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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, January 26, 2010, Vol. 13, No. 017

                            Headlines



A U S T R A L I A

CROWNE PLAZA: Placed in Receivership, Ferrier Hodgson Appointed
LKM CAPITAL: Court Restrains Two Directors from Leaving Australia
TERRAMIN AUSTRALIA: Expects Lower Loss on Higher Zinc Prices


H O N G  K O N G

AA INVESTMENTS: Middleton and Chan Appointed as Liquidators
ACMA PROPERTIES: Samuel Yang Sih Yu Appointed as Liquidator
ACTAD (FAR EAST): Briscoe and Meng Step Down as Liquidators
ACTIVE TOWN: Members' and Creditors Meetings Set for February 26
ADL HOLDING: Commences Wind-Up Proceedings

ALLIANCE FOOTWEAR: Woo Sin Yee Winnie Appointed as Liquidator
ASIAN CONCORD: Members' Final Meeting Set for February 12
ATLAS KUMSOK: Chiu and Har Step Down as Liquidators
BASF RESINS: Creditors' Proofs of Debt Due February 26
BIRCHFIELD DESIGN: Court Enters Wind-Up Order

BRENCOURT ASIA: Briscoe and Meng Step Down as Liquidators
BRIGHT TOWN: Members' and Creditors Meetings Set for February 25
BUILD SKY: Members' and Creditors Meetings Set for February 25
CARVEN ENTERPRISES: First Meetings Slated for February 26
CHECKERS LIMITED: Provisional Liquidators Appointed

CHONVILLE LIMITED: Inability to Pay Debts Prompts Wind-Up
COLOUR PAINT: Members' and Creditors Meetings Set for Feb. 23
CREATIVE INFINITE: Court Enters Wind-Up Order
DESCARTES GLOBAL: Lees and Bancroft Appointed as Liquidators
DIANOOR INT'L: Provisional Liquidators Appointed

HOPSON DEVELOPMENT: CEO Stepdown Won't Affect S&P's 'BB-' Rating
LEHMAN BROTHERS: 12,922 Complaints Resolved by HKMA
SRE GROUP: Huarui Asset Deal Won't Affect Moody's 'B2' Rating


I N D I A

ARWADE STEEL: CRISIL Reaffirms 'B' Ratings on INR45MM Cash Credit
GOYAL ISPAT: CRISIL Puts 'BB-' Rating on INR25MM Long Term Loan
JAI MAA: CRISIL Places 'BB' Ratings on Various Bank Debts
KAMACHI GRANITES: CRISIL Rates INR2.3MM Term Loan at 'BB-'
KAMACHI SPONGE: CRISIL Places 'BB-' Rating on INR504.5MM Term Loan

KAMACHI STEELS: CRISIL Assigns 'BB-' Rating on INR19.3MM Term Loan
K.I. INTERNATIONAL: CRISIL Rates INR75MM Cash Credit at 'BB-'
MAA DURGA: CRISIL Assigns 'BB-' Rating on INR30 Mil. Cash Credit
MANRAJ JEWELLERS: ICRA Reaffirms 'LB' Rating on INR114.4MM Loan
MAYTAS INFRA: IL&FS Seeks to Convert INR600cr Debt into Equity

PALANI VIJAY: ICRA Assigns 'LBB' Rating on INR149MM Term Loan
R. L. GOLD: ICRA Reaffirms 'LB' Rating on INR50MM Cash Credit
RAJMAL LAKHICHAND: ICRA Reaffirms 'LB' Rating on Various Debts
SATGURU AGRO: CRISIL Places 'BB-' Rating on INR16.5MM Term Loan
SAURER EMBROIDERY: CRISIL Places 'BB' Rating on INR79MM Term Loan

SRI CHANNABASAVASHWARA: CRISIL Rates INR71MM Term Loan at 'D'
SUNCITY CERAMICS: CRISIL Rates INR15 Mil. Term Loan at 'BB-'
SUNDER NAGAR: CRISIL Assigns 'B-' Ratings on Various Bank Debts


I N D O N E S I A

PERUSAHAAN LISTRIK: Allocates IDR74 Tril. for Capital Expenditure


J A P A N

FUYO TOCHI: Files for Bankruptcy Protection
JAPAN AIRLINES: CDO Ratings Not Affected by Bankruptcy, Fitch Says
JAPAN AIRLINES: Delta & SkyTeam to Provide Support
JAPAN AIRLINES: Failure Cues Sojitz's JPY15 Bil. Loss
JAPAN AIRLINES: Issuer & Debt Ratings Revised by S&P to 'D'

JAPAN AIRLINES: Position in Oneworld Not Affected by Bankruptcy
L-JAC 8: S&P Junks Ratings on Class C & D Certificates
NANSO COUNTRY: Files for Bankruptcy Protection
PIONEER CORP: Eyes JPY20-Bil. Public Offering of New Shares
SAPPORO HOLDINGS: Election of Six New Board Members Sought


K O R E A

GENERAL MOTORS: GM Daewoo to Recall 4,087 Lacetti Premier Cars
HYUNDAI MOTOR: Posts Record Sales in India Last Year
KIA MOTORS: 2009 Global Market Share Reaches 2.6%


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Seeks Exemption from Submitting RAO


T H A I L A N D

GENERAL MOTORS: GM Thailand Gets US409MM in Loans from Thai Banks


X X X X X X X X

* BOND PRICING: For the Week to Jan. 18, 2010 to Jan. 22, 2010





                         - - - - -


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


CROWNE PLAZA: Placed in Receivership, Ferrier Hodgson Appointed
---------------------------------------------------------------
The corporate group that owns the Crowne Plaza Hunter Valley
property was placed in receivership on January 18, 2010.

Ferrier Hodgson partner Peter Walker has taken control of the
three companies that make up the owner group: Micland Holding Pty
Ltd; Tairo Pty Ltd and HVGCC Pty Ltd.

Ferrier Hodgson said in a statement that the operation of the
resort will not be affected by the receivership.  Since 2006, the
resort has been managed by InterContinental Hotels Group (IHG).
The receivers said they will continue to utilize the management
services of InterContinental Hotels while a strategy for sale of
the resort is developed.

"IHG is doing an excellent job as manager of this exclusive resort
and we have no intention of doing anything to change that,"
Mr. Walker said.  "We will continue working closely with IHG which
will run the business on an as-usual basis.  We are currently
looking for a buyer and the likelihood is we will transfer
ownership of the land to the new owner without visitors to the
resort ever noticing a change has taken place."

Mr. Walker said if a sale of the property takes place as planned
there will be no loss of jobs or impact on employees.  He also
confirmed that all employee entitlements would be paid in the
ordinary course.


LKM CAPITAL: Court Restrains Two Directors from Leaving Australia
-----------------------------------------------------------------
Susannah Moran at The Australian reports that two directors of the
failed LKM Capital have been ordered to surrender their passports
and remain in Australia until the end of May.

Federal court judge Margaret Stone made the orders after an urgent
application was made to the court by the Australian Securities &
Investments Commission on Friday, the report says.

According to the report, the two directors, Rolf Koops and Sandra
Martin, were planning to move to London next week where Mr. Koops
had lined up a job at his sister's firm.

The corporate regulator told the court it was investigating a
number of serious allegations, including whether the pair had
breached their directors duties, and needed an additional four
months to complete its investigation.

LKM Capital collapsed in 2008 owing AU$63 million, mostly to
investors in the northern NSW town of Coffs Harbour.


TERRAMIN AUSTRALIA: Expects Lower Loss on Higher Zinc Prices
------------------------------------------------------------
The Sydney Morning Herald reports that Terramin Australia Ltd
expects to narrow its full year loss and post a significantly
improved result for calendar 2010 due to stronger output and
higher zinc prices.

The report relates Terramin said in a statement on Monday that it
would report a loss for the 12 months to December of about AU$9
million, most of which was the previously reported first half loss
of AU$7.5 million.  This compares to a 2008 loss of AU$19.4
million when zinc prices fell sharply.

"It is expected that the result will improve significantly in 2010
due to increased concentrate production and a substantial increase
in the realised zinc price," Terramin said in a statement.
Terramin said it would release its audited financial report
towards the end of February.

Terramin Australia Ltd (ASX: TZN) -- http://www.terramin.com.au/--
is engaged in mining and development, and exploration for, base
metals (in particular zinc and lead) and other economic mineral
deposits.  During the year ended December 31, 2008, the Company
focused on its zinc projects in Australia and Algeria, as well as
examining new opportunities in Australia and overseas.  As of
December 31, 2008, the Company has 100% interest in Angas Zinc
Mine, 65% interest in Oued Amizour project and 24% interest in
Menninnie Dam Exploration Joint Venture (MDEJV).  In June 2008,
the Company completed a restructure of its holding in the MDEJV,
pursuant to which Terramin acquired the 20% interest in Menninnie
Metals Limited (MML).
                           *     *     *

Terramin Australia Limited posted three consecutive annual net
losses of AU$19.40 million, AU$3.57 million and AU$2.40 million
for the years ended December 31, 2008, 2007 and 2006,
respectively.


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


AA INVESTMENTS: Middleton and Chan Appointed as Liquidators
-----------------------------------------------------------
Edward Simon Middleton and Chan Mei Lan of KMPG on January 5,
2010, were appointed as liquidators of AA Investments Company
Limited.

The liquidators may be reached at:

         Edward Simon Middleton
         Chan Mei Lan
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong


ACMA PROPERTIES: Samuel Yang Sih Yu Appointed as Liquidator
-----------------------------------------------------------
Samuel Yang Sih Yu on January 11, 2010, was appointed as
liquidator of ACMA Properties Limited.

The liquidator may be reached at:

         Samuel Yang Sih Yu
         Sea View Estate
         Room 2, 1st Floor, Block A
         2-8 Watson Road
         North Point, Hong Kong


ACTAD (FAR EAST): Briscoe and Meng Step Down as Liquidators
-----------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Actad (Far East) Company Limited on January 13, 2010.


ACTIVE TOWN: Members' and Creditors Meetings Set for February 26
----------------------------------------------------------------
Members and creditors of Active Town Limited will hold their
annual meetings on February 26, 2010, at 3:30 p.m., and 4:00 p.m.,
respectively at the 62/F, One Island East, 18 Westlands Road,
Island East, in Hong Kong.

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


ADL HOLDING: Commences Wind-Up Proceedings
------------------------------------------
Members of ADL Holding (Japan) Limited, on January 8, 2010, passed
a resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Bruno Arboit
         Simon Richard Blade
         Baker Tilly Hong Kong, 12/F
         China Merchants Tower
         Shun Tak Centre
         168-200 Connaught Road
         Central, Hong Kong


ALLIANCE FOOTWEAR: Woo Sin Yee Winnie Appointed as Liquidator
-------------------------------------------------------------
Woo Sin Yee Winnie on January 18, 2010, was appointed as
liquidator of Alliance Footwear (China) Limited.

