record
in the project execution have been factored in the rating.

Mabel Engineers Pvt. Limited was started in 1989.  Its key
strengths lie in fabrication of pressure vessels, storage tanks,
silos and carrying out erection, testing and commissioning at the
project site. Mabel also undertakes turnkey projects involving
engineering, procurement, fabrication, supply and erection of
mechanical systems.  Mabel is actively serving a wide range of
Industries like space, petrochemicals, power, and process &
textile dyeing and knitting.  In April 2009, the company
commissioned a manufacturing unit at Gummudipoondi. Prior to this
it was operating from a smaller facility in Ambattur industrial
estate, Chennai.  Currently, the annual capacity of the company is
750 MT for stainless steel and 1500 MT for carbon steel
fabrication.

MEPL has recorded a profit after tax (PAT) of INR5.4 million on an
operating income of INR 106.7 million, for the year ending
March 31, 2009.


RATHI DYE: CRISIL Assigns 'BB' Ratings on INR13.90 Mil. Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Rathi Dye Chem Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR54.1 Million Cash Credit*       BB/Stable (Assigned)
   INR13.90 Million Term Loan         BB/Stable (Assigned)
   INR2.50 Million Bank Guarantee     P4+ (Assigned)
   INR12.50 Million Letter of Credit  P4+ (Assigned)
   *Includes proposed cash credit of INR4.1 million.

The ratings reflect Rathi Dye's small scale of operations,
exposure to intense competition in the dye industry, the
susceptibility of its margins to volatility in raw material
prices, and its weak financial risk profile marked by small net
worth, high gearing, weak debt protection metrics, and working-
capital-intensive operations.  These rating weaknesses are
partially offset by the benefits that Rathi Dye derives from its
promoters' experience and its comfortable market position in the
dye industry.

Outlook: Stable

CRISIL believes that Rathi Dye's scale of operations will remain
small, and its financial risk profile, though likely to improve,
will remain moderate because of low cash accruals resulting from
intense competition in the dye industry, over the medium term.
The outlook may be revised to 'Positive' if Rathi Dye scales up
its operations significantly without weakening its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the company's operating margin deteriorates, or if it undertakes a
large, debt-funded capital expenditure program.

                          About Rathi Dye

Incorporated in 1978, Rathi Dye manufactures disperse dyes,
solvent dyes, and auxiliary chemicals.  The company's unit in Roha
(Maharashtra) has capacity to manufacture 1200 tonnes of dyes per
annum.  The company markets its products in the domestic and
export markets.  Rathi Dye also operates a windmill with capacity
of 0.6 megawatts near Sangli (Maharashtra).  The company derives
around 50 per cent of its revenues from solvent dyes, 40 per cent
from disperse dyes, and the remainder from other products
(including auxiliary chemicals).

Rathi Dye reported a profit after tax of INR9.45 million on net
sales of INR239.35 million for 2008-09 (refers to financial year,
April 1 to March 31), against a net loss of INR3.73 million on net
sales of INR201.07 million for 2007-08.


SHAMILI HYDEL: ICRA Places 'LBB+' Rating on INR282.2MM LT Loans
---------------------------------------------------------------
ICRA has assigned rating of 'LBB+' to the INR282.2 million long
term loans of Shamili Hydel Power Project Private Limited.  The
outlook on the assigned rating is stable.

The rating factors in the satisfactory operational performance in
past eight months, firm power off take agreement with Mangalore
Electricity Supply Company (MESCOM) at remunerative tariff level
of INR2.8/unit for next ten years for entire 12 MW capacity and
good past performance of some other upstream projects on the same
diversion canal which points to moderate hydrological risk. ICRA
also notes that repayment obligation is lower at only ~50% of
total project cost.  The rating also draws comfort from
possibility of additional revenue generation from the sale of
carbon emission reduction certificates and capital subsidy that
the project may receive from Ministry of New and Renewable Energy
(MNES) in near future.

The rating is however constrained by limited past track record of
promoters in similar line of business, hydrological risk as this
is pure run on the river kind plant and there is limited
protection available against low water availability given the
single part tariff structure and the absence of a deemed
generation clause in the PPA which would result in considerable
variability in revenues in line with variability in annual water
flows.  In such an event, the ability of the project sponsors to
infuse additional funds would critically impact Shamili Hydel's
debt servicing ability.

Good operating profile of the plant and timely servicing of debt
will be key rating determinants going forward.

Shamili Hydel Power Project Pvt Ltd is an associate company of G.
Shankar, the north Karnataka based civil contractor.  The company
owns and operate a 12 MW mini hydel project on left bank of Varahi
Irrigation diversion weir in Kundapur, Udupi district, Karnataka.
The company has ownership for 30 years which can be extended by 20
years at company's option.  The project has been commissioned in
June 2009, after delays due to flood and slower pace of execution
which resulted in some cost escalation.  In past eight months the
plant has worked at an average PLF of 30%.  Currently there are no
projects planned in this company.


TATA MOTORS: May Surpass Hyundai in India as Nano Factory Opens
---------------------------------------------------------------
Bloomberg News reports that the opening this month of a Tata
Motors Ltd. factory in western India to assemble the $2,500 Nano
car may help the company surpass Hyundai Motor Co. this year as
India's second-largest automaker.

According to Bloomberg, Tata spokesman Debasis Ray said the plant
in Sanand will start producing the Nano by April 30 and make up to
250,000 units.  Based on industry data, Bloomberg notes, the
production will be about 80% of Hyundai's India sales last fiscal
year.

Bloomberg says Tata now is filling 100,000 advance orders for the
Nano.  Those sales plus new output may help the truckmaker regain
second place after five years in third, Jatin Chawla, an analyst
at India Infoline Ltd. in Mumbai, told Bloomberg.

"Profit from the Nano project will come only if volumes are
significant," Bloomberg quoted Deepesh Rathore, an analyst at IHS
Global Insight Inc. in New Delhi, as saying.  "The new factory is
key to boosting volumes and the sooner it comes, the better for
Tata," Mr. Rathore told Bloomberg.

                          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
April 21, 2010, Moody's Investors Service 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 Troubled Company Reporter-Asia Pacific reported on Aug. 6,
2009, that Standard & Poor's Ratings Services 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+'.


WAAREE ENERGIES: ICRA Places 'LBB' Rating on INR83MM Term Loan
--------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR 83 million term loan
facilities, INR 105 million fund based cash credit facilities and
INR 30 million fund based limits of Waaree Energies Private
Limited.  The outlook on the rating is stable. ICRA has also
assigned A4 rating to the INR 30 million fund based facilities and
85 million non fund based facilities of WEPL.

The assigned ratings take into consideration the limited
operational track record of WEPL, modest order book position and
the stretched financial profile of the company as reflected in its
weak capital structure and poor coverage indicators.  The economic
downturn in Europe and USA since 2008 has dried-up financing for
solar power projects adversely impacting demand for solar modules,
thereby translating into poor capacity utilization levels for WEPL
resulting in inadequate return indicators.  The assigned ratings
however draw comfort from the favorable outlook for the solar
power sector in the long term and its strategic tie-up with VT
Telematica, Italy that would enable healthy product offtake,
going forward once the overall market situation improves The
ratings also factor in the benefits accruing to the company by
virtue of its presence in the Surat SEZ such as income tax
holiday, customs and excise duty exemption as well as the
established position of promoter group.

