TCRAP_Public/100603.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, June 3, 2010, Vol. 13, No. 108

                            Headlines



A U S T R A L I A

ABC LEARNING: Creditors Voted to Wind Up Company
ARK FUND: Voluntary Administrators Appointed
BABCOCK & BROWN: Public Examination Set to Start in July
BNY TRUST: S&P Raises Ratings on Four Classes of 2007-1 Notes
EQUITTY PACKAGING: In Liquidation; Pitcher Partners Appointed

NORTHERN PROJECTS: First Creditors' Meeting Set For June 8
* AUSTRALIA: Government to Reverse Sons of Gwalia Ruling


H O N G  K O N G

ANHONG LIMITED: Ying and Chan Appointed as Liquidators
CHINTUNG FUTURES: Final Meetings Slated for June 29
FAIRWAY ENGINEERING: Court to Hear Wind-Up Petition on July 21
FAIRWAY ENGINEERING (HK): To Hear Wind-Up Petition on July 21
FAR HERO: Inability to Pay Debts Prompts Wind-Up

FREDERIQUE ACADEMY: Final Meeting Slated for July 2
FREDERIQUE HOLISTIC: Final Meeting Slated for July 2
GERMANICUS LIMITED: Inability to Pay Debts Prompts Wind-Up
GOLD ART: Members' Final Meeting Set for July 5
GSA CAPITAL: Moyes and Yeung Step Down as Liquidators

STAR EAST IT: Placed Under Voluntary Wind-Up Proceedings
STAR EAST ON-LINE: Placed Under Voluntary Wind-Up Proceedings
SUN HUNG: Creditors' Proofs of Debt Due June 28
WING HO: Creditors' Proofs of Debt Due June 21


I N D I A

ARADHNA FABRICS: ICRA Assigns 'LBB' Rating on INR16.4MM Term Loan
ARCVAC FORGECAST: CRISIL Lifts Rating on INR412.5 Mil. Loan to 'B'
C.L. ENGINEERING: CRISIL Puts 'B+' Rating on INR60MM Cash Credit
ICICI BANK: Bank of Rajasthan Deal Won't Affect Moody's Ratings
KANODIA TECHNOPLAST: ICRA Assigns 'LB+' Rating on INR236.5MM Loans

KINGFISHER AIRLINES: Plans US$100-Million GDR Issue in Q2
KINGFISHER AIRLINES: Narrows Annual Loss to INR1,647cr in FY2010
MRIDUL ENTERPRISES: ICRA Puts 'LBB' Rating on INR14.1MM Term Loan
MUKTA INDUSTRIES: ICRA Rates INR150 Million LT Loan at 'LBB-'
P L RAJU: CRISIL Assigns 'BB+' Rating on INR80 Million Overdraft

PARAMOUNT POWDERS: CRISIL Rates INR70.0 Mil. Cash Credit at 'BB+'
PRAKASH STEEL: ICRA Assigns 'LBB-' Rating on INR89 Mil. LT Loan
SHREE ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR35MM Debt
SUN NIRMAN: ICRA Reaffirms 'LBB+' Rating on Working Capital Limits
TATA MOTORS: Swings to INR2,571cr Profit in FY2010

TATA MOTORS: Total Sales in May 2010 Up 41%
TTL MINERALS: CRISIL Rates INR60 Million Cash Credit at 'BB-'


J A P A N

JAPAN AIRLINES: Ends All Flights at Kobe Airport
ORIX-NRL TRUST: S&P Downgrades Ratings on Class D & E to 'BB'


K O R E A

C&M CO: Moody's Downgrades Corporate Family Rating to 'B3'
SSANGYONG MOTOR: Confirms Interest in Bidding For Ssangyong


M A L A Y S I A

JPK HOLDINGS: Swings to MYR1.06 Million Profit in Q4 2010
OILCORP BERHAD: Reports MYR13.28 MM Net Loss for March 31 Quarter


N E W  Z E A L A N D

CANTERBURY BUILDING: Merger Won't Move S&P's Rating
CRAFAR FARMS: Court Sets First Call-Over Date on July 26
MARAC FINANCE: Memorandum of Understanding Won't Move S&P's Rating
SOUTHERN CROSS: Merger Won't Move S&P's Rating


T A I W A N

WAN HAI: S&P Changes Outlook on 'BB+' Corp. Rating to Stable




                         - - - - -


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


ABC LEARNING: Creditors Voted to Wind Up Company
------------------------------------------------
The Sydney Morning Herald reports that ABC Learning creditors have
voted to wind up the failed childcare provider.

The report says 15 people attended a creditors' meeting in
Brisbane on Wednesday to decide on the company's liquidation and
receive a report from administrators.  They voted in favor of a
resolution to liquidate, the report notes.

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.


ARK FUND: Voluntary Administrators Appointed
--------------------------------------------
The ARK Fund Limited has been placed into voluntary
administration.  Kimberley Andrew Strickland and David Ashley
Norman Hurt of WA Insolvency Solutions were appointed voluntary
administrators on June 1, 2010.

"On May 31, 2010, the National Australia Bank served a written
notice on the ARK Fund Limited terminating the Standstill
Agreement between ARK and the NAB entered into on March 29, 2010,"
ARK said in a statement to the stock exchange.

"As a result, the Board of ARK has formed the opinion that ARK is
likely to become insolvent in the near future.

"As a consequence of that opinion it has appointed Kimberley
Andrew Strickland and David Ashley Norman Hurt as joint and
several voluntary administrators of ARK," it said.

Based in Australia, The ARK Fund Limited (ASX:ARJ) --
http://www.thearkfund.com.au-- is an agricultural property and
water rights investment company.  The Company buys agricultural
property upon which reside established, income producing,
horticultural, forestry and/or other agricultural businesses and
once purchased rents these agricultural assets/businesses. The
Company is focused on rural agricultural properties.  ARK's Teak
properties are located in far north Queensland.  As at June 30,
2009, the Company has 30 properties and two substantial packing
sheds that are located throughout Australia.


BABCOCK & BROWN: Public Examination Set to Start in July
--------------------------------------------------------
A public examination of the collapse of investment group Babcock &
Brown Ltd is expected to start in July, The Sydney Morning Herald
reports citing Babcock & Brown's liquidators.

The report relates that the creditors were told at the meeting
that the examinations were being delayed from the July 5 start
date "due to the unavailability of potential examinees", and a
short deferment is likely.

According to a report of the meeting, lodged with the Australian
Securities and Investments Commission this week, the public
examinations were now likely to begin in the week of July 19, the
report notes.

According to SMH, the public examination is being funded by
noteholders who stand to receive nothing from the $600 million
they lent to Babcock, which was later revealed to be a shell
company with few assets.

The report states that the liquidators, led by Simon Cathro and
Colin Drew of Deloittes, told the creditors' committee that the
$550,000 raised from noteholders was sufficient for the nine-day
public examination. The liquidators confirmed they were pursuing
unfair preference claims.

Mr. Cathro also said there had been strong interest from potential
litigation funders "relating to various causes of action,"
according to SMH.

According to the report, the examination will be conducted in the
Federal Court in Sydney with a cast of former Babcock executives
and board members called to the stand, including the former
Babcock chief executive Michael Larkin, his predecessor, Phil
Green, and the former chairman, Jim Babcock.

                        About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
was a global alternative asset manager specializing in the
origination and management of asset in sectors, where the company
has a franchise and proven track record, and where there are
opportunities to add  scale, infrastructure, air operating leasing
and selected real estate.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in
New Zealand voted on March 13 against a special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.

The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd
creditors voted to liquidate the company's assets.  Deloitte said
the vote empowers it to investigate matters surrounding the
collapse of the group, including potential conflicts of interest
between the boards of Babcock & Brown and affiliated company
Babcock & Brown International Pty. Ltd. which held most of the
group's assets.


BNY TRUST: S&P Raises Ratings on Four Classes of 2007-1 Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
B, C, D, and E notes issued by BNY Trust Company of Australia Ltd.
as trustee of Illawarra Series 2007-1 CMBS Trust.  At the same
time, Standard & Poor's affirmed the 'AAA' rating on the class A
notes.  The notes are backed by a portfolio of small-ticket
commercial mortgage loans originated by IMB Ltd. The rating
upgrades reflect S&P's opinion that the rated notes are adequately
supported to withstand stresses that are commensurate with the
higher rating levels.

