TCRAP_Public/100601.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

           Tuesday, June 1, 2010, Vol. 13, No. 106

                            Headlines



A U S T R A L I A

ABC LEARNING: Gov't. Turns Over 570 Centres to Non-Profit Group


C H I N A

CHINA MINSHENG: Wins Regulator's Okay to Sell CNY5.8-Billion Bonds


H O N G  K O N G

ASIAN BUSINESS: Shin Ho Yin Anthony Steps Down as Liquidator
BASE TOP: Commences Wind-Up Proceedings
CREATE WORLD: Inability to Pay Debts Prompts Wind-Up
CHUNG CHUK: Creditors' Proofs of Debt Due June 28
E. TUNG: Creditors' Proofs of Debt Due June 21

FITIGOOD COMPANY: Creditors' Proofs of Debt Due June 21
HAPPYGROW ASSOCIATION: Creditors' Proofs of Debt Due June 29
HK ASSEMBLIES: Creditors' Proofs of Debt Due June 29
HK CHEUNG: Creditors' Proofs of Debt Due June 30
HK CHUNG: Creditors' Proofs of Debt Due June 28

UNIVERSAL HONOUR: Court to Hear Wind-Up Petition on June 23
WISE ELITE: Arboit and Blade Appointed as Liquidators
WORLD GALAXY: Court to Hear Wind-Up Petition on June 23
YIU FAT: Members' Final Meeting Set for June 23
YUK YING: Members' Final General Meeting Set for June 30


I N D I A

AIR INDIA: Narrows Operating Loss in Fiscal Year 2010
CHAITANYA CHEMICALS: ICRA Rates INR24.5 Mil. Term Loan at 'LBB-'
DHANDAPANI CEMENTS: CRISIL Rates INR129.9 Million LT Loan at 'B+'
GUJARAT GINNING: CRISIL Assigns 'B-' Rating on INR28MM Term Loan
KINGFISHER AIRLINES: Repays 40% Overdue Fuel Bill to HPCL

MAGNA INFOTECH: ICRA Assigns 'LBB+' Rating on INR110MM Bank Debts
NARMADA CEREAL: CRISIL Lifts Rating on INR52MM Term Loan to 'B-'
NARAYANADRI INSTITUTE: CRISIL Rates INR100 Million Loan at 'B'
NARMADA SOLVEX: Stretched Liquidity Cues CRISIL's 'B-' Ratings
NEW STEEL: CRISIL Assigns 'BB' Rating on INR25MM Cash Credit Limit

R.S. KALYAANI: ICRA Puts 'LBB-' Rating on INR200 Million Term Loan
RADHA CONSTRUCTION: ICRA Assigns 'LBB' Rating on INR10MM Term Loan
RAJU CONSTRUCTION: CRISIL Puts 'BB-' Rating on INR60MM Cash Credit
RAMANAND STEEL: CRISIL Rates INR190 Million Cash Credit Limit 'B+'
RITURAJ HOLDINGS: CRISIL Reaffirms 'BB+' Rating on INR92MM Loan

RUHATIYA COTTON: CRISIL Rates INR70 Million Cash Credit at 'B-'
SILVER ISPAT: CRISIL Rates INR90 Million Cash Credit Limit at 'B+'
SPICEJET: May Get U.S. Export-Import Bank Loan for Aircraft Buy
SRI VARALAXMI: CRISIL Assigns 'B+' Rating on INR100MM Cash Credit
TATA MOTORS: Plans to Build Jaguar & Land Rover Models in China

VICTORIA AGRO: CRISIL Assigns 'B' Rating on INR335MM Term Loan
VHM INDUSTRIES: CRISIL Lifts Rating on INR500.9MM Loan to 'B+'


J A P A N

JAPAN AIRLINES: Bares FY2010 Route, Flight and Fleet Plans
JAPAN AIRLINES: Proposes to Revise Cargo Fuel Surcharge for June
JAPAN AIRLINES: To Keep Int'l Fuel Surcharge for July-Sept.
JAPAN AIRLINES: To Sell Hotel Unit to Hotel Okura
TOKYO BLOUSE: Files for Bankruptcy; Owes Creditors JPY1.628BB


K O R E A

HYNIX SEMICONDUCTOR: To Buy Numonyx's Stake in Chinese Unit
HYNIX SEMICONDUCTOR: Raises 2010 Capital Spending to KRW3.05 Tril.
HYUNDAI CEMENT: Creditors Seek Debt Workout
KUMHO ASIANA: Unit Inks Debt Restructuring Pact With Creditors
SSANGYONG MOTOR: Receives Seven Initial Takeover Bids


M A L A Y S I A

SYARIKAT KAYU: To Hold 29th Annual General Meeting on June 28


X X X X X X X X

* BOND PRICING: For the Week May 24 to May 28, 2010




                         - - - - -


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


ABC LEARNING: Gov't. Turns Over 570 Centres to Non-Profit Group
---------------------------------------------------------------
The Sydney Morning Herald reports that Education Minister
Julia Gillard on Monday transferred 570 child care centres from
ABC Learning to non-profit group GoodStart.  The move, supported
by a $15 million federal government loan, comes after the collapse
of ABC Learning in 2008.

According to the report, Ms. Gillard said government support
during the sale of the centres saved hundreds from closure and
saved 62,000 families from either missing work or having to find
alternative care at short notice.

The report says the transition is not expected to cause any
disruption to families or to more than 13,000 ABC Learning staff
who have kept their jobs.

                         About ABC Learning

Based in Australia, ABC Learning Centers Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd.  On January 26,
2007, it acquired La Petite Holdings Inc.  On February 2, 2007, it
acquired Forward Steps Holdings Ltd. On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centers Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.

Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.

The Company filed its Chapter 15 petition in Wilmington Delaware,
(Bankr. D. Del. Case No. 10-11711) on May 26, 2010.  Joel A.
Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the
Debtor in the Chapter 15 case.  ABC listed debts and assets of
US$100 million to US$500 million.

An affiliate, A.B.C. USA Holdings Pty Ltd., filed a separate
Chapter 15 petition, also listing assets and debts of at least
US$100 million.


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


CHINA MINSHENG: Wins Regulator's Okay to Sell CNY5.8-Billion Bonds
------------------------------------------------------------------
China Minsheng Banking Corp. has received regulatory approval to
sell CNY5.8 billion of subordinated bonds on the domestic
interbank market to replenish its capital reserves, according to
Xinhua News.

According to the report, the bank's capital adequacy ratio, which
measures a bank's ability to deal with risky assets, stood at
10.83% at the end of 2009 after a surge in lending.  That is
marginally above the minimum 10 percent demanded by the China
Securities Regulatory Commission.

President Hong Qi said last week the bank's capital adequacy ratio
would rise to around 12 percent after the bond issue, Xinhua
notes.

                        About China Minsheng

Based in Beijing, China, China Minsheng Banking Corporation Ltd.'s
mainly provides commercial banking services that include absorbing
public deposits, providing short term, medium term, and long term
loans, making domestic and international settlement, discounting
bills and issuing financial bonds.

                          *     *     *

China Minsheng Banking Corporation Ltd continues to carry Fitch
Ratings' individual rating of "D" and support rating at "3".


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


ASIAN BUSINESS: Shin Ho Yin Anthony Steps Down as Liquidator
------------------------------------------------------------
Shin Ho Yin Anthony stepped down as liquidator of Asian Business
Aviation Association Limited on May 7, 2010.


BASE TOP: Commences Wind-Up Proceedings
---------------------------------------
Members of Base Top Development Limited, on May 18, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Raymond Tang Wai Man
         Rooms 1109-10 C C Wu Building
         302-8 Hennessy Road
         Wanchai, Hong Kong


CREATE WORLD: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------
Members of Create World International Limited on May 22, 2010,
resolved to voluntarily wind up the company's operations due to
its inability to pay debts when they fall due.

The company's liquidator is:

         Lo Yau Tak
         Unit 2103, 21/F
         Office Tower, Langham Place
         8 Argyle Street
         Mongkok, Kowloon


CHUNG CHUK: Creditors' Proofs of Debt Due June 28
-------------------------------------------------
Creditors of Chung Chuk Investment Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 28, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 3, 2010.

The company's liquidator is:

         Yu Yu Kin
         Cheng Kam Wa Thomas
         United Centre, 26th Floor
         Office B, 95 Queensway
         Hong Kong


E. TUNG: Creditors' Proofs of Debt Due June 21
----------------------------------------------
Creditors of E. Tung Finance Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 21, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 17, 2010.

The company's liquidator is:

         Messrs Ng Kwok Tung
         Chan Wai Kee
         Rooms 201-205, 2/F
         Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


FITIGOOD COMPANY: Creditors' Proofs of Debt Due June 21
-------------------------------------------------------
Creditors of Fitigood Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 21, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 17, 2010.

