TCRAP_Public/100429.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, April 29, 2010, Vol. 13, No. 083

                            Headlines



H O N G  K O N G

GREENTOWN CHINA: Jim Lam Steps Down as CFO, Secretary & Accountant
KEYMARK DYEING: Creditors' Proofs of Debt Due May 24
KEYMARK GARMENTS: Creditors' Proofs of Debt Due May 24
LEUNG YUE: Creditors' Proofs of Debt Due May 20
LIBURDI ASIA: Court to Hear Wind-Up Petition on May 5

LONGMAN INTERNATIONAL: Members' Final Meeting Set for May 28
MACALL COMPANY: Sung Mi Yin Steps Down as Liquidator
MAN CHEONG: Final Meeting Set for May 25
MANCAL HOLDINGS: Arboit and Blade Step Down as Liquidators
MASTER POINT: Members' and Creditors Final Meeting Set for May 25

MINDCHAMPS (HK): Final Meetings Slated for May 26
MING YUAN: Hok and Boswell Step Down as Liquidators
NEXT STEP: Members' Final Meeting Set for May 24
NFY NURSERY: Creditors Get 100% and 6% Recovery on Claims
OFFICEMAX HK: Creditors' Proofs of Debt Due May 24

PADDY'S COLLECTION: Final Meetings Slated for May 25
POWER HERO: Members' and Creditors Meetings Set for May 26
RIDGE LUCK: Creditors' Proofs of Debt Due May 28
SAGGIO (ASIA PACIFIC): Chiong and Sutton Step Down as Liquidators
SIREO IMMOBILIENFONDS: Creditors' Proofs of Debt Due May 24

SO-KEN (HK): Creditors' Proofs of Debt Due May 28


I N D I A

ANSAL PROPERTIES: Fitch Puts B- Nat'l Rating on Rating Watch Pos.
DINESH OILS: ICRA Assigns 'LBB' Rating on INR103-Mln Term Loans
EASTERN FOODS: CRISIL Reaffirms 'B+' Rating on INR26.7MM Term Loan
EMIL PHARMACEUTICAL: ICRA Assigns 'LB' Rating on INR87MM LT Loan
HANUMAN INDUSTRIES: CRISIL Places 'P4+' Rating on Bank Debts

JAIN UDHAY: CRISIL Assigns Junk Ratings on Various Bank Facilities
KISH EXPORTS: Delays in Loan Repayment Cue CRISIL 'P4' Ratings
KSS ABHISHEK: CRISIL Cuts Ratings on INR16.5MM Term Loan to 'BB'
MEDIBIOS LABORATORIES: ICRA Places 'LB' Rating on INR97MM LT Loan
OMAXE LIMITED: Fitch Puts B- Nat'l Rating on Rating Watch Positive

PARSVNATH DEVELOPERS: Fitch Puts B- Long-Term Nat'l Rating RWP
SHREE SITA: CRISIL Assigns 'BB+' Rating on INR48.0 Mln Term Loan
SPICTEX COTTON: CRISIL Reaffirms 'B+' Rating on INR143.7MM LT Loan
SWARNANDHARA EDUCATIONAL: CRISIL Rates INR60MM LT Loan at 'B'
UNITECH LTD: Fitch Puts B- Nat'l Rating on Rating Watch Positive

URVASHI PULP: Delays in Loan Repayment Prompts CRISIL Junk Ratings
* INDIA: Gov't. May Sell Stake in Indian Oil to Cut Budget Deficit


J A P A N

AOZORA BANK: To Discard Merger Deal With Shinsei Bank
JAPAN AIRLINES: Aid Must Not Distort Competition, Says IATA
JAPAN AIRLINES: Chairman Inamori Determined to Revitalize JAL
JAPAN AIRLINES: Extends Codeshare With Jetstar, British Airways
SHINSEI BANK: To Discard Merger Deal With Aozora Bank

* S&P Raises Ratings on Three Japanese Synthetic CDO Tranches


K O R E A

HYUNDAI MERCHANT: May Seek Restructuring as Shipping Demand Slips
SSANGYONG MOTORS: To Produce Electric Cars in Three Next Years


M A L A Y S I A

ARK RESOURCES: Appoints ECM Libra as New Adviser
STAMFORD COLLEGE: Seeks Shareholders OK to Renew Mandate


N E W  Z E A L A N D

YELLOW PAGES: Lenders Consider Selling Business to Repay Debt


P H I L I P P I N E S

PHILIPPINE AIRLINES: Government Steps In to Avert Potential Strike


S I N G A P O R E

AGIO COUNTERTRADE: Creditors' Proofs of Debt Due May 7
CHEVRON ASIA: Creditors' Proofs of Debt Due May 24
HILLCREST PUBLICATIONS: Creditors' Proofs of Debt Due May 7
QUANTUMCLEAN ASIA: Court to Hear Wind-Up Petition on May 7
SHARIKAT KIAN: Court Enters Wind-Up Order


T A I W A N

QUANTA COMPUTER: First Quarter Net Profit Up 21.6% at NT$5.33BB


X X X X X X X X

* DBS Group to Invest Up to US$150 Million in Myo Capital




                         - - - - -


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


GREENTOWN CHINA: Jim Lam Steps Down as CFO, Secretary & Accountant
------------------------------------------------------------------
Greentown China Holdings disclosed that chief financial officer,
company secretary and qualified accountant Jim Lam resigned from
all three posts effective April 28, FinanceAsia reports.

The report says Cheng Pik Yuk will take on the role of company
secretary on the same day.  She is currently a corporate services
director of Tricor Services.

A replacement CFO and qualified accountant has yet to be named,
the report notes.

Hong-Kong based Greentown China Holdings Limited (HKG:3900) --
http://www.chinagreentown.com/-- is an investment holding
company.  The Company primarily engages in residential property
development.  Greentown's subsidiaries include Richwise Holdings
Limited, Green Sea International Limited, Best Smart Enterprises
Limited, Hua Yick Investments Limited, Greentown Real Estate Group
Co., Ltd., Shanghai Lvyu Real Estate Development Co., Ltd., Anhui
Greentown Real Estate Development Co., Ltd., Anhui Greentown
Lianhua Real Estate Development Co., Ltd., Beijing Greentown
Investment Co., Ltd., Hangzhou Taohuayuan Real Estate Development
Co., Ltd., Shangyu Greentown Real Estate Development Co., Ltd.,
Shanghai Greentown Woods Golf Villas Development Co., Ltd, Beijing
Sunshine Greentown Real Estate Development Co., Ltd. and Shanghai
Green View Real Estate Co., Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on China-based property
developer Greentown China Holdings Ltd. to 'B' from 'B+'.  The
outlook is negative.  At the same time, S&P lowered the issue
rating on the company's outstanding senior unsecured notes to 'B-'
from 'B'.


KEYMARK DYEING: Creditors' Proofs of Debt Due May 24
----------------------------------------------------
Keymark Dyeing Factory Limited, which is in members' voluntary
liquidation, requires its creditors 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 16, 2010.

The company's liquidator is:

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


KEYMARK GARMENTS: Creditors' Proofs of Debt Due May 24
------------------------------------------------------
Keymark Garments Manufacturing Limited, which is in members'
voluntary liquidation, requires its creditors 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 16, 2010.

The company's liquidator is:

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


LEUNG YUE: Creditors' Proofs of Debt Due May 20
-----------------------------------------------
Creditors of Leung Yue Hing Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 20, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 20, 2010.

The company's liquidator is:

         David Leung Ting On
         Room 508, 5th Floor
         Wing On House
         71 Des Vouex Road
         Central, Hong Kong


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

W. Brothers Holding Co., Limited, filed the petition against the
company on February 10, 2010.

The Petitioner's solicitors are:


          K. C. Ho & Fong
          18th Floor, Henley Building
          No. 5 Queen's Road Central
          Hong Kong


LONGMAN INTERNATIONAL: Members' Final Meeting Set for May 28
------------------------------------------------------------
Members of Longman International Limited will hold their final
meeting on May 28, 2010, at 10:00 a.m., at the Unit D, 2/F., Kelly
Court, 55-57 Wing Hong Street, Lai Chi Kok, Kowloon, in Hong Kong.

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


MACALL COMPANY: Sung Mi Yin Steps Down as Liquidator
----------------------------------------------------
Sung Mi Yin stepped down as liquidator of Macall Company Limited
on April 18, 2010.


MAN CHEONG: Final Meeting Set for May 25
----------------------------------------
Members and creditors of Man Cheong Engineering Company Limited
will hold their final meetings on May 25, 2010, at 4:30 p.m., and
4:45 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.


MANCAL HOLDINGS: Arboit and Blade Step Down as Liquidators
----------------------------------------------------------
Bruno Arboit and Simon Blade stepped down as liquidators of Mancal
Holdings (Hong Kong) Limited on April 12, 2010.


MASTER POINT: Members' and Creditors Final Meeting Set for May 25
-----------------------------------------------------------------
Members and creditors of Master Point (Far East) Limited will hold
their final meetings on May 25, 2010, at 3:15 p.m., and 3:30 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.


MINDCHAMPS (HK): Final Meetings Slated for May 26
-------------------------------------------------
Contributories and creditors of Mindchamps (Hong Kong) Limited
will hold their final meetings on May 26, 2010, at 11:00 a.m., and
11:30 a.m., respectively at the 602 The Chinese Bank Building, 61-
65 Des Voeux Road, Central, in Hong Kong.

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


MING YUAN: Hok and Boswell Step Down as Liquidators
---------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Ming Yuan Foundation Limited on April 16,
2010.


NEXT STEP: Members' Final Meeting Set for May 24
------------------------------------------------
Members of Next Step International Limited will hold their final
meeting on May 24, 2010, at 10:00 a.m., at the Unit 402, 4/F.,
Malaysia Building, No. 50, Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Li Fat Chung and Chan Chi Bor, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


NFY NURSERY: Creditors Get 100% and 6% Recovery on Claims
---------------------------------------------------------
NFY Nursery Limited, which is in liquidation, will pay
preferential and ordinary dividend to its creditors today,
April 26, 2010.

