TCRAP_Public/100428.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, April 28, 2010, Vol. 13, No. 082

                            Headlines



A U S T R A L I A

OCTAVIAR LIMITED: Court Freezes AU$20 Million Payment by Deloitte


C H I N A

CHINA RUNJI: Earns US$84,918 in Q2 Ended February 28
CHINA VOIP: December 31 Balance Sheet Upside-Down by US$3.6 Mil.
GALAXY CASINO: Bond Redemption Won't Affect Moody's 'B3' Rating


H O N G  K O N G

AMC (HK): Members' Final General Meeting Set for May 28
FOCUS POWER: Chiong and Lees Step Down as Liquidators
FORE-Z (H.K.): Creditors' Meeting Set for May 4
GAINCA LIMITED: Creditors' Proofs of Debt Due May 24
GLORIA (NOMINEES): Members' Final Meeting Set for May 25

GOLDMAN SACHS: Members' Final General Meeting Set for May 28
HANG FUNG: Creditors Get 2% Recovery on Claims
HANG SUNG: Members' and Creditors Final Meeting Set for May 25
HILARIOUS (NOMINEES): Members' Final Meeting Set for May 25
HILLINGTON LIMITED: Members' Final Meeting Set for May 24

HK & FAR EAST: Members' Final Meeting Set for May 24
HOI SING: Creditors' Proofs of Debt Due May 14
HOP SHING: Chiong and Sutton Step Down as Liquidators
HORSE TRADING: Members' Final Meeting Set for May 28
HV SHIPPING: Creditors' Proofs of Debt Due May 31

IATOPIA FINANCE: Members' Final Meeting Set for June 4
INTERBUILD LIMITED: Members' Final Meeting Set for May 24
INTERNATIONAL MOULDS: Members' Final Meeting Set for May 24
JH ENTERPRISES: Placed Under Voluntary Wind-Up Proceedings
KENNINGTON DEVELOPMENT: Lo and Agnew Step Down as Liquidators


I N D I A

AIR INDIA: To Raise INR4,435cr to Fund Fleet Acquisition
BULANDSHAHR ROLLER: CRISIL Rates INR100 Mil. Cash Credit at 'B'
COSMIC FERRO: Fitch Affirms 'BB+' National Long-Term Rating
DISHA EDUCATION: CRISIL Reaffirms 'B' Rating on INR319.2MM Loan
DYNASTY TRADERS: Low Profitability Prompts CRISIL 'B+' Ratings

EASTERN POLYCRAFT: CRISIL Assigns 'BB' Rating on INR78.9MM Loan
G S OILS: CRISIL Assigns 'BB+' Ratings on Various Bank Facilities
HANDICRAFT AND HANDLOOM: CARE Rates INR3.0cr LT Loan at 'CARE BB+'
HOME LAND: ICRA Assigns 'LB' Rating on INR140 Mil. Bank Facilities
INTERNATIONAL RECREATION: CRISIL Rates INR6.17B Term Loan at 'B'

KANTILAL CHHAGANLAL: ICRA Puts 'LBB+' Rating on INR28.7M Debts
MAGNUM ESTATES: ICRA Places 'LBB' Rating on INR16.3MM Term Loan
MAGNUM SEA: ICRA Places 'LBB' Rating on INR111 Mil. Term Loan
MARATHON IT: CARE Rates INR100cr Long Term Bank Debt at 'CARE BB'
NHB BALL: CARE Assigns 'CARE B' Rating on INR36.2cr Bank Debts

PCH RETAIL: CRISIL Assigns INR990 Million Cash Credit at 'BB'
PRESTIGE FEED: ICRA Places 'LBB+' Rating on INR320MM Bank Loans
REGAL PLYWOOD: CRISIL Places 'BB-' Rating on INR20MM Cash Credit
REMI METALS: CARE Reaffirms 'CARE BB' Rating on INR175cr LT Loan
SHAKUMBHRI PULP: CRISIL Assigns 'B+' Rating on INR70MM Term Loan

SHAKTI RAIL-INFRA: Delays in Loan Payment Cues CRISIL Junk Ratings
SHREE GANPATLAL: ICRA Assigns 'LB+' Rating on INR40MM Bank Debts
SITA SHREE: ICRA Assigns 'LBB' Rating on INR150MM Long Term Loan
SRIJI CORPORATION: ICRA Assigns 'LBB' Rating on INR100MM Bank Debt
SUNDARAM EXPORTS: CRISIL Rates INR200 Million Bank Debt at 'P4+'

SUPREEMO FASHION: ICRA Places 'LBB+' Rating on INR123.2MM Loan
SWASTIK COAL: ICRA Assigns 'LB+' rating to INR40 Mil. Bank Debts
SWASTIK COAL CORP: ICRA Assigns 'LB+' Rating on INR200 Mil. Loans
UNITECH AMUSEMENT: Loan Default Cues CRISIL Junk Ratings


J A P A N

DAIEI INC: Advantage Partners Sells Entire Stake to Deutsche Bank
JAPAN AIRLINES: Claimant Wants JAL Status as Employer Determined
JAPAN AIRLINES: Deal Clarifying Scope of Ch. 15 Order Approved
JAPAN AIRLINES: ETIC Reaches Deal on Purchase of Debt
JAPAN AIRLINES: "K" Line Wants Lift Stay to Pursue Lawsuit

JAPAN AIRLINES: May Miss Deadline to Submit Rehab Plan
TOSHIBA CORP: Faces Patent Infringement Suit from Aigo
TOSHIBA CORP: Sells Stake in AFPD Unit to AU Optronics
TOSHIBA CORP: Inks Nuclear Power Joint Venture With IHI Corp.


K O R E A

DAEWOO MOTOR: Averts Bankruptcy After Creditors Pay KRW17.6B Debt


N E W  Z E A L A N D

FIVE STAR: Trial Date For Directors Set in October
SOUTH CANTERBURY: CEO Won't Rule Out Future Asset Sales
ST LAURENCE: Running Out of Equity, May Face Receivership
* NEW ZEALAND: Sees Rise in Insolvencies as Banks Lose Patience


S I N G A P O R E

MORGAN STANLEY FUND: Lenders Grant 60-Day Extension of Hotel Loan
NIKKO MERCHANT: Creditors' Proofs of Debt Due May 26


X X X X X X X X

* Two Defaults in U.S. Last Week Raise S&P Global Tally to 31

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


OCTAVIAR LIMITED: Court Freezes AU$20 Million Payment by Deloitte
-----------------------------------------------------------------
The Queensland Supreme Court has frozen a controversial
AU$20 million payment made by Deloitte, the former liquidator of
collapsed investment group MFS Ltd, now known as Octaviar Ltd, to
Fortress Credit Corporation, The Sydney Morning Herald reports.

The report says Deloitte -- which was later removed from its role
as liquidator -- made the payment more than a year ago.  According
to the Herald, the Queensland Supreme Court has now ruled the
payment should be frozen until after a High Court decision on
related issues.

The Herald notes that examinations into the group's collapse
resumed Tuesday in the NSW Supreme Court.  Lawyers for the
liquidator Kate Barnet, of Bentleys Corporate Recovery, will be
looking for more evidence of when MFS became insolvent, the report
says.

                       About Octaviar Limited

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

                           *     *     *

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

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

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

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

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

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


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


CHINA RUNJI: Earns US$84,918 in Q2 Ended February 28
----------------------------------------------------
China Runji Cement Inc. filed its quarterly report on Form 10-Q,
showing net income of US$84,918 on US$11,667,963 of revenue for
the three months ended February 28, 2010, compared with net income
of US$744,473 on US$9,290,749 of revenue for the same period of
2009.

The Company's balance sheet as of February 28, 2010, showed
US$81,229,447 in assets, US$54,022,605 of debts, and US$27,206,842
of stockholders' equity.

"The Company had a working capital deficiency of US$35,019,288 as
of February 28, 2010.  This factor raises substantial doubt about
the ability of the Company to continue as a going concern."

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

               http://researcharchives.com/t/s?60ba

Based in Chao Hu City, An Hui Province, People's Republic of
China, China Runji Cement Inc. was incorporated as FitMedia Inc.
on August 30, 2004.  Through its ownership of Anhiu Province Runji
Cement Co., Ltd. -- http://www.chinarunji.com/--  a corporation
organized under the laws of the People's Republic of China, the
Company is a producer and distributor of cement, primarily in An
Hui Province of central China and neighboring locations.  Anhui
Runji is located in Xianzong Town, Hanshan County, An Hui
Province.


CHINA VOIP: December 31 Balance Sheet Upside-Down by US$3.6 Mil.
----------------------------------------------------------------
China VoIP & Digital Telecom Inc. filed on April 14, 2010, its
annual report on Form 10-K for the year ended December 31, 2009.

The Company's balance sheet at December 31, 2009, showed
US$6,334,561 in assets and US$9,926,845 of debts, for a
stockholders' deficit of US$3,592,284.

The Company reported a net loss of US$7,682,890 on US$1,284,768 of
revenue for 2009, compared with net income of US$2,438,162 on
US$2,634,179 of revenue for 2008.

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

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

              http://researcharchives.com/t/s?60bb

Based in Jihan, China, China VoIP & Digital Telecom, Inc.,
formerly known as Crawford Lake Mining, Inc., is a developer of
computer software and hardware and digital video pictures system
and a developer of computer network and network audio devices,
parts and low value consumables.  After completing the acquisition
of Beijing PowerUnique Technologies Co., Ltd. in 2008, the Company
was focusing on the Voice over Internet Phone, information
security and virtualization technology related business.


GALAXY CASINO: Bond Redemption Won't Affect Moody's 'B3' Rating
---------------------------------------------------------------
Moody's Investors Service says that it does not expect any
immediate impact on Galaxy Casino S.A.'s B3 corporate family and
senior unsecured debt ratings, or on the negative ratings outlook.
This follows the company's announcement that it has given notice
to the trustee to redeem all the outstanding US$350 million bonds
due 2012 plus accrued and unpaid interests on May 24, 2010.

"The redemption will be funded by internal reserves and new
borrowings, including a HK$9 billion Club Loan under arrangement,"
says Kaven Tsang, a Moody's AVP/Analyst.

"While the bond redemption will address Galaxy's near-term
refinancing needs and lengthen its debt maturity profile,
increased borrowing to fund the enlarged capex will continue to
pressure the company's financial metrics, and hence position the
ratings at the low-B rating level.  Such a situation is unlikely
to significantly improve, at least until Galaxy Macau Resort
commences operations and starts to generate EBITDA," says Mr.
Tsang, also Moody's Lead Analyst for Galaxy.

"However, Galaxy's ratings outlook could return to stable upon
successful completion of the Club Loan, subject to further review
of the terms and conditions of the loan documents," says Mr.
Tsang.

The Club Loan will provide the company with funding to complete
the Galaxy Macau resort project, and hence will alleviate Moody's
major concerns over its ability to fund and complete the project.
A lower interest expense for the Club Loan versus the US$ bond and
an improving EBITDA will also somewhat improve the company's
interest coverage position to a level more appropriate for a
stable outlook.

Moody's last rating action on Galaxy was taken on January 19,
2009, when it was downgraded to B3 from B1 with a negative
outlook.

Galaxy Casino S.A., incorporated in 2001, holds one of six
concessions/sub-concessions licensing it to undertake gaming
activities in Macau.  In July 2004, Galaxy opened the Galaxy
Casino at Waldo Hotel, the group's first casino operation.  Since
then, it has opened four other casinos in Macau, with the flagship
StarWorld facility opening in October 2006.  In addition, Galaxy
is constructing a large resort in Macau which is expected to open
in 2011.


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


AMC (HK): Members' Final General Meeting Set for May 28
-------------------------------------------------------
Members of AMC (Hong Kong) Limited will hold their final general
meeting on May 28, 2010, at 10:15 a.m., at the Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


FOCUS POWER: Chiong and Lees Step Down as Liquidators
-----------------------------------------------------
Desmond Chung Seng Chiong and John Robert Lees stepped down as
liquidators of Focus Power Limited on April 8, 2010.


FORE-Z (H.K.): Creditors' Meeting Set for May 4
-----------------------------------------------
Creditors of Fore-z (H.K.) Limited will hold their meeting on
May 4, 2010, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 251 of the Companies Ordinance.

The meeting will be held at the office of Ferrier Hodgson Limited,
14/F, The Hong Kong Club Building, 3A Chater Road, Central, in
Hong Kong.


GAINCA LIMITED: Creditors' Proofs of Debt Due May 24
----------------------------------------------------
Creditors of Gainca Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 24,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 23, 2010.

The company's liquidator is:

         Wong Kwai Chuen Elton
         21/F., Fee Tat Commercial Centre
         No. 613 Nathan Road
         Kowloon, Hong Kong


GLORIA (NOMINEES): Members' Final Meeting Set for May 25
--------------------------------------------------------
Members of Gloria (Nominees) Limited will hold their final meeting
on May 25, 2010, at 10:00 a.m., at the 12th Floor, CITIC Tower, 1
Tim Mei Avenue, Central, in Hong Kong.