The underlying assets of the trust have displayed strong
performance over the life of the transaction with historically low
levels of arrears.  Currently there are no loans in arrears for
greater-than-30 days.  The cumulative losses experienced to date
form 0.1% of the original portfolio balance, and have been covered
by excess spread.  About 40% of the loan balance has been paid
down to date.  Under the sequential pay structure, there continues
to be a build-up in credit support to the rated notes as the
transaction amortizes.

Although the portfolio has a concentration of interest-only loans
(approximately 56% of the current outstanding balance), most of
these loans will revert to principal-amortizing loans before the
end of 2011.  IMB, as originator and underwriter of the loans,
assesses the borrower's ability to meet both principal and
interest repayments over the life of the loan, to help mitigate
concerns regarding payment shock to the borrowers at the end of
the interest-only periods.  Borrowers with loans that have
reverted to a principal-amortizing structure after their interest-
only periods, appear to have been able to manage the change in
repayments, as seen by the low arrears levels and minimal losses
experienced by the portfolio to date.  The remaining portfolio is
well seasoned, and a majority has an amortizing period of 15 years
after the interest-only period.

Illawarra Series 2007-1 CMBS Trust issued A$250.0 million of
floating-rate notes in June 2007.  The notes are backed by a pool
of fully amortizing and interest-only loans that revert to fully
amortizing Australian-dollar, fixed- and floating-rate loans.  The
loans were made to commercial borrowers and secured by first-
registered mortgages over Australian commercial or residential
properties.

                          Ratings Raised

                Illawarra Series 2007-1 CMBS Trust

                  Class   Rating to   Rating from
                  -----   ---------   -----------
                  B       AAA         AA
                  C       AA          A
                  D       A-          BBB
                  E       BB+         BB


                          Rating Affirmed

        Name                                 Class   Rating
        ----                                 -----   ------
        Illawarra Series 2007-1 CMBS Trust   A       AAA


EQUITTY PACKAGING: In Liquidation; Pitcher Partners Appointed
-------------------------------------------------------------
Equitty Packaging has entered liquidation and cut four of its 10
staff, ProPrint reports.  The company owed AU$380,000 to the
Australian Tax Office.  Andrew Yeo of Pitcher Partners was
appointed liquidator on May 19, following a court order prompted
by a petition from the ATO.

"A petition lodged by a trade creditor of the company was
withdrawn due to the debt being paid just before the winding up of
the company and the ATO made [an] application to be 'substituted'
in the place of the petitioning creditor on the petition to wind
up the company," Mr. Yeo told ProPrint.  Six of the company's 10
employees had been retained while liquidators search for a buyer
for the business, Mr. Yeo added.

ProPrint relates Mr. Yeo said investigations into what caused
Equitty to founder were "at their early stages and are ongoing".

Equitty Packaging Pty Ltd specializes in sales of flexible
packaging.  The company expanded from its base in Sydney to open a
Melbourne factory in 1997, before moving to a purpose built
2,700sqm factory in the suburb of West Sunshine in 2005.


NORTHERN PROJECTS: First Creditors' Meeting Set For June 8
----------------------------------------------------------
ABC News reports that liquidators for Northern Projects Management
group, known as Ark Homes, will meet creditors next week after the
company went into voluntary liquidation.

According to the report, KordaMentha partner Bill Buckby said
about 100 workers have had their employment terminated, with the
north Queensland company owing AU$30 million, including
AU$2 million in worker entitlements.

ABC News relates Mr. Buckby said Ernst and Young has been
appointed as receiver who will look after any assets and work in
progress.

"The steps forward from here is that there will be a creditors'
meeting on June 8 and notices will be sent out to creditors to
attend.  Then there will be reports going out to creditors,
subsequent to that will outline the position going forward," the
report quoted Mr. Buckby as saying.

Based in Townsville, North Queensland, Northern Projects
Management group, is a construction and project management
company.


* AUSTRALIA: Government to Reverse Sons of Gwalia Ruling
--------------------------------------------------------
The Australian Associated Press reports that the federal
government is reversing a High Court ruling on how money from
failed companies should be distributed.

According to the news agency, corporate law minister Chris Bowen
said changes to the Corporations Act would ensure that claims by
shareholders of insolvent companies ranked after other creditors'
claims.

The report relates that this followed a High Court decision in the
Sons of Gwalia case, in which the court found that the claims of
some shareholders in the failed gold miner were not subordinate to
other claims.

The AAP relates Mr. Bowen said people invested in a company in the
hope of sharing in its profits and, while they were entitled to
expect proper disclosure from the company -- which was an issue in
the Sons of Gwalia case -- they must accept they were taking a
risk.

In contrast, the report notes, creditors were not gambling on the
company's future profitability.  Often they were simply owed money
for work they'd done or materials they'd supplied.

According to the AAP, Mr. Bowen said the decision tended to shift
the losses suffered by a company's shareholders to its unsecured
creditors.  This would have the effect of increasing the cost of
unsecured debt and reducing the availability of credit.

Debate on the Corporations Amendment (Sons of Gwalia) Bill 2010
was adjourned.


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


ANHONG LIMITED: Ying and Chan Appointed as Liquidators
------------------------------------------------------
Ying Hing Chiu and Chan Mi Har on May 20, 2010, were appointed as
liquidators of Anhong Limited.

The liquidators may be reached at:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


CHINTUNG FUTURES: Final Meetings Slated for June 29
---------------------------------------------------
Members and creditors of Chintung Futures Limited will hold their
final meetings on June 29, 2010, at 2:30 p.m., and 3:00 p.m.,
respectively at 29th Floor, Caroline Centre, Lee Gardens Two, 28
Yun Ping Road, in Hong Kong.

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


FAIRWAY ENGINEERING: Court to Hear Wind-Up Petition on July 21
--------------------------------------------------------------
A petition to wind up the operations of Fairway Engineering
Limited will be heard before the High Court of Hong Kong on
July 21, 2010, at 9:30 a.m.

Hi Tech Pofessional Engineering Company Limited filed the petition
against the company on May 7, 2010.

The Petitioner's solicitors are:

          Messrs. George Chan & Co
          15/F, Punfet Building
          701 Nathan Road
          Mongkok, Kowloon, Hong Kong


FAIRWAY ENGINEERING (HK): To Hear Wind-Up Petition on July 21
-------------------------------------------------------------
A petition to wind up the operations of Fairway Engineering (HK)
Limited will be heard before the High Court of Hong Kong on
July 21, 2010, at 9:30 a.m.

Elite Crawler Crane Engineering Limited filed the petition against
the company on May 7, 2010.

The Petitioner's solicitors are:

          Messrs. George Chan & Co
          15/F, Punfet Building
          701 Nathan Road
          Mongkok, Kowloon, Hong Kong


FAR HERO: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------
Members of Far Hero 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 Ching Eng Chin.


FREDERIQUE ACADEMY: Final Meeting Slated for July 2
---------------------------------------------------
Creditors and members of Frederique Academy of Holistic Health &
Beauty Ltd will hold their final meeting on July 2, 2010, at
9:15 a.m., at Room 1408, World-Wide House, 19 Des Voeux Road,
Central, in Hong Kong.

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


FREDERIQUE HOLISTIC: Final Meeting Slated for July 2
----------------------------------------------------
Creditors and members of Frederique Holistic Health & Beauty Spa
Ltd will hold their final meeting on July 2, 2010, at 9:00 a.m.,
at Room 1408, World-Wide House, 19 Des Voeux Road, Central, in
Hong Kong.

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


GERMANICUS LIMITED: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------------
Members of Germanicus Limited on May 18, 2010, resolved to
voluntarily wind up the company's operations due to its inability
to pay debts when they fall due.

The company's liquidators are Bruno Arboit and Simon Richard
Blade.


GOLD ART: Members' Final Meeting Set for July 5
-----------------------------------------------
Members of Gold Art Chain Making Company Limited will hold their
final general meeting on July 5, 2010, at 10:00 a.m., at Room
1205, 12/F., Inter-Continental Plaza, 94 Granville Road,
Tsimshatsui, Kowloon, in Hong Kong.

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


GSA CAPITAL: Moyes and Yeung Step Down as Liquidators
-----------------------------------------------------
Paul David Stuart Moyes and Betty Yuen Yeung stepped down as
liquidators of GSA Capital (Hong Kong) Limited on May 28, 2010.