The company's liquidator is:

         Messrs Ng Kwok Tung
         Chan Wai Kee
         Rooms 201-205, 2/F
         Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


HAPPYGROW ASSOCIATION: Creditors' Proofs of Debt Due June 29
------------------------------------------------------------
Creditors of Happygrow Association Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 29, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 13, 2010.

The company's liquidator is:

         Chan Kit Wah Eva
         1D, Tropicana 2
         Dynasty Heights
         2 Yin Ping Road
         Kowloon, Honk Kong


HK ASSEMBLIES: Creditors' Proofs of Debt Due June 29
----------------------------------------------------
Creditors of Hong Kong Assemblies of God Association Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by June 29, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 18, 2010.

The company's liquidator is:

         Wong Kenneth Chu Yan
         Flat 601A, Fourseas Building
         208-212 Nathan Road
         Kowloon, Hong Kong


HK CHEUNG: Creditors' Proofs of Debt Due June 30
------------------------------------------------
Creditors of Hong Kong Cheung Shi Clansmen's Association
Educational Institute Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by June 30,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on May 26, 2010.

The company's liquidators are:

         Kam Yuk Ting
         Low Fung Ping
         Rooms 903-908, 9/F
         Kai Tak Commercial Building
         317-319 Des Voeux Road
         Central, Hong Kong


HK CHUNG: Creditors' Proofs of Debt Due June 28
-----------------------------------------------
Creditors of Hong Kong Chung Chuk Lau Restaurant Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by June 28, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

         Yu Yu Kin
         Cheng Kam Wa Thomas
         United Centre, 26th Floor
         Office B, 95 Queensway
         Hong Kong


UNIVERSAL HONOUR: Court to Hear Wind-Up Petition on June 23
-----------------------------------------------------------
A petition to wind up the operations of Universal Honour
(Hong Kong) Limited will be heard before the High Court of
Hong Kong on June 23, 2010, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on April 15, 2010.

The Petitioner's solicitors are:

          Mayer Brown JSM
          18th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


WISE ELITE: Arboit and Blade Appointed as Liquidators
-----------------------------------------------------
Bruno Arboit and Simon Richard Blade said in notice dated May 20,
2010, they have been appointed by the High Court of Hong Kong as
liquidators of Wise Elite Holdings Limited on December 3, 2009.

The liquidators may be reached at:

         Bruno Arboit
         Simon Richard Blade
         1008 Shui On
         Centre 6-8
         Harbour Road
         Wanchai, Hong Kong


WORLD GALAXY: Court to Hear Wind-Up Petition on June 23
-------------------------------------------------------
A petition to wind up the operations of World Galaxy International
Limited will be heard before the High Court of Hong Kong on
June 23, 2010, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on April 15, 2010.

The Petitioner's solicitors are:

          Mayer Brown JSM
          18th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


YIU FAT: Members' Final Meeting Set for June 23
-----------------------------------------------
Members of Yiu Fat Investments Limited will hold their final
general meeting on June 23, 2010, at 2:00 p.m., at 8th Floor
Henley Building, 5 Queen's Road Central, in Hong Kong.

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


YUK YING: Members' Final General Meeting Set for June 30
--------------------------------------------------------
Members of Yuk Ying Kindergarten Limited will hold their final
general meeting on June 30, 2010, at 11:00 a.m., at Unit 201,
2/F., Malaysia Building, 50 Gloucester Road, Wanchai, in Hong
Kong.

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


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


AIR INDIA: Narrows Operating Loss in Fiscal Year 2010
-----------------------------------------------------
National carrier Air India managed to narrow its operating loss by
more than one-third in the fiscal year that ended March 31,
according to livemint.com.  The carrier also received offers from
at least 16 banks to refinance a US$475 million aircraft
acquisition loan as part of its restructuring programme, the
report says.

"Lower jet fuel prices, brand new fleet and marginal savings in
the wage bill have helped Air India to lower its operating loss by
36% in fiscal 2010," livemint.com quoted a senior government
official as saying.  "The financial results are being audited by
the government now.  Moreover, the carrier is getting better
quotes from international and domestic banks for refinancing its
loans."

The report says the official didn't reveal the exact operating
loss posted by the airline.  The operating loss for the previous
fiscal hasn't been made public yet.

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 2009, 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.


CHAITANYA CHEMICALS: ICRA Rates INR24.5 Mil. Term Loan at 'LBB-'
----------------------------------------------------------------
ICRA has assigned "LBB-" ratings to the INR24.5 million term loan
limit and INR39.0 million fund based bank limit of Chaitanya
Chemicals.  ICRA has assigned stable outlook to the ratings.
The ratings are constrained by the Chaitanya Chemicals' small
scale of operations; vulnerability to raw material price
volatility;  high gearing resulting from debt-funded capital
expenditure in the recent past, moderate coverage indicators,
tight liquidity position and partnership nature of the business.
However, the ratings factor in established track record of the
firm in production of barium chloride and sodium hydro-sulphide;
experienced management and its established relationships with a
reputed customer portfolio.  The ratings are further supported by
the strong growth in income and profits backed by advantageous
location of its production facilities near to the barite mine in
Mangampet.

Recent Results

As per the provisional figures of FY10 ending 31st March 2010;
Chaitanya Chemicals reported an OI of INR 159.2 million,
registering a growth of 42.7% over FY091.

                     About Chaitanya Chemicals

Chaitanya Chemicals is a partnership firm established in 1990 by
Mr. S.V. Rama Moorthy (Managing Director) and his family members.
The production facilities of the firm are near to Mangampet
located in Kadapa district of Andhra Pradesh.  The family has two
more partnership ventures viz. Chaitanya Industries which is into
production of barium sulphide (raw material for the group) and RCS
Chemicals which is into production of barium sulphate and barium
nitrate


DHANDAPANI CEMENTS: CRISIL Rates INR129.9 Million LT Loan at 'B+'
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Negative/P4' ratings to Dhandapani
Cements Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR129.90 Million Long-Term Loan       B+/Negative (Assigned)
   INR102.60 Million Cash Credit Limit    B+/Negative (Assigned)
   INR25.00 Million Letter of Credit      P4 (Assigned)

The ratings reflect DCPL's below-average financial risk profile,
geographically concentrated revenue profile, and susceptibility to
cyclicality in the cement industry.  These rating weaknesses are
partially offset by DCPL's established presence and promoter's
experience in the cement industry.

Outlook: Negative

CRISIL expects DCPL's financial risk profile to deteriorate over
the medium term on the back of large, proposed, debt-funded
expansion project; the project is, nevertheless, likely to be
completed without any cost or time overrun.  The ratings may be
downgraded in case of delays in completion of the project; sharp
decline in realizations, given the overcapacity in the cement
industry; or if the company undertakes any further debt-funded
capital expenditure programme.  Conversely, the outlook may be
revised to 'Stable' in case of significant improvement in DCPL's
capital structure, capacity utilization in the new facility, or
higher-than-expected profitability.

                      About Dhandapani Cements

Incorporated in 1996 by Mr. S. Subramaniam, DCPL manufactures
blended cement with a current capacity of around 300 tonnes per
day (tpd) in Trichy (Tamil Nadu).  The day-to-day affairs of DCPL
are managed by the promoter's son, Mr. S. Saravanan.  DCPL is
expanding its capacity to 1,200 tpd using the rotary kiln
technology, at a total capital expenditure of INR750 million with
a debt component of INR550 million.  The proposed expansion is
expected to be completed by March 2011.  The company also has a
foundry division to manufacture grinding media used in cement
manufacturing.  DCPL is planning to hive its foundry division off
and establish it under a separate company, DCPL Foundry Ltd,
wherein DCPL and another partner will hold stake in the ratio
40:60; this activity is expected to be completed by July 2010.

DCPL posted a provisional profit after tax (PAT) of INR11.2
million on net sales of INR855 million for 2009-10 (refers to
financial year, April 1 to March 31), against a reported PAT of
INR21.7 million on net sales of INR1.16 billion for 2008-09.


GUJARAT GINNING: CRISIL Assigns 'B-' Rating on INR28MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to Gujarat Ginning &
Oil Industries' bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR90.00 Million Cash Credit Facility   B-/Stable (Assigned)
   INR28.0 Million Term Loan               B-/Stable (Assigned)

The rating reflects GGOI's weak financial risk profile marked by
high gearing and weak debt protection metrics, large working
capital requirements, and susceptibility to unfavorable regulatory
changes.  These rating weaknesses are partially offset by the
firm's promoters' experience in the oil industry.

Outlook: Stable

CRISIL believes that GGOI will continue to benefit from its
promoter's industry experience over the medium term. The outlook
may be revised to 'Positive' if GGOI's accruals improve
significantly, thereby improving its gearing.  Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected operating margin causing deterioration in cash accruals
over the medium term.