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


GOLDMAN SACHS: Members' Final General Meeting Set for May 28
------------------------------------------------------------
Members of Goldman Sachs Administration Services (Asia) Limited
will hold their final general meeting on May 28, 2010, at 10:15
a.m., at the Level 28, Three Pacific Place, 1 Queen's Road East,
in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


HANG FUNG: Creditors Get 2% Recovery on Claims
----------------------------------------------
Hang Fung Jewellery Company Limited, which is in liquidation, will
pay first interim ordinary dividend to its creditors on
April 30, 2010.

The company will pay 2% for ordinary claims.

The company's liquidators are:

         Darach E. Haughey
         Edmond Wah Bon Ching
         Yeung Lui Ming (Edmund)
         32nd Floor, One Pacific Place
         88 Queensway, Hong Kong


HANG SUNG: Members' and Creditors Final Meeting Set for May 25
--------------------------------------------------------------
Members and creditors of Hang Sung (Lau's) Industrial Company
Limited will hold their final meetings on May 25, 2010, at 2:30
p.m., and 2:45 p.m., respectively at the Unit A, 14/F., JCG
Building, 16 Mongkok Road, Mongkok, Kowloon, in Hong Kong.

At the meeting, Ng Kwok Wai and Lui Chi Kit, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HILARIOUS (NOMINEES): Members' Final Meeting Set for May 25
-----------------------------------------------------------
Members of Hilarious (Nominees) Limited will hold their final
meeting on May 25, 2010, at 10:30 a.m., at the 12th Floor, CITIC
Tower, 1 Tim Mei Avenue, Central, in Hong Kong.

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


HILLINGTON LIMITED: Members' Final Meeting Set for May 24
---------------------------------------------------------
Members of Hillington Limited will hold their final general
meeting on May 24, 2010, at 10:00 a.m., at the 1902 MassMutual
Tower, 38 Gloucester Road, in Wanchai.

At the meeting, Ngan Lin Chun Esther, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HK & FAR EAST: Members' Final Meeting Set for May 24
----------------------------------------------------
Members of Hong Kong & Far East Investment Company Limited will
hold their final meeting on May 24, 2010, at 11:00 a.m., at the
26th Floor, Citicorp Centre, 18 Whitfield Road, Causeway Bay, in
Hong Kong.

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


HOI SING: Creditors' Proofs of Debt Due May 14
----------------------------------------------
Creditors of Hoi Sing Construction Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 14, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Stephen Briscoe
         Nicholas Timothy
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


HOP SHING: Chiong and Sutton Step Down as Liquidators
-----------------------------------------------------
Desmond Chung Seng Chiong and Roderick John Sutton stepped down as
liquidators of Hop Shing Loong Lighting Limited on Dec. 7, 2009.


HORSE TRADING: Members' Final Meeting Set for May 28
----------------------------------------------------
Members of Horse Trading Limited will hold their final meeting on
May 28, 2010, at 10:00 a.m., at the Unit D, 12th Floor, Seabright
Plaza, 9-23 Shell Street, in Hong Kong.

At the meeting, Chan Sek Kwan Rays, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


HV SHIPPING: Creditors' Proofs of Debt Due May 31
-------------------------------------------------
Creditors of HV Shipping Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 31,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 15, 2010.

The company's liquidator is:

         Haritha Kannanur Puthanmadhathil
         Room 2103, Futura Plaza
         111 How Ming Street
         Kwun Tong, Kowloon
         Hong Kong


IATOPIA FINANCE: Members' Final Meeting Set for June 4
------------------------------------------------------
Members of Iatopia Finance Limited will hold their final meeting
on June 4, 2010, at 4:00 p.m., at the 12th Floor, Lucky Building,
39 Wellington Street, Central, in Hong Kong.

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


INTERBUILD LIMITED: Members' Final Meeting Set for May 24
---------------------------------------------------------
Members of Interbuild Limited will hold their final meeting on
May 24, 2010, at 11:30 a.m., at the 26th Floor, Citicorp Centre,
18 Whitfield Road, Causeway Bay, in Hong Kong.

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


INTERNATIONAL MOULDS: Members' Final Meeting Set for May 24
-----------------------------------------------------------
Members of International Moulds Company Limited will hold their
final meeting on May 24, 2010, at 10:00 a.m., at the Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

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


JH ENTERPRISES: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on April 23, 2010,
creditors of JH Enterprises Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Jiang Richard
         3/F., Kam Sang Building
         257 Des Voeux Road
         Central, Hong Kong


KENNINGTON DEVELOPMENT: Lo and Agnew Step Down as Liquidators
-------------------------------------------------------------
Lo Kin Ching Joseph and Dermot Agnew stepped down as liquidators
of Kennington Development Limited on April 1, 2010.


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I N D I A
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AIR INDIA: To Raise INR4,435cr to Fund Fleet Acquisition
--------------------------------------------------------
The Economic Times reports that Air India will have to raise about
INR4,435 crore through its internal resources and borrowings in
2010-11 to finance its fleet acquisition, even as the government
promised to infuse additional equity worth INR1,200 crore during
the period.

According to the report, the carrier is expected to induct 4
Boeing 777-300 (Extended Range) and one Airbus A-321 during this
financial year.  With the arrival of the A-321, Air India would
complete its order of 42 aircraft from the European manufacturer
Airbus, official sources told The Economic Times.

The report states that out of a total annual plan of INR5,634.80
crore, the airline would get equity worth INR1,200 crore with the
remaining amount to be mobilized through internal and extra-
budgetary resources (IEBR).

Sources said Air India is projected to spend INR4,197.80 crore on
the aircraft acquisition program, including advance and delivery
payments to the manufacturers, creating supporting infrastructure
for the new aircraft and interest, the report notes.

Meanwhile, the Economic Time reports that a parliamentary
committee has asked the government to grant the airline more
autonomy and "not impose its decisions" on it.

The report says Standing Committee on Transport, Tourism and
Culture, headed by CPM leader Sitaram Yechury, has also asked the
state-owned air carrier to "put its act together as early as
possible" to reclaim its 'Maharaja' status.

The report adds that the committee also wanted all merger related
issues to be settled by the government in accordance with its
recommendation that two separate airlines for domestic and
international services be created to function under one holding
company, NACIL.

An identical recommendation to have two airlines under NACIL was
later made by the Committee on Public Undertakings headed by
Congress member V Kishore Chandra Deo, the Economic Times notes.

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.


BULANDSHAHR ROLLER: CRISIL Rates INR100 Mil. Cash Credit at 'B'
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Bulandshahr Roller
Flour Mill Pvt Ltd's cash credit facility.

   Facilities                       Ratings
   ---------                        -------
   INR100.0 Million Cash Credit     B/Stable (Assigned)

The rating reflects Bulandshahr's weak financial risk profile,
marked by small net worth and poor debt protection metrics, and
exposure to risks related to fluctuations in raw material prices,
small scale of operations, and intense competition in the
agricultural commodities industry.  These rating weaknesses are
partially offset by the benefits that Bulandshahr derives from the
promoters' experience, and its established distribution network.

Outlook: Stable

CRISIL believes that Bulandshahr's financial risk profile will
remain weak and scale of operations small, over the medium term.
The outlook may be revised to 'Positive' in case of substantial
improvement in Bulandshahr's financial risk profile and scale of
operations.  Conversely, the outlook may be revised to 'Negative'
in case the company undertakes a large, debt-funded capital
expenditure program, or its profits come under pressure owing to
fluctuations in raw material prices.

Bulandshahr was incorporated by Mr. Dinesh Goyal in 1999.  It
manufactures ground wheat products such as atta, maida, and suji.
The company has a manufacturing plant in Bulandshahr (Uttar
Pradesh), with wheat crushing capacity of 83,000 tonnes per annum
(tpa) through 12 roller mills.  It sells its products to traders
in and around Delhi and Uttar Pradesh. It is also involved in
trading of these products.  Recently, Bulandshahr diversified into
the cattle-feed business.  It has a cattle-feed manufacturing
capacity of around 33,000 tpa.

Bulandshahr reported a profit after tax (PAT) of INR0.4 million on
net sales of INR204.1million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR0.8 million on net
sales of INR368.2 million for 2007-08.


COSMIC FERRO: Fitch Affirms 'BB+' National Long-Term Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Cosmic Ferro Alloys Ltd's National
Long-term rating at 'BB+(ind)'.  The Outlook is Stable.  At the
same time, the agency has affirmed the ratings of CFAL's various
bank loans:

  -- INR165.9 million* (previously INR207.7 million) outstanding
     long-term debt: 'BB+ (ind)';

  -- INR290 million (previously INR328.5 million) Cash Credit (CC)
     limit: 'BB+ (ind)'; and

  -- INR810 million (previously INR794.0 million) non-fund based
     facilities: 'F4 (ind)'.

  * as of March 31, 2010

The affirmations reflect CFAL's FY10 performance, with increased
EBIDTA margins resulting in higher EBIDTA despite a fall in
revenues.  In addition, the net leverage (net debt/EBITDA) has
improved to below 3x in FY10 from 5.6x for FY09.  That said,
CFAL's ratings are constrained by the company's ongoing capex
program, of which the timely completion would determine the
sustainability of leverage during FY11.  Also, CFAL continues to
be exposed to the volatility in raw material prices due to the
absence of captive mines.

A sustained net debt/EBTIDA of below 3x, along with successful and
timely commercialization of the project, will be positive for its
ratings.  Conversely, any pressure on EBITDA margins and/or any
significant debt funded capital expenditure resulting in net
debt/EBITDA of over 5x would pressure its ratings.

CFAL's reported net sales of INR3,367.3 million in FY09, which is
expected to decrease to INR2,750.0 million in FY10.  Total debt
decreased to INR476.8 million at FYE10 as against INR506.2 million
as at FYE09.  Free cash flow was positive in FY09 at INR38 million
and is expected to be negative INR11.4 million in FY10.  The
company is currently setting up an additional furnace which is
expected to increase the installed capacity of CFAL to 90900 MTPA
from 75900 MTPA.  The project is scheduled to complete by the end
of Q1FY11.


DISHA EDUCATION: CRISIL Reaffirms 'B' Rating on INR319.2MM Loan
---------------------------------------------------------------
CRISIL rating on the term loan facility of Disha Education Society
continue to reflect DES' weak financial risk profile due to large
debt, and limited track record of operations in the education
sector.  These weaknesses are, however, partially offset by the
diverse courses offered by DES, which helps it to attract a wide
student base.

   Facilities                      Ratings
   ---------                       -------
   INR319.2 Million Term Loan      B/Stable (Reaffirmed)

Outlook: Stable

CRISIL expects DES financial risk profile to remain constrained,
as its gearing is likely to remain high over the medium term. The
outlook may be revised to 'Positive' if DES's financial risk
profile improves as a result of improvement in its capital
structure and increase in the revenues.  Conversely, the outlook
may be revised to 'Negative' if the society is not able to start
the new colleges in a timely manner or if the student intake is
low thereby impacting revenues and consequently the cash flows of
the society.

DES is a registered non-profit organization started in 2001 at
Raipur (Chhatisgarh); the society has institutions such as Disha
College of Information & Technology, Disha Institute of Management
and Technology, Disha College, Disha School of Management, Disha
School of Management Education, and Disha Academy of Research and
Education, all of which are managed by DES.  All institutes of DES
are approved by the AICTE and affiliated to the Chhattisgarh Swami
Vivekanand Technical University Bhilai.  The society is also
planning to introduce three new institutions; Disha College of
Science & Commerce, Disha College of Management Studies, and Disha
College of Higher Secondary Studies from June 2010.

For 2008-09, the society reported profit after tax (PAT) of
INR29.4 million on net sales of INR156.0 million against PAT of
INR14.4 million on net sales of INR75.5 million for 2007-08.


DYNASTY TRADERS: Low Profitability Prompts CRISIL 'B+' Ratings
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Dynasty Traders
Pvt Ltd's bank facilities.

   Facilities                      Ratings
   ---------                       -------
   INR30 Million Cash Credit       B+/Stable (Assigned)
   INR1 Million Bank Guarantee     P4 (Assigned)
   INR145 Million Letter of Credit P4 (Assigned)

The ratings reflect Dynasty Traders' weak financial risk profile,
constrained by low profitability and small net worth, and the
susceptibility of the company's margins to intense competition in
the timber industry, and fluctuations in the value of the Indian
rupee.  These rating weaknesses are partially offset by the
benefits that Dynasty Traders derives from its promoters'
extensive experience in the timber trading business.

Outlook: Stable

CRISIL believes that Dynasty Traders will continue to benefit from
its promoters' experience over the medium term.  The outlook may
be revised to 'Positive' if Dynasty Traders' profitability and
working capital management improves leading to enhanced cash flows
from operations.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
due to low profitability or steep fluctuations in the value of the
Indian rupee.

Dynasty Traders was set up in 1991 as a finance company, which
undertook financing for its group companies.  In 1997, Dynasty
Traders started the processing and trading of timber.  Its
promoters have been in the timber business since the 1950s through
other group entities.