STAR EAST IT: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on April 23, 2010,
creditors of Star East IT Management Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

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


STAR EAST ON-LINE: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on April 23, 2010,
creditors of Star East On-Line Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

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


SUN HUNG: Creditors' Proofs of Debt Due June 28
----------------------------------------------
Creditors of Sun Hung Cheung Hing 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 commenced wind-up proceedings on May 3, 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


WING HO: Creditors' Proofs of Debt Due June 21
----------------------------------------------
Creditors of Wing Ho King Realty 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


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


ARADHNA FABRICS: ICRA Assigns 'LBB' Rating on INR16.4MM Term Loan
-----------------------------------------------------------------
ICRA has assigned 'LBB' rating to INR16.4 million term loan,
INR113.8 million fund based and INR2.0 million non-fund based
facilities of Aradhna Fabrics Pvt. Ltd.  The outlook on the long-
term rating is Stable.

The assigned rating is constrained by AFPL's relatively small
scale of operations in a fragmented market which limits the
pricing power of the company and weak financial profile with low
profitability and stretched debt coverage indicators.  Given the
low entry barriers, AFPL's business is susceptible to new capacity
additions in the industry which could further impact the
profitability of the company.  The rating however, favorably
factors in the improved demand prospects in the textile industry
and the significant experience of the promoters in the
manufacturing of knitted fabric.  The conservative approach of
management in the past is reflected in AFPL's moderate gearing.
Forward integration into garment manufacturing would help the
company to move up the value chain and improve its realizations.

Recent Results

During 2009-10, as per the provisional results, AFPL reported an
operating income of INR468.1 million and an operating profit
margin of 4.8%.

                       About Aradhna Fabrics

AFPL was incorporated in November 1995 and is promoted by Mr.
Ashok Avasthi.  The company started with the manufacturing of
knitted fabric and during 2001-02, forward integrated into
manufacturing of readymade garments for kids under its brand ATOZ
and KIDS FIRST.  However, due to fire at its garmenting unit in
April 2007, the garmenting operations were suspended for ~2 years,
which has been resumed since October 2009.  Currently the company
is primarily engaged into manufacturing of knitted fabric and
manufacturing of garments on a job work basis for other apparel
brands at its unit in Ludhiana (Punjab).


ARCVAC FORGECAST: CRISIL Lifts Rating on INR412.5 Mil. Loan to 'B'
------------------------------------------------------------------
CRISIL has upgraded its ratings on Arcvac Forgecast Ltd's long-
term bank facilities to 'B/Stable' from 'C', while reaffirming the
short-term rating at 'P4'.

   Facilities                       Ratings
   ----------                       -------
   INR250.0 Million Cash Credit     B/Stable (Upgraded from 'C')
   INR412.5 Million Term Loan       B/Stable (Upgraded from 'C')
   INR100.0 Million Letter of       P4 (Reaffirmed)
                       Credit
   INR37.5 Million Bank Guarantee   P4 (Reaffirmed)

The upgrade reflects the gradual improvement in servicing of its
credit facilities over the past 12 months.  AFL's liquidity has
improved following the increase in its cash accruals after the
operations at its newly expanded facility stabilized in 2009-10
(refers to financial year, April 1 to March 31), and the increase
of its order book.

The upgrade also factors in CRISIL's expectation of sustained
improvement in AFL's order book, resulting in increased cash
accruals and subsequent improvement in the company's debt
servicing ability over the medium term.

The rating reflects AFL's below-average financial risk profile,
marked by weak debt protection metrics, and its susceptibility to
volatility in demand in the end-user industry and in input prices.
These weaknesses are partially offset by the benefits that AFL
derives from its established presence, and its promoters'
experience, in the industrial forgings segment.

Outlook: Stable

CRISIL believes that AFL will continue to benefit from its
promoters' industry experience and its established market
position, over the medium term.  The outlook may be revised to
'Positive' if there is more-than-expected improvement in AFL's
operating revenues, margins, and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if AFL's
capital structure weakens considerably, most likely because of
large, debt-funded capital expenditure, or if there is lower-than-
expected offtake of its products.

                      About Arcvac Forgecast

Incorporated in 2003, AFL commenced commercial production in 2006.
The company manufactures ingots and steel forgings.  It has been
promoted by the Chhajer family of Kolkata, which has been in the
forging business since 1992 through the Smithy group of companies.
The group, prior to AFL, had promoted Vikrant Forge Ltd, which is
also in the business of industrial forging and machining.  AFL has
a forging capacity of 15,000 tonnes per annum.

For 2008-09, AFL reported a profit after tax (PAT) of
INR22 million on net sales of INR789.8 million, against a PAT of
INR7.6 million on net sales of INR496 million for 2007-08.


C.L. ENGINEERING: CRISIL Puts 'B+' Rating on INR60MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to C.L. Engineering
Equipment (India) Pvt Ltd's bank facilities.

   Facilities                      Ratings
   ----------                      -------
   INR60 Million Cash Credit       B+/Stable (Assigned)
   INR7.25 Million Proposed LT     B+/Stable (Assigned)
                     Facility
   INR0.75 Million Bank Guarantee  P4 (Assigned)

The ratings reflect CL Engg's large working capital requirements,
and below-average financial risk profile, marked by a high
gearing, small net worth, and weak debt coverage ratios.  These
rating weaknesses are partially offset by the benefits that CL
Engg derives from its promoters' experience in the construction
equipment trading business.

Outlook: Stable

CRISIL believes that CL Engg will maintain its business risk
profile over the medium term, backed by its relationship with its
principal, Telco Construction Company Ltd.  The outlook may be
revised to 'Positive' if CL Engg's operating margin improves, or
in case of equity infusion leading to significant increase in net
worth.  Conversely, the outlook may be revised to 'Negative' if
the company's cash accruals decline sharply, deteriorating its
financial risk profile.

                       About C.L. Engineering

CL Engg was set up as a partnership firm in 2000 by Mr. Aanam
Venkata Ramana Reddy, and was reconstituted as a closely held
private limited company in 2008.  The company trades in
construction equipment manufactured by Telco. CL Engg caters to
customers in Andhra Pradesh.

CL Engg reported a profit after tax (PAT) of INR2.6 million on net
sales of INR 167 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3 million on net sales
of INR251 million for 2007-08.


ICICI BANK: Bank of Rajasthan Deal Won't Affect Moody's Ratings
---------------------------------------------------------------
Moody's Investors Service says that the proposed merger of ICICI
Bank with Bank of Rajasthan will not have an impact on ICICI
Bank's C- bank financial strength rating nor its Baa2 global local
currency deposit rating and foreign currency senior unsecured debt
rating.  Over the longer term, Moody's expects ICICI Bank's
franchise value to benefit from this merger but with no immediate
positive impact on its ratings.

Specifically, Moody's notes that ICICI Bank's proposal to merge
with the relatively small private-sector Bank of Rajasthan will
have either a limited or no effect on its financial fundamentals.
Instead, Moody's notes that the proposed merger will add
significant franchise value to ICICI Bank through BoR's existing
network of 463 branches, mainly in the northern part of India.
This would bring the total number of branches of ICICI Bank to
around 2,500 throughout the country, thereby enhancing the retail
network available for mobilizing deposits and distributing its
products and services.  Moody's also notes certain regulatory and
corporate governance issues that BoR has had with the local
authorities, although these irregularities were primarily related
to the main shareholders of the bank (Tayal Group has a 55% stake
according to the Securities and Exchange Board of India) and are
not expected to have any adverse influence on the merged entity.

BoR's loan book of around INR85 billion represents less than 5% of
ICICI Bank's total loans and is not expected to cause any
deterioration in the overall asset quality or create any credit
concentrations.  BoR reported a gross non-performing loans ratio
of 3.5% in March 2010.  Moody's does not expect any sizeable
write-down from BoR's loan portfolio that would significantly
affect ICICI Bank's net income.  The same applies to BoR's
investment book, which mainly comprises government securities and
investments that qualify for statutory liquidity requirement
(SLR).

In addition, Moody's notes that BoR's full-year results as of
March 2010 recorded a net loss of INR1.02 billion
(US$22.7 million) mainly due to higher credit costs and much
higher employee expenses, while recording a capital adequacy ratio
of 7.52%, lower than the 9% regulatory minimum.  Moody's believes
that ICICI Bank's strong Tier 1 position of 14% as of March 2010
gives it the capacity to absorb any possible losses stemming from
BoR's balance sheet, without compromising its financial standing
and its ratings.  In addition, Moody's estimates that BoR's volume
of net NPLs combined with its restructured loans account for less
than 6% of ICICI Bank's FY2010 (year ending March 2010) pre-
provision income.