                          About Gujarat Ginning

GGOI was set up in 1994 as a partnership firm with nine partners.
The firm is into cotton ginning and pressing.  In 2009-10 (refers
to financial year, April 1 to March 31) GGOI added capacities of
cotton seed crushing for extracting oil.  GGOI's present capacity
is around 325 bales (54000 kilograms) per day. However, the
company is utilizing only about 40% of its installed capacity.
GGOI also trades in cotton bales and seeds.  The company is owned
by Mr. Maganbhai Parvadia (65%) and Mr. Chandubhai Parvardia
(35%).

GGOI reported a profit after tax (PAT) of INR2.0 million on
net sales of INR541.2 million for 2009-10, against a PAT of
INR0.7 million on net sales of INR496.5 million for 2008-09.


KINGFISHER AIRLINES: Repays 40% Overdue Fuel Bill to HPCL
---------------------------------------------------------
Kingfisher Airlines has repaid 40% of its overdue fuel bill to
state-run refiner-marketer HPCL and has agreed to give bank
guarantee as insurance against default on future jet fuel
supplies, The Times of India reports.

"HPCL vigorously pursued the issue with Kingfisher as a result of
which an overdue of INR290 crore that was outstanding as on
March 4 has been reduced by more than INR122 crore," the report
quoted a source in the aviation refueling industry as saying.

The report relates the airline has also agreed to submit a bank
guarantee of INR250 crore by the end of June.  This collateral can
be encashed by HPCL in case Kingfisher defaults in future.

The report also notes that the airline has agreed to sign legally
binding settlement agreement on acceptance of the repayment
schedule by HPCL.

The airline owes over INR479 crore to HPCL as of May 21. Only
INR176 crore of this was in fuel bills that were unpaid even after
the 60-day credit period.

                     About Kingfisher Airlines

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

                           *     *     *

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

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


MAGNA INFOTECH: ICRA Assigns 'LBB+' Rating on INR110MM Bank Debts
-----------------------------------------------------------------
ICRA has assigned "LBB+" rating to the INR110 million fund based
limits Magna Infotech Private Limited.  ICRA has assigned stable
outlook on the long term rating.   The assigned rating takes into
account the experienced management, established customer
relationships, reputed client base, healthy profitability,
moderate leverage level and comfortable coverage indicators of
Magna Infotech Private Limited.  The rating is however constrained
by the tight liquidity experienced by Magna on account of its
recent rapid growth, high overhead costs resulting in lower
margins, client concentration,  high working capital intensity and
limited scale of operations.  The rating is also constrained by
the delayed statutory payments of service tax obligation due to
the liquidity crunch experienced by the company on account of its
aggressive growth in FY10.

Established in 1995 Magna caters to staff augmentation
requirements of IT and ITeS companies operating in India.  Having
established relationships with over 150 clients across the country
Magna's coveted client list includes the likes of IBM, Accenture,
J.P Morgan Services, Hewlett Packard and Patni Computers amongst
others.

In FY10, the company reported a net profit of INR27.0 million on
an operating income of INR1.11 billion as against a net profit of
INR10.3 million on an operating income of INR579.6 million in
FY09.


NARMADA CEREAL: CRISIL Lifts Rating on INR52MM Term Loan to 'B-'
----------------------------------------------------------------
CRISIL has upgraded its rating on Narmada Cereal Pvt Ltd's bank
facilities to 'B-/Stable' from 'D'.  The upgrade reflects NCPL's
timely debt servicing over the past five months.

   Facilities                       Ratings
   ----------                       -------
   INR150 Million Cash Credit*      B-/Stable (Upgraded from 'D')
   INR52 Million Term Loan          B-/Stable (Upgraded from 'D')
   INR23 Million Proposed LT Bank   B-/Stable (Upgraded from 'D')
                  Loan Facilities

   * Includes pre-shipment/foreign bill purchase sublimit of
     INR80 million.

The rating reflects NCPL's weak financial risk profile, marked by
a small net worth, high gearing and weak debt protection metrics,
small scale of operations, vulnerability to unfavorable changes in
regulatory policies, volatility in raw material prices, and uneven
rainfall.  These rating weaknesses are partially offset by NCPL's
promoters' extensive experience in rice business, and the benefits
the company is likely to reap from the healthy growth prospects in
the basmati rice industry.

Outlook: Stable

CRISIL believes that NCPL will remain a small player in the
basmati rice industry in the medium term, and that its financial
risk profile will remain constrained by its large working capital
requirements and weak capital structure.  The outlook may be
revised to 'Positive' in case NCPL improves its capital structure
significantly, or if it increases its scale of operations
substantially, while sustaining its profitability. Conversely, the
outlook may be revised to 'Negative', if NCPL undertakes any
larger-than-expected debt-funded capital expenditure, or if its
profitability declines.

                         About Narmada Cereal

Incorporated in February 2007 by Mr. Arun Mittal, his brother Mr.
Praveen Mittal and Mr. Surendra Gupta, NCPL commenced commercial
production on April 1, 2008.  The company mills Pusa 1121 basmati
rice, sold under its Narmada Rice brand in India; it has a
processing unit in Bhopal (Madhya Pradesh) with capacity of 42000
tonnes per annum (tpa).  The company also exports rice to the UAE,
which accounted for around 13 per cent of its turnover in 2009-10
(refers to financial year, April 1 to March 31).

NCPL's profit after tax (PAT) and net sales are estimated to be
INR17.28 million and INR492.3 million, respectively, for 2009-10,
against a reported PAT of INR11.02 million on net sales of
INR208.8 million for 2008-09.


NARAYANADRI INSTITUTE: CRISIL Rates INR100 Million Loan at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Narayanadri Institute
of Science and Technology's proposed term loan facility.

   Facilities                             Ratings
   ----------                             -------
   INR100.00 Million Proposed Term Loan   B/Stable (Assigned)

The rating reflects NIST's below-average financial risk profile,
marked by large debt-funded capital expenditure, and exposure to
risks related to limited track record of operations and limited
diversity in courses offered.  These rating weaknesses are
partially offset by the benefits that NIST derives from stable
regional demand, and promoter's experience in the education
domain.

Outlook: Stable

CRISIL believes that NIST will maintain its business risk profile
on the back of the stable regional demand, and the proposed
increase in number of seats for its courses.  The outlook may be
revised to 'Positive' if there is more-than-expected growth in its
operating income and profitability coupled with diversity in
course offering.  Conversely, the outlook may be revised to
'Negative' in the event of any large debt-funded capital
expenditure, resulting in deterioration in NIST's financial risk
profile, or in case of delays in the on-going project completion.

NIST, promoted by Smt & Sri Ambati Sesha Reddy and Jayalakshumma
Educational Trust was set up in 2007-08 (refers to financial year,
April 1 to March 31).  NIST located in Rajampet (Andhra Pradesh)
offers only one ?undergraduate course in engineering with a
current student intake of 240.  The course is accredited by the
All India Council for Technical Education (AICTE).  The College is
affiliated to Jawaharlal Nehru Technological University, Anantapur
(Andhra Pradesh).  NIST is currently undertaking a capital
expenditure of INR192 million for setting up additional
infrastructure for its engineering college at Rajampet (Andhra
Pradesh). NIST commenced admissions from the academic year
2009-10.


NARMADA SOLVEX: Stretched Liquidity Cues CRISIL's 'B-' Ratings
--------------------------------------------------------------
CRISIL has assigned its 'B-/Negative' rating to Narmada Solvex Pvt
Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR250.0 Million Cash Credit     B-/Negative (Assigned)
   INR67.1 Million Term Loan        B-/Negative (Assigned)

The rating reflects NSPL's strained financial risk profile, led by
substantial losses and stretched liquidity in 2009-10 (refers to
financial year, April 1 to March 31), and susceptibility of
operating margin to volatility in soybean prices.  These rating
weaknesses are partially offset by the benefits that that NSPL
derives from its promoters experience in solvent extraction
industry.

Outlook: Negative

CRISIL believes that the pressure on NSPL's credit risk profile
may increase over the medium term, as NSPL has large debt
servicing obligations and moderate net cash accruals; therefore,
NSPL is likely to face considerable pressure in servicing its term
debt obligations.  The rating may be downgraded if the company's
accruals are lower than expected, thereby further impairing its
ability to service its debt.  Conversely, the outlook may be
revised to 'Stable' in case of a material improvement in NSPL's
debt protection metrics.

                        About Narmada Solvex

NSPL was incorporated in 2008 as a private limited company. The
company is promoted and managed by Mr. Kaluramji Ruhatiya and his
family members.  The company is part of the Ruhatiya group, which
has interests in operating dal mills, commodity trading, and
cotton ginning for the last 50 years. NSPL is engaged in solvent
extraction of edible soy oil.  It sells crude soy oil and de-oiled
cakes in domestic markets.  The company has its head office at
Akola (Maharashtra) while its plant is located at Washim
(Maharashtra) with a solvent extraction capacity of 500 tonnes per
day.