Dynasty Traders reported a profit after tax (PAT) of INR0.43
million on net sales of INR182 million for 2008-09 (refers to
financial year, April 1 to March 31) against a PAT of INR0.67
million on net sales of INR145 million for 2007-08.


EASTERN POLYCRAFT: CRISIL Assigns 'BB' Rating on INR78.9MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Eastern
Polycraft Industries Ltd's bank facilities.

   Facilities                        Ratings
   -----------                       -------
   INR36 Million Cash Credit         BB/Stable (Assigned)
   INR78.9 Million Term Loan         BB/Stable (Assigned)
   INR6 Million Bank Guarantee       P4+ (Assigned)
   INR20 Million Letter of Credit    P4+ (Assigned)

The ratings reflect EPIL's small scale of operations and net
worth, and average financial risk profile, constrained by high
gearing and large debt-funded capital expenditure (capex).  These
rating weaknesses are partially offset by the benefits that EPIL
derives from its established customer base.

Outlook: Stable

CRISIL believes that EPIL will continue to benefit from its
established customer base.  The outlook may be revised to
'Positive' if EPIL receives significant equity infusion,
strengthening its capital structure, or contracts lesser debt than
expected to fund its capital expansion, preventing deterioration
in its financial risk profile.  Conversely, the outlook may be
revised to 'Negative' in case EPIL's capital structure and debt
protection measures are weakened by large debt-funded capex
programs.

EPIL, set up in 1997, commenced operations in 2000.  The company
manufactures rigid packing containers through injection moulding
and blow moulding solutions.  These containers are primarily used
by oil marketing companies to pack lubricants and are also used by
paint companies.

EPIL reported a profit after tax (PAT) of INR1.3 million on net
sales of INR157 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR1.2 million on net sales
of INR141 million for 2007-08.


G S OILS: CRISIL Assigns 'BB+' Ratings on Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to G S Oils Ltd's
bank facilities.

   Facilities                              Ratings
   -----------                             -------
   INR1000.00 Million Cash Credit*         BB+/Stable (Assigned)
   INR50.00 Million Standby Line of Credit BB+/Stable (Assigned)
   INR905.00 Million Long-Term Loan        BB+/Stable (Assigned)
   INR600.00 Million Letter of Credit      P4+ (Assigned)
   INR5.00 Million Bank Guarantee          P4+ (Assigned)

   *Include Sublimit of INR350.00 Million of EPC/FUBD/FDBP and
    sublimit of INR5.00 million of DDP

The ratings reflect the benefits that GSOL derives from its
promoter's extensive experience in the cotton ginning and edible
oil sectors.  This rating strength is partially offset by GSOL's
exposure to risks related to its large debt-funded capital
expenditure plans, and to intense competition in the edible oil
industry.

Outlook: Stable

CRISIL believes that GSOL will maintain its operating margin and
report steady growth in revenues over the medium term; the
company's financial risk profile may, however, remain constrained
due to low profitability and average debt protection measures.
The outlook may be revised to 'Positive' if the company's
financial risk profile improves significantly, led by strong cash
accruals and improved profitability.  Conversely, the outlook may
be revised to 'Negative' in case the debt taken to fund the
company's capital expenditure program is more than expected or if
its accruals are lower than projected.

GSOL was incorporated in 1997 by Mr. Narayanlal Makaharia and is
engaged in solvent extraction of soyabean oil and cotton ginning,
pressing, and delinting.  The promoter has been in this business
since 1977.

GSOL reported a profit after tax (PAT) of INR44 million on
operating income of INR5582 million for 2008-09 against a PAT of
INR22 million on operating income of INR4933 million for 2007-08.


HANDICRAFT AND HANDLOOM: CARE Rates INR3.0cr LT Loan at 'CARE BB+'
------------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the Long-term Bank
Facilities aggregating INR3.0 crore of Handicraft and Handloom
Export Corporation of India Limited.  This rating is applicable
for facilities having tenure of over one year. Facilities with
this rating are considered to offer inadequate safety for timely
servicing of debt obligations. Such facilities carry high credit
risk.

In addition, CARE has assigned a 'PR4' rating to the Short-term
Bank Facilities of HHEC for an amount of INR90.0 crore.  This
rating is applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk. Such facilities are susceptible to default.

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

Rating Rationale

The ratings are constrained due to HHEC's continuous losses
leading to declining net worth during the last three years and
high overall gearing.  The ratings also take into account small
scale of operations for handloom and handicraft products and high
customer concentration risk in the bullion trading segment.

However, the ratings are supported by the Government of India
shareholding, zero long-term debt, long track record in handicraft
and handloom industry and risk management systems in place.

Going forward, increasing scale of operations in handloom and
handicraft segment and improving capital structure of HHEC would
be the key rating sensitivities.

HHEC, a 100% Government undertaking under the Ministry of Textiles
(MoT) was established as The Indian Handicrafts Development
Corporation Ltd. in 1958.  Later in June 1962, it became
subsidiary of State Trading Corporation of India Ltd.  The company
was de-linked from STC in May 1991 and presently operates as an
independent Public Sector Undertaking (PSU).

HHEC has been set up with a dual objective of exports promotion &
trade development of handicrafts & handloom products and trading
of bullion on behalf of its customers (associates).

On a total income of INR1,592.18 crore, HHEC incurred a net loss
of INR0.47 crore in FY09.  During 9MFY10, HHEC recorded PAT of
INR0.09 crore on total income of INR781.16 crore.


HOME LAND: ICRA Assigns 'LB' Rating on INR140 Mil. Bank Facilities
------------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR140.0 million fund
based facility of Home Land City Mall.

The rating is constrained by the slowdown experienced in the real
estate sector in the recent past; the consequent slackness in
demand resulting in delays in the realization of sale proceeds
from customers on the sold portion of the property and
market/demand risk on the unsold portion; delays in servicing of
interest on debt; delays in project execution by about seven
months coupled with escalation in project costs and asset
concentration risk arising from dependence on a single
asset/project.  Nevertheless, the rating favorably considers the
advanced stage of the project with the construction being almost
95% complete; favorable location in the main commercial area of
Baddi and eligibility of the project for various fiscal
incentives. Moreover, the rating takes into account the fact that
the promoters have brought in their entire planned contribution
and debt tie-up is in place, thus reducing funding risks.

Home Land City Mall was incorporated in 2006 as a proprietorship
concern by Mr. Sunil Sood.  The proprietor is a chartered
accountant by profession and also provides project consultancy
services.  HLCM is developing a mall cum office space cum hotel
project in Baddi in the state of Himachal Pradesh. The project
comprises 400,000 sq. ft built-up area.


INTERNATIONAL RECREATION: CRISIL Rates INR6.17B Term Loan at 'B'
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to International
Recreation Parks Pvt Ltd's bank facilities.

   Facilities                            Ratings
   -----------                           -------
   INR6.17 Billion Term Loan^            B/Stable (Assigned)

  ^Including INR650 Million proposed term loan.

The rating reflects IRPPL's weak financial risk profile, driven by
large debt repayment obligations and moderate accruals, and
exposure to risks related to the implementation of the second
phase of the NOIDA project and to downturns in the retail
industry.  These rating weaknesses are partially offset by the
benefits that IRPPL derives from its stable revenues from leased-
out space, and established position in the National Capital Region
(NCR).

Outlook: Stable

CRISIL expects IRPPL's financial risk profile to remain weak over
the medium term, because of moderate cash accruals, large debt
repayment obligations, and the debt funding of capital
expenditure.  However, the company is expected to maintain its
established position in the NCR and benefit from assured revenue
from already leased-out space in the first phase of the NOIDA
project. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accruals and the timely completion of
the second phase of IRPPL's project within the budgeted cost.
Conversely, the outlook may be revised to 'Negative' in case of
substantial delays or cost overruns in the completion of the
second phase of the company's project.

IRPPL was incorporated in February 2002 by Unitech Holdings Ltd
(formerly, Unitech Investments Ltd) and International Amusement
Ltd as an equal joint venture.  In 2006-07 (refers to financial
year, April 1 to March 31), Infrastructure Development Finance
Company Ltd and Infrastructure Leasing & Financial Services Ltd
acquired 11.27 per cent and 9.8 per cent of the stake in IRPPL,
respectively, for INR1 billion each. As a part of this deal, IRPPL
invested INR790 million as share application money for a 100-per
cent equity stake in Unitech Amusement Parks Ltd which is held by
the same promoters; however, the shares have not been allotted
till date.

IRPPL had been allotted 147.48 acres of land by Noida Authority on
a 99-year lease. Of the total area, 85 per cent is to be used for
the development of an amusement park and remainder can be used for
commercial structures such as shopping malls or hotels. IRPPL is
developing the project in three phases. Under the first phase of
the project, which has been completed, the company developed a
shopping mall, The Great India Place, and the teen zone of the
amusement park named World of Wonders (WOW) on a land bank of 44
acres.  The second phase of the project will involve the
construction of a premium-segment shopping mall, Garden Galleria,
and the completion of the amusement park on 84 acres of land. The
remaining land will be utilized in the third phase, which has not
been finalized so far.  The company's project currently includes a
built-up area of 0.92 million square feet (sq ft) of which about
0.33 million sq ft has been sold to investors; the money from the
sales has been utilized for the initial funding of the second
phase of the project.

IRPPL reported a profit after tax (PAT) of INR40 million on
operating income of INR1.30 billion for 2008-09, against a PAT of
INR240 million on operating income of INR1.86 billion for 2007-08.


KANTILAL CHHAGANLAL: ICRA Puts 'LBB+' Rating on INR28.7M Debts
--------------------------------------------------------------
ICRA has assigned the 'LBB+' with Stable Outlook to Kantilal
Chhaganlal Securities Private Limited's INR28.7 million fund based
long term bank lines.  ICRA has also assigned the A4+ to KCSPL's
INR275 million non fund based short term bank lines.

The ratings are constrained by KCSPL's low profitability which has
been under pressure over past few years, high operating cost,
relatively small presence in the retail broking business, low
diversification of business volumes and its dependence on capital
market which is prone to market downturns.  The ratings factors in
KCSPL's adequate capitalization for current scale of operations
and comfortable liquidity profile.  The ratings take a note of
regular capital infusion by KCSPL's share holders, KCSPL's
business plan of diversifying its business operations and a newly
inducted well experienced management team. The ratings at current
level also reflect KCSPL's relative positioning vis-a-vis other
ICRA rated brokerage houses.  Going forward, KCSPL's rating would
be sensitive to its ability to raise further funds from its
shareholders or new investors to support the proposed business
expansion plans, successful completion of the proposed acquisition
of a retail broking outfit and the ability of new management team
to make a financial turnaround in KCSPL by establishing new
business lines while keeping the costs under control.

Kantilal Chhaganlal Group has been active in the capital market
related business operations since 1954 with Kantilal Chhaganlal
Securities Private Ltd being a flagship company of the Group.
KCSPL is primarily a retail equity broking player with a small
presence in institutional broking.  KCSPL's wholly owned
subsidiaries ? Kaycee Advisory Services Private Limited and Kaycee
Finstock Private Limited are engaged in distribution of financial
products and margin funding activities. Over the years, KCSPL's
shareholding pattern has broadened with many private equity
investors and individual investors joining the company.
Currently, KCSPL's major shareholders are the original promoters ?
Mr.  Jayesh K. Sheth & Family (47.68%), Networth Holdings Pte Ltd
(23.84%) and Oldebor Management  Inc (20.73%).

During FY08-09, KCSPL on standalone basis reported a net loss
after tax of Rs 105.22 million on a total income base of Rs 192.29
million as against a net loss after tax of Rs 10.17 million
reported on a total income of Rs 399.66 million in FY07-08.

Recent Results

During 6MFY09-10, KCSPL on standalone basis reported a net profit
after tax of INR2.3 million on a total income base of INR181.94
million.


MAGNUM ESTATES: ICRA Places 'LBB' Rating on INR16.3MM Term Loan
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR16.3 million term loan
and INR22 million cash credit facility of Magnum Estates Limited.
The outlook on the rating is stable.  ICRA has also assigned an A4
rating to INR53.0 million fund based limit and INR1.5 million non-
fund based bank limits of MEL.

In arriving at the rating, ICRA has evaluated MEL on a
consolidated basis along with Magnum Sea Foods Limited (MSFL,
rated at LBB/A4 by ICRA), its group company, both of which are
into the business of export of sea food. The ratings take into
account the fragmented nature of the industry with low entry
barriers, significant competition in the export market from other
countries and vulnerability to the companies business to disease
outbreak.  The ratings also factor in the company's small scale of
operations, the volatility in foreign currency rates which impacts
cash flows and profits of shrimp exporters including MEL.
Additionally, the ratings are constrained by high sales
concentration risk, declining and weak operating profitability and
weak debt coverage indicators.  The ratings however, take into
consideration the promoters' long standing experience in the
business of sea food export, high sales growth achieved over the
years and moderate capital structure of the company. Further, the
existing aquaculture business which acts as a backward integration
measure, though to a minimal extent and successful commissioning
of a pre-processing plant have enabled the company to control its
cost of operation better, although aquaculture operation are prone
to higher degree of risks of disease outbreak.

