TCRAP_Public/100426.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, April 26, 2010, Vol. 13, No. 080

                            Headlines



A U S T R A L I A

MILLIWAYS MERCANTILE: Brisbane Supreme Court Orders Wind Up


C H I N A

NEW ENERGY SYSTEMS: Reports US$5,837,395 Net Income for 2009


H O N G  K O N G

RIGHT TOP: Placed Under Voluntary Wind-Up Proceedings
RISE GROUP: Court to Hear Wind-Up Petition on May 26
SAKURA LIMITED: Court Enters Wind-Up Order
SHOWA EUREX: Commences Wind-Up Proceedings
SHOWA YUKI: Commences Wind-Up Proceedings

SMART ASIA: Court Enters Wind-Up Order
SMART ASIA HOLDINGS: Court Enters Wind-Up Order
SOCIETY FOR THE PROMOTION: Members' Final Meeting Set for May 18
SUCCESS ELITE: Court Enters Wind-Up Order
SUCCESS MASTER: Court Enters Wind-Up Order

SUMORE CORPORATION: Court Enters Wind-Up Order
TAKE FORTUNE: Court Enters Wind-Up Order
TRESOR PUBLISHING: Members' Final Meeting Set for May 17
VIGERS HONG KONG: Court to Hear Wind-Up Petition on May 5
WAI SHING: Court to Hear Wind-Up Petition on June 2

WELMODE FASHION: Court to Hear Wind-Up Petition on May 19
WIDEST SKY: Court to Hear Wind-Up Petition on May 5
WILLING KNITWEAR: Court to Hear Wind-Up Petition on May 26
YAT WO: Members' Final General Meeting Set for May 17
ZTOYS LIMITED: Court Enters Wind-Up Order


I N D I A

ACCURA VALVES: Delays in Loan Repayment Cue CRISIL Junk Ratings
AGGARWAL RICE: CRISIL Reaffirms 'B+' Rating on INR28.7MM Term Loan
AIR INDIA: Payment of March Salary Delayed, Minister Patel Says
ALLIED RECYCLING: CRISIL Assigns 'B' Ratings on Various Bank Debts
ATLAS AUTOMOTIVE: CRISIL Places 'BB+' Rating on INR39.4M Term Loan

BHUMIKA GEMS: CRISIL Reaffirms 'P4' Ratings on Various Bank Debts
CLASSIC WEARS: Delay in Loan Repayment Cues CRISIL Junk Ratings
DINESH JEWELLERS: CRISIL Rates INR60 Million Cash Credit at 'D'
FAQIR CHAND: CRISIL Rates INR50.0 Mil. Cash Credit at 'BB+'
IGC INDIA: CRISIL Rates INR50.0 Million Letter of Credit at 'P4+'

JET AIRWAYS: To Add 3 to 4 ATR Planes
JINDAL SUPER: CRISIL Puts 'BB+' Rating on INR50 Mil. Cash Credit
NR INTERNATIONAL: CRISIL Upgrades Rating on INR150MM Cash Credit
POOJA LEISURE: CRISIL Rates INR150 Mil. Long-Term Loan at 'BB-'


J A P A N

GEOS CORP: President Wants Bankruptcy Proceedings Halted
GODO KAISHA: Moody's Withdraws Ratings on Mercury01 Notes
JAPAN FINANCE: Moody's Reviews Ratings on Two Japan SME CLOs
SOFTBANK CORP: S&P Raises Corporate Credit Rating to 'BB+'


K O R E A

HYUNDAI MOTOR: Posts KRW1.1 Trillion Net Profit in Q1


M A L A Y S I A

AXIS INC: Has Until June 30 to Submit Regularization Plan
MALAYSIAN MERCHANT: Bourse Orders Firm to Start Audit Soon
MALAYSIAN MERCHANT: Served With Writs Of Summons
RAMUNIA HOLDINGS: To Hold Scheme Creditors' Meeting on May 7
RAMUNIA HOLDINGS: Completes Sale of Fabrication Yard to Sime Darby

RAMUNIA HOLDINGS: Expects to Step Out of PN17 by Year-End


P H I L I P P I N E S

LIBERTY TELECOMS: Appellate Court Junks Bid to Halt Rehabilitation


S I N G A P O R E

ASIAN MINERALS: Court Enters Wind-Up Order
AUTOHUB ASIA: Court Enters Wind-Up Order
CHUAN SIANG: Court Enters Wind-Up Order
EASTERN ISLAND: Creditors' Proofs of Debt Due May 23
FORTUNE DESIGN: Court Enters Wind-Up Order

IMAGEAIRE PTE: Court Enters Wind-Up Order
INSERVE (S) PTE: Members' Final Meeting Set for May 24
L&M EQUIPMENT: Court to Hear Wind-Up Petition on May 7
L&M INFRATECH: Court to Hear Wind-Up Petition on May 7
L&M PETROMAS: Court to Hear Wind-Up Petition on May 7

M.E.I. ENGINEERS: Court Enters Wind-Up Order
MOBILE & WIRELESS: Creditors Get 100% and 1.23% Recovery on Claims
ORIENT NETWORKS: Creditors Get 0.78956% Recovery on Claims
PRESTIGE BUILDING: Court Enters Wind-Up Order
TW OILS: Court to Hear Wind-Up Petition on May 7


T A I W A N

ASUSTEK COMPUTER: Sees Better-than Expected Q2 Business Prospects
AU OPTRONICS: Swings to NT$7.27 Billion Net Profit in Q1
HANNSTAR DISPLAY: Obtains 4-Year NT$8 Billion Syndicated Loan




                         - - - - -


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


MILLIWAYS MERCANTILE: Brisbane Supreme Court Orders Wind Up
-----------------------------------------------------------
The Brisbane Supreme Court has ordered the liquidation of
Milliways Mercantile Pty Ltd after an application from creditor
Persal and Co., trading as Handy Hire.

Persal alleged as grounds for its action the company's "failure to
comply with a statutory demand" that the company pay a AU$3,231
debt, as ordered in Gympie Magistrates Court on February 4.

Milliways Mercantile Pty Ltd owns the Gympie's Chambers Restaurant
and Hotel, formerly known as the Commercial Hotel.  The business
occupies one of Gympie's significant heritage buildings, built in
the 19th Century.

Gympie publisher Anthony James Stower, of Rocky Ridge Road,
Gympie, is named in Australian Securities and Investment
Commission documents as the sole director of the company.


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


NEW ENERGY SYSTEMS: Reports US$5,837,395 Net Income for 2009
------------------------------------------------------------
New Energy Systems Group has filed with the Securities and
Exchange Commission its annual report on Form 10-K for the fiscal
year ended December 31, 2009.

The Company reported net income of US$5,837,395 for 2009 from net
income of US$4,451,072 for 2008.  Revenues were US$26,375,890 for
2009 from US$19,716,408 for 2008.

As of December 31, 2009, the Company had total assets of
US$53,380,185 against total liabilities of US$13,386,862,
resulting in stockholders' equity of US$39,993,323.

A full-text copy of the Company's annual report is available at no
charge at http://ResearchArchives.com/t/s?607d

A full-text copy of the Company's conference call transcript is
available at no charge at http://ResearchArchives.com/t/s?607e

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

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

The April 9, 2010 report of Goldman Parks Kurland Mohidin LLP in
Encino, California, the Company's independent auditor, does not
include a negative going concern opinion about the Company.

              About New Energy Systems Group

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

This concludes the Troubled Company Reporter's coverage of New
Energy Systems until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.


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


RIGHT TOP: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on April 8, 2010,
creditors of Right Top Industrial Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Ho Lok Cheong
         Room 1912, West Tower
         Shun Tak Centre
         168 Connaught Road
         Central, Hong Kong


RISE GROUP: Court to Hear Wind-Up Petition on May 26
----------------------------------------------------
A petition to wind up the operations of Rise Group Technology
Limited will be heard before the High Court of Hong Kong on
May 26, 2010, at 9:30 a.m.

Industrial and Comercial Bank of China (Asia) Limited filed the
petition against the company on March 15, 2010.

The Petitioner's solicitors are:

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


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

The official receiver is E T O' Connell.

SHOWA EUREX: Commences Wind-Up Proceedings
------------------------------------------
Members of Showa Eurex (H.K.) Co., Limited, on April 8, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

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


SHOWA YUKI: Commences Wind-Up Proceedings
-----------------------------------------
Members of Showa Yuki (H.K.) Co., Limited, on April 8, 2010,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

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


SMART ASIA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on April 7, 2010, to
wind up the operations of Smart Asia Watches Limited.

The official receiver is E T O' Connell.


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

The official receiver is E T O' Connell.


SOCIETY FOR THE PROMOTION: Members' Final Meeting Set for May 18
----------------------------------------------------------------
Members of The Society for the Promotion of the New Fourth Army
History Limited will hold their final meeting on May 18, 2010, at
11:00 a.m., at the Room 1901-2, 19/F., Hong Kong Trade Centre,
161-167 Des Voeux Road, Central, in Hong Kong.

