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                     A S I A   P A C I F I C

           Monday, May 3, 2010, Vol. 13, No. 085

                            Headlines



A U S T R A L I A

FORD MOTOR: Fitch Upgrades Issuer Default Ratings to 'B'
PARAGON PRINTING: Print Media Group Buys Paragon Business


B A N G L A D E S H

* BANGLADESH: Moody's Assesses 'Ba3' Rating and Stable Outlook


C H I N A

CHINA ORIENTAL: Fitch Assigns 'BB+' Issuer Default Ratings
CHINA ORIENTAL: Moody's Assigns 'Ba1' Corporate Family Rating
SHANGHAI ZENDAI: S&P Keeps 'B+' Long-Term Corporate Credit Rating
* Fitch Says Rising Coal Prices May Erode China Power's Margins


H O N G  K O N G

ABLE SYSTEM: Leung and Lee Appointed as Liquidators
AFFLANCE FURNITURE: Leung and Lee Appointed as Liquidators
ALLIED MASTER: Court Enters Wind-Up Order
CHAMPION VANTAGE: Court to Hear Wind-Up Petition on May 19
BTA DESIGN: Leung and Lee Appointed as Liquidators

CENTRO DEVELOPMENTS: Leung and Lee Appointed as Liquidators
CHIEF LIGHT: Leung and Lee Appointed as Liquidators
CHINA LEASING: Leung and Lee Appointed as Liquidators
CHINA SITE: Leung and Lee Appointed as Liquidators
CMM HOLDINGS: Leung and Lee Appointed as Liquidators

EASTLLOYD LIMITED: Leung and Lee Appointed as Liquidators
EASTJOY LIMITED: Leung and Lee Appointed as Liquidators
FORDLAND HOLDINGS: Court Enters Wind-Up Order
FORTUNE TRUMP: Leung and Lee Appointed as Liquidators
GAINWAY INTERNATIONAL: Leung and Lee Appointed as Liquidators

HAPPILY (H.K.): Leung and Lee Appointed as Liquidators
IMAGI PRODUCTION: Court Enters Wind-Up Order
INKSANE LIMITED: Leung and Lee Appointed as Liquidators
INFINITE POSSIBILITIES: Court Enters Wind-Up Order
JOINT WELL: Court Enters Wind-Up Order

KENDER DEVELOPMENT: Court Enters Wind-Up Order
LICHOY INDUSTRIAL: Leung and Lee Appointed as Liquidators
LUCKY WORLD: Leung and Lee Appointed as Liquidators
MANKIND INTERNATIONAL: Leung and Lee Appointed as Liquidators
MILLIGAIN INDUSTRIAL: Leung and Lee Appointed as Liquidators

NATIONAL HONEST: Leung and Lee Appointed as Liquidators
NETFRONT BROADBAND: Leung and Lee Appointed as Liquidators
OG DEVELOPMENT: Lai and Haughey Appointed as Liquidators
PO LUEN: Court Enters Wind-Up Order
RICHFINE DEVELOPMENT: Court Enters Wind-Up Order

SKYWIN (GROUP): Court Enters Wind-Up Order
START PLAN: Court Enters Wind-Up Order
WALTECH PACIFIC: Chiong and Sutton Step Down as Liquidators


I N D I A

AIR INDIA: Opposes Kingfisher Code-Share Deal With British Airways
BHAWANI STEELS: Low Net Worth Prompts CRISIL 'B-' Ratings
CEASAN GLASS: CRISIL Reaffirms 'B+' Rating on INR200 Mil. LT Loan
DELUXE KNITTING: CRISIL Assigns 'P4' Ratings on Various Debts
ESQUIRE ESTATES: Low Net Worth Cues CRISIL 'BB' Rating

INDAGE VINTNERS: High Court Extends Stay on Liquidation
INDIC EMS: Fitch Assigns National Long-Term Rating at 'B'
JAYPEE ALLOY: CRISIL Assigns 'BB' Rating on Various Bank Debts
KASLIWAL AUTOMOTIVES: ICRA Rates INR110 Mil. Bank Limits at 'LB+'
KIMS BSR: CRISIL Assigns 'BB-' Rating on INR118MM Term Loan

KINGFISHER AIRLINES: Air India Blocks Code-Share Deal With BA
MAA VAISHNO: CRISIL Rates INR50 Million Cash Credit at 'B+'
ONEUP MOTORS: CRISIL Assigns 'B' Ratings on Various Bank Debts
PYRAMID TECHNOPLAST: ICRA Puts 'LBB+' Rating on INR59.3MM Limits
RASHMI SPONGE: Delay in Loan Repayment Cues CRISIL Junk Ratings

SANDEEP TEXTURISERS: CRISIL Assigns 'D' Ratings on Bank Debts
SHARDA RICE: CRISIL Assigns 'B+' Ratings on INR50 Mil. Term Loan
SHREE REALTORS: Low Net Worth Cues CRISIL 'BB' Ratings
SORENTO GRANITO: ICRA Places 'LB+' Rating on Various Bank Debts
SUPREME BUILD: Fitch Assigns National Long-Term Rating at 'BB'

TECHNICO STRIPS: CRISIL Assigns Junk Ratings on Various Debts
UNIVERSAL FLEXIBLES: CRISIL Places 'BB-' Rating on INR20MM Debt
VENUS ROLLING: Low Net Worth Prompts CRISIL 'BB-' Ratings


J A P A N

CENTRAL JAPAN: May Delay Launching of Maglev Services
JAPAN AIRLINES: Adjusts Cargo Fuel Surcharge
JAPAN AIRLINES: Expands Cooperation With ONEWORLD Partners
JAPAN AIRLINES: Shifts to New Cargo Business Model
TAKEFUJI CORP: Sues Merrill Lynch for JPY29 Billion Over Bond Loss

UDMAC-J1 TRUST: Fitch Upgrades Ratings on Various Classes


K O R E A

KUMHO ASIANA: Tire Unit Reports KRW20.9 Billion Q1 Net Profit
* SOUTH KOREA: Nine Big Firms May Undergo Bank-led Restructuring


M A L A Y S I A

HO HUP CONSTRUCTION: Seeks Extension to Submit Annual Results
WONDERFUL WIRE: Restraining Order Extended Until June 9


P H I L I P P I N E S

SAN MIGUEL: Moody's Downgrades Corporate Family Rating to 'Ba3'


S I N G A P O R E

ASEAN REINSURANCE: Creditors' Proofs of Debt Due May 13
NACO CONCEPT: Creditors' Meetings Set May 13
NICOTRA ASIA: Creditors' Proofs of Debt Due May 13
O2 SKIN: Court Enters Wind-Up Order
OPTIMUS RESTAURANTS: Court Enters Wind-Up Order

PHARMVISION VENTURES: Court to Hear Wind-Up Petition on May 14
SH MARINE: Court to Hear Wind-Up Petition on May 14
SIN TYE: Creditors' Proofs of Debt Due May 14
SINGAPORE FOOD: Court Enters Wind-Up Order
SIRIUS D'INNOVATION: Court to Hear Wind-Up Petition on May 14

WEEKLY MARINE: Creditors' Proofs of Debt Due May 31
YASHIDA INTERNATIONAL: Court Enters Wind-Up Order


T H A I L A N D

FINSPACE SA: S&P Assigns 'B+' Long-Term Corporate Credit Rating


V I E T N A M

VIETNAM NATIONAL: Moody's Assigns 'Ba3' Corporate Family Rating




                         - - - - -


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A U S T R A L I A
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FORD MOTOR: Fitch Upgrades Issuer Default Ratings to 'B'
--------------------------------------------------------
Fitch Ratings has upgraded the Issuer Default Ratings for Ford
Motor Co. and its captive finance subsidiary Ford Motor Credit Co.
to 'B' from 'B-'.  The Rating Outlook for both Ford and Ford
Credit remains Positive.

The upgrade of the IDRs and the Positive outlook reflect Fitch's
expectation that Ford's credit profile will continue to strengthen
as the global economy recovers and as the company leverages its
increasingly competitive product portfolio and improved cost
position to increase production and unit sales.  Coupled with
Ford's solid price performance, margins are expected to grow over
the medium term, driving stronger levels of free cash flow.  This,
along with Ford's strong liquidity position, will allow the
company to begin the process of de-levering its balance sheet.
With better access to the credit markets, Ford Credit's financial
flexibility is increasing, resulting in a greater ability to
support Ford's auto sales with competitive customer financing
while also generating additional cash that will be sent via
dividend to the parent.  Despite the much improved outlook, Ford
continues to face a number of challenges, including rising raw
materials costs, ongoing global industry overcapacity and, more
recently, heavy price incentives in the U.S. market driven by
Toyota's aggressive push to support its market share.  Over the
longer term, increasingly stringent emissions regulations, as well
as a host of legislative and regulatory risks promulgated by the
U.S. and international governments are expected to increase
vehicle development and production costs, limiting margin
expansion.

Fitch is monitoring these trends which could potentially lead to a
further upgrade of Ford's ratings:

  -- U.S. industry sales rebounding towards an annualized rate of
     13-13.5 million sales (although that level is currently not
     expected to be reached until mid-2011);

  -- Ford's products continue to hold or gain market share;

  -- Inventory management at both Ford and within the U.S.
     industry, allows Ford to hold or improve product prices,
     supporting margin performance;

  -- Positive free cash flow is achieved and continues on an
     upward trajectory;

  -- Balance sheet strengthening through debt reduction
     accelerates;

  -- Ford Credit maintains or improves competitive access to
     capital.

If current trends continue, Fitch may upgrade Ford's ratings again
later in 2010.

After the global recession and the collapse of the credit markets
drove U.S. industry light vehicle sales to 10.4 million units in
2009, Fitch expects sales to exceed 11.4 million units in 2010.
The U.S. industry's light vehicle seasonally-adjusted annual sales
rate was 11 million units in the first quarter of 2010, including
a rise to 11.8 million in March.  Although the higher SAAR in
March likely was driven in part by significant customer incentives
as the industry sought to match aggressive measures undertaken by
Toyota, the increase in sales also appears to reflect increasing
customer demand in the face of improving consumer confidence and a
stabilizing U.S. job market.  Nonetheless, the forecast for U.S.
industry sales this year remains well below the 2007 sales level
of 16.1 million units and likely will remain below that level for
at least several years.  In Europe, Ford's second-largest market,
industry sales are expected to decline in 2010 to between
14 million and 15 million vehicles, down from 15.8 million units
sold in 2009, as various vehicle scrapping programs throughout the
region wind down.  Ford's market share performance in Europe has
helped to offset a portion of the market weakness.

Against the backdrop of rising U.S. industry sales, Ford has
managed to grow its market share.  Market share in the first
quarter of this year rose to 16.6% from 13.9% in the same period
last year, and appears to be driven primarily by an increasingly
competitive product line-up including several refreshed or
redesigned models such as the Fusion and Taurus.  Ford's pickup
sales have also been strong so far in 2010, with unit sales of the
F-150 up 26% in the first quarter (outpacing the 7% increase in
industry sales of large pickups in the period).  Undoubtedly, Ford
has seen gains due to customer concerns about Toyota's recalls, as
well as some negative sentiment toward General Motors and Chrysler
tied to the U.S. government's involvement in their restructurings
last year.  However, Fitch believes much of the increase can be
attributed to improvements in Ford's product line, and the U.S.
introductions later this year of the new Fiesta and the redesigned
Focus, as well as the fully reengineered Explorer, could further
support Ford's market share, particularly as gasoline costs
continue to rise.  As consumers migrate toward more fuel-efficient
vehicles, Ford's competitive performance in the smaller and mid-
size product segments has been a solid achievement.  In Europe,
Ford's market share has held steady, with the company garnering a
9.4% share of the market in the first quarter of 2010, about flat
with the year-ago period.

Actions to reduce structural costs over the past several years,
including headcount and benefit reductions, improvements in
inventory management, a shift toward global platform engineering
and the closure of underperforming manufacturing sites, have
positioned Ford to post higher margins over the next several
years, although free cash flow in the near term will continue to
be challenged by low absolute sales volumes, higher raw materials
prices and increasing pension contributions.  Cost cuts have
largely played out, indicating that margin and free cash flow will
be largely driven by U.S. industry sales volume growth and price
performance.  The substantial elimination of restructuring costs
will also benefit cash flow.  In 2010, Fitch projects that Ford's
EBITDA margin will rise to the 5% to 7% range following very low
EBITDA margins in the 1% to 1.5% range in 2008 and 2009.  Despite
the rise in EBITDA margins, free cash flow likely will remain
roughly breakeven this year, as the company contributes an
estimated $1.5 billion to both its funded and unfunded defined
benefit pension plans, while capital spending is expected to rise
to a range of $4.5 billion to $5 billion (which excludes Volvo)
versus year-ago spending of $4.5 billion (which included Volvo).
Looking to 2011 and beyond, however, Fitch expects free cash flow
to turn positive, as continued improvement in the global economy
pushes automotive revenue higher, while more of the company's
structural cost initiatives gain traction, resulting in further
margin increases and increasing levels of operating cash flow.  An
increase in U.S. industry SAAR of 13-13.5 million could lead to
free cash flow approaching $5 billion and more material debt
reduction.

Despite the projections for breakeven free cash flow this year,
Ford's cash liquidity is expected to remain very strong, with
cash, cash equivalents and marketable securities projected to
remain in the low-$20 billion range throughout the year despite
the repayment of $3 billion of credit facility borrowings in
April.  The revolver repayment was largely funded using the
company's existing cash balance and was offset slightly by
$300 million in new Department of Energy loans.  However, with the
revolver repayment, Ford's liquidity has been enhanced, as the
company retains the ability to re-borrow the freed-up revolving
credit capacity, and Ford's substantial cash position reduces the
likelihood the company will need to dip into its revolver again in
the near term.  In addition, Ford has managed the growth in its
liabilities through a variety of periodic equity issuances,
although Fitch expects this pace of equity issuance to moderate,
although repayment of the eligible VEBA notes through equity is
expected to continue.

