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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

           Thursday, March 4, 2010, Vol. 13, No. 044

                            Headlines



A U S T R A L I A

CRUSADE GLOBAL: Fitch Affirms Ratings on 45 Classes of Notes
NUKORC PTY: Goes Into Administration; Assets Up for Sale
WESTPOINT GROUP: Federal Court Approves AU$13.5MM Settlement
WORLDWIDE ONLINE: Placed Into Administration
YORK FAIRMONT: Placed in Receivership; Deloitte Appointed


H O N G  K O N G

MARTIN (FAR EAST): Creditors Get 2% Recovery on Claims
MAXGEAR INVESTMENT: Members' Final Meeting Set for March 31
MAX PACIFIC: Members' Final Meeting Set for March 31
MOS INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
MOUNTAIN DEVELOPMENT: Members' Final Meeting Set for March 31

NENG HUA: Liu Kam Lung Steps Down as Liquidator
OAKMAN DEAN: Members' Final Meeting Set for March 31
OPULENT INDUSTRIAL: Creditors' Proofs of Debt Due March 26
PEAKSTAR COMPANY: Members' Final Meeting Set for March 31
PI GOLD: Creditors' Proofs of Debt Due March 26

POLYGRACE INTERNATIONAL: Pui Chiu Wing Appointed as Liquidator
PRINCE'S HOLDINGS: Ying and Chan Step Down as Liquidators
PROFIT CENTURY: Middleton and Cowley Step Down as Liquidators
PROSPERITY HANDBAGS: Members' Final Meeting Set for April 30
REO LIMITED: Members' Final Meeting Set for March 31

RICORE INTERNATIONAL: Members' Final Meeting Set for March 26
SILVER RAY: Placed Under Voluntary Wind-Up Proceedings
SOLID BLISS: Members' Final Meeting Set for March 31
SONY OPTIARC: Members' Final Meeting Set for March 26
STARRY LINE: Members' Final General Meeting Set for March 29

START II: Fitch Affirms Ratings on 12 Classes of Notes


I N D I A

DINABANDHU STEEL: CRISIL Reaffirms 'D' Ratings on Various Loans
EMPEROR TEXTILES: CRISIL Puts 'B+' Rating on INR127.5MM Term Loan
GALLANT ISPAT: Fitch Assigns 'BB-' National Long-Term Rating
GURPREET GALVANISING: CRISIL Reaffirms 'BB+' Ratings
GEE KAY: CRISIL Assigns 'P4+ Ratings on Various Bank Facilities

HIM TEKNOFORGE: CRISIL Reaffirms 'BB' Rating on INR80MM Term Loan
HS INDIA: CRISIL Assigns 'BB-' Rating on INR188.5MM LT Loan
KAFILA FORGE: CRISIL Assigns 'BB' Rating on INR11 Mil. Term Loan
KAY DEE: CRISIL Assigns 'BB' Rating on INR41.00 Mil. LT Bank Loan
KIRLOSKAR CONSTRUCTIONS: CRISIL Downgrades Ratings to 'D'

MOTHER THERESSA: Delay in Loan Repayment Cues CRISIL Junk Ratings
R. D. TEA: CRISIL Assigns 'BB+' Rating on INR40 Million Term Loan
TATA MOTORS: Moody's Reviews 'B3' Corporate Family Rating


I N D O N E S I A

BANK DAGANG: Former Employees Demand Severance Fee
BERAU COAL: Fitch Withdraws 'B+' Issuer Default Rating
LIPPO KARAWACI: S&P Gives Stable Outlook; Affirms 'B' Rating


J A P A N

ELPIDA MEMORY: Buys Spansion's Flash Memory R&D Business
ELPIDA MEMORY: Declines Capital Infusion from Taiwanese Firm
JAPAN AIRLINES: Avoids 'Worst Case Scenario,' Administrator Says
JLOC XXVIII: S&P Downgrades Ratings on Two Senior Trust Certs.
L-JAC 7: S&P Downgrades Ratings on 13 Classes of Trust Certs.