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


SUCCESS ELITE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on March 31, 2010, to
wind up the operations of Success Elite Limited.

The official receiver is E T O' Connell.


SUCCESS MASTER: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on April 7, 2010, to
wind up the operations of Success Master Limited.

The official receiver is E T O' Connell.


SUMORE CORPORATION: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on March 30, 2010, to
wind up the operations of Sumore Corporation Limited.

The official receiver is E T O' Connell.


TAKE FORTUNE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on April 7, 2010, to
wind up the operations of Take Fortune Limited.

The official receiver is E T O' Connell.


TRESOR PUBLISHING: Members' Final Meeting Set for May 17
--------------------------------------------------------
Members of Tresor Publishing Limited will hold their final general
meeting on May 31, 2010, at 10:00 a.m., at the 2310 Dominion
Centre, 43-59 Queen's Road East, in Hong Kong.

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


VIGERS HONG KONG: Court to Hear Wind-Up Petition on May 5
---------------------------------------------------------
A petition to wind up the operations of Vigers Hong Kong Limited
will be heard before the High Court of Hong Kong on May 5, 2010,
at 9:30 a.m.

Zhuan PP Holdings Limited, Great Gains International Limited, East
Champion Limited and Large Investments Limited filed the petition
against the company on October 19, 2009.

The Petitioner's solicitors are:

          Lam & Co.
          Room A, 19th Floor
          Harbour Commercial Building
          Nos. 122-124 Connaught Road Central
          Hong Kong


WAI SHING: Court to Hear Wind-Up Petition on June 2
---------------------------------------------------
A petition to wind up the operations of Wai Shing Transportation
Limited will be heard before the High Court of Hong Kong on
June 2, 2010, at 9:30 a.m.


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


WIDEST SKY: Court to Hear Wind-Up Petition on May 5
---------------------------------------------------
A petition to wind up the operations of Widest Sky Group Hong Kong
Limited will be heard before the High Court of Hong Kong on
May 19, 2010, at 9:30 a.m.


WILLING KNITWEAR: Court to Hear Wind-Up Petition on May 26
----------------------------------------------------------
A petition to wind up the operations of Willing Knitwear
(Holdings) Limited will be heard before the High Court of
Hong Kong on May 26, 2010, at 9:30 a.m.

Industrial and Comercial Bank of China (Asia) Limited filed the
petition against the company on March 5, 2010.

The Petitioner's solicitors are:

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


YAT WO: Members' Final General Meeting Set for May 17
-----------------------------------------------------
Members of Yat Wo Bleaching & Dyeing Limited will hold their final
general meeting on May 17, 2010, at 10:00 a.m., at 21/F., Fee Tat
Commercial Centre, No. 613 Nathan Road, Kowloon, in Hong Kong.

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


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

The official receiver is E T O' Connell.


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


ACCURA VALVES: Delays in Loan Repayment Cue CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Accura Valves Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR60.0 Million Cash Credit           D (Assigned)
   INR20.0 Million Rupee Term Loan       D (Assigned)
   INR17.5 Million Proposed Long Term    D (Assigned)
                   Bank Loan Facility
   INR2.5 Million Letter of Credit/      P5 (Assigned)
                   Bank Guarantee

The rating reflects delays by Accura in servicing loan instalments
and interests on its term loan obligations; the delay has been
caused by weak liquidity.

Set up in 1993 by Mr. Sanjeev S Sadhale, Accura (formerly, Accura
Valves Manufacturing Company (India) Pvt Ltd, commenced operations
after acquiring existing business of Accura Valves, a
proprietorship concern, in 2007.  Accura Valves was engaged in
manufacturing of automotive valves since 1995.  Accura
manufactures automotive valves and supplies tyre valves to leading
tyre manufacturers in India.  The company also manufactures
carburettor products at its Pune unit for Hyundai Motor India Ltd.
Accura is one of the top three automotive tyre valve manufacturers
in India catering to the passenger car, truck, and tractor
segments, with a market share of 20-22 per cent.  Currently, the
company has capacity to manufacture around 3 million valves per
month; following the commissioning of new capacities, its capacity
is expected to increase to around 3.8 million per month.

Accura reported a profit after tax (PAT) of INR8.3 million on net
sales of INR246.2 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR12.5 million on net
sales of INR250.6 million for 2007-08.


AGGARWAL RICE: CRISIL Reaffirms 'B+' Rating on INR28.7MM Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Aggarwal Rice Mills
continue reflect Aggarwal's weak financial risk profile marked by
large working capital requirements, small scale of operations,
customer concentration in revenue profile, and vulnerability to
adverse regulatory changes and volatility in raw material prices.
These weaknesses are partially offset by the benefits that
Aggarwal derives from the industry experience of its promoters and
the healthy growth prospects in the rice industry.

   Facilities                             Ratings
   ----------                             -------
   INR290.0 Million Cash Credit Limit     B+/Stable (Reaffirmed)
   INR28.7 Million Term Loan              B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Aggarwal's financial risk profile will remain
weak over the medium term because of the firm's large working
capital requirements.  The firm's scale of operations is expected
to remain small over this period.  The outlook may be revised to
'Positive' in case of significant improvement in the firm's
capital structure and increase in scale of operations. Conversely,
the outlook may be revised to 'Negative' if Aggarwal's capital
structure or profitability deteriorates.

Set up in 1982 as a partnership firm by Mr. Sunil Mittal and his
family and friends, Aggarwal was converted into a proprietorship
concern in 2007, with Mr. Mittal as proprietor.  Aggarwal mills
processes and sells basmati rice.  It produces mainly parboiled
rice, which has high demand in the Middle East.  The firm's rice
milling, grading and sorting unit at Baghapurana (Punjab) has
capacity to process 10 tonnes of rice per hour.  The firm also
procures unsorted rice from other mills, and sorts the same for
sale in the export markets.

Aggarwal reported a profit after tax (PAT) of INR1.1 million on
net sales of INR479.8 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR0.9 million on net
sales of INR150.7 million for 2007-08.


AIR INDIA: Payment of March Salary Delayed, Minister Patel Says
---------------------------------------------------------------
The Press Trust of India reports that Air India delayed payment of
March's salary to its employee by a month as it had to meet year-
end expenses for various purposes.

PTI relates Minister of State for Civil Aviation Praful Patel said
"the salary for the month of March, 2010, was paid to the
employees of Air India on April 7, 2010."

According to the news agency, Mr. Patel said the postponement was
necessitated due to committed March year-end payments to oil
companies, Airports Authority of India, foreign and Indian vendors
and because of repayment of loans.

The minister also said Air India has decided to close its offices
at Lahore and Karachi in Pakistan due to the lack of operations
from these cities, the report adds.

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

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

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

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

                          About Air India

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


ALLIED RECYCLING: CRISIL Assigns 'B' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Allied Recycling
Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR90.0 Million Cash Credit Limit      B/Stable (Assigned)
   INR50.4 Million Term Loan              B/Stable (Assigned)
   INR159.6 Million Proposed Long-Term    B/Stable (Assigned)
                    Bank Loan Facility

The rating reflects ARL's weak financial risk profile, marked by
high gearing, small net worth and weak debt protection metrics,
and exposure to risks related to implementation and commissioning
of large rolling mill project, and to volatility in raw material
prices.  These rating weaknesses are partially offset by the
benefits that ARL derives from its promoters' experience in the
iron and steel industry.

Outlook: Stable

CRISIL believes that ARL's financial risk profile will remain
constrained over the medium term because of low profitability and
high gearing, as a result of its planned debt-funded capital
expenditure.  The outlook may be revised to 'Positive' if ARL's
financial risk profile improves through better profitability or
infusion of equity.  Conversely, the outlook may be revised to
'Negative' in case of larger-than-expected debt funding leading to
deterioration in financial risk profile, or significant delays in
implementation of the rolling mill project.

                       About Allied Recycling

Set up in 2003 by Mr. Vijay Kumar Abrol, ARL manufactures billets
at its facility in Ludhiana, Punjab.  Till June 2009, it was
manufacturing ingots and trading in hot rolled (HR) and cold
rolled (CR) steel sheets.  The ingots are now used for captive
purpose and the trading business has been discontinued with.

ARL reported a profit after tax (PAT) of INR3.3 million on net
sales of INR779.1 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.9 million on net sales
of INR560 million for 2007-08.


ATLAS AUTOMOTIVE: CRISIL Places 'BB+' Rating on INR39.4M Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Positive/P4+' ratings to the bank
facilities of Atlas Automotive Components Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR100.00 Million Cash Credit*     BB+/Positive (Assigned)
   INR39.40 Million Term Loan         BB+/Positive (Assigned)
   INR43.10 Million Proposed LT       BB+/Positive (Assigned)
             Bank Loan Facility
   INR16.50 Million Letter of Credit  P4+ (Assigned)
   INR5.00 Million Bank Guarantee     P4+ (Assigned)

   *includes a sublimit of INR5.00 Million for cheque purchases

The ratings reflect AACL's small scale of operations, customer
concentration in revenue profile, large working capital
requirements, and exposure to volatility in raw material prices.
These rating weaknesses are partially offset by the benefits that
AACL derives from its promoters' experience in the aluminium
castings industry and established customer relationships, and by
the company's moderate gearing and debt protection metrics.