MEL was incorporated in 1993 by Mr. Ramesh Mahapatra. The company
is involved in the aquaculture business, i.e., culturing of black
tiger prawns and sea food exports.  The company currently has 2
brackish water farms having 44 ponds, spread over an area of
around 215 acres, for culturing of prawns. The company also has
its own pre-processing plant, including an ice-making plant at
Naupalgadi, Balasore.

During 2008-09, MEL reported a net profit of INR5.65 million on
net sales of INR230.87 million.  During the first half of
2009-10, the company posted a net profit of INR2.82 million on net
sales of INR136.15 million.


MAGNUM SEA: ICRA Places 'LBB' Rating on INR111 Mil. Term Loan
-------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR111.0 million term
loans of Magnum Sea Foods Ltd.  The outlook on the rating is
stable.  ICRA has also assigned an 'A4' rating to INR230.0 million
fund based bank limits of MSFL.

In arriving at the rating, ICRA has evaluated MSFL on a
consolidated basis along with Magnum Estates Limited (MEL, rated
at LBB/A4 by ICRA), its group company, both of which are into the
business of export of sea food.  The ratings take into account the
fragmented nature of the industry with low entry barriers,
significant competition in the export market from other countries
and vulnerability to the companies business to disease outbreak.
The ratings also factor in the company's relatively small scale of
operations, the volatility in foreign currency rates which impacts
cash flows and profits of shrimp exporters including MSFL, high
sales concentration risk, low operating profitability, an adverse
capital structure and weak debt coverage indicators. The ratings,
however, take into consideration the experience of the promoters
in the business of sea food export, high sales growth achieved
over the years and commissioning of a modern processing plant with
its value adding facilities, which is expected to favorably impact
the profitability of the company going forward.

MSFL was incorporated in the year 2002, by Mr. Ramesh Mahapatra.
The company is involved in the export of sea food, primarily black
tiger prawns.  The company commissioned its own sea food
processing plant at Botanda, Jankia near Bhubaneswar in September
2009, with a processing capacity of 53.5 MT/day and cold storage
capacity of 1,850 MT.

During 2008-09, MSFL reported a net profit of INR6.73 million on
net sales of INR467.57 million.  During the first half of 2009-10,
the company posted a net profit of INR3.94 million on net sales of
INR243.06 million.


MARATHON IT: CARE Rates INR100cr Long Term Bank Debt at 'CARE BB'
-----------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the Long-term Bank
Facilities of Marathon IT Infrastructure Private Limited (MIIPL)
aggregating INR100.00 crore.  This rating is applicable to
facilities having tenure of more than one year. Facilities with
this rating are considered to offer inadequate safety for timely
servicing of debt obligations. Such facilities carry high credit
risk.  CARE assigns '+' or '-' signs to be shown after the
assigned rating (wherever necessary) to indicate the relative
position within the band covered by the rating symbol.
Rating Rationale

The rating is constrained by the inherent execution risk
associated with the project, which is at a nascent stage and
current slowdown in the commercial real estate sector, in general,
and in the IT/ITES sector in particular.

The rating derives strength from the four-decade long experience
of the promoters of the company in the real estate industry, good
brand image of the Marathon group in Mumbai and the strategic
location of the project.  The rating is also supported by almost
the entire contribution from the promoters having been infused and
the required term loan having been tied up.

MIIPL's ability to execute the project as scheduled and to achieve
the projected level of sales in the external environment
characterized by a slowdown in demand remain the key rating
sensitivities.

Incorporated on July 28, 2007, MIIPL is a Special Purpose Vehicle
(SPV) promoted by Marathon Realty Pvt. Ltd. in collaboration a
foreign direct investor.  It is developing a commercial project
called Marathon Icon with a saleable area of 2 lakh sq. ft. at
Lower Parel, Mumbai.

The project cost is estimated at INR185.51 crore, envisaged to be
funded with a debt- to-equity ratio of 1.17x.  Almost the entire
contribution from the promoters has been infused; besides, the
required debt has been tied-up.  The development of the project
has commenced in December 2009 and is estimated to be completed by
September 2012.


NHB BALL: CARE Assigns 'CARE B' Rating on INR36.2cr Bank Debts
--------------------------------------------------------------
CARE has assigned a 'CARE B' rating to the Long-term Bank
Facilities aggregating INR36.21 crore of NHB Ball & Roller Ltd.
This rating is applicable to facilities having tenure of over one
year. Facilities with this rating are considered to offer low
safety for timely servicing of debt obligations and carry very
high credit risk. Such facilities are susceptible to default.

CARE has also assigned a 'PR4' rating to the Short-term Bank
Facilities aggregating INR45.85 crore of NHBBRL.  This rating is
applicable to facilities having a tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk. Such facilities are susceptible to default.

CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position
within the band covered by the rating symbol.  These ratings are
assigned to the short-term and long-term bank facilities
aggregating INR82.06 crore.

Rating Rationale

The ratings are constrained by multiple instances of devolvement
of LC obligations in the past, the relatively small size of
NHBBRL's operations, the increasing working capital intensity of
its business, its stretched liquidity position as evidenced in the
consistent high utilization of working capital limits, and
inherently cyclical nature of the steel industry and one of the
end-user industries.

The ratings factor in the long experience of the promoters in
manufacturing of steel balls and its established relationship with
the renowned clientele.

The timely servicing of bank obligations and other statutory
obligations, and achieving the envisaged sales & profitability
along with improvement in NHBBRL's liquidity position are the key
rating sensitivities.

                      About NHB Ball

NHBBRL is engaged in manufacturing of steel and stainless steel
balls.  It mainly uses imported key raw material viz wire rods and
has established relationship with leading domestic bearing
manufacturers.


PCH RETAIL: CRISIL Assigns INR990 Million Cash Credit at 'BB'
-------------------------------------------------------------
CRISIL's ratings on PCH Retail Ltd's bank facilities continue to
reflect PCH's weak financial risk profile driven by large working
capital requirements and debt-funded capital expenditure (capex),
and exposure to severe competition in the retail electronics
segment.  These weaknesses are partially offset by PCH's improving
market position in the organized retail industry, and its strong
financial flexibility.

   Facilities                          Ratings
   -----------                         -------
   INR990.0 Million Cash Credit        BB/Stable
   (Enhanced from INR750 Million)

   INR945.0 Million Term Loan          BB/Stable
   (Reduced from INR950 million)

   INR127.5 Million Letter of Credit   P4+
   (Enhanced from INR60 Million)

Outlook: Stable

CRISIL believes that PCH's revenue growth will be robust and the
company will generate adequate cash accruals, over the medium
term.  The outlook could be revised to 'Positive' if PCH improves
its market position, or deploys more equity than expected to fund
its proposed capex.  Conversely, the outlook could be revised to
'Negative' in case of pressure on PCH's operating margin, or if
the company's capex has a larger debt component than expected,
resulting in steep deterioration in its financial risk profile.

PCH was incorporated in 2007 by Mr. Balvinder Singh and his wife,
Mrs. Baljit Kaur.  The company was formed by merging partnership
firms PCH Associates, PCH Mobile Zone, and PCH Sales, and a
proprietorship firm PCH Business. PCH retails consumer durables
and electronic goods; it is one of the largest players in this
segment in Andhra Pradesh.  As on March 31, 2010, PCH had 80
showrooms with a total retail space of around 230,000 square feet.

For 2008-09 (refers to financial year, April 1 to March 31), PCH
reported a profit after tax (PAT) of INR84.5 million on net sales
of INR4.3 billion, against a PAT of INR65.7 million on net sales
of INR2.2 billion for the previous year.


PRESTIGE FEED: ICRA Places 'LBB+' Rating on INR320MM Bank Loans
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR320 million fund
based limits and an A4+ rating to the INR57.50 million non-fund
based limits of Prestige Feed Mills Limited.  The outlook on the
long-term rating is stable.

The ratings are constrained by the high business risks associated
with the edible oil (and related products) industry including the
high competitive intensity and fragmentation; vulnerability of
profitability of domestic edible oil players to import pressure,
volatility in global edible oil prices and changes in import duty
differential between crude and refined oil; exposure to commodity
price and forex risks and; agro-climatic risks associated with the
availability of raw materials.  The ratings also reflect the weak
near tern prospects for soymeal exports given the global
surpluses, further exacerbated by the company's high product
concentration on soya segment.  The ratings are also constrained
by the company's modest financial risk profile as reflected in its
low profitability margins and high gearing levels. Nevertheless,
while assigning the ratings, ICRA has favorably factored in the
considerable experience of Prestige's promoters in the soya
business; the company's locational advantages being situated in
the soybelt of the country; favorable domestic and export
prospects for soya meal given its high nutritional value;
integrated nature of the company's manufacturing operations and
presence in the value added edible grade soy product segment which
has partly insulated it from the adverse impact of the recent
export market slump.

                        About Prestige Feed

Prestige Feed Mills Limited based out of Indore in Madhya Pradesh
is engaged in the manufacture and sale of soybean oil, DOC and
meal. It also undertakes trading of some agro-commodities.  The
company has been promoted by the Jain family who hold more than
two decades of experience in the soya oils and meals business and
are a well known business group in the region with their
'Prestige' brand. Some of the other group ventures in related
business include Prestige Foods Limited (is presently engaged in
trading activities and also owns two solvent extraction units of
which one is leased to Prestige); Prestige Feed Mills (a
partnership firm manufacturing animal feed); Swastik Feed Mills
Limited and Swastik Agroils Limited (edible oil and feed unit set
up in Ambala; presently dormant) and Prestige Fabricators (an LPG
bottling unit).  The Group has also in the last few years forayed
into the education sector with interests in management institutes;
engineering colleges and schools in Madhya Pradesh.

In 2008-09, the company reported a PAT (excl prior period
adjustments) of INR14 million on an Operating Income of INR2.50
billion.  As per provisional/unaudited results, in 2009-10, the
company has reported an OI of INR2.56 billion and PAT of
INR21.5 million (excl prior period adjustments).


REGAL PLYWOOD: CRISIL Places 'BB-' Rating on INR20MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Regal Plywood
Industries Pvt Ltd bank facilities.

   Facilities                          Ratings
   -----------                         -------
   INR20.0 Million Cash Credit         BB-/Stable (Assigned)
   INR100.0 Million Letter of Credit   P4+ (Assigned)

The ratings reflect Regal Plywood's low profitability and
vulnerability to fluctuations in the value of the Indian rupee,
and weak financial risk profile, marked by marked by large total
outside liabilities to tangible net worth (TOL/TNW), small net
worth, and moderate debt protection metrics.  These rating
weaknesses are partially offset by the benefits that Regal Plywood
derives from its promoters' extensive experience in the plywood
industry.

Outlook: Stable

CRISIL believes that Regal Plywood will continue to benefit from
its widespread distribution network.  The outlook may be revised
to 'Positive' if Regal Plywood's scale of operations increases
significantly along with significant improvement in its
profitability.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates,
most likely because of large, debt-funded capital expenditure or
decline in profitability driven by increase in input price or
fluctuations in the value of the Indian rupee.

Incorporated in 1997, Regal Plywood is promoted by Mr. Ajit Kumar
Minda and family.  The company manufactures plywood and face
veneer.  The company's manufacturing unit is located at
Visakhapatnam (Andhra Pradesh) and has capacity to manufacture
200,000 square metres per annum of wood panels.

Regal Plywood reported a profit after tax (PAT) of INR1.79 million
on net sales of INR266.6 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR2.46 million on
net sales of INR272.9 million for 2007-08.


REMI METALS: CARE Reaffirms 'CARE BB' Rating on INR175cr LT Loan
----------------------------------------------------------------
CARE has reaffirmed the 'CARE BB' rating assigned to the Long-term
Bank Facilities of Remi Metals Gujarat Ltd.  This rating is
applicable for facilities aggregating INR200 crore (enhanced from
INR175 crore).  This rating is applicable to facilities having
tenure of over one year.  Facilities with this rating are
considered to offer inadequate safety for timely servicing of debt
obligations. Such facilities carry high credit risk.

CARE has also reaffirmed the rating of 'PR4' assigned to the
Short-term Bank Facilities of RMGL.  This rating is applicable for
facilities aggregating INR100 crore.  This rating is applicable to
facilities having tenure up to one year.  Facilities with this
rating would have inadequate capacity for timely payment of short-
term debt obligations and carry very high credit risk.  Such
facilities are susceptible to default.

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

Rating Rationale

The ratings continue to be constrained by RMGL's small size of
operations with limited product offerings, operational
inefficiencies resulting in cash losses and the fact that the
company is still under the purview of the Board for Industrial and
Financial Reconstruction (BIFR).

The ratings are, however, supported by the tie-up of the debt
portion for the capital expenditure, infusion of additional funds
from the strategic investors (Welspun group) and the benefits
arising out of association with the Welspun group with respect to
raw material sourcing and marketing arrangements.