The company commenced operations in March 2009. NSPL reported a
net loss of INR10.6 million on net sales of INR40 million for
2008-09.


NEW STEEL: CRISIL Assigns 'BB' Rating on INR25MM Cash Credit Limit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to New Steel
Trading Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR25.0 Million Cash Credit Limit     BB/Stable (Assigned)
   INR75.0 Million Letter of Credit      P4+ (Assigned)

The ratings reflect NSTPL's weak financial risk profile
constrained by its over-leveraged capital structure and low net
worth, and the company's exposure to risks related to its small
scale of operations in a competitive and cyclical steel industry.
These rating weaknesses are partially offset by NSTPL's increasing
revenue diversity and improving operating efficiencies.

Outlook: Stable

CRISIL expects NSTPL's credit risk profile to remain stable,
supported by its improving operating efficiencies.  The company's
financial risk profile is, however, expected to remain constrained
due to its highly leveraged capital structure, owing to large
working-capital requirements and small net worth base.  The
outlook may be revised to 'Positive' if NSTPL's revenue growth and
profitability improve significantly.  Conversely, the outlook may
be revised to 'Negative' if NSTPL's profitability deteriorates
significantly or it undertakes any major debt-funded capital
expenditure, exerting pressure on its debt protection measures.

                          About New Steel

Mr. Dinesh Mehta set up a proprietorship in 1994, New Steel
Corporation, engaged in steel trading and acting as sub-agent of
JSW Steel Ltd (formerly, Jindal Iron and Steel Company Ltd). In
1999, the promoter set up NSTPL and merged the proprietorship into
NSTPL in the same year.

NSTPL imports steel scrap from United Arab Emirates, Canada,
United Kingdom, and Africa.  The company has a pool of about 80
suppliers overseas. The company has three warehouses in Mumbai.

NSTPL is buying an ingot production plant in Wada (Maharashtra).
The purchase consideration is estimated to be at about
INR10 million, of which 50% is likely to be funded through term
loan and the remainder through equity and unsecured loans.  The
plant will be engaged in the manufacture of mild steel ingots and
billets, with a production capacity of 80 tonnes per day.

NSTPL reported a profit after tax (PAT) of INR2.4 million on net
sales of INR616.8 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR34 million on net sales
of INR442.3 million for 2007-08.


R.S. KALYAANI: ICRA Puts 'LBB-' Rating on INR200 Million Term Loan
------------------------------------------------------------------
ICRA has assigned a 'LBB-' rating to INR200 million term loans of
R.S. Kalyaani Hotels Pvt Ltd.  The outlook on the long-term rating
is stable.

The assigned rating incorporates the stretched financial profile
of the company as reflected in its high levels of gearing, low
operating income and inadequate coverage indicators.  The rating
is also constrained by the company's moderate scale of operation
and its geographical concentration in the 3-star Bangalore market.

Nevertheless, the rating draws comfort from the IT sector lead
gradual recovery in occupancies in Bangalore post recession, the
company's focus on budget segment hotels which are relatively less
vulnerable to business slowdown and the promoter's experience of
over two decades in the hospitality industry.  The company has
large capital expenditure (capex) plans over the next few years.
The rating will remain sensitive to any significant improvement in
the capital structure through fresh equity infusion or conversion
of promoter loans.

R.S. Kalyaani Hotels Private Limited started its operation in 2005
with a 48 room hotel property - Nandhana Grand.  The company is a
part of the Ravichandar Group, an established player in the
hospitality industry with six Andhra specialty restaurants in
Bangalore under the "Nandhana Palace" and "Nandhini Palace"
brands. RSKH currently has two operational hotels in its portfolio
"Nandhana Grand" and "Nandhana Hometel" (42 rooms) while a third
hotel, "Nandhana Regent" (72 rooms) is under construction and is
expected to be commence operations by August 2010.

Recent results

The company reported an operating income of INR60.3 million and a
profit after tax of INR5.0 million for 2008-09.  For the first 10
months of F2009-10 (provisional), the company posted revenues of
INR39.9 million and a net profit after tax of INR4.1 million.

ICRA has assigned an 'LBB' rating to the INR 144 million fund
based limits of Samman Lal Sher Singh Papers Private Limited.  The
outlook on the rating is stable.

The rating takes into account the intensely competitive nature of
the paper trading industry and SLSSP's modest scale of operations,
which along with the inherent nature of the business have resulted
in thin margins.  Thin margins coupled with relatively high debt
levels have resulted in moderate debt coverage indicators.  The
rating is also constrained by supplier concentration risk as 90%
of SLSSP's paper is procured from a single supplier namely Khanna
Paper Mills Limited.
Nevertheless, the rating draws comfort from SLSSP's experienced
management, its long track record in the paper trading business
and SLSSP's diversified customer base.

                        About R.S. Kalyaani

SLSSP was incorporated in 2005.  Prior to this, the business was
conducted through a partnership firm named M/s Samman Lal Sher
Singh Jain.  The partnership firm has been in the paper trading
industry since 1960.  SLSSP is a closely held company with entire
shareholding with promoters and group companies and their
friends/relatives.  The company is managed by two friends namely
Mr. Sangeet Jain and Mr. Mukul Jain.  SLSSP is involved in
wholesale trading of paper and duplex board.  The company has the
distributorship of paper manufacturing companies like Khanna Paper
Mills Limited (KPML), Murli Industries Limited, Three M Paper
Manufacturing Co. P. Ltd and Bindlas Duplex Limited. About 90% of
the paper procured by SLSSP is from KPML.


RADHA CONSTRUCTION: ICRA Assigns 'LBB' Rating on INR10MM Term Loan
------------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to INR10 million
term loan and INR100 million fund based facilities of Radha
Construction Co.  The rating carries a stable outlook.  ICRA has
also assigned a short term rating of A4 to INR80 million non-fund
based facilities of the company.

The assigned ratings are constrained by RCC's modest scale of
operation which has remained range bound in the past,
vulnerability of its moderate profitability to raw material price
risk and intensely competitive nature of the construction
industry.  The ratings also take into account its high working
capital intensity resulting in increased funding requirements for
the firm which in absence of fresh capital infusion has led to
high gearing levels (stood at 2.4 times as on March 31, 2010) and
weak debt coverage indicators.  While assigning the ratings ICRA
has also noted the risks that are inherent in partnership firms.
The ratings however draw comfort from the partners experience in
the construction business, geographical diversification of its
operations, expansion in operating margins and its long term
association with its clients especially Military Engineering
Services (MES).

                       About Radha Construction

Radha Construction Co. was started in 1983 by Mr. Ravi Kumar Jain
and his mother as partners.  Overtime Mr. Jain introduced his
wife, Mrs. Neeru Jain as a partner while his mother retired from
the firm.  Mr. Ravi Kumar Jain is the active partner in the firm
with more than 35 years of experience in this industry.  RCC is
engaged in the construction and maintenance work mainly for MES
which is the largest Government construction agency in India which
provides works cover to Defense establishments.  It is an approved
Special Class contractor by Military Engineering Services (MES)
for all over India and secures all its contracts through open
tendering process with technical and financial bidding rounds.
Currently it is operating at diverse geographical locations
ranging from Rajasthan, Madhya Pradesh, Maharashtra etc.

During FY10 the firm recorded a profit after tax (PAT) of
INR18 million on an operating income (OI) of INR406.5 million as
against a PAT of INR11.6 million on OI of INR261.7 million in
FY09, registering a rise of 55.2% in PAT.


RAJU CONSTRUCTION: CRISIL Puts 'BB-' Rating on INR60MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Raju
Construction Company's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR60.0 Million Cash Credit      BB-/Stable (Assigned)
   INR40.0 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect Raju Construction's exposure to risks related
to limited project diversity, geographic concentration in
revenues, tender-based nature of its operations, and intense
competition in the civil construction industry.  These rating
weaknesses are partially offset by Raju Construction's financial
risk profile, marked by moderate debt protection measures, and the
benefits that the company derives from its strong order book.

Outlook: Stable

CRISIL believes that Raju Construction's credit profile will
sustain backed by moderate debt protection measures.  The outlook
may be revised to 'Positive' if Raju Construction's revenues
increase steadily, and if it reports stable profitability and
improvement in capital structure.  Conversely, the outlook may be
revised to 'Negative' if the firm undertakes a large debt-funded
capital expenditure programme over the medium term, leading to
material deterioration of capital structure.

                       About Raju Construction

Set up in 1981, Raju Construction undertakes civil construction
activities.  The firm's operations are managed by the partners Mr.
Jethanand Israni, Mr. Prakash Israni, and Mr. Jagdish Israni. The
firm predominantly takes up road construction projects for various
state government agencies.  It is registered with various
government agencies such as Madhya Pradesh (MP) Public Works
Department, MP Road Development Corporation (MPRDC), and Water
Resource Department.