The liquidator may be reached at:

         Woo Sin Yee Winnie
         Milo's Industrial Building, 1/F
         2-10 Tai Yuen Street
         Kwai Chung, New Territories
         Hong Kong


ASIAN CONCORD: Members' Final Meeting Set for February 12
---------------------------------------------------------
Members of Asian Concord Investment Limited will hold their final
general meeting on February 12, 2010, at 10:00 a.m., at the 19/F.,
No. 3 Lockhart Road, Wanchai, in Hong Kong.

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


ATLAS KUMSOK: Chiu and Har Step Down as Liquidators
---------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Atlas Kumsok Company Limited on January 19, 2010.


BASF RESINS: Creditors' Proofs of Debt Due February 26
------------------------------------------------------
Creditors of BASF Resins Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 26, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Ng Wai Yan
         Ha Man Kit Marcus
         Queen's Place, Room 1902
         74 Queen's Rd Central
         Hong Kong


BIRCHFIELD DESIGN: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order August 4, 2008, to
wind up the operations of Birchfield Design (Asia) Limited.

The company's liquidators are Tsui Ka Kui and Wong Yin Yee.


BRENCOURT ASIA: Briscoe and Meng Step Down as Liquidators
---------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Brencourt Asia Limited on January 12, 2010.


BRIGHT TOWN: Members' and Creditors Meetings Set for February 25
----------------------------------------------------------------
Members and creditors of Bright Town Investment Limited will hold
their annual meetings on February 25, 2010, at 11:00 a.m., and
11:30 a.m., respectively at the 62/F, One Island East, 18
Westlands Road, Island East, in Hong Kong.

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


BUILD SKY: Members' and Creditors Meetings Set for February 25
--------------------------------------------------------------
Members and creditors of Build Sky Development Consultancy Limited
will hold their annual meetings on February 25, 2010, at 10:00
a.m., and 10:30 a.m., respectively at the 62/F, One Island East,
18 Westlands Road, Island East, in Hong Kong.

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


CARVEN ENTERPRISES: First Meetings Slated for February 26
---------------------------------------------------------
Contributories and creditors of Carven Enterprises Limited will
hold their first meetings on February 26, 2010, at 2:00 p.m., and
2:15 p.m., respectively at Unit 511, 5/F, Tower 1, Silvercord, 30
Canton Road, Tsimshatsui, Kowloon in Hong Kong.

At the meeting, Ho Man Kit Horace and Kong Sze Man Simone, the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.


CHECKERS LIMITED: Provisional Liquidators Appointed
---------------------------------------------------
Edward Simon Middleton and Patrick Cowley of KMPG and Kevin Roy
Mawer of KMPG LLP on December 23, 2009, were appointed as
provisional liquidators of Checkers Limited.

The liquidators may be reached at:

         Edward Simon Middleton
         Patrick Cowley
         KMPG
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong

         Kevin Roy Mawer
         KMPG LLP
         One Embankment
         Neville Street, Leeds
         LSA 4DW United Kingdom


CHONVILLE LIMITED: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------------
Members of Chonville Limited on January 15, 2010, resolved to
voluntarily wind up the company's operations due to its inability
to pay debts when due.

The company's liquidators are:

         Johnson Kong Chi How
         Wilfred Wu Shek Chun
         Wing On Centre, 25/F
         111 Connaught Road
         Central, Hong Kong


COLOUR PAINT: Members' and Creditors Meetings Set for Feb. 23
-------------------------------------------------------------
Members and creditors of Colour Paint Limited will hold their
annual meetings on February 23, 2010, at 9:00 a.m., and 9:30 a.m.,
respectively at the 62/F, One Island East, 18 Westlands Road,
Island East, in Hong Kong.

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


CREATIVE INFINITE: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order November 30, 2009, to
wind up the operations of Creative Infinite Limited.

The company's liquidator is Mat Ng.


DESCARTES GLOBAL: Lees and Bancroft Appointed as Liquidators
------------------------------------------------------------
John Robert Lees and Colum Sebastian Joseph Bancroft on Jan. 8,
2010, were appointed as liquidators of Descartes Global Asset
Limited.

The liquidators may be reached at:

         John Robert Lees
         Colum Sebastian Joseph Bancroft
         c/o John Lees & Associates Limited
         Henley Building
         5 Queen's Road
         Central Hong Kong


DIANOOR INT'L: Provisional Liquidators Appointed
------------------------------------------------
Edward Simon Middleton and Patrick Cowley of KMPG and Kevin Roy
Mawer of KMPG LLP on December 23, 2009, were appointed as
provisional liquidators of Dianoor International Limited.

The liquidators may be reached at:

         Edward Simon Middleton
         Patrick Cowley
         KMPG
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong

         Kevin Roy Mawer
         KMPG LLP
         One Embankment
         Neville Street, Leeds
         LSA 4DW United Kingdom


HOPSON DEVELOPMENT: CEO Stepdown Won't Affect S&P's 'BB-' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating on Hopson
Development Holdings Ltd. (BB-/Negative/--) is not immediately
affected by the resignation of the company's chief executive
officer and executive director, Mr. Chen Changying, that became
effective yesterday.  S&P understands from Hopson that sales
reached more than Chinese renminbi (RMB) 10 billion in 2009.  The
company also says it has sufficient financial resources to repay
its convertible bond totaling RMB1.91 billion due Feb. 2, 2010,
and it is currently arranging repayment.

Mr. Chen's resignation is one of several from Hopson's top
management team in the past few months.  Nevertheless, S&P
understands that the company has already replaced some people and
S&P does not expect its operations to be immediately affected.
S&P intends to meet Hopson's management in the near future to
better understand the company's succession plan, future growth
strategy, and financial and liquidity prospects.


LEHMAN BROTHERS: 12,922 Complaints Resolved by HKMA
---------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced that up to
January 7, 2010, there were 12,922 complaint cases concerning
Lehman-Brothers-related investment products which have been
resolved by a settlement agreement reached under section 201 of
the Securities and Futures Ordinance and 513 cases through the
enhanced complaint-handling procedures required by the settlement
agreement.  Together with the 2,946 cases closed because
insufficient prima facie evidence of misconduct was found after
assessment or no sufficient grounds and evidence were found after
investigation, 75% of the complaints received have now been
completed.

Currently, 417 Lehman-Brothers-related complaint cases (including
minibond cases) are under disciplinary consideration after
detailed investigation by the HKMA.  Proposed disciplinary
notices are being prepared in respect of 118 such cases and
proposed disciplinary notices or decision notices have been
issued in respect of another 299 cases.  Adding these 417 cases
to those the handling of which has already been completed,
investigation work has finished for 77% of complaint cases
received.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


SRE GROUP: Huarui Asset Deal Won't Affect Moody's 'B2' Rating
-------------------------------------------------------------
Moody's Investors Service says it sees no immediate impact on SRE
Group Limited's B2 corporate family and B3 bond ratings, and
negative ratings outlook from its proposed acquisition of the
remaining 49% interest in Huarui Asset Management from SRE's major
shareholder for HK$1.75 billion.  Of this total, HK$373 million
will be paid in cash and the remaining HK$1,377 million will be
settled by the issuance of shares.

Upon completion of the transaction, the major shareholder will
increase its interest in SRE to 55.59% from 34.64%.  Moody's notes
the transaction is subject to regulatory and minority shareholder
approvals.

"Although the transaction constitutes a connected party
transaction and raises concerns about corporate governance and
fund leakage, such risks have already been captured in SRE's
current ratings," says Kaven Tsang, a Moody's AVP/Analyst.

"The acquisition is being funded mainly by equity issuance.
Therefore, SRE's cash flow metrics and liquidity will not be
materially affected and will still position it -- albeit weakly --
at its current rating level," says Tsang, also Moody's lead
analyst for SRE.

Moody's last rating action occurred on May 4, 2009, when SRE's
corporate family and senior unsecured bond ratings were downgraded
to B2 and B3 with a negative outlook.

SRE Group Limited was established in 1993 and was listed on the
Hong Kong Stock Exchange in 1999.  The company focuses on mid- to
high-end residential developments in Shanghai, Shenyang, and
Haikou.  It has attributable land banks of 1.12 million sqm in
Shanghai, 1.49 million sqm in Shenyang, and 727,200 sqm in Haikou,
which are sufficient for five years of development.


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


ARWADE STEEL: CRISIL Reaffirms 'B' Ratings on INR45MM Cash Credit
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Arwade Steel Ltd.
continues to reflect Arwade's small scale of operations, limited
track record, and weak financial risk profile.  These weaknesses
are, however, partially offset by the benefits that Arwade derives
from its relatively disciplined steel-trading model.

   Facilities                        Ratings
   ----------                        -------
   INR45 Million Cash Credit         B/Stable (Reaffirmed)

   INR5 Million Proposed Long        B/Stable (Reaffirmed)
      Term Bank Loan Facility

   INR30 Million Letter of Credit    P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Arwade Steel will maintain a stable business
risk profile, backed by efficient management of working capital
requirement.  The outlook may be revised to 'Positive' if the
company's financial risk profile improves substantially, backed by
fresh equity infusion and sustained improvement in operating
margins.  Conversely, the outlook may be revised to 'Negative' if
the company undertakes debt-funded capital expenditure programmes,
or if slowdown in end-user industries significantly impacts the
company's debtor collection, resulting in deterioration in its
financial risk profile.

Incorporated in 1997 as a private limited company, and promoted by
Mr. Nitin Arwade and his father, Mr. Subhash Arwade, Arwade Steel
commenced trading in steel long and structural products in 2003.
The company was converted into a closely held public limited
company in 2007. Arwade Steel's sales are currently concentrated
in and around Pune; it procures steel products from Mumbai and
other places in Maharashtra, as well as Raipur (Chhattisgarh). It
has offices in Raipur, Delhi, and Goa.

Arwade Steel reported a profit after tax (PAT) of INR0.8 million
on net sales of INR456 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR1.6 million on
net sales of INR344 million for 2007-08.


GOYAL ISPAT: CRISIL Puts 'BB-' Rating on INR25MM Long Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Negative/P4' ratings to the bank
facilities of Goyal Ispat Limited, a Kamachi group company.  The
ratings reflect the Kamachi group's exposure to risks related to
implementation of Phase III expansion project in Kamachi Sponge &
Power Corporation Ltd, the group's average financial risk profile
marked by constrained capital structure and average debt
protection measures, and susceptibility to cyclicality in the iron
and steel industry and volatility in input prices.  These rating
weaknesses are partially offset by the Kamachi group's integrated
operations, efficient raw material sourcing, and extensive track
record.

   Facilities                            Ratings
   ----------                            -------
   INR25.00 Million Long Term Loan       BB-/Negative (Assigned)
   INR75.00 Million Cash Credit          BB-/Negative (Assigned)
   INR100.00 Million Letter of Credit    P4 (Assigned)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KSPCL, Kamachi Steels Ltd, KI
International Ltd, Goyal Ispat Ltd, Kamachi Granites Ltd, and Maa
Durga Enterprises Ltd.  This is because these entities,
collectively, are referred to as the Kamachi group, are under the
same management, have a common line of business and share
operational synergies, including fungibility of funds.