The ability of RMGL to turn its net worth positive and get de-
registered from BIFR and improve the operational efficiency and
profitability after successful implementation of the
de-bottlenecking/modernization project are the key rating
sensitivities.

                         About Remi Metals

Incorporated in 1992, Remi Metals Gujarat Ltd manufactures
carbon/alloy steel seamless pipes and rolled products with captive
facilities for steel melting and continuous billet casting at
Jhagadia, Gujarat.  Due to inefficiencies in the plant on account
of lack of critical equipment, the operations of the company were
unprofitable.  The company became a sick unit in August 1999 and
came under the purview of BIFR.  In 2009, the Welspun group was
inducted as a strategic partner of RMGL for revival of the
company.

RMGL has completed a major part of the de-bottlenecking and
modernization project envisaged in the rehabilitation scheme.
RMGL incurred a net loss of INR35.32 crore on a total income of
INR290.78 crore during FY09 and a net loss of INR29.40 crore on a
total income of INR257.74 crore during the first nine months of
FY10.


SHAKUMBHRI PULP: CRISIL Assigns 'B+' Rating on INR70MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Shakumbhri Pulp and
Paper Mills Ltd bank facilities.

   Facilities                          Ratings
   -----------                         -------
   INR20.0 Million Cash Credit Limit   B+/Stable (Assigned)
   INR70.0 Million Term Loan           B+/Stable (Assigned)

The rating reflects SPPL's small scale of operations and exposure
to intense competition in the industrial paper segment, and its
constrained financial risk profile marked by moderate gearing and
debt protection measures, and small net worth.  These rating
weaknesses are partially offset by the benefits that SPPL derives
from its dealer network, established relationships with customers,
and its promoters' experience in the paper industry.

Outlook: Stable

CRISIL believes that SPPL will benefit from its long track record
in the paper industry.  SPPL's financial risk profile is expected
to remain moderate over the medium term backed by moderate gearing
and debt protection measures.  The outlook may be revised to
'Positive' if the company's topline growth and profitability
exceed expectations.  Conversely, the outlook may be revised to
'Negative' if the company faces increased pressure on its margins
or delays in stabilization of operations at its new plant.

SPPL, incorporated in 1986 by Mr. Praveen Kumar Gupta and his
family, manufactures kraft paper, a biodegradable material used in
manufacturing corrugated boxes and packaging. The company
manufactures kraft paper in various sizes and with bursting factor
of 16 to 18 and 250 grammage per square metre. The company's plant
in Mujaffarnagar (Uttar Pradesh) has annual installed capacity of
10,000 tonnes of kraft paper per annum.

SPPL reported a profit after tax (PAT) of INR3.6 million on net
sales of INR55.9 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR2.2 million on net sales
of INR63.5 million for 2007-08.


SHAKTI RAIL-INFRA: Delays in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to Shakti Rail-Infra Ltd's
bank facilities.  The ratings reflect past instances of delays by
SRIL in servicing its term loan obligations.

   Facilities                            Ratings
   -----------                           -------
   INR40 Million Cash Credit             C (Assigned)
   INR27 Million Term Loan               C (Assigned)
   INR67.4 Million Proposed Cash Credit  C (Assigned)
   INR15 Million Bank Guarantee          P4 (Assigned)

The ratings also reflect SRIL's limited scale of operations, small
net worth, and weak financial risk profile, marked by weak debt
protection measures.  These rating weaknesses are partially offset
by the benefits that SRIL derives from its promoters' experience
and established customer base.

Incorporated in 1996, SRIL (formerly, Prem Track Fasteners Pvt
Ltd) was renamed in November 2007. SRIL was incorporated with the
objective of manufacturing railway track fasteners.  It set up a
plant for producing elastic rail clips in 1997.  SRIL received the
registration for elastic rail clips in 1999 and started
manufacturing rails clips for the Indian Railways.

SRIL reported a profit after tax (PAT) of INR0.38 million on net
sales of INR129 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR0.44 million on net sales
of INR97 million for 2007-08.


SHREE GANPATLAL: ICRA Assigns 'LB+' Rating on INR40MM Bank Debts
----------------------------------------------------------------
ICRA has assigned 'LB+' rating to INR40.00 millions of Fund Based
Bank Limits of Shree Ganpatlal Onkarlal Agrawal & Co. and 'A4'
rating to INR5 million Non-Fund Based bank limits.

The rating factors in the working capital intensive operations of
the business which has resulted in stretched liquidity of the
company.  The ratings are also constrained by SGOAC low
profitability margins and significant employment of unsecured
loans leading to high gearing.  ICRA notes tha SGOAC is part of
the Swastik Group, wherein the other two group companies, SCCPL
and SCIPL have witnessed many instances of LC devolvement on
letter of credit given to creditors.  The ratings however draws
support from the long track record of the company in coal trading
and supply chain management, strong relations with a client base
which consists of big reputed entities and long experience of the
promoters in this business.

SGOAC was incorporated in FY08 as a partnership concern and
provides logistics support to the group and is engaged in
transportation and lifting of coal.  It belongs to the Swastik
Group which has over 20 years of presence in coal trading business
and is the third largest player in Central India region having
valuable connections and rapport with big industries throughout
the country.  The flagship company of the group is Swastik Coal
Corporation Pvt. Ltd. which does indigenous trading of coal.  The
group belongs to Bindal Family of Indore which is predominantly
engaged in indigenous coal trading since 1984. Mr. Vishnuprasad
Bindal is the main promoter and is instrumental in bringing the
group to its present shape.  Earlier, the activities were majorly
concentrated on canvassing business, however from the year 2000
onwards, the group has focused its activity in own trading leaving
aside the canvassing business which has resulted in spurt rise in
its performance to become dominant player in the business.  It
operates from 36 locations spread over different parts of the
country and employs nearly about 250 persons.


SITA SHREE: ICRA Assigns 'LBB' Rating on INR150MM Long Term Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR150 million long term
fund based limits of Sita Shree Food Products Limited.  ICRA has
also assigned an 'A4' rating to the INR60 million short term fund
based bank limits and the INR70 million non-fund based bank limits
of SSFPL.  The outlook on the long-term rating is stable.

The ratings are constrained by the high competitive intensity and
fragmentation in the grains and pulses processing industry; the
low value added nature of the business resulting in low profit
margins; vulnerability of profitability to commodity price risks
and exposure to agro-climatic vagaries.  The ratings also factor
in the weak past financial performance of the company particularly
in FY 09; tightness in its liquidity position as reflected in its
working capital utilization pattern and weak operating cash flows.
Further, the company's large scale proposed capex program would
entail additional business and financial risks; however being in
early stages of implementation, ICRA has not factored in the same
while assigning the ratings.  That apart, ICRA has favorably
considered the experience of the company's promoters in the agro-
commodity business; favorable demand outlook for food products and
the company's favorable location with proximity to a variety of
agro-products grown in and around its main region of operations.

Incorporated in 1996, SSFPL is the flagship of the Agrawal family,
which holds considerable experience in the grain processing and
agro-trading business in the region.  It is a listed entity,
having come out with its IPO in March 2008.  Presently the
promoter group holds 54% stake in the company with the balance
being with the public.  The company's manufacturing facilities
include a 43,200 MTPA flour mill which is used to manufacture
various flour mill products like atta, bran, rawa, suji, maida
etc. and a 3500 MTPA dal mil which is used primarily for
processing and manufacturing chana dal from chana (chick pea/
gram).


SRIJI CORPORATION: ICRA Assigns 'LBB' Rating on INR100MM Bank Debt
------------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR100 million fund based
limits of Sriji Corporation Private Limited.  The outlook on the
rating is stable.

The rating takes into account intensely competitive nature of the
industry, SCPL's modest scale of operations its low profitability
and moderate debt coverage indicators.  The rating is also
constrained by susceptibility of SCPL's earnings to adverse
movement in traded goods prices as well as foreign exchange
fluctuations.  Nevertheless, the rating draws comfort from SCPL's
experienced management and long track record of promoters in the
industry.

SCPL was incorporated in 1997 by Mr. Ashok Maheshwari.  SCPL is a
closely held company with entire shareholding with promoters and
their group companies.  Currently the company is managed by
Mr. Maheshwari and his friend Mr. Mahesh Chandra Sharma.  The
company is involved in trading of scrap of metals and alloys such
as steel, stainless steel, brass, copper, zinc, aluminium etc.

For the financial year ending March 31, 2009, the company reported
an operating income of INR1.14 billion and a profit after tax of
INR3.4 million.


SUNDARAM EXPORTS: CRISIL Rates INR200 Million Bank Debt at 'P4+'
----------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to Sundaram Exports' post
shipment credit facility.

   Facilities                                Ratings
   -----------                               -------
   INR200.0 Million Post Shipment Credit     P4+ (Assigned)

The rating reflects Sundaram Exports' financial risk profile
constrained by low net worth and weak debt protection indicators,
and exposure to risks related to the partnership nature of its
business and large working capital requirements. These rating
weaknesses are partially offset by the benefits that Sundaram
Exports derives from its promoters' experience in the diamond
export business.

Set up in 1996 as a partnership firm by Mr. Vaghjibhai Desai,
Mr. Vinodbhai Desai, and Mr. Vijaybhai Doshi, Sundaram Exports
manufactures and exports rough as well as polished diamonds.  The
firm outsources its manufacturing activities to various units
based out of Surat (Gujarat) and has a sales office in Mumbai.

Sundaram Exports reported a profit after tax (PAT) of INR8 million
on net sales of INR634.6 million for 2008-09 (refers to financial
year, April 1 to March 31) against a PAT of INR6.1 million on net
sales of INR545.8 million for 2007-08.


SUPREEMO FASHION: ICRA Places 'LBB+' Rating on INR123.2MM Loan
--------------------------------------------------------------
ICRA has assigned 'LBB+' rating to INR123.2 million term loan and
INR90.0 million fund based facilities of Supreemo Fashion World
Pvt. Ltd.  The outlook on the long-term rating is Stable.

The assigned rating is constrained by company's financial profile
characterized by high gearing and moderate debt coverage
indicators; vulnerability to adverse economic conditions like
weakness in consumer spending and growing competitive intensity in
the domestic retail apparel market which is highly fragmented.
The company's small scale of operations restricts the financial
flexibility and the benefits accruing on account of economies of
scale.  The assigned rating however favorably factors in the
company's established position in Gujarat through its Jade Blue
brand and a diversified product range offering men's wear both
under in-house brand Jade Blue and that of other leading apparel
brands. SFWPL has reported steady growth and improvement in
operating profitability in the past driven by opening of new
showrooms and focus on higher margin wedding wear.  The rating
also factors in the strength of the management that has over two
decades of experience in this line of business.

Recent Results

During 2009-10, SFWPL reported provisional operating income of
INR585.3 million and an operating profit margin of 12.4%.

                       About Supreemo Fashion

SFWPL was incorporated in 1995 and is engaged in retailing of
men's wear, both under its own brand Jade Blue and that of other
leading apparel and fabric brands.  The company is promoted by Mr.
Jitendra Chauhan and Mr. Bipin Chauhan who have over two decades
of experience in this line of business.  The company's first
showroom was opened on the C.G. Road in Ahmedabad in 1995 and the
company has over the years opened five more showrooms to have a
total of six showrooms in five cities of Gujarat.


SWASTIK COAL: ICRA Assigns 'LB+' rating to INR40 Mil. Bank Debts
----------------------------------------------------------------
CRA has assigned 'LB+' rating to INR40.00 millions of Fund Based
Bank Limits of Swastik Coal International Pvt. Ltd and 'A4' rating
to INR250 million Non-Fund Based bank limits.

The rating factors in the working capital intensive operations of
the business which has resulted in substantial pressures on the
liquidity of the company as evidenced by many instances of
devolvement on Letter of Credit (L/C) given to creditors.  The
ratings are also constrained by SCIPL low profitability margins
and substantial interest cost leading to weak coverage ratios.
ICRA notes that SCIPL remains exposed to exchange rate
fluctuations as part of its business operations with overseas
suppliers and also to volatility in coal prices.  The ratings
however draws support from the long track record of the company in
coal trading and supply chain management, strong relations with a
client base which consists of big reputed entities and long
experience of the promoters in this business.

SCIPL was incorporated in FY07 with a special purpose to commence
import trading of coal.  It belongs to the Swastik Group which has
over 20 years of presence in coal trading business and is the
third largest player in Central India region having valuable
connections and rapport with big industries throughout the
country.  The flagship company of the group is Swastik Coal
Corporation Pvt. Ltd. which does indigenous trading of coal.  The
group belongs to Bindal Family of Indore which is predominantly
engaged in indigenous coal trading since 1984. Mr. Vishnuprasad
Bindal is the main promoter and is instrumental in bringing the
group to its present shape.  Earlier, the activities were majorly
concentrated on canvassing business, however from the year 2000
onwards, the group has focused its activity in own trading leaving
aside the canvassing business which has resulted in spurt rise in
its performance to become dominant player in the business. It
operates from 36 locations spread over different parts of the
country and employs nearly about 250 persons.


