TCRAP_Public/100524.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, May 24, 2010, Vol. 13, No. 100

                            Headlines



A U S T R A L I A

SIGMA PHARMACEUTICALS: Gets Takeover Proposal From Aspen
TRANSURBAN GROUP: Canada Pension Re-evaluating Investment


C H I N A

AGRICULTURAL BANK: China Pension Fund Invests CYN15 Billion
HOPSON DEVELOPMENT: Moody's Upgrades Senior Unsecured Debt to B2


H O N G  K O N G

DESCARTES FINANCE: Court Enters Wind-Up Order
DIGITAL NUNET: Nedderman and Yan Appointed as Liquidators
D-MEDIA SYSTEM: Court Enters Wind-Up Order
EAST NOBLE: Nedderman and Yan Appointed as Liquidators
FOOK HING: Declared First and Final Dividend

GAIN DRAGON: Nedderman and Yan Appointed as Liquidators
GREETINGS TRADING: Court Enters Wind-Up Order
HEDWORTH LIMITED: Court Enters Wind-Up Order
HK CHIEF: Lai and Haughey Appointed as Liquidators
HONGKONG TOPRICH: Court Enters Wind-Up Order

HOOVER TECHNOLOGIES: Keung and Wai Appointed as Liquidators
INFINITE EYEWEAR: Creditors Get 2.0% Recovery on Claims
JETIN INTERNATIONAL: Nedderman and Yan Appointed as Liquidators
JOINTEK CONSULTANTS: Nedderman and Yan Appointed as Liquidators
MAGURO LIMITED: Court Enters Wind-Up Order

SUNVILLE INVESTMENT: Creditors Get 100% Recovery on Claims


I N D I A

AIR INDIA: Parent Seeks Up to US$1.15 Billion to Refinance Loans
ARANTHANGI CHEMICALS: CRISIL Assigns 'BB' Ratings on Various Debts
BIMLA DEVI: ICRA Assigns 'LBB-' Ratings on INR149.6MM Term Loan
CHAUDHARY INGOTS: CRISIL Rates INR55 Million Cash Credit at 'BB'
CORPORATE POWER: Fitch Puts BB+ National Rating on Stable Outlook

GAYATRI JHANSI: CRISIL Reaffirms 'BB(so)' Rating on Term Loan
GAYATRI LALITPUR: CRISIL Reaffirms 'BB(so)' Rating on Term Loan
GREENLAND HOSPITALITY: ICRA Rates INR165 Million Bank Debt 'LB+'
ICICI BANK: Proposed Merger Unlikely to Affect Ratings, Fitch Says
PURSHOTAM INDUSTRIES: CRISIL Puts 'BB-' Ratings on Various Debts

RLJ FERRO: CRISIL Puts 'B-' Rating on INR60 Million Cash Credit
RANEKA INDUSTRIES: ICRA Assigns 'LBB' Rating on INR117.8MM Loans
RUCHI STRIPS: ICRA Assigns 'LBB+' Rating on INR770.7MM Term Loans
SIMMS ENGINEERING: CRISIL Rates INR30MM Cash Credit at 'BB-'
VHCL INDUSTRIES: ICRA Assigns 'LBB+' Rating on Long-Term Loans


I N D O N E S I A

PT DELTA: End of Share Swap Transaction No Impact on Ba3 CFR


J A P A N

AGC TRUST: Moody's Reviews Class B Trust Cert on for Downgrade
ARSENAL TRUST: Moody's Downgrades Cl. A - E Trust Certificates
CABS LTD: S&P Upgrades Rating on Cl. B Floating-Rate Notes to 'BB'
FOI CORP: Files for Bankruptcy Protection
SHINTA-KUN TRUST: Moody's Downgrades Ratings for Tranche C Loan

SPORTS PROJECT: Files for Bankruptcy as Major Sponsor Quits
TOSHIBA CORP: India Unit Taps Tengguo Wu as Director
* JAPAN: Fitch Says that Mega Banks' Profitability Remain Weak


K O R E A

DAEWOO MOTOR: Creditors Start Due Diligence on Firm
GENERAL MOTORS: Daewoo Aims to Return to Profitability This Year
HYNIX SEMICONDUCTOR: Creditors May Support Hynix Investment Plan
HYUNDAI ENGINEERING: Korea Finance to Start Sale Process in June


M A L A Y S I A

AYER MOLEK: Annual General Meeting Slated for June 15
RANHILL BERHAD: Unit to Sell Stake in Ranhill Powerton for MYR73MM


S I N G A P O R E

FREELY PTE: Court to Hear Wind-Up Petition on June 4
GLORY WEALTH: Court to Hear Wind-Up Petition on June 4
LO-BALL MANAGEMENT: Court Enters Wind-Up Order
ONG LAND: Court Enters Wind-Up Order
RALTRON SINGAPORE: Court Enters Wind-Up Order

SELCO (HOLDINGS): Creditors' Proofs of Debt Due June 4
SIRIUS D'INNOVATION: Court Enters Wind-Up Order
STERLING HUMAN: Court Enters Wind-Up Order


T H A I L A N D

* Moody's Rates 9 Corporate Issuers in Thailand


X X X X X X X X

* DUBAI: Fitch Retains Five Banks' Ratings on Watch Negative




                         - - - - -


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


SIGMA PHARMACEUTICALS: Gets Takeover Proposal From Aspen
--------------------------------------------------------
Sigma Pharmaceuticals Ltd said Friday that it has received a non-
binding, indicative and conditional proposal to acquire all of the
issued share capital of Sigma for an indicative price of 60 cents
per share under a scheme of arrangement or other whole of business
transaction.

Sigma said in a statement to the Australian Securities Exchange
that its board is considering the proposal and recommends that
shareholders take no action at this stage.  The company said it
will make a further announcement in due course.

Bloomberg News reports that Aspen Pharmacare Holdings Ltd.,
Africa's largest drug company, offered to buy Sigma
Pharmaceuticals for about AU$1.49 billion in cash and assume debt
to expand in Australia.

According to Bloomberg, Aspen said it will offer AU$0.60 for each
of Sigma's outstanding 1.18 billion shares and assume net debt of
AU$785 million.  Aspen said the offer is "subject to numerous
conditions," including due diligence, regulatory approvals and
unanimous approval by the Sigma Board, Bloomberg relates.

The Troubled Company Reporter-Asia Pacific reported on April 23,
2010, that Sigma Pharmaceuticals Ltd. may face a damages claim of
more than $200 million from shareholders over its annual loss and
alleged breach of continuous disclosure obligations.

Tom Tarasewicz, the vice-president of the US litigation funder
Comprehensive Legal Funding, said his firm had been approached
by Australian institutional shareholders in Sigma, who were
concerned about the company's long trading halt and the end-
of-year adjustments it was about to make to its 2010 accounts.
Mr. Tarasewicz said law firm Slater & Gordon was still several
weeks from finalizing its investigation into Sigma's financial
woes, which included nearly $500 million in goodwill write-downs,
but said that at this stage the shareholder case looked strong.

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

Sigma reported a net loss of AU$389 million for the year ended
Jan. 31, 2010.  The Wall Street Journal reports Sigma said
competition in the generic drug sector was keener than it had
anticipated and slashed the book value of key assets.  The Journal
notes Sigma also revealed that because the company had breached
debt covenants, creditors were insisting on assets sales to pay
them AU$90 million by Nov. 30.

                     About Sigma Pharmaceuticals

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


TRANSURBAN GROUP: Canada Pension Re-evaluating Investment
---------------------------------------------------------
Doug Alexander at Bloomberg News reports that Canada Pension Plan
Investment Board is "re-evaluating" its investment in Transurban
Group after the Australian toll-road operator rejected a takeover
offer from a group that included the Canadian pension fund.

Bloomberg relates Transurban said a sweetened AU$7.2 billion bid
from Canada Pension, Ontario Teachers' Pension Plan and Australian
investment fund CP2, its three biggest investors, was
"inadequate".

"We're disappointed that the company's board rejected the offer
that ourselves and our partners put forward," Bloomberg quoted
Mark Wiseman, Canada Pension's executive vice-president of
investments, as saying.  "We continue to be a major shareholder in
Transurban."

"We see long-term value in the assets that underlay the company,
and so we're re-evaluating our position," Mr. Wiseman said.
"We've not sold our shares."

As reported in Troubled Company Reporter-Asia Pacific on May 19,
2010, The Sydney Morning Herald said Ontario Teachers' Pension
Plan sold its 13% stake in Transurban Group for an estimated $4.44
a share, 16 cents less than the company's $542 million rights
issue.  It is also $1.13 a share less than the takeover offer the
three key shareholders -- CP2, Ontario Teachers and Canadian
Pension Plan Investment Board -- put to the company's board.

                       About Transurban Group

Melbourne, Australia-based Transurban Group (ASX:TCL)--
http://www.transurban.com.au/-- is engaged in the operation of
CityLink, Hills M2 and the Pocahontas Parkway, provision of the
tolling and customer management system for the Westlink M7
Motorway project, tendering for participation in and/or
acquisition of other toll roads, development of electronic
tolling and other intelligent transport systems for
implementation in both domestic and international markets, and
identification and development of infrastructure projects. The
company also has a controlling interest in the Sydney Roads Group.

                          *     *     *

Transurban Group incurred net losses of AU$152.18 million,
AU$105.34 million and AU$16.13 million for the years ended
June 30, 2007, through 2009.


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


AGRICULTURAL BANK: China Pension Fund Invests CYN15 Billion
-----------------------------------------------------------
The National Council for Social Security Fund, China's national
pension fund, has invested CNY15 billion in Agricultural Bank of
China ahead of the bank's US$30 billion initial public offering,
The Financial Times reports.  This latest investment makes SSF the
bank's third largest shareholder after the Ministry of Finance and
China's sovereign wealth fund, the FT says.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 16, 2008, Agricultural Bank plans to seek a dual listing at
both Shanghai Stock Exchange and Hong Kong Exchanges this year.

The bank is expected to raise US$25 billion to US$35 billion from
the IPO, with 60 percent of shares sold at the Shanghai bourse and
40 percent at the Hong Kong bourse.  But the proportion could also
be changed, depending on market situation and the scale of the
IPO.