Provided that this transaction is approved by the shareholders of
the two banks and the regulators, Moody's also expects the
possible merger of BoR into ICICI Bank to be a relatively smooth
process given the past experience of ICICI Bank in taking over
small private-sector banks such as Bank of Madura in March 2001
and Sangli Bank in December 2006.  The integration of BoR into
ICICI Bank's system and infrastructure should be a relatively easy
task given that they both operate on the same core banking
platform.  Moreover, despite the expected resistance to this
merger by BoR's around 4,000 employees , Moody's does not view
this as a major impediment to the transaction and expects ICICI
Bank to be able to easily absorb the staff, most of whom are
branch-based.

Looking ahead, Moody's expects ICICI Bank's franchise value to
benefit from this merger but with no immediate positive impact on
its ratings.  Any upward rating pressure could develop once the
bank leverages the increased branch network, resulting in an
improved funding profile through a higher proportion of low cost
retail deposits.  This would in turn translate into higher net
interest margins which -- when combined with a stronger asset
quality and lower provisioning costs -- would mean a stronger,
more solid and sustainable profitability base for the bank.

Looking at ICICI Bank's full-year FY2010 results, the bank was
able to marginally grow its bottom-line by 7.1%, driven mainly by
the bank's treasury income, which increased by 166.6%.  In fact,
when excluding treasury income, the bank's core revenues (net
interest income + fee income) declined by 7.2%, although this was
mainly driven by the bank's conscious decision to consolidate its
relatively risky retail portfolio (mainly unsecured personal loans
and credit cards) as well as its high-cost term deposits, thereby
focusing more on low-cost CASA (current accounts + savings
accounts) deposits.  The proportion of CASA deposits for the bank
increased to 41.7% in March 2010 from 28.7% the year before.

Over the past 12 months, ICICI Bank has continued to face asset
quality challenges, with gross NPLs as of March 2010 standing at
5.06% compared to 4.32% the year before.  However, Moody's notes
the gradual decline in loan slippages into NPLs on a quarterly
basis as the Indian economy accelerates back to its high-growth
trajectory.  The bank's volume of net NPLs declined by almost 12%
from INR43.6 billion in December 2009 to INR38.4 billion in March
2010.  According to recent data, the Indian economy grew by 8.6%
during the fourth quarter ending March 2010 from a year earlier.
The bank's capitalization levels remain comfortable with a CAR of
19.4% and a Tier 1 ratio of 14%, underpinning its BFSR of C-,
which maps to a baseline credit assessment of Baa2.

The last rating action for ICICI Bank was January 27, 2010, when
the Upper Tier 2 notes were downgraded to Ba1 from Baa3 and the
Hybrid Tier 1 Notes were downgraded to Ba2 from Ba1.

Headquartered in Mumbai, India, ICICI Bank Ltd had total assets of
INR3,634 billion (US$80.7 billion) at the end of March 2010.


KANODIA TECHNOPLAST: ICRA Assigns 'LB+' Rating on INR236.5MM Loans
------------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR236.5 million term
loans and the INR175 million long-term fund based limits of
Kanodia Technoplast Limited.  ICRA has also assigned an A5 rating
to the INR38.7 million short-term non-fund based sub-limits of
KTL.

The ratings are constrained by the unsatisfactory debt servicing
in terms of delays in term loan installments, the relatively small
size of operations in comparison to the size of the overall
flexible packaging industry; high competition from other players
in the fragmented industry; moderately high financial risk
characterized by high working capital intensity, moderate gearing
level and moderate coverage indicators along with tight liquidity
position as reflected in high utilization levels of working
capital limits.  The ratings, however, factor in long experience
of the promoter of KTL in the domestic flexible packaging
materials business; healthy growth in revenues and customer base
over the last few years; favorable demand prospects for flexible
packaging material in the domestic market.

                      About Kanodia Technoplast

Kanodia Technoplast Ltd was incorporated in 1995 as a private
limited company (converted to public limited in Dec 2009) to
convert plain PE films into flexible packaging material.  Later in
1997, the company entered into production of PE films to achieve
backward integration.  In 2006, the company also ventured into
production of rotogravure cylinders as another step of backward
integration.  Over the last few years, KTL has expanded its
capacities and its current capacity of laminates/laminated pouches
is 9600 MTPA and the company meets 80-90% of its requirement of PE
films through in-house production.  KTL also set up 1.5 MW wind
mill power plant in Rajasthan in March 2009.  KTL is a closely
held company and has been promoted by Mr. Chetan Kanodia and his
wife Mrs. Meenu Kanodia.

In 2008-09, KTL reported a Profit after tax (PAT) of
INR66.9 million on an Operating Income of INR825.5 million.
In H1 2009-10, as per provisional unaudited financials, the Firm
has reported a PAT of INR35.8 million on an OI of
INR549.6 million.


KINGFISHER AIRLINES: Plans US$100-Million GDR Issue in Q2
---------------------------------------------------------
Kingfisher Airlines expects to come out with its US$100 million
global depository receipts issue by July, The Press Trust of India
reports citing a senior official.

"I expect our (GDR) issue by early second-quarter.  We have not
fixed the date . . .," Ravi Nedungudi, Chief Financial Officer of
UB Group, which owns the airline, told PTI.  "We have not yet
finalized the size nor its pricing," he said.

The news agency says the Vijay Mallya-promoted airline also plans
to raise another US$100 million via rights issue.

Nedungudi said the proceeds from the GDR and the rights issue
would be primarily used for reducing the company's debt, which, as
at March 31 this year, stood at INR6,000 crore.

                      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 posted three consecutive net losses of
INR21.40 billion, INR1.89 billion, and INR4.2 billion for the
FY2007 through FY2009.


KINGFISHER AIRLINES: Narrows Annual Loss to INR1,647cr in FY2010
----------------------------------------------------------------
Kingfisher Airlines Ltd reported a net loss of INR1,647.22 crore
for the fiscal ended March 31, 2010, down 23.01% from a net loss
of INR2,139.65 crore for fiscal 2009, according to livemint.com.

The report says the airline's improved performance was from better
seat occupancy and cost reductions, even as sales dipped to
INR5,067.91 crore, 3.26% less than INR5,238.98 crore in fiscal
2009.

Kingfisher Airlines said in a statement that the carrier
registered an improvement of INR1,047 crore in operating losses,
livemint.com adds. Operating losses for fiscal 2010 stood at
INR899.36 crore against INR1,806.64 crore in the previous fiscal.

                     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 posted three consecutive net losses of
INR21.40 billion, INR1.89 billion, and INR4.2 billion for the
FY2007 through FY2009.


MRIDUL ENTERPRISES: ICRA Puts 'LBB' Rating on INR14.1MM Term Loan
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR14.1 million
outstanding term loans of Mridul Enterprises.  ICRA has also
assigned an A4 rating to the INR274 million short term fund and
non-fund based bank limits of Mridul.  The outlook on the long-
term rating is stable.

The ratings are constrained by the high competitive intensity in
the home furnishings (and related products) business; the still
weak and recovering export market scenario; vulnerability of
profitability to forex risks and the Firm's high geographical and
customer concentration risk.  The ratings also factor in the
modest financial risk profile of Mridul as reflected in its small
scale; de-growth in revenues from FY08 onwards; low profitability
margins and return indicators; high working capital intensity of
the business and modest debt protection metrics.  That apart, ICRA
has favorably considered the experience of the promoters in the
home furnishing business; the Firm's good client profile and
track-record of repeat business; favorable demand prospects and
the Firm's focus on the less price sensitive premium product
segment.

                      About Mridul Enterprises

Mridul Enterprises is engaged in the manufacture and sale of home
furnishing products including quilts, bed linens, table linens,
cushion covers and other ancillary textile and some leather
products.  It is constituted as a partnership firm and has been
promoted by the Gupta family with Mr. Ravi Raj Gupta heading its
operations.  The Firm was incorporated in 1986 and operates out of
its manufacturing units located in Noida.

In 2008-09, Mridul reported a Profit after tax (PAT) of
INR2 million on an Operating Income (OI) of INR593 million.  In
2009-10, as per provisional unaudited financials, the Firm has
reported a PAT of INR12 million on an OI of INR572 million.


MUKTA INDUSTRIES: ICRA Rates INR150 Million LT Loan at 'LBB-'
-------------------------------------------------------------
ICRA has assigned 'LBB-' rating to INR150.00 million long term
fund based facilities of Mukta Industries Pvt Ltd.  The assigned
rating carry stable outlook.

The assigned rating factors in MIPL's weak financial profile
characterized by its highly leveraged capital structure, low and
volatile profit margins and weak coverage indicators.  The ratings
are also constrained by MIPL's small scale of operations,
inherently low value addition in the trading business and
competition from organized as well as the large unorganized
sector.