Outlook: Positive

CRISIL believes that sustenance of AACL's improved operating
margin in 2009-10 (refers to financial year, April 1 to March 31),
leading to higher cash accruals, will have a positive impact on
the company's business and financial risk profiles. The ratings
may be upgraded if the company sustains the improved operating
margin.  Conversely, the outlook may be revised to 'Stable' in
case of deterioration in AACL's operating margin, or if the
company undertakes a large, debt-funded capital expenditure
program, thereby adversely affecting its financial risk profile.

                      About Atlas Automotive

Incorporated as a private limited company in 1966, AACL was
reconstituted as a closely held public limited company in 2004-05.
The company manufactures aluminium castings of various grades used
in the automobile and engineering industry.  It manufactures
products using pressure, gravity, and sand die casting, mainly for
original equipment manufacturers, such as Greaves Cotton Ltd,
Maruti Suzuki India Ltd (rated 'AAA/Stable/P1+' by CRISIL), Tata
Motors Ltd ('A+/Stable/P1+'), and others. AACL's manufacturing
unit in Chinchwad, Pune (Maharashtra), has aluminium casting
capacity of 3000 tonnes per annum.  AACL's promoters also manage
Enkei Castalloy Ltd (Enkei), which manufactures aluminium castings
and alloy wheels, and Silicon Meadows Designs Ltd, which designs
and manufactures dies and moulds required for aluminium casting.
SMDL supplies dies and moulds only to group companies, AACL and
Enkei.

AACL reported a net loss of INR4.1 million on an operating income
of INR473.7 million for 2008-09, against a profit after tax of
INR21.3 million on an operating income of INR543.2 million for
2007-08.


BHUMIKA GEMS: CRISIL Reaffirms 'P4' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Bhumika Gems continues
to reflect Bhumika's limited financial flexibility because of its
small net worth and scale of operations, and supplier
concentration risk.  These rating weaknesses are partially offset
by the benefits that Bhumika derives from its promoters'
experience, of around two decades, in the diamond business.

   Facilities                              Ratings
   ----------                              -------
   INR40.0 Million Export Packing Credit   P4 (Reaffirmed)
   INR95.0 Million Post Shipment Credit    P4 (Reaffirmed)
   INR27.0 Million Standby Limit           P4 (Reaffirmed)

Set up in 1993 by brothers Mr. Ghanshyam Vaghani, Mr. Arvind
Vaghani, and Mr. Mahesh Vaghani, Bhumika, a partnership firm, is
engaged in the manufacture of, and trading in, polished diamonds.
The firm specialises in diamonds of sizes ranging from 0.02 to
0.20 carats. Mr. Ghanshyam Vaghani manages the procurement of
rough diamonds from Belgium, Mr. Arvind Vaghani manages the firm's
manufacturing facilities in Surat and Ahmedabad, and Mr. Mahesh
Vaghani manages the operations from Mumbai.  The brothers have an
equal share in the firm's capital. The firm has a branch office in
Surat.

For 2008-09 (refers to financial year, April 1 to March 31),
Bhumika reported a profit after tax (PAT) of INR1.4 million on net
sales of INR438 million, against a PAT of INR4.8 million on net
sales of INR412 million for the previous year.


CLASSIC WEARS: Delay in Loan Repayment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Classic Wears Pvt Ltd, which is part of the Sobhagia group.
The ratings reflect delay by the Sobhagia group in repayment of
term loan obligations, owing to weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR90.0 Million Cash Credit Limit      D (Assigned)
   INR71.4 Million Term Loan              D (Assigned)
   INR2.0 Million Bank Guarantee          P5 (Assigned)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of CWL and Sobhagia Sales Pvt Ltd,
together referred to herein as the Sobhagia group.  This is
because SSL and CWL are under the same promoter, are engaged in
the same lines of business, and have considerable operational,
financial, and business synergies.

                          About the Group

Set up in 1984 by Mr. Raj Awasthy and his wife, CWL manufactures
readymade woolen garments at its facility in Ludhiana (Punjab).
CWL sells its products in retail through SSL's showrooms and its
own network of five showrooms.

Set up in 1993 by Mr. Raj Awasthy, SSL manufactures readymade
garments for men, women, and children at its facility in Ludhiana
(Punjab).  The company sells its products through its 21 exclusive
showrooms and 16 franchisees under its brand Sportking and Mentor.

CWL reported a profit after tax (PAT) of INR3.3 million on net
sales of INR295 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of Rs4.7 million on net
sales of INR340.4 million for 2007-08.


DINESH JEWELLERS: CRISIL Rates INR60 Million Cash Credit at 'D'
---------------------------------------------------------------
CRISIL has assigned its 'D' rating to Dinesh Jewellers' bank
facilities.  The rating reflects continuous overdrawals in the
firm's working capital facility, owing to weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR60.00 Million Cash Credit*        D (Assigned)

   * Includes a Proposed Limit of INR5 Million

Established in 1991 as a proprietary concern by Late Mr. Mahesh
Chandra Agarwal, Dinesh Jewellers is currently managed by his
eldest son, Mr. Sailesh Agarwal (a certified gemmologist).  DJ
deals primarily in gem-studded gold jewellery and has one
jewellery showroom in abids, Hyderabad, Andhra Pradesh.

Dinesh Jewellers reported a profit after tax (PAT) of INR3.4
million on net sales of INR141 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR2.5
million on net sales of INR115 million for 2007-08.


FAQIR CHAND: CRISIL Rates INR50.0 Mil. Cash Credit at 'BB+'
-----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Faqir Chand Vinod Kumar & Company, which is part of
the Jindal Dall group.

   Facilities                           Ratings
   ----------                           -------
   INR50.0 Million Cash Credit          BB+/Stable (Assigned)
   INR25.0 Million Letter of Credit     P4+ (Assigned)

The ratings reflect the Jindal Dall group's weak financial risk
profile, marked by a small net worth and poor debt protection
metrics, small scale of operations, and exposure to risks related
to intense competition in the agricultural commodities (agro-
commodities) trading business, and to adverse changes in
government regulations.  These rating weaknesses are partially
offset by the benefits that the Jindal Dall group derives from its
promoters' extensive experience in the agro-commodities trading
business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of FCVK and Jindal Super Dall Mills
(JSDM), together referred to as the Jindal Dall group.  This is
because the two entities are under a common ownership, and in the
same line of business.

Outlook: Stable

CRISIL believes that the Jindal Dall group will continue to
benefit from its strong track record in the agro-commodities
trading business.  The outlook may be revised to 'Positive' if
there is a sharp, sustained increase in the group's profitability,
leading to considerable increase in its net worth.  Conversely,
the outlook may be revised to 'Negative' if the group's financial
risk profile deteriorates substantially, owing to significant
withdrawal of capital or large debt-funded capital expenditure.

                           About the Group

The Jindal Dall group has been trading in pulses for more than
four decades. Mr. Shiv Shanker Jindal and his son, Mr. Chirag
Jindal, are partners in FCVK.  Apart from FCVK, Mr. Shiv Shanker
Jindal also owns and manages JSDM.  JSDM also trades in pulses
apart from processing pulses. Both the entities bid for government
tenders to supply pulses for government programmes.

The Jindal Dall group reported a profit after tax (PAT) of INR6.6
million on net sales of INR895.6 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR5
million on net sales of INR764.2 million for 2007-08.


IGC INDIA: CRISIL Rates INR50.0 Million Letter of Credit at 'P4+'
-----------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to IGC India Mining & Trading
Pvt Ltd's letter of credit facility.

   Facilities                            Ratings
   ----------                            -------
   INR50.0 Million Letter of Credit      P4+ (Assigned)

The rating reflects IGC-IMT's promoters' and management's limited
experience in iron ore trading, small scale of operations in the
intensely competitive iron ore trading industry, susceptibility to
unfavorable changes in regulatory policies, geographical
concentration in revenue profile, and susceptibility to volatility
in the end-user industry.  These rating weaknesses are partially
offset by IGC-IMT's healthy financial risk profile, driven by
support from its parent, India Globalisation Capital, Inc, and the
benefits that IGC-IMT derives from its sound risk management
policies.

                           About IGC-IMT

IGC-IMT was incorporated in December 2008, for export of iron ore
fines to China. IGC-IMT is a 100-per-cent step-down subsidiary of
India Globalisation Capital, Inc., through IGC-Mauritius.  IGC-
IMT's commercial operations started in July 2009. The company
deals in iron ore fines with grades in the range of 50 to 55 Fe
content.  The company has set up its base in Goa and exports the
goods from Goa port.  The company has also set up a crusher to
convert solid iron ore into iron ore fines, as exporters need iron
ore fines.


JET AIRWAYS: To Add 3 to 4 ATR Planes
-------------------------------------
Jet Airways (India) Ltd. will add 3 to 4 ATR aircraft to its
existing fleet in 6 to 9 months, the Economic Times reports,
citing a senior official at the carrier.