The FT discloses that Agricultural Bank was the last of China's
large banks to be recapitalized by the state in preparation for
restructuring and an eventual IPO and it is generally viewed in
China as the worst-performing and worst-managed of all banks.

Agricultural Bank of China -- http://www.abchina.com/-- one of
China's largest state-owned commercial banks, specializes in
financing and providing services to agricultural, industrial,
commercial, and transportation enterprises in rural areas.  The
bank also offers personal banking, credit cards, and foreign
exchange services.  Founded in 1951, ABC operates approximately
31,000 branches and banking offices, as well as more than 30
provincial-level offices, serving every county in China.  Overseas
it operates branches in Hong Kong and Singapore, and
representative offices in London, New York, and Tokyo.

                           *     *     *

Agricultural Bank of China continues to carry Moody's 'E+' bank
financial strength rating and Fitch's "E" Individual Rating.


HOPSON DEVELOPMENT: Moody's Upgrades Senior Unsecured Debt to B2
----------------------------------------------------------------
Moody's Investors Service upgraded to B1 the corporate family
rating and to B2 the senior unsecured debt rating on Hopson
Development Holdings Limited.

The outlook for the ratings is stable.

This concludes the review for possible upgrade initiated on
February 3, 2010.

"Hopson's payment of its RMB1.83 billion convertible bond on
February 2, 2010, has alleviated Moody's original concerns over
the company's refinancing risk, the major factor suppressing its
corporate family rating to the B2 level," says Kaven Tsang,
Moody's lead analyst for Hopson.

"Nevertheless, the company's aggressive land acquisition strategy
and weak liquidity -- given the material amount of unpaid land
premiums and onshore refinancing needs for the coming 12-18 months
-- will continue to constrain its rating at the B1 level," says
Tsang, also Moody's lead analyst for Hopson.

Moody's expects Hopson's projected financial metrics will remain
modest, as the company continues to draw on new debt to fund
operations.

The company's adjusted leverage ratio will rise to 40-45% in the
coming one to two years, from 35% at end-2009,. Meanwhile, EBITDA
interest coverage ratio will stay at 2.5-3x, versus 3.1x in 2009,.
These projected ratios are comparable to those of its B1-rated
peers.

The B1 rating also reflects Hopson's moderate geographical
diversification, in four major cities in different regions in
China.  This partly mitigates its exposure to local operating and
regulatory uncertainty.

Further, it has an established market position and brand equity in
Guangdong province and Beijing, underpinned by a solid track
record in large-scale residential developments, which will support
sales and cash flow to some extent.

The B2 senior unsecured bond rating further reflects legal and
structural subordination risk.  The company's secured and
subsidiary debt to total assets ratio will stay at around 25% over
the near to medium term, as it has to rely on onshore borrowing at
the PRC subsidiary/project level to fund its operations and
investments.

The stable outlook reflects Moody's expectation that the company
will continue to have uninterrupted access to bank funds in China
to support its financing needs.

The ratings could be downgraded if Hopson (1) experiences
declining sales and profit margins due to a significant downturn
in China's property market; (2) continues its aggressive land
acquisition strategy without a corresponding increase in cash
inflow, such that its financial metrics weaken, with
EBITDA/interest under 2x; or 3) sees a material decline in its
balance sheet liquidity due to a slowdown in sales or a tightening
of bank credit.

The ratings could be upgraded if Hopson can (1) attain its planned
sales; 2) demonstrate strong financial discipline and prudently
monitor its business and financial risk; and 3) maintain a sound
liquidity profile.

Moody's would regard EBITDA/interest coverage consistently above
4-5x as an indication for a potential rating upgrade.

Moody's last rating action with regard to Hopson occurred on
February 3, 2010, when the status of the review of company's B2
corporate family and B3 senior unsecured debt ratings was changed
to possible upgrade from direction uncertain.

Hopson Development Company Holdings Limited is one of the largest
property developers in China with a land bank of 30.2 million
square meters in gross floor area. Its principal business
interests are residential developments in four major cities --
Guangzhou, Beijing, Shanghai, and Tianjin -- and their surrounding
areas.


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


DESCARTES FINANCE: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on April 13, 2010, to
wind up the operations of Descartes Finance Limited.

The company's liquidator is:

         Mat Ng
         c/o John Lees Associates
         20/F Henley Building
         5 Queen's Road,
         Central, Hong Kong


DIGITAL NUNET: Nedderman and Yan Appointed as Liquidators
---------------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated May 14,
2010, they have been appointed by the High Court of Hong Kong as
joint and several liquidators of Digital Nunet Exchange Limited.
The High Court entered an order on January 27, 2006, to wind up
the operations of Digital Nunet Limited.

The liquidators may be reached at:

         Anthony Nedderman
         Yan Miu Ping
         11/F., China Hong Kong Tower
         8 Hennessy Road
         Hong Kong


D-MEDIA SYSTEM: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on May 5, 2010, to
wind up the operations of D-Media System (H.K.) Co. Limited.

The Official Receiver is E T O'Connell.


EAST NOBLE: Nedderman and Yan Appointed as Liquidators
------------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated May 14,
2010, they have been appointed by the High Court of Hong Kong as
joint and several liquidators of East Noble Holdings Limited.  The
High Court entered an order on May 2, 2006, to wind up the
operations of East Noble Holdings Limited.

The liquidators may be reached at:

         Anthony Nedderman
         Yan Miu Ping
         11/F., China Hong Kong Tower
         8 Hennessy Road
         Hong Kong


FOOK HING: Declared First and Final Dividend
--------------------------------------------
Fook Hing Holdings (H.K.) Company Limited, which is in Compulsory
liquidation, paid the first and final preferential and ordinary
dividend to its creditors on May 17, 2010.

The company paid 100% for preferential and 0.5287% for ordinary
claims.

The company's liquidator is:

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


GAIN DRAGON: Nedderman and Yan Appointed as Liquidators
-------------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated May 14,
2010, they have been appointed by the High Court of Hong Kong as
joint and several liquidators of Gain Dragon Development Limited.
The High Court entered an order on October 21, 2005, to wind up
the operations of Gain Dragon Development Limited.

The liquidators may be reached at:

         Anthony Nedderman
         Yan Miu Ping
         11/F., China Hong Kong Tower
         8 Hennessy Road
         Hong Kong


GREETINGS TRADING: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on May 5, 2010, to
wind up the operations of Greetings Trading & Manufacturing Co.,
Limited.

The Official Receiver is E T O'Connell.


HEDWORTH LIMITED: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on April 9, 2010, to
wind up the operations of Hedworth Limited.

The company's liquidator is:

         Mat Ng
         c/o John Lees Associates
         20/F Henley Building
         5 Queen's Road,
         Central, Hong Kong


HK CHIEF: Lai and Haughey Appointed as Liquidators
--------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey on March 4, 2010, were
appointed as liquidators of Hong Kong Chief Investment Limited.

The liquidators may be reached at:

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


HONGKONG TOPRICH: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on March 31, 2010, to
wind up the operations of HongKong Toprich Holdings Limited.

The company's liquidator is Yuen Tsz Chun Frank.


HOOVER TECHNOLOGIES: Keung and Wai Appointed as Liquidators
-----------------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai on March 19, 2010,
were appointed as liquidators of Hoover Technologies Limited.

The liquidators may be reached at:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F One Island East
         18 Westlands Road
         Island East, Hong Kong


INFINITE EYEWEAR: Creditors Get 2.0% Recovery on Claims
-------------------------------------------------------
Infinite Eyewear Limited, which is in liquidation, will pay the
first interim dividend to its creditors on June 17, 2010.

The company will pay 2.0% for ordinary claims.

The company's liquidators are:

         Roderick John Sutton
         Desmond Chung Seng Chiong
         The Hong Kong Club Building, 14/F
         3A Chater Road
         Central, Hong Kong


JETIN INTERNATIONAL: Nedderman and Yan Appointed as Liquidators
---------------------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated May 14,
2010, they have been appointed by the High Court of Hong Kong as
joint and several liquidators of Jetin International Limited.  The
High Court entered an order on March 30, 2006, to wind up the
operations of Jetin International Limited.

The liquidators may be reached at:

         Anthony Nedderman
         Yan Miu Ping
         11/F., China Hong Kong Tower
         8 Hennessy Road
         Hong Kong


JOINTEK CONSULTANTS: Nedderman and Yan Appointed as Liquidators
---------------------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated May 14,
2010, they have been appointed by the High Court of Hong Kong as
joint and several liquidators of Jointek Consultants Limited.  The
High Court entered an order on November 19, 2009, to wind up the
operations of Jointek Consultants Limited.

The liquidators may be reached at:

         Anthony Nedderman
         Yan Miu Ping
         11/F., China Hong Kong Tower
         8 Hennessy Road
         Hong Kong


MAGURO LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on March 21, 2009, to
wind up the operations of Maguro Limited.

The liquidators are Tso Hei Sing and Lai Chi Kwong.


SUNVILLE INVESTMENT: Creditors Get 100% Recovery on Claims
----------------------------------------------------------
Sunville Investment Company Limited will declare the first and
final dividend on May 26, 2010.

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

The company's liquidator is:

         Kong Chi How Johnson
         Lo Siu Ki
         25th Floor
         Wing On Centre
         111 Connaught Road
         Central, Hong Kong


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


AIR INDIA: Parent Seeks Up to US$1.15 Billion to Refinance Loans
----------------------------------------------------------------
Bloomberg News reports that National Aviation Co. of India Ltd.,
national carrier Air India's holding company, is seeking to raise
as much as US$1.15 billion to refinance loans that funded the
purchase of 21 Airbus SAS planes.

According to Bloomberg, the rupee or U.S. dollar-denominated debt
will be used to repay loans from a group of Indian banks as
National Aviation tries to reduce interest payments.  Bloomberg
relates NACIL said India's government will guarantee the loans.

National Aviation said it is seeking loans with maturities of at
least 12 years, Bloomberg notes.

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

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

In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings.  The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.  The airline's turnaround plan has been
broadly divided into 0-9 months, 9-18 months and 18-36 months, and
has been segregated under operational efficiency, product
improvement, organization building and financial restructuring,
the Business Standard said.