Mukta Industries Pvt Ltd has been in the business of trading in
alloy steel products like flat, bars, billet, channels etc. The
products have application in engineering, automobile and
infrastructure industry.  It sources the products from domestic
suppliers.  MIPL has its customer base located in major industrial
and commercial centers of Gujarat.

                       About Mukta Industries

Mukta Industries Pvt Ltd was incorporated in December 2009 to take
over the business of Mukta International which was established in
2006 in Ahmedabad.  The company is engaged in trading of
steel bars, rods, billets, channels, wire rods, plates of
different grades.  The product range has applications in
engineering, automobile and infrastructure industry.

Mukta Industries Pvt Ltd (formerly Mukta International) reported a
net profit of INR6.6 million on an operating income of
INR746.8 million in FY 2009 and INR5.4 million on an operating
income of INR585.5 million in FY 10(9M).


P L RAJU: CRISIL Assigns 'BB+' Rating on INR80 Million Overdraft
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to P L Raju
Constructions Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR80 Million Overdraft          BB+/Stable (Assigned)
   INR240 Million Bank Guarantee    P4+ (Assigned)

The ratings reflect PLRC's exposure to risks related to sectoral
concentration in revenue profile and large working capital
requirements.  These rating weaknesses are partially offset by
PLRC's promoters' extensive experience in the civil construction
industry, and its healthy order book.

Outlook: Stable

CRISIL believes that PLRC will continue to benefit from its
promoters' experience in the construction industry and its healthy
order book, over the medium term.  The outlook may be revised to
'Positive' if PLRC sustains growth in its revenues and improves
its profitability by adding on new clients and projects.
Conversely, the outlook may be revised to 'Negative' if PLRC makes
large investments in the real estate sector, its financial risk
profile deteriorates significantly because of new working-capital-
intensive projects, or its net worth erodes significantly because
of large dividend payouts.

                           About P L Raju

Set up as a partnership firm in 1973 by Mr. PL Raju, PLRC was
reconstituted as a private limited company in 1997 and as closely
held public limited company in 1998.  Based in Hyderabad, PLRC
undertakes civil construction for the Indian Army and Navy.  The
company has executed site development, civil, structural
construction, electrification, air conditioning, and water and
sewage system projects.  Currently, the company is being managed
by sons of Mr. P L Raju.

PLRC posted a provisional net profit of INR8 million on net sales
of INR253 million for 2009-10 (refers to financial year, April 1
to March 31), against a profit after tax (PAT) of INR21 million on
net sales of INR482 million for 2008-09.


PARAMOUNT POWDERS: CRISIL Rates INR70.0 Mil. Cash Credit at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Paramount
Powders Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR70.0 Million Cash Credit        BB+/Stable (Assigned)
   INR15.0 Million Letter of Credit   P4+ (Assigned)

The ratings reflect PPPL's small scale of operations, large
working capital requirements, and susceptibility to intense
competition in the powder coating material industry, to volatility
in raw material prices, and to fluctuation in the value of the
Indian rupee.  These rating weaknesses are partially offset by
PPPL's moderate financial risk profile, marked by comfortable
gearing and debt protection metrics, established market position,
and promoter's experience in the powder coating material industry.

Outlook: Stable

CRISIL believes that PPPL will maintain its established market
position and sustain its moderate financial risk profile, backed
by steady cash accruals, over the medium term.  The outlook may be
revised to 'Positive' in case of a substantial increase in PPPL's
scale of operations and net cash accruals.  Conversely, the
outlook may be revised to 'Negative' if PPPL's credit risk profile
weakens, most likely because of large debt-funded capital
expenditure (capex), or less?than-expected net cash accruals.

                      About Paramount Powders

Incorporated in 1997, PPPL manufactures powder coating material.
The powder coatings are used for depositing a protective coating,
mainly on components of white goods, capital goods, and automobile
components.  The company is promoted by the Badyal family of
Hoshiarpur, Punjab, which is currently based in the UK, and is
managed by Mr. Tarlochan Singh Badyal.  The company's
manufacturing facility in Gurgaon (Haryana) has four manufacturing
lines. It is currently undertaking a capex programme for
installing a fifth line at a total cost of around INR14 million.
PPPL markets the powder to industrial users, either directly or
through its network of around 30 distributors spread mainly across
southern India, western Maharashtra, and the National Capital
Region (NCR).

PPPL is estimated to have posted a profit after tax (PAT) of
INR12.9 million on net sales of INR302.1 million for 2009-10
(refers to financial year, April 1 to March 31), against a
reported PAT of INR6.5 million on net sales of INR267.4 million
for 2008-09.


PRAKASH STEEL: ICRA Assigns 'LBB-' Rating on INR89 Mil. LT Loan
---------------------------------------------------------------
ICRA has assigned the 'LBB?' rating to INR89.00 million long term
fund based facility and A4 rating to INR11.60 million short term
non fund based facility of Prakash Steel Corporation.  The long
term fund based rating carry stable outlook.

The assigned rating factors in PSC's weak financial profile
characterized by highly leveraged capital structure, low and
volatile profit margins, weak coverage indicators and stretched
liquidity position leading to full utilization of working capital
limits from bank.  The ratings also take into account PSC's small
scale of operations limiting economies of scale and geographically
clustered revenue profile.  The ratings also account its exposure
to competition from organized as well as unorganized players in
the industry.

Nevertheless, the rating also incorporates established track
record of the company in manufacturing of steel products and
operational backing from the group concern engaged in similar line
of business.

                        About Prakash Steel

Prakash Steel Corporation has been in the business of
manufacturing of bright bars for different grades of stainless
steel and mild steel alloys for more than three decades.  The firm
derives revenue from domestic market and deals with different
alloy steel grades. The product range has application in
submersible pumps, automobiles and engineering industry.

The firm reported an operating income of INR 402.2 Million and
INR326.0 Million and profit after tax of INR3.3 Million and
INR2.6 Million as on March 31, 2009 and December 31, 2009.


SHREE ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR35MM Debt
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Enterprises Coal
Sales Pvt Ltd continue to reflect Shree Enterprises' small scale
of operations in the coal trading business, and its weak financial
risk profile, marked by high gearing and a small net worth.  These
weaknesses are partially offset by the benefits that the company
derives from its promoters' industry experience and its
established relationships with customers.

   Facilities                        Ratings
   ----------                        -------
   INR35 Million Cash Credit         B/Stable (Reaffirmed)
   INR55 Million Bills Discounting   P4 (Reaffirmed)
   INR150 Million Bank Guarantee     P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Shree Enterprises will maintain its business
risk profile on the back of its established market presence and
good relationships with customers and suppliers.  The outlook may
be revised to 'Positive' in case Shree Enterprises' capital
structure improves, most likely because of sizeable equity
infusion by promoters, or the company significantly improves and
sustains its profitability.  Conversely, the outlook may be
revised to 'Negative' if Shree Enterprises' liquidity weakens, or
it undertakes large, debt-funded capital expenditure.

                      About Shree Enterprises

Set up as a proprietorship firm in 1971, Shree Enterprises was
reconstituted as a closely held company in 1995.  The company
trades in coal and procures coal from Coal India Ltd.  The company
also purchases coal from auctions conducted by two auction agents:
Metal Junction Services Ltd and Metal & Scrap Trading Corporation
Ltd.  The company has service facilities in Jharsuguda (Orissa),
Raigarh (Chhatisgarh), and Asansol and Kolkata (West Bengal).

Shree Enterprises reported a profit after tax (PAT) of
INR3.4 million on revenues of INR687 million for 2008-09 (refers
to financial year, April 1 to March 31), against a PAT of
INR0.92 million on revenues of INR436 million for 2007-08.


SUN NIRMAN: ICRA Reaffirms 'LBB+' Rating on Working Capital Limits
------------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating to INR80 million working
capital limits of Sun Nirman Infrastructure Private Limited.  The
outlook on the rating is stable.  ICRA has also reaffirmed the A4+
rating to INR120 million non fund based facilities of SNIPL.

The ratings continue to remain constrained by the company's
moderate scale of operations, which increases its vulnerability to
the competitive pressures of the construction industry; company's
exposure to geographical risks owing to concentration of projects
in and around Delhi and Rajasthan; and company's concentrated
presence in the civil construction space which exposes it to any
slowdown in this segment.  The ratings however continue to draw
comfort from the experience of the promoters in the business;
limited exposure of SNIPL's profitability to adverse movement in
raw material prices; company's ability to secure projects from
reputed private sector clients; and a healthy order book position,
which provides visibility to the revenues going forward.  Further,
the ratings also take into consideration the increase in
profitability registered by the company on account of improvement
in operational efficiency, and its low working capital intensity.