Waaree Energies Private Limited, incorporated in December 2007, is
a part of the Waaree Group of companies and is engaged in the
manufacture of solar panels/modules using mono crystalline silicon
wafers.  The company is headquartered in Mumbai with its
manufacturing facility located in Surat, Gujarat.  The company is
currently enjoying various incentives such as customs and excise
duty exemption, corporate tax holiday -- 100% for the first five
years, 50% for the next 5 years, exemption from payment of stamp
duties and electricity duty, etc -- by virtue of its location in
the Sachin SEZ. WEPL commenced commercial operations in August
2008 with an installed capacity of 30 MW (on a three shift basis).
The plant is however yet to commence operations on full scale with
production as on 28th February 2010, at 2.52 MW. WEPL derives bulk
of its sales from exports and as on February 28, 2010 the company
derived ~84% of its turnover from exports with the sales mainly
concentrated in the European region.

As per  the company's audited  results as of March 31, 2009, WEPL
recorded an operating income of INR 104 million and incurred a net
loss of INR 29 million.


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


BANK CIMB: Fitch Assigns Expected Rating on Subordinated Debt
-------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'AA-(idn)' to PT
Bank CIMB Niaga Tbk's seven-year Rupiah subordinated debt of
approximately IDR1.5 trillion.  The final rating is contingent on
receipt of final documentation conforming to information already
received.

The issue rating is two notches below the issuer's National Long-
term rating of 'AA+(idn)' and reflects the presence of cumulative
deferral conditions, which had not been in previous dated
subordinated debt issuances by Indonesian banks.  These conditions
are now required in compliance with Bank Indonesia's regulation on
Minimum Capital Adequacy Requirement for Commercial Banks (PBI No.
10/15/PBI/2008).  In Fitch's view, these instruments are now more
hybrid-like in nature and are thus subject to greater notching
under Fitch's hybrid security rating criteria.

Based on information received, payment of interest is subject to
two main conditions -- that minimum CAR (currently 8%) is not
breached at the time of payment or as a result of payment, and
that, either at the time of interest payment or as a result of
interest payment, distributable reserves in the equity account are
not or would not become negative.

Based on Fitch's rating criteria on hybrid securities, the
cumulative coupon deferral is considered a form of going concern
loss absorption, which the agency reflects in at least a two-notch
differential between the hybrid security rating and the issuer's
reference rating, which in this case is the National Long-term
rating.  For CIMB Niaga, its 'BB+' IDR and 'AA+(idn)' National
Long-term rating primarily reflect expected institutional support
from its parent, CIMB Group.  In addition, the issuer ratings are
also underpinned by its reasonably strong standalone financial
position as reflected in its 'C/D' Individual Rating.  Hence, the
rupiah sub-debt issue is notched two below its National Rating at
an expected rating of 'AA-(idn)'.

Although the agency considers the likelihood of activation of the
loss absorption feature on this instrument to be low, it notes
that the existence of the deferral feature in this subordinated
debt issue (as well as on all subordinated debt issued by
Indonesian banks since 2009) differentiates it from the 'straight'
(i.e.  non-deferrable) lower Tier 2 subordinated instruments
issued prior to 2009.  Consequently, as a result of greater
hybrid-like characteristics, the expected rating assigned to the
issue is two notches lower, compared with one notch for previous
subordinated debt issues (prior to 2009).  Should there be a
materially increased likelihood of activation of the loss
absorption feature (such as an annual net profit test), then a
differential of three or more notches would be applied under
Fitch's criteria.

Established in 1955 and listed in 1989, CIMB Niaga is now the
fifth-largest bank in Indonesia.  CIMB Group, the second-largest
banking group in Malaysia, owns 78.3% of CIMB Niaga, while
Khazanah Nasional holds 19.7% as of 31 December 2009.


BAKRIE TELECOM: Fitch Assigns Issuer Default Ratings at 'B'
-----------------------------------------------------------
Fitch Ratings has assigned Long-term foreign and local currency
Issuer Default Ratings of 'B' to PT Bakrie Telecom Tbk.  The
Outlook is Stable.  Fitch has also assigned an expected rating of
'B' and an expected recovery rating of 'RR4' to the proposed
US$250m notes due 2015 to be issued by Bakrie Telecom Pte. Ltd. (a
wholly-owned subsidiary of BTEL), and guaranteed by BTEL.  The
final ratings are contingent upon receipt of documents conforming
to information already received.

BTEL plans to use most of the proceeds from the 2015 Notes to
fully repay the outstanding principal of its existing syndicated
facility of US$145m and bridging loan of US$45m.  The remaining
proceeds will be used to finance capital expenditure related to
its wireless broadband business and for general purpose.  BTEL's
debt would comprise mainly the 2015 Notes, capital leases of
IDR2.6 trillion and an IDR650 billion bond after the 2015 Notes
are issued.

BTEL's ratings reflect its position as the fifth-largest cellular
telecom operator in Indonesia, with a 5.5% subscriber market share
at end-2009.  Although the company is Indonesia's second-largest
code division multiple access operator, with a 31% market share of
this sub-segment at end-2009, the ratings are constrained by
BTEL's position as a sub-scale operator in an intensely
competitive and fragmented market.  Fitch notes that BTEL remains
a regional player with about 84% of its subscribers residing in
the Jakarta, West Java and Banten provinces.  Within the above-
named provinces, Fitch estimates that BTEL has a cellular market
share of around 20%.

Other rating constraints include BTEL's inability to generate
sustainable free cash flow, despite strong growth in cash flow
from operations.  BTEL has undertaken heavy capex outlays
totalling IDR6.2 trillion over financial years 2007-09 to build
out its network, which led to significant negative FCF averaging
IDR1.4trn per annum.  FCF is expected to remain negative as BTEL
shifts its investment focus to the wireless broadband business.
At financial year ended December 2009, net adjusted leverage
(total adjusted debt net of cash to operating EBITDAR) was
stretched at 3.5x.  Fitch expects BTEL's net leverage to remain at
3x to 3.5x in the next 18 to 24 months.

The ratings are supported by BTEL's ability to generate robust
CFO, and reasonable growth prospects for the Indonesian cellular
market, with the penetration rate still low at around 50% at end-
2009 (adjusted for multiple-counting of SIMs).

Fitch notes that BTEL's ratings reflect a one-notch downgrade on
its stand-alone ratings, based on the agency's concern over the
weak financial and liquidity position of PT Bakrie & Brother Tbk,
which has 49.04% direct and indirect interest in BTEL (based on
BNBR's financial statement as of 31 December 2009).  This may have
an impact on BTEL's deleveraging process in the case of dividends
or other cash outflows to BNBR.

The Stable Outlook is based on Fitch's expectation that BTEL will
continue to solidify its market position, and that its credit
metrics will remain consistent with the rating level in the next
18 to 24 months.

Negative rating guidelines include a higher than expected debt-
funded capex, a material decline in EBITDA margin due to weak
operating environment, a deterioration in BTEL's net adjusted
leverage to above 4.0x, and/or funds from operations interest
coverage to below 2.5x.  A significant deterioration in BNBR's
credit metrics, which in the agency's view will increase the risk
of BTEL up-streaming cash to BNBR is another negative rating
guideline.  Conversely, an improvement in cash flow generation
leading to positive FCF and net adjusted leverage falling below
3.0x, and FFO interest coverage improving above 3.5x on a
sustainable basis would be the basis for a consideration of a
positive rating action.


BAKRIE TELECOM: S&P Assigns 'B' Long-Term Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' long-term corporate credit rating to Indonesia-based telecom
service provider PT Bakrie Telecom Tbk.  The outlook is stable.
At the same time, S&P assigned its 'B' issue rating to the
proposed senior unsecured notes due 2015 to be issued by Bakrie
Telecom Pte. Ltd., which is a wholly owned subsidiary of BTEL.
The notes will be irrevocably and unconditionally guaranteed by
BTEL.