Raju Construction reported a profit after tax (PAT) of INR3.2
million on net sales of INR234.6 million for 2008-09 (refers to
financial year, April 1 to March 31) against a PAT of INR5.7
million on net sales of INR200.6 million for 2007-08.


RAMANAND STEEL: CRISIL Rates INR190 Million Cash Credit Limit 'B+'
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Ramanand Steel Ltd, which is part of the RSL group.

   Facilities                             Ratings
   ----------                             -------
   INR190.0 Million Cash Credit Limit     B+/Stable (Assigned)

The rating reflects the RSL group's below-average financial risk
profile, marked by low net worth, weak debt protection metrics,
and high gearing, marginal market share, and vulnerability of
margins to cyclicality in the steel industry and limited backward
integration.  These rating weaknesses are partially offset by the
benefits that the RSL group derives from its promoters' experience
in the secondary steel manufacturing industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RSL and Silver Ispat Pvt Ltd (SIPL),
together referred to as the RSL group.  This is because RSL and
SIPL have significant operational and management linkages and are
in same line of business.

Outlook: Stable

CRISIL believes that the RSL group will continue to benefit over
the medium term from the extensive experience of its promoters in
the steel industry.  The outlook may be revised to 'Positive' in
case of larger-than-expected increase in the group's revenues and
profitability, leading to higher net cash accruals, or in case of
optimization of the group's raw material inventory levels.
Conversely, the outlook may be revised to 'Negative' if the group
faces delays in the stabilization of capacities, lower-than-
expected profitability, or if it undertakes a significant debt-
funded capital expenditure programme.

                          About the Group

The RSL group manufactures mild steel (MS) ingots and pig iron.
Its production facilities are located in Sinnar (Maharashtra).
RSL has a production capacity of 28,800 tonnes per annum (tpa) for
MS ingots and 7200 tpa for pig iron. SIPL has a capacity of 18,000
tpa for MS ingots.  The RSL group is in the advanced stages of
setting up additional capacity of 10,800 tpa for manufacturing
stainless steel billets and 48,600 tpa for MS billets under RSL.

The RSL group reported a profit after tax (PAT) of INR4.4 million
on net sales of INR579.4 million for 2008-09 (refers to financial
year, April 1 to March 31) against a PAT of INR4.3 million on net
sales of INR393.4 million for 2007-08.


RITURAJ HOLDINGS: CRISIL Reaffirms 'BB+' Rating on INR92MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Rituraj Holdings Pvt Ltd
continues to reflect Rituraj's small scale of operations in the
competitive yarn industry, and limited financial flexibility
because of moderate net worth.  These weaknesses are partially
offset by the Rituraj's healthy financial risk profile, marked by
strong growth in revenues, and healthy debt protection metrics,
and established presence in the stretched yarn business.

   Facilities                            Ratings
   ----------                            -------
   INR58.0 Million Cash Credit Limit     BB+/Stable (Reaffirmed)
   INR92.0 Million Term Loan             BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Rituraj will maintain its stable business
risk profile over the medium term on the back of healthy operating
margin and a stable stream of order inflow. The outlook may be
revised to 'Positive' if steady profitability and increased net
worth help strengthen Rituraj's financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is a
significant decline in Rituraj's business volumes, revenues, or
margins, or if the company undertakes large, debt-funded capital
expenditure programme.

                       About Rituraj Holdings

Set up in 1994, by Mr. G D Mundra, Rituraj manufactures stretched
yarn used in denim products, and suiting and shirting, and
chenille yarn used in furnishing fabric.  The company has a
manufacturing facility at Daman.

Rituraj reported a profit after tax (PAT) of INR15.7 million on
net sales of INR252 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR10.1 million on net
sales of INR190.1 million for 2007-08.


RUHATIYA COTTON: CRISIL Rates INR70 Million Cash Credit at 'B-'
---------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to Ruhatiya Cotton &
Metal Pvt Ltd's cash credit facility.

   Facilities                       Ratings
   ----------                       -------
   INR70.0 Million Cash Credit      B-/Stable (Assigned)

The ratings reflect RCM's weak financial risk profile, marked by
high gearing, moderate debt protection measures, and low
profitability, and exposure to risks related to the commoditized
nature of its product (cotton), and to volatility in cotton
prices.  These rating weaknesses are partially offset by the
benefits that RCM derives from its promoters' experience in the
cotton ginning and pressing business.

Outlook: Stable

CRISIL believes that RCM will continue to benefit from its
promoters' experience in the cotton ginning and spinning business.
The outlook may be revised to 'Positive' if RCM's financial risk
profile improves, led by a significant increase in its operating
margin and higher-than-expected growth in operating revenues.
Conversely, the outlook may be revised to 'Negative' if there is a
sharp deterioration in the company's debt protection measures, or
if it extends significant financial support to other group
companies.

                        About Ruhatiya Cotton

RCM was incorporated in 1984 as a private limited company. The
company is promoted and managed by Mr. Kaluramji Ruhatiya and his
family members.  The company is part of the Ruhatiya group with
several other business interests such as operating dal mills,
commodity trading, and cotton ginning for the past 50 years.  RCM
is engaged in cotton yarn ginning and pressing and has its head
office and manufacturing unit at Akola (Maharashtra).

RCM reported a profit after tax (PAT) of INR0.6 million on net
sales of INR214 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR5 million on net sales of
INR346.6 million for 2007-08.


SILVER ISPAT: CRISIL Rates INR90 Million Cash Credit Limit at 'B+'
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
facility of Silver Ispat Pvt Ltd, which is part of the RSL group.

   Facilities                             Ratings
   ----------                             -------
   INR90.0 Million Cash Credit Limit      B+/Stable (Assigned)

The rating reflects the RSL group's below-average financial risk
profile, marked by low net worth, weak debt protection metrics,
and high gearing, marginal market share, and vulnerability of
margins to cyclicality in the steel industry and limited backward
integration.  These rating weaknesses are partially offset by the
benefits that the RSL group derives from its promoters' experience
in the secondary steel manufacturing industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SIPL and Ramanand Steel Ltd, together
referred to as the RSL group.  This is because RSL and SIPL have
significant operational and management linkages and are in same
line of business.

Outlook: Stable

CRISIL believes that the RSL group will continue to benefit over
the medium term from the extensive experience of its promoters in
the steel industry.  The outlook may be revised to 'Positive' in
case of larger-than-expected increase in the group's revenues and
profitability, leading to higher net cash accruals, or in case of
optimization of the group's raw material inventory levels.
Conversely, the outlook may be revised to 'Negative' if the group
faces delays in the stabilization of capacities, lower-than-
expected profitability, or if it undertakes a significant debt-
funded capital expenditure programme.

                          About the Group

The RSL group manufactures mild steel (MS) ingots and pig iron.
Its production facilities are located in Sinnar (Maharashtra).
RSL has a production capacity of 28,800 tonnes per annum (tpa) for
MS ingots and 7200 tpa for pig iron. SIPL has a capacity of 18,000
tpa for MS ingots.  The RSL group is in the advanced stages of
setting up additional capacity of 10,800 tpa for manufacturing
stainless steel billets and 48,600 tpa for MS billets under RSL.

The RSL group reported a profit after tax (PAT) of INR4.4 million
on net sales of INR579.4 million for 2008-09 (refers to financial
year, April 1 to March 31) against a PAT of INR4.3 million on net
sales of INR393.4 million for 2007-08.


SPICEJET: May Get U.S. Export-Import Bank Loan for Aircraft Buy
---------------------------------------------------------------
SpiceJet Ltd. may get credit lines from U.S. Export-Import Bank
for the carrier's maiden purchases of Boeing aircraft, the
Economic Times reports.

"We are in preliminary discussions with SpiceJet to finance their
proposed purchase of two new Boeing Aircraft," the report quoted
US Exim chairman Fred P. HoghBerg as saying Friday.  The deal to
purchase two new aircraft is expected to be completed by 2011/12,
he said.

The trade finance institution has given credit lines to Air India
and Jet Airways.  US Exim's India exposure is around $5 billion, a
large part of which is in aviation.

                           About Spicejet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
airline company.  The Company operates 113 flights daily to 18
destinations, offering connectivity between metros and non-metros.
During fiscal year ended March 31, 2008 (fiscal 2008), the Company
inducted eight new aircrafts to its fleet taking the total fleet
strength to 19 aircrafts.  Out of the eight new aircraft inducted,
two were Boeing 737-900.

                          *     *     *

SpiceJet Limited booked annual net losses of INR707.43 million in
2007 and INR1,335.07 million in 2008.