                          About Air India

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

ARANTHANGI CHEMICALS: CRISIL Assigns 'BB' Ratings on Various Debts
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Aranthangi
Chemicals Private Limited's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR0.90 Million Long-Term Loan      BB/Stable (Assigned)
   INR42.50 Million Cash Credit        BB/Stable (Assigned)
   INR10.00 Million Standby Line       BB/Stable (Assigned)
                        of Credit
   INR30.00 Million Letter of Credit   P4+ (Assigned)

The ratings reflect ACPL's exposure to risks related to the
tender-based nature of its business, its small scale of operations
and geographical and customer concentration in its revenue
profile.  These rating weaknesses are partially offset by ACPL's
moderate financial risk profile, and the benefits that the company
derives from its promoters' experience and its established
customer base.

Outlook: Stable

CRISIL believes that ACPL will continue to benefit from its
established position in the calcium carbonate segment over the
medium term.  The outlook may be revised to 'Positive' if the
company enhances its scale of operations and sustains
profitability. Conversely, the outlook may be revised to
'Negative' if ACPL undertakes a large, debt-funded capital
expenditure programme, or if its profitability declines, resulting
in deterioration of its financial risk profile.

                    About Aranthangi Chemicals

Incorporated in 1983 by Mr. K Veerappan, ACPL manufactures
precipitated calcium carbonate (PCC) and activated calcium
carbonate (ACC).  PCC accounts for around 90 per cent of the
company's revenues, and ACC for 10 per cent.  The company has a
capacity to manufacture 18,000 tonnes per annum (tpa) of PCC and
7200 tpa of ACC at its facility in Aranthangi (Tamil Nadu). The
products are sold under the brand Arangal.

ACPL reported a provisional profit after tax (PAT) of INR5 million
on net sales of INR147 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR4 million on net
sales of INR140 million for 2008-09.


BIMLA DEVI: ICRA Assigns 'LBB-' Ratings on INR149.6MM Term Loan
---------------------------------------------------------------
ICRA has assigned "LBB-/stable" rating to the INR149.6 million
term loan facility of Bimla Devi Educational Society.  ICRA has
also assigned stable outlook to the long term rating.

The rating is constrained by the limited track record of the
society, inadequate admissions for the first session, heavy
reliance on promoter support for project funding, and increasing
competition in the private higher education sector.  However the
rating draws comfort from the stable fee based income the colleges
are likely to generate and favorable demand supply outlook for the
sector in the medium term.

Registered in 2006 the society plans to develop an integrated
campus by the name JB Knowledge Park in various phases over the
next ten years.  The integrated campus would house three colleges:
JB School of Technology and Management, JB School of Business
Management and JB School of Management and Research.  The school
of technology & management offers B.Tech in Computer Science
Engineering, Electronics and Communications Engineering,
Electrical Engineering, and Mechanical Engineering whereas the
schools of business management and management research offers MBA
and PGDM.  The colleges have been affiliated with Maharishi
Dayanand University and all the courses are approved by AICTE.
The society is promoted By Mr Jai Prakash Gupta and Mr M.P
Aggarwal, who are the promoter directors of Henna group of
Industries and Blue Ocean Impex, engaged in manufacturing and
marketing of Black Rose Kali Mehandi.


CHAUDHARY INGOTS: CRISIL Rates INR55 Million Cash Credit at 'BB'
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Chaudhary Ingots Pvt
Ltd's cash credit facility.

   Facilities                            Ratings
   ----------                            -------
   INR55.0 Million Cash Credit Limit     BB/Stable (Assigned)

The rating reflects CIPL's small scale of operations, and exposure
to risks related to intense competition in the steel ingots
industry, product concentration in revenue profile, and volatility
in raw material prices.  These rating weaknesses are partially
offset by CIPL's moderate financial risk profile marked by low
gearing and moderate debt protection metrics, efficient working
capital management, established customer base, and promoters'
experience in the steel long products segment.

Outlook: Stable

CRISIL believes that CIPL will maintain its moderate financial
risk profile on the back of low gearing and moderate debt
protection metrics and will continue to benefit from its
promoter's industry experience, over the medium term.  The rating
outlook may be revised to 'Positive' if CIPL reports high
operating income growth or diversifies its product portfolio,
leading to higher-than-expected profitability.  Conversely, the
outlook may be revised to 'Negative' in case the company
undertakes significant debt-funded capital expenditure programme,
leading to deterioration in its capital structure, or there is an
unexpected decline in its business volumes and profitability,
leading to strain on its liquidity.

                       About Chaudhary Ingots

CIPL was set up in 2001 by Mr. Ashok Sharma, Mr. Narendra Singh
Pawar and Mr. Yatendra Singh Pawar.  CIPL manufactures mild-steel
ingots, which are used by secondary manufacturers and re-rollers
to manufacture thermo-mechanically-treated (TMT) bars.  CIPL's
manufacturing facility at Muzzafarnagar (Uttar Pradesh) has an
installed capacity of 36,000 tonnes per annum, and its capacity
utilisation level was between 85 and 90 per cent over the past
three years.

CIPL reported a profit after tax (PAT) of INR3 million on net
sales of INR903 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR2.8 million on net sales
of INR703 million for 2007-08.


CORPORATE POWER: Fitch Puts BB+ National Rating on Stable Outlook
-----------------------------------------------------------------
Fitch Ratings has assigned India-based Corporate Power Ltd's
INR20.30 million senior project bank loans an expected National
Long-term rating of 'BBB-(ind)(EXP)'.  At the same time, the
agency assigned CPL's subordinate project bank loans aggregating
INR1,450m a National Long-term rating of 'BB+(ind)(EXP)'.  The
Outlook on both Long-term ratings is Stable.  Final ratings are
contingent upon receipt of final documents conforming to
information already received.

CPL's ratings are supported primarily by the plant being a pithead
coal plant, limiting its exposure to the volatility in coal prices
through a fixed 25-year price hike contract with the sponsor
company, Corporate Ispat Alloys Limited, which has been allotted
captive coal mines by the Government of India, offering downside
protection to revenue risks even in the event of a sharp
correction in merchant power prices.  However, even though the
company has entered into a fixed time and price turnkey EPC
contract with Abhijeet Infra Ltd, a group company and a EPC
contractor, AINL has a back-to-back equipment supply contract with
Bharat Heavy Electricals Ltd(BHEL,'AAA(ind)'/Stable), whose
overflowing order book can potentially introduce delays in project
completion.  That said, Fitch notes that AINL's 270MW power
project in Maharashtra (commissioned on an EPC basis) is nearing
completion ahead of schedule, despite the group's limited
experience in executing large sized power projects.

The ratings benefit from the stipulation in financing documents of
a Debt Service Reserve Account (even though funded out of project
cash flows) equivalent to six months debt service and a cash sweep
mechanism where 50% of the residual surplus in the cash flow
'waterfall' is applied towards prepayment of loans.  Meanwhile, a
highly geared capital structure (though not unusual when compared
with other similar Indian projects) with a variable interest rate
on the bank debt may exert pressure on future cash flows.

The sponsors have a reasonably good experience in the industrial,
manufacturing and infrastructure sector, even though their power
sector experience is limited to operating captive facilities.
Though the sponsor has infused INR2,470m of equity into the
project and a private equity fund has committed in a letter to
invest INR2,800m, a further INR1,980m is needed from the
operational cash flows of group companies over the next two years.

The project is exposed to the vagaries of the merchant power
market and hence, is subject to long-term revenue risks; however,
given the protracted power deficit that the country faces, Fitch
believes that this will not have a major negative impact on CPL in
the short-to-medium term.  Furthermore, CPL's merchant Power
Purchase Agreement (PPA) with Lanco Power Trading Ltd contains
beneficial features, including a provision that the company will
receive an amount needed to achieve a debt service coverage ratio
(DSCR) of at least 1.25x, should there be an off-take failure.
The agency notes that the short-term merchant tariffs are
currently high but expects the spot prices to trend downwards
resulting in narrower spreads, to reflect a more realistic level
of tariffs at which end-user utilities contract power through
long-term PPAs.

The ratings are constrained by substantial completion risks, since
the project is a large green field thermal power project in the
nascent stages of construction.  Additionally even though
construction has begun, land has not been fully acquired,
including possession of land necessary for the coal mining (to be
operated by a group company) and title deeds are reportedly
registered under the company's name.  An added construction
challenge is the need for the project company to construct a 108km
transmission line to connect it to the nearest evacuation point on
the grid.

The company is promoted by Abhijeet group, which has diversified
business interests in the infrastructure, and the iron and steel
sector.  The group currently owns captive coal mines and iron ore
mines and have plans to become an integrated steel producer and
power generator.


GAYATRI JHANSI: CRISIL Reaffirms 'BB(so)' Rating on Term Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'BB(so)/Negative' rating on the term
loan facility of Gayatri Jhansi Roadways Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR3.41 Billion Term Loan      BB(so)/Negative (Reaffirmed)

The reaffirmation follows GJRL's receipt of in-principle approval
for rescheduling its term loan.  The first instalment against
principal repayment has been rescheduled by one year; as per the
original schedule, the first instalment was due on May 15, 2010.
GJRL is facing time and cost overruns in its ongoing build-
operate-transfer (BOT) road project.  The project is now expected
to be completed by March 2011, against the earlier schedule of
end-September 2010, and the original estimate of September 2009.
The project may face cost overruns of about INR700 million.

CRISIL believes that GJRL's project will continue to be delayed
because of uncertainties in the quantum, and time of release, of
annuity from National Highways Authority of India (NHAI; rated
'AAA/Stable' by CRISIL); GJRL proposes to use the annuity for
funding the cost overrun.

The rating continues to factor in GJRL's exposure to project-
related risks, such as delay in completion, aggressive funding,
and debt servicing ability.  These rating weaknesses are mitigated
by the annuity nature of the BOT project, and the strong credit
profile of the counterparty, NHAI.

Outlook: Negative

CRISIL believes that GJRL's credit risk profile will remain
constrained because of uncertainties in the quantum, and time of
release, of annuity from NHAI.  The rating may be downgraded if
GJRL does not receive the annuity from NHAI on time for completion
of the project, or there are further time and cost overruns in the
project.  Conversely, the outlook could be revised to 'Stable' if
GJRL receives the annuity from NHAI in time, and the project is
completed as per the revised schedule.