The report says Jet Airways operates a fleet of 112 aircraft
including 14 ATR 72-500 models.

K G Vishwanath, vice president, commercial strategy and investor
relations, said the firm had not finalized whether it would be
purchasing the aircraft or taking them on lease, the Economic
Times relates.

"Currently all of the ATRs are operated on the Jet Konnect fleet.
For the incremental ATRs we will look at which routes to put them
on," the report quoted Vishwanath as saying.

According to the report, Jet's Chief Commercial Officer Sudheer
Raghavan said Jet Konnect, the economy service of the airline
operating only on domestic routes, is expected to see load factors
rise with the addition of a new premium service within the Konnect
flights.

"Our assessment is that revenues are likely to go up by 8-10% for
Jet Konnect," Raghavan told ET.

Jet Konnect contributes about half of the group's domestic
revenues currently, the report notes.

                          About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- provides air transportation.  The geographic segments of the
company are domestic and international.  The company has a
frequent flyer program named Jet Privilege wherein the passengers
who uses the services of the airline become services of the
airline become members of Jet Privilege and accumulates miles to
their credit.  The company's subsidiaries include Jet Lite (India)
Limited, Jetair Private Limited, Jet Airways LLC, Trans
Continental e Services Private Limited, Jet Enterprises Private
Limited, Jet Airways of India Inc., India Jetairways Pty Limited
and Jet Airways Europe Services N.V.  On April 20, 2007, the
company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


JINDAL SUPER: CRISIL Puts 'BB+' Rating on INR50 Mil. Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Jindal Super Dall Mills, which is part of the Jindal
Dall group.

   Facilities                          Ratings
   ----------                          -------
   INR50.0 Million Cash Credit         BB+/Stable (Assigned)
   INR25.0 Million Letter of Credit    P4+ (Assigned)

The ratings reflect the Jindal Dall group's weak financial risk
profile, marked by a small net worth and poor debt protection
metrics, small scale of operations, and exposure to risks related
to intense competition in the agricultural commodities (agro-
commodities) trading business, and to adverse changes in
government regulations.  These rating weaknesses are partially
offset by the benefits that the Jindal Dall group derives from its
promoters' extensive experience in the agro-commodities trading
business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JSDM and Faqir Chand Vinod Kumar and
Company (FCVK), together referred to as the Jindal Dall group.
This is because the two entities are under a common ownership, and
in the same line of business.

Outlook: Stable

CRISIL believes that the Jindal Dall group will continue to
benefit from its strong track record in the agro-commodities
trading business.  The outlook may be revised to 'Positive' if
there is a sharp, sustained increase in the group's profitability,
leading to considerable increase in its net worth.  Conversely,
the outlook may be revised to 'Negative' if the group's financial
risk profile deteriorates substantially, owing to significant
withdrawal of capital or large debt-funded capital expenditure.

                           About the Group

The Jindal Dall group has been trading in pulses for more than
four decades. Mr. Shiv Shanker Jindal and his son, Mr. Chirag
Jindal, are partners in FCVK.  Apart from FCVK, Mr. Shiv Shanker
Jindal also owns and manages JSDM.  JSDM also trades in pulses,
apart from processing pulses.  Both the entities bid for
government tenders to supply pulses for government programmes.

The Jindal Dall group reported a profit after tax (PAT) of INR6.6
million on net sales of INR895.6 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR5
million on net sales of INR764.2 million for 2007-08.


NR INTERNATIONAL: CRISIL Upgrades Rating on INR150MM Cash Credit
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of NR
International Ltd, which is part of the NRIL group, to 'B-
/Stable/P4' from 'D/P5'.

   Facilities                            Ratings
   ----------                            -------
   INR150 Million Cash Credit Limits     B-/Stable (Upgraded from
                                                    'D')
   INR150 Million Letter of Credit       P4 (Upgraded from 'P5')

The rating upgrade has been driven by the regularization of cash
credit limit utilization by NRIL.  There has been no instance of
continuous over-utilization of cash credit limits for more than 30
days in the recent past by NRIL.

The ratings reflect the NRIL group's weak financial risk profile
marked by weak liquidity and debt protection metrics, its marginal
market share, and its susceptibility to downtrends in the steel
industry.  These rating weaknesses are partially offset by the
group's diversified revenue profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NRIL and Satyam Casting (P) Ltd,
together referred to as the NRIL group.  This is because the
promoters of NRIL and SCPL are planning to merge both the
companies over the near term.

Outlook: Stable

CRISIL believes that the NRIL group will continue to benefit over
the medium term from its diversified revenue profile and
promoter's sound experience in the ingot-manufacturing and coal-
trading businesses.  The outlook may be revised to 'Positive' in
case of more-than-expected increase in the group's revenues and
profitability, or a significant improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' if the
group's financial risk profile deteriorates, most likely because
of lower-than-expected capacity utilization or larger-than-
expected debt-funded capital expenditure, adversely affecting its
liquidity.

                          About the Group

NRIL, incorporated in 1991 by Mr. Nirmal Modi, manufactures
ingots, imports and trades in coal and coke, transports coal and
other materials through rakes and ships, and operates a retail
outlet for Hindustan Petroleum Corporation Ltd.  NRIL is listed on
the Bombay Stock Exchange.  NRIL's promoters own around 58 per
cent of the company.  The company has manufacturing capacities of
43,200 tonnes per annum (tpa), 60,000 tpa, and 28,880 tpa for
ingots, low-ash metallurgical (LAM) coke, and hard coke,
respectively.  NRIL reported a profit after tax (PAT) of INR4.5
million on net sales of INR890.6 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR7.34
million on net sales of INR1010.8 million for 2007-08.

SCPL is engaged in production of ingots, with an installed
capacity of 25,000 tpa. SCPL reported a net loss of INR25.3
million on net sales of INR111.9 million for 2008-09, against a
PAT of INR0.16 million on net sales of INR225.6 million for
2007-08.

The NRIL group reported a net loss of INR20.8 million on net sales
of INR1002.5 million for 2008-09, against a net profit of INR7.5
million on net sales of INR1236.5 million for 2007-08.


POOJA LEISURE: CRISIL Rates INR150 Mil. Long-Term Loan at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Pooja Leisure and
Lifestyle's term loan facility.

   Facilities                           Ratings
   ----------                           -------
   INR150.0 Million Long-Term Loan      BB-/Stable (Assigned)

The rating reflects PLL's exposure to risks related to
insufficient demand and absence of binding lease agreements for
its upcoming commercial real estate project.  These rating
weaknesses are partially offset by PLL's moderate financial risk
profile, supported by regular equity infusion by the partners, and
expected healthy liquidity.

Outlook: Stable

CRISIL believes that PLL will continue to benefit over the medium
term from the regular and timely funding support from the
partners.  The outlook may be revised to 'Positive' in case the
firm stabilizes its operations (leasing of properties)
successfully, resulting in stable cash flows.  Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile deteriorates and it contracts further debt to fund its
capital expenditure.  The outlook may also be revised to
'Negative' if PLL is unable to market its inventories in a time-
bound manner, there are significant delays in completion of the
project, and in case of a slump in the demand for commercial real
estate.

                        About Pooja Leisure

PLL is a partnership firm incorporated in 2007 for setting up a
commercial project in the Juhu area of Mumbai.  Mr. Vashu Bhagnani
(the proprietor of POOJA Constructions), his wife Mrs. Puja
Bhagnani, and his son Mr. Jacky Bhagnani are the three partners of
the firm; however, day to day operations are looked after by Mr.
Vashu Bhagnani.  Initially, the partners had planned to set up a
luxury hotel; however, within months of project commencement, they
decided to develop a commercial (office/retail) complex for
leasing out.


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


GEOS CORP: President Wants Bankruptcy Proceedings Halted
--------------------------------------------------------
Tsuneo Kusunoki, the founder and president of Geos Corp., said
Thursday he will ask the Tokyo District Court to avert bankruptcy
proceedings for the major language school operator, Japan Today
reports.  Japan Today says Mr. Kusunoki expressed his intention a
day after Geos' bankruptcy filing.

"A company has come forward to extend financial support to Geos,
so it does not have to go bankrupt," the report quoted
Mr. Kusunoki as saying.

Japan Today relates Mr. Kusunoki said an executive in charge of
financial affairs, who is one of the three board members at Geos
including Kusunoki, decided to file for bankruptcy protection.

Mr. Kusunoki said he considering taking countermeasures as he did
not agree with the executive's decision, the report adds.

According to the report, the financial executive and some other
Geos officials, who filed for bankruptcy, told reporters Wednesday
that although there was disagreement in the company's management
over whether it should go bankrupt, the application for court
protection was legal.

But a lawyer for Mr. Kusunoki said the application may have
constituted an abuse of rights, the report notes.

Japan Today states that stopping the bankruptcy proceedings,
however, may be difficult as it has already been decided that of
the 329 schools operated by Tokyo-based Geos, 230 will be handed
over to G.communication Co.

"I would like to protect as many students and employees as
possible," Mr. Kusunoki said, adding that the transfer of so many
schools to G.communication would make it difficult to save them.