SRI VARALAXMI: CRISIL Assigns 'B+' Rating on INR100MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Sri Varalaxmi
Projects Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       B+/Stable (Assigned)
   INR50 Million Bank Guarantee     P4 (Assigned)

The ratings reflect SVPPL's small scale of operations, risks
rating to revenue concentration, limited track record of executing
large projects, and below-average financial risk profile.  These
rating weaknesses are partially offset by SVPPL's healthy order
book.

Outlook: Stable

CRISIL believes that SVPPL will maintain its business risk profile
on the back of its healthy order book.  The outlook may be revised
to 'Positive' if SVPPL's revenues and operating margin increase
substantially, backed by better customer diversity.  Conversely,
the outlook may be revised to 'Negative' if the company faces time
or cost overruns in its ongoing and future projects, or undertakes
large debt-funded capital expenditure programme.

                      About Sri Varalaxmi

SVPPL (formerly, Sri Varalaxmi Steels Pvt Ltd) was set up in March
2005 by Mr. V Tejesh Kumar and family. The name was changed to the
present one in May, 2007. The company, based in Hyderabad, started
operations from 2007-08 (refers to financial year, April 1 to
March 31). It works as a sub-contractor and is engaged in various
infrastructure related construction activities in roadways
projects and electrical works, including construction of roads and
bridges, and erection and installation of sub-
stations/transformers in Maharashtra and Andhra Pradesh.

SVPPL posted a provisional net profit of INR5 million on net sales
of INR108 million for 2009-10, against a profit after tax (PAT) of
INR0.1 million on net sales of INR2 million for 2008-09.


TATA MOTORS: Plans to Build Jaguar & Land Rover Models in China
---------------------------------------------------------------
Steven Rothwell and Vipin V. Nair at Bloomberg News report that
Tata Motors Ltd. plans to build Jaguar cars and Land Rover sport-
utility vehicles in China as it seeks to cut costs and expand
sales of the luxury brands in emerging markets.

Chief Executive Officer Carl-Peter Forster said Friday at a press
conference in London that the company will start Chinese
manufacturing with Land Rover models and both brands would
eventually produce as many as 40,000 vehicles combined.  He
however declined to specify a target date, Bloomberg notes.

Bloomberg relates the company's Jaguar Land Rover division will be
taking on luxury-vehicle manufacturers such as Bayerische Motoren
Werke AG and Daimler AG as disposable incomes rise in China, the
world's fastest-growing major economy.

According to Bloomberg, Jaguar Land Rover is targeting growth in
emerging markets by opening more showrooms in India and setting up
a sales company in China, where its full-year deliveries doubled
from 8,821 in a 10-month transitional period ended March 2009.
Mr. Forster said setting up production in China would require one
to two years after the company made any decision on partners and a
location, Bloomberg adds.

Mr. Forster, as cited by Bloomberg, said the division will decide
by "mid-year" on which of two plants in England will remain open
as the company consolidates production.  The factories are in
Castle Bromwich, where the Jaguar XJ and XK cars are made, and
Solihull, where Land Rover SUVs are built.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, Moody's Investors Service upgraded Tata Motors
Ltd's corporate family rating to B2 from B3.  The outlook on the
rating is positive.

This rating action completes the rating review for possible
upgrade initiated on March 2, 2010, when TML announced its
consolidated Q3 FY2010 results.


VICTORIA AGRO: CRISIL Assigns 'B' Rating on INR335MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'B/Negative' rating to Victoria Agro Food
Processing Private Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR65.0 Million Cash Credit      B/Negative (Assigned)
   INR335.0 Million Term Loan       B/Negative (Assigned)

The rating reflects VAFPPL's weak financial risk profile, on
account of high gearing, and exposure to risks related to the
implementation and stabilization of its distillery unit, and to
customer concentration in its revenue profile.  These rating
weaknesses are partially offset by the benefits that VAFPPL
derives from the excise rebate program announced by the Government
of Maharashtra, by setting up the distillery unit in Maharashtra.

Outlook: Negative

CRISIL expects VAFPPL's cash accruals to be insufficient to meet
its debt repayment obligation, once commercial production on its
distillery unit commences in July 2010.  The outlook may be
revised to 'Stable' if VAFPPL commences operations at its
distillery unit in July 2010, and reschedules its debt obligation
before the due date.  The rating may be downgraded in case the
company fails to reschedule its debt obligation, resulting in
delays in repayments or tight liquidity, or on account of further
delays or cost overruns in the implementation of its project.

                      About Victoria Agro

VAFPPL, incorporated in May 2008, is setting up a cereal-grain-
based distillery unit in Latur (Maharashtra). The plant, once
operational, will have processing capacity of 60,000 litres per
day. The company will manufacture extra-neutral alcohol and
rectified spirit at the plant. VAFPPL is promoted by the Marwaha
and Jajoo families, each holding a stake of 50 per cent in the
company.


VHM INDUSTRIES: CRISIL Lifts Rating on INR500.9MM Loan to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on VHM Industries Ltd's long-term
bank facilities to 'B+/Stable' from 'B/Stable', while reaffirming
the short-term rating at 'P4'.

   Facilities                         Ratings
   ----------                         -------
   INR500.9 Million Term Loan         B+/Stable (Upgraded from
   (Enhanced From INR315.9 Million)              'B/Stable')

   INR510.0 Million Cash Credit*      B+/Stable (Upgraded from
   (Enhanced from INR260.0 Million)              'B/Stable')

   INR150.0 Million Letter of Credit  P4
   (Enhanced from INR80.0 Million)

   INR20.0 Million Bank Guarantee     P4 (Assigned)

   * Includes FCNRB of INR194 million.

The long-term rating upgrade follows the improvement in VHM's
business performance, marked by an improvement in operating
margin; the margin has increased to 11 per cent in 2009-10 (refers
to financial year, April 1 to March 31), against 7% in 2008-09.
The company is focusing on higher-value-added products and is
gradually shifting its revenue-mix towards manufacturing, from
trading in fabrics.  CRISIL expects the manufacturing segment to
contribute more than 50 per cent of VHM's revenues over the medium
term, leading to the operating margin being sustained at 11 to 12
per cent.

However, the ratings continue to reflect VHM's below-average
financial risk profile marked by high gearing and weak debt
protection measures, and exposure to risks related to its large,
debt-funded capital expenditure (capex) plans.  These rating
weaknesses are partially offset by VHM's established market
position in the fabrics segment, and its widespread distribution
network.

Outlook: Stable

CRISIL believes that VHM will continue to report healthy growth in
revenues from its fabric manufacturing segment on the back of its
established market position and widespread distribution reach.
The outlook could be revised to 'Positive' if the company
stabilizes its enhanced capacities before schedule, leading to
more-than-expected improvement in its profitability or in case of
an improvement in its debt protection metrics.  Conversely, the
outlook may be revised to 'Negative' if VHM's large, debt-funded
capex plans further deteriorate its debt protection metrics.

                       About VHM Industries

Incorporated in 1989 as a private limited company by Mr. Vijayraj
Mehta and family, VHM was reconstituted as a closely held public
limited company in 1996.  VHM manufactures and processes blended
fabrics for suiting and shirting and sells the fabrics through its
distribution network across 18 states in India.  The company
implemented a project to treble its capacity to 9 million metres
per annum (mpa) during 2007-08 and 2008-09. Its facilities are
located at Bhiwandi (Maharashtra) and Umargaon (Gujarat). It plans
to undertake additional capacity expansion to enhance its capacity
to 17 million mpa by 2010-11.

VHM reported a profit after tax (PAT) of INR20.7 million on
revenues of INR1084.2 million for 2008-09, against a PAT of
INR14.3 million on revenues of INR968.8 million for 2007-08.


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


JAPAN AIRLINES: Bares FY2010 Route, Flight and Fleet Plans
----------------------------------------------------------
Japan Airlines announces that revisions will be made to a part of
the route, flight frequency and fleet plan for the first half of
fiscal year 2010, and decided on plans for the second half of the
year ending March 31, 2011.

JAL has restructured its overall network with the clear objective
of returning to profitability as swiftly as possible by creating a
solid business model that can withstand the fluctuations in
economic conditions and by generating profits without overly
relying on future traffic demand.  This plan includes the
retirement of the Boeing 747-400 and Airbus 300-600 aircraft by
the end of this fiscal year, bold withdrawal from several overseas
regions, and the drastic contraction in the size of operations. It
is formulated to achieve within one year, substantial reductions
in the airline's fixed costs, a target which was initially planned
to be accomplished over a period of 3 years.

The airline has decided to discontinue services on 15
international routes with 86 weekly roundtrip flights, as well as
on 30 domestic routes with a maximum of 58 daily roundtrip
flights.  Totaling the changes made since fiscal year 2009, JAL
will end operations on 28 international routes with the closure of
11 overseas bases while domestically, 50 routes will be terminated
along with eight offices.  The international and domestic
passenger capacity will as a result be reduced by 40% and 30%
respectively compared to levels in fiscal year 2008.