Outlook: Negative

CRISIL believes that the Kamachi group will remain exposed to
project implementation risks over the medium term.  The rating may
be downgraded in case the group's liquidity comes under pressure,
most likely because of any significant time or cost overrun in the
ongoing project or less-than-expected equity infusion for the
project by the promoters.  Conversely, the outlook may be revised
to 'Stable' if the group's financial risk profile improves, most
likely because of implementation of the ongoing project on
schedule, optimal utilization of capacities, and better margins.

                           About the Group

The Chennai-based Kamachi group is a major integrated secondary
steel player.  The group has sponge iron manufacturing capacity of
120,000 tonnes per annum (tpa), and induction furnace and rolling
mill capacities of 71,680 tpa and 66,000 tpa, respectively.  It
also has power generation capacity of 11.80 megawatts (MW). The
group is a closely held family business and was founded by Mr. G L
Kothari in 1978.

For 2008-09 (refers to financial year, April 1 to March 31), the
group reported a profit after tax of INR29.7 million on net sales
of INR4.7 billion, against a net profit of INR64.4 million on net
sales of INR4.1 billion for 2007-08.

GIL is into manufacturing Thermo Mechanically Treated (TMT)/Cold
Twisted Bars (CTD) in sizes ranging from 8 to 25 millimetres; its
plant has an installed capacity of 30000 tonnes per annum.


JAI MAA: CRISIL Places 'BB' Ratings on Various Bank Debts
---------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to Jai Maa Jagdamba
Flour Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR120 Million Cash Credit        BB/Stable (Assigned)
   INR3.2 Million Term Loan          BB/Stable (Assigned)
   INR16.8 Million Proposed Long     BB/Stable (Assigned)
         Term Bank Loan Facility

The rating reflects JMJFPL's weak financial risk profile, and
exposure to risks relating to fluctuations in raw material prices,
and limited pricing power.  These weaknesses are partially offset
by the benefits that the company derives from established
relationships with customers.

Outlook: Stable

CRISIL believes that JMJFPL will maintain a moderate business risk
profile over the medium term on the back of established relations
with customers.  The outlook may be revised to 'Positive' if the
company's profitability improves significantly, or if equity
infusions help improve its low net worth. Conversely, the outlook
may be revised to 'Negative' if the company contracts large debt
to fund capital expenditure, or its profitability declines
sharply.

Set up in 2003 as a proprietorship firm by Mr. Krishna Murari
Choudhary, JMJFPL converted to a private limited company in 2004.
The company produces wheat flour, maida, and suji at its mill in
Dhanbad (Jharkhand), which has a capacity of 300 tonnes per day.
JMJFPL reported a profit after tax (PAT) of INR0.09 million on net
sales of INR620 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.09 million on net
sales of INR763 million for 2007-08.


KAMACHI GRANITES: CRISIL Rates INR2.3MM Term Loan at 'BB-'
----------------------------------------------------------
CRISIL has assigned its 'BB-/Negative' rating to the term loan
facility of Kamachi Granites (P) Limited, a Kamachi group company.

   Facilities                        Ratings
   ----------                        -------
   INR2.30 Million Term Loan         BB-/Negative (Assigned)

The rating reflects the Kamachi group's exposure to risks related
to implementation of Phase III expansion project in KSPCL, the
group's average financial risk profile marked by constrained
capital structure and average debt protection measures, and
susceptibility to cyclicality in the iron and steel industry and
volatility in input prices.  These rating weaknesses are partially
offset by the Kamachi group's integrated operations, efficient raw
material sourcing, and extensive track record.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KSPCL, Kamachi Steels Ltd, KI
International Ltd, Goyal Ispat Ltd, Kamachi Granites Ltd, and Maa
Durga Enterprises Ltd.  This is because these entities,
collectively, are referred to as the Kamachi group, are under the
same management, have a common line of business and share
operational synergies, including fungibility of funds.

Outlook: Negative

CRISIL believes that the Kamachi group will remain exposed to
project implementation risks over the medium term.  The rating may
be downgraded in case the group's liquidity comes under pressure,
most likely because of any significant time or cost overrun in the
ongoing project or less-than-expected equity infusion for the
project by the promoters.  Conversely, the outlook may be revised
to 'Stable' if the group's financial risk profile improves, most
likely because of implementation of the ongoing project on
schedule, optimal utilization of capacities, and better margins.

                          About the Group

The Chennai-based Kamachi group is a major integrated secondary
steel player.  The group has sponge iron manufacturing capacity of
120,000 tonnes per annum (tpa), and induction furnace and rolling
mill capacities of 71,680 tpa and 66,000 tpa, respectively.  It
also has power generation capacity of 11.80 megawatts (MW).  The
group is a closely held family business and was founded by Mr. G L
Kothari in 1978.

For 2008-09 (refers to financial year, April 1 to March 31), the
group reported a profit after tax of INR29.7 million on net sales
of INR4.7 billion, against a net profit of INR64.4 million on net
sales of INR4.1 billion for 2007-08.

Incorporated in 1993, KGPL is engaged in processing of marble,
sandstone and granite, which includes cutting of granite/sandstone
blocks using lime and alloy shots, grinding, and polishing. The
company has a granite/sandstone plant with capacity 40,000 square
metres per annum and a marble plant with capacity 110000 cubic
feet per annum.


KAMACHI SPONGE: CRISIL Places 'BB-' Rating on INR504.5MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Negative/P4' ratings to the bank
facilities of Kamachi Sponge & Power Corporation Ltd, a Kamachi
group company.

   Facilities                            Ratings
   ----------                            -------
   INR504.50 Million Term Loan           BB-/Negative (Assigned)
   INR180.00 Million Cash Credit         BB-/Negative (Assigned)
   INR145.00 Million Letter of Credit    P4 (Assigned)

The ratings reflect the Kamachi group's exposure to risks related
to implementation of Phase III expansion project in KSPCL, the
group's average financial risk profile marked by constrained
capital structure and average debt protection measures, and
susceptibility to cyclicality in the iron and steel industry and
volatility in input prices.  These rating weaknesses are partially
offset by the Kamachi group's integrated operations, efficient raw
material sourcing, and extensive track record.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KSPCL, Kamachi Steels Ltd, KI
International Ltd, Goyal Ispat Ltd, Kamachi Granites Ltd, and Maa
Durga Enterprises Ltd.  This is because these entities,
collectively, are referred to as the Kamachi group, are under the
same management, have a common line of business and share
operational synergies, including fungibility of funds.

Outlook: Negative

CRISIL believes that the Kamachi group will remain exposed to
project implementation risks over the medium term.  The rating may
be downgraded in case the group's liquidity comes under pressure,
most likely because of any significant time or cost overrun in the
ongoing project or less-than-expected equity infusion for the
project by the promoters.  Conversely, the outlook may be revised
to 'Stable' if the group's financial risk profile improves, most
likely because of implementation of the ongoing project on
schedule, optimal utilization of capacities, and better margins.

                          About the Group

The Chennai-based Kamachi group is a major integrated secondary
steel player. The group has sponge iron manufacturing capacity of
120,000 tonnes per annum (tpa), and induction furnace and rolling
mill capacities of 71,680 tpa and 66,000 tpa, respectively.  It
also has power generation capacity of 11.80 megawatts (MW).  The
group is a closely held family business and was founded by Mr. G L
Kothari in 1978.

For 2008-09 (refers to financial year, April 1 to March 31), the
group reported a profit after tax of INR29.7 million on net sales
of INR4.7 billion, against a net profit of INR64.4 million on net
sales of INR4.1 billion for 2007-08.

KSPCL commenced operations in 2003. KSPCL is into manufacturing
sponge iron. It has a sponge iron manufacturing capacity of
120,000 tpa and power generation capacity of 10 MW.


KAMACHI STEELS: CRISIL Assigns 'BB-' Rating on INR19.3MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Negative/P4' ratings to the bank
facilities of Kamachi Steels Limited, a Kamachi group company.

   Facilities                            Ratings
   ----------                            -------
   INR19.30 Million Term Loan            BB-/Negative (Assigned)
   INR80.00 Million Cash Credit          BB-/Negative (Assigned)
   INR65.00 Million Letter of Credit     P4 (Assigned)

The ratings reflect the Kamachi group's exposure to risks related
to implementation of Phase III expansion project in Kamachi Sponge
& Power Corporation Ltd, the group's average financial risk
profile marked by constrained capital structure and average debt
protection measures, and susceptibility to cyclicality in the iron
and steel industry and volatility in input prices.  These rating
weaknesses are partially offset by the Kamachi group's integrated
operations, efficient raw material sourcing, and extensive track
record.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KSPCL, Kamachi Steels Ltd, KI
International Ltd, Goyal Ispat Ltd, Kamachi Granites Ltd, and Maa
Durga Enterprises Ltd.  This is because these entities,
collectively, are referred to as the Kamachi group, are under the
same management, have a common line of business and share
operational synergies, including fungibility of funds.

Outlook: Negative

CRISIL believes that the Kamachi group will remain exposed to
project implementation risks over the medium term.  The rating may
be downgraded in case the group's liquidity comes under pressure,
most likely because of any significant time or cost overrun in the
ongoing project or less-than-expected equity infusion for the
project by the promoters.  Conversely, the outlook may be revised
to 'Stable' if the group's financial risk profile improves, most
likely because of implementation of the ongoing project on
schedule, optimal utilization of capacities, and better margins.

                          About the Group

The Chennai-based Kamachi group is a major integrated secondary
steel player.  The group has sponge iron manufacturing capacity of
120,000 tonnes per annum (tpa), and induction furnace and rolling
mill capacities of 71,680 tpa and 66,000 tpa, respectively.  It
also has power generation capacity of 11.80 megawatts (MW). The
group is a closely held family business and was founded by Mr. G L
Kothari in 1978.

For 2008-09 (refers to financial year, April 1 to March 31), the
group reported a profit after tax of INR29.7 million on net sales
of INR4.7 billion, against a net profit of INR64.4 million on net
sales of INR4.1 billion for 2007-08.

The Kamachi group took over Tulsyan Steels Private Limited in 1996
and renamed it KSL. KSL manufactures mild steel (MS) ingots, Cold
Twisted Bars (CTD) in diameters ranging between 8 to 25
millimetres and the Thermo Mechanically Treated (TMT) bars are
under the registered brand Kothari TMT bars and Kothari ribbed
bars.


K.I. INTERNATIONAL: CRISIL Rates INR75MM Cash Credit at 'BB-'
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Negative/P4' ratings to the bank
facilities of K.I. International Ltd, a Kamachi group company.