According to the report, Mr. Kusunoki is expected to voice his
opposition when the Tokyo court holds a hearing with parties
concerned to decide whether it should order the launch of
bankruptcy proceedings.

                           Classes Resume

The Yomiuri Shimbun reports that G.communication said 201 of the
230 schools it will take over from Geos resumed classes on Friday.
Classes at the remaining schools will restart soon, according to
G.communication.

As reported in the Troubled Company Reporter-Asia Pacific, Geos
filed for bankruptcy proceeding with the Tokyo District Court on
April 21, 2010.  It has debts of about JPY75 billion.

The English school operator will hand over 230 schools in Japan to
subsidiary G.communication and the rest will be closed.

                          About Geos Corp.

Based in Tokyo, Japan, Geos Corp. operates 329 language schools
and has approximately 36,800 students.  Geos also runs language
schools in the United States, Canada, France, Thailand and other
countries.


GODO KAISHA: Moody's Withdraws Ratings on Mercury01 Notes
---------------------------------------------------------
Moody's Investor Service announced it has withdrawn the ratings of
Mercury01 following the termination of the transaction and full
redemption of the Loan.

Issuer: Godo Kaisha Mercury01

  -- JPY29,235,000,000, Class A, Withdrawn; previously on
     April 27, 2009 Downgraded to A2

  -- JPY300,000,000, Class B-1, Withdrawn; previously on
     December 18, 2009 Downgraded to B3

  -- JPY3,000,000,000, Class B-2, Withdrawn; previously on
     December 18, 2009 Downgraded to B3

  -- JPY3,000,000,000, Loan, Withdrawn; previously on December 18,
     2009 Downgraded to B3

This is a risk transfer CDO transaction referencing a pool of J-
REIT debt obligations held by Mitsubishi UFJ Trust and Banking
Corporation.

The withdrawal of the ratings follows the termination of the
transaction and full redemption of the Loan on April 20, 2010,
prior to the scheduled maturity date, according to the agreement
between Mitsubishi UFJ Trust Banking, Godo Kaisha Mercury01, and
all loan lenders.

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


JAPAN FINANCE: Moody's Reviews Ratings on Two Japan SME CLOs
------------------------------------------------------------
Moody's Investors Service announced that it has placed under
review for possible upgrade its ratings of two Japan SME CLOs by
the Japan Finance Corporation (formerly, Japan Finance Corporation
for Small and Medium Enterprise):

The rating actions are:

  -- CLO in September 2006 of Regional Financial Institutions

* JPY10,500,000,000 Senior Trust Certificates, A1 placed under
  review for possible upgrade; previously on November 13, 2009,
  upgraded to A1 from A3

* JPY250,000,000 Mezzanine Trust Certificates, Ba2 placed under
  review for possible upgrade; previously on November 13, 2009,
  upgraded to Ba2 from B2

  -- CLO in June 2007 of Regional Financial Institutions

* JPY11,900,000,000 Senior Trust Certificates, A3 placed under
  review for possible upgrade; previously on February 5, 2010,
  upgraded to A3 from Baa3

* JPY180,000,000 Mezzanine Trust Certificates, B1 placed under
  review for possible upgrade; previously on February 5, 2010,
  upgraded to B1 from Caa3

These are cash CLO transactions backed by corporate loans in the
form of (1) SME loans originated by regional financial
institutions and purchased by JFC under its "purchase scheme"
securitization program and (2) SME loans originated by JFC under
its "self-origination scheme" securitization program.  In both
cases, the SME loans were originated with the intention of
securitizing them.

The actions reflect the growing likelihood of a ratings upgrade
because of the transaction's improved credit profile stemming from
a lower-than-expected number of recent assets defaulting and the
ongoing amortization of the senior tranches.

According to the originator's collection reports and the trustee's
reports for April, in the first quarter of calendar 2010, only two
transactions, amounting to JPY24 million, in this cash CLO series
defaulted -- both in the CLO in June 2007.

Moody's notes that while the defaults have been lower than
expected, new delinquencies in the six transactions of this cash
CLO series (including the two transactions affected by the
actions) keep occurring generally.  While the effects from lower-
than-expected defaults and the rise in delinquency must be
analyzed, Moody's believes that the ratings of these two
transactions are likely to be upgraded as the positive effect from
low default experience and ongoing amortization is expected to
outweigh the negative effect from rising delinquencies.

Moody's plans to update the expected default rate assumption for
each transaction in the coming weeks, taking into account the
trends in default rates and delinquencies.  Additional
considerations will also be given to the overall Japanese macro
economy and the business environment and financing situation for
SMEs.


SOFTBANK CORP: S&P Raises Corporate Credit Rating to 'BB+'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit and senior unsecured debt ratings on Softbank Corp. to
'BB+' from 'BB'.  The upgrade reflects S&P's expectation to see
steady improvement in Softbank's financial risk profile in coming
years, based on: 1) increased stability in Softbank's earnings
base through steady improvements in its profitability and cash
flow generation, and 2) the company's clear financial policy to
improve its debt leverage and credit profile by reducing its debt.
The outlook on the long-term corporate credit rating is stable.

Softbank has maintained its solid operating and financial
performance and the company reported increased sales and profits
during the nine months ended December 2009, while its two major
competitors, Nippon Telegraph & Telephone Corp. (AA/Stable/A-1+)
and KDDI Corp. reported a drop in sales and profits for the same
period.  Standard & Poor's believes that the stability of
Softbank's earnings base has increased steadily, as the company's
major business segments continue to make profit contributions from
stable profits.  The Mobile Communications segment, which accounts
for about 60% of Softbank's consolidated revenues and roughly half
of consolidated operating profit, has maintained a steady increase
in its subscriber base and has reversed its declining trend in
ARPU (monthly average revenue per user).  The Broadband
Infrastructure segment, which faces a shrinking asymmetric digital
subscriber line service market, continues to make stable
contributions to profit and cash flow through rigorous cost
cutting and reduced capital expenditures.

The other business segments are also recording steady operating
and financial performances; The Fixed-Telecommunications segment
has reported profits since March 2008, and the Internet Culture
segment also continues to report high profits amid the weak
economic recovery.

Softbank is projected to report another record profit in fiscal
2009 (ended March 31, 2010).  Standard & Poor's believes that the
company will maintain its solid operating and financial
performance in the medium term.  S&P also expects to see steady
improvement in the company's financial risk profile in coming
years, based on the company's clear financial policy to improve
its debt leverage and credit profile by reducing its debt.
Softbank has announced that its financial target is to be net
debt-free (excluding lease obligations) by fiscal 2014 (ending
March 31, 2015).  S&P also believes that the company has
strengthened its relationships with major domestic banks in the
past few years and S&P view this as a positive factor for the
company's financial risk profile.

On the other hand, however, Standard & Poor's believes that
Softbank's aggregate debt level, including lease and other debt-
like obligations, is high, although the company has gradually
reduced its debt over the past two years.  Even after
incorporating Softbank's steady improvement in cash flow
generation in recent years, S&P expects Softbank's target of
becoming net debt free by March 31, 2015, to be a key challenge.
S&P does not expect to see an accelerated improvement in
Softbank's capital structure within the next year or so, as S&P
believes the company is likely to increase its capital
expenditures in fiscal 2010 to accommodate an increase in
subscribers and data traffic in its Mobile Communications
operations.  Therefore, for the company to accelerate debt
reduction to achieve its financial target, S&P believes the
company may need to take additional measures, such as asset sales,
in addition to continuous improvement in its cash flow generation.

Softbank raised capital to acquire Softbank Mobile through a whole
business securitization.  Standard & Poor's recognizes that the
cash flow generated from this business will be prioritized as
repayment funds for the whole business securitization transaction.
As a result, cash flows generated from Softbank Mobile will not
benefit the company as long as the securitization transaction
exists.  Although advantages such as stronger collaboration and
synergy effects between the Mobile Communications operations and
Softbank's other businesses are incorporated into S&P's business
risk profile analysis, Standard & Poor's believes that the rating
analysis of Softbank requires segregation of the financial
profiles of the mobile business and other businesses.  However,
S&P also believes that there is an increasing possibility that
Softbank will replace the existing WBS loans with other
refinancing schemes in the next few years, given the solid
operating performance of the mobile business and a track record of
progress in the repayment of WBS loans.  Therefore, S&P believes
it necessary to incorporate operating and financial performance,
as well as funding plans, of the mobile business into S&P's
analysis of Softbank's financial risk profile for the medium term.

The outlook on the long-term corporate credit rating is stable.
The competitive environment among the three major Japanese
telecommunications providers is expected to remain generally
stable in the near to medium term, and Standard & Poor's believes
it is likely that the company will maintain its solid operating
and financial performance in the medium term.  While Standard &
Poor's believes that the company's current key financial ratios,
such as debt to capital or FFO to debt, are weak for the current
ratings level, S&P expects to see steady improvement in Softbank's
financial risk profile.