                       About Gayatri Jhansi

GJRL is a special-purpose vehicle (SPV) promoted by Gayatri
Projects Ltd (GPL; 51 per cent stake in GJRL) and Infrastructure
Development Finance Co Ltd (IDFC; 49 per cent) to design, develop,
construct, operate, and maintain a 50-kilometre (km) stretch of
road between Jhansi and Lalitpur, on national highways 25 and 26
(NH-25 and NH-26) in Uttar Pradesh (UP).  The project road, named
UP2, starts from 88.5 km of the Shivpuri-Jhansi road (NH-25) and
ends at 49.7 km of NH-26. The project involves strengthening and
widening of the existing two-lane highway, construction of two
additional lanes, and provision of service roads in specific urban
and semi-urban areas to cater to local traffic.  The project was
awarded under National Highway Development Project II (NHDP-II)
for an annuity of INR299.5 million payable semi-annually by NHAI
to the consortium of IDFC and GPL.  The original project was
INR4.22 billion.  NHAI has a 20-year concession agreement with the
consortium, with GJRL as the concessionaire, for implementation,
operation, and maintenance of the project.  The annuity will be
deposited in an escrow account and appropriations from the escrow
account will be as per the concession agreement.  As stated by
GJRL's management, the project was about 80 per cent complete as
on March 31, 2010.


GAYATRI LALITPUR: CRISIL Reaffirms 'BB(so)' Rating on Term Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'BB(so)/Negative' rating on the term
loan facility of Gayatri Lalitpur Roadways Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR2520 Million Term Loan     BB(so)/Negative (Reaffirmed)

The reaffirmation follows GLRL's receipt of in-principle approval
for rescheduling its term loan.  The first instalment against
principal repayment has been rescheduled by one year; as per the
original schedule, the first instalment was due on May 15, 2010.
GLRL is facing time and cost overruns in its ongoing build-
operate-transfer (BOT) road project.  The project is now expected
to be completed by March 2011, against the earlier schedule of
end-September 2010, and the original estimate of September 2009.
The project may face cost overruns of about INR550 million.

CRISIL believes that GLRL's project will continue to be delayed
because of uncertainties in the quantum, and time of release, of
annuity from National Highways Authority of India (NHAI; rated
'AAA/Stable' by CRISIL); GLRL proposes to use the annuity for
funding the cost overrun.

The rating continues to factor in GLRL's exposure to project-
related risks, such as delay in completion, aggressive funding,
and debt servicing ability.  These rating weaknesses are mitigated
by the annuity nature of the BOT project, and the strong credit
profile of the counterparty, NHAI.

Outlook: Negative

CRISIL believes that GLRL's credit risk profile will remain
constrained over the medium term because of uncertainties in the
quantum, and time of release, of annuity from NHAI.  The rating
may be downgraded if GLRL does not receive the annuity from NHAI
on time for completion of the project, or there are further time
and cost overruns in the project.  Conversely, the outlook could
be revised to 'Stable' if GLRL receives the annuity from NHAI in
time, and the project is completed as per the revised schedule.

                      About Gayatri Lalitpur

GLRL is a special purpose vehicle (SPV) promoted by Gayatri
Projects Ltd (GPL; 51 per cent stake) and Infrastructure
Development Finance Company Ltd (IDFC; 49 per cent) to design,
develop, construct, operate, and maintain the 50-kilometre stretch
between Jhansi and Lalitpur, on National Highways 25 and 26 as
part of the North?South Corridor in Uttar Pradesh.  The project
involves strengthening and widening of the existing two-lane
highway, construction of additional two lanes, and provision of
service roads in specific urban and semi-urban areas to cater to
local traffic.  The project was awarded under the National Highway
Development Project (NHDP) for an annuity of INR235.5 million
payable semi-annually by NHAI to the consortium of IDFC and GPL.
The original project cost was INR3.13 billion.  NHAI has a 20-year
concession agreement with the consortium, with GLRL as the
concessionaire for implementation, operation, and maintenance of
the project.  The annuity will be deposited in an escrow account
and appropriations from the escrow account are as per the
concession agreement.  As stated by the management, the project
was about 80 per cent complete as on March 31, 2010.


GREENLAND HOSPITALITY: ICRA Rates INR165 Million Bank Debt 'LB+'
----------------------------------------------------------------
ICRA has assigned 'LB+' rating to the INR165 million bank
facilities of Greenland Hospitality Pvt Limited.  The assigned
rating takes into account continued delays in debt servicing by
the company.

GHPL remains exposed to significant market risk considering the
large supply of hotels expected to come up in the NCR region over
the next two years which could put some pressure on the operating
parameters (ARRs and OR).  The demand risk, however, is mitigated
to some extent considering the location of the project in Sector-
44 (Gurgaon) which is an institutional area where offices of
several corporates are located providing a healthy catchment area.
Also, GHPL's franchise agreement with Ramada would lend it an
established brand name, besides providing an access to Ramada's
global reservation system.  ICRA also draws comfort from the
experience of the promoters in the hospitality and real estate
industry and the relatively low debt-funding of the project.

                    About Greenland Hospitality

Greenland Hospitality Private Limited was incorporated on March
10, 2008 and is currently undertaking construction of a 94 room,
4-Star category hotel in Sector-44, Gurgaon (Haryana) under a
franchise agreement with Ramada International Inc. (USA).  The
land for the project was allotted to GHPL by Haryana Urban
Development Authority (HUDA) on a free-hold basis following GHPL's
successful bid in the auction conducted by HUDA in 2008.  The
Company targets to commence hotel operations in June 2010.


ICICI BANK: Proposed Merger Unlikely to Affect Ratings, Fitch Says
------------------------------------------------------------------
Fitch Ratings said that India-based ICICI Bank Limited's ratings
are unlikely to be affected by its proposed merger with the weak
Bank of Rajasthan.

The agency expects that any adverse impact from BoR's asset
quality problems and weak capital position on ICICI'S financial
profile will likely be limited given BoR's relatively small size
(under 5% of ICICI's assets).

As a result, ICICI's Individual Rating will likely remain at 'C'.
The bank's Support Rating of '2' meanwhile could benefit from the
potential increase in ICICI's share of systemic assets and
deposits given the 23% increase in the branch network, if the
merger is successful.  Fitch does not expect ICICI's Long-term
foreign currency Issuer Default Rating (IDR) and Short-term
foreign currency IDR of 'BBB-' and 'F3' to be impacted by the
merger.

While BoR's reported gross non-performing loan (NPL) ratio of
2.84% at end-December 2009 is not overly high compared to peers,
there have been regulatory concerns over the bank's corporate
governance.  The Reserve Bank of India (RBI) effected a change of
the bank's chief executive officer in November 2009 and also
ordered a special audit of the bank's lending policies in 2010.
The deterioration in BoR's performance, increased employee costs
following industry-wide wage revisions and higher provisions for
loans and investments, resulted in a net loss of INR447 million
during the quarter ended December 2009, which eroded the bank's
first half profits till September 2009.

Further write-downs could result from BoR's exposures to the
commercial real estate sector (9% of loans) and restructured loans
(7% of loans) that are higher than system medians, including those
from unfunded employee benefit liabilities and/or undisclosed loan
concentration.  Furthermore, BoR's capital position is weak, with
a Tier 1 ratio of 5.75% at end-December 2009 - lower than the
regulatory minimum of 6%.  Nevertheless, ICICI's far larger
profits should be able to absorb the combined impact of all
possible write-downs for BoR.  ICICI's pre-tax profit in FY10
(ended March 2010) was about 4x the total of BoR's exposures to
the commercial real estate sector, restructured loans, unreserved
NPLs and the estimated shortfall in employee benefit funding.  In
addition, ICICI's strong Tier 1 ratio of 14% provides a sufficient
cushion. Should the merger be successful and if BoR's equity were
to be fully written-off, it is estimated that it will only reduce
ICICI's Tier 1 ratio by 50bps.

The merger benefits to ICICI are expected to be primarily related
to funding, as it will be able to leverage BoR's network of 463
branches and its low cost deposit base of 27% of total deposits.
Nearly 60% of BoR's branches are in metro and urban areas, which
should help ICICI build its deposit franchise.  This is expected
to further improve ICICI's retail funding profile which has been
weaker than government banks, particularly at a time when it has
started growing its loan portfolio after several quarters of
contraction.

ICICI is India's largest private bank.  It announced a share-swap
merger with BoR on May 18, 2010, subject to due diligence and
approvals from shareholders and RBI.

ICICI's other outstanding ratings are:

Support Rating Floor: 'BBB-'
Perpetual hybrid Tier 1 capital: 'BB-'
Upper Tier 2 subordinated debt: 'BB-'


PURSHOTAM INDUSTRIES: CRISIL Puts 'BB-' Ratings on Various Debts
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Purshotam Industries Ltd, which is part of the
Purshotam group.

   Facilities                           Ratings
   ----------                           -------
   INR180.0 Million Cash Credit Limit   BB-/Stable (Assigned)
   INR15.0 Million Term Loan            BB-/Stable (Assigned)
   INR20.0 Million Stand by Line of     BB-/Stable (Assigned)
                             Credit
   INR10.0 Million Letter of Credit*    P4+ (Assigned)
   INR10.0 Million Bank Guarantee*      P4+ (Assigned)

   * Fully interchangeability between letter of credit
     and bank guarantee.

The ratings reflect the Purshotam group's high dependency on a few
customers for growth, its small scale of operations, and its
average business risk profile marked by a declining operating
margin.  These weaknesses are partially offset by the group's
promoters' longstanding presence in the pipe industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Purshotam Industries Ltd (PIL) and
Purshotam Ispat.  This is because the two entities, together
referred as the Purshotam group, have strong operational linkages
and are under the same management.  PIL procures around 60 per
cent of its raw material requirement from Purshotam Ispat.

Outlook: Stable

CRISIL believes that the Purshotam group will maintain its
business risk profile over the medium term, on the back of its
established position in the Uttarakhand region. The outlook may be
revised to 'Positive' if the group increases its scale of
operations, and generates more-than-expected operating income/cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of further decline in the group's profitability, or it
undertakes more-than-expected debt-funded capital expenditure
programme, leading to deterioration in its debt protection
metrics.