   Facilities                            Ratings
   ----------                            -------
   INR75.00 Million Cash Credit          BB-/Negative (Assigned)
   INR200.00 Million Letter of Credit    P4 (Assigned)

The ratings reflect the Kamachi group's exposure to risks related
to implementation of Phase III expansion project in Kamachi Sponge
& Power Corporation Ltd (KSPCL), the group's average financial
risk profile marked by constrained capital structure and average
debt protection measures, and susceptibility to cyclicality in the
iron and steel industry and volatility in input prices.  These
rating weaknesses are partially offset by the Kamachi group's
integrated operations, efficient raw material sourcing, and
extensive track record.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KSPCL, Kamachi Steels Ltd, KI
International Ltd, Goyal Ispat Ltd, Kamachi Granites Ltd, and Maa
Durga Enterprises Ltd. This is because these entities,
collectively, are referred to as the Kamachi group, are under the
same management, have a common line of business and share
operational synergies, including fungibility of funds.

Outlook: Negative

CRISIL believes that the Kamachi group will remain exposed to
project implementation risks over the medium term.  The rating may
be downgraded in case the group's liquidity comes under pressure,
most likely because of any significant time or cost overrun in the
ongoing project or less-than-expected equity infusion for the
project by the promoters.  Conversely, the outlook may be revised
to 'Stable' if the group's financial risk profile improves, most
likely because of implementation of the ongoing project on
schedule, optimal utilization of capacities, and better margins.

                          About the Group

The Chennai-based Kamachi group is a major integrated secondary
steel player. The group has sponge iron manufacturing capacity of
120,000 tonnes per annum (tpa), and induction furnace and rolling
mill capacities of 71,680 tpa and 66,000 tpa, respectively.  It
also has power generation capacity of 11.80 megawatts (MW).  The
group is a closely held family business and was founded by Mr. G L
Kothari in 1978.

For 2008-09 (refers to financial year, April 1 to March 31), the
group reported a profit after tax of INR29.7 million on net sales
of INR4.7 billion, against a net profit of INR64.4 million on net
sales of INR4.1 billion for 2007-08.

Incorporated in 2005, KIL is engaged in trading in iron and steel
products such as mild-steel (MS) scrap, MS plates, Cold Twisted
Bars (CTD) and MS billets, in both the Indian and the
international markets.


MAA DURGA: CRISIL Assigns 'BB-' Rating on INR30 Mil. Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Negative/P4' ratings to the bank
facilities of Maa Durga Enterprises (P) Ltd, a Kamachi group
company.

   Facilities                            Ratings
   ----------                            -------
   INR30.00 Million Cash Credit          BB-/Negative (Assigned)
   INR30.00 Million Letter of Credit     P4 (Assigned)

The ratings reflect the Kamachi group's exposure to risks related
to implementation of Phase III expansion project in Kamachi Sponge
& Power Corporation Ltd, the group's average financial risk
profile marked by constrained capital structure and average debt
protection measures, and susceptibility to cyclicality in the iron
and steel industry and volatility in input prices.  These rating
weaknesses are partially offset by the Kamachi group's integrated
operations, efficient raw material sourcing, and extensive track
record.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KSPCL, Kamachi Steels Ltd, KI
International Ltd, Goyal Ispat Ltd, Kamachi Granites Ltd, and Maa
Durga Enterprises Ltd.  This is because these entities,
collectively, are referred to as the Kamachi group, are under the
same management, have a common line of business and share
operational synergies, including fungibility of funds.

Outlook: Negative

CRISIL believes that the Kamachi group will remain exposed to
project implementation risks over the medium term.  The rating may
be downgraded in case the group's liquidity comes under pressure,
most likely because of any significant time or cost overrun in the
ongoing project or less-than-expected equity infusion for the
project by the promoters.  Conversely, the outlook may be revised
to 'Stable' if the group's financial risk profile improves, most
likely because of implementation of the ongoing project on
schedule, optimal utilization of capacities, and better margins.

                          About the Group

The Chennai-based Kamachi group is a major integrated secondary
steel player. The group has sponge iron manufacturing capacity of
120,000 tonnes per annum (tpa), and induction furnace and rolling
mill capacities of 71,680 tpa and 66,000 tpa, respectively.  It
also has power generation capacity of 11.80 megawatts (MW).  The
group is a closely held family business and was founded by Mr. G L
Kothari in 1978.

For 2008-09 (refers to financial year, April 1 to March 31), the
group reported a profit after tax of INR29.7 million on net sales
of INR4.7 billion, against a net profit of INR64.4 million on net
sales of INR4.1 billion for 2007-08.

Maa Durga was incorporated in 2002 and manufactures mild steel
(MS) ingots and Cold Twisted Bars (CTD) in diameters ranging
between 8 to 25 millimetres.  The company was earlier a sick unit
and was acquired by the Kamachi group in 2004.  After the, the
group's promoters retained the name and brand of the company Maa
Durga.  The CTD bars are sold under the brand Maa CTD.


MANRAJ JEWELLERS: ICRA Reaffirms 'LB' Rating on INR114.4MM Loan
---------------------------------------------------------------
ICRA has reaffirmed its 'LB' rating on the INR 50.0 million, cash
credit facility and the INR114.4 million, term loans of Manraj
Jewellers Private Limited.  ICRA has also reaffirmed its A4 rating
on the INR400.0 million, short-term bank facilities of MJPL.

In arriving at the ratings, ICRA has taken a consolidated view of
MJPL along with Rajmal Lakhichand Jewellers Private Limited, R. L.
Gold Private Limited and Rajmal Lakhichand & Sons.  The ratings
reflect the continuing delays by RLJPL in servicing its debt
obligations; its stretched financial profile; low levels of
profitability and cash accruals; and stressed liquidity position.
The business risk profile is also adverse, with exposure to gold
price volatility and increasing competitive intensity from
organized as well as unorganized sectors.  The ratings,
nevertheless, favorably factor in the significant experience of
the promoters in managing gold related business and the strong
brand equity of the Rajmal Lakhichand Group in Jalgaon and nearby
areas, where it primarily operates.  ICRA also notes that the
group is expanding through its company RLJPL, which at present
owns retail showrooms at Nasik, Surat and Thane.  It is in the
process of setting up new showrooms in Mumbai in the current
financial year.  In ICRA's view, the key challenges facing the
company are scaling up of operations; professionalisation of set-
up besides recruitment and retention of key management personnel,
given the competitive nature of established markets like Mumbai,

                          About the Group

Rajmal Lakhichand Group is a Jalgaon-based business house, which
is engaged in the manufacture and trading of gold jewellery since
1854.  The group operates its showrooms through Rajmal Lakhichand,
which is the principal concern with showrooms in Jalgaon and
RLJPL, which owns showrooms outside Jalgaon.  The group consists
of three other companies, R. L. Gold Private Limited, Manraj
Jewellers Private Limited and Rajmal Lakhichand & Sons, which are
involved in gold jewellery manufacturing and two more companies,
which are engaged in other businesses.

Incorporated in February 2002, MJPL deals in bullion gold trading
and manufacturing of gold and diamond studded jewellery.  Almost
all of its sales are to its associates (Rajmal Lakhichand and
RLJPL) with retail showrooms.

For the year ended March 2009, MJPL reported profit after tax of
INR23.1 million on an operating income of INR3,036.3 million.


MAYTAS INFRA: IL&FS Seeks to Convert INR600cr Debt into Equity
--------------------------------------------------------------
Infrastructure Leasing and Financial Services Ltd (IL&FS), the new
promoter of Maytas Infra Ltd, is in talks with lenders to convert
around INR600 crore of the company's debt into equity, The Times
of India reports.

The move is aimed at shoring up Maytas Infra's networth and
perhaps staving off a possible attempt by erstwhile promoter Teja
Raju to get a foot into the company again, the report says.

According to the report, sources said IL&FS has already written to
IDBI, which heads the Maytas lenders' consortium, seeking
conversion of one-third of Maytas' debt of over INR18,00 crore
into equity through preferential allotment.  This is also part of
the company's corporate debt restructuring (CDR) rework, the
report notes.

Sources said the move will not just reduce the company's debt but
also enhance networth that had eroded by over 50% in the aftermath
of the Satyam scam, according to the Times of India.

The report, citing analysts, relates that bringing lenders on the
Maytas board could also be a good way to stave off a possible
attempt by Teja Raju to try and get a say in the running of the
company in future.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 20, 2009, the government called on the Company Law Board to
supersede the present boards of Maytas Infra Ltd and Maytas
Properties Ltd, the two firms previously promoted by the kin of
Satyam Computer B. Ramalinga Raju.  "In order to prevent further
acts of fraud against the said companies (two Maytas companies)
and to safeguard operations of these companies in public interest,
the government has moved the CLB to remove the existing directors
of these companies," Corporate Affairs Minister Prem Chand Gupta
said.

The Hindu Business Line said the application to the CLB was based
on the information given by the Serious Fraud Investigation
Office, which showed that the previous management of the two
companies had worked with fraudulent intent, breached
stakeholders' trust, persistently neglected its obligations and
functions 'to the serious detriment of the business and operations
of these two companies and stakeholders'.  Maytas Infra's former
board comprises Dr. R. P. Raju (Independent director), Mr. B. Teja
Raju (Vice- Chairman and son of Mr B. Ramalinga Raju), and Mr. B.
Narasimha Rao, according to the Hindu Business Line.

The TCR-AP, citing Reuters, reported on Sept. 4, 2009, that Salman
Khurshid, the Union Minister for Corporate Affairs, said that
Infrastructure Leasing and Financial Services Ltd will be the new
promoter of Maytas Infra following an order of the Company Law
Board.

According to Reuters, IL&FS will increase its holding in Maytas to
37.1% from 14.5% by invoking a 22.6% stake pledged with it by the
firm's promoters.  The CLB, as cited by Reuters, said IL&FS will
offer to buy another 20% from shareholders, as per Indian law, and
inject INR55 crore into Maytas within three months.  IL&FS would
retain the management of Maytas Infra for at least two years,
Reuters noted.

                        About Maytas Infra

Maytas Infra Limited -- http://www.maytasinfra.com/-- is an
India-based construction and infrastructure developer.  The
Company is primarily engaged in the business of construction of
roads, irrigation projects, buildings, industrial structures, oil
and gas infrastructure, railway infrastructure, power transmission
and distribution lines, including rural electrification, power
plants, and development of airports and seaports.  The Company's
construction business is classified into four sub-segments:
transportation, which includes roads and railways; water projects;
buildings and structures, and energy. Its infrastructure business
is also classified into four sub-segments: power, ports, roads and
airports.


PALANI VIJAY: ICRA Assigns 'LBB' Rating on INR149MM Term Loan
-------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR 149.0 million term loan
and INR 55.0 million long term fund based facilities of Palani
Vijay CottSpin Private Limited.  ICRA has also assigned A4 rating
to the INR38.3 million short term non fund based facility of
PVCPL.