For the rating to experience upward movement, S&P believes that
clearer prospects for an improvement in the company's financial
profile are necessary.  S&P also believe it essential to see a
more formal and clearer plan of its refinancing of WBS loans, as
S&P believes that there is an increasing possibility for Softbank
to replace the existing WBS loans with other refinancing schemes.
Conversely, S&P would consider a downgrade if: 1) the competitive
environment for the telecommunication industry deteriorates
rapidly, 2) the competitiveness and profitability of the Mobile
Communications and other segments face rapid deterioration, or
3) the company's financial improvement is overly delayed or
becomes increasingly less likely due to increased capital
expenditures or other reasons.


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


HYUNDAI MOTOR: Posts KRW1.1 Trillion Net Profit in Q1
-----------------------------------------------------
Hyundai Motor Co. sold 842,037 units globally in the first
quarter, a 36.6% increase from a year earlier, helped by the
launch of new models and strong demand in overseas markets.

Net profit increased almost five-fold to KRW1.13 trillion, boosted
by a surge in equity earnings from overseas subsidiaries such as
China and India.  Operating profit also rose to KRW702.7 billion
compared to KRW153.8 billion a year earlier, while sales increased
39.6% to KRW8.4 trillion.

Hyundai's jump in first-quarter earnings can be attributed to the
successful launch of its new models such as the all-new Sonata and
Tucson ix (named Tucson/ix35 in other regions).  Global auto
demand, especially in emerging markets, is also showing signs of a
recovery, boosting sales.  Hyundai's operating profit margin also
rose to 8.3% from 2.5% during the same period a year earlier.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://worldwide.hyundai.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 11, 2009, Fitch Ratings revised the Outlook on Hyundai
Motor's and Kia Motors' foreign currency Long-term Issuer Default
Ratings to Positive from Negative, and simultaneously affirmed
them at 'BB+'.  The agency also affirmed the 'BB+' rating on both
companies' senior unsecured debt and the Short-term IDRs at 'B'.

HMC's and Kia's Long-term IDR was downgraded to 'BB+' with
Negative Outlook in January 2009, due to concerns that the global
auto market downturn would negatively impact the profitability and
key credit metrics of the companies to an extent that is not
commensurate to investment grade levels.


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


AXIS INC: Has Until June 30 to Submit Regularization Plan
---------------------------------------------------------
Bursa Malaysia Securities Berhad has granted Axis Incorporation
Berhad an extension of time until June 30, 2010, to undertake a
regularization plan that complies with paragraph 3.1 of Practice
Note 17 of the Main Market Listing Requirements and submit the
regularization plan to Bursa Securities for approval.

Axis is also required to comply with paragraph 5.2(c) of Practice
Note 17 of the Main Market LR to record a net profit in two
consecutive quarterly results immediately after the completion of
the implementation of the regularization plan.  The bourse said
Axis must ensure that the relevant quarterly results are subjected
to a limited review by an external auditor before they are
announced to Bursa Securities.

Bursa Securities further decided that the extension of time is
without prejudice to Bursa Securities' right to exercise its power
under paragraph 8.14C(1) of the Listing Requirements of Bursa
Securities read together with paragraph 4.1 of Practice Note 29 of
the Main Market LR to proceed to de-list the securities of the
Company in the event:

    (i) the Company fails to submit the regularization plan
        to Bursa Securities for approval within the Extended
        Timeframe;

   (ii) the Company fails to obtain the approval for the
        implementation of its regularization plan and does
        not appeal within the timeframe (or extended timeframe,
        as the case may be) prescribed to lodge an appeal;

  (iii) the Company does not succeed in its appeal; or

   (iv) the Company fails to implement its regularization plan
        within the timeframe or extended timeframe stipulated
        by Bursa Securities.

Upon occurrence of any of the events set out in (i) to (iv), the
securities of the Company shall be removed from the Official List
of Bursa Securities upon the expiry of 7 market days from the date
the Company is notified by Bursa Securities or such other date as
may be specified by Bursa Securities.

                           About Axis Inc.

Based in Johor Bahru, Malaysia, Axis Incorporation Berhad
(KUL:AXIS) -- http://www.chongee.com.my-- is principally engaged
in the business of investment holding. The company, through its
subsidiaries, is engaged in fabric knitting and dyeing, and
manufacturer of garments.  Its subsidiaries include Asiapin Sdn.
Bhd., Chongee Enterprise Sdn. Bhd. and GBC Marketing Pte. Ltd.  In
June 2008, Axis Incorporation Berhad announced the disposal of the
entire equity interest in Ganad Corporation Bhd.

On May 23, 2009, Axis Incorporation Berhad was classified as an
affected issuer under the Amended Practice Note No. 17/2005 and
Paragraph 8.14C of the Listing Requirements of Bursa Malaysia
Securities Berhad as the Company was unable to provide a solvency
declaration to Bursa Securities.


MALAYSIAN MERCHANT: Bourse Orders Firm to Start Audit Soon
----------------------------------------------------------
Bursa Malaysia Securities Berhad has directed Malaysian Merchant
Marine Berhad to immediately engage Messrs. Ernst & Young to
commence its audit of MMM' s financial statement for the financial
year ended March 31, 2010, to ensure timely submission of its
financial statements in accordance with the Main Market Listing
Requirements.

In addition, the Company is required to provide Bursa Malaysia
with a written confirmation as to the details of the appointment
of the external auditors including the date of appointment and
audit timeframes.

Malaysian Merchant Marine Berhad is a Malaysia-based investment
holding company engaged in transportation of goods by sea and the
provision of ship management services.  The principal activities
of the subsidiary companies are those of transportation of goods
by sea and provision of logistics services.  The Company's
operating subsidiaries include MMM Panama Inc., MMM Suez Inc.,
Splendid Eminent Sdn. Bhd., Oceanwealth Fountain Sdn. Bhd.,
Malaysian Pacific Ocean Line Sdn. Bhd., Pan Asia Ocean Line Sdn.
Bhd., Prestige Splendour Sdn. Bhd., Ample Remark Sdn. Bhd.,
Edgewise Fairway Sdn. Bhd., and Malaysian Ocean Line Sdn. Bhd.

                           *     *     *

Malaysian Merchant Marine Berhad has been classified as an
affected listed issuer as the Company's wholly-owned subsidiary,
Erayear Solution Sdn Bhd, is unable to complete the purchase of a
chemical tanker under a Memorandum of Agreement signed with
Uniships Pte Ltd on January 8, 2010.


MALAYSIAN MERCHANT: Served With Writs Of Summons
------------------------------------------------
Malaysian Merchant Marine Berhad has been served with a Writ of
Summons and a Statement of Claim by Siew & Partners on behalf of
Dato' Ramesh Rajaratnam, the Executive Deputy Chairman of MMM.

The Writ and Statement relates to Dato' Ramesh Rajaratnam's
employment contract.  Dato' Ramesh Rajaratnam is claiming for the
of MYR5,630,710 including interest at 8% per annum and the related
legal costs and any other costs that the court deems fit.

At present, the Company does not have sufficient funds to pay the
amount claimed.

The Company is considering all options, including seeking legal
advice on the said claim.

About Malaysian Merchant

Malaysian Merchant Marine Berhad is a Malaysia-based investment
holding company engaged in transportation of goods by sea and the
provision of ship management services.  The principal activities
of the subsidiary companies are those of transportation of goods
by sea and provision of logistics services.  The Company's
operating subsidiaries include MMM Panama Inc., MMM Suez Inc.,
Splendid Eminent Sdn. Bhd., Oceanwealth Fountain Sdn. Bhd.,
Malaysian Pacific Ocean Line Sdn. Bhd., Pan Asia Ocean Line Sdn.
Bhd., Prestige Splendour Sdn. Bhd., Ample Remark Sdn. Bhd.,
Edgewise Fairway Sdn. Bhd., and Malaysian Ocean Line Sdn. Bhd.

                           *     *     *

Malaysian Merchant Marine Berhad has been classified as an
affected listed issuer as the Company's wholly-owned subsidiary,
Erayear Solution Sdn Bhd, is unable to complete the purchase of a
chemical tanker under a Memorandum of Agreement signed with
Uniships Pte Ltd on January 8, 2010.


RAMUNIA HOLDINGS: To Hold Scheme Creditors' Meeting on May 7
------------------------------------------------------------
The High Court of Malaya has directed a Meeting of the Scheme
Creditors of Ramunia Fabricators Sdn Bhd, a wholly owned
subsidiary of Ramunia Holdings, to be convened on May 7, 2010 at
10:30 a.m.  The meeting will be held at Dewan Seroja, Kelab Golf
Perkhidmatan Awam, Bukit Kiara, Off Jalan Damansara, 60000, in
Kuala Lumpur.

On April 16, 2010, RFSB issued and despatched an explanatory
statement to its unsecured creditors to deliberate and approve the
proposed scheme of arrangement pursuant to Section 176 (1) of the
Companies Act, 1965.

The Proposed Scheme will not have any effect on the group
structure, share capital and substantial shareholders structure of
RFSB.  The Proposed Scheme is also not expected to have any
material effect on the net assets, earnings or gearing of the
Group.  However, it is envisaged that with the repayment of the
proposed settlement to Scheme Creditors, RFSB will be able to
recognize a one-time gain, representing the amount of debt waived
from the proposed settlement.