SWASTIK COAL CORP: ICRA Assigns 'LB+' Rating on INR200 Mil. Loans
-----------------------------------------------------------------
ICRA has assigned 'LB+' rating to INR200.00 millions of Fund Based
Bank Limits of Swastik Coal Corporation Pvt. Ltd and 'A4' rating
to INR720 million Non-Fund Based bank limits.

The rating factors in the working capital intensive operations of
the business which has resulted in substantial pressures on the
liquidity of the company as evidenced by instances of devolvement
on Letter of Credit (L/C) given to creditors.  The ratings are
also constrained by SCCPL low profitability margins and
significant dependence on debt to fund working capital leading to
high gearing and weak coverage ratios. ICRA notes that the
profitability of SCCPL is exposed to volatility in coal prices
owing to modest inventory holdings.  The ratings however draws
support from the long track record of the company in coal trading
and supply chain management, strong relations with a client base
which consists of big reputed entities and long experience of the
promoters in this business.

SCCPL has over 20 years of presence in coal trading business and
is the third largest player in Central India region having
valuable connections and rapport with big industries throughout
the country.  The company belongs to Bindal Family of Indore which
is predominantly engaged in coal trading since 1984.

Mr. Vishnuprasad Bindal is the main promoter and is instrumental
in bringing up the company to its present shape.  Earlier, the
activities were majorly concentrated on canvassing business,
however from the year 2000 onwards, the company has focused its
activity in own trading leaving aside the canvassing business
which resulted in spurt rise in its performance to become dominant
player in the business.  It operates from 36 locations spread over
different parts of the country and employs nearly about 250
persons.


UNITECH AMUSEMENT: Loan Default Cues CRISIL Junk Ratings
--------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of
Unitech Amusement Parks Ltd.  The rating reflects default by UAPL
in the meeting its term loan obligations; this has been caused by
UAPL's weak liquidity.

   Facilities                       Ratings
   -----------                      -------
   INR1.45 Billion Term Loan^       D (Assigned)

   ^Including INR450 Million proposed term loan.

UAPL was set up in 2002 by Unitech Ltd and International Amusement
Ltd as an equal joint venture.  The company was allotted 62 acres
of land by the Delhi Development Authority (DDA) on a 45-year
lease, which can be extended by 45 years, and is renewable after
every 5 years. Of the total area, 8 acres can be used for
commercial purposes such as a shopping mall, with a built-up area
of about 200,000 square feet; the rest is for purposes such as
amusement park, lake, water park, and parking.  The company set up
an amusement park in August 2006, and a shopping mall (Metro Walk)
in December 2006.

For 2008-09 (refers to financial year, April 1 to March 31), UAPL
reported a net loss of INR86 million on an operating income of
INR376 million, against a profit after tax (PAT) of INR25 million
on an operating income of INR442 million for 2007-08.


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


DAIEI INC: Advantage Partners Sells Entire Stake to Deutsche Bank
-----------------------------------------------------------------
Daiei Inc. said that Advantage Partners LLP has sold its entire
stake in the company to a Japanese unit of Deutsche Bank, Japan
Today reports.

According to the report, the German commercial bank's Deutsche
Securities Inc will become the third-largest shareholder of Daiei
after Marubeni Corp and Aeon Co through the transaction to acquire
the 11.7% stake from Advantage Partners' investment vehicle.

Japan Today relates Deutsche Securities said in a statement that
it will hold the stake temporarily.  The report notes that
observers said Deutsche Securities will likely sell the stake
through stock markets in the future.

Advantage Partners was picked by the now-defunct Industrial
Revitalization Corp of Japan in 2005 as a sponsor for Daiei's
rehabilitation and obtained a 23.4% stake in the supermarket chain
operator.

                          About Daiei Inc.

Headquartered in Kobe, Japan, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through
its subsidiaries and franchisees.  Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops.  Other businesses include restaurants, hotels, and real
estate services.  Domestic sales make up more than 90% of its
revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.

Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 18, 2006, Marubeni Corporation assumed the leading role in
Daiei's turnaround efforts by acquiring the entire 33.67% stake
held by the IRCJ in Daiei.  Marubeni now holds a 44.6% stake in
the company.

According to The Japan Times, Aeon Company, the nation's biggest
supermarket chain, was picked in 2006 to set up a business
alliance to rehabilitate Daiei.


JAPAN AIRLINES: Claimant Wants JAL Status as Employer Determined
----------------------------------------------------------------
Martin Ventress asks the U.S. Bankruptcy Court for the Southern
District of New York to compel the U.S. Trustee for Region 2 to
determine whether Debtor Japan Airline was his employer or co-
employer.  Mr. Ventress says he is filing this motion in order to
establish:

  (i) his creditor priority status;

(ii) JAL's Tax Liability pursuant to Section 505(3) of the
      U.S. Bankruptcy Code;

(iii) JAL's violations of the statute that "Prohibits an employer
      from retaliating against an employee for disclosing
      information to a Government or Law Enforcement Agency,
      where the employee has reasonable cause to believe that
      information discloses a violation of state for federal
      statute, or a violation or non-compliance with a state of
      federal regulation."

Mr. Ventress also tells the Court that his request is not limited
to the revocation or suspension of JAL's Federal Aviation
Administration Operating Certificate for various FAA violations
and breach of U.S. laws once it is established that in fact the
Debtor was Mr. Ventress employer or co-employer.

As earlier reported, Mr. Ventress had signed an employment
contract with Hawaii Aviation Contract Services, Inc., where he
was signed in to fly planes for JALways Co. Ltd.  He later
asserted a claim and filed a lawsuit against JAL, JALways and HACS
arising from a "wrongful termination" of his service.

Mr. Ventress believes that part of the U.S. Trustee's duties is to
oversee proofs of claim.  In light of these, he asks the U.S.
Trustee to investigate whether JAL was his employer or co-
employer, since JAL argued this from the time his claim had been
filed.

                      About Japan Airlines

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

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

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

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


JAPAN AIRLINES: Deal Clarifying Scope of Ch. 15 Order Approved
--------------------------------------------------------------
The foreign representative of Japan Airlines Corp. received
approval from the U.S. Bankruptcy Court of a stipulation with
plaintiffs to antitrust actions, clarifying the scope of the
automatic stay and the Chapter 15 recognition order.

Between 2006 and 2008, various plaintiffs commenced certain
antitrust class actions against Japan Airlines Corp. and its
debtor affiliates and certain other defendants, which actions
collectively have been transferred by the United States Judicial
Panel on Multidistrict Litigation to courts in the Eastern
District of New York and Northern District of California and
currently are titled on their JPML dockets as: (a) In re Air Cargo
Shipping Services Antitrust Litig., Case No. 06-MD-1775 (JG) (VVP)
(E.D.N.Y. June 20, 2006); (b) In re Transpacific Passenger Air
Transportation Antitrust Litig., Case No. M:08-cv-01913-CRB (N.D.
Cal. Feb. 19, 2008); (c) In re Air Cargo Shipping Services
Antitrust Litigation, Case No. 1:06-md-01777 (E.D.N.Y.); and (d)
In re Transpacific Passenger Air Transportation Antitrust
Litigation, Case No. 07-cv-05634 (N.D. Cal.).

The order recognizing the Debtors' Japan Proceeding as a foreign
main proceeding pursuant to Chapter 15 of the Bankruptcy Code (a)
applies the automatic stay of Section 362 of the Bankruptcy Code
with respect to the Debtors and the property of the Debtors in the
territorial jurisdiction of the United States; and (b) enjoins all
persons and entities from commencing or continuing any judicial,
administrative or any other action or proceeding involving or
against the Debtors or their assets or proceeds thereof that are
located in the United States.

Certain of the Debtors' co-defendants in the Multidistrict
Litigation have filed pleadings or stated on the record in one or
more of the Antitrust Actions that the Recognition Order enjoins
the Plaintiffs from continuing the Antitrust Actions against the
Debtors and the Co-Defendants.

Accordingly, Eiji Katayama, Esq., the foreign representative of
the Debtors, and the Plaintiffs entered into a stipulation to
clarify the scope of the stay and injunction with respect to the
Antitrust Actions to permit the Plaintiffs to continue to
prosecute the Antitrust Actions against the Co-Defendants, but not
against the Debtors in any respect, and agree to all other terms
and provisions contained in the Stipulation.

The Parties acknowledge and agree that the stay and injunction
provided in the Recognition Order enjoin all persons and entities
from commencing or continuing, including the issuance or
employment of process of, any judicial, administrative or any
other action or proceeding against the Debtors or their assets or
proceeds thereof that are located in the United States, or to
recover a claim or enforce any judicial, quasi-judicial,
regulatory, administrative or other judgment, assessment, order,
lien or arbitration award solely against the Debtors or their
assets or proceeds thereof that are located in the United States.

Moreover, the Parties acknowledge and agree that the stay and
injunction do not prohibit the Plaintiffs from commencing or
continuing, including the issuance or employment of process of,
any judicial, administrative or any other action or proceeding
against any Co-Defendant or any Co-Defendant's assets or proceeds
thereof and to recover a claim or enforce any judicial,
quasijudicial, regulatory, administrative or other judgment,
assessment, order, lien or arbitration award against any Co-
Defendant or any Co-Defendant's assets or proceeds thereof;
provided that with respect to any actions or proceedings involving
the Debtors, no actions of any kind may be taken against the
Debtors or their assets or proceeds thereof, in any respect.

                           Responses

Various parties aired objections to the Stipulation.

Eiji Katayama, Esq., the foreign representative of the Debtors,
Responded that the Stipulation is consistent with the Court's
recognition order.   The Foreign Representative asserted that the
objecting parties have in no way demonstrated or justified that
sufficient "cause" necessary to lift or modify the stay, as to the
Debtors, exists.  Accordingly, the Foreign Representative avers,
the Court should overrule the Objections to the extent they
request lifting of the stay as to actions against the Debtors.

Following a hearing, Judge Peck approved the Stipulated Order, as
originally filed on the Court's docket.  Judge Peck notes that the
Recognition Order does not stay any actions or proceedings against
any other party other than the Debtors.  The Objections to the
Stipulation are overruled with prejudice.

                      About Japan Airlines

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

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

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

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


JAPAN AIRLINES: ETIC Reaches Deal on Purchase of Debt
-----------------------------------------------------
The Enterprise Turnaround Initiative Corporation of Japan
("ETIC"), following its decision to provide support to Japan
Airlines Corporation and related companies, reached on the
purchase decision of debt owed by the JAL Companies.

The decision is subject to approval by the Tokyo District Court of
the business revitalization plan to be submitted by the corporate
trustee under Corporate Rehabilitation procedures currently filed
by the JAL Companies.

The agreement on the purchase of debt means that ETIC determined
that it met the conditions stipulated in the ETIC Act so that all
relevant financial institutions either (1) applied to ETIC to sell
debt that fell within the scope of debt stipulated under the
corporate rehabilitation plan, with an application price for the
total debt obligation, or (2) agreed to the administration or
disposal of the debt, in accordance with the business
revitalization plan.  Implementation of the purchase of debt by
ETIC remains subject to the business revitalization plan being
approved, a statement from JAL related.

ETIC, as the corporate rehabilitation administration of the JAL
Companies appointed under Corporate Rehabilitation procedures,
will develop the business revitalization plan and continue to
support the rehabilitation of the JAL Companies.

The principal value of total debt, as held by financial
institutions as reorganization claims, to be purchased by the ETIC
is JPY710.318 billion.  The principal value of debt to be
purchased is JPY190.853 billion and the principal value of debt
for which financial support to be provided by financial
institutions is JPY519.465.

The revitalization program, according to JAL, comprises a
combination of ETIC support and Corporate Reorganization
procedures.  Because of this, the amount of debt forgiveness to be
provided by creditor financial institutions (i.e. the book value
of debt minus the amount of debt remaining after the change in
ownership under the revitalization plan) will be determined during
Corporate Reorganization procedures and cannot be confirmed at
this stage.

All trade and lease creditors continue to be paid as usual under
the revitalization program.  Other general credits (credit
extended by financial institutions or others that is outside the
scope of this decision to purchase) will be handled in accordance
with Corporate Rehabilitation procedures.

Japan's Minister of Economy, Trade and Industry, commented,
"[a]irline operations are the foundations of people's lifestyles
and a nation's economic activities.  I trust that sufficient
consideration should continue to be given so that no barriers
arise to the continuing operation of Japan Airlines and that the
business revitalization process should not impact on the
businesses partners."

Japan's Minister of Health, Labour and Welfare, said, "I have no
objection to the plan.  However, I ask that in advising on and
guiding the implementation of the corporate revitalization plan,
ETIC should ensure compliance with related laws and regulations
and secures ample opportunities for discussions with the
workforce."

        Other Creditors Not Content with Cost-Cutting Steps

Other JAL creditors like the Development Bank of Japan, Mizuho
Corporate Bank, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui
Banking Corp., are having reservation at providing aid because
they have not yet seen sufficient cost-cutting progress, which
they hope to see through the reduction of long-haul flights to
Europe and the United States and to cater instead to the Asian
markets.