The rating reflects BTEL's small market share in Indonesia
(foreign currency BB/Positive/B; local currency BB+/Positive/B;
ASEAN Scale axBBB+/--/axA-2), the company's significant capital
expenditure plans that could result in negative cash flows, and
its weak cash flow protection measures.  These weaknesses are
tempered by BTEL's stable operating margins, and consistent growth
in its subscribers, revenue, and market share.

As of Dec. 31, 2009, BTEL had a subscriber market share of 5.5%.
This puts BTEL at the fifth position in the Indonesian wireless
market, which is dominated by three players that together have a
75% market share.  However, S&P understand that BTEL has about 40%
market share in the highly populated and prosperous Jakarta,
Bandung, and West Java provinces (JBJB) region.

"BTEL has significant capital expenditure plans in the next two
years toward increasing network coverage and capacity, and setting
up of wireless broadband infrastructure.  Therefore, S&P expects
BTEL to continue registering negative free operating cash flow and
weak cash flow protection measures for at least the next two
years," said Standard & Poor's credit analyst Manuel Guerena.

In S&P's opinion, BTEL has registered good operating performance
with subscribers growing at a compounded annual growth rate (CAGR)
of about 95%, revenue increasing at a CAGR of more than 50% in the
past three years, and fairly stable EBITDA margins of about 35%.

BTEL is a limited-mobility fixed-wireless telecom service provider
that operates under the "Esia" brand.  According to BTEL, PT
Bakrie & Brothers Tbk. (not rated) is its largest stakeholder with
a shareholding of 39.6%.

In S&P's view, BTEL has adequate liquidity.  As at Dec. 31, 2009,
the company had cash and cash equivalents of IDR1.3 trillion and
strong cash flow generation with funds from operations of more
than IDR700 million, compared with debt maturing in the next 12
months of about IDR0.8 trillion and equipment payables of about
IDR0.7 trillion.

The stable outlook on the rating reflects S&P's expectation that
BTEL will improve its market position and deliver a stable
operating performance.


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


JAPAN AIRLINES: Holders of Credit-Default Swaps May Recoup 83%
--------------------------------------------------------------
Bloomberg News reports that Shinsei Securities Co. said holders of
credit-default swaps on Japan Airlines Corp. may recover 83% of
the face value of their insured debt after an auction of the
contracts on Thursday.

Bloomberg News, citing bid administrators Markit Group Ltd. and
Creditex Group Inc., relates that Goldman Sachs Group Inc.,
Barclays Plc and 12 other banks will fix a settlement price for
the swaps after Asia's biggest carrier filed for bankruptcy in
January.

"The price will be near 17 percent," Yasuhiro Matsumoto, an
analyst at Shinsei, told Bloomberg in a telephone interview from
Tokyo.  Bloomberg relates Mr. Matsumoto said he based his
calculation on a preliminary plan by Enterprise Turnaround
Initiative Corp. of Japan, the state- affiliated fund leading
JAL's reorganization.  If JAL debt fetches 17 percent of par,
swaps holders would get the remainder.

                             About JAL

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

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

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

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


L-JAC 7: Moody's Takes Rating Actions on Various Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service has announced ratings actions for 22
classes of trust certificates and CMBL issued/ borrowed by L-JAC 7
Trust.

The final maturity of the trust certificates will take place in
October 2014.

The individual rating actions:

  -- Class A, downgraded to Aa2 from Aa1; previously, Aa1 placed
     under review for possible downgrade on March 12, 2010

  -- Class B, downgraded to Baa2 from A2; previously, A2 placed
     under review for possible downgrade on March 12, 2010

  -- Class C, downgraded to B2 from Baa2; previously, Baa2 placed
     under review for possible downgrade on March 12, 2010

  -- Class D-1, downgraded to B2 from Ba1; previously, Ba1 placed
     under review for possible downgrade on March 12, 2010

  -- Class D-2, downgraded to Caa1 from Ba2; previously, Ba2
     placed under review for possible downgrade on March 12, 2010

  -- Class D-3, downgraded to Caa1 from Ba2; previously, Ba2
     placed under review for possible downgrade on March 12, 2010

  -- Class E-1, downgraded to B3 from Ba2; previously, Ba2 placed
     under review for possible downgrade on March 12, 2010

  -- Class E-2, downgraded to Caa2 from Ba3; previously, Ba3
     placed under review for possible downgrade on March 12, 2010

  -- Class E-3, downgraded to Caa2 from Ba3; previously, Ba3
     placed under review for possible downgrade on March 12, 2010

  -- Class F-1, downgraded to Caa2 from B1; previously, B1 placed
     under review for possible downgrade on March 12, 2010

  -- Class F-2, downgraded to Caa3 from B1; previously, B1 placed
     under review for possible downgrade on March 12, 2010

  -- Class F-3, downgraded to Caa3 from B1; previously, B1 placed
     under review for possible downgrade on March 12, 2010

  -- Class G-1, downgraded to Caa3 from B2; previously, B2 placed
     under review for possible downgrade on March 12, 2010

  -- Class G-2, downgraded to Caa3 from B2; previously, B2 placed
     under review for possible downgrade on March 12, 2010

  -- Class G-3, downgraded to Caa3 from B2; previously, B2 placed
     under review for possible downgrade on March 12, 2010

  -- Class H-2, downgraded to Caa3 from B3; previously, B3 placed
     under review for possible downgrade on March 12, 2010

  -- Class H-3, downgraded to Caa3 from B3; previously, B3 placed
     under review for possible downgrade on March 12, 2010

  -- Class I-2, downgraded to Caa3 from Caa1; previously, Caa1
     placed under review for possible downgrade on March 12, 2010

  -- Class I-3, downgraded to Caa3 from Caa1; previously, Caa1
     placed under review for possible downgrade on March 12, 2010

  -- Class J-2, downgraded to Caa3 from Caa2; previously, Caa2
     placed under review for possible downgrade on March 12, 2010

  -- Class X, downgraded to Aa2 from Aa1; previously, Aa1 placed
     under review for possible downgrade on March 12, 2010

  -- CMBL, downgraded to Aa2 from Aa1; previously, Aa1 placed
     under review for possible downgrade on March 12, 2010

L-JAC 7 Trust, effected in March 2008, represents the
securitization of four non-recourse loans and four TMK bonds.  The
transaction is currently secured by three non-recourse loans and
three specified bonds.  The underlying loan portfolio is divided
into three loan pools -- A, B, and C.

The previous review reflected Moody's concern over further stress
for the recovery assumptions of the remaining loans because the
rents and cash flows of the main tenants -- in tenant-concentrated
properties -- were likely to decline, and the occupancy rates of
some properties remain at low levels.

In this rating action, Moody's analyzed relevant documents -- such
as the PM reports of all 14 properties -- and reviewed the
recovery assumption in case of the disposition of remaining
properties.

This rating action reflects Moody's concern that the resulting
losses of loans in each pool could affect the Class C through J-2
trust certificates negatively, and the effect of the loss from
Pool C for Class C was considered in particular.

In addition, Moody's has downgraded the Class A, B, and X Trust
Certificates and CMBL, in light of the deterioration in credit
support expected according to the review of recovery assumptions.

Results of review on loan pools:

                            < Pool A>

  -- Recovery stress; 21% of the initial Moody's value at this
     rating action; 4% as of June 2009

  -- Pool comprises two loans and a specified bond backed by five
     properties in Tokyo and local cities.

  -- For local properties, Moody's changed the cash flow
     assumptions lower than estimated at previous rating action
     because occupancy rates remain at low levels for a long
     period.

  -- For a single tenant property in Tokyo, Moody's considered the
     possibility of future declines in rent.

  -- For a vacant office building in Tokyo, Moody's estimated
     further recovery stress in light of the deterioration in its
     cash flow and the property's liquidity.