The rating incorporates the company's nascent stage of operations
which is yet to stabilize and weak financial performance
characterized by negative profitability indicators and high
gearing.  Further the moderate size of the operations of the
company and the commoditized nature of the cotton yarn business
render it vulnerable to the intense competition from organized as
well as unorganized players. ICRA also notes that the outlook for
the industry is likely to remain weak given the slowdown in demand
for the textile products across domestic and export markets.
Nevertheless, the assigned rating favorably factors in the
promoter's experience in the textile industry and operational
backing from its group concerns engaged in distribution of cotton,
which partially mitigates raw material availability risk.

Palani Vijay CottSpin Private Limited was incorporated in 2005 and
started its commercial production in 2008 with a capacity of 4000
spindles.  The spindle capacity has been increased to 12,000
spindles in FY 2009 with enhancement in production capacity of
3400 Tonne per annum.  PVCPL has state of art facility in Palani
and it is ISO 9001:2008 certified, installed with sophisticated
machinery to ensure faster and efficient production, reduction of
cost and optimum utilization of resources.

The company has recorded a net loss of INR10.40 million on an
operating income of INR231.60 million for the year ending
March 31, 2009.


R. L. GOLD: ICRA Reaffirms 'LB' Rating on INR50MM Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed its 'LB' rating on the INR50.0 million, cash
credit facility and the INR114.4 million, term loans of R. L. Gold
Private Limited.  ICRA has also reaffirmed its A4 rating on the
INR400.0 million, short-term bank facilities of RLGPL.

In arriving at the ratings, ICRA has taken a consolidated view of
RLGPL along with Rajmal Lakhichand Jewellers Private Limited,
Rajmal Lakhichand & Sons and Manraj Jewellers Private Limited.
The ratings reflect the continuing delays by RLGPL in servicing
its debt obligations; its stretched financial profile; low levels
of profitability and cash accruals; and stressed liquidity
position.  The business risk profile is also adverse with exposure
to gold price volatility and increasing competitive intensity from
organized as well as unorganized sectors.  The ratings,
nevertheless, favorably factor in the significant experience of
the promoters in managing gold related business and the strong
brand equity of the Rajmal Lakhichand Group in Jalgaon and nearby
areas, where it primarily operates.  ICRA also notes that the
group is expanding through its company RLJPL, which at present
owns retail showrooms at Nasik, Surat and Thane.  It is in the
process of setting up new showrooms in Mumbai in the current
financial year.  In ICRA's view, the key challenges facing the
company are scaling up of operations; professionalization of set-
up besides recruitment and retention of key management personnel,
given the competitive nature of established markets like Mumbai,
where the company has major expansion plans.

                          About the Group

Rajmal Lakhichand Group is a Jalgaon-based business house, which
is engaged in the manufacture and trading of gold jewellery since
1854.  The group operates its showrooms through Rajmal Lakhichand,
which is the principal concern with showrooms in Jalgaon and
RLJPL, which owns showrooms outside Jalgaon.  The group consists
of three other companies, R. L. Gold Private Limited, Manraj
Jewellers Private Limited and Rajmal Lakhichand & Sons, which are
involved in gold jewellery manufacturing and two more companies,
which are engaged in other businesses.

Incorporated in December 2000, RLGPL deals in bullion gold trading
and also manufactures gold and diamond studded jewellery with
almost all of its sales to its associates (Rajmal Lakhichand and
RLJPL) with retail showrooms.

For the year ended March 2009, RLGPL reported profit after tax of
INR48.7 million on an operating income of INR1,597.0 million.


RAJMAL LAKHICHAND: ICRA Reaffirms 'LB' Rating on Various Debts
--------------------------------------------------------------
ICRA has reaffirmed its 'LB' rating on the INR 200.0 million, cash
credit facility and the INR 288.8 million, term loans of Rajmal
Lakhichand Jewellers Private Limited.  ICRA has also reaffirmed
its 'A4' rating on the INR 750.0 million, short-term bank
facilities of RLJPL.

In arriving at the ratings, ICRA has taken a consolidated view of
RLJPL along with R. L. Gold Private Limited, Rajmal Lakhichand &
Sons and Manraj Jewellers Private Limited.  The ratings reflect
the continuing delays by RLJPL in servicing its debt obligations;
its stretched financial profile; low levels of profitability and
cash accruals; and stressed liquidity position.

The business risk profile is also adverse, with exposure to gold
price volatility and increasing competitive intensity from
organised as well as unorganized sectors.  The ratings,
nevertheless, favorably factor in the significant experience of
the promoters in managing gold related business and the strong
brand equity of the Rajmal Lakhichand Group in Jalgaon and nearby
areas, where it primarily operates.  ICRA also notes that the
group is expanding through its company RLJPL, which at present
owns retail showrooms at Nasik, Surat and Thane.  It is in the
process of setting up new showrooms in Mumbai in the current
financial year.  In ICRA's view, the key challenges facing the
company are scaling up of operations; professionalisation of set-
up besides recruitment and retention of key management personnel,
given the competitive nature of established markets like Mumbai,
where the company has major expansion plans.

                      About Rajmal Lakhichand

Rajmal Lakhichand Group is a Jalgaon-based business house, which
is engaged in the manufacture and trading of gold jewellery since
1854.  The group operates its showrooms through Rajmal Lakhichand,
which is the principal concern with showrooms in Jalgaon and
RLJPL, which owns showrooms outside Jalgaon.  The group consists
of three other companies, R. L. Gold Private Limited,
Manraj Jewellers Private Limited and Rajmal Lakhichand & Sons,
which are involved in gold jewellery manufacturing and two more
companies, which are engaged in other businesses.

Incorporated in December 2004, RLJPL owns retail showrooms
belonging to the group.  Currently, it has its showrooms at Nasik,
Surat and Thane, and is in the process of setting up new showrooms
at Kalyan, Dadar and Borivali in Mumbai in the current financial
year. It deals in gold, silver and diamond jewellery, with most of
the sales coming from gold jewellery.

For the year ended March 2009, RLJPL reported profit after tax of
INR 101.8 million on an operating
income of INR 4,327.2 million.


SATGURU AGRO: CRISIL Places 'BB-' Rating on INR16.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the bank
facilities of Satguru Agro Industries Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR100.0 Million Cash Credit        BB-/Stable (Assigned)
   INR16.5 Million Term Loan           BB-/Stable (Assigned)

The rating reflects Satguru's small scale of operations in the
intensely competitive soyabean oil industry and exposure to risks
relating to high customer concentration in revenue profile.  The
ratings also factor in the company's weak financial risk profile,
susceptibility of operating margin to volatility in soyabean
prices, and to unfavorable government regulations.  These
weaknesses are, however, partially offset by the benefits that the
company derives from its improving business risk profile supported
by established relationships with customers.

Outlook: Stable

CRISIL believes that Satguru's financial risk profile will remain
weak over the medium term because of its low profitability,
incremental working capital requirements and small scale of
operations.  The outlook may be revised to 'Positive' in case of a
significant improvement in the company's operating margin and cash
accruals.  Conversely, the outlook may be revised to 'Negative' if
Satguru's cash accruals come under pressure because of decline in
operating margins.

                        About Satguru Agro

Incorporated in 1991 by the Khaitan family, Satguru was
subsequently acquired by the current management consisting of the
Kalavadia, Zalawadia, Padodara, and Changela families in 2004.
The company manufactures soyabean oil and soya de-oiled cakes
(DOC).  It purchases soya seeds and processes them at its
production facility at Solapur (Maharashtra), which has a seed
crushing capacity of 52,500 tonnes per annum (tpa). The company
sells refined soya oil, crude soya oil and DOC in Maharashtra,
Karnataka, Tamil Nadu, and South East Asia.

Satguru reported a profit after tax (PAT) of INR16 million on net
sales of INR799 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR23 million on net
sales of INR651 million for 2007-08.


SAURER EMBROIDERY: CRISIL Places 'BB' Rating on INR79MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Saurer Embroidery Systems (India) Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR25.0 Million Cash Credit Limit     BB/Stable (Assigned)
   INR79.0 Million Term Loan             BB/Stable (Assigned)
   INR10.0 Million Packing Credit        P4+ (Assigned)
   INR11.0 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect SES's moderate financial risk profile, and
exposure to risks relating to small scale of operations, and
cyclicality in the textile industry.  These weaknesses are,
however, partially offset by the benefits that the company derives
from its status as an exclusive marketing agency in India for
shuttle embroidery machines from Oerlikon Saurer, Switzerland, and
from healthy operating efficiency, and diversified revenue
profile.

Outlook: Stable

CRISIL believes that SES will maintain a stable business risk
profile over the medium term, supported by association with
Saurer.  The financial risk profile may remain weak on account of
large debt undertaken by the company for expansions.  The outlook
may be revised to 'Positive' if SES's financial risk profile
improves, led by increase in cash accruals, high profitability, or
equity infusions by promoters.  Conversely, the outlook may be
revised to 'Negative' if the company undertakes large, debt-funded
capital expenditure, or if its revenues decline, leading to
deterioration in its financial risk profile.

                       About Saurer Embroidery

Incorporated in 1997, SES is a joint venture (JV) between the
Indian promoters (the Khanna family) and Saurer, a leading
manufacturer of shuttle embroidery machines in Switzerland.  The
company started as a 50:50 JV.  Currently the Indian promoters,
Mr. Anil Khanna and his sons hold a stake of 75 per cent in SES.
SES is the sole marketing and servicing agent for Saurer's
products in India.  In 2001, the company diversified into
embroidery manufacture.  The company's plant at Gurgaon (Haryana)
has 14 installed shuttle embroidery machines.  It has also set up
a marketing office in Bangalore (Karnataka) for its agency
division. SES reported a profit after tax (PAT) of INR2.3 million
on net sales of INR183 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR3.4 million on
net sales of INR170 million for 2007-08.


SRI CHANNABASAVASHWARA: CRISIL Rates INR71MM Term Loan at 'D'
-------------------------------------------------------------
CRISIL has assigned its rating of 'D' to Sri Channabasavashwara
Swamy Rural Education Society's bank facilities.  The rating
assigned is due to delays by SCS in repayment of term loan
obligations owing to liquidity mismatch.

   Facilities                            Ratings
   ----------                            -------
   INR10.0 Million Cash Credit Limit     D (Assigned)
   INR71.0 Million Term Loan             D (Assigned)

Set up in 2000 under the chairmanship of Mr. G S Basavaraj, member
of Parliament, representing Tumkur (Karnataka), SCS offers courses
in higher education.  SCS manages Channabasaveshwara Institute of
Technology (CIT), Nightingale Institute of Nursing (NIN),
Channabasaveshwara College of Education (CCE), Channabasaveshwara
Teachers Training Institute (CTTI), and the Centre for Information
Technology and Research in the Interests of Society (CITRIS).  The
society plans to offer courses in business administration and new
engineering disciplines by 2010-11 (refers to financial year,
April 1 to March 31). SCS reported a profit after tax (PAT) of
INR6.8 million on net sales of INR74.4 million for 2007-08 (refers
to financial year, April 1 to March 31), as against a PAT of
INR2.1 million on net sales of INR5.5 million for 2006-07.