                 JAL's Cost-Cutting Measures

In view of its endeavor for more funds to hedge it out of
bankruptcy, JAL is seeking an effective, convincing plan to assure
its creditor banks of its survival in order to get more cash from
these lending institutions, The Japan Times reported.

According to The Japan Times, JAL has until the end of June to
come up with a feasible restructuring approach.  JAL and the ETIC
have drafted a plan which JAL hopes, would gain the financial
support of its prospect creditor banks.

The plan, in an effort to cut on costs, is looking at the
airline's withdrawal sometime after October of this year of 31
domestic and 16 international routes which are unprofitable.
The plan also contemplates on cutting 16,452 jobs or nearly one-
third of its workforce by the end of fiscal 2010.  The previous
plan announced the axing of only 31 routes and cutting 15,661 jobs
over three years, The Japan Times said.

JAL has been reported by the Yomiuri Newspaper to be dropping 29
international flights by the end of this fiscal year, 13 flights
more than the 16 international flight cuts the airline had earlier
announced.  Yomiuri said that the flight cuts involve trips from
Tokyo's Narita Airport to Sao Paulo and Milan and from Japan's
Kansai area to Bangkok and Beijing.  The airline will also drop 30
domestic flights in the same period, Yomiuri added.

In Los Angeles, JAL President Masaru Onishi has told Bloomberg
News that the airline is considering various alternatives to
increase job cuts as the company struggles to regain
profitability.  Bloomberg further said that JAL is contemplating
on severing 15,700 positions over the next three years.

The Nikkei Daily Newspaper, reported however, that instead of a
three-year span, JAL will put the ax on one-third, approximately
16,450 of its workforce by March 2011.

In a meeting with the pilot's union in Tokyo, JAL's pilots opted
to take the company's proposed 5% pay reduction for full-time
employees, Nikkei said.  JAL is also said to consider reducing its
pilot force, Nikkei reported.  When asked to comment on this
matter, the union declined, Nikkei added.

JAL is also planning to suspend its Kona, Hawaii route in an
effort to cut costs.  In light of this, Hawaii Tourism Authority
President Mike McCartney has schedule a trip to Japan to meet with
JAL executives regarding the continuation of the direct Japan-Kona
flight asserting that the halting of the flights is "critical"
because it generates annual revenue of $120 million.

                      About Japan Airlines

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

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

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

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


JAPAN AIRLINES: "K" Line Wants Lift Stay to Pursue Lawsuit
----------------------------------------------------------
"K" Line Logistics, Ltd., and "K" Line Logistics (USA), Inc., ask
Judge James M. Peck of the U.S. Bankruptcy Court for the Southern
District of New York to lift the automatic stay imposed by
operation of Section 1520 of the Bankruptcy Code solely to allow
the pending case of Allianz Marine & Aviation Versicherungs AG v.
Japan Airlines Int'l Co., Ltd. et al., 2:09-cv-03911-JFW-CW, to
proceed in the U.S. District Court for the Central District of
California.

Pursuant to air waybill KKS-132 388, dated June 1, 2007, KLL and
KLLUS undertook to transport a TEL Telius SP SCCM Etching System
in 16 crates from Tokyo to Los Angeles.  In order to perform the
actual transportation of the Cargo from Japan to the United
States, KLL and KLLUS retained Japan Airlines, which, in turn,
issued air waybill 131 2769 3551 for the shipment.  The Cargo was
received by Japan Airlines on June 2, 2007, at which time two of
the 16 packages were loaded on pallet PMC25173JL.  The Cargo was
then loaded on Flight JL69I6.  After arriving at Los Angeles
International Airport, the Cargo was deplaned and transported to
Japan Airlines' facility at LAX.

During the course of breaking down pallet PMC25I73JL, one of the
crates was damaged when the blades of a forklift caught the end of
the crate and caused it to topple over.  The crate was determined
to be a total loss.  KLLUS filed a Preliminary Claim with Japan
Airlines, dated June 11, 2007, which was later followed by a
Formal Claim.   Moreover, the consignee's underwriters paid a
claim in the amount of US$792,805, net of a US$250,000 deductible.

In June 2009, the subrogated underwriters, Allianz Marine &
Aviation Versicherungs AG and Allianz Corporate & Specialty AG,
filed suit against KLL, KLLUS and Japan Airlines International
Co., Ltd., for damage to cargo as common carriers of goods for
hire by international air.  In turn, KLL and KLLUS asserted cross-
claims against the Debtor for indemnity in the event that the
district court found them liable to Allianz for the cargo damage.

At the time of the loss, several Japan Airlines entities,
including JAL, were insured under an airline aviation policy
issued by Tokio Marine & Nichido Fire Insurance Co, Ltd., covering
damage to cargo, Justine M. Heilig, Esq., at Hill Rivkins LLP, in
New York -- jheilig@hillrivkins.com -- relates.

Mr. Heilig asserts that it is undisputed that JAL's underwriters
have assumed the defense of the California action.  It is likewise
certain that coverage exists for the cargo loss under JAL's
airline aviation policy.  JAL would thus not be prejudiced by a
lifting of the automatic stay since Allianz, KLL, and KLLUS seek
nothing more than respective declarations of liability and
indemnity to serve as a predicate for recovery against JAL's
underwriters, Mr. Heilig says.

Mr. Heilig avers that the Central District of California would be
an expeditious forum for the resolution of the disputes among
Allianz, KLL, KLLUS, and JAL since the parties have already
proceeded to mediation and in principle have agreed, subject to
the lifting of the stay, to a potential resolution of the matter.
Finally, Mr. Heilig says, the impact of the stay and the potential
harm to KLL and KLLUS are greater than any detriment that JAL
would suffer if the stay were lifted.

               Foreign Representative Objects

Eiji Katayama, the Debtors' Foreign Representative, ask the
Bankruptcy Court to deny the Lift Stay Motion in its entirety on
the ground that "K" Line has not shown justifiable cause to obtain
the relief it seeks.  Granting the Lift Stay Motion would cause
the Debtors to expend additional time and significant resources in
addressing discovery requests in the District Court Litigation,
Mr. Katayama asserts.  Further, other litigants situated similarly
to the "K" Line may be emboldened by an order granting the Lift
Stay Motion, he adds.  This result clearly would undermine the
Debtors' attempts to restructure and, thus the District Court
Litigation should not be allowed to continue, he maintains.

                      About Japan Airlines

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

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

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

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


JAPAN AIRLINES: May Miss Deadline to Submit Rehab Plan
------------------------------------------------------
Japan Airlines Corp. could miss its June-end deadline for
submitting rehabilitation plans by as much as two months as it
deals with local governments opposed to flight cuts, Reuters
reports citing the Nikkei.

JAL's main lenders have said they will not recommence lending
unless the company drastically revamps unprofitable flight
operations in the restructuring plans to be drawn up by the end of
June, Reuters notes.

According to Reuters, the Nikkei said the new framework has
scrapped plans to consolidate flights serving Central Japan
International Airport at Nagoya airport and flights between Kansai
International Airport and Bangkok, leaving the airline's flight
restructuring mostly unchanged from earlier March-end.

Reuters relates the paper said local governments are pressing the
ruling Democratic Party of Japan, JAL and the Transport Ministry
to pare back planned flight cuts, which are due to begin in
October.  However, JAL President Masaru Onishi is reported to have
said on Monday that the company's priority is to downsize and
recover as soon as possible.

JAL Chairman Kazuo Inamori will outline revised rehabilitation
plans at a press conference scheduled today, April 28.

                             About JAL

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

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

Japan Airlines Corp. also filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debts total
$28 billion.

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


TOSHIBA CORP: Faces Patent Infringement Suit from Aigo
------------------------------------------------------
Kathrin Hille at The Financial Times reports that Toshiba Corp.
and Hewlett-Packard are facing lawsuit from Beijing Huaqi
Information Digital Technology, better known by its brand name
Aigo, for allegedly infringing Aigos' patent.

The FT relates that Aigo has accused Toshiba and HP of violating
six patents for USB Plus, a storage port technology used in many
laptop computers.

According to a complaint seen by the Financial Times, Aigo is
demanding damages of CNY1 million (US$146,000) from HP.  The FT
says Aigo's lawyers sent letters to HP and Toshiba in China on
March 12 demanding they start negotiations within seven days, as
well as to Samsung, Sony and Dell.

The FT, citing Lu Ersong, Aigo's company lawyer, relates that the
company on Monday sued HP in a Beijing court and Toshiba in a Xian
court.

According to the FT, Kenny Hsieh, general manager of research,
development and intellectual property at Aigo, said that the
company had tried and failed to negotiate with HP and Toshiba.

Mr. Hsieh said the patents in question were filed in China but
valid in member countries of the Patent Co-operation treaty, the
FT adds.

Headquartered in Beijing, China, Beijing Huaqi Information Digital
Technology Co Ltd is a consumer electronics company.  The company
makes an array of electronics gadgets including music and video
players, storage devices and speakers.

                        About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                           *     *     *

As of April 26, 2010, Toshiba Corporation continues to carry
Fitch Ratings 'BB' Long-term FC and LC Issuer Default Ratings,
'B' Short-term FC and LC Issuer Default Ratings and 'BB' Senior
unsecured notes ratings.


TOSHIBA CORP: Sells Stake in AFPD Unit to AU Optronics
------------------------------------------------------
Toshiba Mobile Display Co., Ltd., a wholly owned subsidiary of
Toshiba Corporation, said it has signed a definitive agreement
with AU Optronics Corporation under which the company will
transfer to AUO all shares in its wholly owned subsidiary AFPD
PTE., LTD., a manufacturer LCD displays for PCs.

The agreement follows the memorandum of understanding signed by
the companies on March 31, 2010.

Toshiba said it will continue to implement restructuring
initiatives to return its LCD business to the path of sustained
profit, by concentrating management resources in the LCD business
on displays for mobile devices, including mobiles phones and
smartphones, and for automotive applications, such as car
navigation systems.

Toshiba also said that as a result of the sale, the group will
recognize an unconsolidated net loss of JPY29 billion and a
consolidated net loss of JPY16 billion for fiscal year ended
March 31, 2010.  However, Toshiba said the planned sale won't
change its consolidated or unconsolidated business forecasts for
FY2009, which were disclosed on April 22, 2010.

Under the terms of the definitive agreement, TMD plans to transfer
all shares of AFPD to AUO on July 1, 2010.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                         *     *     *

As of April 26, 2010, Toshiba Corporation continues to carry
Fitch Ratings 'BB' Long-term FC and LC Issuer Default Ratings,
'B' Short-term FC and LC Issuer Default Ratings and 'BB' Senior
unsecured notes ratings.


TOSHIBA CORP: Inks Nuclear Power Joint Venture With IHI Corp.
-------------------------------------------------------------
Toshiba Corporation and IHI Corporation announced that they have
signed a memorandum of understanding on the formation of a joint
venture to manufacture steam turbine parts for nuclear power
plants for the domestic and overseas markets.  This move reflects
expanding global demand for new nuclear power plants and
maintenance services for installed equipment, and will allow the
companies to promote best use of management resources in a
collaborative framework that enhances competitiveness.

The MOU envisages a new company based at IHI's Headquarters
Representative's Office, Yokohama District that will manufacture
casings and nozzles, major components of steam turbines for both
boiling-water reactors (BWR) and pressurized-water reactors (PWR).
The collaboration will allow Toshiba to enhance its steam turbine
manufacturing capacity and to strengthen its nuclear power plant
business supply chain; IHI will extend its business to the
manufacture of turbines components, alongside its current
manufacture of nuclear reactor pressure vessels and containment
vessels.

The growing recognition of nuclear power as a solution to long
term energy security and a counter to climate change from rising
CO2 levels is driving demand for nuclear power plants.  Toshiba
and IHI have an established relationship and record of success in
the construction of BWR plants and in maintenance services for
installed equipment for BWR.  Both companies are also reinforcing
their efforts to promote business in the PWR market.  IHI is a
shareholder in Westinghouse Electric Company (WEC), the global
leader in PWR power plants, which is majority owned by Toshiba.

                        About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.

                         *     *     *

As of April 26, 2010, Toshiba Corporation continues to carry
Fitch Ratings 'BB' Long-term FC and LC Issuer Default Ratings,
'B' Short-term FC and LC Issuer Default Ratings and 'BB' Senior
unsecured notes ratings.


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


DAEWOO MOTOR: Averts Bankruptcy After Creditors Pay KRW17.6B Debt
-----------------------------------------------------------------
Creditors of Daewoo Motor Sales Corp. have reversed their decision
to let the company go bankrupt, Dow Jones Newswires reports,
Korea Development Bank, the company's main creditor.

"Creditors changed their decision early this morning as they
recognized Daewoo Motor Sales' value as a going concern exceeds
that of liquidation," a KDB official told Dow Jones Newswires by
telephone.