The company will pay 100% for preferred claims and 6% for ordinary
claims.

The company's liquidator is:

         Stephen Briscoe
         c/o Briscoe & Wong Limited
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


OFFICEMAX HK: Creditors' Proofs of Debt Due May 24
--------------------------------------------------
Officemax Hong Kong Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 24, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


PADDY'S COLLECTION: Final Meetings Slated for May 25
----------------------------------------------------
Contributories and creditors of Paddy's Collection (China) Limited
will hold their final meetings on May 25, 2010, at 11:00 a.m., and
11:30 a.m., respectively at the 602 The Chinese Bank Building, 61-
65 Des Voeux Road, Central, in Hong Kong.

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


POWER HERO: Members' and Creditors Meetings Set for May 26
----------------------------------------------------------
Members and creditors of Power Hero International Limited will
hold their annual and final meetings on May 26, 2010, at 5:00
p.m., and 6:30 p.m., respectively at the 19/F, Nan Dao Commercial
Building, 359-361 Queen's Road Central, Sheung Wan, in Hong Kong.

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


RIDGE LUCK: Creditors' Proofs of Debt Due May 28
------------------------------------------------
Ridge Luck Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by May 28,
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:

         Chan Sek Kwan Rays
         Unit F, 12/F
         Seabright Plaza
         9-23 Shell Street
         Hong Kong

SAGGIO (ASIA PACIFIC): Chiong and Sutton Step Down as Liquidators
-----------------------------------------------------------------
Desmond Chung Seng Chiong and Roderick John Sutton stepped down as
liquidators of Saggio (Asia Pacific) Company Limited on Dec. 7,
2009.


SIREO IMMOBILIENFONDS: Creditors' Proofs of Debt Due May 24
-----------------------------------------------------------
Sireo Immobilienfonds No. 4 Red Hong Kong Tower Limited, which is
in members' voluntary liquidation, requires its creditors 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 12, 2010.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


SO-KEN (HK): Creditors' Proofs of Debt Due May 28
-------------------------------------------------
So-Ken (Hong Kong) Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 28, 2010, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Tam Wai Shing
         11th Floor, Shui Pak Mansion
         Park Vale, 4 Greig Road
         Quarry Bay, Hong Kong


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


ANSAL PROPERTIES: Fitch Puts B- Nat'l Rating on Rating Watch Pos.
---------------------------------------------------------------
Fitch Ratings has placed the ratings of four Indian real estate
companies on Rating Watch Positive following the improvement of
industry fundamentals, namely Unitech Ltd, Omaxe Ltd, Parsvnath
Developers Limited, and Ansal Properties & Infrastructure Limited.

Fitch notes that the fundamentals of India's real estate sector
are improving, as seen by better liquidity and improved demand in
the residential segment.  All four Indian real estate companies in
Fitch's portfolio have reported increased yoy residential volume
sales in 9MFY10.  Enhanced affordability, lower mortgage rates,
and better job security have helped revive demand for homes.
Conversely, demand in the commercial segment remains weak,
primarily impacted by over-supply and the scale-back of expansion
plans by corporate India.  However, Fitch expects demand for
commercial spaces to improve in H210, consequent to the expected
resumption of hiring in key sectors like IT/ITES and financial
services.

A substantial amount of equity funds raised and non-core asset
sales by real estate companies have been utilized in the repayment
of debt and interest costs, which has helped developers in general
deleverage their balance sheets.  Overall, credit metrics are
expected to recover in 2010 and 2011, as developers are expected
to improve their capital structure, operating margins, and
liquidity.

The RWP reflects the possibilities that the ratings could either
be upgraded or affirmed at the current levels.  Fitch notes that
sustainable operating performances and continued deleveraging by
developers over a longer period could lead to rating upgrade,
which the agency expects to see during the second half of the
year.

The list of ratings actions are:

Unitech Ltd:

  -- National Long-term rating: 'B-(ind)'; Placed on RWP;

  -- INR5.00 billion, INR20.0 billion and INR19.00 billion
     long-term debt programmes: 'B-(ind)'; Placed on RWP;

  -- INR5.00 billion and INR6.00 billion short-term debt
     programmes: 'F4(ind)'; Placed on RWP;

  -- INR1.00 billion short-term bank loan programme: 'F4(ind)';
     Placed on RWP; and

  -- INR3.00 billion non-fund based bank limits: 'F4(ind)';
     Placed on RWP.

Omaxe Limited:

  -- National Long-term rating: 'B-(ind)'; Placed on RWP; and
  -- INR2.30 billion long-term debt program: 'B-(ind)'; Placed
     on RWP.

Parsvnath Developers Limited:

  -- National Long-term rating: 'B-(ind)'; Placed on RWP;
  -- INR2 billion long-term debt: 'B-(ind)'; Placed on RWP;
  -- INR9 billion long term bank loan: 'B-(ind)'; Placed on RWP;
     and

  -- INR2 billion short-term debt: -'F4(ind)'; Placed on RWP.

Ansal Properties & Infrastructure Limited:

  -- National Long-term rating: 'B-(ind)'; Placed on RWP;

  -- INR1.00 billion long-term debt program: 'B-(ind)'; Placed
     on RWP;

  -- INR710 million long-term bank loans: 'B-(ind)'; Placed on
     RWP;

  -- INR1.72 million of fund-based working capital limits: -'B-
     (ind)'; Placed on RWP;

  -- INR200 million short-term bank loans: 'F4(ind)'; Placed on
     RWP;

  -- INR1.50 million non-fund based working capital limits:
     'F4(ind)'; Placed on RWP; and

  -- INR1.00 billion short-term debt (INR500m to be carved out
     of fund-based working capital limits): 'F4(ind)'; Placed on
     RWP.


DINESH OILS: ICRA Assigns 'LBB' Rating on INR103-Mln Term Loans
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR103.3.0 million term
loans and the INR85.0 fund based facilities of Dinesh Oils
Limited.  ICRA has also assigned a short term rating of A4 to the
INR805.0 million non-fund based bank limits of DOL.

The ratings reflect the inherently low profit margins, the high
competitive intensity and fragmentation in the edible oils
industry; vulnerability of profitability of the domestic players
to import threat, volatility in the global edible oil prices and
import duty differential; geographical concentration risk with
about 98% of sales being derived from Uttar Pradesh alone; large
proportion of sales being derived from low margin vanaspati
segment  and  the company?s weak  financial profile as  reflected
in  its high gearing levels.  However, ICRA takes note of the
considerable experience of the company?s promoters in the
edible oils business; well diversified product portfolio with
presence across soya bean oil, palm oil and vanaspati segments;
well established brand with almost 55% of the sales being derived
from branded products and favorable demand prospects for soya bean
oil and palm oil due to its easy availability in India and
competitive pricing compared to most other edible oils.

The company was originally incorporated as Dinesh Oils Pvt. Ltd.
in 1986. It converted to a public limited company in 1992 and the
name was changed to Dinesh Oils Limited.  The company started
operations with manufacturing plant of 10 TPD capacity in 1986.
In 1995 the company added a refinery and in 1998 a vanaspati
plant.  Currently the capacity of the refinery stands at 125 TPD
and another 500 TPD capacity is expected to become operational by
March 2010.  The vanaspati manufacturing capacity of the company
is 125 TPD.  The company is promoted by Mr. Dinesh Arora whose
family is in the edible oil business for three generations.

The product mix of DOL constitutes Vanaspati, Refined Palm Oil,
refined Soya bean Oil, Semi refined Rice bran Oil and Mustard Oil
and Refined Oil blend.  Aporva Finance Limited, a Group Company,
holds about 14.91% of the shareholding of DOL while the
remainder is held within the Dinesh Arora family.


EASTERN FOODS: CRISIL Reaffirms 'B+' Rating on INR26.7MM Term Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Eastern Foods Pvt Ltd
continues to reflect EFPL's weak financial risk profile marked by
a small net worth, weak capital structure, and poor debt
protection metrics, and its exposure to risks related to its small
scale of operations in the highly fragmented food products
industry, and dependence on agriculture produce for raw materials.
These weaknesses are partially offset by EFPL's moderate business
risk profile, marked by an established market position.

   Facilities                             Ratings
   ----------                             -------
   INR93.3 Million Cash Credit Limits     B+/Stable (Reaffirmed)
   INR26.7 Million Term Loan              B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that EFPL will continue to benefit from its
established market position over the medium term. The outlook may
be revised to 'Positive' if there is significant improvement in
the company's operating margin or net worth. Conversely,
deterioration in EFPL's financial risk profile may lead to a
revision in the outlook to 'Negative'.

EFPL was originally set up as a partnership firm in 1999; the firm
was reconstituted as a private limited company in 2006.  The
company undertakes production of refined wheat flour (maida),
whole wheat flour (atta), semolina (suji), and bran in its wheat
division; and raw and parboiled rice in the rice division.  It has
an installed capacity of 120 tonnes per day (tpd) in the wheat
division, and 30 tpd in the rice division.  Eastern Roller Flour
Mills Pvt Ltd (ERFM), established in 1988, continued to operate as
a separate entity under the Eastern group till June 2009, post
which it has been merged with EFPL to achieve better operating
efficiencies.  ERFM brought with it wheat milling capacities of
150 tpd.

For 2008-09 (refers to financial year, April 1 to March 31), the
Eastern group (EFPL and ERFM) reported a profit after tax (PAT) of
INR9.3 million on net sales of INR1.21 billion, against a PAT of
INR6 million on net sales of INR1.06 billion for 2007-08.