The implementation of the Proposed Scheme is conditional upon:

   (a) Completion of the proof of debt exercise;

   (b) the Scheme Creditors approving the Proposed Scheme by
       the requisite majority at the CCM to be convened on
       May 7, 2010;

   (c) the approval and order of the High Court of the Proposed
       Scheme pursuant to Section 176(3) of the Act within thirty
       (30) days of condition (b) being achieved;

   (d) the lodgment of the Order with the Companies Commission
       of Malaysia within seven (7) days of condition (c) being
       achieved; and


   (e) The completion of the Proposed Disposal of the Teluk
       Ramunia Fabrication Yard together with all movable and
       immovable assets located thereon to Sime Darby Engineering
       Sdn Bhd.

The Proposed Scheme is to be subject to such modifications or
conditions as the High Court may approve or impose and RFSB may
consent on behalf of all concerned to any modifications or
additions to the Proposed Scheme.

The Proposed Scheme only involves RFSB and does not involve RAHB
and/or its other subsidiaries.

                       About Ramunia Holdings

Based in Kuala Lumpur, Malaysia, Ramunia Holdings Berhad is
engaged in investment holding and provision of management
services.  Its wholly owned subsidiaries include Ramunia
Fabricators Sdn. Bhd., which is engaged in fabrication of offshore
oil and gas related structure and other related civil works;
Ramunia International Holdings Ltd., which is engaged in offshore
investment holding; Ramunia International Services Ltd., which is
engaged in upstream activities of the oil and gas industry;
Ramunia Optima Sdn. Bhd., which is engaged asset owning company,
specifically holding ownership of marine vessels; Globe World
Realty Sdn. Bhd., which is engaged in yard development and
management of the Company's fabrication yards; Ramunia Training
Services Sdn. Bhd., which is provision of training and related
services, and O & G Works Sdn. Bhd., which is engaged in provision
of management and administration services.

                            *     *    *

Ramunia Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad.

The Company triggered the PN 17/2005 listing since auditors have
expressed a modified opinion with emphasis on the company's going
concern status in the latest audited accounts for the financial
year ended October 31, 2009, and the company's shareholders equity
on a consolidated basis is equal to or less than 50% of the issued
and paid-up capital of the company.


RAMUNIA HOLDINGS: Completes Sale of Fabrication Yard to Sime Darby
------------------------------------------------------------------
Ramunia Holdings Berhad disclosed that it has completed the
proposed disposal of Teluk Ramunia Fabrication Yard together with
all moveable and immoveable assets located thereon to Sime Darby
Engineering Sdn Bhd for a final disposal consideration of
MYR515 million which has been agreed upon between RAHB, Ramunia
Optima Sdn Bhd and SDE subsequent to the completion of the asset
tagging exercise.

Based in Kuala Lumpur, Malaysia, Ramunia Holdings Berhad is
engaged in investment holding and provision of management
services.  Its wholly owned subsidiaries include Ramunia
Fabricators Sdn. Bhd., which is engaged in fabrication of offshore
oil and gas related structure and other related civil works;
Ramunia International Holdings Ltd., which is engaged in offshore
investment holding; Ramunia International Services Ltd., which is
engaged in upstream activities of the oil and gas industry;
Ramunia Optima Sdn. Bhd., which is engaged asset owning company,
specifically holding ownership of marine vessels; Globe World
Realty Sdn. Bhd., which is engaged in yard development and
management of the Company's fabrication yards; Ramunia Training
Services Sdn. Bhd., which is provision of training and related
services, and O & G Works Sdn. Bhd., which is engaged in provision
of management and administration services.

                            *     *    *

Ramunia Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad.

The Company triggered the PN 17/2005 listing since auditors have
expressed a modified opinion with emphasis on the company's going
concern status in the latest audited accounts for the financial
year ended October 31, 2009, and the company's shareholders equity
on a consolidated basis is equal to or less than 50% of the issued
and paid-up capital of the company.


RAMUNIA HOLDINGS: Expects to Step Out of PN17 by Year-End
---------------------------------------------------------
Ramunia Holdings Bhd hopes to get over from Practice Note 17
status by the end of year, according to BERNAMA.com.

"We have 12 months to pull in the financial regularisation plan,
hopefully we can get over it as soon as possible," the report
quoted Ramunia Chairman Datul Azizan Abdul Rahman as saying at a
press conference after the company's annual general meeting.

Ramunia currently has borrowings of MYR347 million, BERNAMA.com
notes.

"We will meet with unsecured creditors on May 7 to carry out the
payment scheme," Azizan said.

Based in Kuala Lumpur, Malaysia, Ramunia Holdings Berhad is
engaged in investment holding and provision of management
services.  Its wholly owned subsidiaries include Ramunia
Fabricators Sdn. Bhd., which is engaged in fabrication of offshore
oil and gas related structure and other related civil works;
Ramunia International Holdings Ltd., which is engaged in offshore
investment holding; Ramunia International Services Ltd., which is
engaged in upstream activities of the oil and gas industry;
Ramunia Optima Sdn. Bhd., which is engaged asset owning company,
specifically holding ownership of marine vessels; Globe World
Realty Sdn. Bhd., which is engaged in yard development and
management of the Company's fabrication yards; Ramunia Training
Services Sdn. Bhd., which is provision of training and related
services, and O & G Works Sdn. Bhd., which is engaged in provision
of management and administration services.

                            *     *    *

Ramunia Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad.

The Company triggered the PN 17/2005 listing since auditors have
expressed a modified opinion with emphasis on the company's going
concern status in the latest audited accounts for the financial
year ended October 31, 2009, and the company's shareholders equity
on a consolidated basis is equal to or less than 50% of the issued
and paid-up capital of the company.


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


LIBERTY TELECOMS: Appellate Court Junks Bid to Halt Rehabilitation
------------------------------------------------------------------
The Manila Times reports that the Court of Appeals has denied
Rizal Commercial Banking Corp.'s petition to terminate the
implementation of Liberty Telecoms Holdings Inc.'s rehabilitation.

The Troubled Company Reporter-Asia Pacific, citing the Business
World, reported on May 26, 2008, that Liberty Telecoms asked a
Makati regional trial court to reject RCBC's motion to terminate
the company's rehabilitation and have it liquidated, saying it
goes against the purpose of corporate rehabilitation.

According to Business World, RCBC filed the motion arguing that
the company has lost the opportunity to revive its operations.

Business World said Liberty Telecoms in 2005 promised the court it
could resuscitate itself by operating a nationwide voice and data
network or with an assigned 700-Mhz frequency from the National
Telecommunications Commission.

RCBC said in the report that the frequency supposedly assigned to
Liberty Telecoms had been assigned to Smart Broadband Inc. and
asked the court to summon the NTC to clarify the issues hounding
the telco's case.

Liberty Telecoms, however, denied that the 700MHz frequency had
been assigned to SBI and claimed the frequency was still in the
company's name.

                       About Liberty Telecoms

Manila-based Liberty Telecoms Holdings Inc. was incorporated on
January 14, 1994, and designed primarily to be the holding company
for Liberty Broadcasting Network Inc. and Skyphone Logistics Inc.
LIB was listed as a public company at the Philippine Stock
Exchange on October 17, 1994.

In April 2005, the management of LIB decided to suspend its
business operations due to lack of capital required to operate
and grow the business.  In August 2005, the group of companies
filed with a Regional Trial Court in Makati City a petition for
corporate rehabilitation as part of LIB's plan to resolve and to
continue normal operations.  The Court issued a stay order of
all the outstanding liabilities of LIB and its affiliates and
prevented creditors from foreclosing its assets.

The Makati City Regional Trial Court approved Liberty's
rehabilitation plan in December 2006.


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


ASIAN MINERALS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on April 16, 2010, to
wind up the operations of Asian Minerals & Ores Pte Ltd.

Chahaya Shipping & Trading Co Pte Ltd filed the petition against
the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


AUTOHUB ASIA: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on April 9, 2010, to
wind up the operations of Autohub Asia Pte Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidator is:

         Official Receiver
         The URA Centre
         East Wing #06-11
         45 Maxwell Road
         Singapore 069118


CHUAN SIANG: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on April 9, 2010, to
wind up the operations of Chuan Siang Enterprises(s) Pte Ltd.

NSC Management Services Pte Ltd filed the petition against the
company.

The company's liquidator is:

         Mr Wee Koon San
         C/o M/s Wee Koon San & Co.
         51 Bukit Batok Crescent
         #08-04 Unity Centre
         Singapore 658077


EASTERN ISLAND: Creditors' Proofs of Debt Due May 23
----------------------------------------------------
Eastern Island Base Pte Ltd, which is in liquidation, requires its
creditors to file their proofs of debt by May 23, 2010, to be
included in the company's dividend distribution.

The company's liquidator is:

         Lau Chin Huat
         C/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


FORTUNE DESIGN: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on April 9, 2010, to
wind up the operations of Fortune Design & Renovation Pte Ltd.