  -- Moody's also reviewed the cash flow assumptions of a property
     with good occupancy rates because rent remains lower than
     initially assumed.

                            < Pool B >

  -- Recovery stress; 41% of the initial Moody's value at this
     rating action; 19% as of June 2009

  -- Pool comprises two specified bonds backed by five properties
     in Tokyo and Osaka.

  -- Moody's re-assessed cash flow assumptions of two properties
     with consistent low occupancy rates, considering that the
     rents of new tenants will be decreased on lease up.

  -- Moody's also reviewed the cash flow assumptions of three
     properties with good occupancy rates in light of actual rent
     showing levels lower than initially assumed.

                            < Pool C >

  -- Recovery stress; 52% of the initial Moody's value at this
     rating action; 17% as of June 2009

  -- Pool represents a loan backed by two hotels in local cities
     and two weekly leasing apartments in Tokyo and suburban.

  -- Cash flows of the hotel properties are based on fixed rents
     according to master lease agreements with hotel operators.

  -- Although the detailed conditions of these hotel operation are
     not disclosed, Moody's re-considered payable rent assumptions
     because the RevPARs of hotels in the local area are expected
     to decline, according to Moody's general analysis of CMBS
     backed by Japanese hotels.

  -- Moody's also reviewed the cash flow assumptions of the weekly
     leasing apartments because RevPARs remain lower than
     initially assumed.

Dividend and principal distributions will be implemented
sequentially at the CMBS level.  Interest and principal
collections from the Loan Assets will be allocated only within the
corresponding group of the Trust Certificates.

Within each group, the principal distribution cap will be settled
for Classes A through C, and the remaining repayments from the
Loan Assets will be distributed to the other subordinated Classes,
starting with Class D.

At the CMBS level, the principal distribution for Classes A
through C in each Pool will be added up and allocated
sequentially.

The loss will then be allocated to the most subordinated Class,
corresponding to the defaulted Loan/Bond in reverse order of
sequential pay priority.

The total amount of losses distributed to the Class A through C
Trust Certificates will be re-allocated among them in reverse
order of sequential pay, starting with Class C.

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


OMEGA CAPITAL: S&P Downgrades Ratings on Secured Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CC' 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 lowered its rating on
the aforementioned notes to 'D' because the amount of accumulated
loss for the transaction has exceeded its loss threshold amount.

                          Rating Lowered

                  Omega Capital Investments PLC
                Secured multi rate notes series 32

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


ORIX-NRL TRUST: Moody's Changes Ratings on Various Certificates
---------------------------------------------------------------
Moody's Investors Service has changed the ratings on the Class B
through G Trust Certificates issued by ORIX-NRL Trust 16.  The
final maturity of the trust certificates will take place in March
2012 (originally September 2013).

The individual rating actions are:

  -- Class B, upgraded to Aaa from Aa2; previously, confirmed at
     Aa2 on July 6, 2009

  -- Class C, upgraded to Aaa from A3; previously, downgraded to
     A3 from A2 on July 6, 2009

  -- Class D, upgraded to Baa1 from Baa3; previously, downgraded
     to Baa3 from Baa2 on July 6, 2009

  -- Class E, downgraded to Ba2 from Ba1; previously, downgraded
     to Ba1 from Baa3 on July 6, 2009

  -- Class F, downgraded to B2 from Ba2; previously, downgraded to
     Ba2 from Ba1 on July 6, 2009

  -- Class G, downgraded to Caa1 from B1; previously, downgraded
     to B1 from Ba2 on July 6, 2009

ORIX-NRL Trust 16, effected in December 2007, represents the
securitization of non-recourse loans and specified bonds to three
borrowers.

Currently, only two loans remain outstanding: one non-recourse
loan (Loan 1) backed by four office buildings in Tokyo, which has
been in special servicing since March 2009, and one specified bond
(Loan 2) backed by a residential property in Tokyo and an office
building in Kanagawa, which has also been in special servicing,
since February 2010.

Moody's has reviewed its recovery assumptions for these six
properties.

The occupancy rates of most of these properties have been fairly
low, and property cash flows have been declining.  Moreover,
Moody's believes that the potential sales prices for the
properties are declining, and as a result, the recovery
assumptions for the six properties have declined.

One of the backing loans was paid in full at maturity in February
2010, and Loan 2 was partially paid via a property sale in March
2010.  A portion of the Trust Certificates was redeemed by
sequential payment via the former in March 2010, and an additional
portion will be redeemed via the latter in June 2010.  This
prompted an increase in credit support for the Class B through D
Trust Certificates -- hence, the upgrades on the ratings of these
Trust Certificates.

The downgrades to the Class E through G Trust Certificates reflect
a downward adjustment to Moody's recovery assumptions.

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


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


HYNIX SEMICONDUCTOR: Posts KRW822B Net Income in Q1 Ended March 31
------------------------------------------------------------------
Hynix Semiconductor Inc. disclosed its earnings results for the
first quarter ended March 31, 2010.

Consolidated revenues of the first quarter of fiscal year 2010
totaled KRW2.82 trillion slightly increased from KRW2.80 trillion
of the previous quarter.  Such strong performance resulted in a
new quarterly sales record.  The increase was mainly due to a
favorable memory market condition and shipment growth of DRAM as
well as the average selling price improvement.

Quarter-over-quarter, DRAM average selling price and bit shipment
climbed by 3% and 6% respectively.  NAND Flash average selling
price declined by 8% sequentially while bit shipment remained
flat.

Operating profit reached KRW799 billion with operating margin of
28%, further improved from the previous quarter's KRW708 billion.
This is the highest operating profit for the first quarter basis
mainly due to increased DRAM sales.  The technology migration and
DDR3 expansion also contributed to this record.

Net income for the quarter was KRW822 billion posting a 25%
increase compared with KRW657 billion of the previous quarter.
The primary reason for the difference between the operating profit
and net profit was net interest expense of KRW76 billion and net
foreign currency transaction and translation gain of KRW113
billion.

                            About Hynix

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.


KUMHO ASIANA: Kumho Tire Creditors to Swap Debt Into Shares
-----------------------------------------------------------
Yonhap News Agency reports that creditors of Kumho Tire Co., a
unit of Kumho Asia Group, have decided to swap their debt holdings
into shares worth around KRW600 billion (US$540.5 million) and to
conduct a capital reduction as part of efforts to carry out a
debt-rescheduling program.

The news agency relates the creditors led by Korea Development
Bank said they also plan to inject capital worth some KRW600
billion into the company.

Yonhap adds that KDB said it will seek approval from other
financial institutions for Kumho Tire's business revival plan,
which requires a 75% go-ahead from all creditors.

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

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

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

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

                      About Kumho Asiana

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


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


NUPLEX INDUSTRIES: Shares May Have Fallen 30% on Covenant Breach
----------------------------------------------------------------
The Securities Commission has claimed that shares in Nuplex
Industries would have plunged by as much as 30% had the company
informed the NZX it was in breach of its banking covenants when
the information first became available to its directors, according
to the New Zealand Herald.

A statement of claim filed by the commission last week in the High
Court at Wellington, obtained by the Herald, indicated that on
November 16, 2005, Nuplex agreed cash advance facilities with
Westpac Institutional Bank, the Commonwealth Bank of Australia,
HSBC and Citibank for the provision of AU$350 million.

According to the Herald, the commission claimed these agreements
came with a number of financial covenants, one of which required
Nuplex to ensure -- unless the banks consented in writing -- that
the Senior Debt Cover Ratio (SDCR) would not exceed three times.

The Herald relates the commission alleged that "on or about"
December 17, 2008, Nuplex realized the SDCR for the period ending
December 31 would reach 3.30, placing the company in breach of its
covenant.