Sun Nirman Infrastructure Private Limited is engaged in
undertaking civil construction projects mainly in commercial,
industrial and residential segments.  The company was promoted in
2007 by Mr. R.B.L. Aggarwal, Mr. S.P. Bansal, and Mr. K. M.
Aggarwal. Mr. R.B.L. Aggarwal and Mr. S.P. Bansal have long
experience in the construction industry and have held senior
positions in Central Public Works Department.

The company reported Profit before Tax (PBT) of INR39.8 million on
a turnover of INR816.98 million in FY 2010.


TATA MOTORS: Swings to INR2,571cr Profit in FY2010
--------------------------------------------------
Tata Motors disclosed its consolidated financial results for the
year ended March 31, 2010.

Tata Motors reported consolidated profit after tax of INR2,571.06
crores for the year ended March 31, 2010, a significant turnaround
from a loss of INR2,505.25 crores in the previous year.  The
consolidated financial performance is not comparable to the
previous year 2008-09 on account of the acquisition of Jaguar Land
Rover in June 2008.

The company reported consolidated revenues (net of excise) at
INR92,519.25 crores posting a growth of 30.5% over INR70,880.95
crores in the previous year.  There has been strong volume growth
both at Tata Motors and at Jaguar Land Rover.

On March 30, 2010, the company has divested its controlling stake
(20%) in Telco Construction Equipment Company Ltd.  The resultant
profit of INR1,057.92 crores is included in other income.

Tata Motors has reported a Basic Earnings Per Share (EPS) of
INR 48.64 in 2009-10 for its consolidated operations in 2009-10 as
against a Loss Per Share of INR56.88 in 2008-09.

             Tata Motors Stand-Alone Financial Results
                Financial Year Ended March 31, 2010

Tata Motors gross revenue for the financial year 2009-10 was
INR38,364.10 crores (2008-09: INR28,568.21 crores).

The revenues (net of excise) at INR35,593.05 crores representing a
growth of 38.9% over INR25,629.73 crores in the previous year.
The PBT for the year is INR2,829.54 crores, an increase of 179.1%
over INR1,013.76 crores previous year. The PAT for the year is
INR2,240.08 crores, an increase of 123.7% over INR1,001.26
previous last year (after exceptional item of a loss of
INR850.86 crores recognized on redemption of preference shares by
TML Holdings Pte Ltd, Singapore, a wholly owned subsidiary of the
company)

Volume recovery led by introduction of new products and strong
continued growth in the existing portfolio, continued focus on
cost efficiencies and price increases undertaken by the company to
combat strengthening commodity prices aided the company to grow
realizations and deliver double digit operating margin of 11.74%.
Operating profit (EBITDA) came in at INR4,178.28 crores in
FY 2009-10 compared with INR1,752.44 crores in the previous year.

Overall economic recovery, a benign liquidity environment along
with government stimulus has driven domestic demand revival during
the current year.  In the domestic market, company's commercial
vehicles sales increased by 41% to 373,842 units leading to a
market share of 64.2%, up from 63.8% of last year. The growth was
well supported by both the Medium and Heavy Commercial Vehicles
and the Light Commercial Vehicles which grew by 36.5% and 44.4%
respectively.

During the year, the company launched and started sales of the
Prima range of globally benchmarked Heavy Trucks.  A number of
variants from the Ace family were also introduced.  Passenger
Vehicles, including Fiat and Jaguar and Land Rover vehicles
distributed in India, grew by 25.3% in the domestic market to
260,020 units.  The market share for Tata passenger vehicles for
the period stood at 12.4%.  The company launched the new Indigo
Manza and the Sumo Grande MK II during the second half of the year
which improved company's market position in H2 compared with H1 in
these segments.

The company also ramped up the production of the Nano at the plant
in Uttarakhand, and delivered 30,763 units of Nano during the
year.  Along with Fiat, the company has a joint market share of
13.7% in the industry.  The company has planned several new
product launches in the near future to defend and improve its
market position.

                         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


TATA MOTORS: Total Sales in May 2010 Up 41%
-------------------------------------------
Tata Motors Ltd said total sales (including exports) increased 41%
in May 2010 to 56,779 vehicles from 40,196 vehicles sold in May
2009.  The company's domestic sales of Tata commercial and
passenger vehicles for May 2010 were 52,801 units, a 38% growth
over 38,392 units sold in May last year.

Cumulative sales (including exports) for the company for the
fiscal are 113,978 units, a growth of 47% over 77,714 units sold
last year.

                        Commercial Vehicles

The company's sales of commercial vehicles in May 2010 in the
domestic market were 31,475 units, a 37% growth compared to 23,004
vehicles sold in May last year.  LCV sales were 17,615 units, a
growth of 22% over May last year.  M&HCV sales stood at 13,860
units, a growth of 61% over May last year.

Cumulative sales of commercial vehicles in the domestic market for
the fiscal are 62,438 units, a growth of 36% over last year.
Cumulative LCV sales are 35,421 units, a growth of 21% over last
year, while M&HCV sales stood at 27,017 units, a growth of 62%
over last year.

                        Passenger Vehicles

The passenger vehicles business reported a total sale and
distribution offtake of 23,489 units (21,326 Tata + 2,163 Fiat) in
the domestic market in May 2010, a 42% increase compared to 16,563
units (15,388 Tata + 1,175 Fiat) in May last year.  Sales of Tata
passenger vehicles were 21,326 units, a growth of 39% over May
2009. Sales of the Tata Nano were 3,550 units The Indica range
sales were 8,468 units, lower by 15% over May last year.  The
Indigo range recorded sales of 6,600 units, a growth of 133% over
May last year.  The Sumo/Safari range accounted for sales of 2,708
units, higher by 6% over May last year.

Jaguar Land Rover sales continued their upward trend since launch
in June 2009.

Cumulative sales and distribution offtake of passenger vehicles in
the domestic market for the fiscal are 48,388 units (44,425 Tata +
3,963 Fiat), against 31,178 units (28,798 Tata + 2,380 Fiat) last
year, a growth of 55%.  Cumulative sales of the Nano are 7,075
units Cumulative sales of the Indica range are 17,504 units, lower
by 6%.

Cumulative sales of the Indigo family are 13,801 units, higher by
156%. Cumulative sales of the Sumo/Safari range are 6,045 units,
higher by 27%.

                              Exports

The company's sales from exports at 3,978 vehicles in May 2010
registered a growth of 121% compared to 1,804 vehicles in May last
year.  The cumulative sales from exports for the fiscal at 7,115
units are higher by 132% over 3,065 units in the same period last
year.

                         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


TTL MINERALS: CRISIL Rates INR60 Million Cash Credit at 'BB-'
-------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to TTL Minerals
Exports Pvt Ltd's cash credit facility.

   Facilities                      Ratings
   ----------                      -------
   INR60 Million Cash Credit       BB-/Stable (Assigned)

The rating reflects TTL's deteriorating financial risk profile,
and its vulnerability to cyclicality in the end-user steel
industry and to unfavorable changes in government regulations
regarding iron ore exports.  These rating weaknesses are partially
offset by TTL's moderate business profile, supported by the
promoters established relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that TTL will maintain its business risk profile
on the back of its moderate order book and established
relationships with customers and suppliers.  The outlook may be
revised to 'Positive' if TTL's business and financial risk
profiles improve substantially, led by improvement in the
company's scale of operations, and a corresponding improvement in
its profitability.  Conversely, the outlook may be revised to
'Negative' if the company contracts large debt owing to working
capital intensive nature of operations, leading to deterioration
in its financial risk profile, or if unfavorable regulatory
changes regarding iron ore exports adversely affect the company's
business risk profile.

                         About TTL Minerals

TTL was promoted in 2006 by Mr. Inderpal Singh Sandhu and
Mr. Balaji Shrinivasalu. In 2007, Mr. Balaji Shrinivasalu exited
TTL amicably, and Mr. Vikram Singh Sandhu, nephew of Mr. Inderpal
Singh Sandhu, was inducted in the company as a director.  The
company, based in Kolkata, trades in iron ore fines and lumps.  It
procures iron ore fines from mine owners and traders around the
mineral rich belt of Keonjhar and Sundargarh in Orissa against
advance payments.  The company sells iron ore fines mainly to
exporters and lumps mainly to sponge iron units.