EMIL PHARMACEUTICAL: ICRA Assigns 'LB' Rating on INR87MM LT Loan
----------------------------------------------------------------
ICRA has assigned 'LB' rating to the INR87 million long term
sanctioned bank limits of Emil Pharmaceutical Industries Private
Limited.  ICRA has also assigned A4 rating to the INR11 million
short term sanctioned bank limits EPIPL.

The rating reflects recent delays in debt servicing, contributed
by the stretched liquidity position and highly leveraged capital
structure of the company.  EPIPL's business remains vulnerable due
to its small scale of operations and the competition it faces from
contract manufacturers from tax free zones such as Himachal
Pradesh and Uttarakhand.  The financial profile of the combined
entity comprising EPIPL and its group company Medibios
Laboratories Private Limited (rated LB/A4) remains stretched.

ICRA however derives comfort from EPIPL?s strong contract
manufacturing clientele in MNCs and leading Indian pharmaceutical
majors, its diversified customer base with moderating customer
concentration and the positive fund flow from operations.

Emil Pharmaceutical Industries Private Limited, set up in 1989, is
a formulations contract manufacturing and exports company engaged
in the production of tablets, capsules, powders, liquids and
ointments for multinational and domestic pharmaceutical companies,
merchant exporters and direct sales to customers in South-East
Asia, Africa and Latin America.  EPIPL has production facilities
at Tarapur, Maharashtra. EPIPL is a closely held company promoted
by Tushar Korday and Rajendra Gole, who are also the promoters of
Medibios Laboratories Private Limited (MLPL; rated LB/A4), a firm
in which EPIPL has a 16.7% stake.  EPIPL and MLPL have similar
business profiles.

Recent results

For the year ended March 2009 and 11 Months ended February 2010,
the company reported an operating income INR226 million and INR248
million respectively.  The loss for the year ended March 2009
stood at INR1 million while the PBT for 11 Months FY10 stood at
INR1 million.


HANUMAN INDUSTRIES: CRISIL Places 'P4+' Rating on Bank Debts
------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of
Hanuman Industries, which is part of the Sonpal group.

   Facilities                          Ratings
   ----------                          -------
   INR100.0 Million Packing Credit*    P4+ (Assigned)
   INR100.0 Million Foreign Bill       P4+ (Assigned)
                     Discounting

   *Includes sub limit of INR50 million for B Bond/P Bond (BG)

The rating reflects the Sonpal group's exposure to risks relating
to weak financial risk profile, tender-based operations, customer
concentration in revenue profile and small scale of operations.
These rating weaknesses are partially offset by the Sonpal group's
efficient working capital management, and low risks related to
high inventory and debtor levels and default by debtors.

As part of this rating exercise, CRISIL has combined the business
and financial risk profiles of HI and Sonpal Export Pvt Ltd
(SEPL), together referred to as the Sonpal group.  This is because
both the entities are in similar lines of business and have
significant intra-group sales.

                          About the Group

The Sonpal group, headed by Mr. Manojkumar Sonpal, hulls, sorts,
and packages sesame seeds for sale in the export market.  It
comprises four entities-SEPL, HI, Shiv Industries, and Avadh Agri
Exports.  The group also trades in products such as raw cotton and
sesame oil, and caters to South East Asian countries such as South
Korea, Singapore, and Taiwan.

Incorporated in 2004, SEPL is the Sonpal group's flagship entity.
SEPL hulls natural sesame seeds and packages these seeds for sale
in the export market.  The company has laser-based machinery with
capacity of 7500 tonnes per annum (tpa) for sorting and packing
hulled sesame seeds.  HI, Shiv Industries, and Avadh Agri Exports
are partnership firms.  HI and Shiv Industries primarily trade in
sesame seeds and other agricultural products.  Avadh Agri Exports
does not have any operations.

HI reported a profit after tax (PAT) of INR4.1 million on net
sales of INR409.5 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR3.6 million on net sales
of INR350.5 million for 2007-08.


JAIN UDHAY: CRISIL Assigns Junk Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Jain Udhay Fabrics Ltd (JUF, part of the Jain Udhay group).

   Facilities                             Ratings
   ----------                             -------
   INR180.00 Million Cash Credit Limit    D (Assigned)
   INR48.50 Million Term Loan             D (Assigned)
   INR50.00 Million Letter of Credit      P5 (Assigned)
   INR3.20 Million Bank Guarantee         P5 (Assigned)

The ratings reflect JUF's repeated delays in term loan repayment
by 10 to 15 days because of weak liquidity.  These delays are
usually regularised by the middle of the subsequent month, and
therefore there are generally no delays at the month end.

The ratings also factor in the Jain Udhay group's high gearing,
weak debt protection measures, and small scale of operations.
These rating weaknesses are partially offset by the group's strong
track record in the knitted fabric and readymade garments (RMGs)
manufacturing businesses and comfortable current ratio.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JUF, its subsidiaries - Jain Udhay
International Pvt Ltd and Jain Udhay Apparels Pvt Ltd, and its
group company, Jain Udhay Hosiery Pvt Ltd.  This is because the
four entities, together referred to as the Jain Udhay group, are
in the same line of business, under the same promoters, and have
common product lines, marketing network, and customers. These
entities have considerable operational, financial, and business
linkages with each other; JUH supplies fabric to JUF, JUI, and JUA
for manufacturing garments. Also, JUF has extended a corporate
guarantee for JUI's bank lines.

                          About the Group

The Jain Udhay group was established by Mr. Tarsem Kumar Jain and
Mr. Ashok Kumar Jain in the 1960s.  The group manufactures knitted
fabric from blended yarn, and ready made garments, and trades in
knitted fabric; each segment contributes almost equally to the
group's top line.  The group mainly caters to the domestic market;
it sells RMGs under its Blue Mount, Jus, and Coffler brands.

JUF manufactures RMGs and trades in knitted fabric.  Currently,
the company has capacity to produce 8000 pieces of garments per
day; the facility is located at Doraha in Ludhiana (Punjab).

JUF reported a profit after tax (PAT) of INR8.4 million on net
sales of INR329 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3.6 million on net sales
of INR209 million for 2007-08.

The Jain Udhay group reported a PAT of INR24 million on net sales
of INR921 million for 2008-09, against a PAT of INR9 million on
net sales of INR502 million for 2007-08.


KISH EXPORTS: Delays in Loan Repayment Cue CRISIL 'P4' Ratings
--------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Kish Exports Ltd, which is part of the Kish group.  The rating
reflects past instances of delay in payment of term loan
obligations by KEL.

   Facilities                             Ratings
   ----------                             -------
   INR80.0 Million Packing Credit         P4 (Assigned)
   INR70.0 Million Post Shipment Credit   P4 (Assigned)
   INR15.0 Million Letter of Credit       P4 (Assigned)

The ratings also factor in the group's exposure to risks relating
to customer and geographical concentration in revenue profile,
large unrelated investments, and small scale of operations in the
readymade garments industry.  These weaknesses are partially
offset by the group's moderate financial risk profile, and the
benefits that the group derives from its promoters' experience in
the readymade garments business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of KEL and Ishvar International.  This is
primarily because the two entities (hereafter referred to as the
Kish group) are under a common management, and, engaged in the
same businesses.   The entities also share considerable
operational and business synergies, and also extend guarantees to
each other's borrowings. Moreover, the promoters intend to merge
the two entities over the medium term.

                          About the Group

Set up in 1993 by Mr. M K Lakhwani, KEL manufactures and exports
readymade garments mainly women's wear.  KEL has two manufacturing
units in Gurgaon (Haryana), and has over 1,000 machines, with
capacity to produce 1.8 million garments per year.

Ishvar International is a proprietorship firm owned by Mrs. Renu
Lakhwani (wife of Mr. M K Lakhwani).  The firm manufactures and
exports ready-made garments. This was formed to purchase land near
the existing unit of KEL in 2005-06 (refers to financial year,
April 1 to March 31).

KEL reported a profit after tax (PAT) of Rs.1.7 million on net
sales of INR488.7 million for 2008-09, as against a PAT of INR5.8
million on net sales of INR775.9 million for 2007-08.


KSS ABHISHEK: CRISIL Cuts Ratings on INR16.5MM Term Loan to 'BB'
----------------------------------------------------------------
CRISIL has downgraded its ratings on KSS Abhishek Safety Systems
Pvt Ltd's bank facilities to 'BB/Negative/P4+' from 'BBB-
/Negative/P3'.

   Facilities                       Ratings
   ----------                       -------
   INR55 Million Cash Credit Limit  BB/Negative (Downgraded from
                                                 'BBB-/Negative')

   INR16.5 Million Term Loan        BB/Negative (Downgraded from
                                                 'BBB-/Negative')

   INR50 Million Letter of Credit   P4+ (Downgraded from 'P3')

The downgrade reflects CRISIL's belief that KSS Abhishek's
business risk profile will be severely impacted by the company's
expected losses on sales to Volkswagen India Pvt Ltd (VW, rated
'A/Stable/P1' by CRISIL).  KSS Abhishek has not been able to meet
the quality standards of VW; owing to a firm supply contract with
VW, KSS Abhishek will have to import the majority of the
components at higher prices (until it upgrades its technology),
resulting in operating losses. The company's profitability will
also be adversely impacted because of import of components to meet
the requirements of new models of Maruti Suzuki India Ltd (MSIL;
'AAA/Stable/P1+'), its largest customer.  The expected losses,
coupled with debt-funded capital expenditure plans will result in
deterioration of KSS Abhishek's financial risk profile over the
medium term.

The ratings also reflect high client concentration in KSS
Abhishek's revenue profile, and exposure to risks related to
intense competition in the automotive-component manufacturing
business.  These weaknesses are partially offset by KSS Abhishek's
established market position in seat-belt manufacturing for
original equipment manufacturers (OEMs), including MSIL, and
likely benefits from the tie-up with Key Safety Systems Inc, USA
in terms of access to KSS Inc's latest technical innovations and
global client base.