Ford's operating performance has improved markedly in the past
year, but significant balance sheet challenges remain.  Even with
the April debt repayment, Ford's automotive sector continues to
carry $31 billion in debt, a substantial level that will weigh on
the company's financial flexibility for at least several years.
This could be of particular concern in the event of another
industry shock, especially given the relatively lower debt loads
carried by GM and Chrysler following their bankruptcies.  In
addition, the auto industry in general continues to suffer the
effects of overcapacity, and with relatively weak, albeit growing,
sales in the U.S. over the next several years, garnering
sufficient pricing power to raise unit prices significantly will
be difficult.  On top of that, heavy incentive spending, driven
currently by the industry's reaction to Toyota's aggressive
offers, could pressure profitability as well, at least over the
next quarter or so, although thus far it appears Ford has been
able avoid any significant margin pressure from the heavy industry
incentive environment.  Against this continued challenging
backdrop, the global auto industry continues to deal with numerous
regulations put forth by governments around the world targeting
reduced vehicle emissions.  A number of these regulations will
require significant changes in vehicle design and engineering over
the next few years, which will result in increased unit costs that
could place additional pressure on Ford's margins.  The rapid
changes in product technology also require heavy investment in R&D
and capital expenditures by the industry, with negative or highly
uncertain returns on new investments.

The upgrade of Ford Credit and its related subsidiaries reflects
the strong linkage between the ratings of Ford Credit and Ford.
More recently, the financial profile of Ford Credit has been
enhanced by improved access to capital markets on a secured and
unsecured basis, favorable operating performance, stabilization of
portfolio credit metrics, and a solid liquidity profile at the
current rating category.

Fitch has taken these rating actions:

Ford Motor Company

  -- Long-term IDR upgraded to 'B' from 'B-';

  -- Senior secured credit facility upgraded to 'BB/RR1' from 'BB-
     /RR1';

  -- Senior secured term loan upgraded to 'BB/RR1' from 'BB-/RR1';

  -- Senior unsecured upgraded to 'CCC/RR6' from 'CC/RR6'.

Ford Motor Co. Capital Trust II

  -- Subordinated convertible debentures upgraded to 'CC/RR6' from
     'C/RR6'.

Ford Motor Co. of Australia

  -- Long-term IDR upgraded to 'B' from 'B-';
  -- Senior unsecured rating withdrawn.

Ford Motor Credit Company LLC

  -- Long-term IDR upgraded to 'B' from 'B-';
  -- Short-term IDR affirmed at 'B';
  -- Senior unsecured upgraded to 'BB-/RR2' from 'B+/RR2';
  -- Commercial paper affirmed at 'B'.

FCE Bank Plc

  -- Long-term IDR upgraded to 'B' from 'B-';
  -- Short-term IDR affirmed at 'B';
  -- Senior unsecured upgraded to 'BB-/RR2' from 'B+/RR2';
  -- Commercial paper affirmed at 'B';
  -- Short-term deposits affirmed at 'B'.

Ford Capital B.V.

  -- Long-term IDR upgradeed to 'B' from 'B-';
  -- Senior unsecured upgraded to 'BB-/RR2' from 'B+/RR2';

  -- Ford Credit Canada Ltd.
  -- Long-term IDR upgraded to 'B' from 'B-';
  -- Short-term IDR affirmed at 'B';
  -- Senior unsecured upgraded to 'BB-/RR2' from 'B+/RR2';
  -- Commercial paper affirmed at 'B'.

Ford Credit Australia Ltd.

  -- Long-term IDR upgraded to 'B' from 'B-';
  -- Short-term IDR affirmed at 'B';
  -- Commercial paper upgraded affirmed at 'B'.

Ford Credit de Mexico, S.A. de C.V.

  -- Long-term IDR upgraded to 'B' from 'B-'.

Ford Credit Co. S.A. de C.V.

  -- Long-term IDR upgraded to 'B' from 'B-';
  -- Senior unsecured upgraded to 'BB-/RR2' from 'B+/RR2'.

Ford Motor Credit Co. of New Zealand

  -- Long-term IDR upgraded to 'B' from 'B-';
  -- Short-term IDR affirmed at 'B';
  -- Senior unsecured upgraded to 'BB-/RR2' from 'B+/RR2';
  -- Commercial paper affirmed at 'B'.

Ford Motor Credit Co. of Puerto Rico, Inc.

  -- Short-term IDR affirmed at 'B'.

Ford Holdings, Inc.

  -- Long-term IDR upgraded to 'B' from 'B-';
  -- Senior unsecured upgraded to 'CCC/RR6' from 'CC/RR6'.


PARAGON PRINTING: Print Media Group Buys Paragon Business
---------------------------------------------------------
Paragon Printing Ltd. will be renamed South Pacific Print Group,
after its assets and staff were acquired by Print Media Group,
ProPrint reports.

According to the report, PMG said Thursday that it will acquire
"all plant and equipment" at Wodonga-based Paragon, but could not
guarantee that all 140 of Paragon's staff would be retained.

The Australian Manufacturing Workers Union, which was involved in
negotiations together with the company's administrators, said it
is "hopeful" that up to 90 jobs will be retained at the company,
the report relates.

Moore Australasia managing director David Glavonjic told ProPrint
that "around 20" of Paragon's staff would be employed in his
company's warehousing operations.

As reported in the Troubled Company Reporter-Asia Pacific on
March 11, 2010, The Border Mail said Sydney-based accountants Hall
Chadwick have been appointed as administrators for Paragon
Printing Ltd., as well as the office supplies wholesaler, MMMM
Office 69.

Border Mail relates administrator Hall Chadwick said in a
statement that the objective of an administration was to either
maximize the chances of the company continuing to exist or if that
was not possible, wind up operations to provide a better return
for creditors and members.

"Hall Chadwick partners Richard Albarran, Blair Pleash and David
Ross are continuing to trade the businesses of the companies at
this stage with a view to maximizing the chances of the companies
continuing in existence," Hall Chadwick said in the statement.

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

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


===================
B A N G L A D E S H
===================


* BANGLADESH: Moody's Assesses 'Ba3' Rating and Stable Outlook
--------------------------------------------------------------
Moody's Investors Service has published its first annual report on
Bangladesh, and which provides a methodological assessment
underpinning the country's Ba3 foreign- and local-currency
sovereign obligations and the stable rating outlook.

"The rating reflects Moody's assessment that a track record of
steady growth, macroeconomic stability and policy predictability
offsets a relatively low income, but medium-sized economy," says
Aninda Mitra, a Moody's Vice President and Senior Analyst.

Mitra was speaking on the release of the report, and which
followed the publication of a press release on April 12 announcing
its assignment of the first-time rating to the People's Republic
of Bangladesh.

"Bangladesh's overall balance of payments and economic stability
is further supported by large remittance inflows and the role of
local micro-finance institutions," says Ms. Mitra.  "The latter
have heightened financial inclusion and established a critical
social safety net that offsets the vagaries of a very low level of
per-capita income."


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


CHINA ORIENTAL: Fitch Assigns 'BB+' Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has assigned a Long-term foreign currency Issuer
Default Rating of 'BB+' to China Oriental Group Company Limited --
a construction and infrastructural steel producer in China.  The
Outlook on the IDR is Stable.  At the same time, the agency has
also assigned an expected rating of 'BB+' to the proposed US$500m
five year senior unsecured notes to be issued by China Oriental.
The final rating is contingent upon the receipt of final documents
conforming to information already received.

"China Oriental's expansion has not compromised its conservative
financial profile," said Su Aik Lim, Director in Fitch's
Corporates team.  "Through expanding its production capacity to
over 10 million tons per year, it is now being recognized as a
tier-1 steel producer in Hebei province and a leading H-section
steel producer," Mr. Lim added.

ArcelorMittal S.A.'s ('BBB'/Negative) increasing operational
support has been a key reason for China Oriental's rapid
development from a mid-size steel producer of 4.3 mtpa capacity in
2007 to its current strength and is viewed by Fitch as a positive
factor for the rating.  Fitch expects ArcelorMittal to continue
providing operational support to China Oriental as it remains
committed to the Chinese steel market, and China Oriental is one
of its two key integrated steel making investments in China.

China Oriental's ratings are constrained by its lack of product
diversification and the execution risks associated with its plan
to upgrade and diversify its product mix.  In 2009, basic steel
products contributed to over 60% of its revenue.  That said, the
company has plans to increase contribution from high value-added
steel products over the next few years.

The Stable Outlook reflects Fitch's expectation that the company's
strong market position in H-section products and improved outlook
for its cold-rolled products will offset margin weakness caused by
high raw material costs and intense competition for its basic
steel products.  A prerequisite for any future positive rating
action would be for the company to increase the contribution of
its high value-added products to above 70% of total revenue
through the successful implementation of its value-added product
lines, while maintaining its net debt/EBITDAR below 1.0x for at
least two consecutive years.  Another factor supportive of an
upgrade is an increase in the scale of the business so that it
achieves annual EBITDA generation of US$1bn, although this alone
would be insufficient to support an upgrade without the
achievement of the other factors mentioned above.  A positive
rating action is not considered likely over the next three years.

A significant weakening of the strategic and operational ties with
ArcelorMittal, and/or a deterioration of its net debt/EBITDAR to
above 1.5x for two consecutive years would be negative for its
ratings.  Meanwhile, any material adverse changes in the terms of
the proposed senior unsecured notes, funding plans or investment
plans may also result in a negative rating action.


CHINA ORIENTAL: Moody's Assigns 'Ba1' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating to China Oriental Group Company Limited, and a Ba1 senior
unsecured rating to the company's proposed issuance of US$ notes.
The outlook for the ratings is stable.

This is the first time that Moody's has assigned ratings to China
Oriental.

The proceeds of the proposed notes will be used by the company to
fund working capital, capital expenditures and for general
corporate purposes, including possibly the acquisition of steel
mills in China and investments in iron ore assets.

"The rating reflects China Oriental's position as the largest
maker in China of H-sections, a key steel product in
infrastructure construction," says Ken Chan, a Moody's Vice
President.

"China's railways, redevelopment and urbanization projects mean
ongoing demand for the company's products in the medium term and
despite near-term concerns over a reduction in the government's
stimulus packages," adds Chan.

"Further supporting the rating is Moody's consideration that China
Oriental's projected credit metrics are sound, including Adjusted
Debt/EBITDA of around 2.0x and EBITDA/Interest of around 8.0x over
the next few years," says Mr. Chan.  "In addition, this credit
profile is supported by management's prudent financial philosophy
and the company's high level of operating efficiency."

Moreover, the presence of ArcelorMittal (Baa3/stable) as a 29.6%
shareholder provides a certain level of comfort on corporate
governance practices and raises production efficiency, thereby
affording further support to the rating.

However, China Oriental's rating is constrained by two primary
credit concerns.

First, there is the company's low self-sufficiency in raw
materials, a situation which exposes it to rising input costs and
the commodity nature of steel products.  Accordingly, Moody's
expects it to incur high working capital needs over the next 6-12
months against the backdrop of rising iron ore and coking coal
prices.

Secondly, China Oriental is exposed to industry and regulatory
risk as the Chinese steel industry is undergoing consolidation.
Therefore, it has to grow through acquisitions, which entail in
turn execution risk.

Although it has carried out a prudent expansion strategy over the
last 2 years, given its aggressive expansion targets for the next
few years, its continued adherence to its discipline on
acquisitions will be a key credit consideration over the medium
term.

Moody's also expects the company's profit margin will moderate in
the near term, because of rising iron ore prices, but assumes it
can pass on a portion of the increased costs -- in view of solid
demand -- to contain margin pressure.

The rating outlook is stable, reflecting Moody's expectation that
China Oriental will maintain its discipline on acquisitions while
pursuing growth.

The ratings are unlikely to be upgraded over the near term.  But,
upward pressure could occur over time if the company 1) maintains
its discipline on acquisitions while expanding its production
capacity; 2) improves its market position, especially in the
fragmented steel sector; and/or 3) successfully diversifies its
product offering, while maintaining a competitive cost structure
to mitigate margin pressures.

Financial indicators required for an upgrade would include the
maintenance of Adjusted Debt/EBITDA below 1.0-1.5x and
EBITDA/Interest over 10.0x on a consistent basis.

Evidence of tangible support from ArcelorMittal -- together with
it gaining majority control, possibly after anti-trust clearance -
- would potentially be positive for the rating.

On the other hand, China Oriental could experience downward
ratings pressure if its financial position weakens, such that
Adjusted Debt/EBITDA surpasses 2.0-2.5x and EBITDA/interest stays
below 6.0x over the cycle.

This outcome could be a result of 1) a higher-than-expected
increases in raw material prices, such as for iron ore and coke,
without a corresponding climb in product prices; 2) the company
engages in aggressive debt-funded acquisitions; or 3) an inability
to ramp up planned production capacity and optimize its product
mix, combined with weaker-than-expected steel demand in China.

An aggressive dividend policy draining capital reserves and
weakening balance-sheet liquidity would also be negative for the
ratings.

In addition, an exit by ArcelorMittal as a strategic shareholder -
- unlikely at the moment -- would also be negative.

China Oriental Group Company Limited, with total steel
manufacturing capacity of 11 mtpa (million tons per annum), mainly
manufactures H-Section Steel and HR Strips/Strip products at its
mills in Hebei province, China.  These products are basic building
blocks for infrastructure projects, residential construction,
plants and stadiums.

The company generated US$3.0 billion and US$380 million of revenue
and EBITDA respectively in 2009, and was listed on the Hong Kong
Stock Exchange in 2004.  It is 45% controlled by the founder, Han
Jingyuan, and is 29.6% owned by ArcelorMittal.