                          About the Group

Promoted by Mr. Purshotam Aggarwal in 1993, the Purshotam group
manufactures galvanised iron (GI) and mild steel (MS) pipes.

Purshotam Ispat was registered as a partnership firm in 2004.  The
firm manufactures hot-rolled coils and strips at its facility in
Roorkee (Uttarakhand), which has a capacity of 40,000 tonnes per
annum (tpa). Purshotam Ispat procures its raw material from Steel
Authority of India Ltd, Galwalia Ispat Udyog Ltd, and other
companies, and sells around 60 per cent of its production to PIL.

PIL, incorporated in 1993, is engaged in the manufacture of GI and
MS pipes and has its manufacturing facility in Roorkee with an
installed capacity of 30,000 tpa.  PIL undertakes work mainly
under government tenders; 70 per cent of its operating income
during 2008-09 (refers to financial year, April 1 to March 31) was
generated through tenders executed for Uttarakhand Jal Board.

The manufacturing facilities of the Purshotam group in Uttarakhand
enjoy tax incentives with exemptions from payment of excise duty
and income tax (70 per cent of the profits are liable to taxation
with effect from 2010-11).

PIL reported a profit after tax (PAT) of INR 17 million on net
sales of INR 927 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR 19 million on net sales
of INR 803 million for 2007-08.


RLJ FERRO: CRISIL Puts 'B-' Rating on INR60 Million Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the bank facilities
of RLJ Ferro Alloys Pvt Ltd, which is part of the Baahubali group.

   Facilities                       Ratings
   ----------                       -------
   INR60.00 Million Cash Credit     B-/Stable (Assigned)
   INR20.00 Million Proposed LT     B-/Stable (Assigned)
           Bank Loan Facilities

The rating reflects the vulnerability of the Baahubali group's
margins to volatility in raw material prices and to cyclicality in
the steel industry, its weak financial risk profile driven by low
profitability, and its small scale of operations in the
manufacture of ferroalloys and steel products.  These weaknesses
are partially offset by the benefits that the group derives from
its promoters' experience in the ferroalloys industry and from its
established customer base.

For arriving at its ratings, CRISIL has combined the financial and
business risk profiles of RLJFPL and its group companies,
Baahubali Ferro Tech and Power Ltd and Baahubali TMT Bars Pvt Ltd.
This is because the three companies, collectively referred to as
the Baahubali group, have common promoters, trade in ferroalloys
and thermo-mechanically-treated (TMT) bars, and have significant
business synergies. Moreover, there is funding support among the
entities.

Outlook: Stable

CRISIL believes that the Baahubali group's financial risk profile
will remain weak over the medium term driven by low profitability;
however, its business risk profile will continue to benefit from
its promoters' experience in the ferroalloys industry. The outlook
may be revised to 'Positive' if the Baahubali group's cash
accruals increase significantly, on the back of steady and
significant improvement in its operating margin and scale of
operations.  Conversely, the outlook may be revised to 'Negative'
if the group undertakes a large, debt-funded capital expenditure
programme, or there is a significant liability from electricity
dues disputes.

                          About the Group

The Baahubali group includes three companies: BFTPL, BTPL, and
RLJFPL. The group's manufacturing company, BFTPL, is engaged in
manufacturing silico-manganese, mild steel ingots, ferrosilicon,
ferromanganese, and TMT bars. BFTPL has an installed capacity of
5000 tonnes of mild steel ingots per month and 8500 tonnes of
ferroalloys per month.  It has its unit in Durgapur (West Bengal).
BTBL and RJLFPL trade in TMT bars and ferroalloys, respectively.

Incorporated in 2006 by the Baahubali group, RLJFPL trades in
ferroalloys manufactured by its group company, BFTPL, and also in
ferroalloys imported from Bhutan and manufactured by other players
in India.

On a standalone basis, RLJFPL is expected to report a profit after
tax (PAT) of INR0.4 million on net sales of INR637 million for
2009-10 (refers to financial year, April 1 to March 31), against a
PAT of INR1.1 million on net sales of INR648.9 million for
2008-09.


RANEKA INDUSTRIES: ICRA Assigns 'LBB' Rating on INR117.8MM Loans
----------------------------------------------------------------
ICRA has assigned a rating of 'LBB' to the INR117.8 million fund
based facilities of Raneka Industries Limited.  The outlook on
long term rating is stable.  ICRA has also assigned a short term
rating of A4 to the INR20 million non-fund based facilities of
Raneka.

The inadequate credit quality rating takes into account strong
competitive pressures from established larger manufacturers and
relatively smaller scale of operations, which result in poor
economies of scale as well as limited bargaining power vis--vis
customers and suppliers.  The rating is also constrained by the
vulnerability of company to any adverse movement in raw material
prices.  These negative factors were further compounded by low
operating margins (5.41% as on FY09) and high gearing levels (1.90
times as on FY09) which in turn have led to below average coverage
indicators (with NCA/TD at 8.49% and, Interest coverage at 1.72
times as on FY09).  The rating however derives some comfort from
strong demand outlook and the experience of the promoter family in
the field of casting components for railways, which is likely to
result in some revenue growth.  Going forward, the company's
ability to maintain the adequate margins in the competitive
environment and its ability to remain as preferred vendor for
Indian railways will remain the key rating drivers.

                       About Raneka Industries

Started in year 1990 Raneka Industries Limited is a manufacturer
of Cast Steel Components for railways having its manufacturing
unit located in the Pithampur Industrial Township in Indore area
of MP. It is engaged in the manufacturing and supply of Cast Steel
components and Sub-Assemblies.  The company is registered with
Indian railways for supplying various items such as components of
wagons coaches, wheel etc.  The company has a monthly capacity of
manufacture around 1000 MT Castings of varied material
composition, sizes and weights.  The company is approved under
ISO:9001:2000 quality standard and is also approved as an "A:
Class Foundry by Indian Railways as per IS-12117-96 specification.
For year ending FY09 Raneka made a net profit of INR3.92 millions
on net sales of INR510.92 millions.


RUCHI STRIPS: ICRA Assigns 'LBB+' Rating on INR770.7MM Term Loans
-----------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR770.7 million fund-based
limits/term loans of Ruchi Strips and Alloys Limited.  The rating
carries a stable outlook.  ICRA has also assigned a short-term
rating of 'A4+' to INR1765.5 million non-fund-based limits of
RSAL.

The rating takes into consideration RSAL's diversified client
base, experience of the promoters in trading of agricultural
commodities and steel products and its established relations with
key customers which has enabled it to secure repeat orders from
them.  The rating is, however, constrained by the cyclicality
inherent in iron-and-steel business, fragmented nature of the
business, RSAL's exposure to adverse movement in foreign exchange
rates and its weak financial profile characterized by low profit
margins and high gearing; while ICRA expects gradual improvement
in the business profile of the company following the expansion of
its capacities, financial profile is expected to remain stressed
in the short term due to significant debt outstanding.

                         About Ruchi Strips

Ruchi Strips and Alloys (RSAL), established in 1987, is engaged in
manufacturing and trading of Cold Rolled Coil (CRC) products.
Ruchi Strips and Alloys Limited (RSAL), incorporated in 1987, is
promoted by the Shahra family and forms part of Ruchi group of
companies.  Ruchi Group of Industries has interests in businesses
ranging from steel to food products.  The Group is involved in
soya processing, edible oils, dairy products, cold rolled sheets
and coils, galvanized sheets and coils.  The sales turnover of the
group exceeds USD 3.5 billion.  Flagship company of the group is
Ruchi Soya Industries Limited.  RSIL manufactures edible oils,
vanaspati, bakery fats and soya foods. RSIL is the largest
exporter of soya meal and lecithin from India.  In FY09, RSIL
reported sales of INR122.09 billion and net profit of
INR932.8 million.  In FY 2009, RSAL reported a net profit of
INR215.84 million on the back of operating income of
INR5529.67 million.


SIMMS ENGINEERING: CRISIL Rates INR30MM Cash Credit at 'BB-'
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Simms
Engineering Pvt Ltd bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR30.0 Million Cash Credit Limit     BB-/Stable (Assigned)
   INR1.7 Million Proposed Long-Term     BB-/Stable (Assigned)
                  Bank Loan Facility
   INR30.0 Million Bill Purchase/        P4+ (Assigned)
                     Discounting
   INR30.0 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect SEPL's large working capital requirements and
customer concentration in revenue profile in small scale of
operations.  These rating weaknesses are partially offset by the
benefits that SEPL derives from its promoters' experience in the
industry.

Outlook: Stable

CRISIL believes that SEPL will continue to benefit from its
promoters' extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if SEPL's working capital
management and operating margin improves, or it diversifies its
customer base.  Conversely, the outlook may be revised to
'Negative' in case the company gets adversely impacted by weak
order flow or faces liquidity pressures on account of stretched
receivables.

                       About Simms Engineering

Set up as a proprietorship firm, SEPL (formerly, Simms Electrical
and Mechanical Works) was reconstituted as a partnership firm in
1994. In 1996, the firm's name was changed to Simms Engineering.
In 2008 it was again reconstituted as a private limited company.
SEPL undertakes contract for installation of electrical equipments
for wind power projects ? overhead transmission lines and related
sub stations. The company also provides operational and
maintenance services for power plants and sub stations.

SEPL reported a profit after tax (PAT) of INR12 million on net
sales of INR391 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR6 million on net sales
of INR220 million for 2007-08.


VHCL INDUSTRIES: ICRA Assigns 'LBB+' Rating on Long-Term Loans
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the long term bank
facilities and an 'A4+' rating to the short term bank facilities
of VHCL Industries Limited.  Outlook assigned to the long term
rating is Stable.  The ratings take into account VHCL's history of
past losses, regulatory risks inherent in the business, and its
modest scale of operations.  The ratings also factor in the
susceptibility of the margins to raw material price fluctuations.
However, the ratings draw comfort from the experience of the
promoters in the business, fiscal benefits and duty exemptions
enjoyed by the company, currently favorable capital structure and
limited competition in India following regulatory disallowance on
import licenses to new units for plastic scrap imports.