Outlook: Negative

CRISIL believes that KSS Abhishek's business risk profile will
deteriorate further in case it is not able to upgrade its
technology within the expected timeframe, resulting in additional
losses and further weakening of financial risk profile.  The
ratings may be downgraded further in case of more-than-expected
losses or sharp deterioration in the company's financial risk
profile.  Conversely, the outlook could be revised to 'Stable' if
KSS Abhishek upgrades its technology in a timely manner to meet
the quality standards of its customers, and improves its
profitability.

                        About KSS Abhishek

KSS Abhishek was originally incorporated in 1985 as Abhishek Auto
Industries Ltd, for the manufacture of seat belts.  In
October 2007, AAIL entered into a joint venture with the US-based
KSS Inc, and the company's name was changed to the present one.
KSS Abhishek is likely to add steering wheels and air bags for
automobiles to its product line. The company's plant at IMT
Manesar, Gurgaon, has a seat-belt manufacturing capacity of 2
million pieces per annum.

KSS Inc is a designer and manufacturer of safety-critical
components and systems, including airbags, seat belts, and
steering wheels.  KSS Inc's products are used in more than 300
vehicle models produced by over 60 automobile manufacturers
worldwide.

For 2009-10 (refers to financial year, April 1 to March 31), KSS
Abhishek reported a net loss of INR31.5 million on net revenues of
INR790 million (provisional), against a net loss of INR13.5
million on net revenues of INR799 million for 2008-09.


MEDIBIOS LABORATORIES: ICRA Places 'LB' Rating on INR97MM LT Loan
-----------------------------------------------------------------
ICRA has assigned 'LB' rating to the INR97 million long term
sanctioned bank limits of Medibios Laboratories Private Limited.
ICRA has also assigned A4 rating to the INR12.5 million short term
sanctioned bank limits MLPL.

The rating factors in the stretched liquidity position of the
company as evident from high bank limit utilization, its highly
leveraged capital structure, relatively small scale of operations,
and the competition it faces from contract manufacturers from tax
free zones such as Himachal Pradesh and Uttarakhand.  The ratings
also take into consideration the stretched financial profile of
the combined entity comprising MLPL and group company Emil
Pharmaceutical Industries Private Limited (rated LB/A4). ICRA
however favorably factors in MLPL?s strong credentials as a
contract manufacturer for MNCs and leading Indian pharmaceutical
majors and the positive fund flow from operations it has been
generating.

Medibios Laboratories Private Limited, set up in 1997, is a
formulations contract manufacturing company engaged in the
production of tablets, capsules and powders for multinational and
domestic pharmaceutical companies, merchant exporters and direct
sales to customers in South-East Asia, Africa and Latin America.
MLPL has a WHO-GMP certified production facility at Tarapur,
Maharashtra.

The company was acquired by the current promoters (Tushar Korday
and Rajendra Gole) in 1997 when its erstwhile promoters ran into
serious differences.  Apart from their direct stake, the promoters
also hold about 16.7% stake in MLPL through Emil Pharmaceutical
Industries Private Limited (EPIPL; rated LB/A4).  EPIPL and MLPL
have similar business profiles.

Recent results

For the year ended March 2009 and 11 Months ended February 2010,
the company reported an operating income INR237 million and
INR257 million, respectively.  The net profit for the year ended
March 2009 stood at INR0.2 million while the PBT for 11 Months
FY10 stood at INR5 million.


OMAXE LIMITED: Fitch Puts B- Nat'l Rating on Rating Watch Positive
---------------------------------------------------------------
Fitch Ratings has placed the ratings of four Indian real estate
companies on Rating Watch Positive following the improvement of
industry fundamentals, namely Unitech Ltd, Omaxe Ltd, Parsvnath
Developers Limited, and Ansal Properties & Infrastructure Limited.

Fitch notes that the fundamentals of India's real estate sector
are improving, as seen by better liquidity and improved demand in
the residential segment.  All four Indian real estate companies in
Fitch's portfolio have reported increased yoy residential volume
sales in 9MFY10.  Enhanced affordability, lower mortgage rates,
and better job security have helped revive demand for homes.
Conversely, demand in the commercial segment remains weak,
primarily impacted by over-supply and the scale-back of expansion
plans by corporate India.  However, Fitch expects demand for
commercial spaces to improve in H210, consequent to the expected
resumption of hiring in key sectors like IT/ITES and financial
services.

A substantial amount of equity funds raised and non-core asset
sales by real estate companies have been utilized in the repayment
of debt and interest costs, which has helped developers in general
deleverage their balance sheets.  Overall, credit metrics are
expected to recover in 2010 and 2011, as developers are expected
to improve their capital structure, operating margins, and
liquidity.

The RWP reflects the possibilities that the ratings could either
be upgraded or affirmed at the current levels.  Fitch notes that
sustainable operating performances and continued deleveraging by
developers over a longer period could lead to rating upgrade,
which the agency expects to see during the second half of the
year.

The list of ratings actions are:

Unitech Ltd:

  -- National Long-term rating: 'B-(ind)'; Placed on RWP;

  -- INR5.00 billion, INR20.0 billion and INR19.00 billion
     long-term debt programmes: 'B-(ind)'; Placed on RWP;

  -- INR5.00 billion and INR6.00 billion short-term debt
     programmes: 'F4(ind)'; Placed on RWP;

  -- INR1.00 billion short-term bank loan programme: 'F4(ind)';
     Placed on RWP; and

  -- INR3.00 billion non-fund based bank limits: 'F4(ind)';
     Placed on RWP.

Omaxe Limited:

  -- National Long-term rating: 'B-(ind)'; Placed on RWP; and
  -- INR2.30 billion long-term debt program: 'B-(ind)'; Placed
     on RWP.

Parsvnath Developers Limited:

  -- National Long-term rating: 'B-(ind)'; Placed on RWP;
  -- INR2 billion long-term debt: 'B-(ind)'; Placed on RWP;
  -- INR9 billion long term bank loan: 'B-(ind)'; Placed on RWP;
     and

  -- INR2 billion short-term debt: -'F4(ind)'; Placed on RWP.

Ansal Properties & Infrastructure Limited:

  -- National Long-term rating: 'B-(ind)'; Placed on RWP;

  -- INR1.00 billion long-term debt program: 'B-(ind)'; Placed
     on RWP;

  -- INR710 million long-term bank loans: 'B-(ind)'; Placed on
     RWP;

  -- INR1.72 million of fund-based working capital limits: -'B-
     (ind)'; Placed on RWP;

  -- INR200 million short-term bank loans: 'F4(ind)'; Placed on
     RWP;

  -- INR1.50 million non-fund based working capital limits:
     'F4(ind)'; Placed on RWP; and

  -- INR1.00 billion short-term debt (INR500m to be carved out
     of fund-based working capital limits): 'F4(ind)'; Placed on
     RWP.


PARSVNATH DEVELOPERS: Fitch Puts B- Long-Term Nat'l Rating RWP
---------------------------------------------------------------
Fitch Ratings has placed the ratings of four Indian real estate
companies on Rating Watch Positive following the improvement of
industry fundamentals, namely Unitech Ltd, Omaxe Ltd, Parsvnath
Developers Limited, and Ansal Properties & Infrastructure Limited.

Fitch notes that the fundamentals of India's real estate sector
are improving, as seen by better liquidity and improved demand in
the residential segment.  All four Indian real estate companies in
Fitch's portfolio have reported increased yoy residential volume
sales in 9MFY10.  Enhanced affordability, lower mortgage rates,
and better job security have helped revive demand for homes.
Conversely, demand in the commercial segment remains weak,
primarily impacted by over-supply and the scale-back of expansion
plans by corporate India.  However, Fitch expects demand for
commercial spaces to improve in H210, consequent to the expected
resumption of hiring in key sectors like IT/ITES and financial
services.

A substantial amount of equity funds raised and non-core asset
sales by real estate companies have been utilized in the repayment
of debt and interest costs, which has helped developers in general
deleverage their balance sheets.  Overall, credit metrics are
expected to recover in 2010 and 2011, as developers are expected
to improve their capital structure, operating margins, and
liquidity.

The RWP reflects the possibilities that the ratings could either
be upgraded or affirmed at the current levels.  Fitch notes that
sustainable operating performances and continued deleveraging by
developers over a longer period could lead to rating upgrade,
which the agency expects to see during the second half of the
year.

The list of ratings actions are:

Unitech Ltd:

  -- National Long-term rating: 'B-(ind)'; Placed on RWP;

  -- INR5.00 billion, INR20.0 billion and INR19.00 billion
     long-term debt programmes: 'B-(ind)'; Placed on RWP;

  -- INR5.00 billion and INR6.00 billion short-term debt
     programmes: 'F4(ind)'; Placed on RWP;

  -- INR1.00 billion short-term bank loan programme: 'F4(ind)';
     Placed on RWP; and

  -- INR3.00 billion non-fund based bank limits: 'F4(ind)';
     Placed on RWP.

Omaxe Limited:

  -- National Long-term rating: 'B-(ind)'; Placed on RWP; and
  -- INR2.30 billion long-term debt program: 'B-(ind)'; Placed
     on RWP.

Parsvnath Developers Limited:

  -- National Long-term rating: 'B-(ind)'; Placed on RWP;
  -- INR2 billion long-term debt: 'B-(ind)'; Placed on RWP;
  -- INR9 billion long term bank loan: 'B-(ind)'; Placed on RWP;
     and

  -- INR2 billion short-term debt: -'F4(ind)'; Placed on RWP.

Ansal Properties & Infrastructure Limited:

  -- National Long-term rating: 'B-(ind)'; Placed on RWP;

  -- INR1.00 billion long-term debt program: 'B-(ind)'; Placed
     on RWP;

  -- INR710 million long-term bank loans: 'B-(ind)'; Placed on
     RWP;

  -- INR1.72 million of fund-based working capital limits: -'B-
     (ind)'; Placed on RWP;

  -- INR200 million short-term bank loans: 'F4(ind)'; Placed on
     RWP;

  -- INR1.50 million non-fund based working capital limits:
     'F4(ind)'; Placed on RWP; and

  -- INR1.00 billion short-term debt (INR500m to be carved out
     of fund-based working capital limits): 'F4(ind)'; Placed on
     RWP.