The extent to which the route and flight frequency plan has been
streamlined is vital to achieving a swift revival of the JAL
Group.  JAL seeks the understanding of its customers who will be
inconvenienced by the changes announced.

A. INTERNATIONAL PASSENGER

While the overall scale of the airline's international passenger
operations will shrink by 40%, JAL will greatly expand the use of
Haneda airport for international flights to maintain a global
network with a focus on pivotal routes that can yield higher
business demand.

Strengthening Narita Airport's Hub Function

JAL will leverage on Narita airport as a global hub that serves
excellently as a link between North America and Asia, and through
detailed planning of flight schedules, provide transit passengers
with much smoother transfers and convenience.  Furthermore, with
the use of JAL's feeder services, it is convenient for passengers
to connect between international flights at Narita and key
domestic locations in Japan.

                 Strengthening of International
                       Flights at Haneda

Capitalizing on Haneda airport's strategic location, Japan
Airlines plans to almost triple the number of international
flights operating out from the airport that is conveniently
situated in metropolitan Tokyo, from the current 5 daily flights
to 14.  In addition to the current short-haul flights within Asia
operating during the convenient afternoon time belt, JAL intends
to utilize late night and early morning slots at the airport to
launch new routes to San Francisco, Honolulu, Paris and Bangkok.
JAL aims to construct a well-balanced network by teaming high-
traffic services from Haneda to the Americas, Europe and Asia,
with its comprehensive connections to regions throughout Japan.

           Options at Kansai, Osaka and Chubu, Nagoya

While JAL maintains its forte in operating short-haul Asia flights
and flights to Honolulu from Kansai and Chubu airports, the
airline plans to advance with the use of smaller aircraft to
improve profitability.  The aircraft configuration of Boeing 737-
800 on the thriving Kansai=Gimpo route however, will be changed
from a 144-seater to one with a capacity for 176 in order to
capture the healthy demand on that route.

B. DOMESTIC PASSENGER

Aimed at improving profitability of the business in the face of
low traffic demand, domestic passenger operations will be reduced
by 30% in capacity, achieved through flight discontinuations and
frequency reductions on underperforming routes and by means of
using smaller, more efficient jets.

A schedule of JAL's international and domestic flight plans is
available for free at:

       http://press.jal.co.jp/en/release/201004/001531.html

                      About Japan Airlines

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

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

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

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


JAPAN AIRLINES: Proposes to Revise Cargo Fuel Surcharge for June
----------------------------------------------------------------
Japan Airlines has applied to the Japanese Ministry of Land,
Infrastructure, Transport and Tourism to revise from June 1, 2010,
its international cargo fuel surcharge for flights departing from
Japan only.

Since April 1, 2009, JAL started adjusting its cargo fuel
surcharge levels on a monthly basis by using the one-month average
fuel price of Singapore kerosene of the month before last. As the
average fuel price of Singapore kerosene for the month of April in
2010 was US$94.84 per barrel, the benchmark fuel price used for
calculation of the fuel surcharge level in June will be within the
range of US$90.00 to US$94.99 per barrel.

The international cargo fuel surcharge will therefore increase on
long-haul international routes from 80 yen per kg to 87 yen, on
medium-haul international routes from 69 yen per kg to 75 yen, and
on short-haul routes from 58 yen per kg to 63 yen accordingly.

A schedule for JAL's June 2010 Cargo Fuel Surcharge is available
for free at:

    http://press.jal.co.jp/en/release/201005/001546.html

                      About Japan Airlines

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

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

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

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


JAPAN AIRLINES: To Keep Int'l Fuel Surcharge for July-Sept.
-----------------------------------------------------------
The JAL Group will maintain the current level of fuel surcharge
for all international passenger tickets issued between July and
September, 2010.

The price of Singapore kerosene-type jet fuel during the 3 month
period from February 2010 to April 2010 averaged US$88.51 per
barrel.  With reference to the fuel surcharge benchmark list for
the fiscal year of 2010, this remains corresponding to Zone C
where fuel surcharges range from 500 yen on a Japan-Korea ticket
to 13,500 yen on a Japan-Brazil ticket per person per sector
flown, on tickets purchased in Japan.  This level of surcharge
will be applied to all international passenger tickets issued
between July 1, and September 30, 2010.

The company continues to conduct such countermeasures as
introducing more fuel-efficient, small and medium-sized aircraft
to its fleet, to minimize the full impact of high fuel prices.

Despite these measures, the company remains reluctantly obliged to
ask its international passengers to bear part of the burden caused
by the increase in the price of fuel.

A schedule of fuel surcharges from July 1 to September 30, 2010 is
available for free at:

       http://press.jal.co.jp/en/release/201005/001550.html

                      About Japan Airlines

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

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

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

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


JAPAN AIRLINES: To Sell Hotel Unit to Hotel Okura
-------------------------------------------------
Japan Airlines Corp. is finalizing negotiations to sell its hotel
unit to Hotel Okura Co., Dow Jones Newswires reports citing the
national broadcaster NHK.

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

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

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

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


TOKYO BLOUSE: Files for Bankruptcy; Owes Creditors JPY1.628BB
-------------------------------------------------------------
Tokyo Blouse Co., a subsidiary of unit of TriIs Inc., has filed
for bankruptcy protection from creditors with the Tokyo District
Court with debts of JPY1.628 billion, The Nikkei reports.

According to the report, the firm's sales have deteriorated in the
wake of the global financial crisis, making it unable to cover
personnel and other costs.

The Nikkei relates TriIs said it will try to find a rehabilitation
sponsor as soon as possible.

Tokyo Blouse supplies women's blouses and accessories to
department stores.  TriIs Incorporated (NJM:4840) is a Japan-based
company that operates in two business segments.  The Construction
Consultant segment is engaged in the research, planning, design
and administration of civil engineer construction business.  The
Fashion Brand segment designs, manufactures and sells women?s
wear, bags, handbags and leather goods, among others.  Through one
its subsidiaries, the Company is also involved in the information
technology (IT) solution business, which provides high-speed image
distribution software under the name ZOOMA and information leak
prevention software under the name OmniTrust, among others.
During the fiscal year ended December 31, 2009, the Company had
six subsidiaries.


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


HYNIX SEMICONDUCTOR: To Buy Numonyx's Stake in Chinese Unit
-----------------------------------------------------------
Hynix Semiconductor Inc. said it would acquire shares of its
Chinese unit from partner Numonyx for KRW522 billion, Reuters
reports.

Reuters says the deal is to buy out Numonyx's entire stake in a
Chinese production plant, majority owned by Hynix, following
Micron Technology Inc.'s acquisition of Numonyx.  The transaction
is expected to take about three months to close, pending the
Chinese government's approval, Reuters relates citing Hynix in a
filing with the Korea Exchange.

                     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.


HYNIX SEMICONDUCTOR: Raises 2010 Capital Spending to KRW3.05 Tril.
------------------------------------------------------------------
Hynix Semiconductor Inc. said on Monday it would raise 2010
capital spending by a third to KRW3.05 trillion, Reuters reports.

Hynix's chief financial officer told Reuters last week that it was
considering raising spending by around 30 percent to meet strong
demand growth.

Reuters notes the global memory chipmakers led by sector leader
Samsung Electronics are increasing spending to take advantage of
better-than-expected demand recovery in the global IT sector.

                      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 CEMENT: Creditors Seek Debt Workout
-------------------------------------------
Creditors of Hyundai Cement Co. are seeking a debt workout for the
cement maker as it is grappling with rising debt and a debt
guarantee for its affiliate, Yonhap News Agency reports.

Industry sources told Yonhap that the creditors will make a final
decision on whether they will put the company under debt workout
this week.

According to Yonhap, the creditors said Hyundai Cement and its
affiliate, Sungwoo Engineering & Construction Co., have been
facing financial difficulty due to a slowdown in the local
construction sector.

Hyundai Cement Co., Ltd. is a Korea-based company engaged in the
manufacture and marketing of cements.  The Company operates its
business under two segments: cement and leisure.  Its cement
segment provides normal cements such as common Portland cements,
moderate heat Portland cements, early strength Portland cements,
sulfate resisting cements, blast furnace slag cements and masonry
cements, and special cements, such as electroconductive pyrogenic
cements used for floor heatings, food dryers and outdoor parking
lots, and electric wave interception cements used for offices,
institutes, hospitals and broadcasting stations, among others.
Its leisure segment is engaged in the operation of Hyundai Sungwoo
Resort, a total leisure complex with ski slopes, as well as youth
hostels, golf courses and condominium towers.


KUMHO ASIANA: Unit Inks Debt Restructuring Pact With Creditors
--------------------------------------------------------------
Bloomberg News reports that Kumho Tire Co. and its creditors
signed Monday a debt-restructuring agreement.  The company said in
a regulatory filing that the agreement will be valid until the end
of 2014, according to Bloomberg.