SHANGHAI ZENDAI: S&P Keeps 'B+' Long-Term Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'B+' long-term
corporate credit rating on Shanghai Zendai Property Ltd. and the
'B+' issue rating on the company's outstanding senior unsecured
notes on CreditWatch with negative implications.  The ratings were
originally placed on CreditWatch on Feb. 3, 2010.

"S&P has kept the rating on Shanghai Zendai on CreditWatch pending
clarification on how the company will fund the Chinese renminbi
(RMB) 9.22 billion in land premium due for a Shanghai commercial
property project.  S&P initially placed the rating on CreditWatch
following confirmation that the company has won the bid for the
land site, which S&P believes will put severe pressure on its
liquidity and balance sheet," said Standard & Poor's credit
analyst Christopher Lee.

"The land premium represents 15x the company's cash on hand at the
end of 2009, and it will need to be paid within a relatively short
period of time.  Shanghai Zendai's announcement yesterday about
the formation of a joint venture to undertake property projects
may or may not involve this particular piece of Shanghai land.
its understanding is that the company is making progress in
finalizing the funding for the total development cost, including
land premium," Mr. Lee said.

In its opinion, Shanghai Zendai's liquidity is tight due to
uncertainty with the funding plan for the RMB9.22 billion land
premium.  In addition, the company has other short-term
obligations, including RMB282 million in borrowings due within 12
months and other land premium payments.  S&P estimates that the
company had RMB700 million in cash at the end of March after
making the first installment of 10% of the outstanding Shanghai
land premium.

Standard & Poor's aims to resolve the CreditWatch within the next
three months after S&P obtains clarification on Shanghai Zendai's
funding plan for the Shanghai commercial property project's land
premium.  S&P may lower the rating by at least one notch if
Shanghai Zendai does not have sufficient funds or commitments by
the end of June to pay for the land acquisition, which will put
significant pressure on its liquidity.


* Fitch Says Rising Coal Prices May Erode China Power's Margins
---------------------------------------------------------------
Fitch Ratings has commented that Chinese Independent Power
Producers' operational cash flows in 2010 could be negatively
affected by increasing fuel costs.

"Although Fitch expects Chinese IPPs' revenues to grow in 2010 due
to robust growth in electricity demand and an increase in
utilization hours, these cash flow benefits are likely to be
offset by higher coal costs," notes Simon Wong, Director in
Fitch's Asia-Pacific energy and utilities team.  "Fitch expects
average coal spot prices in 2010 to be higher than 2009, and that
prices will be volatile due to supply restrictions from the
ongoing consolidation of small mines and extended safety
inspections, while coal demand will rise as the summer peak season
approaches," adds Mr. Wong.

Spot thermal benchmark coal prices in Qinhuangdao surged past
CNY800/tonne in early January 2010 as a result of extreme weather
and a transportation bottleneck.  While the benchmark thermal coal
price has retreated to around CNY700/tonne during March, Fitch
expects coal prices to remain volatile over the rest of 2010.

While the Chinese government has allowed three increases in on-
grid electricity tariffs in the past two years, these adjustments
were largely ad-hoc and not fully reflective of the increases in
coal costs borne by the Chinese IPPs.  Fitch expects that future
upwards tariff adjustments, if any, would not be announced until
H210 and would only partially mitigate pressure on 2010's margins.

Huaneng Power International reported a 38.7% rise in total revenue
in Q110 largely due to a 40.1% increase in domestic power
generation.  However, its gross margin percentage was reduced as
operating costs climbed 43.8% over the corresponding period.  Cost
increases were mainly due to higher contracted and spot coal
prices which led to unit fuel costs rising by 12.6% over Q109.
Fitch expects fuel cost management to continue to be a key
challenge for Huaneng, even though it has contracted approximately
78% of its coal requirements for 2010.  Huaneng's Q110 average
spot purchase price was approximately 17.7% higher than its 2009
average.

Meanwhile, Huaneng has an aggressive target to increase its
generation capacity from 48GW to 60GW by end-2010 including the
development of greenfield coal-fired, hydro and wind power
generation assets of approximately 4GW.  Despite the proposed non-
public equity issuance in 2010, Fitch does not expect its highly
leveraged position to improve due to the company's ongoing
aggressive capex programmes.

China's electricity consumption grew 24.2% during Q110 year on
year, benefiting from the low base of Q109 and the improved demand
from industrial users, which grew 27.6% over the same period.
Electricity consumption by industrial users, which accounted for
72.6% of the nation's usage in Q110 (Q109: 70.8%), is the key
driver of China's power consumption.  The severe drought in China,
which started last summer in the southwestern provinces, including
Yunnan, Guizhou and Guangxi, reduced hydro-electricity output.
Therefore, the robust Q110 demand growth was largely met by higher
output from coal-fired generation (up by 24.3%).

Fitch rates these Chinese thermal IPP companies:

  -- Huaneng Power International ('BB+'/Stable)
  -- Datang International Power Generation Company ('BB+'/Stable),
  -- Huadian Power International Corporation Limited ('BB'/Stable)
  -- China Power International Development Limited ('BB'/Stable)


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


ABLE SYSTEM: Leung and Lee Appointed as Liquidators
---------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Able System Development
Limited.  The High Court entered an order on May 22, 2006, to wind
up the operations of Able System Development Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


AFFLANCE FURNITURE: Leung and Lee Appointed as Liquidators
----------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Afflance Furniture (Hong
Kong) Limited.  The High Court entered an order on September 13,
2005, to wind up the operations of Afflance Furniture (Hong Kong)
Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


ALLIED MASTER: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on April 14, 2010, to
wind up the operations of Allied Master Investment Limited.

The official receiver is E T O'Connell.


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

Chan Pik Shan filed the petition against the company on March 15,
2010.

The Petitioner's solicitors are:

          Michael Pang & Co.
          10/F., Wing On Cheong Building
          5 Wing Lok Street
          Central, Hong Kong


BTA DESIGN: Leung and Lee Appointed as Liquidators
--------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of
Hong Kong as joint and several liquidators of BTA Design Limited.
The High Court entered an order on March 6, 2008, to wind up the
operations of BTA Design Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


CENTRO DEVELOPMENTS: Leung and Lee Appointed as Liquidators
-----------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Centro Developments
Limited.  The High Court entered an order on April 3, 2003, to
wind up the operations of Centro Developments Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


CHIEF LIGHT: Leung and Lee Appointed as Liquidators
---------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Chief Light Magnetics
Limited.  The High Court entered an order on February 27, 2009, to
wind up the operations of Chief Light Magnetics Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


CHINA LEASING: Leung and Lee Appointed as Liquidators
-----------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of China Leasing (Hong Kong)
Limited.  The High Court entered an order on December 31, 2008, to
wind up the operations of China Leasing (Hong Kong) Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


CHINA SITE: Leung and Lee Appointed as Liquidators
--------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of China Site Investigation
(H.K.) Limited.  The High Court entered an order on December 10,
2004, to wind up the operations of China Site Investigation (H.K.)
Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


CMM HOLDINGS: Leung and Lee Appointed as Liquidators
----------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of CMM Holdings Limited.
The High Court entered an order on October 22, 2007, to wind up
the operations of CMM Holdings Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


EASTLLOYD LIMITED: Leung and Lee Appointed as Liquidators
---------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Eastlloyd Limited.  The
High Court entered an order on December 13, 2004, to wind up the
operations of Eastlloyd Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


EASTJOY LIMITED: Leung and Lee Appointed as Liquidators
-------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Eastjoy Limited.  The
High Court entered an order on February 13, 2009, to wind up the
operations of Eastjoy Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


FORDLAND HOLDINGS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on April 14, 2010, to
wind up the operations of Fordland Holdings Limited.

The official receiver is E T O'Connell.


FORTUNE TRUMP: Leung and Lee Appointed as Liquidators
-----------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Fortune Trump
International Limited.  The High Court entered an order on
August 17, 2005, to wind up the operations of Fortune Trump
International Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


GAINWAY INTERNATIONAL: Leung and Lee Appointed as Liquidators
-------------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Gainway International
Limited.  The High Court entered an order on March 8, 2008, to
wind up the operations of Gainway International Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


HAPPILY (H.K.): Leung and Lee Appointed as Liquidators
------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of
Hong Kong as joint and several liquidators of Happily (H.K.)
Limited.  The High Court entered an order on February 20, 2008, to
wind up the operations of Happily (H.K.) Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


IMAGI PRODUCTION: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on April 14, 2010, to
wind up the operations of Imagi Production Limited.

The official receiver is E T O'Connell.


INKSANE LIMITED: Leung and Lee Appointed as Liquidators
-------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Inksane Limited.  The
High Court entered an order on April 8, 2005, to wind up the
operations of Inksane Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


INFINITE POSSIBILITIES: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong entered an order on April 14, 2010, to
wind up the operations of Infinite Possibilities (Hong Kong)
Limited.

The official receiver is E T O'Connell.


JOINT WELL: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on April 14, 2010, to
wind up the operations of Joint Well Management Limited.

The official receiver is E T O'Connell.


KENDER DEVELOPMENT: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on April 14, 2010, to
wind up the operations of Kender Development Limited.

The official receiver is E T O'Connell.


LICHOY INDUSTRIAL: Leung and Lee Appointed as Liquidators
---------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Lichoy Industrial
Limited.  The High Court entered an order on February 24, 2003, to
wind up the operations of Lichoy Industrial Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


LUCKY WORLD: Leung and Lee Appointed as Liquidators
---------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Lucky World Development
Limited.  The High Court entered an order on April 3, 2003, to
wind up the operations of Lucky World Development Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


MANKIND INTERNATIONAL: Leung and Lee Appointed as Liquidators
-------------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Mankind International
Limited.  The High Court entered an order on August 17, 2005, to
wind up the operations of Mankind International Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong

MILLIGAIN INDUSTRIAL: Leung and Lee Appointed as Liquidators
------------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice- dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Milligain Industrial
Limited.  The High Court entered an order on October 30, 2007, to
wind up the operations of Milligain Industrial Limited.

The company's liquidator is:

          Leung King Wai William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


NATIONAL HONEST: Leung and Lee Appointed as Liquidators
-------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of National Honest Limited.
The High Court entered an order on February 27, 2008, to wind up
the operations of National Honest Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


NETFRONT BROADBAND: Leung and Lee Appointed as Liquidators
----------------------------------------------------------
Leung King Wai William and Lee Kwok Wai said in notice dated
April 23, 2010, they have been appointed by the High Court of Hong
Kong as joint and several liquidators of Netfront Broadband
Limited.  The High Court entered an order on August 17, 2005, to
wind up the operations of Netfront Broadband Limited.

The liquidators may be reached at:

          Leung King Wai, William
          Lee Kwok Wai
          c/o Messrs. William K.W. Leung & Co.
          Unit No. 01, 11th Floor
          Beautiful Group Tower
          No. 77 Connaught Road
          Central, Hong Kong


OG DEVELOPMENT: Lai and Haughey Appointed as Liquidators
--------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey on April 9, 2010, were
appointed as liquidators of OG Development Company Limited.

The liquidators may be reached at:

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


PO LUEN: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on April 14, 2010, to
wind up the operations of Po Luen Metal Factory Limited.

The official receiver is E T O'Connell.


RICHFINE DEVELOPMENT: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on April 14, 2010, to
wind up the operations of Richfine Development Limited.

The official receiver is E T O'Connell.


SKYWIN (GROUP): Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on April 14, 2010, to
wind up the operations of Skywin (Group) Parking Limited.

The official receiver is E T O'Connell.


START PLAN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on April 14, 2010, to
wind up the operations of Start Plan Investments Limited.

The official receiver is E T O'Connell.


WALTECH PACIFIC: Chiong and Sutton Step Down as Liquidators
-----------------------------------------------------------
Desmond Chung Seng Chiong and Roderick John Sutton stepped down as
liquidators of Waltech Pacific (Engineering) Limited on March 22,
2010.


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


AIR INDIA: Opposes Kingfisher Code-Share Deal With British Airways
------------------------------------------------------------------
The Economic Times reports that Air India is opposing a proposed
marketing alliance between Kingfisher Airlines and British
Airways.  The report says the national carrier has written to the
government not to allow the tie up, arguing that any such move
will damage its commercial interests.

The Economic Times says Kingfisher is keen to partner with British
Airways on the domestic network, an alliance that could give the
cash-starved carrier some breather.

According to the report, the agreement will allow Kingfisher to
book a British Airways passenger even on a domestic leg, like
Delhi-Chennai, under a code-share agreement while BA will be able
to book a Kingfisher passenger on UK domestic route like London-
Glasgow.

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

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

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

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

                          About Air India

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


BHAWANI STEELS: Low Net Worth Prompts CRISIL 'B-' Ratings
---------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to Bhawani Steels
Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR50.0 Million Cash Credit Facility   B-/Negative (Assigned)
   INR15.0 Million Letter of Credit       P4 (Assigned)

The ratings reflect BSPL's weak financial risk profile, marked by
high gearing, weak debt protection metrics, and low net worth, and
small scale of operations, and exposure to risks related to
speculative derivative transactions in commodities, and to
volatility in raw material prices.  These rating weaknesses are
partially offset by the benefits that BSPL derives from its
promoters' experience and established position in the copper
industry.

Outlook: Negative

CRISIL expects BSPL's financial risk profile to deteriorate over
the medium term on account of incremental working capital
requirements.  Moreover, in the absence of sufficient cash
accruals, the company is likely to remain dependent on fresh
equity infusion from its promoters in order to meet its term debt
repayment obligations over the medium term.  BSPL's ratings may be
downgraded in the absence of timely infusion of funds by its
promoters.  Conversely, the outlook may be revised to 'Stable' if
BSPL's operating margin and capital structure improves, and if the
company's cash flow cycle leads to improvement in financial
flexibility.