The report further says that the statement then claims that on
December 22, 2008, Nuplex advised its banks of the breach and
"proposed a change to the method of calculating the SDCR that
would not result in the SDCR exceeding three times".

According to the statement, the Herald relates, the banks advised
Nuplex that they would be unable to respond to its request until
late January 2009.  When they finally did the request was denied
and a "re-setting" of the SDCR considered, the report says.

The Herald states the commission claimed the NZX was not informed
of the alleged breach at that time.

The Troubled Company Reporter-Asia Pacific reported on April 15,
2010, that the Securities Commission said it would file civil
proceedings against Nuplex Industries Limited and certain current
and former directors.

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

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

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

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

                      About Nuplex Industries

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

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


PERPETUAL TRUSTEE: S&P Raises Ratings on Five Subprime RMBS
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on five
rated classes of subprime and nonconforming residential mortgage-
backed securities issued by Perpetual Trustee Company Ltd. as
trustee for Q10 Trust.  The rating upgrades reflect S&P's opinion
that the rated notes are adequately supported to withstand
stresses that are commensurate with the higher rating levels.  At
the same time, S&P affirmed the rating on the class A-2 notes.

The prepayment rate of the Australian housing loans in the
portfolio has been consistently above the industry average until
recent months.  Further, the portfolio balance has amortized to
A$157 million or less than 16% of the initial balance of
A$1 billion.  Meanwhile, approximately A$17 million of excess
spread, after covering prior portfolio losses, has been
accumulated in a reserve to absorb future losses.  To date, there
have been no charge-offs to any notes, which would not occur until
the A$17 million uncapped reserve is depleted.  S&P's assessment
indicates that the excess spread continues to build up strongly to
absorb some future losses, despite the increasing weighted-average
funding cost under the current sequential-pay mechanism.

The portfolio performance has been severely affected by the
economic slowdown, which resulted in declining borrower disposable
income and higher unemployment.  In contrast with the decreasing
arrears trend in the industry, the transaction's arrears levels
consistently stayed above the industry average, with the greater-
than-90 days arrears rising further.  S&P believes this percentage
increase in part reflects the reducing portfolio balance, and more
significantly, the loss mitigation strategy.  Although the loan
servicer has entered into payment arrangements with some borrowers
in financial distress, the company continues to track them as
delinquent borrowers.  The foreclosed loans have had minimal
losses to date.

The remaining portfolio consists of fully amortizing loans that
are well-diversified geographically and have a weighted-average
seasoning of almost five years.  More than 75% of the loans have a
loan-to-value ratio of 80% or below, while about 66% are low
documentation loans and 30% are for investment purposes.  The
average loan size is about A$190,000, although there are still
some large loans remaining in the pool, with 4.5% have an
outstanding balance exceeding A$1,000,000.

While the high arrears levels are due to adverse selection at the
tail-end of the transaction, the transaction has adequate credit
enhancements for the rated notes and minimal negative portfolio-
yield risk at the tail-end.  The notes can be redeemed at the
earlier of December 2010 or when the portfolio reduces to 5% of
its original balance; however, S&P's analysis assumes that clean-
up calls would not be exercised.

                          Ratings Raised

                            Q10 Trust

                 Class    Rating From   Rating To
                 -----    -----------   ---------
                 B        AA            AAA
                 C        A+            AA+
                 D        BBB+          A
                 E        BB            BBB
                 F        B             BB

                        Rating Affirmed

                        Class    Rating
                        -----    ------
                        A-2      AAA


RURAL PORTFOLIO: Sells 6.39% Stake in PGG Wrightson
---------------------------------------------------
Rural Portfolio Investments Securities Ltd. has sold 6.39% stake
in PGG Wrightson Ltd. for NZ$27.136 million, the National Business
Review reports.

The Business Review relates that the 48.46 million shares were
sold by Rural Portfolio Investments Securities (RPIS) via a stock
broker at 56 cents each.  Settlement is on April 26.

As reported in the Troubled Company Reporter-Asia Pacific on
April 20, 2010, the New Zealand Herald said Rural Portfolio
Capital, the financing arm of Craig Norgate and the McConnon
family's Rural Portfolio Investments, may sell its stake in PGG
Wrightson Ltd. after the investment company warned it does not
have enough money in its account to meet the next dividend payment
to its preference shareholders.

Rural Portfolio Capital said it had breached a trust deed by
failing to have enough money in its escrow account to make an
October payment.

According to the Herald, Rural Portfolio Capital, which has 30
days to remedy the breach, said it planned to meet the deadline
and had also asked for an extension from its other funders to
allow it to pay them back.

Headquartered in Dunedin, New Zealand, Rural Portfolio Investments
Limited -- http://www.ruralportfolioinvestments.co.nz/-- is an
investment company owned 50 percent by Aorangi Laboratories
Limited (the McConnon family interests' investment vehicle) and 50
percent by MCN Rural Investments Limited (a Craig Norgate family
interests' investment vehicle).  RPI was formed on August 6, 2003,
with the objective of investing in Wrightson Limited and as a
vehicle for other agribusiness investments.


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


LEPANTO CONSOLIDATED: To Invest PHP600 Mil. in Benguet Mine
-----------------------------------------------------------
Lepanto Consolidated Mining Co. will invest PHP600 million this
year to increase output in its Benguet mine, BusinessWorld Online
reports.

Lepanto President and Chief Operating Officer Bryan U. Yap said
higher output at the Victoria mine will allow the miner to take
advantage of high gold prices and turn around to a PHP100-million
profit this year, BusinessWorld relates.

The report says Lepanto is also in talks with two foreign miners
for a joint development and the operation of the Far Southeast
gold and copper project, also in Benguet.

Headquartered in Makati City, Lepanto Consolidated Mining
Company -- http://www.lepantomining.com/-- was incorporated on
September 8, 1986, and operated an enargite copper mine until
1997, after which, LC shifted to gold bullion production through
its Victoria Project.  LC also operated a copper flotation plant
from August 2000 to December 2001, and restarted it in late
2006.  LC sells its gold and silver bullion production to
Heraeus Ltd. (Hong Kong) while its copper concentrate production
are sold to various traders.

LC and its subsidiaries are involved in other businesses such as
hauling, diamond drilling services, insurance, and manufacture
of diamond tools.  LC has two Mineral Production and Sharing
Agreements for areas located in Mankayan, Benguet.  The
company's subsidiaries are Shipside, Inc., Diamond Drilling
Corporation of the Philippines, Lepanto Investment and
Development Corporation, Diamant Boart Philippines, Inc., and
Far Southeast Gold Resources, Inc.

                          *     *     *

Lepanto Consolidated Mining posted three consecutive net losses of
PHP206.44 million, PHP763.29 million and PHP372 million for the
years ended December 31, 2007, 2008 and 2009, respectively.

For the first quarter in 2010, Lepanto reported net loss of
PHP107 million, wider than the PHP43.6-million net loss during the
same period in 2009.


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


TAIWAN POWER: Auctions Off NT$11.6 Billion in Corporate Bonds
-------------------------------------------------------------
Taiwan Power Co. has sold NT$11.6 billion (US$369.6 million) worth
of unsecured guaranteed corporate bonds in an auction, the Taipei
Times reports.  The company plans to use the proceeds to support
its capital requirements, the report says.

The Taipei Times relates that the company auctioned off
NT$2.6 billion in five-year bonds, NT$3 billion in seven-year
bonds and NT$6 billion in 10-year bonds.

According to the report, the latest auction was the company's
second sale this year after it sold NT$17.9 billion of bonds on
March 12.

Taipower said it planned to issue the new corporate bonds in early
June.  Taipei Fubon Bank and Mega International Commercial Bank
will act as the guarantors for the proposed bond issue, with
Standard Chartered Bank Taiwan Ltd serving as the main
underwriter, the statement said.