SUNCITY CERAMICS: CRISIL Rates INR15 Mil. Term Loan at 'BB-'
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Suncity
Ceramics' bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR43.0 Million Cash Credit Limit    BB-/Stable (Assigned)
   INR15.0 Million Term Loan            BB-/Stable (Assigned)
   INR7.5 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect SCC's small scale of operations, exposure to
intense competition in the ceramic tiles industry and to risks
related to its partnership organizational structure, and average
financial risk profile marked by small net worth, and average
gearing and debt protection metrics.  These rating weaknesses are
partially offset by the benefits that the firm derives from its
promoters' experience in the ceramics industry.

Outlook: Stable

CRISIL believes that SCC's cash accruals will remain adequate to
meets its term debt repayment obligation and the firm will benefit
from absence of capital expenditure plans for the medium term.
The outlook may be revised to 'Positive' if SCC improves its
profitability, thereby generating large cash accruals.
Conversely, the outlook may be revised to 'Negative' in case the
firm's profitability declines sharply, or it makes large
investments, thereby weakening its debt protection metrics.

                      About Suncity Ceramics

Set up in 2004, SCC manufactures ceramic floor tiles.  It has a
total capacity to manufacture 8500 boxes (150 tonnes/8500 square
metres) of ceramic tiles per day, at its plant at Morbi (Gujarat).
The firm also does job-work for tile companies in addition to
selling under own brands, Suncity and Skycity. Over the past two
years, the firm's partnership structure has changed, with three
partners leaving the business and five new partners joining in.

SCC reported a profit after tax (PAT) of INR2.9 million on net
sales of INR250.6 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.5 million on net sales
of INR101.9 million for 2007-08.


SUNDER NAGAR: CRISIL Assigns 'B-' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its rating of 'B-/Stable' to Sunder Nagar
Integrated Rural Development Association's bank facilities.

  Facilities                       Ratings
   ----------                       -------
   INR7.5 Million Cash Credit       B-/Stable (Assigned)
   INR49 Million Term Loan          B-/Stable (Assigned)
   INR42.8 Million Proposed         B-/Stable (Assigned)
      LT Bank Loan Facility

The rating reflects SNIRDA's weak financial risk profile, small
scale of operations, its exposure to risks related to the
regulated nature of the education sector and lack of track record
in the education sector.

Outlook: Stable

CRISIL believes that SNIRDA will maintain an average business risk
profile and a weak financial risk profile over the near to medium
term, owing to increasing debt levels for setting up educational
institutes.  The outlook may be revised to 'Positive' in case the
society is able to complete its project on schedule and stabilise
operations at the new educational institutes, leading to increase
in operating income and profitability.  Conversely, the outlook
may be revised to 'Negative' in case of delays in completion of
the project or stabilization of operations in the educational
institutes or if the society contracts further debt to fund large
capital expenditure, leading to stress on the society's liquidity
and debt protection measures.

                         About the Society

SNIRDA, headed by Mr. Nikka Ram, manufactures bricks (81 percent
to the operating income in 2008-09) and khadi garments (19 per
cent to the operating income in 2008-09).  The society has its
manufacturing facility in Sunder Nagar (Himachal Pradesh), and
caters to the nearby districts of Kulu, Mandi, and Manali.  The
society is entering the education sector, by setting up two
colleges in Himachal Pradesh-Sirda Institute of Engineering and
Emerging Technologies and Sirda Women Polytechnic College. The
colleges will have an annual intake capacity of around 420
students and will offer four-year degree courses in technology and
engineering.  The society commenced with first batch comprising of
around 140 students in 2009-10.

SNIRDA reported a profit after tax (PAT) of INR0.65 million on net
sales of INR11 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.40 million on net
sales of INR7 million for 2007-08.


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


PERUSAHAAN LISTRIK: Allocates IDR74 Tril. for Capital Expenditure
-----------------------------------------------------------------
PT Perusahaan Listrik Negara (PLN) plans to allocate IDR74
trillion (US$7.9 billion) for its capital expenditure this year,
The Jakarta Post reports.

"We are allocating IDR74 trillion for capital expenditure, however
only IDR23 trillion is ready for disbursement," the Post cited
PLN's newly appointed president director Dahlan Iskan as saying at
a PLN stakeholder meeting in Jakarta on Thursday.

The Post relates Mr. Iskan said IDR3 trillion of the funds would
be taken from the company's internal budget.

PLN is now planning to raise about IDR51 trillion to fulfill the
budget needed for the expenditure, by issuing bonds or seeking
bank loans, the report notes.

                       2010 Income Projection

Jakarta Globe reports that PT PLN expects its 2010 net profit to
surge by more than 40% due largely to an increase in its
government subsidy.

The Globe relates Mr. Iskan said that PLN had projected a net
profit of IDR12 trillion this year, an increase of about IDR5
trillion over the 2009 projected profit of IDR7 trillion.
This year's revenue was forecast to be IDR160 trillion, compared
with estimated 2009 revenue of IDR 140 trillion.

The Troubled Company Reporter-Asia Pacific reported on Nov. 30,
2009, that PT PLN is projecting a net profit of IDR7 trillion in
2009, a reversal from a loss of IDR12.3 trillion in 2008.  PLN
President Director Fahmi Mochtar said the rise in net profit was
supported by the increase of corporate profit to IDR14 trillion
from the previous period when the company suffered a corporate
loss of IDR3.6 trillion.  "From 2004 to 2008 PLN had always
experienced net losses," Mr.Mochtar said.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 18, 2009, Moody's Investors Service upgraded to Ba2 from
Ba3 the corporate family rating and senior unsecured bond rating
of PT Perusahaan Listrik Negara.  This rating action follows
Moody's decision to upgrade to Ba2 from Ba3 the Indonesian
government's long-term foreign-currency and local-currency
ratings.  The ratings outlook is stable, consistent with the
outlook on the government ratings.


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


FUYO TOCHI: Files for Bankruptcy Protection
-------------------------------------------
Bloomberg News, citing Teikoku Data Bank, reports that Nanso
Country Club and Fuyo Tochi, Japanese golf-course operators owned
by Goldman Sachs Group Inc., filed for bankruptcy protection with
liabilities of JPY24.3 billion (US$270 million).

Nanso Country Club and Fuyo Tochi operate courses in Chiba,
near Tokyo, according to Teikoku Data, which tracks bankruptcy
information in Japan.


JAPAN AIRLINES: CDO Ratings Not Affected by Bankruptcy, Fitch Says
------------------------------------------------------------------
The bankruptcy filing by Japan Airlines Corp. (JAL) will not
impact the ratings of corporate synthetic collateralized debt
obligations (CDOs), according to Fitch Ratings.

JAL is referenced globally in one Fitch-rated synthetic CDO out of
a total global universe of 270 corporate synthetic CDOs. Exposure
to JAL in these transactions is limited due to a combination of
JAL's speculative credit grade and minimal exposure to high yield
corporate credits from the Asia-Pacific region within Fitch-rated
synthetic CDOs.  Additionally, the Fitch-rated transaction with
JAL exposure is a single-tranche CDO with a distressed rating that
is unlikely to be affected by a loss following JAL's credit event
settlement, given its exposure to JAL is less than 1%.

Investment-grade ratings on corporate synthetic CDOs are largely
expected to be stable through 2010. However, further downgrades
are expected in lower rating categories.  Further defaults or
credit events are expected to erode the thin remaining credit
protection for non-investment-grade tranches, resulting in an
increasing number of 'CCC' and below rated tranches defaulting.

Fitch will continue to carefully monitor underlying corporate
credit migration in Fitch-rated CDOs.  If losses are projected to
exceed expectations, Fitch will take rating action accordingly.

                           About JAL

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

                         *     *     *

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

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

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


JAPAN AIRLINES: Delta & SkyTeam to Provide Support
--------------------------------------------------
Delta Air Lines and SkyTeam issued the following statement in
response to the announcement that Japan Airlines (JAL) has entered
into court-led financial restructuring under the guidance of the
Enterprise Turnaround Initiative Corporation of Japan (ETIC).

"Delta and SkyTeam fully support Japan Airlines and stand ready to
provide assistance and support in any way possible.  Delta fully
expects that JAL, with the support of ETIC, will be successful in
its restructuring and return the airline to a position of
prominence. Delta went through a similar restructuring process,
and as a result emerged in 2007 as one of the most
financially sound and the world's largest airline.

"JAL customers should continue to book their travel on the
flagship carrier of Japan as they will not notice any impact to
service as a result of the restructuring.

"Delta has been in discussion with JAL in hopes of forming a
strategic SkyTeam partnership that would provide significant
benefits for JAL and all of its stakeholders."

SkyTeam members include Aeroflot, Aeromexico, Air France,
Alitalia, China Southern, Czech Airlines, Delta Air Lines, KLM
Royal Dutch Airlines, Korean Air and associate members Air Europa
and Kenya Airways.

                           About JAL

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

                         *     *     *

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

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

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


JAPAN AIRLINES: Failure Cues Sojitz's JPY15 Bil. Loss
-----------------------------------------------------
Sojitz Corporation plans to record a loss on revaluation of
securities for its holdings of Japan Airlines Corporation (JAL)
type A preferred shares for the third quarter, ended December 31,
2009, of the fiscal year ending March 31, 2010, the company said
in a statement.  The need to record the loss arose because JAL
initiated reorganization procedures in the Tokyo District Court on
January 19, 2010.

Sojitz said it held 15,000 million yen (book value) in preferred
shares of JAL at the end of third quarter.  Sojitz plans to record
a valuation loss equal to the entire value of these preferred
shares under extraordinary losses.

Sojitz is currently examining the impact on its consolidated and
nonconsolidated forecasts for the fiscal year ending March 31,
2010.  An announcement will be made promptly if any revisions are
needed, the company said.

                           About JAL

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

                         *     *     *

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

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

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


JAPAN AIRLINES: Issuer & Debt Ratings Revised by S&P to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services revised to 'D' from 'SD' its
long-term corporate credit ratings on Japan Airlines Corp.  (JAL)
and Japan Airlines International Co. Ltd., JAL's wholly owned
subsidiary.  Standard & Poor's also lowered its senior unsecured
debt ratings on the companies to 'D' from 'CC' and removed the
ratings from CreditWatch, where they were placed with negative
implications on January 13, 2010.  These rating actions follow
today's filing by the companies with the Tokyo District Court
under the Corporate Reorganization Act.  The debt ratings were
placed on CreditWatch with negative implications on September 18,
2009, and the placement was maintained after downgrades on October
16 and November 4.  On November 13, 2009, the ratings were lowered
again and placed on CreditWatch, this time with developing
implications.

On January 13, 2010, the ratings were lowered, and the CreditWatch
status was revised to negative.  The debt issued by JAL is
guaranteed by Japan Airlines International.