Incorporated in 1978 as a Public Limited Company, VHCL Industries
Limited was promoted by a USA based NRI technocrat.  However, upon
unsuccessful operations of the company, in FY 2007-08 the company
was taken over by Mr. Pankaj Valia, the current Managing Director.
The company is engaged in manufacturing of reprocessed and
recycled plastic granules and has recently diversified into wind
mill power generation business.  VHCL has its manufacturing unit
located at Silvassa, Union Territory of Dadra & Nagar Haveli and
has its registered office at Andheri, Mumbai.  VHCL recorded a net
profit of INR 29.50 million on an operating income of
INR251.30 million for the year ending March 31, 2009.  Also as per
the unaudited financial statement as on December 31, 2009, VHCL
has earned net profits of INR45.20 million on an operating income
of INR563.80 million.


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


PT DELTA: End of Share Swap Transaction No Impact on Ba3 CFR
------------------------------------------------------------
Moody's Investors Service notes the disclosure by PT Delta Dunia
Makmur Tbk, parent of PT Bukit Makmur Mandiri Utama, that it
terminated negotiations with Recapital Investment Group for a
possible share swap transaction at the Delta level.  The
termination of negotiations has no rating impact on Buma's Ba3
corporate family and senior secured bond rating.

"From a commercial perspective, there must be no impact on Buma's
business profile given that it already accounts for some 77% of
Berau's coal production while Berau generates approximately 33% of
Buma's revenues and that the underlying contracts are medium-long
term in nature," says Laura Acres, a Moody's vice president and
senior credit officer.

Recapital currently wholly owns PT Berau Coal Energy, which in
turn owns a 90% stake in PT Berau Coal, Indonesia's fifth largest
coal producer.  If the transaction had gone ahead, Delta would
have been the direct majority shareholder in BCE and Recapital
would have become a direct substantial shareholder in Delta.  This
would have triggered a change of control clause under Buma's loan
agreement and the termination of the share swap negotiations
eliminates the potential concern.

"Delta is currently 40% owned by a consortium led by Indonesian
private equity firm, Northstar Equity Partners (collectively
"Northstar")," adds Acres, also Moody's Lead Analyst for Buma.
Adding, "Moody's continues to have reservations regarding
Northstar's long-term commitment to and strategy for the
Delta/Buma business, given its role as a financial investor in the
company."

Buma's ratings were assigned by evaluating factors we believe are
relevant to the credit profile of the issuer, as i) the business
risk and competitive position of the company versus others within
its industry, ii) the capital structure and financial risk of the
company, iii) the projected performance of the company over the
near to intermediate term, and iv) management's track record and
tolerance for risk.  These attributes were compared against other
issuers both within and outside of Buma's core industry and Buma's
ratings are believed to be comparable to those of other issuers of
similar credit risk.

The last rating action was taken on November 3, 2009, when Moody's
affirmed Buma's Ba3 corporate family and bond ratings following
the completion of the US$315 million bond issuance.

Buma is wholly owned by Delta which is in turn 40% owned by a
consortium led by Northstar.  Delta's principal asset is a 100%
stake in Buma. Buma is one of Indonesia's leading mining services
contractors providing full mine services too many of Indonesia's
largest coal mine companies.


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


AGC TRUST: Moody's Reviews Class B Trust Cert on for Downgrade
--------------------------------------------------------------
Moody's Investors Service placed AGC Trust's Class B Trust
Certificate on review for possible downgrade.  The final maturity
will take place in August 2014.

The individual rating action is:

- Class B, Ba2 placed under review for possible downgrade;
   previously, on October 31, 2007, definitive rating assigned Ba2

AGC Trust is a single-asset/single-borrower CMBS deal, effected in
October 2007.

The assets underlying the AGC Trust are a Tokkin (a type of
investment trust) loan receivable and a Tokkin trust certificate
secured by a specified bond backed by commercial real estate.  The
Trustee issued five classes of trust certificates which
incorporate a senior/subordinated structure.  Dividends on the
subordinated Class B Trust Certificate are paid out of the
interest from the specified bond.  Interest is based on the rents
collected from the property.

The property is a high-rise office building in central Tokyo.  The
asset manager had raised the rents gradually over the past two
years; however, the occupancy rate has declined as tenants have
vacated.  The main tenant (which occupies approximately 17% of the
net rentable area) and others are expected to vacate by or right
after their leases expire.

The rating actions reflect Moody's growing concerns about the
performance of the property and the need to reconsider Moody's
stabilized property value.

Moody's believes that the profitability of the property will fall
below the assumptions for its previous rating actions and remain
low.  Thus, in its review, Moody's will re-assess the rents,
stabilized net cash flow, and the value of the property.

Moody's is planning to interview the asset manager regarding its
leasing plans and strategies, refinancing strategies, and disposal
activities in light of the bond's expected maturity in 2012.


ARSENAL TRUST: Moody's Downgrades Cl. A - E Trust Certificates
--------------------------------------------------------------
Moody's Investors Service downgraded the ratings for the Class A
through E Trust certificates issued by Arsenal Trust, and the
Specified Loan B and Specified Bonds 1 and 2 issued by Arsenal
Asset TMK.

The final maturity for both types of securities will take place in
August 2013.

The individual rating actions are:

- Class A, downgraded to Aa1 from Aaa; previously, Aaa placed
   under review for possible downgrade on April 9, 2010;

- Class B, downgraded to Ba2 from A1; previously, A1 placed under
   review for possible downgrade on April 9, 2010;

- Class E, downgraded to B3 from Ba2; previously, Ba2 placed
   under review for possible downgrade on April 9, 2010;

- Specified Loan B, downgraded to Caa3 from B2; previously, B2
   placed under review for possible downgrade on April 9, 2010;

- Specified Bond 1, downgraded to C from Caa1; previously, Caa1
   placed under review for possible downgrade on April 9, 2010;

- Specified Bond 2, downgraded to C from Caa3; previously, Caa3
   placed under review for possible downgrade on April 9, 2010;

Arsenal Trust and Arsenal Asset TMK, effected in August 2006,
represent the liquidating securitization of 65 residential
properties in Osaka and other cities.  Nine of the properties have
been sold since the closing of the deal.

The rating actions on April 9, 2010, reflected Moody's decision to
reconsider its disposal plan and expected property disposal
values, given that none of the properties have been sold in the
past year, and the pace of disposal is thus much slower than
initially assumed.

The downgrades reflect these factors:

(1) Moody's has reconsidered its disposal plan because the
    transaction's asset manager has not presented a feasible
    disposition plan for the loan.

(2) Moody's has applied greater stress on its recovery assumptions
    for all the properties.

(3) Moody's now expects that the balance of the Class A trust
    certificates will decline gradually until the maturity date,
    because of the fast-pay amortization of the backing loan.


CABS LTD: S&P Upgrades Rating on Cl. B Floating-Rate Notes to 'BB'
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on CABS Ltd.
Master Trust Series 2005-1's class B floating-rate notes to 'BB'
from 'B-'.

S&P said, "The upgrade reflects the signing of an agreement by the
transaction parties that would introduce changes to the priority
of payments, the waterfall, and so on.  The aforementioned changes
are expected to raise the amount of collections that would be
distributed to payments for the Series 2005-1 transaction and
boost practical credit enhancement for the rated note."

"On Sept. 14, 2007, originator Credia Co. Ltd. filed for civil
rehabilitation proceedings, which were applied on Sept. 21, 2007.
Credia selected Kazaka Finance as a sponsor on April 25,
2008, and submitted a rehabilitation plan on May 21, 2008.  At a
meeting on Aug. 20, 2008, creditors adopted the rehabilitation
plan, which was approved by the Court on the same day. Approval of
the rehabilitation plan was finalized on Sept. 17, 2008. Phlox Co.
Ltd. took over all of Credia's operations on Oct. 1, 2008.

"The floating rate notes issued under this transaction are
ultimately secured by a pool of uncollateralized consumer loan
receivables originated by Credia Co. Ltd.," noted S&P.

Rating Raised
CABS Ltd. Master Trust Series 2005-1
Floating rate notes due August 2014

Class    To   From   Initial Issue Amount
-----    --   ----   --------------------
B        BB   B-     1.3 bil.


FOI CORP: Files for Bankruptcy Protection
-----------------------------------------
FOI Corp. filed Friday for bankruptcy protection with the Tokyo
District Court with debts of JPY9.2 billion, Nikkei.com reports.

The report relates that the Tokyo Stock Exchange has decided to
delist FOI on June 19 over accounting fraud.  According to the
report, the company has been under investigation by the Securities
and Exchange Surveillance Commission for allegedly inflating its
sales by about JPY10 billion when it applied to list on the Tokyo
Stock Exchange's Mothers market.

FOI Corporation is a Japan-based company engaged in the
semiconductor manufacture equipment business.  The Company is
involved in the research and development of semiconductor
manufacture equipment's element technology, the product
development, as well as the manufacture and sale of semiconductor
manufacture equipment.  The Company's main products include
insulation film etching equipment series, ashing equipment series
and surface oxynitridation equipment series. The Company has three
consolidated subsidiaries.


SHINTA-KUN TRUST: Moody's Downgrades Ratings for Tranche C Loan
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings on the Tranche C
Loan and Class D Trust Certificates issued by Shinta-kun Trust.
The final maturity of the trust certificates will take place in
October 2013.

The individual rating actions are:

- Tranche C, downgraded to Ba1 from A2; previously, A2 placed
   under review for possible downgrade on April 1, 2010

- Class D, downgraded to Ba3 from A3; previously, A3 placed under
   review for possible downgrade on April 1, 2010

Shinta-kun Trust, effected in December 2006, represents the
securitization of two liquidating real estate loans.

Two office buildings backing Loan 1 have been already sold; the
remaining properties comprise two office buildings and certain
parking lots in Osaka.

The office building backing Loan 2 has been already sold, and the
remaining properties comprise seven apartment buildings in the
Kanto area (including Tokyo) and three office buildings in
Hokkaido and Tohoku.

The rating actions on April 1, 2010, reflected Moody's growing
concerns that Loan 2's LTV was likely to remain high due to the
slow progress in selling the properties. They also reflected
Moody's decision to reconsider its disposal plan for Loan 2, as
well as its expected property values for both loans.