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

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

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

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

                        About Kumho Asiana

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


SSANGYONG MOTOR: Receives Seven Initial Takeover Bids
-----------------------------------------------------
Yonhap News Agency reports that seven companies submitted initial
bids for Ssangyong Motor on Friday, as it concluded accepting
preliminary bids for the takeover.

Yonhap relates the company began accepting letters of intent on
May 10 from potential buyers, who will take over a majority of its
stake.  It will choose a preferred bidder in August from the
preliminary bidders, Yonhap reports citing an executive from
Ssangyong.

"As the process of accepting letters of intent concluded,
Ssangyong Motor and sale management companies will review the
bidders and notify them of future courses on June 4, followed by
the distribution of information packages to the bidders on
June 7," Yonhap cited Ssangyong in a press release.  The company
will receive official offers by July 20 following an inspection of
the bidders June 7 through July 16, it added.

According to Yonhap, Ssangyong did not reveal the names of
individual bidders at their request but industry sources said they
included Young An Hat Co., a local headwear company that also owns
local bus maker Daewoo Bus Co., and India's top vehicle and
tractor maker Mahindra & Mahindra Ltd.

Bloomberg News, citing MoneyToday, reports potential bidders,
including Renault Samsung Motors Co., may have to offer at least
KRW700 billion to cover the automaker's debt.

Samjong KPMG, a South Korean unit of the global services firm
KPMG, and Macquarie Securities are managing the sale.

                       About Ssangyong Motor

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

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

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


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


SYARIKAT KAYU: To Hold 29th Annual General Meeting on June 28
-------------------------------------------------------------
Syarikat Kayu Wangi Berhad will hold its 29th Annual General
Meeting at 11:00 a.m. on June 28, 2010, at Sentosa Regency Hotel,
1st Floor, Bilik Datai, 250, Jalan Putra, 05100 Alor Star, in
Kedah Darul Aman.

At the meeting, members will be asked to:

   -- receive the Audited Financial Statements for the financial
      year ended December 31, 2009, and the Reports of Directors
      and Auditors thereon;

   -- approve the payment of Directors? fees;

   -- re-elect Mr. Cheng Lai Hock who retires pursuant to Article
      78 of the Company?s Articles of Association;

   -- re-elect Mr. Boon Shi Hou who retires pursuant to Article 85
      of the Company?s Articles of Association;

   -- re-appoint Messrs LLTC as Auditors of the Company and
      authorize the Directors to determine their remuneration;

   -- consider and if thought fit, to pass this Ordinary
      Resolution, with or without modifications:

      "THAT subject always to the Companies Act, 1965, and the
      approvals of the relevant governmental and/or regulatory
      authorities, the Directors be and are hereby authorized
      pursuant to Section 132D of the Act to issue shares in the
      Company at any time until the conclusion of the next Annual
      General Meeting upon such terms and conditions and for such
      purposes that the Directors may in their absolute
      discretion deem fit provided that the aggregate number of
      shares to be issued pursuant to this Resolution does not
      exceed 10% of the issued share capital of the Company for
      the time being."

   -- transact any other business.

                        About Syarikat Kayu

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The company has failed to turn its finances
around and has been suffering continuous losses since then.

The company was classified as an affected listed issuer of the
Amended PN17/2005 on May 8, 2006, since its latest audited
financial statements for the year ended Nov. 30, 2005, showed
that the company's shareholders' equity is MYR7,189,000, which
is less than 25% of the company's issued and paid up capital.


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


* BOND PRICING: For the Week May 24 to May 28, 2010
---------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.05
AINSWORTH GAME           8.00    12/31/2011   AUD       0.86
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.98
ANTARES ENERGY          10.00    10/31/2013   AUD       2.01
AUROX RESOURCES          7.00    06/30/2010   AUD       0.95
BECTON PROP GR           9.50    06/30/2010   AUD       0.42
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.16
CHINA CENTURY           12.00    09/30/2010   AUD       0.91
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.36
GRIFFIN COAL MIN         9.50    12/01/2016   USD      65.00
GRIFFIN COAL MIN         9.50    12/01/2016   USD      59.65
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.26
JPM AU ENF NOM 1         3.50    06/30/2010   USD       5.75
MINERALS CORP           10.50    09/30/2011   AUD       0.22
NEW S WALES TREA         1.00    09/02/2019   AUD      65.01
PRAECO P/L               7.13    07/28/2020   AUD      70.96
RESOLUTE MINING         12.00    12/31/2012   AUD       1.07
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.30


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      63.01
CHINA THREE GORG         3.45    04/08/2014   CNY      73.01


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      35.50


  INDIA
  -----

AFTEK INFOSYS            1.00    06/25/2010   USD      66.75
GEMINI COMMUNICATION     6.00    07/18/2012   EUR      69.50
KALINDEE RAIL NI         0.50    03/07/2012   USD      69.50


  INDONESIA
  ---------

BANK MAYAPADA           11.75    05/29/2010   IDR      70.00


  JAPAN
  -----

AIFUL CORP               6.00    12/12/2011   JPY      72.00
AIFUL CORP               6.00    12/12/2011   JPY      72.00
AIFUL CORP               1.20    01/26/2012   JPY      74.21
AIFUL CORP               1.99    03/23/2012   JPY      60.10
AIFUL CORP               1.22    04/20/2012   JPY      70.21
AIFUL CORP               1.63    11/22/2012   JPY      57.76
AIFUL CORP               1.74    05/28/2013   JPY      55.83
AIFUL CORP               1.99    10/19/2015   JPY      44.95
COVALENT MATERIALS       2.87    02/18/2013   JPY      65.06
CSK CORPORATION          0.25    09/30/2013   JPY      74.89
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      74.89
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      59.42
NIS GROUP                8.06    06/20/2012   USD      49.87
SHINSEI BANK             5.62    12/29/2049   GBP      71.50
TAKEFUJI CORP            9.20    04/15/2011   USD      64.25
TAKEFUJI CORP            9.20    04/15/2011   USD      64.25
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.31


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.05
CRESENDO CORP B          3.75    01/11/2016   MYR       0.82
DUTALAND BHD             6.00    04/11/2013   MYR       0.32
DUTALAND BHD             6.00    04/11/2013   MYR       0.73
EASTERN & ORIENT         8.00    07/25/2011   MYR       0.85
EASTERN & ORIENT         8.00    11/16/2019   MYR       0.88
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.23
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.53
MITHRIL BHD              3.00    04/05/2012   MYR       0.66
NAM FATT CORP            2.00    06/24/2011   MYR       0.07
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.18
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.51
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.20
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.63
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       1.05
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.07
SCOMI GROUP              4.00    03/19/2013   MYR       0.10
TRADEWINDS CORP          2.00    02/08/2012   MYR       0.56
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       0.95
WAH SEONG CORP           3.00    05/21/2012   MYR       4.28
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.30
YTL CEMENT BHD           5.00    11/10/2015   MYR       1.84


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      50.25
ALLIED NATIONWIDE       11.52    12/29/2049   NZD      25.50
CONTACT ENERGY           8.00    05/15/2014   NZD       1.04
FLETCHER BUI             8.50    03/15/2015   NZD       7.10
FLETCHER BUI             7.55    03/15/2011   NZD       6.90
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.10
INFRATIL LTD             8.50    11/15/2015   NZD       8.40
INFRATIL LTD             8.50    11/15/2015   NZD      11.00
INFRATIL LTD            10.18    12/29/2049   NZD      63.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.35
MANUKAU CITY             6.15    09/15/2013   NZD       1.01
MANUKAU CITY             6.90    09/15/2015   NZD       1.02
MARAC FINANCE           10.50    07/15/2013   NZD       0.91
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      62.07
SKY NETWORK TV           4.01    10/16/2016   NZD      55.90
SOUTH CANTERBURY        10.50    06/15/2011   NZD       1.01
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.54
ST LAURENCE PROP         9.25    07/15/2010   NZD      38.73
TOWER CAPITAL            8.50    04/15/2014   NZD       1.01
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.25
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.00
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.02
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.30


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      36.00
DAVOMAS INTL FIN         5.50    12/08/2014   USD      59.83
SENGKANG MALL            8.00    11/20/2012   SGD       0.10
SENGKANG MALL            4.88    11/20/2012   SGD       0.50
UNITED ENG LTD           1.00    03/03/2014   SGD       1.55
WBL CORPORATION          2.50    06/10/2014   SGD       2.03


SOUTH KOREA
-----------

DAEWOO MTR SALES         6.55    03/17/2011   KRW      70.81
NAM KWANG ENG&CO         6.00    10/22/2012   KRW      74.88


SRI LANKA
---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      74.14


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      71.87


                         *********

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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