As reported in the Troubled Company Reporter-Asia Pacific on
December 10, 2009, Taiwan Power Co. will come close to breaking
even in 2009 after a difficult 2008 but expects to post a stiff
loss this year based on an anticipated rise in crude oil prices.

Taipower Chairman Edward Chen said the company is set to post a
small loss of NT$1 billion (US$30.96 million) this year, far below
the record high NT$101.35 billion pre-tax loss and NT$75.6 billion
net loss it reported in 2008.  Taipower reported net losses of
NT$200 million and NT$23.13 billion in 2006 and 2007,
respectively.

Mr. Chen said Taipower is forecasting a net loss of NT$26.7
billion in 2010, based on projected total revenues of NT$507.3
billion and expenses of NT$534 billion.

                           About Taipower

With a generating capacity of more than 38,080 MW, state-owned
Taiwan Power Co. serves nearly 11.7 million industrial,
commercial, and residential customers.  Thermal sources (coal,
oil, and liquefied natural gas) fuel most of Taipower's plants;
nuclear energy and hydroelectric sources make up the balance.
Unable to meet Taiwan's power needs on its own, the utility has
opened its market to independent power producers, allowing
companies to build power plants and sell to Taipower.  Taipower
has resumed construction on the nation's fourth nuclear plant, and
the government has announced plans to privatize Taipower.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company            Ticker            (US$MM)          (US$MM)
  -------            ------            ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW     AHGN               16.93             -8.23
AUSTAR UNITED        AUN               568.69           -325.83
AUSTRAILIAN Z-PP     AZCCA              77.74             -2.57
AUSTRALIAN ZIRC      AZC                77.74             -2.57
AUTRON CORP LTD      AAT                32.50            -13.46
AUTRON CORP LTD      AAT                32.50            -13.46
BCD RESOURCES OP     BCO                22.09            -61.19
BCD RESOURCES-PP     BCOCC              22.09            -61.19
BIRON APPAREL LT     BIC                19.71             -2.22
CENTRO PROPERTIE     CNP            14,784.56           -461.11
CHALLENGER INF-A     CIF             2,307.01           -104.58
CHEMEQ LTD           CMQ                25.19            -24.25
CITY PACIFIC LTD     CIY               171.50             -6.38
D2 MARKETING LTD     DTO                16.70             -4.04
ELLECT HOLDINGS      EHG                18.25            -15.49
HEALTH CORP LTD      HEA                13.26             -0.01
JAMES HARDIE NV      JHXCC           2,130.90           -131.10
JAMES HARDIE-CDI     JHX             2,130.90           -131.10
HYRO LTD             HYO                11.59             -4.73
MAC COMM INFR-CD     MCGCD           8,104.42           -103.34
ORION GOLD NL        ORN                12.37            -24.99
POWERLAN LTD         PWR                30.84             -5.94
RESIDUAL ASSC-EE     RAGXF             597.33           -126.96
SCIGEN LTD-CUFS      SIE                71.22            -25.69
SHELL VILLAGES A     SVC                13.47             -1.66
VERTICON GROUP       VGP                15.07            -29.20


CHINA

AMOI ELECTRONI-A     600057            100.95            -42.95
BAO LONG ORIENTA     600988             16.38             -3.24
CHENGDU UNION-A      693                41.39            -12.35
CHINA EAST AIR-A     600115         10,663.62           -669.02
CHINA EAST AIR-H     670            10,663.62           -669.02
CHINA EASTRN-ADR     CEA            10,663.62           -669.02
CHINA KEJIAN-A       35                 83.78           -182.39
DANDONG CHEM F-A     498               100.50           -111.14
DATONG CEMENT-A      673                21.25             -1.54
DONGGUAN FANGD-A     600656             62.02            -10.11
DONGXIN ELECTR-A     600691             13.36            -18.59
GAOXIN ZHANGTO-A     2075              119.52            -30.48
GUANGMING GRP -A     587                48.72            -47.59
GUANGXI BEISHE-A     600556            103.12           -138.38
GUANGXIA YINCH-A     557                30.99            -29.72
HAINAN ZHUXIN-A      600515            127.12             -2.04
HEBEI BAOSHUO -A     600155            133.67           -361.69
HEBEI JINNIU C-A     600722            227.88           -230.19
HISENSE KELON -H     921               650.07           -103.76
HISENSE KELON-A      921               650.07           -103.76
HUASU HOLDINGS-A     509                86.94             -2.12
HUDA TECHNOLOG-A     600892             21.39             -2.55
HUNAN ANPLAS CO      156                51.58            -70.84
JIANGSU CHINES-A     805                12.52            -11.39
JINCHENG PAPER-A     820               250.82             -5.71
LIAOYUAN DEHENG      600699            138.72             -6.69
MUDAN AUTOMOBI-H     8188               30.41             -1.10
NINGBO YIDONG-H      8249               42.61            -30.79
QINGHAI SUNSHI-A     600381             50.90            -26.09
SHAANXI FENGHU-A     561                33.36            -13.70
SHAANXI QINLIN-A     600217            250.40            -32.18
SHANG HONGSHENG      600817             16.78           -451.81
SHANG LIANHUA-A      600617             15.68             -1.54
SHANG LIANHUA-B      900913             15.68             -1.54
SHANGHAI WORLDBE     600757            153.10           -190.22
SHENZ CHINA BI-A     17                 27.97           -264.11
SHENZ CHINA BI-B     200017             27.97           -264.11
SHENZHEN DAWNC-A     863                28.09           -157.71
SHENZHEN KONDA-A     48                195.27            -14.90
SHENZHEN SHENX-A     34                 23.81           -118.24
SHENZHEN ZERO-A      7                  53.21             -7.98
SHIJIAZHUANG D-A     958               235.06            -54.14
SICHUAN DIRECT-A     757               108.20           -130.38
SUNTEK TECHNOL-A     600728             37.92            -21.21
TAIYUAN TIANLO-A     600234             48.94            -25.23
TIANJIN MARINE       600751             78.09            -63.86
TIANJIN MARINE-B     900938             78.09            -63.86
TIBET SUMMIT I-A     600338             86.47             -0.05
TOPSUN SCIENCE-A     600771            183.02           -138.22
WINOWNER GROUP C     600681             11.10            -70.50
WUHAN BOILER-B       200770            307.71           -130.55
WUHAN GUOYAO-A       600421             11.45            -39.41
WUHAN LINUO SOLA     600885             84.68             -0.82
XIAMEN OVERSEA-A     600870            286.40           -145.07
YUEYANG HENGLI-A     622                37.27            -15.53
YUNNAN MALONG-A      600792            143.63            -36.68
ZHANGJIAJIE TO-A     430                45.95             -4.59
ZHONGCHANG MAR-A     600242             19.68             -1.33
ZHONGHONG REAL-A     979                43.55            -32.06


HONG KONG

21 HOLDINGS LTD      1003               43.65             -4.26
ASIA TELEMEDIA L     376                16.62             -5.37
CHAOYUE GROUP LT     147                42.69           -127.80
CHINA E-LEARNING     8055               12.20            -30.48
CHINA GOLDEN DEV     162               253.00             -2.72
EGANAGOLDPFEIL       48                557.89           -132.86
EMPEROR ENTERTAI     8078               39.23             -5.35
FULBOND HLDGS        1041               60.26            -14.42
HONBRIDGE HOLDIN     8137               12.15             -0.89
JIAN EPAYMENT        8165               15.39             -1.17
MELCOLOT LTD         8198               65.62            -25.95
MITSUMARU EAST K     2358               38.17             -1.45
NEW CITY CHINA       456               112.20            -14.59
NGAI LIK INDL        332               132.82             -4.76
PAC PLYWOOD          767                75.64             -5.41
PALADIN LTD          495               155.31            -10.91
PALADIN LTD -PRE     642               155.31            -10.91
PCCW LTD             8               5,801.75           -261.18
PROVIEW INTL HLD     334               314.87           -294.85
SINO RESOURCES G     223                33.92            -58.77
WAI CHUN MINING      660                12.79            -14.60
WAYTUNG GLOBAL G     21                 12.33             -2.96