SHREE SITA: CRISIL Assigns 'BB+' Rating on INR48.0 Mln Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Shree Sita Refiners
Pvt Ltd's bank facilities.

   Facilities                      Ratings
   ----------                      -------
   INR40.0 Million Cash Credit     BB+/Stable (Assigned)
   INR48.0 Million Term Loan       BB+/Stable (Assigned)

The rating reflects the expected deterioration in SSRPL's
financial risk profile because of its proposed capital expenditure
(capex) plan, and its exposure to risks related to volatility in
raw material prices, availability of substitutes, and small scale
of operations in a highly fragmented and regulated industry.
These rating weaknesses are partially offset by the benefits that
SSRPL derives from its promoters' experience in the rice bran oil
business and easy access to raw materials.

Outlook: Stable

CRISIL believes that SSRPL's financial risk profile will remain
moderately weak and its scale of operations small, over the medium
term. The outlook may be revised to 'Positive' in case there is a
substantial increase in the company's scale of operations, or an
improvement in its financial risk profile or financial
flexibility, most likely by way of increase in net worth as a
result of equity infusion. Conversely, the outlook may be revised
to 'Negative' in case SSRPL's capital structure is adversely
affected by additional, debt-funded capital expenditure.

SSRPL was incorporated in 2006 by the Agrawal family based in Durg
(Chattishgarh). Currently, the company is managed by Mr. Arun
Agarwal and family. SSRPL is engaged in the extraction and
refining of rice bran oil. The company procures its requirement of
rice bran from the mills located in the nearby areas. The plant
has bran processing capacity of 250 tonnes per day (tpd) and
refining capacity of 50 tpd. The company mainly sells its produce
in Chhatishgarh and the Vidarbha region of Maharashtra, apart from
Mumbai, Bengaluru, and Hyderabad. Besides selling the oil in the
retail market under the brand Hareli, SSRPL sells its products to
institutional buyers as well.

SSRPL reported a profit after tax (PAT) of INR1.4 million on net
sales of INR530.8 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR 2 million on net sales
of INR447 million for 2007-08.


SPICTEX COTTON: CRISIL Reaffirms 'B+' Rating on INR143.7MM LT Loan
------------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Spictex Cotton Mills Pvt Ltd), which is a part of
the Spictex group, to 'Stable' from 'Negative', while reaffirming
the rating at 'B+'.  The short-term rating has been reaffirmed
'P4'.  The outlook revision reflects the Spictex group's
rescheduled term loan repayments, which has resulted in a
ballooning repayment, thereby easing the group's liquidity.  The
outlook revision also reflects CRISIL's belief that the Spictex
group's sales growth will be healthy, and its profitability will
improve, over the medium term.

   Facilities                           Ratings
   ----------                           -------
   INR143.7 Million Long-Term Loan      B+/Stable (Reaffirmed;
                                                   Outlook revised
                                                  from 'Negative')

   INR170.0 Million Cash Credit Limits  B+/Stable (Reaffirmed;
                                                   Outlook revised
                                                  from 'Negative')

   INR1.1 Million Proposed Long-Term    B+/Stable (Reaffirmed;
                  Bank Loan Facility               Outlook revised
                                                  from 'Negative')

   INR60.0 Million Letter of Credit      P4 (Reaffirmed)
                             Limits
   INR6.0 Million Bank Guarantee Limits  P4 (Reaffirmed)

The ratings continue to reflect the Spictex group's weak financial
risk profile marked by weak liquidity, and vulnerability of its
margins to volatility in cotton prices.  These weaknesses are
mitigated by the group's established market position and good
customer relationships.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Spictex and Shri Harikrishna Cotton
Mills Pvt Ltd (Shri Harikrishna), together referred to as the
Spictex group.  This is because both companies are in the same
line of business (cotton yarn manufacturing), under a common
management, and have fungible cash flows.

Outlook: Stable

CRISIL believes that the Spictex group will continue to benefit
from its established presence in the textile industry and
longstanding customer relationships.  The outlook may be revised
to 'Positive' if the group's capital structure improves
significantly on the back of increased cash accruals.  Conversely,
the outlook may be revised to 'Negative' if the group undertakes a
large, debt-funded capital expenditure programme, or if its
revenues or operating margins decline significantly.

                          About the Group

The Spictex group, promoted by Mr. V Muthusamy, manufactures
cotton yarn. Its units are based in Tirupur, and have a total of
44,160 spindles. Spictex, the flagship company set up in 1996, has
24,960 spindles, while Shri Harikrishna, incorporated in 2008, has
19,200 spindles.  The group also has six knitting machines for
garment manufacturing, which it does on a job-work basis.

For 2008-09 (refers to financial year, April 1 to March 31), the
Spictex group reported a profit after tax (PAT) of INR0.2 million
on net sales of INR935.5 million, against a PAT of INR22.8 million
on net sales of INR720.5 million for the previous year.


SWARNANDHARA EDUCATIONAL: CRISIL Rates INR60MM LT Loan at 'B'
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Swarnandhara
Educational Society's term loan facility.

   Facilities                       Ratings
   ----------                       -------
   INR60.0 Million Long-Term Loan   B/Stable (Assigned)

The rating reflects SES's exposure to risks related to the initial
phase of operations leading to depressed cash accruals and
liquidity pressure, and intense competition from other educational
trusts and to regulatory restrictions.  These rating weaknesses
are partially offset by the benefits that SES derives from the
sound background of its promoters in operating educational
institutions, healthy demand prospects in the education industry,
and the society's moderate financial risk profile, marked by low
gearing and healthy debt protection measures.

Outlook: Stable

CRISIL believes that SES will benefit from the established track
record of its promoters and healthy demand outlook for engineering
and management courses in Andhra Pradesh.  The outlook may be
revised to 'Positive' if SES demonstrates a sustainable track
record of healthy cash accruals leading to improvement in
liquidity profile on the back of its ability to attract students
for its courses.  Conversely, the outlook may be revised to
'Negative' if there are delays in the execution of its ongoing
project, or a significantly lower-than-expected ramp in student
enrolment for its courses, thereby further pressurizing its
liquidity profile.

SES was set up in 2007 by Dr. A V V Satyanarayana along with Mr.
Ramesh Babu and Mr. T V L Narishmha Rao in Narsapur (Andhra
Pradesh).  The society operates one educational institute named
Rajamahendri Institute of Engineering and Technology.  The
institute offers bachelors degrees in computer science and
engineering (60 seats), electronics and communication engineering
(60 seats), information technology (120 seats), electrical and
electronics engineering (60 seats), and the masters degree in
computer applications (60 seats).

SES is approved by the All India Council for Technical Education
and is affiliated to the Jawaharlal Nehru Technological
University, and its first academic session started in 2008-09.

SES reported a Excess of Expenditure over income of INR2.7 million
on net income of INR13.8 million for 2009-10 (refers to financial
year, April 1 to March 31).


UNITECH LTD: Fitch Puts B- Nat'l Rating on Rating Watch Positive
----------------------------------------------------------------
Fitch Ratings has placed the ratings of four Indian real estate
companies on Rating Watch Positive following the improvement of
industry fundamentals, namely Unitech Ltd, Omaxe Ltd, Parsvnath
Developers Limited, and Ansal Properties & Infrastructure Limited.

Fitch notes that the fundamentals of India's real estate sector
are improving, as seen by better liquidity and improved demand in
the residential segment.  All four Indian real estate companies in
Fitch's portfolio have reported increased yoy residential volume
sales in 9MFY10.  Enhanced affordability, lower mortgage rates,
and better job security have helped revive demand for homes.
Conversely, demand in the commercial segment remains weak,
primarily impacted by over-supply and the scale-back of expansion
plans by corporate India.  However, Fitch expects demand for
commercial spaces to improve in H210, consequent to the expected
resumption of hiring in key sectors like IT/ITES and financial
services.

A substantial amount of equity funds raised and non-core asset
sales by real estate companies have been utilized in the repayment
of debt and interest costs, which has helped developers in general
deleverage their balance sheets.  Overall, credit metrics are
expected to recover in 2010 and 2011, as developers are expected
to improve their capital structure, operating margins, and
liquidity.

The RWP reflects the possibilities that the ratings could either
be upgraded or affirmed at the current levels.  Fitch notes that
sustainable operating performances and continued deleveraging by
developers over a longer period could lead to rating upgrade,
which the agency expects to see during the second half of the
year.

The list of ratings actions are:

Unitech Ltd:

  -- National Long-term rating: 'B-(ind)'; Placed on RWP;

  -- INR5.00 billion, INR20.0 billion and INR19.00 billion
     long-term debt programmes: 'B-(ind)'; Placed on RWP;

  -- INR5.00 billion and INR6.00 billion short-term debt
     programmes: 'F4(ind)'; Placed on RWP;

  -- INR1.00 billion short-term bank loan programme: 'F4(ind)';
     Placed on RWP; and

  -- INR3.00 billion non-fund based bank limits: 'F4(ind)';
     Placed on RWP.

Omaxe Limited:

  -- National Long-term rating: 'B-(ind)'; Placed on RWP; and
  -- INR2.30 billion long-term debt program: 'B-(ind)'; Placed
     on RWP.

Parsvnath Developers Limited:

  -- National Long-term rating: 'B-(ind)'; Placed on RWP;
  -- INR2 billion long-term debt: 'B-(ind)'; Placed on RWP;
  -- INR9 billion long term bank loan: 'B-(ind)'; Placed on RWP;
     and

  -- INR2 billion short-term debt: -'F4(ind)'; Placed on RWP.