JAL will likely finalize its reorganization plan in about six
months, with the full support of the Enterprise Turnaround
Initiative Corporation of Japan (ETIC).  When JAL's reorganization
plan is approved, Standard & Poor's will review its ratings on
both companies based on the group's debt servicing
ability.  As part of this process Standard & Poor's will closely
examine passenger revenue projections, the feasibility of plans to
reduce personnel numbers, fuel and other costs, and financing
plans.

                           About JAL

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

                         *     *     *

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

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

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


JAPAN AIRLINES: Position in Oneworld Not Affected by Bankruptcy
---------------------------------------------------------------
neworld(R) said on its Web site that Japan Airlines Corp.'s
position in the alliance is unaffected by the announcement that
the airline is to operate under Japanese Corporate Reorganization
proceedings.

The state body overseeing its restructuring, the Enterprise
Turnaround Initiative Corporation (ETIC), has confirmed also today
its support to JAL, stressing that it is business as usual for the
airline commercially and operationally during its restructuring,
oneworld(R) relates.

According to oneworld(R), this includes its agreements and co-
operation with partners.  So the airline continues to offer full
oneworld services and benefits, and tickets for flights on JAL and
its frequent flyer arrangements are unaffected, with JAL
reassuring its passengers that they will continue to receive the
same high levels of service and safety.

oneworld(R) and its other member airlines have offered JAL all
possible support through these difficult times and into the
future, oneworld(R) adds.

oneworld(R) says it remains convinced that its proposals for JAL
are vastly superior in every respect to any alliance alternative
available to the airline - including commercial benefits totaling
US$2 billion over three years.   This would provide JAL, its
employees and customers, and the government and taxpayers of
Japan, with the greatest long-term value at the lowest risk,
bringing stability and certainty to the airline at a time when it
is most needed.

                           About JAL

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)


L-JAC 8: S&P Junks Ratings on Class C & D Certificates
------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B to D trust certificates issued under the L-JAC 8 Trust
Beneficial Interest transaction and placed its rating on class B
on CreditWatch with negative implications.  Standard & Poor's also
affirmed its ratings on classes A, E to K, and X, issued under the
same transaction.

With regard to one of the transaction's underlying loans
(representing about 75% of the initial issuance amount of the
trust certificates), which defaulted in July 2009, the
transaction's servicer, Premier Asset Management Co., fixed the
minimum auction price of the loan receivable in December 2009.
Collection procedures relating to the defaulted loan are now under
way, in accordance with the transaction's servicing agreement.

Given the minimum auction price of the loan, S&P takes the view
that uncertainty is mounting over the likely collection amount
from the auction sale of the loan.  Accordingly, S&P has lowered
S&P's assumption with respect to the likely collection amount.
The downgrades and CreditWatch placement reflect its revised
assumption.

Meanwhile, in reviewing S&P's ratings this time, S&P assumed that
the likely collection amount from the defaulted loan would be
about 49.2% of S&P's initial assumption of the property's value.
Yet, S&P sees a risk that the actual collection amount might be
even less than its current assumption.  Accordingly, S&P placed
its rating on class B on CreditWatch with negative implications.
S&P intends to review its rating on this class after assessing
progress in the loan collection process by servicer.

At this point, Standard & Poor's has affirmed its rating on the
class A, E to K, and X trust certificates.  However, S&P is
considering amending the rating methodology for interest-only
certificates, which include the class X trust certificates of this
transaction.  If the proposal is adopted, it could affect the
rating on class X.

L-JAC 8 Trust Beneficial Interest is a multi-borrower CMBS
transaction that was originally secured by two loans extended to
two obligors.  The loans were initially backed by one real estate
beneficial interest and one real estate property.  The transaction
was arranged by Lehman Brothers Japan Inc. Premier Asset
Management Co. acts as the servicer for this transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in 2013 for the class A trust certificates,
the full payment of interest and ultimate repayment of principal
by the legal final maturity date for the class B to K
certificates, and the timely payment of available interest for the
class X certificates.

        Ratings Lowered And Placed On Creditwatch Negative

                L-JAC 8 Trust Beneficial Interest
               Trust certificates due January 2013

   Class  To           From Initial issue amount  Coupon type
   -----  --           ---- --------------------  -----------
   B      BB/Watch Neg BBB  JPY1.68 bil.          Floating rate

                         Ratings Lowered

                L-JAC 8 Trust Beneficial Interest

   Class  To           From Initial issue amount  Coupon type
   -----  --           ---- --------------------  -----------
   C      CCC      B       JPY1.68 bil.           Floating rate
   D      CCC      B-      JPY1.68 bil.           Floating rate

                         Ratings Affirmed

                 L-JAC 8 Trust Beneficial Interest

    Class   Rating   Initial issue amount    Coupon type
    -----   ------   --------------------    -----------
    A       A+       JPY8.78 bil.            Floating Rate
    E       CCC      JPY0.79 bil.            Floating rate
    F       CCC      JPY0.76 bil.            Floating rate
    G       CCC      JPY0.77 bil.            Floating rate
    H       CCC      JPY0.87 bil.            Floating rate
    I       CCC      JPY0.84 bil.            Floating rate
    J       CCC      JPY0.6 bil.             Floating rate
    K       CCC      JPY0.32 bil.            Floating rate
    X       AAA      JPY18.77 bil.  (Initial notional principal)


NANSO COUNTRY: Files for Bankruptcy Protection
----------------------------------------------
Bloomberg News, citing Teikoku Data Bank, reports that Nanso
Country Club and Fuyo Tochi, Japanese golf-course operators owned
by Goldman Sachs Group Inc., filed for bankruptcy protection with
liabilities of JPY24.3 billion (US$270 million).

Nanso Country Club and Fuyo Tochi operate courses in Chiba,
near Tokyo, according to Teikoku Data, which tracks bankruptcy
information in Japan.


PIONEER CORP: Eyes JPY20-Bil. Public Offering of New Shares
-----------------------------------------------------------
Pioneer Corp. plans to increase its capital through a public share
offering worth around JPY20 billion in March, Kyodo News reports
citing industry sources.

Kyodo's sources said that although Pioneer had considered a share
offering to a private fund and an application for public funds
under a law aimed at revitalizing Japanese industry, its recent
business recovery has encouraged the firm to switch to a public
offering.

The public share offering comes on top of a pending plan to issue
JPY2.5 billion in new shares to Honda Motor Co, the report notes.

Pioneer Corporation (TYO:6773) -- http://www.pioneer.jp/-- is a
Japan-based company engaged in the manufacturing and sale of
electronic products.  The Company operates in three business
segments.  The Car Electronics segment offers navigation systems,
stereos, audio systems, speakers and peripheral products for
automobile uses. The Home Electronics segment offers plasma
televisions, digital versatile disc players/recorders/drives, blu-
ray disc players/drives, audio systems, telephones, cable
television-related machines and peripheral equipment.  The Others
segment offers electroluminescence (EL) displays, factory
automation (FA) equipment, electronic components and commercial
audio and visual (AV) systems.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
October 6, 2009, Moody's Investors Service downgraded to B2 from
B1 the local currency issuer rating for Pioneer Corporation.  The
rating outlook is negative.


SAPPORO HOLDINGS: Election of Six New Board Members Sought
----------------------------------------------------------
Steel Partners Japan Strategic Fund (Offshore) L.P. on Friday
submitted to Sapporo Holdings Ltd. a proposal for the election of
six new board members as part of efforts to drastically overhaul
management, a report posted at tradingmarkets.com says.

According to the report, Sapporo's leading shareholder is seeking
the election of 10 board members, including reappointment of four
current board members. The newcomers include former Pokka Corp.
Chairman Yoshiharu Naito, ex-Calbee Co. President Yasuo Nakata and
former Nestle Japan Ltd. President Shunichi Fujii.

Steel Partners is not seeking the re-election of Takao Murakami
and Masaru Fukunaga, Sapporo's president and executive managing
director, tradingmarkets.com says.

"Current management has repeatedly been unable to achieve earnings
targets and they should take responsibility," the report quoted a
source close to Steel Partners as saying.

The report relates Sapporo said it will carefully consider the
request before commenting on it.

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                          *     *     *

As of July 9, 2009, the company carries Mikuni Credit Ratings 'B'
mortgage debt and 'CCC' senior debt ratings.


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


GENERAL MOTORS: GM Daewoo to Recall 4,087 Lacetti Premier Cars
--------------------------------------------------------------
GM Daewoo Auto & Technology Co., the South Korean unit of General
Motors Co., will recall 4,087 passenger vehicles due to defects in
their fuel supply pipes, Dow Jones Newswires reports.

Citing the Ministry of Land, Transport and Maritime Affairs, Dow
Jones relates that the company will recall the Lacetti Premiere
1.8 model produced and sold in South Korea between September 25
and December 3.

Dow Jones relates the ministry said that these cars are found to
have defects that could leak fuel from pipes linking the fuel tank
to the engine.

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

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

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

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

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

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


HYUNDAI MOTOR: Posts Record Sales in India Last Year
----------------------------------------------------
Hyundai Motor Co. posted record sales of almost 290,000 units in
India last year, The Chosun Ilbo reports.

The report relates the company said on Sunday that production at
Hyundai's Indian arm increased 14.4% from a year earlier to
559,880 vehicles, of which 289,863 were sold in the local market
and the rest shipped to Europe.  Auto production in India expanded
17.2% on-year in 2009 to 1.41 million units, the report notes.

According to the report, the Korean carmaker aims to sell 310,000
units in India this year.

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 13, 2009, Moody's Investors Service revised to stable from
negative the outlook of the Baa3 issuer and senior unsecured bond
ratings for Hyundai Motor Company and its guaranteed subsidiary
Hyundai Motor Manufacturing Alabama LLC.  Moody's also revised the
Ba1 Corporate Family Rating outlook of Kia Motors Corp. to stable
from negative.

The TCR-AP reported on December 11, 2009, that Fitch Ratings
revised the Outlook on Hyundai Motor's and Kia Motors' foreign
currency Long-term Issuer Default Ratings to Positive from
Negative, and simultaneously affirmed them at 'BB+'.  The agency
also affirmed the 'BB+' rating on both companies' senior unsecured
debt and the Short-term IDRs at 'B'.

HMC's and Kia's Long-term IDR was downgraded to 'BB+' with
Negative Outlook in January 2009, due to concerns that the global
auto market downturn would negatively impact the profitability and
key credit metrics of the companies to an extent that is not
commensurate to investment grade levels.


KIA MOTORS: 2009 Global Market Share Reaches 2.6%
-------------------------------------------------
Kia Motors Corp. expanded its global reach last year by winning
2.6% of the world market, Yonhap News reports.

The report, citing data released to investors, says the carmaker
sold a total of 1.65 million vehicles worldwide, boosting its
market share up from 2.1% in 2008 and 1.9% in 2007.

Kia sold 412,752 units in Korea, followed by North America with
346,181 units and Europe with 331,733 units, according to data
obtained by Yonhap.  The automaker sold 241,386 cars in China last
year.