INDONESIA

ASIA PACIFIC         POLY              482.03           -831.23
BANK EKSEKUTIF       BEKS              150.38             -4.93
ERATEX DJAJA         ERTX               10.05            -15.29
JAKARTA KYOEI ST     JKSW               28.00            -39.75
KARWELL INDONESI     KARW               10.75             -9.36
MULIA INDUSTRIND     MLIA              341.62           -371.31
PANASIA FILAMENT     PAFI               48.90             -3.97
PANCA WIRATAMA       PWSI               28.98            -35.49
PRIMARINDO ASIA      BIMA               10.01            -21.31
STEADY SAFE TBK      SAFE               12.26             -7.55
SURABAYA AGUNG       SAIP              254.61            -85.54
TEIJIN INDONESIA     TFCO              185.09            -14.27
UNITEX TBK           UNTX               15.15            -14.59


INDIA

ALCOBEX METALS       AML                16.59            -21.47
ASHIMA LTD           ASHM               59.92            -47.15
BALAJI DISTILLER     BLD                51.16            -38.38
BELLARY STEELS       BSAL              451.68           -108.50
BHAGHEERATHA ENG     BGEL               22.65            -28.20
CAMBRIDGE SOLUTI     CAMB              156.75            -46.79
CFL CAPITAL FIN      CEATF              14.31            -40.04
COMPUTERSKILL        CPS                14.90             -7.56
CORE HEALTHCARE      CPAR              185.36           -241.91
DCM FINANCIAL SE     DCMFS              16.54            -10.99
DIGJAM LTD           DGJM               98.77            -14.62
DISH TV INDIA        DITV              422.08           -127.61
DUNCANS INDUS        DAI               116.96           -183.24
GANESH BENZOPLST     GBP                43.99            -24.57
GEM SPINNERS LTD     GEMS               15.23             -0.11
GLOBAL BOARDS        GLB                25.15             -0.79
GSL INDIA LTD        GSL                37.04            -42.34
GSL NOVA PETROCH     GSLN               44.39             -0.93
GUJARAT SIDHEE       GSCL               59.44             -0.66
HARYANA STEEL        HYSA               10.83             -5.91
HENKEL INDIA LTD     HNKL              102.05            -10.24
HFCL INFOTEL LTD     HFCL              151.65            -85.81
HIMACHAL FUTURIS     HMFC              406.63           -210.98
HINDUSTAN PHOTO      HPHT               68.94         -1,147.18
HINDUSTAN SYNTEX     HSYN               12.68             -1.79
HMT LTD              HMT               139.31           -277.69
ICDS                 ICDS               13.30             -6.17
INDIA FOILS LTD      IF                 22.01             -2.04
INFOMEDIA 18 LTD     INF18              35.80             -1.94
INTEGRAT FINANCE     IFC                45.56            -43.27
ITI LTD              ITI             1,116.21             -0.80
JCT ELECTRONICS      JCTE              122.54            -50.00
JD ORGOCHEM LTD      JDO                10.46             -1.60
JENSON & NIC LTD     JN                 15.93            -74.33
JIK INDUS LTD        KFS                20.63             -5.62
JK SYNTHETICS        JKS                13.51             -3.03
JOG ENGINEERING      VMJ                50.08            -10.08
KALYANPUR CEMENT     KCEM               32.04            -26.76
KERALA AYURVEDA      KRAP               13.41             -0.59
KINGFISHER AIR       KAIR            1,458.64           -418.91
LLOYDS FINANCE       LYDF               27.68             -8.64
LLOYDS STEEL IND     LYDS              358.94            -83.14
MILLENNIUM BEER      MLB                36.39             -3.20
MILTON PLASTICS      MILT               18.31            -40.44
NATH PULP & PAP      NPPM               13.59            -39.13
NICCO UCO ALLIAN     NICU               28.84            -56.77
ORIENT PRESS LTD     OP                 16.70             -0.09
PANCHMAHAL STEEL     PMS                51.02             -0.33
PANYAM CEMENTS       PYC                38.84             -0.64
PARASRAMPUR SYN      PPS               111.97           -317.11
PAREKH PLATINUM      PKPL               61.08            -88.85
PEACOCK INDS LTD     PCOK               11.40            -14.40
PIRAMAL LIFE SC      PLSL               32.05             -3.73
POLAR INDS LTD       PLI                11.61            -22.28
RAMA PHOSPHATES      RMPH               34.07             -1.19
RATHI ISPAT LTD      RTIS               44.56             -3.93
RELIGARE TECHNOV     RTCL               44.13             -1.46
RENOWNED AUTO PR     RAP                14.12             -1.25
ROLLATAINERS LTD     RLT                22.97            -22.24
ROYAL CUSHION        RCVP               20.22            -62.97
SCOOTERS INDIA       SCTR               13.29             -0.58
SHALIMAR WIRES       SWRI               24.49            -49.90
SHAMKEN COTSYN       SHC                23.13             -6.17
SHAMKEN MULTIFAB     SHM                60.55            -13.26
SHAMKEN SPINNERS     SSP                42.18            -16.76
SHREE RAMA MULTI     SRMT               63.73            -52.93
SIDDHARTHA TUBES     SDT                70.93            -12.09
SIL BUSINESS ENT     SILB               12.46            -19.96
SOUTHERN PETROCH     SPET            1,543.61            -35.61
SPICEJET LTD         SJET              147.98            -84.65
STERLING HOL RES     SLHR               52.91             -0.63
STI INDIA LTD        STIB               28.05             -8.04
TAMILNADU TELE       TNT                10.26             -4.14
TATA TELESERVICE     TTLS              793.63            -74.64
TRIUMPH INTL         OXIF               58.46            -14.18
TRIVENI GLASS        TRSG               24.39             -8.90
UNIWORTH LTD         WW                145.71           -114.87
USHA INDIA LTD       USHA               12.06            -54.51
VENTURA TEXTILES     VRTL               14.25             -0.33
WINDSOR MACHINES     WML                14.50            -28.14
WIRE AND WIRELES     WNW               102.42            -37.06


JAPAN

ARDEPRO              8925              310.82           -253.28
COMMERCIAL RE        8866              296.85             -0.35
COSMOS INITIA CO     8844            1,652.69           -564.01
DON CO LTD           8216              147.78            -20.12
FLIGHT SYS CONSU     3753               14.88             -1.07
HARAKOSAN CO         8894              225.69            -62.68
ICHITAN CO LTD       5645               99.16             -4.38
JIPANGU HOLDINGS     2684               15.05             -8.38
L CREATE CO LTD      3247               42.34             -9.15
LAWSON ENTMEDIA      2416               71.17            -85.64
LCA HOLDINGS COR     4798               49.52             -2.24
MORISHITA CO LTD     3594              170.16             -6.92
PROPERST CO LTD      3236              303.29           -415.76
RAYTEX CORP          6672               61.49             -3.49
SAIKAYA CO LTD       8254              375.83            -72.59
SHINWA OX CORP       2654               61.39            -12.95
TERRANETZ CO LTD     2140               11.63             -4.29