Moody's has found no events to set off the balance or LTV triggers
for either loan -- indeed, the LTV for Loan 1 is low as a result
of the sale of one of the properties.

However, the LTV for Loan 2 remains high. Furthermore, the cash
flows of the remaining properties for both loans are weaker than
Moody's expectations. Moody's found that Loan 1's DSCR trigger had
been set off at the time of previous rating actions on April 1,
2010, which in turn has been resolved.

The downgrades on the ratings of the Tranche C Loan and Class D
trust certificates reflect Moody's re-assessments of its (1)
disposal plan for Loan 2, based on the disposal plan for the loan
that the transaction's asset manager has presented; (2) cash flow
assumptions for the properties backing Loan 1, because the rents
for new tenants are lower than initially expected; and (3)
recovery assumptions that has been applied greater stress.


SPORTS PROJECT: Files for Bankruptcy as Major Sponsor Quits
-----------------------------------------------------------
Sports Project Takamatsu, the operating company of the Takamatsu
Five Arrows of the bj-league, has filed for bankruptcy with the
Takamatsu District Court with liabilities of about JPY50 million,
The Japan Times reports.

According to the report, company officials said Sports Project
went bust after the withdrawal of its biggest sponsor, Anabuki
Construction Inc.

The Japan Times relates the company, which set up Japan's first
professional basketball league in 2005, has terminated the
contracts of all its players and coaches.

The Five Arrows, who joined the small-budget 13-team league after
its inaugural season, finished last in the seven-team Western
Conference in the 2009-2010 season, the report adds.


TOSHIBA CORP: India Unit Taps Tengguo Wu as Director
----------------------------------------------------
Toshiba India, the Indian subsidiary of Toshiba Corporation, has
appointed Tengguo Wu as Director of its PC Division, the Indian
Express reports.

The report relates the company said Tengguo will spearhead the
Indian operations and strengthen Toshiba's PC Division to
aggressively ramp up its operations and grow its market share.

"Toshiba India is poised at a very exciting stage as we plan to
expand our presence across India.  Our path-breaking technology &
innovative products have made us a major global player and we
believe the time is right for us to ramp up our operations and
expand our product offerings to the Indian customer," the report
quoted Tengguo as saying.

Tengguo started his career with Toshiba in 1990, in South East
Asia and the Indian Subcontinent.

                        About Toshiba Corp.

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

                           *     *     *

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


* JAPAN: Fitch Says that Mega Banks' Profitability Remain Weak
--------------------------------------------------------------
Fitch Ratings said in a new comment that the annual results
(FYE10, end-March 2010) of three Japanese "mega" banking
groups -- Mizuho Financial Group (Mizuho, 'A'/Stable), Sumitomo
Mitsui Financial Group (SMFG, 'A'/Stable), and Mitsubishi UFJ
Financial Group (MUFG) -- showed an anemic recovery from FY09, but
profitability remained weak.

SMFG maintained the highest profitability (in terms of return on
assets or ROA) among the three mega banking groups, despite net
losses at its subsidiaries.  MUFG's profitability was dragged down
mainly by the performance of some of its subsidiaries including
ACOM CO., LTD. ('A-'/Stable).  For Mizuho, the low profitability
of Mizuho Bank ('A'/Stable), one of the group's major banking
subsidiaries, lowered the group's overall profitability.

Thanks to their large common stock issuance, the core
capitalization of Japanese mega banks improved significantly in
FYE10.  Based on Fitch estimates of core capital ratios (deducting
preferred stock, preferred securities, net deferred-tax assets,
intangible assets and other non-loss-absorbing capital from
reported equity), SMFG's core capital ratio was about 7% and
MUFG's was at 8% as at end-March 2010.  Mizuho's core ratio will
improve to 5.6% from 4.2% at end-March 2010 -- if it succeeds in
issuing a maximum JPY800bn of common shares as registered on 14
May 2010.

The FYE11 forecasts for SMFG and MUFG are modest, whereas Mizuho
expects the group's net profits to rise by 80% annually, though
Fitch notes that this is growth from a low base in FYE10.  Fitch
expects the mega banks' revenue growth from core banking
operations to remain constrained in the medium term due to weak
loan demand and the agency's expectation that interest margins
will stay low; however, Fitch notes it may be possible for some of
the non-banking businesses to contribute to an improvement in the
banks' profitability.


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


DAEWOO MOTOR: Creditors Start Due Diligence on Firm
---------------------------------------------------
Yonhap News Agency, citing industry sources, reports that
creditors of Daewoo Motor Sales Corp. have launched a due
diligence on the company, smoothing the way for a creditor-led
debt rescheduling.

According to the report, financial sources said creditors are
seeking to complete the due diligence on the company by the end of
next month and plan to draw up business normalization plans --
possibly including a debt-to-equity swap or asset sales -- by mid-
August at the latest.

"The business turnaround plan could be carried out by the company
as early as mid-July," an official at a creditor bank said.

As reported in the Troubled Company Reporter-Asia Pacific on
April 28, 2010, Dow Jones Newswires said Daewoo Motor's creditors
reversed their decision to let the company go bankrupt.  Creditors
including Korea Development Bank decided to help Daewoo Motor
settle KRW17.66 billion notes held by Daewoo Bus Corp. and Tata
Daewoo Commercial Vehicle Co.  Dow Jones noted that KDB and other
financial creditors in mid-April put Daewoo Motor Sales under a
debt-workout plan.  As part of that, Dow Jones said, debt-payment
obligations to financial institutions were frozen until July 13,
but commercial bills still had to be paid.  The workout program
for Daewoo Motor Sales, which owes KRW2.2 trillion to financial
institutions, came after GM Daewoo in March pulled the plug on its
partnership with the debt-laden company, Dow Jones noted.

                         About Daewoo Motor

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


GENERAL MOTORS: Daewoo Aims to Return to Profitability This Year
----------------------------------------------------------------
GM Daewoo Auto & Technology Co., the South Korean unit of General
Motors Co., will put its top priority on returning to the black
this year, Yonhap News Agency reports citing GM Daewoo President
and CEO Mike Arcamone.

"Like our parent company, General Motors, which made a tremendous
turnaround in the first quarter, GM Daewoo needs to further
improve manufacturing utilization, domestic sales and export
growth," the news agency quoted Mr. Arcamone as saying in a
meeting with employees at a transmission plant in Boryeong, some
190 kilometers southwest of Seoul.  "I am confident that we can
return to profitability in 2010 if we address these issues while
working as one team."

Yonhap, citing company officials, says the South Korean carmaker
marked a surprising 23% increase in sales in the first quarter of
the year.

Yonhap relates the company's sales in South Korea jumped 43.4% in
the January-March period from the same period a year earlier, and
its exports also increased 19.7% year-on-year.

                        About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At December 31, 2009, GM had total assets of US$136.295 billion
against total liabilities of US$107.340 billion.  At December 31,
2009, total equity was US$21.249 million.

                   About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


HYNIX SEMICONDUCTOR: Creditors May Support Hynix Investment Plan
----------------------------------------------------------------
Korea Finance Corp. said that Hynix Semiconductor Inc.'s creditors
could support the company in making necessary investments, Se
Young Lee at Dow Jones Newswires reports.

Dow Jones relates that a spokesman with Korea Finance confirmed a
report from Yonhap Infomax news service which cited Korea Finance
Chief Executive Ryu Jae-han as saying that creditors will discuss
with Hynix's management on how to support the company.

According to Dow Jones, the move comes after Samsung Electronics
Co. announced a massive 2010 capital expenditure plan.

Dow Jones says the massive capital spending plan has triggered
concerns that Hynix might lose market share, as well as worries
that Samsung's investment could trigger an oversupply issue for
the memory market and damage the industry players' profitability.

Korea Finance is one of Hynix's creditors-cum-shareholders, along
with other financial institutions such as Korea Exchange Bank and
has a 5.5% stake in Hynix.

                     About Hynix Semiconductor

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2010, Moody's Investors Service changed to stable from
negative the outlook for Hynix Semiconductor Inc's B1 corporate
family and senior unsecured bond ratings.  The rating action has
been prompted by the sharp rebound in the company's operating
performance and improved liquidity profile.

Standard & Poor's Ratings Services, on Nov. 17, 2009, revised to
stable from negative the outlook on its long-term corporate credit
rating on Hynix Semiconductor Inc. following the recovery of the
DRAM market and the company's profitability.  At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate and 'B'
senior unsecured debt ratings on Hynix.


HYUNDAI ENGINEERING: Korea Finance to Start Sale Process in June
----------------------------------------------------------------
Yonhap News Agency reports that Korea Finance Corp. will start
work on the sale of Hyundai Engineering & Construction Co. next
month.

Creditors of Hyundai Engineering sought to put it up for sale in
May 2006 when the builder was lifted from its debt workout
program, which started in October 2001.

Hyundai Engineering ran into a liquidity problem in 2000 after
extending massive subsidies to prop up its weak subsidiaries and
loss-making businesses.  Huge outstanding debts in Iraq further
strained the contractor's finances.

Creditors of Hyundai Engineering & Construction Co. relinquished
direct control of Korea's top builder in May 2006.

                     About Hyundai Engineering

Headquartered in Seoul, South Korea, Hyundai Engineering &
Construction Company Limited -- http://www.hdec.co.kr/-- is
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into the following key
areas: building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential,
commercial and institutional building projects.


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


AYER MOLEK: Annual General Meeting Slated for June 15
-----------------------------------------------------
The Ayer Molek Rubber Company Berhad will hold its 92nd Annual
General Meeting on June 15, 2010, at 11:30 a.m., at the Banquet
Hall, Kelab Taman Perdana Di-Raja Kuala Lumpur (Royal Lake Club),
Taman Tasik Perdana, Jalan Cenderamulia, Off Jalan Parlimen, in
Kuala Lumpur.