                       About Bhawani Steels

BSPL was set up in 1985 and was acquired by its present promoter
Mr. Manoj Jain in 1994.  Until 2002, the company undertook job
works for the conversion of copper ingots to copper rods. After
2002, the company also started trading in imported metal scrap.
Further, from 2004 onwards, the company commenced the production
of copper rods for sale in the domestic market. Copper rods
manufactured by the company are primarily used in manufacturing
copper cables.  BSPL has capacity to manufacture 3000 tonnes of
copper rods per annum at its plant in Delhi.  Around 60% of the
total turnover is derived from manufacturing, while the remainder
is derived from trading.

BSPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR291.7 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR0.6 million on net sales
of INR459.6 million for 2007-08.


CEASAN GLASS: CRISIL Reaffirms 'B+' Rating on INR200 Mil. LT Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term loan of Ceasan Glass Pvt Ltd
continues to reflect CGPL's weak financial risk profile because of
its large, debt-funded capital expenditure (capex) on its
patterned glass project, and its exposure to risks related to the
initial stage of operations of its manufacturing unit.  These
weaknesses are partially offset by the benefits that the company
derives from the experience of its promoters and management.

   Facilities                            Ratings
   ----------                            -------
   INR200.0 Million Long-Term Loan       B+/Negative (Reaffirmed)

   The above facility is now with The Lakshmi Vilas Bank; it was
   earlier with State Bank of India

Outlook: Negative

CRISIL believes that CGPL's credit risk profile will remain
constrained over the medium term because of time and cost overruns
in its project, leading to lower-than-expected cash accruals.
Though the construction of the project is complete, its trial run
is expected to commence only from April 2010.  Any delay in
stabilising the operations could adversely impact the company's
debt servicing ability in the near term.  The rating may be
downgraded if the commercialization takes longer than expected, or
if there is lower-than-expected off-take of the company's
products, resulting in low cash accruals.  Conversely, the outlook
may be revised to 'Stable' if CGPL successfully stabilizes the
commercial production as per expectations and generates stable
cash accruals.

CGPL was established by Mr. C H V N Raghurama Gupta and Mr. G
Satish Kumar in 2007. The company has set up a
figured/patterned/wired glass project, with a capacity of 80
tonnes per day at its facility at Ongole (Andhra Pradesh);
production is expected to commence from end April 2010. The
project was delayed by four months with a cost overrun of around
INR75 million, taking the total cost of the project to
INR424 million.


DELUXE KNITTING: CRISIL Assigns 'P4' Ratings on Various Debts
-------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facilities of
Deluxe Knitting Mill.

   Facilities                                   Ratings
   ----------                                   -------
   INR60.00 Million Packing Credit              P4 (Assigned)
   INR50.00 Million Foreign Bill Discounting*   P4 (Assigned)
   INR10.00 Million Adhoc Limit                 P4 (Assigned)

   *INR15.00 Million of Bills Discounting limit interchangeable
    with Packing Credit facility

The rating reflects the customer concentration in DKM's revenues,
its below-average financial risk profile and, small scale of
operations. These weaknesses are partially offset by the benefits
that DKM derives from its experienced management.

Set up as a partnership firm in 1987 by Mr. V S P Prabhu and Mr. V
Raghupathi in Tirupur (Tamil Nadu), DKM produces and exports
knitted garments to Holland, Belgium, Mexico, and Europe.  The
firm is part of the Deluxe group, which consists of three firms:
DKM, Deluxe India Knits, and Deluxe Apparel House.  DKM has 300
stitching machines and five embroidery machines, DIK has 14
knitting machines, and DAH has three labeling machines.  DKM
outsources knitting and labeling operations to the group entities,
and spinning, dyeing, and printing operations to entities outside
the group.

DKM reported a profit after tax (PAT) of INR5 million on net sales
of INR277 million for 2008-09 (refers to financial year, April 1
to March 31), against a PAT of INR6 million on net sales of
INR266 million for 2007-08.


ESQUIRE ESTATES: Low Net Worth Cues CRISIL 'BB' Rating
------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the term loan
facility of Esquire Estates Developers Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR49.3 Million Long-Term Loan      BB/Stable (Assigned)

The rating reflects EEDPL's weak financial risk profile, marked by
low net worth and liquidity, and dependence on a single customer,
Pantaloon Retail India Ltd for generating rentals.  These
weaknesses are partially offset by the company's moderate debt
service coverage ratio, and the continued financial support it
receives from its promoters, the Vaswani group.

For arriving at the ratings, CRISIL has combined the financial and
business risk profiles of EEDPL and its group company, Shree
Realtors Pvt Ltd, together referred to herein as the EEDPL-SRPL
combine.  This is because both these companies operate under the
same management and have strong business linkages between them.
Besides, both EEDPL and SRPL are exposed to the risks and rewards
of leasing related assets to the same lessee (currently
Pantaloon), and funds are fungible between them to cover any
shortfall in rental receipts.

Outlook: Stable

CRISIL believes that the SRPL-EEDPL combine's credit profile will
be maintained over the medium term, backed by moderate rental
receipts.  The rating outlook may be revised to 'Positive' in case
of a substantial improvement in the combine's debt service
coverage ratio due to reduction in interest rates or escalation in
rentals.  Conversely, the outlook may be revised to 'Negative' in
case of a decline in the debt service coverage ratio due to
unexpected termination of the existing lease agreement, or
inadequate rentals; or in case of increase in exposure to group
companies.

EEDPL, established by the Bengaluru-based Vaswani group, has
entered into a long-term lease agreement with Pantaloon for
equipment, such as generators and escalators, installed at a
commercial complex, the Cosmos Mall in Bengaluru.  EEDPL's group
company, SRPL, owns 67 per cent share (in land and building) in
the complex which houses the Cosmos Mall.

The EEDPL-SRPL combine reported a net loss of INR3.9 million on an
operating income of INR44 million for 2008-09 (refers to financial
year, April 1 to March 31), against a net loss of INR3 million on
an operating income of INR44.6 million for the previous year. For
the 11 months ended February 28, 2010, the combine reported a net
loss of INR2.6 million on an operating income of INR40.2 million.


INDAGE VINTNERS: High Court Extends Stay on Liquidation
-------------------------------------------------------
The Bombay High Court has extended stay on Indage Vintners'
liquidation to June 15, The Economic Times reports.  The report
says division bench of Justice FI Rebello and Justice Amjad Sayed
on Thursday granted the extension while hearing the company's
appeal against the winding up order.

Indage counsel Dinyar Madon told the court that the promoters,
Chougule family, will infuse INR75 crore into the troubled company
as part of the corporate debt restructuring scheme, the report
states.  The Economic Times notes the company's corporate debt
restructuring has been approved.  But Mr. Chougule said a few
unsecured creditors are opposing the CDR proposal, whereas most
banks, including ICICI Bank and SBI, have approved the package.

Indage MD Ranjit Chougule told ET that the company will file a
petition under section 391 of the Companies Act, 1956 next month
to compromise and restructure debts.

As reported in the Troubled Company Reporter-Asia Pacific on
March 25, 2010, the Bombay High Court ordered the liquidation of
Indage Vintners Ltd. following a series of winding-up petitions
filed by lenders and unpaid employees.

Indage owes around INR750 crore to lenders such as ICICI Bank
Ltd., State Bank of India, Barclays Bank Plc and Axis Bank Ltd.,
among others.

                        About Indage Vintners

Indage Vintners Limited (BOM:522059), formerly Champagne Indage
Limited, is an India-based company engaged in the business of
producing, marketing, distributing, wines and champagne.  The
product portfolio of the Company includes Marquise De Pompadour
Brut; Ivy Brut; Joie Brut; Ivy, Chardonnay Semillon; Ivy, Malbec;
Ivy, Sauvignon Semillon; Ivy, Shiraz; Ivy, Chenin Muscat; Ivy,
White Zinfandel; Ivy, Viognier; Riviera, Pinot Noir; Riviera,
Blanc de Blanc; Chantilli, Chardonnay; Chantilli, Cabernet
Sauvignon; Chantilli, Chenin Blanc; Chantilli, Merlot; Chantilli,
Sauvignon Blanc; Chantilli, Shiraz; Chantilli, White Zinfandel;
Vin Ballet, White; Vin Ballet, Red; Vino, White; Vino, Red; Vino
Sparkling Wine; Figueira, Tawny Port; Figueira, Ruby Port;
Cabernet Sauvignon; Chardonnay; Merlot; Sauvignon Blanc; Syrah;
Merlot Shiraz, and Chenin Blanc.  The Company produces wines and
exports it to 69 countries.  In May 2008, the Company acquired
Darlington Wines in United Kingdom and VineCrest in Australia.


INDIC EMS: Fitch Assigns National Long-Term Rating at 'B'
---------------------------------------------------------
Fitch Ratings has assigned India-based Indic EMS Electronics
Private Limited a National Long-term Rating of 'B(ind)' with a
Stable Outlook.  The agency has also assigned a National Long-term
Rating of 'B(ind)' to the company's INR23.5m term loans, and
National Ratings of 'B(ind)'/'F4(ind)' to its INR30m fund based
working capital limits and INR10m non-fund based working capital
facilities.

The ratings reflect Indic EMS Electronics Private Limited's (Indic
EMS's) limited track record in the electronics assembly business;
the company supplies electronics assembly to telecom, industrial
and automotive sectors.  It has strong operational linkages with
its promoters -- Digiproces and Electronica Itel -- which provide
technical, operational and marketing support and also buy
electronics assemblies from Indic EMS.

The ratings are constrained by Indic EMS' lack of any significant
operational track record since it only began operations in 2007.
During the last two years, the company has reported operating
losses.  Furthermore, Indic EMS' profitability has been impacted
by low sales volumes as a result of reduced orders from overseas
customers.

Fitch notes that Indic EMS targets to tap the export markets, with
its low operational costs as the key competitive advantage.  The
agency also expects the company's European stakeholders to provide
the necessary marketing support in procuring orders.  However, key
concerns include a slowdown in the global economy and realization
pressures that could affect margins.

Negative rating factors include interest cover falling below
1.25x, leverage of over 6.0x and EBITDA margins falling below 8%
on a sustained basis.  Conversely, a sustained decline of its
leverage to below 3.0x would be positive for its ratings.

Bangalore-based Indic EMS Electronics Private limited (Indic EMS)
was incorporated in 2007; it is primarily engaged in the business
of printed circuit boards assemblies for numerous sectors
including the industrial, elevation, and communications sector,
and the defence and aerospace sector.  During FY09, Indic EMS
reported revenues of INR29.1 million, EBITDA loss of
INR-8.4 million, and net loss of INR-17.1 million.  During the
eleven-month period to end-February 2009, Indic EMS reported
revenues of INR48.54m and EBITDA of INR5.20 million.


JAYPEE ALLOY: CRISIL Assigns 'BB' Rating on Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Jaypee Alloy & Castings Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR40.0 Million Cash Credit          BB/Stable (Assigned)
   INR2.5 Million Overdraft Facility    BB/Stable (Assigned)
   INR17.5 Million Long-Term Loan       BB/Stable (Assigned)
   INR9.5 Million Letter of Credit      P4+ (Assigned)
   INR25.0 Million Bank Guarantees      P4+ (Assigned)

The ratings reflect Jaypee Alloy's marginal market share and
exposure to risks related to cyclicality in the steel industry,
relatively small net worth, and limited integration of operations.
These weaknesses are partially offset by Jaypee Alloys' promoter's
extensive experience in the industry, and the company's moderate
financial risk profile marked by comfortable gearing level and
healthy debt protection measures.

Outlook: Stable

CRISIL believes that Jaypee Alloys will, over the medium term,
continue to benefit from its promoter's extensive experience in
the steel industry.  The outlook may be revised to 'Positive' in
case of more-than-expected revenue growth and profitability,
resulting in further improvement in the company's financial risk
profile.  Conversely, the outlook may be revised to 'Negative' in
case of significant increase in raw material prices, which can
result in lower-than-expected profitability, or if the company
undertakes a large, debt-funded capital expenditure programme,
thereby deteriorating its financial risk profile.

                         About Jaypee Alloys

Jaypee Alloys was established in 2004 by Mr. Jagdish Prasad
Agarwal, who has over 40 years of experience in the iron and steel
industry.  The company trades in various steel products including
thermo-mechanically-treated (TMT) bars, rounds, and angles.  It
also manufactures alloy/non-alloy steel ingots which have varied
applications in rolling and forging mills.  The company currently
has two inductotherm furnaces, each with a capacity of around 100
tonnes per day.

For 2008-09 (refers to financial year, April 1 to March 31),
Jaypee Alloys reported a profit after tax (PAT) of INR4 million on
net sales of INR858.6 million, against a PAT of INR7.7 million on
net sales of INR406.1 million for 2007-08.


KASLIWAL AUTOMOTIVES: ICRA Rates INR110 Mil. Bank Limits at 'LB+'
-----------------------------------------------------------------
ICRA has assigned a long-term rating of 'LB+' to the INR110
million bank limits of Kasliwal Automotives Pvt. Ltd.

The assigned rating takes into account the limited track record of
the company, weak financial profile on account of high gearing
resulting in stretched coverage indicators, significant debt
repayments during next few years which are expected to put
pressure on the company's cash flows and high competitive
intensity faced by the company in Indore region.  The rating is,
however, supported by the strong growth in volumes exhibited by
the company during the current financial year and improved
environment for the auto industry in general which has resulted in
strong performance by the passenger car segment in the current
fiscal.

Kasliwal Automotives Pvt. Ltd. was started in November 2007 and is
a dealership of Hyundai cars.  The business is run by Kasliwal
family and Mr. Amit Kasliwal & Mr. Aditya Kasliwal are the
Company's directors. KAPL operates a 3S facility in an area of
around 4400 sq. meter in Indore and employs around 60 people with
around 20 people in the sales force.  The group has also operated
a Honda 2-wheeler dealership for last ten years in addition to
several other small businesses.

Recent Results

The company has reported a net profit of around INR0.1 million on
the operating income of around INR311 million during FY09.