KOREA

AJU MEDIA SOL-PF     44775              13.82             -1.25
CL LCD CO LTD        35710              55.59            -14.79
DAHUI CO LTD         55250             186.00             -1.50
DAISHIN INFO         20180             740.50           -158.45
KEYSTONE GLOBAL      12170              10.61             -0.74
KUMHO INDUS-PFD      2995            5,837.32           -967.28
KUMHO INDUSTRIAL     2990            5,837.32           -967.28
ORICOM INC           10470              82.65            -40.04
ROCKET ELEC-PFD      425                68.58             -2.14
ROCKET ELECTRIC      420                68.58             -2.14
SAMT CO LTD          31330             303.86            -77.57
SOLAR & TECH CO      30390              11.47             -0.59
TAESAN LCD CO        36210             187.94           -546.26
TONG YANG MAGIC      23020             355.15            -25.77
YOUILENSYS CORP      38720             166.70            -12.34


MALAYSIA

AXIS INCORPORATI     AXIS               37.88            -80.60
HO HUP CONSTR CO     HO                 73.63             -4.31
LCL CORP BHD         LCL                78.28            -72.28
LIMAHSOON BHD        LIMA               26.52             -1.56
MANGOTONE GROUP      MTON               12.44             -9.21
OILCORP BHD          OILC              152.96            -35.28
POLY TOWER VENTU     PTV                58.06             -5.45
SINOTOP HOLDING      SNHB               22.80             -0.41
WONDERFUL WIRE       WW                 11.70            -16.48
WWE HOLDINGS BHD     WWE                66.24             -1.88
NEW ZEALAND

DOMINION FINANCE     DFH NZ Eq         258.90            -55.31


PHILIPPINES

APEX MINING 'B'      APXB               45.84            -20.95
APEX MINING-A        APX                45.84            -20.95
BENGUET CORP 'B'     BCB                75.49            -37.05
BENGUET CORP-A       BC                 75.49            -37.05
CYBER BAY CORP       CYBR               12.93            -79.23
EAST ASIA POWER      PWR                50.80           -139.42
FIL ESTATE CORP      FC                 37.29            -11.36
FILSYN CORP A        FYN                22.00            -10.28
FILSYN CORP. B       FYNB               22.00            -10.28
GOTESCO LAND-A       GO                 18.68            -10.86
GOTESCO LAND-B       GOB                18.68            -10.86
MRC ALLIED INC       MRC                13.04             -3.68
PICOP RESOURCES      PCP               105.66            -23.33
PRIME ORION PHIL     POPI               90.35             -5.12
STENIEL MFG          STN                28.67             -1.48
UNIVERSAL RIGHTF     UP                 45.12            -13.48
UNIWIDE HOLDINGS     UW                 52.80            -56.18
VICTORIAS MILL       VMC               178.06            -36.66


SINGAPORE

ADV SYSTEMS AUTO     ASA                11.69            -13.16
ADVANCE SCT LTD      ASCT               16.05            -43.84
FALMAC LTD           FAL                10.12             -6.80
HL GLOBAL ENTERP     HLGE               93.91            -12.96
INFORMATICS EDU      INFO               24.56             -0.01
JURONG TECH IND      JTL                98.76           -227.28
LINDETEVES-JACOB     LJ                151.66            -86.53
SUNMOON FOOD COM     SMOON              14.65            -13.74
TIGER AIRWAYS        TGR               122.90            -71.92
TT INTERNATIONAL     TTI               287.51            -38.28
WESTECH ELECTRON     WTE                20.26            -13.94


THAILAND

ABICO HLDGS-F        ABICO/F            12.07             -9.54
ABICO HOLDINGS       ABICO              12.07             -9.54
ABICO HOLD-NVDR      ABICO-R            12.07             -9.54
ASCON CONSTR-NVD     ASCON-R            59.78             -3.37
ASCON CONSTRUCT      ASCON              59.78             -3.37
ASCON CONSTRU-FO     ASCON/F            59.78             -3.37
BANGKOK RUBBER       BRC                90.30            -65.13
BANGKOK RUBBER-F     BRC/F              90.30            -65.13
BANGKOK RUB-NVDR     BRC-R              90.30            -65.13
CIRCUIT ELEC PCL     CIRKIT             17.39            -88.00
CIRCUIT ELEC-FRN     CIRKIT/F           17.39            -88.00
CIRCUIT ELE-NVDR     CIRKIT-R           17.39            -88.00
DATAMAT PCL          DTM                12.69             -6.13
DATAMAT PCL-NVDR     DTM-R              12.69             -6.13
DATAMAT PLC-F        DTM/F              12.69             -6.13
ITV PCL              ITV                33.88            -90.93
ITV PCL-FOREIGN      ITV/F              33.88            -90.93
ITV PCL-NVDR         ITV-R              33.88            -90.93
K-TECH CONSTRUCT     KTECH              39.74            -33.07
K-TECH CONSTRUCT     KTECH/F            39.74            -33.07
K-TECH CONTRU-R      KTECH-R            39.74            -33.07
KUANG PEI SAN        POMPUI             17.70            -12.74
KUANG PEI SAN-F      POMPUI/F           17.70            -12.74
KUANG PEI-NVDR       POMPUI-R           17.70            -12.74
PATKOL PCL           PATKL              52.89            -30.64
PATKOL PCL-FORGN     PATKL/F            52.89            -30.64
PATKOL PCL-NVDR      PATKL-R            52.89            -30.64
PICNIC CORPORATI     PICNI             162.04            -79.86
PICNIC CORPORATI     PICNI/F           162.04            -79.86
PICNIC CORPORATI     PICNI-R           162.04            -79.86
PONGSAAP PCL         PSAAP              25.95             -6.20
PONGSAAP PCL         PSAAP/F            25.95             -6.20
PONGSAAP PCL-NVD     PSAAP-R            25.95             -6.20
SAFARI WORLD PUB     SAFARI            103.18            -17.83
SAFARI WORLD-FOR     SAFARI/F          103.18            -17.83
SAFARI WORL-NVDR     SAFARI-R          103.18            -17.83
SAHAMITR PRESS-F     SMPC/F             21.99             -4.01
SAHAMITR PRESSUR     SMPC               21.99             -4.01
SAHAMITR PR-NVDR     SMPC-R             21.99             -4.01
SUNWOOD INDS PCL     SUN                19.86            -13.03
SUNWOOD INDS-F       SUN/F              19.86            -13.03
SUNWOOD INDS-NVD     SUN-R              19.86            -13.03
THAI-DENMARK PCL     DMARK              15.72            -10.10
THAI-DENMARK-F       DMARK/F            15.72            -10.10
THAI-DENMARK-NVD     DMARK-R            15.72            -10.10
TRANG SEAFOOD        TRS                12.09             -2.26
TRANG SEAFOOD-F      TRS/F              12.09             -2.26
TRANG SFD-NVDR       TRS-R              12.09             -2.26
UNIVERSAL S-NVDR     USC-R             105.34            -33.13
UNIVERSAL STARCH     USC               105.34            -33.13
UNIVERSAL STAR-F     USC/F             105.34            -33.13

TAIWAN

CHIEN TAI CEMENT     1107              202.45            -22.41
HELIX TECH-EC        2479T              23.39            -24.12
HELIX TECH-EC IS     2479U              23.39            -24.12
HELIX TECHNOL-EC     2479S              23.39            -24.12
TAIWAN KOL-E CRT     1606U             507.21           -147.14
TAIWAN KOLIN-EN      1606V             507.21           -147.14
TAIWAN KOLIN-ENT     1606W             507.21           -147.14
VERTEX PREC-ENTL     5318T              43.04             -2.31
VERTEX PRECISION     5318               43.04             -2.31
YEU TYAN MACHINE     8702               39.57           -271.07


                         *********

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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