Ansal Properties & Infrastructure Limited:

  -- National Long-term rating: 'B-(ind)'; Placed on RWP;

  -- INR1.00 billion long-term debt program: 'B-(ind)'; Placed
     on RWP;

  -- INR710 million long-term bank loans: 'B-(ind)'; Placed on
     RWP;

  -- INR1.72 million of fund-based working capital limits: -'B-
     (ind)'; Placed on RWP;

  -- INR200 million short-term bank loans: 'F4(ind)'; Placed on
     RWP;

  -- INR1.50 million non-fund based working capital limits:
     'F4(ind)'; Placed on RWP; and

  -- INR1.00 billion short-term debt (INR500m to be carved out
     of fund-based working capital limits): 'F4(ind)'; Placed on
     RWP.


URVASHI PULP: Delays in Loan Repayment Prompts CRISIL Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its rating of 'D/P5' to the bank facilities of
Urvashi Pulp and Paper Mills Pvt Ltd.  The ratings factor in the
irregularities and delays by UPPMPL on its term loan obligations
owing to weak liquidity.

   Facilities                             Ratings
   ----------                             -------
   INR50.0 Million Cash Credit Facility   D (Assigned)
   INR67.8 Million Term Loan              D (Assigned)
   INR4.7 Million Proposed Long-Term      D (Assigned)
                  Bank Loan Facility
   INR20.0 Million Letter of Credit       P5 (Assigned)

Urvashi Pulp and Paper Mills Pvt Ltd, incorporated in 1976,
commenced operations in 1983.  Promoted by the Shah family, the
company manufactures kraft paper board at its facility in
Ankleshwar, Gujarat.  It has a manufacturing capacity of 12,000
tonnes per annum (tpa).  The company has undertaken a capex to
enhance its capacity to 33,000 tpa, and the commercial production
began from January 2010.

UPPMPL reported net loss of INR7 million on net sales of INR209
million for 2008-09 (refers to financial year, April 1 to
March 31), as against a PAT of INR0.7 million on net sales of
INR168 million for 2007-08.


* INDIA: Gov't. May Sell Stake in Indian Oil to Cut Budget Deficit
------------------------------------------------------------------
Ruth David and Natalie Obiko Pearson at Bloomberg News report that
India may sell a stake in the nation's biggest company as part of
a plan to raise a record INR400 billion (US$9 billion) from asset
sales and use the proceeds to reduce the government's budget
deficit.

Bloomberg relates Sidhartha Pradhan, joint secretary in the
department of disinvestment, told reporters in Mumbai on Wednesday
that the government may sell shares in Indian Oil Corp. by
March 31.

Bloomberg says Prime Minister Manmohan Singh's administration
plans to sell shares in one state-run company almost every month.
Asia's largest economy after Japan and China is selling assets and
airwaves to cut its budget deficit to 5.5% of gross domestic
product in the year that started April 1 from 6.9% in the 12
months through March 31, the sharpest reduction in 19 years.

The government owned 79% of the refiner as of Dec. 31, while
state-owned explorer Oil & Natural Gas Corp. held 8.8%, according
to data compiled by Bloomberg.


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


AOZORA BANK: To Discard Merger Deal With Shinsei Bank
-----------------------------------------------------
Shinsei Bank and Aozora Bank will ditch the agreement they
announced last July to merge in October this year, Japan Today
reports citing sources familiar with the matter said.  The report
relates source said the two banks have not been able to reconcile
their differences over what business strategies they should follow
once they merge.

Sources said that although the two had set the merger ratio at
one-to-one, Aozora became wary, as Shinsei is booking a group net
loss in fiscal 2009 for the second consecutive year, thus
eliminating the conditions that could warrant a merger on an equal
footing, according to Japan Today.

As reported in the Troubled Company Reporter-Asia Pacific on
July 3, 2009, The Financial Times said Aozora Bank Ltd. and
Shinsei Bank Ltd. unveiled plans to merge their operations in
October this year to create the sixth-largest bank in Japan with
JPY18 trillion (US$187 billion) in assets.

The deal is structured as a merger of equals with Shinsei, which
is 32.5% owned by JC Flowers, becoming the surviving bank.  On the
other hand, Aozora, which is 50.5% owned by Cerberus Capital
Management LP, will be delisted and shareholders will receive one
Shinsei share for each Aozora share.

Following the deal, the FT disclosed, Cerberus will emerge with a
21% stake in the combined entity while JC Flowers will have 16%.
The Japanese government, which has 29.3% in both Shinsei and
Aozora, will retain its stake at the same level.

Norito Ikeda, the former president of Ashikaga Bank, will become
chief executive of the merged bank, the Financial Times reported.

                           About Shinsei Bank

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 29, 2010, Standard & Poor's Ratings Services lowered the
debt rating on the preferred securities issued by Shinsei to 'BB-'
from 'BBB-', and placed it on CreditWatch with negative
implications.

                          About Aozora Bank

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 5, 2009, Fitch Ratings downgraded Aozora Bank Ltd.'s Long-
term foreign and local currency Issuer Default Ratings to 'BBB'
from 'BBB+' and its Individual rating to 'C/D' from 'C'.  The
Rating Watch Negative placed on Aozora's ratings on Feb. 12, 2009,
has been resolved, while a Stable Outlook has been assigned to the
Long-term IDRs.  Meanwhile, the Short-term foreign and local
currency IDRs have been affirmed at 'F2'.

The TCR-AP also reported on Feb. 16, 2009, that Moody's Investors
Service downgraded Aozora's base line credit assessment to Ba1
from Baa3.  Moody's said the downgrade reflects increased concerns
that Aozora will face significant challenges before it can restore
the confidence of the market and its profitability in view of the
difficult nature of the operating environment for banking
institutions funded by wholesale funds.


JAPAN AIRLINES: Aid Must Not Distort Competition, Says IATA
-----------------------------------------------------------
The International Air Transport Association is raising concern
whether the state-backed Japan Airlines' JPY900 billion
($9.7 billion) plan will not allow government support to alter
the airline competitive atmosphere, Bloomberg reported.

Schinichiro Ito, president of All Nippon Airways, is also raising
the same question, as JAL receives government aid to ensure its
survival as it goes through bankruptcy restructuring.  ANA is one
of the two largest Airlines in Japan next to JAL, ATWonline.com
reported on April 16.

Quoting a report from the Nikkei Daily newspaper, ATWonline said
Mr. Ito raised his query in an appearance before a government
committee stating that JAL's restructuring process is
"haphazardly."

According to ATWonline, JAL CEO Kazuo Inamori is concerned at the
inefficient method the company is being run and asserted that more
severe means of cost slashing are expected.

With respect to the airfare cuts that JAL implemented since it
entered bankruptcy, Mr. Ito commented that the airfare reductions
only add harm to JAL's struggling financial condition more than it
creates market imbalance, ATWonline said.

                     Costs Should be Addressed

Following a meeting with Seiji Maehara, Japan's Minister for Land,
Infrastructure, Transport and Tourism, the IATA issued this
statement:

"IATA fully supports Minister Maehara's vision to increase
the competitiveness of Japan's air transport sector with more
efficient infrastructure.  To turn the vision into reality, urgent
action is needed to address cost issues.  Today marks the start of
a new dialogue with the Japanese government which will play a
critical role in rebuilding Japan's aviation competitiveness,"
said Giovanni Bisignani, IATA's Director General and CEO.

Mr. Bisignani urged the government to re-think the JPY 2,400
per tonne charge for international operations at Haneda Airport.
"Charges must follow ICAO principles.  That means transparent
charges, no cross subsidization and consultation with users.
International and domestic operations use the same infrastructure.
There is no justification for international charges to be higher.
In fact, the increased traffic should reduce unit costs," said Mr.
Bisignani.

"Setting such a high charge for Haneda ignores the natural
impact of added capacity to reduce unit costs.  And it misses a
great opportunity to drive efficiencies at both Haneda and Narita
which should compete on costs and services to serve the Tokyo
market.  Moreover, these airports must be able to compete for hub
traffic at Hong Kong, Incheon, Shanghai and Beijing to serve the
growing Chinese market.  But that won't happen with costs double
that of successful airports like Singapore's Changi," said Mr.
Bisignani.

IATA called for a more coherent aviation policy.  "Infrastructure
must meet the demands of passengers.  Airlines cannot continue to
pay for airport infrastructure that is developed for political
purposes.  We need, for example, to sort out the situation in the
Kansai region.  The five runways of Itami, Kansai and Kobe serve
36 million passengers a year.  Singapore runs its successful hub
serving 37 million passengers on just 2 runways and with much
cheaper costs," said Bisignani.

Japan is a mature market on the doorstep of the world's fastest
growing aviation market -- China.  Over the last decade the
Chinese international market has grown from 500,000 seats per week
to 1.4 million, while Japan has remained virtually unchanged with
weekly international seats growing from 1.2 million to
1.3 million.  "Japan must urgently put its aviation house in order
to compete in the Asia-Pacific market.  The open skies bilateral
with the US was an historic achievement.  I encourage the
Government to continue to push for liberalization and join IATA's
Agenda for Freedom initiative to free up antiquated restrictions
on market access and ownership.  With the country's largest
international carrier in bankruptcy, in parallel to
liberalization, the government must aggressively and urgently
address cost issues to rebuild competitiveness."

IATA is closely monitoring the restructuring of Japan Airlines.
"IATA continues to work closely with Japan Airlines in the
restructuring process.  Financial guarantees provided by Japan
Airlines have allowed for business as usual through IATA's global
financial systems.  Tough decisions will need to be made quickly
to cut costs and close the gap with regional competitors.  Japan's
expensive airport infrastructure costs impede improved
competitiveness and must also be addressed as part of building a
successful future for the company," said Mr. Bisignani.