KIMS BSR: CRISIL Assigns 'BB-' Rating on INR118MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to KIMS BSR Super
Speciality Hospital Pvt Ltd's bank facilities.

   Facilities                      Ratings
   ----------                      -------
   INR118.0 Million Term Loan      BB-/Stable (Assigned)
   INR9.0 Million Cash Credit      BB-/Stable (Assigned)

The rating reflects KIMS BSR's exposure to offtake-related risks
as it is yet to commence operations. These rating weaknesses are
partially offset by the benefits that KIMS BSR derives from its
promoters' experience in the healthcare industry, and limited
tertiary care facilities in and around Bilaspur.

Outlook: Stable

CRISIL believes that KIMS BSR will continue to benefit from its
promoters' experience in the healthcare industry.  The outlook may
be revised to 'Positive' if KIMS BSR's hospital demonstrates
higher than expected revenues and accruals.  Conversely, the
outlook may be revised to 'Negative' if KIMS BSR reports lower-
than-expected off take, resulting in weak liquidity and strain on
its debt protection indicators.

KIMS BSR, incorporated in 2004 by Dr. M K Khanduja and Mr. Y R
Krishna, will offer tertiary healthcare and diagnostic services in
Bilaspur (Chhattisgarh).  The hospital is expected to commence
operations in April 2010.  The hospital will have a capacity of 70
beds.


KINGFISHER AIRLINES: Air India Blocks Code-Share Deal With BA
-------------------------------------------------------------
The Economic Times reports that Air India is opposing a proposed
marketing alliance between Kingfisher Airlines and British
Airways.  The report says the national carrier has written to the
government not to allow the tie up, arguing that any such move
will damage its commercial interests.

The Economic Times says Kingfisher is keen to partner with British
Airways on the domestic network, an alliance that could give the
cash-starved carrier some breather.

According to the report, the agreement will allow Kingfisher to
book a British Airways passenger even on a domestic leg, like
Delhi-Chennai, under a code-share agreement while BA will be able
to book a Kingfisher passenger on UK domestic route like London-
Glasgow.

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

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

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

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

                          About Air India

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

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines reported a net loss of INR16.09 billion for
the year ended March 31, 2009, compared with a net loss of
INR1.89 billion in the year ended March 31, 2008.

In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.


MAA VAISHNO: CRISIL Rates INR50 Million Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Maa Vaishno Sales
Pvt Ltd cash credit facility.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Cash Credit         B+/Stable (Assigned)

The rating reflects MVE's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection measures,
and working capital-intensive nature of operations.  These rating
weaknesses are partially offset by the benefits that MVE derives
from its promoters' experience in the distribution line of
business, and strong distribution network.

Outlook: Stable

CRISIL believes that MVSPL will maintain its healthy business risk
profile backed by promoters' experience in the distribution
business, and established relationships with its principals.  The
outlook may be revised to 'Positive' if MVSPL reports substantial
growth in the scale of its operations and profitability leading to
higher-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if there is significant pressure on the
firm's revenues and profitability, leading to deterioration in its
financial risk profile.

Maa Vaishno Enterprises was set up as a proprietorship firm in
August 2000 by Mr. Harish Agarwal.  The company commenced
operations with the dealership of Philips India Ltd.  The
dealership of Philips has been discontinued from 2006.  The
company is currently the distributor of Surya Roshni Ltd, Finolex
Cables Ltd, and Wipro Lighting in West Bengal.  MVE caters to
around 1000 retailers in its area of operation.  The firm has
changed its constitution to a closely held company with Mr. Harish
Agarwal and his wife Mrs. Bandana Agarwal as directors with effect
from April 6, 2010. The firm has been renamed as Maa Vaishno Sales
Pvt Ltd.

Maa Vaishno Enterprises reported a profit after tax (PAT) of
INR1.5 million on net sales of INR138 million for 2008-09 (refers
to financial year, April 1 to March 31) against a PAT of INR1.2
million on net sales of INR114 million for 2007-08.


ONEUP MOTORS: CRISIL Assigns 'B' Ratings on Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Oneup Motors India Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR80.0 Million Cash Credit Limit     B/Stable (Assigned)
   INR3.2 Million Term Loan              B/Stable (Assigned)
   INR19.9 Million Proposed Long-Term    B/Stable (Assigned)
                   Bank Loan Facility

The rating reflects OMIPL's weak liquidity arising out of its
large working capital requirements, and exposure to increasing
competition in the small car segment.

Outlook: Stable

CRISIL believes that OMIPL will maintain its average financial
risk profile and generate healthy operating income growth over the
medium term, backed by its dealership for market leader Maruti
Suzuki India Ltd (MSIL; rated 'AAA/Stable/P1+' by CRISIL).  The
outlook may be revised to 'Positive' if OMIPL strengthens its
capital structure or significantly improves its operating margin.
Conversely, the outlook may be revised to 'Negative' in case
lower-than-expected growth in operating income/profitability
adversely affects OMIPL's ability to service debt in a timely
manner.

OMIPL, incorporated in 2006, is a dealer for MSIL for Lucknow and
nearby districts of Barabanki, Kanpur, Hardoi, Rae-Bareli,
Pratapgarh, Faizabad, and Sitapur. OMIPL commenced operations in
2007-08 (refers to financial year, April 1 to March 31); 2008-09
was its first full year of operations. The company has its
showroom-cum-service centre in Lucknow, where it sells and
services all MSIL's car models.

OMIPL reported a profit after tax (PAT) of INR0.6 million on net
sales of INR629 million for 2008-09.


PYRAMID TECHNOPLAST: ICRA Puts 'LBB+' Rating on INR59.3MM Limits
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR59.3 million Fund
Based limits of Pyramid Technoplast Private Limited.  The outlook
assigned to the rating is stable.  ICRA has also assigned an
'A4+'rating to the INR52.0 million Non-Fund Based limits of PTPL.

The assigned ratings are constrained by the small scale of
operations of the company in a fragmented industry, vulnerability
of profitability to the volatility in raw material prices,
limitations on geographical reach beyond the western region due to
the nature of the product and over-utilization of working capita
facilities.  The ratings, however, draw comfort from the extensive
experience of the promoters in the High Density Poly Ethylene
(HDPE) drums and barrels business, healthy demand indicators as
seen in regular capacity expansion over the past periods and high
utilization levels and improving profitability indicators with
increase in revenues.  The ratings also take into account the
benefits derived by the company due to location of its
manufacturing facilities being near major chemical suppliers as
well as the voluminous nature of the product restricting threat of
imports.

Pyramid Technoplast Private Limited was incorporated in 1996. PTPL
is a manufacturer of High Density Polyethylene (HDPE) barrels,
which are used as packaging material for chemicals and industrial
fluids. The company has its manufacturing facilities in Silvassa,
Dadra and Nagar Havel (U.T.) and the company manufactures barrels
of 200 litre capacity currently.

PTPL is managed by Mumbai based entrepreneur Mr. Jai Prakash
Agarwal.  The company is part of Yash group of companies. Yash
Synthetics Private Limited is the holding company and is in the
business of manufacturing barrels of capacities ranging 20 to 100
litres.  The capacity utilization for PTPL during FY2009 was about
101%.  During FY 2009, PTPL recorded operating income of INR28.7
million and PAT of INR10 million. During the nine months of FY
2010, the company recorded operating income of INR297.3 million
and PAT of INR32.8 million.


RASHMI SPONGE: Delay in Loan Repayment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'D/P5' rating to Rashmi Sponge Iron &
Power Industries Ltd's bank facilities.  The ratings reflect delay
by RSIPIL in repayment of term loan obligations; the delay has
been because of RSIPIL's weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR270 Million Cash Credit         D (Assigned)

   INR245 Million Term Loan           D (Assigned)

   INR44 Million Proposed Long-Term   D (Assigned)
                 Bank Loan Facility

   INR100 Million Letter of Credit    P5 (Assigned)
                 and Bank Guarantee

Incorporated in 2001 by the late Mr. Satyanarayan Agarwal and his
two sons, Mr. Kailash Agarwal and Mr. Manoj Agarwal, Rashmi Sponge
Iron and Power Industries Ltd manufactures sponge iron and ingots,
and generates power.  Its production facilities are located in
Siltara Growth Centre, an industrial park near Raipur
(Chhattisgarh).  The company has installed capacity to produce
66,000 tonnes per annum (tpa) of sponge iron and 45,000 tpa of
ingots, and owns a 8-megawatt (MW) power plant.

RSIPIL reported a profit after tax (PAT) of INR14 million on net
sales of INR839 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR55 million on net sales
of INR846 million for 2007-08.


SANDEEP TEXTURISERS: CRISIL Assigns 'D' Ratings on Bank Debts
-------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of
Sandeep Texturisers Pvt Ltd, which is part of the Saraf group.

   Facilities                           Ratings
   ----------                           -------
   INR150.0 Million Cash Credit         D (Assigned)
   INR50.0 Million Proposed Long-Term   D (Assigned)
                 Bank Loan Facility

The rating reflects the fact that both Sandeep Texturizers and its
group company Saraf Yarn Pvt Ltd have been overdrawing their cash
credit account for more than 30 days over the past owing to the
weak liquidity position.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Sandeep Texturisers and Saraf Yarn, as
the two entities, together referred to as the Saraf group, have
significant operational linkages and fungible cash flows.

Sandeep Texturisers, incorporated in April 2004, is promoted by
Mr. Maheshkumar Saraf, who is also the director of the company.
The company is engaged in production of texturized and blended
yarn, and has its production facilities at Silvassa (Dadra and
Nagar Haveli) and Ahmedabad (Gujarat).  Mr. Saraf is also the
managing director of Saraf Yarn, which is a contract manufacturer
of blended yarn, fancy yarn, and grey fabric.

The Saraf group reported a profit after tax (PAT) of INR2.1
million on net sales of INR1135.9 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR8.9
million on net sales of INR1322.2 million for 2007-08.


SHARDA RICE: CRISIL Assigns 'B+' Ratings on INR50 Mil. Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Sharda Rice Mill's
bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR100.00 Million Cash Credit    B+/Stable (Assigned)
   INR50.00 Million Term Loan       B+/Stable (Assigned)

The rating reflects Sharda's weak financial risk profile, due to
large debt-funded capital expenditure and working capital
requirements, and small scale of operations, and exposure to risks
related to intense competition in the domestic rice industry, to
vagaries in the monsoons, and government policies. These rating
weaknesses are partially offset by the benefits that Sharda
derives from its promoter's experience in the rice industry.

Outlook: Stable

CRISIL believes that Sharda's financial risk profile to remain
weak over the medium term, constrained by high gearing and low net
worth.  The outlook may be revised to 'Positive' if the firm's
capital structure improves significantly through fresh equity
infusion or higher profitability.  Conversely, the outlook may be
revised to 'Negative' if delays in ramp up stretch the firm's
liquidity on account of low cash accruals.

Incorporated by the Doshi family in 1995, Sharda is engaged in
milling and sorting of non-basmati rice; it sells under the
Rangeela brand.  The firm has a rice milling and sorting facility
in Nagpur (Maharashtra), with an installed capacity of 3 tonnes
per hour (tph).  In 2008-09 (refers to financial year, April 1 to
March 31), the management transferred the operations of group
entities- Sharda Steam Rice Industries and Wardhaman Rice and Agro
Industries- to Sharda, thereby enhancing the firm's capacity by 6
tph. Sharda is also in the process of setting up one more milling
facility of 10 tph, which is expected to commence operations by
April 2010.

Sharda reported a profit after tax (PAT) of INR0.61 million on
net sales of INR125 million for 2008-09 against a PAT of
INR0.16 million on net sales of INR81 million for 2008-09.


SHREE REALTORS: Low Net Worth Cues CRISIL 'BB' Ratings
------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the term loan
facility of Shree Realtors Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR165.5 Million Long-Term Loan      BB/Stable (Assigned)

The rating reflects SRPL's weak financial risk profile, marked by
low net worth and liquidity, and dependence on a single customer,
Pantaloon Retail India Ltd, for generating rentals.  These
weaknesses are partially offset by the company's moderate debt
service coverage ratio, and the continued financial support it
receives from its promoters, the Vaswani group.

For arriving at the ratings, CRISIL has combined the financial and
business risk profiles of SRPL and its group company, Esquire
Estates Developers Pvt Ltd, together referred to herein as the
SRPL-EEDPL combine.  This is because both these companies operate
under the same management and have strong business linkages
between them. Besides, both SRPL and EEDPL are exposed to the
risks and rewards of leasing related assets to the same lessee
(currently Pantaloon), and funds are fungible between them to
cover any shortfall in rental receipts.

Outlook: Stable

CRISIL believes that the SRPL-EEDPL combine's credit profile will
be maintained over the medium term, backed by moderate rental
receipts. The rating outlook may be revised to 'Positive' in case
of a substantial improvement in the combine's debt service
coverage ratio due to reduction in interest rates or escalation in
rentals. Conversely, the outlook may be revised to 'Negative' in
case of a decline in the debt service coverage ratio due to
unexpected termination of the existing lease agreement, or
inadequate rentals; or in case of increase in exposure to group
companies.

SRPL, established by the Bengaluru-based Vaswani group, has
entered into a long-term lease agreement with Pantaloon for a
commercial complex, Cosmos Mall, in Bengaluru, which covers an
area of about 0.14 million square feet. SRPL owns 67 per cent
share (in land and building) in the complex. The lease rentals
received constitute the sole revenues of the company. EEDPL, also
a Vaswani group company, has entered into a long-term lease
agreement with Pantaloon for equipment such as generators and
escalators, installed at the Cosmos Mall.

The SRPL-EEDPL combine reported a net loss of INR3.9 million on an
operating income of INR44 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a net loss of INR3 million
on an operating income of INR44.6 million for the previous year.
For the 11 months ended February 28, 2010, the combine reported a
net loss of INR2.6 million on an operating income of
INR40.2 million.