Yonhap News Agency reports that creditors including Korea
Development Bank decided to help Daewoo Motor Sales settle
KRW17.66 billion (US$15.98 million) notes held by Daewoo Bus Corp.
and Tata Daewoo Commercial Vehicle Co.

A failure to repay the notes by Tuesday would have led to an
official bankruptcy of the auto retail company, Yonhap says.

"We are just relieved that we can avoid the worst-case scenario of
being placed under court receivership following the bankruptcy
decision [Monday] night," Daewoo Motor Sales spokesman An Seog-su
told Dow Jones.

Dow Jones notes KDB and other financial creditors in mid-April put
Daewoo Motor Sales under a debt-workout plan.  As part of that,
Dow Jones says, debt-payment obligations to financial institutions
were frozen until July 13, but commercial bills still had to be
paid.

According to Dow Jones, the workout program for Daewoo Motor
Sales, which owes KRW2.2 trillion to financial institutions, came
after GM Daewoo in March pulled the plug on its partnership with
the debt-laden company.

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


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


FIVE STAR: Trial Date For Directors Set in October
--------------------------------------------------
The National Business Review reports that a trial date has been
set in October for four directors of company group Five Star Five
Star Consumer Finance Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 13, 2009, the Companies Office laid criminal charges in the
Auckland District Court against Five Star Consumer Finance
directors Marcus MacDonald, Anthony Bowden and Nicholas Kirk and
De facto director Neill Williams.

The charges relate to false and misleading statements contained in
investment statements and the September 2006 registered
prospectus.  The prosecution is being carried out by the National
Enforcement Unit of the Companies Office.

According to NBR, Judge Eddie Paul made an order for the Crown to
file and serve expert evidence by July 30.  He also set a trial
date of October 26, and adjourned the case until June 22 for a
call-over.  A second call-over was set down for October 12.

All four were remanded on bail and were excused from their next
court appearance on June 22, the report says.

                          About Five Star

Incorporated in 1988, Five Star Consumer Finance Limited is a
wholly owned subsidiary of Antares Finance Holdings Ltd, owned
by North Island shareholders.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 31, 2007, Covenant Trustee Co. appointed Richard Agnew and
Anthony Boswell, partners at PricewaterhouseCoopers, as
receivers to Five Star and its subsidiaries.

Five Star's board of directors sought the appointment because of
serious concerns as to the state of the debenture market and the
ability of the company to attract new funds and retain existing
investments.  The board, after consulting with the Five Star's
auditors and advisers concluded that the company was unable to
operate in this market.


SOUTH CANTERBURY: CEO Won't Rule Out Future Asset Sales
-------------------------------------------------------
South Canterbury Finance chief executive Sandy Maier will not rule
out future asset sales, but said they are not an essential part of
meeting the Company's repayment to investors, Radio New Zealand
reports.

The report relates the firm, which aims to raise more than
NZ$1.2 billion from investors, has split its operations into
three:

   -- a finance unit holding at least $700 million in good loans;
   -- a unit holding troubled loans; and
   -- an investment division that includes Helicopters New Zealand
      and the apple producer Scales.

According to the report, Mr. Maier said the assets were not bought
from Alan Hubbard's Southbury Group with a view to selling them,
but that might be a possibility in the future.  Mr. Maier said he
is happy at how the new structure is working and the company is
quickly clawing back money from its bad assets.

                       Executive Resignation

The Timaru Herald reports that South Canterbury Finance general
manager of funding Kevin Gloag has resigned after 29 years with
the company.  His resignation will take effect on May 12, making
him the third senior manager to leave the company in five months.

Chief executive Lachie McLeod and chief financial officer Graeme
Brown resigned in December, the report notes.

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.  Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 4, 2010, Standard & Poor's Ratings Services lowered its
long-term rating on New Zealand finance company, South Canterbury
Finance Ltd. to 'BB' from 'BB+', and affirmed the 'B' short-term
rating.  At the same time, the 'BB' long-term rating was placed on
CreditWatch with negative implications.


ST LAURENCE: Running Out of Equity, May Face Receivership
---------------------------------------------------------
The board of St. Laurence Limited said that due to the extremely
difficult property market, the Company would soon be in a position
where it would run out of equity and as a result would not be able
to meet some of its obligations to investors under its November
2008 Recapitalisation Plan.

Consequently, its Debenture Stock and Capital Note investors were
now effectively the owners of the Company.

Accordingly, SLL proposes calling a meeting at which investors
will be asked to approve the exchange of their SLL Debenture Stock
and Capital notes for shares in St Laurence Holdings Limited,
which has been established to acquire SLL?s assets.

"If this proposal is not approved SLL will be placed in
receivership," SLL said in a statement.

To assist investors in making a decision SLL?s Directors have
commissioned an independent report from Grant Samuel to analyze
the merits of the alternatives they face.

?We appreciate this is not what investors signed up for nor the
outcome we had hoped for when we put forward the Recapitalisation
Plan in 2008," SLL Managing Director Kevin Podmore said.

"We understand that investors want their money back and in the
current market we sincerely believe that exchanging their debt
investment for equity is the best way to achieve this.  It will
allow us to complete our sell down programme in an orderly manner,
but more importantly preserve the value of SLL?s funds management
business and hence provide a better outcome for our investors.?

                       About St Laurence Ltd

Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 4, 2008, St Laurence Limited stopped repaying principal
investments ahead of a vote on a scheme of repayment.  The company
had halted repayments of principal after it received legal advice
which said all debenture holders needed to be treated equally and
fairly.

The TCR-AP reported on Dec. 5, 2008, that St Laurence Limited said
its recapitalization plan and proposal to amend the Trust Deed has
been approved by secured debenture stock and capital note holders.

Some 9,000 investors owed NZ$250 million in frozen funds agreed to
give the company until 2013 to repay 70% of its debentures,
according to the New Zealand Herald.


* NEW ZEALAND: Sees Rise in Insolvencies as Banks Lose Patience
---------------------------------------------------------------
The trend by banks in Australia to wind up small businesses that
have fallen behind in payment is likely to take off in New
Zealand, according to a report posted at stuff.co.nz, citing
Trevor Thornton of accounting firm Grant Thornton New Zealand.

The report relates Mr. Thornton said Australian banks were
starting to stop supporting small businesses "nursed for a couple
of years", but now late with their repayments.

"It would seem only a matter of time before banks on this side of
the Tasman start to lose patience with companies that have not
been able to effectively rehabilitate themselves," the report
quoted Mr. Thornton as saying.

Mr. Thornton said there had been a lag, with some businesses not
yet suffering the full effects of the recession, and this could
see the number of insolvencies and receiverships grow unless they
took remedial action, the report relates.

According to the report, Australian Banking Association chief
executive, Steven Munchenberg, speaking at an Australian Senate
inquiry held earlier this month, said more and more companies were
getting behind on their repayments and that they could "very
possibly" be tipped into administration, receivership or
liquidation.


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


MORGAN STANLEY FUND: Lenders Grant 60-Day Extension of Hotel Loan
-----------------------------------------------------------------
Reuters reports that Msref VI, a Morgan Stanley real estate fund,
won an agreement with lenders -- Citigroup Inc., Shinsei Bank and
Singapore sovereign wealth fund GIC -- for a 60-day extension --
beyond an April 25 deadline -- on about $2.4 billion in loans used
in a troubled hotel investment in Japan, two sources with
knowledge of the deal said.  Reuters says the extension will give
the fund a chance at holding onto the chain of 13 hotels it bought
from All Nippon Airways for about JPY280 billion (US$3 billion) in
2007.

According to Reuters, the value of the fund's investment is
widely thought to have sunk well below the JPY225 billion
(US$2.4 billion) in loans it took on to finance the deal.
Reuters says the portfolio of hotels is now likely worth just
JPY150 billion, or a little more than half the original purchase
price, according to the estimates of two bankers who are not
directly involved in the deal.

According to Reuters, sources said Citigroup, Shinsei and GIC will
negotiate with the fund on a new transaction during the extension
period.  One source said this could involve bringing a new equity
investor into the deal.

Reuters recalls Citigroup and Shinsei together extended
JPY180 billion in loans for the deal, composed of JPY120 billion
in senior loans and JPY60 billion in junior loans.  A portion was
syndicated to other banks, sources have told Reuters.

Reuters further notes GIC provided JPY45 billion in loans that
were junior to the loans provided by Citigroup and Shinsei.
According to Reuters, a person familiar with the transaction said
that in the case of default, GIC has the right to negotiate with
Citigroup and Shinsei to buy their loans and take control of the
property.  Reuters says this has prompted speculation that GIC
could become the new owner of the hotel chain, which includes the
ANA Intercontinental Tokyo in Tokyo's Roppongi area and two hotels
in resort areas on the southern island of Okinawa.

Reuters says officials for Morgan Stanley, Citigroup, Shinsei and
GIC declined to comment.

The Wall Street Journal and Financial Times reported that Morgan
Stanley has warned investors that the $8.8 billion Msref VI fund
could lose as much as $5.4 billion,


NIKKO MERCHANT: Creditors' Proofs of Debt Due May 26
----------------------------------------------------
Creditors of The Nikko Merchant Bank (Singapore) Limited, which is
in members' voluntary liquidation are required to file their
proofs of debt by May 26, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         c/o 47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce & Industry Building
         Singapore 179365


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


* Two Defaults in U.S. Last Week Raise S&P Global Tally to 31
-------------------------------------------------------------
Two global corporate issuers defaulted last week, bringing the
2010 year-to-date tally of global corporate defaults to 31, said
an article published y Standard & Poor's titled "Global Corporate
Default Update (April 16 - April 22, 2010) (Premium)."

"By region, the current year-to-date default tallies are 22 in the
U.S., two in Europe, two in the emerging markets, and five in the
Other Developed region," said Diane Vazza, head of Standard &
Poor's Global Fixed Income Research Group. (The Other Developed
region comprises Australia, Canada, Japan, and New Zealand.)

So far this year, Chapter 11 filings and distressed exchanges have
accounted for 10 defaults each, missed interest or principal
payments were responsible for six, regulatory directives and
receiverships accounted for one each, and the remaining three
defaulted issuers are confidential.

Of the global corporate defaulters in 2010, 38% of issues with
available recovery ratings had recovery ratings of '6' (indicating
S&Ps expectation for negligible recovery of 0%-10%), 12% of the
issues had recovery ratings of '5' (modest recovery prospects of
10%-30%), 12% had recovery ratings of '4' (average recovery
prospects of 30%-50%), and 19% had recovery ratings of '3'
(meaningful recovery prospects of 50%-70%).  And for the remaining
two rating categories, 15% of the issues had recovery ratings of
'2' (substantial recovery prospects of 70%-90%), and 4% of issues
had recovery ratings of '1' (very high recovery prospects of 90%-
100%).  For more details on recovery, see "Bank Loan Ratings
(BLRs) And Recovery Ratings (Comprehensive List),"
published April 13, 2010.

Ultimate recovery rates displayed considerable cyclicality in
2009, in sync with the ebb and flow of liquidity.  A particular
instrument's position in the capital structure, its security and
collateral, company-specific issues, and economic and credit
market conditions are the main factors that influence a recovery
rate. Preliminary data for 2009 suggest that the shock to
liquidity from events such as the Lehman Brothers' bankruptcy in
the fall of 2008 severely affected exit valuations of defaulted
securities as well as the values of nondefaulted securities.
Recoveries, which had experienced a golden age of extremely high
rates during 2003-2007, dropped precipitously in 2009,
in line with our expectations. (For more details, see "U.S.
Recovery Study: Beguilingly High 2007 Performance Overstates
Recovery Prospects," published Dec. 4, 2007.)  By early 2009,
recovery rates dropped to 39% for loans and revolving credit
facilities and 34% for bonds (on a mean discounted basis in the
first four months) from 74% and 51%, respectively, for all of
2008.  The rebound in capital market sentiment boosted recovery
rates later in the year, and by July 2009, recovery rates began to
increase from these troughs.  For more information, see "U.S.
Recovery Study: Increased Defaults And Low Liquidity Depressed
Recovery Rates In Early 2009 (Premium)," published Feb. 24, 2010.

S&P's year-end 2010 baseline projection for the U.S. corporate
speculative-grade default rate is now 5.0%, with alternative
scenarios of 6.9% at the pessimistic end and 4.3% at the
optimistic.  The baseline is lower than the 6.9% projection we
forecasted for the third quarter of 2010.  This does not
mean that corporate default risks are permanently lower.  S&P
notes that the ranks of surviving low-rated companies remain large
by historical standards.

The extent of decline in risk premiums for lower-rated borrowers
and the return of what we view as questionable practices in some
recent deals--such as raising bond funds to pay out shareholder
dividends or sponsors--further raise concerns that the optimism
might be overdone. Without a revival in top-line earnings and
growth, many of the surviving leveraged issuers originated during
2003-2007 could face renewed default risk beyond the forecast
horizon unless they significantly reduce their debt burdens


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Distressed Investing Conference
       Aria Las Vegas
          Contact: http://www.turnaround.org/

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

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

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

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

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

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

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

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

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

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

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


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***