Mr. Bisignani also praised Japan's industry -- airports and
airlines -- for working together to meet the 100% Bar Coded
Boarding Pass target at the end of 2010.  "Japan has always been a
leader in new technology for passenger processing.  Now this
leadership must be extended to freight operations with support
from all stakeholders -- including customs -- to increase the
adoption of e-freight.  Its reduced costs and faster processing
times will make a much-needed contribution to the competitiveness
of Japan's air freight sector," said Mr. Bisignani.

                      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: Chairman Inamori Determined to Revitalize JAL
-------------------------------------------------------------
Amid heavy pressures from lenders and creditors regarding the
company's struggles to emerge from bankruptcy, Japan Airline's
chairman Kazou Inamori has made a stand:  He won't cut more jobs
or routes, Bloomberg News reported.

During his first meeting with the press since his appointment as
JAL chairman, Mr. Inamori expressed his defiance to clamors from
government and JAL's prospective lenders and creditors to
drastically cut costs by severing its workforce and canceling JAL
routes.

"JAL was originally established as a national carrier and
eventually it was listed in the stock market," Mr. Inamori told
Bloomberg.  "All the while that was happening, the top management
was former government officials. They were running the company as
if they were running a government agency."

Mr. Inamori is an ordained Buddhist monk, entrepreneur and a
management specialist.  He founded Kyocera, a leading manufacturer
of electrical parts in Japan, and a Japanese telecommunications
company known today as KDDI.

At 78, Mr. Inamori is retired, but he took the great restructuring
task to support Japan's Prime Minister Yukio Hatoyama offer of the
job.  Mr. Inamori has declined salary for this feat, Bloomberg
said.

"JAL is a company that represents one industry of Japan.  Are we
going to let the company fail or are we going to restore its
viability?  That was an important question at a time when the
Japanese economy was stagnant," said Mr. Inamori.  "For the
country as a whole, I felt it was vitally important that JAL be
revived.  I felt it was necessary for the Japanese economy and for
society."

JAL's creditor banks, which include Mizuho Corporate Bank, Bank of
Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp., are
forgiving the airline of more than $8 billion in debts, on a
compromise that the airline will have to undertake harsh cost-
cutting measures including the severance of more than 16,000 jobs
and cancellation of about 16 international routes.

Mr. Inamori and JAL's management are now embattled in the
negotiating table with the carrier's main lenders and the
government, to determine how JAL will be financially reshaped,
Bloomberg said.

"It is true that I am faced with a difficult decision, and I am
struggling with it as I speak.  Syndicated banks and government
tell me we need to do more by drastically reducing more flight
routes and jobs," Bloomberg quoted Mr. Inamori as saying. "I am
trying to keep the reduction level as planned."

As a Buddhist monk, Mr. Inamore's core philosophy is "to do the
'right thing' as a human being, in both life and business,"
Bloomberg related.  "JAL was not the kind of company to look at
its [profit and loss statement].  I am in the middle of a huge
transformation at JAL," Mr. Inamori said.  "I am looking at
numbers on a weekly and monthly basis. In this organization I will
hold each head of the division accountable."

"It improves the quality of my heart and mind and enriches myself
as a human being," Mr. Inamori told said.  "This enhanced spirit
is useful when it comes to revitalizing JAL."

                      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: Extends Codeshare With Jetstar, British Airways
---------------------------------------------------------------
Japan Airlines (JAL) expanded its codeshare agreement with Jetstar
Airways (JQ) from April 1, 2010, when JAL will place its 'JL'
indicator on JQ- operated flights between Osaka (Kansai) and
Cairns -- a service with four weekly flights commencing the same
day.  JAL and Jetstar have been bilateral partners since May 2007
and currently codeshare on flights operated by the latter between
Tokyo (Narita) and Cairns.

In addition, Japan Airlines and British Airways (BA), both members
of leading quality airline alliance oneworld(R), have reached an
agreement to expand their codeshare partnership.  Beginning
March 28, 2010, JAL will codeshare with BA on nine new routes and
from April 28, 2010, 4 new routes, all in the European region.
Including current codeshare flights within the United Kingdom and
within Europe, the total number of codeshare flights between the
two airlines will be 23, broadening JAL's Europe network to cover
36 cities with 54 routes.

                      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)


SHINSEI BANK: To Discard Merger Deal With Aozora Bank
-----------------------------------------------------
Shinsei Bank and Aozora Bank will ditch the agreement they
announced last July to merge in October this year, Japan Today
reports citing sources familiar with the matter said.  The report
relates source said the two banks have not been able to reconcile
their differences over what business strategies they should follow
once they merge.

Sources said that although the two had set the merger ratio at
one-to-one, Aozora became wary, as Shinsei is booking a group net
loss in fiscal 2009 for the second consecutive year, thus
eliminating the conditions that could warrant a merger on an equal
footing, according to Japan Today.

As reported in the Troubled Company Reporter-Asia Pacific on
July 3, 2009, The Financial Times said Aozora Bank Ltd. and
Shinsei Bank Ltd. unveiled plans to merge their operations in
October this year to create the sixth-largest bank in Japan with
JPY18 trillion (US$187 billion) in assets.

The deal is structured as a merger of equals with Shinsei, which
is 32.5% owned by JC Flowers, becoming the surviving bank.  On the
other hand, Aozora, which is 50.5% owned by Cerberus Capital
Management LP, will be delisted and shareholders will receive one
Shinsei share for each Aozora share.

Following the deal, the FT disclosed, Cerberus will emerge with a
21% stake in the combined entity while JC Flowers will have 16%.
The Japanese government, which has 29.3% in both Shinsei and
Aozora, will retain its stake at the same level.

Norito Ikeda, the former president of Ashikaga Bank, will become
chief executive of the merged bank, the Financial Times reported.

                          About Aozora Bank

Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services.  The Bank operates in two business divisions.  The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development.  The Bank has 16
subsidiaries and 18 branch offices.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 5, 2009, Fitch Ratings downgraded Aozora Bank Ltd.'s Long-
term foreign and local currency Issuer Default Ratings to 'BBB'
from 'BBB+' and its Individual rating to 'C/D' from 'C'.  The
Rating Watch Negative placed on Aozora's ratings on Feb. 12, 2009,
has been resolved, while a Stable Outlook has been assigned to the
Long-term IDRs.  Meanwhile, the Short-term foreign and local
currency IDRs have been affirmed at 'F2'.

The TCR-AP also reported on Feb. 16, 2009, that Moody's Investors
Service downgraded Aozora's base line credit assessment to Ba1
from Baa3.  Moody's said the downgrade reflects increased concerns
that Aozora will face significant challenges before it can restore
the confidence of the market and its profitability in view of the
difficult nature of the operating environment for banking
institutions funded by wholesale funds.

                           About Shinsei Bank

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 29, 2010, Standard & Poor's Ratings Services lowered the
debt rating on the preferred securities issued by Shinsei to 'BB-'
from 'BBB-', and placed it on CreditWatch with negative
implications.


* S&P Raises Ratings on Three Japanese Synthetic CDO Tranches
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on three
tranches relating to three Japanese synthetic CDO transactions.
At the same time, Standard & Poor's removed the ratings from
CreditWatch with positive implications, where they were placed on
April 8, 2010.

The rating actions are part of S&P's regular monthly review of
synthetic CDOs.  These actions incorporate, among other things,
the effect of rating migration within reference portfolios.

                           Ratings List

                    Corsair (Jersey) No. 2 Ltd.
                   Series 45 credit default swap

            To         From                  Amount
            --         ----                  ------
            B-srp      CCC+srp/Watch Pos     JPY3 bil.

                    Momentum CDO (Europe) Ltd.
             SONATA floating rate notes series 2006-11

          Class      To     From            Issue Amount
          -----      --     ----            ------------
          AF         CCC    CCC-/Watch Pos  $6.0 mil.

                      Signum Vanguard Ltd.

    Class A secured fixed rate credit-linked loan series 2005-04

            To         From               Issue Amount
            --         ----               ------------
            CCC        CCC-/Watch Pos     JPY4.0 bil.


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


HYUNDAI MERCHANT: May Seek Restructuring as Shipping Demand Slips
-----------------------------------------------------------------
Bloomberg News, citing the Chosun Ilbo newspaper, reports that the
creditors of Hyundai Merchant Marine Co. and its affiliates may
seek restructuring after shipping demand slumped and Hyundai Asan
Corp. lost money on its businesses in North Korea.  Bloomberg says
the Korean-language newspaper, citing an unidentified creditor
official, reported that an agreement, including sales of
subsidiaries and property, may be reached by the end of May.

Chosun Ilbo said South Korea's Hyundai Group includes Hyundai
Merchant, which accounts for about 80% of the group's assets
excluding financial affiliates, and Hyundai Elevator Co.

Hyundai Merchant Marine Co., Ltd., is a Korea-based company
specialized in the provision of shipping services.  The Company
provides its services under two main segments: container and bulk.
Its container segment provides container carrier transportation
services, which include transpacific services, Asia-Europe
services, transatlantic services, intra-Asia services and Latin
America services, with more than 40 sea routes. Its bulk segment
provides transportation services with vessels such as tankers,
liquid natural gas (LNG) carriers, liquid petroleum gas (LPG)
carriers and trampers for LNG, LPG, steel mills, power plants,
coals and iron ores suppliers.


SSANGYONG MOTORS: To Produce Electric Cars in Three Next Years
--------------------------------------------------------------
Ssangyong Motors Co. is joining the electric car market and
launching a massive maintenance program as it tries to regain its
footing, The Korea Herald reports.

The report says Ssangyong displayed an electric version of the
C200 at the Busan International Motor Show which opened Thursday.

According to the report, the company said it plans to produce
electric vehicles on a pilot basis within the next three or four
years and establish a mass production system for such vehicles.

The company is also collaborating with battery makers to develop
batteries with higher storage capacity than those used by
competitors, the report relates.

In addition, the Korea Herald says, the company is hoping to gain
an edge by offering maintenance services on holidays and weekends.