SORENTO GRANITO: ICRA Places 'LB+' Rating on Various Bank Debts
---------------------------------------------------------------
ICRA has assigned a long term rating of 'LB+' to term loan of
INR90 million, fund-based limits of INR70 million and non-fund
based limits of INR8.5 million of Sorento Granito Private Limited.

The assigned ratings factor in delays in debt servicing by SGPL,
its small scale and limited track record of operations, regional
concentration of sales, low brand awareness, and vulnerability to
raw material and gas prices and availability. The ratings also
take into account intense competition in the domestic tile
industry from unorganized and organized players as well as cheaper
Chinese imports. The ratings, however, draws comfort from the
extensive experience of the promoters in the ceramic industry, and
the favorable long term demand prospects for vitrified tiles in
the domestic markets.

SGPL was incorporated in October 2007 to manufacture vitrified
tiles and commenced commercial production in January 2009. The
company has its production facilities in Old Ghuntu Road, Gujarat
(Morvi Region) and markets its tiles under the brand name of
Sorento.  The company is managed by Mr. Bhagwandas Tulsiyani who
has around 10 years of experience in the ceramic industry.

SGPL has an installed capacity of 4000 boxes per day each having 4
tiles of 61 cms X 61 cms translating to a capacity of about 64000
sq. ft. per day of vitrified tiles. .  In FY 09 the utilization of
the facilities was 43% of the capacity as the operations commenced
only in January 2009.  The utilization during the period April-09
to Dec-09 was 83% of the total capacity.


SUPREME BUILD: Fitch Assigns National Long-Term Rating at 'BB'
--------------------------------------------------------------
(Fitch Ratings-Chennai/Mumbai/Singapore-29 April 2010)
Fitch Ratings has assigned India's Supreme Build Cap Limited a
National Long-term rating of 'BB(ind)' with a Stable Outlook.  The
agency has also assigned a 'BB(ind)' rating to the company's term
loans of INR550m.

The rating is underpinned by the track record of the promoters
(the Narsi Group) in India's real estate industry, full occupancy
of the Global Technology Park in Bangalore by a single
multinational tenant, and the successful track record of Assetz
Property Services Pvt Ltd (the property developer who is now in
charge of operations and maintenance).

Fitch notes that SBCL has signed a seven-year rental lease deed
with a stiff exit clause.  In the event of termination of the
lease during this seven-year period, for a breach committed by the
lessee, the lessee shall pay to SBCL the rent for the unexpired
term of the lease; the tenant is expected to occupy the property
in the first quarter of FY11.

The agency's key concerns include the lackluster commercial real
estate market in Bangalore and possible significant increases in
SBCL's interest obligations that would pressurize its cash flows.

Negative rating triggers include a further delay in occupancy by
the tenant, a fall in DSCR below 0.95x, and any significant debt-
led capex which would pressurize cash flows.  Positive rating
triggers would be a significant improvement in DSCR of above
1.05x, and significant improvements in financial leverage.

SBCL was incorporated in 1995 as a special purpose vehicle to
develop its first IT Park at a cost of INR819.4m.  The total super
built up area is 277,000 sq ft.


TECHNICO STRIPS: CRISIL Assigns Junk Ratings on Various Debts
-------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Technico Strips & Tubes Private Limited.

   Facilities                          Ratings
   ----------                          -------
   INR88.8 Million Rupee Term Loan     D (Assigned)
   INR50.0 Million Cash Credit         D (Assigned)
   INR30.0 Million Letter of Credit    P5 (Assigned)

   (All instruments are from Indian Bank)

The ratings reflect TSTPL's weak financial risk profile, small
scale of operations and limited track record in the steel forgings
and auto ancillary industries.  These weaknesses are mitigated by
the promoters' long experience and established trade relationships
in these industries.

TSTPL, which is currently promoted by Mr. Ajay Gupta, commenced
commercial production, manufacturing electric resistance-welded
(ERW) steel tubes, in September 2008, and manufacturing cold
drawn-welded (CDW) steel tubes in third quarter, 2009-10. The
company's facilities at Ludhiana (Punjab) have capacity to
manufacture 700 tonnes and 800 tonnes of ERW and CDW steel tubes
per month, respectively. The company plans to increase its CDW
tubes capacity to 1500 tonnes per month by September 2010.

TSTPL reported a net loss of INR4.7 million on net sales of
INR44.1 million for 2008-09 (refers to financial year, April 1 to
March 31).


UNIVERSAL FLEXIBLES: CRISIL Places 'BB-' Rating on INR20MM Debt
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Universal Flexibles Private Limited.

   Facilities                          Ratings
   ----------                          -------
   INR20.00 Million Cash Credit        BB-/Stable (Assigned)
   INR20.00 Million Packing Credit     P4+ (Assigned)
   INR35.00 Million Bank Guarantee     P4+ (Assigned)
   INR5.00 Million Letter of Credit    P4+ (Assigned)

The ratings reflect UFPL's below-average financial risk profile
marked by a high gearing and average debt protection metrics, and
the company's exposure to risks related to small scale of
operations, and large capital expenditure plans.  These rating
weaknesses are partially offset by the benefits that UFPL derives
from its established customer relationships and sound operating
efficiencies.

Outlook: Stable

CRISIL believes that UFPL will continue to benefit over the medium
term from its established position in the hydraulic hoses market.
The outlook may be revised to 'Positive' if UFPL scales up its
operations while sustaining its margins and it enhances the
diversification of its customer profile.  Conversely, the outlook
may be revised to 'Negative' if the company contracts large debt
to fund its capital expenditure, or if its revenues decline
considerably.

Set up in 1976 by Mr. K R S Narayanan, UFPL manufactures high-
pressure hydraulic hose assemblies, hose fittings, adapters, and
tube assemblies.  The products are used in sectors such as
automotive, railways, and defence.  The company is managed by Mr.
Venkatesh Aiyar, the founder's son.

UFPL reported a profit after tax (PAT) of INR15 million on net
sales of INR162 million for 2008-09 (refers to financial year,
April 1 to March 31), against a net loss of INR0.01 million on net
sales of INR73 million for 2007-08.


VENUS ROLLING: Low Net Worth Prompts CRISIL 'BB-' Ratings
---------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Venus Rolling Mills
Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR80.0 Million Cash Credit           BB-/Stable ( Assigned)
   INR10.0 Million Proposed Long-Term    BB-/Stable ( Assigned)
                  Bank Loan Facility

The rating reflects Venus' average financial risk profile, marked
by weak debt protection indicators and low net worth, modest scale
of operations, and vulnerability of profitability margins to
cyclicality in the steel business. These rating weaknesses are
partially offset by the benefits that Venus derives from its
promoters' experience in the steel industry and franchise
arrangement with established brand, Kamdhenu.

Outlook: Stable

CRISIL believes that Venus will maintain its financial risk
profile, supported by low gearing over the medium term.  The
outlook may be revised to 'Positive' if Venus's business and
financial risk profile improve, supported by significant
improvement in revenue and profitability.  Conversely, the outlook
may be revised to 'Negative' in case of material deterioration in
profitability, or if Venus undertakes large debt-funded capital
expenditure.

Incorporated in 2005 by Mr. Yatendra Singh Pawar, Venus
manufactures mild steel (MS) angles that are used in the
construction and electricity transmission sectors.  The company
manufactures MS angles of sizes ranging from 35 millimetres (mm)
to 75 mm for sale under the Kamdhenu brand.  It has manufacturing
capacity of 48,000 tonnes per annum in Nagpur (Maharashtra).

Venus reported a profit after tax (PAT) of INR4.37 million on net
sales of INR1.05 billion for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR2.19 million on net sales
of INR800.3 million for 2007-08.


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


CENTRAL JAPAN: May Delay Launching of Maglev Services
-----------------------------------------------------
Central Japan Railway Co., also known as JR Tokai, will likely
postpone the launching of magnetically levitated train services
between Tokyo and Nagoya, scheduled for 2025, by several years due
to financial troubles, The Japan Times reports.

The Japan Times relates that JR Tokai announced in 2007 that it
aims to open the Tokyo-Nagoya line for MAGLEV trains in 2025, but
its income from the Tokaido Shinkansen Line has been affected by a
drop in business travel following the Lehman Brothers Holdings'
collapse.

Sources said the company will discuss the plan postponement with
members of a Land, Infrastructure, Transport and Tourism Ministry
panel, the report adds.

Central Japan Railway Company is a Japan-based company engaged in
four business segments. The Transportation segment is engaged in
the operation of Tokaido Shinkansen railways, as well as the
conventional railways of the Tokaido area. This segment is also
involved in the bus transportation business. The Distribution
segment is engaged in the department store business, as well as
the sale of merchandise in train compartments and stations. The
Real Estate segment is engaged in the real estate business,
including the real estate leasing and subdivision businesses. The
Others segment is engaged in the hotel, travel agency and
advertising businesses, as well as the provision of maintenance,
inspection and repair services for its facilities.


JAPAN AIRLINES: Adjusts Cargo Fuel Surcharge
--------------------------------------------
Japan Airlines (JAL) has applied to the Japanese Ministry of Land,
Infrastructure, Transport and Tourism (MLIT) to revise down from
April 1, 2010, its international cargo fuel surcharge for flights
departing from Japan only.

Since April 1, 2009, JAL started adjusting its cargo fuel
surcharge levels on a monthly basis by using the one-month average
fuel price of Singapore kerosene of the month before last.  As the
average fuel price of Singapore kerosene for the month of February
in 2010 was US$82.37 per barrel, the benchmark fuel price used for
calculation of the fuel surcharge level in April will be within
the range of US$80.00 to US$84.99 per barrel (refer to table
below).

The international cargo fuel surcharge will therefore decrease on
long-haul international routes from 80 yen per kg to 73 yen, on
medium-haul international routes from 69 yen per kg to
63 yen, and on short-haul routes from 58 yen per kg to 53 yen
accordingly.

International Cargo Surcharge

Benchmark       Surcharge by Route (per kg)
FuelPrice Range ------------------------------------------------
(US$/bbl)       1. Long-haul     2. Medium-haul    3. Short-haul
   -------------   Routes           Routes            Routes
                   Japan -          All routes        China, Guam,
                 Americas, Eur.,  other than        HongKong,
                 Middle East,     those men-        Korea,
                 Africa           tioned in 1&3     Phils,Taiwan
                ---------------- ----------------- --------------
95.00 - 99.99         JPY94            JPY81            JPY68
90.00 - 94.99         JPY87            JPY75            JPY63

Current level
85.00 - 89.99         JPY80            JPY69            JPY58

Revised Level
from 04/01/2010
80.00 - 84.99         JPY73            JPY63            JPY53

75.00 - 79.99         JPY66            JPY57            JPY48

70.00 - 74.99         JPY59            JPY51            JPY43

65.00 - 69.99         JPY52            JPY45            JPY38

60.00 - 64.99         JPY45            JPY39            JPY33

55.00 - 59.99         JPY38            JPY33            JPY28

50.00 - 54.99         JPY31            JPY27            JPY23

45.00 - 49.99         JPY24            JPY21            JPY18

40.00 - 44.99         JPY17            JPY15            JPY13

35.00 - 39.99         JPY10             JPY9             JPY8

Below 35.00       Discontinued      Discontinued     Discontinued

                       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: Expands Cooperation With ONEWORLD Partners
----------------------------------------------------------
Chief Executives from oneworld's member airlines gathered for
their first Governing Board of what is turning out to be a
breakthrough year for the alliance.

It was the first time they had convened since:

       * Japan Airlines reaffirmed its membership of the
         grouping in February and then filed for anti-trust
         immunity with American Airlines to deepen their co-
         operation across the Pacific - and the first oneworld
         Governing Board meeting attended by JAL's new President
         Masaru Onishi since his appointment on 1 February.

       * India's leading carrier and only five-star airline
         Kingfisher Airlines signed a memorandum of
         understanding as its first step towards joining
         oneworld.

       * The US Department of Transportation gave tentative
         approval in February to the application by oneworld's
         transatlantic partners American Airlines, British
         Airways, Iberia, Finnair and Royal Jordanian for anti-
         trust immunity across the Atlantic - and the European
         Commission began market testing of proposed remedies in
         a key step towards approval of the proposed
         transatlantic joint business agreement between
         American, BA and Iberia.

It is also the first oneworld Governing Board meeting in a year
that will see Russia's leading domestic carrier S7 Airlines join
the alliance.

oneworld Governing Board Chairman Gerard Arpey, Chairman and Chief
Executive of American Airlines, said: "This time 12 months ago,
oneworld was celebrating its 10th anniversary. Since then,
oneworld has taken a series of significant steps towards
establishing itself firmly as the world's premier global airline
alliance.

"We added one more leading airline, Mexicana, in November and look
forward to welcoming on board Russia's S7 Airlines later this year
with India's Kingfisher Airlines to follow next year.

"Not only does our line-up of members include the finest airline
brands in the world, our collection of networks delivers the best
coverage in the markets that matter most throughout the Americas,
Europe, Asia and Australia. We believe our focus on the quality,
rather than quantity, of members has been the right approach."

"Meantime, we have been able to welcome Japan Airlines'
reaffirmation to oneworld.  It is very good to have Masaru Onishi
among us.  We respect JAL's alliance review was an important
decision for the airline and the government of Japan.  We believe
they made the right choice for JAL's many stakeholders, for
Japan's national interests and for consumers."

Mr. Arpey noted that this year had seen the biggest progress in
oneworld's history in deepening links between its member airlines:
"We expect our applications for anti-trust immunity across the
Atlantic and Pacific to be approved soon, leveling the alliance
playing field between North America and Europe and ensuring that
alliance competition remains robust between North America and
Asia.  Both initiatives will enable oneworld to offer our
customers even better services and benefits."

oneworld had taken significant strides in many other areas too,
completing its biggest yet airport co-location project, bringing
all on-line airlines from across all five passenger terminals into
just two at its biggest European hub, London Heathrow, and
increasing its lead in offering the widest range of alliance
consumer fares.