Kia Motors Corporation (SEO:000270) -- http://www.kia.com/-- is a
Korea-based automobile manufacturer.  The Company provides its
products under three categories: sport utility vehicles (SUVs) and
multipurpose vehicles (MPVs), passenger vehicles and commercial
vehicles. Its SUVs and MPVs include leisure vehicles under the
brand name Carens, Carnival, Sportage, Mohave and Sorento. Its
passenger vehicles include passenger cars under the brand name
Soul, Picanto, Rio, Cerato, Magentis, Optima, Opirus and Amanti.
Its commercial vehicles include trucks and buses.  The Company
also offers concept vehicles and automobile parts.  The Company's
products are distributed in both domestic and overseas markets.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 11, 2009, Fitch Ratings revised the Outlook on Hyundai
Motor's and Kia Motors' foreign currency Long-term Issuer Default
Ratings to Positive from Negative, and simultaneously affirmed
them at 'BB+'.  The agency also affirmed the 'BB+' rating on both
companies' senior unsecured debt and the Short-term IDRs at 'B'.

HMC's and Kia's Long-term IDR was downgraded to 'BB+' with
Negative Outlook in January 2009, due to concerns that the global
auto market downturn would negatively impact the profitability and
key credit metrics of the companies to an extent that is not
commensurate to investment grade levels.


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


BAYAN TELECOMMUNICATIONS: Seeks Exemption from Submitting RAO
-------------------------------------------------------------
Bayan Telecommunications Inc. has sought exemption from
submitting its reference access offers (RAO) from the National
Telecommunications Commission, BusinesWorld Online reports.

The report, citing Bayantel's filing to the NTC, relates that the
company is "more of an access-seeker than an access provider and
deems it premature to submit a RAO there being no active access-
seekers to its network, facilities and customer base."  It asked
that the regulator "exercise regulatory forbearance by exempting
Bayan from complying with the RAO."

According to the report, Bayantel asked that it be exempted from
submitting a RAO and asked that it be provided with more time to
comply if the NTC determines that the company is an access
provider.  Bayantel, says BusinessWorld, also promised the
regulator that even without a RAO, the company would be fair to
entities that access Bayantel's services.

The RAO is a set of interconnection terms and conditions that
telecommunication providers use to provide network access.  It
will be used for interconnection negotiations by the NTC and is
part of the NTC's efforts to liberalize the country's
telecommunication services.

Companies were obligated to develop a RAO for each of their
services that require interconnection back in July 2007.
Memorandum Circular 02-07-2009, issued in September 2009, ordered
all major telecommunication firms to submit their RAO to the NTC.

                          About Bayantel

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.

In a report on Aug. 15, 2007, the Philippine Star said BayanTel
was setting aside PHP760 million to PHP800 million in 2007 to pay
down debt, using internally-generated cash.  BayanTel was placed
into receivership in 2004.

Weighed down by its huge debt, the company sought corporate
rehabilitation with the Pasig City Regional Trial Court in July
2003 to restructure its short-and long-term bank loans and bonds
payable.  The Pasig Regional Trial Court Branch 158 approved the
company's financial rehabilitation on June 28, 2004, based on
sustainable debt level of PHP17.13 billion, payable over 19
years.  According to RTC Judge Rodolfo R. Bonifacio, the
remainder of BayanTel's debt may be converted to another
appropriate instrument that will not be a financial burden to
parent Benpres Holdings Corp.  It also mandated BayanTel to
treat all creditors equally.  Some of BayanTel's creditors have
appealed the lower court decision.


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


GENERAL MOTORS: GM Thailand Gets US409MM in Loans from Thai Banks
-----------------------------------------------------------------
Supunnabul Suwannakij at Bloomberg News reports that General
Motors Corp. received loans from three Thai banks to finance
expansion plans in Thailand.

General Motors Thailand in December signed a THB13.5 billion
(US$409 million) loan facility with Bangkok Bank Pcl, Siam
Commercial Bank Pcl and Tisco Bank Pcl, according to data
compiled by Bloomberg.  The loans will mature in 2017.

GM said in a statement that the official signing ceremony between
GM Thailand and the three Bangkok-based banks will take place on
Jan. 29, according to Bloomberg.

The report says GM's plan for a US$440 million diesel engine plant
in Thailand has been pending after the U.S. company filed for
bankruptcy protection last year.

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

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

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

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

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

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


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


* BOND PRICING: For the Week to Jan. 18, 2010 to Jan. 22, 2010
--------------------------------------------------------------


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

   AUSTRALIA
   ---------
AINSWORTH GAME           8.00    12/31/2011   AUD       0.76
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.94
ANTARES ENERGY          10.00    10/31/2013   AUD       2.05
AUROX RESOURCES          7.00    06/30/2010   AUD       0.84
BECTON PROP GR           9.50    06/30/2010   AUD       0.53
BOUNTY INDUSTRIES       10.00    06/30/2010   AUD       0.03
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.12
CHINA CENTURY           12.00    09/30/2010   AUD       0.82
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.50
GRIFFIN COAL MIN         9.50    12/01/2016   USD      56.62
GRIFFIN COAL MIN         9.50    12/01/2016   USD      60.15
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.24
JPM AU ENF NOM 1         3.50    06/30/2010   USD       9.12
NATIONAL WEALTH          6.75    06/16/2026   AUD      67.53
NEW S WALES TREA         1.00    09/02/2019   AUD      63.07
ORCHARD INVEST           7.36    12/15/2010   AUD      29.50
PRAECO P/L               7.13    07/28/2020   AUD      71.34
RESOLUTE MINING         12.00    12/31/2012   AUD       1.20
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.45
SUNCORP METWAY           6.75    10/06/2026   AUD      51.65
TIMBERCORP LTD           8.90    12/01/2010   AUD      26.10
VERO INSURANCE           6.15    09/07/2025   AUD      70.95

   CHINA
   -----

HUANENG GROUP            5.02    07/05/2015   CNY      53.85
JIANGXI COPPER           1.00    09/22/2016   CNY      72.24
SICHUAN CHANGHON         0.80    07/31/2015   CNY      74.64
YUNNAN COAL              5.41    12/19/2013   CNY      57.00

   HONG KONG
   ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      25.75


   INDIA
   -----

AFTEK INFOSYS            1.00    06/25/2010   USD      65.00
AKSH OPTIFIBRE           1.00    01/29/2010   USD      52.00
GEMINI COMMUNICA         6.00    07/18/2012   EUR      56.00
WANBURY LTD              1.00    04/23/2012   EUR      71.50

   INDONESIA
   -----

MOBILE-8 TELECOM        12.375   06/15/2017   IDR      63.00

   JAPAN
   -----

AIFUL CORP               1.58    05/26/2011   JPY      69.32
AIFUL CORP               1.50    10/20/2011   JPY      61.31
AIFUL CORP               1.20    01/26/2012   JPY      52.96
AIFUL CORP               1.99    03/23/2012   JPY      52.95
AIFUL CORP               1.22    04/20/2012   JPY      52.95
AIFUL CORP               1.63    11/22/2012   JPY      51.01
AIFUL CORP               1.74    05/28/2013   JPY      49.90
AIFUL CORP               1.99    10/19/2015   JPY      49.89
COVALENT MATERIAL        2.87    02/18/2013   JPY      50.33
CSK CORPORATION          0.25    09/30/2013   JPY      69.36
FUKOKU MUTUAL            4.50    09/28/2025   EUR      72.75
JAL SYSTEM               2.94    12/18/2013  JPY      23.09
JAPAN AIRLINES           3.10    01/22/2018   JPY      23.05
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      57.77
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      56.19
SHINSEI BANK             5.63    12/29/2049   GBP      74.50
TAKEFUJI CORP            9.20    04/15/2011   USD      69.95
TAKEFUJI CORP            9.20    04/15/2011   USD      68.62
TAKEFUJI CORP            8.00    11/01/2017   USD      31.25
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.15
WILLCOM INC              2.35    06/27/2012   JPY      45.55

   MALAYSIA
   --------

ADVANCE SYNERGY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.18
CRESCENDO CORP B         3.75    01/11/2016   MYR       1.05
DUTALAND BHD             4.00    04/11/2013   MYR       0.80
DUTALAND BHD             4.00    04/11/2013   MYR       0.40
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.05
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.08
EG INDUSTRIES            5.00    06/16/2010   MYR       0.36
HUAT LAI RESOURC         5.00    03/28/2010   MYR       0.47
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.15
KUMPULAN JETSON          5.00    11/27/2012   MYR       2.00
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.69
MITHRIL BHD              3.00    04/05/2012   MYR       0.63
NAM FATT CORP            2.00    06/24/2011   MYR       0.38
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.23
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.64
RUBBEREX CORP            4.00    08/14/2012   MYR       1.57
SCOMI GROUP BHD          4.00    12/14/2012   MYR       0.11
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.11
TRC SYNERGY              5.00    01/20/2012   MYR       1.22
WAH SEONG CORP           3.00    05/21/2012   MYR       2.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.31
YTL CEMENT BHD           0.00    11/10/2015   MYR       2.01

   NEW ZEALAND
   -----------

ALLIED NATIONWID        11.52    12/29/2049   NZD      71.26
BLUE STAR PRINT          9.10    09/15/2012   NZD      70.00
CAPITAL PROP NZ          8.00    04/15/2010   NZD       8.40
CONTACT ENERGY           8.00    05/15/2014   NZD       1.03
FLETCH BUILD FIN         8.85    03/15/2010   NZD       8.00
FLETCHER BUI             8.50    03/15/2015   NZD       8.50
FLETCHER BUILDIN         7.55    03/15/2011   NZD       7.50
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.13
INFRASTR & UTIL          8.50    09/15/2013   NZD      12.50
INFRATIL LTD             8.50    11/15/2015   NZD      10.40
INFRATIL LTD            10.18    12/29/2049   NZD      66.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.37
MANUKAU CITY             6.90    09/15/2015   NZD       1.02
MARAC FINANCE           10.50    07/15/2013   NZD       0.09
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      48.53
PROVENCOCADMUS           2.00    04/15/2010   NZD       0.88
SKY NETWORK TV           4.01    10/16/2016   NZD      56.41
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.92
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.75
TOWER CAPITAL            8.50    04/15/2014   NZD       1.01
TRUSTPOWER LTD           8.50    09/15/2012   NZD       8.45
TRUSTPOWER LTD           8.50    03/15/2014   NZD       9.80
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.94
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.35


   SINGAPORE
   ---------

BLUE OCEAN              11.00    06/28/2012   USD      29.87
UNITED ENG LTD           1.00    03/03/2014   SGD       1.40
WBL CORPORATION          2.50    06/10/2014   SGD       2.15

   SOUTH KOREA
   -----------

HYUNDAI SWISS2           8.30    01/13/2015   KRW       2.07
KOREA NAT HOUSING        3.00    08/31/2013   KRW       0.10
KUMHO INDUSTRIAL        10.80    10/23/2010   KRW      57.88

   SRI LANKA
   ---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      66.74


                         *********

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

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

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


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

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

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

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





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