NSC Management Services Pte Ltd filed the petition against the
company.

The company's liquidator is:

         Mr Wee Koon San
         C/o M/s Wee Koon San & Co.
         51 Bukit Batok Crescent
         #08-04 Unity Centre
         Singapore 658077


IMAGEAIRE PTE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on April 9, 2010, to
wind up the operations of Imageaire Pte Ltd.

Lantrovision(s) Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118


INSERVE (S) PTE: Members' Final Meeting Set for May 24
------------------------------------------------------
Members of Inserve (s) Pte Ltd, will hold their final meeting on
May 24, 2010, at 11:00 a.m., at the 1 Scotts Road, #21-08 Shaw
Centre, Singapore 228208.

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


L&M EQUIPMENT: Court to Hear Wind-Up Petition on May 7
------------------------------------------------------
A petition to wind up the operations of L&M Equipment Pte Ltd
(formerly known as L&M Engineering Logistics Pte Ltd) will be
heard before the High Court of Singapore on May 7, 2010, at 10:00
a.m.

L&M.Com Pte Ltd (formerly known as L&M Holdings Pte Ltd) filed the
petition against the company on February 12, 2010.

The Petitioner's solicitor is:

         Ng Chong & Hue LLC
         96 Robinson Road
         #15-01/02 SIF Building
         Singapore 068899


L&M INFRATECH: Court to Hear Wind-Up Petition on May 7
------------------------------------------------------
A petition to wind up the operations of L&M Infratech Pte Ltd
(formerly known as L&M Envirocare Pte Ltd) will be heard before
the High Court of Singapore on May 7, 2010, at 10:00 a.m.

L&M.Com Pte Ltd (formerly known as L&M Holdings Pte Ltd) filed the
petition against the company on February 12, 2010.

The Petitioner's solicitor is:

         Ng Chong & Hue LLC
         96 Robinson Road
         #15-01/02 SIF Building
         Singapore 068899


L&M PETROMAS: Court to Hear Wind-Up Petition on May 7
-----------------------------------------------------
A petition to wind up the operations of L&M Petromas Pte Ltd
(formerly known as L&M Impex Pte Ltd) will be heard before the
High Court of Singapore on May 7, 2010, at 10:00 a.m.

L&M.Com Pte Ltd (formerly known as L&M Holdings Pte Ltd) filed the
petition against the company on February 12, 2010.

The Petitioner's solicitor is:

         Ng Chong & Hue LLC
         96 Robinson Road
         #15-01/02 SIF Building
         Singapore 068899


M.E.I. ENGINEERS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on April 16, 2010, to
wind up the operations of M.E.I. Engineers Pte Ltd.

Gea Batignolles Thermal Technologies (Changshu) Co., Ltd filed the
petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


MOBILE & WIRELESS: Creditors Get 100% and 1.23% Recovery on Claims
------------------------------------------------------------------
Mobile & Wireless Group Pte Ltd will declare the final dividend on
April 29, 2010.

The company will pay 100% to the received preferential claims and
1.23% for the ordinary claims.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


ORIENT NETWORKS: Creditors Get 0.78956% Recovery on Claims
----------------------------------------------------------
Orient Networks Holdings Limited declared the first and final
dividend on April 23, 2010.

The company paid 0.78956% to the received claims.

The company's liquidator is:

         Kon Yin Tong
         47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce & Industry Building
         Singapore 179365


PRESTIGE BUILDING: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on April 16, 2010, to
wind up the operations of Prestige Building Maintenance Services
Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


TW OILS: Court to Hear Wind-Up Petition on May 7
------------------------------------------------
A petition to wind up the operations of TW Oils & Fats (Singapore)
Pte Ltd will be heard before the High Court of Singapore on May 7,
2010, at 10:00 a.m.

Carotino SDN BHD filed the petition against the company on
April 12, 2010.

The Petitioner's solicitors are:

         Shook Lin & Bok LLP
         1 Robinson Road #18-00
         AIA Tower
         Singapore 048542


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


ASUSTEK COMPUTER: Sees Better-than Expected Q2 Business Prospects
-----------------------------------------------------------------
ASUSTeK Computer Inc. is optimistic about its business prospects
in the second quarter due to better-than expected performance in
the first quarter, the China Post reports citing company
executives.

According to the Post, Asustek CEO Jerry Shen said the company's
first quarter revenue totaled NT$74.807 billion (US$2.38 billion),
only a 6.24% drop from its fourth quarter revenue -- better than
the previous forecast of a 10% to 20% contraction.

The Post relates the company's March revenue hit NT$31.71 billion,
an increase of 56% from February and a 71% year-on-year growth.

Mr. Shen also sees Asustek's revenue to expand from quarter to
quarter this year, thanks to rebounding business around the world,
particularly in eastern Europe, according to the Post.

Meanwhile, Dow Jones Newswires, citing the Economic Daily News,
reports that Mr. Shen said Asustek Computer expects its monthly
revenue in year 2011 to be NT$10 billion to NT$20 billion higher
than the year-earlier month.

ASUSTeK Computer Inc. -- http://www.asus.com.tw/-- is principally
engaged in the provision of computers, communications and consumer
electronics solutions.  The Company offers desktop motherboards,
server motherboards, three-dimension graphics display cards, audio
cards, laptops, servers, smart personal digital assistant mobile
phones, liquid crystal displays, LCD televisions, broadband
communication products, compact disc read-only memory drives,
digital versatile disc drives, disc carving machines and Eee
personal computers, among others.  The Company distributes its
products in domestic market and to overseas markets, including the
United States, Canada, Asia Pacific, Europe and Africa.

                           *     *     *

Asustek Computer continues to carry Fitch Ratings 'BB+' long-term
foreign currency issuer default ratings.


AU OPTRONICS: Swings to NT$7.27 Billion Net Profit in Q1
--------------------------------------------------------
AU Optronics Corp. announced its unaudited results for the first
quarter of 2010.  AUO swung to a net income of NT$7.27 billion
(US$229 million) in the first quarter of 2010 from a net loss of
NT$20 billion a year earlier.

For the first quarter ended March 31, 2010, AUO posted
consolidated revenue of NT$111.56 billion (US$3.51 billion), down
2.9% from the previous quarter.

Gross profit improved 62.8% quarter-over-quarter to NT$14.27
billion (US$450 million), representing a gross margin of 12.8%.
Operating income, on the other hand, reached NT$8.12 billion
(US$256 million), with an impressive quarterly growth rate of
327.9% and an operating margin of 7.3%.

For the first quarter, AUO's large-sized panels totaled 27.22
million units, down 0.6% quarter-over-quarter but up significantly
107.1% year-over-year. In terms of small- and medium-sized panels,
the shipment was over 56.99 million units, down 5.2% quarter-over-
quarter but up 32.7% year-over-year.

"Although the first quarter was the traditional low season, we
have seen relatively stable panel prices thanks to recovering
global demand and healthy inventory levels in the channel," said
Mr. Andy Yang, Chief Financial Officer of AUO.

"As a result, the Company's average selling price per square meter
dropped by merely 1.6% from the previous quarter.  In addition,
the management team has taken a proactive approach toward product
mix improvements.  On rising high-end product mix and the design
efforts which helped lower our costs effectively, our gross margin
picked up from last quarter's 7.6% to 12.8% this quarter.
Meanwhile, our operating margin also increased considerably from
1.7% last quarter to 7.3%.  Being noteworthy, our EBITDA margin
expanded to 27.6% for the first quarter."

                         About AU Optronics

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

                           *     *     *

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


HANNSTAR DISPLAY: Obtains 4-Year NT$8 Billion Syndicated Loan
-------------------------------------------------------------
HannStar Display Corp. obtained a NT$8-billion, four-year loan
from a group of 20 banks, including the state-run Bank of Taiwan,
to repay loans and strengthen working capital, the China Post
reports.  The company has the right to extend the loan for an
additional year, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
February 3, 2010, The Taipei Times said HannStar Display sank into
the red in the fourth quarter due partly to antitrust lawsuit
costs.

Taipei Times said the company posted loss of NT$4.3 billion in the
fourth quarter of 2009, an improvement from a loss of NT$8.2
billion in the same period in 2008.

The company wrote off litigation costs of NT$1.6 billion for the
price-fixing probes, including one initiated by the US Department
of Justice, the report noted.

                      About Hannstar Display

Based in Taipei, Taiwan, Hannstar Display Corp. (TPE:6116) --
http://www.hannstar.com-- is principally engaged in the research,
development, design, manufacture, sale and maintenance of thin
film transistor liquid crystal display (TFT-LCD) products.  The
Company's principal product portfolio consists of TFT-LCDs for
notebook personal computers (PCs), monitors, LCD televisions,
automobile navigation systems, open access (OA) products,
audiovisual (AV) products, Internet access (IA) products,
netbooks, digital photo frames, language learning machines, smart
mobile phones, portable media players (PMPs), personal navigation
systems, portable digital video disc (DVD) players, automobile
screens, industrial screens and others.


                         *********

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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