Mr. Arpey concluded: "For us, the key aim of all this activity is
simple -- to establish oneworld further firmly as the premier
airline alliance, delivering to both our customers and member
airlines services and benefits beyond the reach of any individual
airline and making it easier and more rewarding to reach more
places more easily on a quality network of the best brands in the
business."

               Significant progress in expanding
                co-operation with Japan Airlines

Considerable progress has been made in expanding co-operation
between JAL and its oneworld partners since the airline reaffirmed
its membership of the alliance, following a review of its alliance
strategy conducted as part of its overall restructuring programme,
on 9 February this year.

Three days later it applied with American Airlines to the US
Department for Transportation for anti-trust immunity for a joint
business agreement between North America and Asia, and notified
Japan's Ministry of Land, Infrastructure and Tourism of their
transaction.  By working more closely together, the two airlines
will be able to provide more seamless links for connecting
passengers, expand customer choice by offering new routes and
supporting existing routes that would not be economically viable
for the airlines individually.  This will enable them to improve
efficiency, find opportunities to lower costs and have greater
ability to invest in products, services and fleets.

American Airlines has also taken steps to serve Tokyo Haneda,
which is JAL's main domestic hub.  American applied in February
for slots to serve the airport from Los Angeles and New York JFK
with flights that would also carry the JL code, subject to
regulatory approvals.

British Airways and JAL are expanding their code-sharing agreement
significantly, more than doubling the number of European
destinations served by flights operated by the UK airline with the
JL prefix.  Nine routes were added last week with another four to
follow later this month, taking to 23 the number of cities in
Europe served by these joint services.

Meantime, preparations are moving ahead for the transfer this
November of British Airways operations at Tokyo Narita into
Terminal 2, alongside those of JAL and all other on-line oneworld
partners.

Other oneworld member airlines are also expanding code-
sharing with JAL. Its JL code has recently been added to flights
by Mexicana to its Mexico City hub and on more routes served by
Qantas subsidiary Jetstar.

At London Heathrow, oneworld's biggest European hub, JAL and all
other oneworld on-line partners, along with some BA services, have
recently consolidated operations in Terminal 3.  JAL has just
started sharing BA's lounges for premium customers there.  Plans
are being developed to enable JAL to share its oneworld partners'
lounges at more airports worldwide.

oneworld Governing Board Chairman, American Airlines Chairman and
Chief Executive Gerard Arpey, said: "Japan Airlines is a highly
valued member of oneworld and we are all committed to supporting
JAL in its restructuring to create an even stronger partnership
for the benefit of all our stakeholders.  The rapid progress we
have achieved so far is testimony to that commitment."

Japan Airlines President Masaru Onishi said: "We analysed our
alliance strategy in great detail before reaffirming our oneworld
membership.  oneworld is clearly the alliance of best quality,
with excellent airline partners, extensive global coverage and
best overall alliance proposition.  The progress we have made with
our oneworld partners since then, and our meeting today, has
confirmed we made the right decision.

"We at Japan Airlines are excited at the prospects of further
developing our relationships with our oneworld partners. We also
firmly believe that being part of oneworld can strongly support
JAL at a time when we are striving towards the revival of our
business, which we are determined to achieve."

                        About oneworld

oneworld brings together some of the best and biggest names in the
airline business -- American Airlines, British Airways, Cathay
Pacific, Finnair, Iberia, Japan Airlines, LAN, Malev Hungarian
Airlines, Mexicana, Qantas and Royal Jordanian, and around 20
affiliates including American Eagle, Dragonair, LAN Argentina, LAN
Ecuador and LAN Peru.  Russia's S7 Airlines will join the alliance
in 2010 with India's Kingfisher Airlines on track to follow in
2011, subject to regulatory approvals.  Between them, these
airlines:

Serve 800 airports in nearly 150 countries, with some 9,000 daily
departures.  Offer nearly 550 airport lounges for premium
customers.  Carry some 340 million passengers a year.  Operate a
combined fleet of almost 2,500 aircraft.  Generate more than
US$100 billion annual revenues in total.

The only alliance with airlines based in South America, Australia
or Asia's Middle East, oneworld enables its members to offer their
customers more services and benefits than any airline can provide
on its own.  These include a broader route network, opportunities
to earn and redeem frequent flyer miles and points across the
combined oneworld network and more airport lounges. oneworld also
offers more alliance fares than any of its competitors.

oneworld was voted the World's Leading Airline Alliance for the
seventh year running in the latest (2009) World Travel Awards. It
is the only winner of this award since it was introduced in 2003.

                       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: Shifts to New Cargo Business Model
--------------------------------------------------
Japan Airlines (JAL) announced that it will adopt a new cargo
business model that solely utilizes the cargo belly space of the
airline's passenger flights.  The airline's passenger flights
provide cargo capacity (measured in available tonne kilometers)
approximately three times the volume* available on its scheduled
freighter flights which will consequently be suspended at the end
of October 2010.

On May 2, 1959, JAL operated its first freighter flight using a
Douglas DC-4 charter aircraft from Haneda to San Francisco and
in the same year on November 25, introduced for the first time, a
remodeled DC-6B semi-cargo aircraft to its fleet.  Since then, JAL
has been providing quality cargo transport services using both
passenger flights and freighter flights, and over the last 50
years, steadily expanded its international network alongside the
economic growth of Japan.  Until March 25, JALCARGO, as the cargo
business arm of JAL is known, has met the needs of countless
satisfied customers.

Market conditions for international cargo business however, is
expected to remain severe and to adapt to this, JALCARGO will
shift from using a combination of freighter flights and passenger
flights to exclusively utilizing the belly space of passenger
flights -- a new cargo business structure that aims to secure a
stable profit and that can boost the recovery of JAL's financial
standing.

Maintaining access to almost all destinations** currently served
by its freighter flights with passenger flights, Japan's largest
international network carrier, JAL, will continue to meet the
needs of its valued customers.  The airline will continue its
cargo business by productively using the belly space of 508 weekly
passenger flights plying 56 international routes, and on 134
domestic routes with 904 daily one-way flights*, in addition to
enhancing service standards and offerings.

With the internationalization of Tokyo's Haneda airport taking
place this autumn, JALCARGO will continue in its endeavors to
provide customers with quality services and convenience, and
strive to improve the speed and efficiency of goods distribution
using the international and domestic air transport operations of
JAL.

*Cargo capacity and the number of routes and flights are based
  on the airline's 2010 summer schedule.

**JAL operates passenger flights to all destinations currently
  served by JAL freighter flights, with the exception of
  Anchorage.

                       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)


TAKEFUJI CORP: Sues Merrill Lynch for JPY29 Billion Over Bond Loss
------------------------------------------------------------------
The Financial Times reports that Takefuji Corp. has filed a
lawsuit against Merrill Lynch Japan Securities Co., seeking about
JPY29 billion (US$308 million) in damages.  The lawsuit alleges
that the US investment bank had failed to fully explain the risks
of a transaction that resulted in large losses, the report says.

According to the FT, Takefuji said it had entered into a complex
transaction with Merrill, known as a defeasance note, in May 2007,
to take a JPY30 billion straight bond Takefuji had issued off its
balance sheet.

The FT relates that the defeasance note was scheduled to be in
place until 2020, but in just 10 months, a 90% fall in the value
of the products backing the note triggered the unwinding of the
transaction.

Takefuji claims that Merrill failed to explain fully what would
trigger an unwinding of the transaction and that the fall in the
value of the products was arbitrary, the FT notes.

The report states that the consumer lender claims that Merrill
itself had the ability to value one of the products and if the
U.S. bank had not written down the value of these bonds as
substantially as it did, the defeasance note would still be valid.

As a result of the unwinding of the transaction, the FT says,
Takefuji incurred a JPY29.6 billion loss associated with the
defeasance note in the year to March 31, 2008.

"We deny the allegations and will defend ourselves aggressively,"
the FT quoted Merrill as saying.

                     Credit Ratings Downgrade

The Troubled Company Reporter-Asia Pacific reported on March 29,
2010, that Moody's Investors Service lowered to Caa2 from Caa1 the
long-term issuer and senior unsecured debt ratings of Takefuji
Corporation, and placed them for possible further downgrade.

The TCR-AP also reported on Dec. 18, 2009, that Standard & Poor's
Ratings Services revised to 'CCC-' from 'SD' its long-term
counterparty credit rating on Takefuji, reflecting S&P's
assessment of the company's credit quality subsequent to the
implementation of debt restructuring.  At the same time, S&P
affirmed its 'CCC-' rating on the outstanding senior unsecured
bonds issued by Takefuji.  The outlook on the long-term
counterparty credit rating is negative.

S&P revised its long-term counterparty credit rating on
Takefuji to 'SD' with the intention of keeping it on 'SD' for one
day, based on S&P's opinion that a debt exchange of convertible
bonds (NR) that the company completed on Dec. 14, 2009,
constituted debt restructuring due to financial distress.

The 'CCC-' rating and negative outlook reflect S&P's view that
Takefuji's liquidity position remains severe.  Ahead of the full
implementation of the amended Money Lending Business Law
(scheduled to occur by mid-2010), Takefuji's asset size and
interest income have been declining.  In addition, both the burden
of refunds of overcharged interest and that of near-term debt
repayments remain high.  The rating may come under further
downward pressure if the liquidity risk assumed by Takefuji
increases, or S&P sees it as likely that the company will conduct
further debt restructuring that is recognized as a default under
S&P's rating criteria.  Conversely, Takefuji's credit quality
would likely benefit if the company can improve its financial
standing by securing funds through asset disposals or raising new
funds.

                          About Takefuji

Takefuji Corporation (TYO:8564) --http://www.takefuji.co.jp/ is a
Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others. The Company has eight subsidiaries.


UDMAC-J1 TRUST: Fitch Upgrades Ratings on Various Classes
---------------------------------------------------------
Fitch Ratings has upgraded the Class A and Class B trust
beneficiary interests from UDMAC-J1 Trust due June 2013.  The
remaining classes of TBIs have been affirmed and the Rating Watch
Negative on classes D to G has been removed.  The rating actions
are:

  -- JPY25.6bn* Class A TBIs upgraded to 'AA+' from 'AA'; Outlook
     Stable;

  -- JPY4.4bn* Class B TBIs upgraded to 'A' from 'BBB'; Outlook
     Stable;

  -- JPY4.4bn* Class C TBIs affirmed at 'BB'; Outlook revised to
     Stable from Negative;

  -- JPY4.5bn* Class D TBIs affirmed at 'B'; Outlook Negative; Off
     RWN;

  -- JPY1.5bn* Class E TBIs affirmed at 'CCC'; Recovery Rating
     revised to 'RR6' from 'RR5'; Off RWN;

  -- JPY1.4bn* Class F TBIs affirmed at 'CC'; Recovery Rating of
     'RR6'; Off RWN; and

  -- JPY0.34bn* Class G TBIs affirmed at 'CC'; Recovery Rating of
     'RR6'; Off RWN.

  * as of 28 April 2010

The upgrades of the Class A and Class B TBIs reflect the improved
credit enhancement levels of both classes due to the repayment of
one of the underlying loans, following the sale of several
underlying properties.  The principal of the loan to a Japanese
real estate investment trust was partially repaid in late March
2010 due to the sale of four collateral properties.  At the next
TBI payment date in June 2010, the repayment proceeds from the J-
REIT loan will be allocated for principal repayment of the TBIs on
a sequential basis.  As a result, the Class A TBIs' balance will
decrease by at least 34% compared to the current balance.

The credit enhancement level of the Class C TBIs, whose rating was
affirmed, also improved and resulted in the revision of the
Outlook to Stable from Negative.

The affirmations of the Class D to G TBIs reflect Fitch's view on
the probability of principal repayment of these classes, which has
not been altered by the partial repayment of the J-REIT loan.
Fitch believes that the overall property performance backing the
transaction is generally in line with expectations at the time of
the previous rating actions in September 2009, while the agency
revised downwards the cash flow expectation of some properties
after reviewing the current performance.

Loans to four borrowers are in default.  The special servicer has
not implemented full-scale work-out activities yet; however, Fitch
believes the collaterals backing the defaulted loans are liquid,
since most are newly built small to medium sized residential
properties.

The J-REIT loan still accounts for about half of the total
underlying loans by value.  Fitch pays particular attention to the
proceedings initiated by the asset manager in relation to this
loan, where the aim is to repay the loan principal in full by the
loan maturity date in September 2010.  The loan maturity was
extended by six months from the original scheduled maturity in
March 2010.

This transaction is a securitization of the underlying loans,
which were extended to seven borrowers, and ultimately secured by
40 commercial real estate properties.  To date, whilst no
underlying loan has been fully repaid, four properties have been
disposed of, and the transaction is currently backed by 36
properties.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


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


KUMHO ASIANA: Tire Unit Reports KRW20.9 Billion Q1 Net Profit
-------------------------------------------------------------
Kumho Tire Co., tire-making unit of Kumho Asiana Group, said
Friday it returned to the black in the first quarter of 2010 with
a net profit of KRW20.9 billion from a loss of KRW109 billion a
year earlier on rising sales, Yonhap News reports.

For the three months ended March 31, Kumho Tire also reported
operating profit of KRW21.3 billion.  Sales rose 18% from a year
ago to KRW586.3 billion.

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

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

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

According to Bloomberg data, the group's net debt was KRW2.21
trillion as of September 30, 2009 -- more than double the KRW998.5
billion it had at the end of 2005 before Kumho Asiana bought 72%
of Daewoo Engineering for KRW6.43 trillion.  Kumho Tire's net debt
stood at KRW1.71 trillion at the end of September 2009.

                        About Kumho Asiana

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


* SOUTH KOREA: Nine Big Firms May Undergo Bank-led Restructuring
----------------------------------------------------------------
South Korean banks are expected to ask nine local conglomerates to
undergo a bank-led program to reduce debts and boost capital as
part of the nation's push to shield local companies from a
potential debt-driven crisis, Yonhap News Agency reports.