At the meeting, the members will be asked to:

   -- receive the Audited Financial Statements for the financial
      year ended December 31, 2009, together with the Directors'
      and Auditors' Reports;

   -- approve the payment of Directors' fees of MYR70,000 for the
      financial year ended December 31, 2009;

   -- re-elect as Director Goh Joon Hai who retires pursuant to
      Section 129(6) of the Companies Act, 1965;

   -- re-elect as Director Datin Mariam Prudence binti Yusof
      pursuant to Article 90 of the Company's Articles of
      Association;

   -- re-elect as Director Azril Akmar bin Attan Akmar pursuant to
      Article 97 of the Company's Articles of Association;

   -- re-appoint Messrs. KPMG as Auditors of the Company and to
      authorize the Directors to fix their remuneration for the
      ensuing year; and

   -- consider and, if thought fit, to pass a resolution as an
      ordinary resolution: "Authority for the Directors to Issue
      Shares"

                          About Ayer Molek

Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.

                           *     *     *

The Ayer Molek Rubber Company Berhad has been classified an
Amended Practice Note 17 company based on the criteria set by the
Bursa Malaysia Securities Bhd after it triggered Paragraph 8.16A
of the Listing Requirements.

MIMB Investment Bank Berhad said that the bourse has granted a
conditional approval to AMolek for its application seeking a
waiver from meeting the minimum issued and paid-up capital of
MYR60 million as required under Paragraph 8.16A of the Listing
Requirements of Bursa Securities.


RANHILL BERHAD: Unit to Sell Stake in Ranhill Powerton for MYR73MM
------------------------------------------------------------------
Ranhill Power Sdn Bhd, a wholly owned subsidiary of Ranhill
Berhad, has entered into a conditional share sale agreement with
Sabah Energy Corporation Sdn Bhd for a total consideration of
MYR73 million.

RPower currently holds 10.0 million ordinary shares of
MYR1.00 each and 235.0 million redeemable convertible non-
cumulative preference shares of MYR0.01 each which both represent
100% of the total issued paid-up capital of Ranhill Powertron II
Sdn Bhd.  RPower's existing total investment in RPII amounts to
MYR245 million.

The proposed disposal entails the sale by RPower of 20% of the
total issued and paid-up capital held in RPII comprising of:

   * 2.0 million ordinary shares of MYR1.00 each, representing 20%
     of total share capital in RPII; and

   * 47.0 million RCNPS of MYR0.01 each, representing 20% of total
     preference shares in RPII.

Ranhill Berhad said the proposed disposal will not have any effect
on the share capital and shareholdings of the major shareholders
of the Group.  However, it is expected to have an effect on the
earnings per share, net assets and gearing of RB Group for the
financial year ending June 30, 2010.

RPower and RB Group will realize a gain of approximately
MYR24.2 million for the financial year ending June 30, 2010,
arising from the proposed disposal.

After the completion of the proposed disposal, RPower and SEC will
become a joint venture partner with 80:20% shareholdings in RPII.

The proceeds raised from the proposed disposal will be utilized
for the Group's working capital.  The proposed disposal is
expected to be completed by third quarter of 2010.

                        About Ranhill Berhad

Ranhill Berhad is a Malaysia-based company.  The company is
engaged in the business of investment holding, provision of
management services to its subsidiaries, and provision of
engineering, procurement and construction services.  It is engaged
in the provision of engineering and construction services, as well
as asset management and ownership, with focus on power, utilities
and other infrastructure and resource assets.  It has also
undertaken oil and gas exploration, development and production
activities.  Ranhill Berhad is organized into four business
segments: EPC & EPCM/PMC, power generation, transmission and
distribution, water and others.  In January 2008, the company
acquired a dormant company, Ranhill Global Systems Sdn Bhd, making
it a wholly owned subsidiary of the company.  On June 20, 2008,
the company disposed its entire equity interest in Bumi
Parahyangan Ranhill Energi Citarum Pte Ltd and BPE became a 72.72%
subsidiary of the Company through West Java Energy Pte Ltd (WJE).

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 26, 2009, Fitch Ratings affirmed Ranhill Berhad's Long-term
foreign currency Issuer Default rating at 'B'.  The Outlook is
Stable.  At the same time, the agency has affirmed the 'B-' (B
minus) senior unsecured rating on the US$220 million notes due
2011 issued by Ranhill (L) Limited and guaranteed by Ranhill and
its subsidiaries.

On December 7, 2009, Standard & Poor's Ratings Services revised
the outlook on Ranhill Bhd. to stable from negative and affirmed
the 'B' long-term corporate credit rating on the company.  At the
same time, Standard & Poor's affirmed the 'B-' issue rating on the
US$220 million five-year senior unsecured notes due in October
2011, issued by Ranhill (L) Ltd.--a fully owned special purpose
vehicle of the company; the notes are fully guaranteed by Ranhill
Bhd.


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


FREELY PTE: Court to Hear Wind-Up Petition on June 4
----------------------------------------------------
A petition to wind up the operations of Freely Pte Ltd will be
heard before the High Court of Singapore on June 4, 2010, at 10:00
a.m.

Success Resources Pte Ltd filed the petition against the company
on May 5, 2010.

The Petitioner's solicitor is:

          Genesis Law Corporation
          112 Robinson Road #10-03
          Singapore 068902


GLORY WEALTH: Court to Hear Wind-Up Petition on June 4
------------------------------------------------------
A petition to wind up the operations of Glory Wealth Shipping Pte
Ltd will be heard before the High Court of Singapore on June 4,
2010, at 10:00 a.m.

Armada (Singapore) Pte Ltd (Under Judicial Management) filed the
petition against the company on May 12, 2010.

The Petitioner's solicitors are:

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


LO-BALL MANAGEMENT: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on May 14, 2010, to
wind up the operations of Lo-Ball Management Pte Ltd.

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

The company's liquidator is:

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


ONG LAND: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on April 30, 2010, to
wind up the operations of Ong Land Co. Pte Ltd.

Chia Lay Beng, the Appointed Liquidator of O.C.C. Holding Pte Ltd
filed the petition against the company.

The company's liquidator is:

         Lok Lai Cheng
         34 Draycott Drive #03-01
         Singapore


RALTRON SINGAPORE: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on April 30, 2010, to
wind up the operations of Raltron Singapore Pte Ltd.

Ho Wee Kah 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 #06-11
         Singapore 069118


SELCO (HOLDINGS): Creditors' Proofs of Debt Due June 4
------------------------------------------------------
Creditors of Selco (Holdings) Ltd, which is in compulsory
liquidation, are required to file their proofs of debt by June 4,
2010, to be included in the company's dividend distribution.

The company's liquidator is:

         Goh Thien Phong
         c/o PricewaterhouseCoopers LLP
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


SIRIUS D'INNOVATION: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on May 14, 2010, to
wind up the operations of Sirius D'Innovation Pte Ltd.

Hong Kim Kwee filed the petition against the company.

The company's liquidator is:

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


STERLING HUMAN: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on May 7, 2010, to
wind up the operations of Sterling Human Resources Pte Ltd.

Tan Tiow Lheng Robin filed the petition against the company.

The company's liquidator is:

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


===============
T H A I L A N D
===============


* Moody's Rates 9 Corporate Issuers in Thailand
-----------------------------------------------
Riots and political instability in Bangkok, Thailand's capital,
have no immediate, negative credit impact on Thai corporate
issuers, although longer term implications cannot be ruled out.

While the largely domestic operations of all issuers have been
affected by the unrest, these have not risen to the point of
harming their financial health.  This is supported by the fact
that no issuer has material short term offshore finance exposure
that may cause refinancing risk, if investor confidence is
undermined.  Protest leaders have surrendered yesterday, however
in the event that the riots re-emerge or spread to other parts of
the country, thus significantly affecting the Thai economy and its
financial markets over a longer period, negative pressures could
build for all corporate issuers.

Some comfort is afforded by Thailand's fairly resilient economy
towards recent political instability, which has had little impact
on the country's longer term economic outlook.  Moody's still
expects Thailand's GDP to rise by 4.5% in 2010.  Given the high
degree of correlation between the domestic economy and the
companies' own prospects, rating implications are likely to be
minimal as long as this resilience is maintained.

Government-related issuers (GRIs) are exposed to Thailand's
sovereign ratings and could see their ratings under pressure,
should the country's credit profile deteriorate.  Currently,
Thailand is rated Baa1 with a negative outlook.  The only GRI
whose rating includes some uplift for government support is PTT
Pcl (rated A2, negative).  If the Thai government's ability to
service its debt weakens, it could dilute the degree of support to
PTT and thus impact PTT's rating.

Moody's rates 9 corporate issuers in Thailand.  These are Thai
Beverage (Baa2 stable), one of the country's largest producers of
beer and spirits; True Corp (B2 negative), Thailand's only
integrated provider of telecom and media services together with
its cellular subsidiary True Move (B2 negative); and PTT (A2
negative), a majority-state-owned energy company with rated
subsidiaries, PTT Exploration & Production (A3 negative), Thai Oil
(Baa1 stable), PTT Aromatics and Refining (Baa2 negative), PTT
Chemical (Baa3 negative), and IRPC (Baa3, negative).


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


* DUBAI: Fitch Retains Five Banks' Ratings on Watch Negative
------------------------------------------------------------
Fitch Ratings said that significant progress has been made with
Dubai World's restructuring proposal, as lenders representing
around 60% of bank exposure agree in principle on the terms.
However there is some uncertainty whether the remaining lenders
will accept the terms or which of the options banks will
ultimately accept.  Fitch also notes that the agreement does not
include the restructuring proposal for Nakheel, an important
subsidiary of Dubai World.

According to Dubai World's statement, payments to banks will be in
two tranches of USD4.4 billion and USD10 billion over five years
and eight years respectively with various coupon options and
shortfall guarantees from the Dubai government, depending on which
tranche and/or which currency each exposure is in.

Fitch believes that some UAE banks will have to book large
provisions based on the terms presented.  The amount of provisions
taken (and when it will be taken) will ultimately be decided by
the Central Bank of the UAE, but will not, in the agency's
opinion, cause any major difficulties for the domestic banking
system.

The agency is also concerned that other Dubai government-related
entities may be experiencing debt problems, albeit not of this
magnitude.

Given all the uncertainty, Fitch believes it appropriate that
Rating Watch Negatives placed on the Individual ratings of five
Dubai based banks (Emirates NBD, Mashreqbank, HSBC Bank Middle
East, Commercial Bank of Dubai and Dubai Bank) in December 2009
should remain in place until further progress is made on the
restructuring.


                         *********

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

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

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


                            *********


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

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

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

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

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





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