The report states that company's decision to go into electric
vehicles is thought to be related at least in part to SM Group, a
middling conglomerate with 14 subsidiaries including construction
material and chemical makers, showing interest in buying the
troubled SUV specialist.  SM Group also plans to develop an
electric vehicle by next year.

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

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

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


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


ARK RESOURCES: Appoints ECM Libra as New Adviser
------------------------------------------------
ARK Resources Berhad has appointed ECM Libra Investment Bank
Berhad as the new Adviser for its Corporate Restructuring.

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

                          *     *     *

On April 24, 2006, ARK Resources Berhad was classified as an
affected listed issuer under the Bourse's Practice Note 17/2005.
It was, therefore, required to submit and implement a plan to
regularize its financial condition category.


STAMFORD COLLEGE: Seeks Shareholders OK to Renew Mandate
--------------------------------------------------------
Stamford College Berhad said it intends to seek shareholders'
approval for the Proposed Renewal of the Existing Shareholders'
Mandate for recurrent related party transactions of a revenue or
trading nature and Proposed Amendment to the Company's Articles of
Association at the forthcoming Twentieth Annual General Meeting of
the Company.

In accordance with the Listing Requirements of the Bursa Malaysia
Securities Berhad, the Shareholders' Mandate which was approved by
the shareholders of the Company at the Nineteenth Annual General
Meeting held on June 19, 2009, shall lapse at the conclusion of
the forthcoming Twentieth AGM to be convened in June 2010, unless
renewal is obtained.  The proposed renewal will enable the Company
to enter into recurrent related party transactions for another
year up to the next AGM in 2011.

A circular to Shareholders setting out the details of the proposed
renewal of the existing Shareholders' Mandate and the resolution
pertaining thereto will be dispatched to the shareholders of the
Company in due course.

A statement setting out the details pertaining to the Proposed
Amendment to the Articles of Association to facilitate the
implementation of electronic dividend payment in line with the
directive from Bursa Securities will also be issued to the
shareholders in due course.

                      About Stamford College

Based in Malaysia, Stamford College Berhad (KUL:STAMCOL) --
http://www.stamford.edu.my/-- is an investment holding and
management company.  It principally engaged in the provision of
executive training.  The Company offers over 50 courses of study,
which include full Undergraduate Degrees, Masters Degrees and
North American Degree Program.  The disciplines offered by
Stamford range from Accounting to Business Administration,
Engineering, Computer Science, Hospitality Management and
Executive Secretaryship.  Foreign students have also been part of
Stamford's landscape, and Stamford has more than 1,500 foreign
students from over 40 countries pursuing their higher education.

Stamford College Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as it has triggered Paragraph 2.1(e) of
PN 17/2005.

According to the Company's disclosure statement with the bourse,
it triggered the PN 17/2005 listing since auditors have expressed
a modified opinion with emphasis on the Company's going concern
status in the latest audited accounts for the financial year ended
December 31, 2008 and the Company's shareholders equity on a
consolidated basis is equal to or less than 50% of the issued and
paid-up capital of the company.


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


YELLOW PAGES: Lenders Consider Selling Business to Repay Debt
-------------------------------------------------------------
The New Zealand Herald reports that Yellow Pages Group's bank
lenders could put the company up for sale to help pay for the
NZ$1.72 billion in debt owed to them.

The New Zealand Herald, citing Web site interest.co.nz, says
Yellow Pages' key lenders wanted to test the market for the
directories business, had formed a steering group, and were
seeking an investment bank to advise them.  The lenders included
Bank of New Zealand, Australia and New Zealand Banking Group, and
Westpac Banking Corp.

Yellow Pages was now expected to be worth much less now than the
NZ$2.24 billion the current owners paid Telecom for it in March
2007, according to the report.

The report relates Interest.co.nz said it had been told the total
debts of Yellow Pages -- which owed about NZ$1.72 billion -- were
quite well dispersed among up to 36 lenders.

Aside from a trade sale or initial public offering, a debt
restructure among the firm's existing lenders and an equity
injection from shareholders would also be considered, the report
notes.

The New Zealand Herald said YPG was reported to have signed a
standstill agreement with its lenders to give the company
breathing room to restructure its capital.  That agreement lasts
until May 31.

Hong Kong-based Unitas Capital and Canada's Ontario Teachers'
Pension Plan bought the business off Telecom in 2007 at the height
of the private equity boom and paid between 13 and 14 times its
earnings before interest, tax, depreciation and amortisation
ebitda.

The $2.24 billion leveraged buy-out was one of the largest deals
ever done in New Zealand.


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


PHILIPPINE AIRLINES: Government Steps In to Avert Potential Strike
------------------------------------------------------------------
The Department of Labor and Employment has stepped in to resolve
the labor dispute at Philippine Airlines, ordering the airline to
postpone a plan to lay off 3,000 of the company's 7,500 employees
to cut costs, the Philippine Daily Inquirer reports.  The Inquirer
relates DoLE also ordered labor union PAL Employees Association to
hold off a potential strike that could paralyze the flag carrier
and harm the local aviation sector.

According to the report, the labor department said in an order
issued Tuesday that it decided to assume jurisdiction over the
dispute by moderating discussions between the union and the
airline's management.  This was done to stop a "strike or lockout
in an industry indispensible to the national interest such as the
airline industry to which PAL belongs," the labor department in
the order obtained by the Inquirer.

The report adds DoLE said the order was also issued to deflect any
negative impact on the economy brought about by the disturbance in
the airline industry and other allied industries such as travel
and tourism, trade and foreign currency exchange.

PAL president and chief operating officer Jaime Bautista told the
Inquirer that the company would have no choice but to comply with
the order.

"We haven't received a copy of the order yet, but if Dole is
assuming jurisdiction, then we'll have to comply," Mr. Bautista
said, but added that this would have dire consequences for the
airline, according to the report.

"If we are not able to implement this spin-off, it will be more
difficult for us to invite possible investors into PAL," the
report quotes Mr. Bautista as saying.  "There are several
interested investors, but they want to see changes in the
structure of PAL to become like other airlines in Asia and
concentrate only on its core services."

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said that the Philippine
Airlines is spinning off its three non-core units as a last resort
to avoid bankruptcy.

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

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

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

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

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

                      About Philippine Airlines

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


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


AGIO COUNTERTRADE: Creditors' Proofs of Debt Due May 7
------------------------------------------------------
Agio Countertrade Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 7, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


CHEVRON ASIA: Creditors' Proofs of Debt Due May 24
--------------------------------------------------
Chevron Asia Pacific Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 24, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Bob Yap Cheng Ghee
         Tay Puay Cheng
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


HILLCREST PUBLICATIONS: Creditors' Proofs of Debt Due May 7
-----------------------------------------------------------
Hillcrest Publications Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 7, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

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


QUANTUMCLEAN ASIA: Court to Hear Wind-Up Petition on May 7
----------------------------------------------------------
A petition to wind up the operations of Quantumclean Asia (s) Pte
Ltd will be heard before the High Court of Singapore on May 7,
2010, at 10:00 a.m.

Quantum Global Technologies LLC filed the petition against the
company on April 12, 2010.

The Petitioner's solicitors are:

         Straits Law Practice LLC
         36 Robinson Road #18-00
         City House
         Singapore 068877


SHARIKAT KIAN: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on April 9, 2010, to
wind up the operations of Sharikat Kian Tong Pte Ltd.

Paw Leck Engineering Pte Ltd filed the petition against the
company.

The company's liquidator is:

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


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


QUANTA COMPUTER: First Quarter Net Profit Up 21.6% at NT$5.33BB
---------------------------------------------------------------
Quanta Computer Inc. posted a 21.6% growth in profits from a year
earlier to NT$5.3 billion (US$160 million) in the first quarter,
the Taipei Times reports.

Taipei Times discloses Quanta's sales in the first three months
increased 52.1% year-on-year to NT$252.6 billion.  Earnings per
share were NT$1.41, compared with NT$1.22 in the first quarter of
last year.  Gross margins, however, dropped to 4.1% from 5.8% a
year ago, the report adds.

"We expect that strong shipments in the second half of the year,
which would result in larger economies of scale and lower costs,
will alleviate the pressure on margins," the report quoted
spokesman Elton Yang as saying at a press briefing on Monday.

Taipei Times says Quanta reiterated that full-year notebook
shipments would grow 40% to 50 million units this year.

Mr. Yang said shipments of laptop computers in the second quarter
are expected to expand 15% to 20% from 11 million in the first
quarter, according to Taipei Times.

Headquartered in Taoyuan, Taiwan, Quanta Computer Inc. --
http://www.quantatw.com/-- is engaged in research, development,
design and manufacture of notebook computers.  The company
provides series products of notebook computer, wireless
communications series products, including global positioning
system (GPS) mobile phones, Web personal digital assistants (PDAs)
and wireless local area network (WLAN) products; liquid crystal
display (LCD) series products, including LCD monitors and LCD PCs,
as well as network servers.  The company distributes its products
in the Americas, Europe and Asia.

                           *     *     *

The company continues to carry Fitch Ratings' "BB" long-term
foreign currency issuer default rating.


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


* DBS Group to Invest Up to US$150 Million in Myo Capital
---------------------------------------------------------
DBS Group Holdings Ltd. will invest up to $150 million in a fund
being launched by Hong Kong-based Myo Capital that will acquire
distressed debt in Asia-Pacific excluding Japan, Reuters reports.
DBS Group's investment business DBS Asset Management has also
agreed to take a minority stake in Myo, the report says.

"We estimate over the next three years, there's going to be up to
$200 billion of opportunities we can look at in the Asia-Pacific
region," Justin Ferrier, managing director of Myo Capital
Advisers, told Reuters.

Reuters relates Mr. Ferrier said the opportunities will be in
distressed loans, bonds as well as leveraged debt in developed
markets such as Australia.


                         *********

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

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

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


                            *********


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

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

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

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

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





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