The news agency, citing financial sources, relates that three more
business conglomerates and six other groups, which already went
through creditor-supervised debt reduction measures last year,
will be asked by their creditors to undergo the program.


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


HO HUP CONSTRUCTION: Seeks Extension to Submit Annual Results
-------------------------------------------------------------
Bursa Malaysia Securities Berhad has rejected Ho Hup Construction
Bhd's application for a one-month extension -- from May 1 to 31,
2010 -- of the time to release the annual audited accounts for the
financial year ended December 31, 2009.

The Company on April 28 submitted an appeal letter to Bursa
Securities on the extension of time of one (1) week until May 7,
2010 to submit the AFS December 31, 2009.

Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery.  The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.

                           *     *     *

Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements.  As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.


WONDERFUL WIRE: Restraining Order Extended Until June 9
-------------------------------------------------------
The High Court of Malaya at Kuala Lumpur has granted a restraining
order to Wonderful Wire & Cable Berhad which stated that all
ongoing litigation suits against the company are restrained and
stayed until June 9, 2010.

Pursuant to the revised regularization plan of WWC submitted to
the Securities Commission of Malaysia on November 30, 2009, and as
announced on the same date, it was proposed that the Revised
Proposed Restructuring Scheme of the Company be implemented
pursuant to Section 176 of the Companies Act, 1965.  However, as
the ongoing litigation suits against WWC may jeopardize the
implementation of the Revised PRS, the Board is of the view that a
restraining order is necessary to prevent any proceedings against
the Company, pending the finalization of the Revised PRS.

Thus, WWC believes that restraining order will enable the Company
to preserve the status quo of the Group's financial and operations
pending the implementation of the Revised PRS.

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.


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


SAN MIGUEL: Moody's Downgrades Corporate Family Rating to 'Ba3'
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of San Miguel Corporation to Ba3 from Ba2.  The rating
outlook is stable.

The rating action is in response to SMC's announcement that it
will exercise its option to purchase 40% of Sea Refinery Corp,
which in turn holds a 50.1% stake in Petron Corporation, the
leading oil refining and marketing company in the Philippines.

"The rating downgrade reflects the escalating and evolving nature
of SMC's business risk profile, as a result of its target to
diversify around half of its asset base into new businesses," says
Ken Chan, a Moody's VP/Senior Analyst.

"The transaction to acquire Petron is part of this strategy to
transform its business, and will mean a higher level of cash flow
volatility for SMC and a negative impact on its credit profile
once the oil company's more leveraged balance sheet is fully
consolidated," adds Chan.  SMC also has the option to acquire an
additional effective 30% stake in Petron before end-2010.

On the other hand, SMC has a strong balance sheet liquidity,
including cash-on-hand of around US$2.9 billion to fund this
investment, which has a potential size of US$290-420 million,
subject to the response to its tender offer.

The current Ba3 rating also continues to reflect SMC's strong
brand equity and commanding positions in the Philippines branded
beverage and processed food markets.

The stable outlook reflects SMC's strong balance sheet liquidity,
which provides a buffer for future investments and the potential
of higher cash flow volatility.

The possibility of upward rating pressure is limited in the next
few years, given SMC's evolving business model and credit profile.

However, upward pressure could arise over time if it completes its
business transformation in a prudent manner, and successfully
integrates its new investments, while at the same time maintaining
a sound liquidity and credit profile, such that Debt/EBITDA is
below 3.0-3.5x and EBITDA/Interest is above 5-7x on a sustainable
basis.

On the other hand, negative rating pressure could arise if the
company 1) sells down its more stable food and beverage divisions,
further lifting its business risk profile; 2) significantly raises
its debt level to fund its investments; 3) pays significant cash
dividends which drain its balance-sheet liquidity; and/or 4) shows
a major deterioration in its operating performance.

Financial indicators that Moody's would consider for a downgrade
include adjusted Debt/EBITDA consistently above 5.0-5.5x.

The last rating action with respect to SMC was on December 9,
2008, when the outlook was changed from stable to negative.

San Miguel Corp, based in the Philippines, is one of the largest
food and beverages companies in Southeast Asia.  It is engaged in
the production, processing and marketing of beverages, food, and
packaging products.  It reported revenue of about US$3.9 billion
in 2009.


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


ASEAN REINSURANCE: Creditors' Proofs of Debt Due May 13
-------------------------------------------------------
Creditors of Asean Reinsurance Corporation Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 13, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Eu Chee Wei David
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


NACO CONCEPT: Creditors' Meetings Set May 13
--------------------------------------------
Naco Concept Pte Ltd, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on May 13,
2010, at 3:00 p.m., at 400 Orchard Road #08-02 Orchard Towers
Singapore 238875.

Agenda of the meeting includes:

   a. to apprise the status of Liquidation;

   b. to lay the summary of the Receipts & Payments; and

   c. discuss other business.

The company's liquidator is Goh Boon Kok.


NICOTRA ASIA: Creditors' Proofs of Debt Due May 13
--------------------------------------------------
Creditors of Nicotra Asia Holding Pte Ltd, which is in members
voluntary liquidation, are required to file their proofs of debt
by May 13, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO LLP
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


O2 SKIN: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on April 16, 2010, to
wind up the operations of O2 Skin Pte Ltd.

HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company.

The company's liquidator is:

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


OPTIMUS RESTAURANTS: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on April 23, 2010, to
wind up the operations of Optimus Restaurants (Singapore) Pte Ltd.

HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company.

The company's liquidator is:

         The Official Receiver
         Care of URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


PHARMVISION VENTURES: Court to Hear Wind-Up Petition on May 14
--------------------------------------------------------------
A petition to wind up the operations of Pharmvision Ventures Pte
Ltd will be heard before the High Court of Singapore on May 14,
2010, at 10:00 a.m.

Malaysia Debt Ventures Berhad filed the petition against the
company on April 22, 2010.

The Petitioner's solicitors are:

          Cheo Yeoh & Associates LLC
          138 Cecil Street
          #10-03 Cecil Court
          Singapore 069538


SH MARINE: Court to Hear Wind-Up Petition on May 14
---------------------------------------------------
A petition to wind up the operations of SH Marine Pte Ltd will be
heard before the High Court of Singapore on May 14, 2010, at 10:00
a.m.

Mirae Marine Engineering Co Ltd filed the petition against the
company on January 11, 2010.

The Petitioner's solicitors are:

          Thomas Chan & Company
          410 North Bridge Road #03-26
          North Bridge Centre
          Singapore 188727


SIN TYE: Creditors' Proofs of Debt Due May 14
---------------------------------------------
Creditors of Sin Tye Construction Pte Ltd, which is in
liquidation, are required to file their proofs of debt by May 14,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Goh Ngiap Suan
         c/o Goh Ngiap Suan & Co
         336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


SINGAPORE FOOD: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on April 9, 2010, to
wind up the operations of Singapore Food Industries Pte Ltd.

Yuan Cheng Fang Manufacturing Pte Ltd filed the petition against
the company.

The company's liquidator is:

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


SIRIUS D'INNOVATION: Court to Hear Wind-Up Petition on May 14
-------------------------------------------------------------
A petition to wind up the operations of Sirius D'Innovation Pte
Ltd will be heard before the High Court of Singapore on May 14,
2010, at 10:00 a.m.

Hong Kim Kwee filed the petition against the company on April 16,
2010.

The Petitioner's solicitors are:

          Lawrence Quahe & Woo LLC
          123 Penang Road
          #05-12 Regency House
          Singapore 238465


WEEKLY MARINE: Creditors' Proofs of Debt Due May 31
---------------------------------------------------
Creditors of Weekly Marine Services Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 31, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Victor Goh
         C/o Insolvency Advisory Pte Ltd
         100 Tras Street
         #16-03, Amara Corporate Tower
         Singapore 079027



YASHIDA INTERNATIONAL: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on April 16, 2010, to
wind up the operations of Yashida International Pte Ltd.

Tong See Low 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 H A I L A N D
===============


FINSPACE SA: S&P Assigns 'B+' Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Finspace S.A.  The outlook on the
corporate credit rating is positive.  Standard & Poor's also
assigned its 'B+' issue rating to Finspace's proposed senior
guaranteed notes.

The notes are guaranteed by all of Finspace's subsidiaries, other
than Canadoil Plate Ltd., Petrol Raccord, and Lindborg Management
S.A.  Petrol Raccord is expected to become a guarantor
subsequently.

Finspace S.A. is part of the Canadoil Group, the only integrated
fittings and pipe manufacturer in the world that specializes in
high specification applications.

"The rating on Finspace reflects the company's aggressive
financial risk profile, reliance on short-term debt funding, and
execution risk from its capital expenditure program," said
Standard & Poor's credit analyst Andrew Wong.  "These weaknesses
are offset to an extent by the company's strong market position in
fittings and its good niche position and brand recognition in
specialized piping systems, strategic locations, and some margin
stability from a natural hedge in steel prices."

The rating on the proposed notes is subject to finalization of
issuance documentation, including confirmation of amounts and
terms.  The proceeds from the notes will be used predominantly for
refinancing existing borrowings and funding the company's plate
mill investment.

In determining the issue rating, Standard & Poor's bases its
assessment on the continuity of the consolidated corporate entity
of Finspace, including all restricted subsidiaries (including
Petrol Raccord subsequently) other than Canadoil Plate Ltd.

The company is reliant on short-term debt funding to manage its
working capital cycle.  This is due to the long lead time for
manufacturing its products, which are invoiced only upon delivery
of the completed product, and the need to pay for raw materials
upfront.  This necessitates the use of short-term working capital
bank lines, increasing the company's funding costs and straining
liquidity, Mr. Wong said.

The company has substantial capital investment plans in the next
three years, related to its proposed investment in a steel plate
mill.  The plans will be largely debt funded, therefore any
improvement in the company's financial risk profile will come from
its ability to achieve forecast growth in sales volumes and
generate sufficient operating cash flow to reduce debt.

S&P believes there is potential for improvement in credit
protection measures, given the expected global investment growth
in energy infrastructure, particularly as this investment shifts
to more challenging terrains and demand for customized and
technologically demanding piping solutions increases.

The positive rating outlook reflects Standard & Poor's expectation
that Finspace's financial risk profile will improve in the next
one to two years, despite the company's significant capital
investment plan.  With continuing global investment in energy
infrastructure, S&P expects Finspace's sales volumes to grow
further, and that is likely to allow the company to continue to
reduce its debt.


=============
V I E T N A M
=============


VIETNAM NATIONAL: Moody's Assigns 'Ba3' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 local currency
corporate family rating to Vietnam National Coal and Mineral
Industries Group.  The outlook for the rating is negative.  This
is the first time that Moody's has assigned ratings to Vinacomin.

Vinacomin's Ba3 rating takes into account its underlying
creditworthiness and an uplift of two notches to reflect Moody's
view that its parent, the Government of Vietnam (rated
Ba3/negative), is likely to provide support to Vinacomin in a
distress situation.  As Vinacomin is wholly owned by the
Government of Vietnam, and because of the high degree of perceived
support and close operational and strategic links with the
Government, Moody's applies its Joint Default Analysis approach
for Government-Related Issuers to the company.

"The rating reflects Vinacomin's close links with the Government
of Vietnam, given that it is currently wholly and directly owned
by the Government and effectively fulfils a policy role for
natural resource development, which is essential to the economic
development of the nation," says Laura Acres, a Moody's Vice
President and Senior Credit Officer.

"The rating also reflects the highly supportive regulatory and
political environment in which Vinacomin operates, which should
continue in the medium term.  Such operating strengths are
supported by the Group's domestic monopoly position, relatively
strong financial profile, and demonstrated access to funds for its
substantial mineral expansion projects," adds Acres, also Moody's
Lead Analyst for Vinacomin.

However, the fundamental B2/stable rating also recognizes key
challenges such as Vinacomin's largely debt-funded capex
programme, including two bauxite/alumina projects, as well as its
move into power generation; it is anticipated that these
programmes will result in Moody's adjusted debt/EBITDA rising to
more than 4.0x by 2011.

"In addition, Moody's has concerns over the standard, quality and
timeliness of Vinacomin's consolidated financial reporting as well
as issues pertaining to the regulatory environment and emerging
market risks arising from operating in Vietnam," says Acres,
adding, "Moreover, Moody's also has concerns over the limited
clarity regarding long-term shareholder intentions and strategic
direction, which are compounded by the complex group structure."

The outlook is negative in line with the outlook on the sovereign
rating.

Moody's considers that any positive rating movement for
Vinacomin's final rating is unlikely without there first being a
commensurate change in the Government of Vietnam's rating.  The
fundamental B2 rating could experience upward rating pressure
should Moody's concerns over the quality of the Group's
consolidated financial reporting and strategy be eased.

Downward pressure on the company's fundamental rating could emerge
should 1) the quality and timeliness of Vinacomin's financial
reporting deteriorate further; or 2) Vinacomin be required by the
Government to take on further, or expand existing development
projects such that adjusted debt/EBITDA remains above 4.0-4.5x for
an extended period.

In addition, a downgrade in the Government of Vietnam's rating
will trigger a downgrade for Vinacomin.  Furthermore, given that
the rating incorporates uplift from Government ownership and
involvement, Vinacomin's final rating is sensitive to any changes
in the support level assigned by Moody's.  Any reduction in
shareholding by the Government or any perceived scale back in
operational involvement may result in reassessment of the support
level and hence impact the rating.

Vinacomin is the largest coal producer in Vietnam, accounting for
over 95% of the total domestic coal production.  The company is
also engaged in power generation, mineral exploration and
smelting, and other operations related to its core coal and
minerals business.

Vinacomin was established by the merger between Vietnam National
Coal Corporation and Vietnam Mineral Corporation on December 26,
2005.  It is wholly owned by the Government of Vietnam.


                         *********

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.


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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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