TTL reported a profit after tax (PAT) of INR4 million on operating
income of INR363 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR2 million on operating
income of INR226 million for 2007-08.


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


JAPAN AIRLINES: Ends All Flights at Kobe Airport
------------------------------------------------
Japan Airline Corp. terminated all of its flights Monday at Kobe
Airport as part of its restructuring, The Japan Times reports.
JAL ended flights between Kobe and Shin-Chitose Airport in
Hokkaido and Naha and Ishigaki airports in Okinawa, the report
says.

According to the report, JAL's withdrawal is a blow to the money-
losing Kobe Airport, which is expected to suffer operating losses
for both fiscal 2009 and 2010.  The report notes the airport will
lose much of the its landing fees, a pillar of its operations.  In
2009, JAL flights accounted about 35% of its landing fees of
JPY690 million, the report adds.

Japan Air Commuter Co., a JAL unit, also on Monday terminated all
its flights from Matsumoto airport in Nagano Prefecture, including
flights bound for Sapporo, Osaka and Fukuoka.

                        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)


ORIX-NRL TRUST: S&P Downgrades Ratings on Class D & E to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on ORIX-NRL
Trust 18's trust certificates classes D and E to 'BB' from 'BBB'
and 'BB-' from 'BBB-', respectively, and placed its ratings on
classes B through E on CreditWatch with negative implications.  At
the same time, S&P affirmed the ratings on classes A and X.

The transaction was originally secured by four non-recourse loans
and specified bonds (tokutei shasai).  Currently, two specified
bonds are outstanding.  The downgrade and CreditWatch placements
reflect these factors:

* The specified bond that matures in November 2010, which accounts
  for 21.6% of the original issue amount, has subordinated bonds,
  and the loan-to-value level rises considerably when the
  subordinated bond is incorporated.  As such, the possibility of
  repayment by maturity will be relatively low.  Considering the
  current real estate market environment, S&P expects recoveries
  from the underlying real estate properties to be stressed.

* Regarding the other specified bond that matures in August 2012,
  which accounts for 42.7% of the original issue amount, the
  underwriting value of the underlying real estate property is
  under downward pressure, even though some time remains until
  maturity, as performance of a hotel that backs the bond is
  deteriorating, according to the servicer report.

Standard & Poor's has yet to complete examination of the expected
recoveries from the underlying real estate properties.  However,
if the two specified bonds are not redeemed by their respective
maturities, S&P considers that the recovery amount will be lowered
inevitably to a certain degree.  Accordingly, S&P lowered S&P's
ratings on classes D and E.  Standard & Poor's will complete
examination of expected recoveries from the underlying real estate
properties, and will confirm the asset manager's policy for
redemption and liquidation as well as a policy for improving
performance of the hotel.  Standard & Poor's will then review its
ratings on the four tranches placed on CreditWatch with negative
implications.

S&P affirmed the ratings on classes A and X.  The affirmation of
class A reflects these two factors:

* Two out of four loans that backed the transaction initially,
  which accounted for 35.4% of the initial issue amount, were
  redeemed on the maturity date in May 2010.  The repayment
  proceeds will be applied to redemption of the trust certificate
  via a sequential payment from the senior class.  Accordingly,
  the credit support level for the class A certificate is expected
  to improve.

* Although the expected recovery from one of the two outstanding
  specified bonds, which accounts for 21.6% of the initial issue
  amount, is under pressure, the actual performance of cash flow
  is better than initially expected and is unlikely to put
  material pressure on the specified bond.  As such, there will be
  only a limited impact on class A.

This is a multi-borrower CMBS transaction secured by four non-
recourse loans and specified bonds to four obligors and backed by
nine real estate properties and real estate certificates.  This
transaction was arranged by ORIX Corp., and ORIX Asset Management
& Loan Services Corp. acts as a servicer.  The ratings address the
full and timely payment of interest and the ultimate repayment of
principal by the transaction's legal final maturity date for the
class A certificates, the full payment of interest and ultimate
repayment of principal by the legal maturity date for the class B
to E certificates, and the timely payment of available interest
for the interest-only class X certificates.

          Ratings Lowered/Placed On Creditwatch Negative

                        ORIX-NRL Trust 18
       JPY23.4 billion trust certificates due September 2014

         Class   To    From    Initial Amount    Coupon
         -----   --    ----    --------------    ------
         D       BB    BBB     JPY1.5 bil.       Floating
         E       BB-   BBB-    JPY0.3 bil.       Floating

              Ratings Placed On Creditwatch Negative

        Class   Rating    Initial Amount        Coupon
        -----   ------    --------------        ------
        B       AA        JPY2.4 bil.           Floating
        C       A         JPY1.8 bil.           Floating

                          Ratings Affirmed

        Class     Rating     Initial Amount       Coupon
        -----     ------     --------------       ------
        A         AAA        JPY17.4 bil.         Floating
        X         AAA        JPY23.4 (notional principal)


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


C&M CO: Moody's Downgrades Corporate Family Rating to 'B3'
----------------------------------------------------------
Moody's Investors Service has downgraded C&M Co. Ltd's local
currency corporate family rating and C&M Finance Ltd's senior
unsecured bond rating to B3 from B2; the outlook on the ratings is
stable.

"The rating action reflects C&M's extremely high consolidated
debt/EBITDA metrics (FY 2009 9.2x) with limited prospect for
material deleveraging in the near term," says Laura Acres, a
Moody's Vice President and Senior Credit Officer.

Moody's views C&M's debt profile on a fully consolidated basis
following the takeover in March 2008 by a consortium (of financial
and strategic investors led by MBK Partners and the Macquarie
Korean Opportunities Fund.  The acquisition financing including
KWR1.2 trillion in term loans and a KWR300 billion interest
tranche, was structured through a special purpose entity, Kookmin
Cable Investment.  Whilst there are restrictions on the ability of
C&M to upstream cash to KCI, ultimately KCI relies on the dividend
flow from C&M to meet its debt repayment obligations.

"The rating downgrade also reflects KCI's ongoing reliance on the
KWR300 billion interest facility to service the acquisition debt
and Moody's expectation that this facility will be fully utilized
before maturity of the acquisition facilities in 2013, unless
additional monies can be up streamed to KCI; this could
potentially result in a cross default to C&M," says Acres, also
Moody's Lead Analyst for the company.

"Furthermore, C&M continues to see intense competition from the
larger and better capitalized telecommunications operators who are
expected to aggressively build their IPTV platforms in terms of
both content and subscribers," adds Acres, "This has resulted in
the wider cable-TV industry losing subscriber numbers over the
course of 2009, a trend which Moody's strongly suspects will
continue for the foreseeable future."

On a fundamental level, C&M maintains a highly competitive
position consistent with a monopoly or duopoly status in
substantially all of its areas of operation; the company also has
highly attractive EBITDA margins, albeit declining, relative to
its peer group and continues to attract new subscribers.  These
strengths partially mitigate the company's high financial leverage
and the potential threat from IPTV, positioning it at the B3
rating level with a stable outlook.

Upward pressure on the rating is unlikely over the short-to-medium
term.  However, upward pressure could emerge should C&M deliver on
its digitalization and bundling strategies such that adjusted
consolidated debt/EBITDA falls below 7.5-8x.  Moody's would also
like to have its concerns over the interest facility allayed such
that there remains sufficient headroom under the facility cap.

The ratings may encounter further downward pressure should ongoing
competitive pressures cause ARPU levels to deteriorate further
such that adjusted EBITDA margins fall below 45% or adjusted
consolidated debt/EBITDA fails to trend below 9.0x on a sustained
basis.  Given the private equity structure, Moody's would also be
concerned if the shareholders sought to pull more cash out of C&M
than anticipated, through such methods as inter-company loans or
special dividends.

The last rating action was on January 20, 2009, when C&M's ratings
were downgraded to B2 with a negative outlook.

C&M is the third largest multi-system cable television operator
based on subscribers (2.3 million as at December 2009), with a
market share of approximately 17%.  C&M owns 15 affiliated system
operators each of which are a monopoly or duopoly provider in
their respective service regions.  The company also provides
internet access service to 0.48 million subscribers and Voice over
Internet Protocol services to more than 0.1 million.

In March 2008 C&M was acquired by a consortium of financial and
strategic investors led by MBKP and MKOF.  Following the
acquisition, 94% of shares in C&M are held through KCI, a special
purpose vehicle, which is in turn wholly owned by the Consortium.


SSANGYONG MOTOR: Confirms Interest in Bidding For Ssangyong
-----------------------------------------------------------
India's Mahindra & Mahindra Ltd. is interested in bidding for
Ssangyong Motor Co., Bloomberg News reports.

"We think Ssangyong will be a good fit for us because we are in a
similar business of making utility vehicles," the report quoted
Pawan Goenka, president of the Indian company's automotive
division, as saying.

The acquisition of Ssangyong would give Mahindra access to
technology as well new export markets, as it aims to sell more
vehicles overseas.

"They are in a geography we aren't in," Goenka said.  About
14% of Mahindra's revenue in the year ending March 2009 came from
outside India, according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
June 1, 2010, Yonhap News said seven companies submitted initial
bids for Ssangyong Motor on May 28, as it concluded accepting
preliminary bids for the takeover.

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 reported 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
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.

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
===============


JPK HOLDINGS: Swings to MYR1.06 Million Profit in Q4 2010
---------------------------------------------------------
JPK Holdings Berhad reported net income of MYR1.06 million on
MYR4.49 million of revenue for the fourth quarter ended
March 31, 2010, compared with a net loss of MYR6.59 million on
MYR8.34 million of revenue in the same quarter of 2009.

At March 31, 2010, the company's consolidated balance sheet showed
MYR74.38 million in total assets, MYR59.54 million in total
liabilities, and MYR14.84 million in total stockholders' equity.

The company's consolidated balance sheet showed strained liquidity
with MYR22.33 million in total current assets available to pay
MYR37.28 million in total current liabilities.

A full-text copy of the company's quarterly report is available
for free at http://ResearchArchives.com/t/s?63da

                         About JPK Holdings

JPK Holdings Berhad is a Malaysia-based investment holding company
engaged in the provision of management services to its
subsidiaries.  The Company's subsidiaries include JPK (Malaysia)
Sdn. Bhd., which is engaged in the manufacture of precision
plastic injection moulded parts; JPK Industries Sdn. Bhd., which
is engaged in property holding; JPK Co. Ltd., which is engaged in
investment holding; JPK (Dongguan) Co. Ltd., which is engaged in
the Manufacture of precision plastic injection moulded parts, and
JPK (Hanoi) Co. Ltd., which is engaged in the manufacture,
assemble, process and design precision plastic injection moulded
parts.  The Company's operating businesses are organized and
managed into three geographical locations: Malaysia, The Socialist
Republic of Vietnam and The People's Republic of China.

                           *     *     *

JPK Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad as the external auditors of the Company have expressed a
disclaimer opinion on the Company's audited financial statements
for the financial year ended March 31, 2009.


OILCORP BERHAD: Reports MYR13.28 MM Net Loss for March 31 Quarter
-----------------------------------------------------------------
OilCorp Berhad reported a net loss of MYR13.28 million on revenues
of MYR24.97 million for the three months ended March 31, 2010,
compared with a net income of MYR1.53 million on revenues of
MYR72.96 million for the same period ended March 31, 2009.

At March 31, 2010, the Company's consolidated balance sheets
showed MYR438.58 million in total assets and MYR632.38 million in
total liabilities, resulting in total shareholders' deficit of
MYR193.80 million.

The Company's consolidated balance sheets at March 31, 2010,
also showed strained liquidity with MYR207.33 million in total
current assets available to pay MYR623.98 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?63db

                       About Oilcorp Berhad

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.

Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.


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


CANTERBURY BUILDING: Merger Won't Move S&P's Rating
---------------------------------------------------
Standard & Poor's Rating Services said that its ratings on MARAC
Finance Ltd. (BB+/Negative/B), Canterbury Building Society
(BB+/Stable/B), and Southern Cross Building Society (BB/Stable/B)
are unchanged after the companies' joint announcement that they
have entered into a Memorandum of Understanding to amalgamate
their businesses into one merged entity, and subsequently apply
for a banking license.  S&P notes that the merger is subject to a
number of factors including completion of due diligence, and
shareholder and regulatory approvals.

Should the merger be completed, debt providers could benefit from
a larger and more diversified financial institution with more than
NZ$2 billion in total assets and a significant capital base.


CRAFAR FARMS: Court Sets First Call-Over Date on July 26
--------------------------------------------------------
The New Zealand Herald reports that the receivers for the Crafar
dairy empire will finally get their day in court next month.

The report relates Michael Stiassny of KordaMentha said a first
call-over date had been set down for July 26 in Rotorua.

According to the report, receivers are trying to get a court order
to remove Allan Crafar from his Reporoa property, after he
rejected an offer for six months' free rent if he left the farm on
April 9.

KordaMentha said Mr. Crafar, as the director of Plateau Farms
Limited (in receivership), no longer controlled the properties and
therefore had no legal right to be living there.

Mr. Crafar has always maintained he would defend any court action
brought against him by receivers.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employs 200 staff.

Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance in October
2009.  The banks are owed around NZ$200 million and put
KordaMentha partners Michael Stiassny and Brendon Gibson in as
receivers after Crafar Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


MARAC FINANCE: Memorandum of Understanding Won't Move S&P's Rating
------------------------------------------------------------------
Standard & Poor's Rating Services said that its ratings on MARAC
Finance Ltd. (BB+/Negative/B), Canterbury Building Society
(BB+/Stable/B), and Southern Cross Building Society (BB/Stable/B)
are unchanged after the companies' joint announcement that they
have entered into a Memorandum of Understanding to amalgamate
their businesses into one merged entity, and subsequently apply
for a banking license.  S&P notes that the merger is subject to a
number of factors including completion of due diligence, and
shareholder and regulatory approvals.

Should the merger be completed, debt providers could benefit from
a larger and more diversified financial institution with more than
NZ$2 billion in total assets and a significant capital base.


SOUTHERN CROSS: Merger Won't Move S&P's Rating
----------------------------------------------
Standard & Poor's Rating Services said that its ratings on MARAC
Finance Ltd. (BB+/Negative/B), Canterbury Building Society
(BB+/Stable/B), and Southern Cross Building Society (BB/Stable/B)
are unchanged after the companies' joint announcement that they
have entered into a Memorandum of Understanding to amalgamate
their businesses into one merged entity, and subsequently apply
for a banking license.  S&P notes that the merger is subject to a
number of factors including completion of due diligence, and
shareholder and regulatory approvals.

Should the merger be completed, debt providers could benefit from
a larger and more diversified financial institution with more than
NZ$2 billion in total assets and a significant capital base.


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


WAN HAI: S&P Changes Outlook on 'BB+' Corp. Rating to Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on the 'BB+' long-term corporate credit rating on Taiwan-
based Wan Hai Lines Ltd. to stable from negative and affirmed the
rating.  At the same time, the rating agency affirmed its 'BB'
issue rating on the unsecured corporate bonds issued by the
company's Singapore-based subsidiary, Wan Hai Lines (Singapore)
Pte. Ltd.

"In S&P's view, Wan Hai's improving cash flow and low capital
expenditures have improved the outlook on its credit profile.  The
company is likely to lower its leverage and improve its cash flow
protection measures over the next three to four quarters," said
credit analyst Raymond Hsu.

Recovering freight rates and demand helped improve Wan Hai's
reported operating income to Taiwan dollar (NT$) 1.3 billion in
the first quarter of 2010, up from a loss of NT$1.2 billion in the
same period in 2009, on the back of 28% year-on-year revenue
growth.  In addition, Wan Hai's leading market position in the
relatively stable intra-Asia container shipping market and its
high flexibility to adjust its service network should support
faster recovery in its profitability than for its long-haul peers.

Wan Hai's lease adjusted ratio of funds from operations to debt
was 26.5% in the first quarter of 2010, and S&P believes that is
satisfactory for the current ratings.  Standard & Poor's expects
the ratio to improve to about 34% in full-year 2010.  S&P also
believes the company's lease adjusted ratio of debt to capital
will decrease to about 45% at the end of 2010, from 52% at the end
of 2009.

"S&P affirmed the ratings to reflect Wan Hai's continuing strong
market position in intra-Asia container routes and its high
operational flexibility," said Mr. Hsu.  "Counterbalancing factors
include the highly cyclical nature of the container shipping
industry and the company's somewhat weak and limited presence in
the long-haul market."

In S&P's view, Wan Hai has adequate liquidity to support its
operating needs.  The company had NT$18.2 billion in cash and
liquid financial investments at the end of March 2010.  This is
sufficient to cover its long-term debt due in one year of
NT$5.7 billion and potential early debt repayments caused by a
potential breach of loan covenants.


                         *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***