TOHOKU MISAWA: JCR Withdraws 'BB+' Rating on Senior Debts
WILLCOM INC: Softbank, Advantage Partners OKd Rehabilitation Plan
* JAPAN: Hatoyama Asks Banks to Help SMEs More to Ease Cash Flows


K O R E A

KUMHO ASIANA: Creditors Offer New Option for Daewoo Investors


M A L A Y S I A

HO HUP: Posts MYR11.14 Mil. Net Loss in Qtr Ended Dec. 31
MECHMAR CORP: Incurs MYR5.93MM Net Loss in Qtr. Ended Dec. 31
STAMFORD COLLEGE: Posts MYR2.32MM Net Loss in Year Ended Dec. 31
SYARIKAT KAYU: Posts MYR0.65-Mil. Net Loss in Fourth Quarter 2009
WONDERFUL WIRE: Incurs MYR2.98MM Net Loss in Qtr. Ended Dec. 31


N E W  Z E A L A N D

PENINSULA ROAD: Two Kawarau Falls Stages in Receivership
PGG WRIGHTSON: Applies for Guarantee Scheme Extension
SOUTH CANTERBURY: S&P Downgrades Long-Term Rating to 'BB'


S I N G A P O R E

RENEWABLE ENERGY: Court to Hear Wind-Up Petition on March 12
RM SHIPPING: Creditors' Proofs of Debt Due April 1
WOOD DOCTOR: Court to Hear Wind-Up Petition on March 12




                         - - - - -


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


CRUSADE GLOBAL: Fitch Affirms Ratings on 45 Classes of Notes
------------------------------------------------------------
Fitch Ratings has affirmed 45 classes of notes from eleven Crusade
Series of RMBS and ABS transactions, as detailed below.  These
rating actions follow Fitch's affirmation and withdrawal of St.
George Bank Limited's ratings on March 2, 2010, as the assets and
liabilities of St. George were transferred to its parent, Westpac
Banking Corporation ('AA-'/Outlook Stable/'F1'), effective
March 1, 2010.

The rating affirmations are listed below:

Crusade Global Trust No. 1 of 2003:

  -- US$116m Class A notes affirmed at 'AAA'; Outlook Stable; Loss
     Severity Rating at 'LS-1';

  -- AUD6m Class B notes affirmed at 'AA+'; Outlook Stable; Loss
     Severity Rating at 'LS-1'; and

  -- AUD2m Class C notes affirmed at 'AA-'; Outlook Stable; Loss
     Severity Rating at 'LS-3'.

Crusade Global Trust No. 2 of 2003:

  -- US$174m Class A notes affirmed at 'AAA'; Outlook Stable; Loss
     Severity Rating at 'LS-1';

  -- AUD9m Class B notes affirmed at 'AA+'; Outlook Stable; Loss
     Severity Rating at 'LS-1'; and

  -- AUD2m Class C notes affirmed at 'AA-'; Outlook Stable; Loss
     Severity Rating at 'LS-2'.

Crusade Global Trust No.1 of 2005:

  -- US$164m Class A-1 notes affirmed at 'AAA'; Outlook Stable;
     Loss Severity Rating 'LS-1';

  -- EUR150m Class A-2 notes affirmed at 'AAA'; Outlook Stable;
     Loss Severity Rating 'LS-1';

  -- AUD232m Class A-3 notes affirmed at 'AAA'; Outlook Stable;
     Loss Severity Rating 'LS-1';

  -- AUD25m Class B notes affirmed at 'AA+'; Outlook Stable; Loss
     Severity Rating 'LS-1'; and

  -- AUD6m Class C notes affirmed at 'A+'; Outlook Negative; Loss
     Severity Rating 'LS-3'.

Crusade Global Trust No 2 of 2005:

  -- US$320m Class A-1 notes affirmed at 'AAA'; Outlook Stable;
     Loss Severity Rating 'LS-1';

  -- AUD288m Class A-2 notes affirmed at 'AAA'; Outlook Stable;
     Loss Severity Rating 'LS-1';

  -- AUD26m Class B notes affirmed at 'AA+'; Outlook Stable; Loss
     Severity Rating 'LS-1'; and

  -- AUD7m Class C notes affirmed at 'AA-'; Outlook Stable; Loss
     Severity Rating 'LS-2'.

Crusade Global Trust No.1 of 2006:

  -- US$256m Class A-1 notes affirmed at 'AAA'; Outlook Stable;
     Loss Severity Rating 'LS-1';

  -- EUR183m Class A-2 notes affirmed at 'AAA'; Outlook Stable;
     Loss Severity Rating 'LS-1';

  -- AUD469m Class A-3 notes affirmed at 'AAA'; Outlook Stable;
     Loss Severity Rating 'LS-1';

  -- AUD40m Class B notes affirmed at 'AA+'; Outlook Stable; Loss
     Severity Rating LS-1'; and

  -- AUD19m Class C notes affirmed at 'AA-'; Outlook Stable; Loss
     Severity Rating 'LS-2'.

Crusade Global Trust No. 2 of 2006:

  -- US$537m Class A-1 notes affirmed at 'AAA'; Outlook Stable;
     Loss Severity Rating 'LS-1';

  -- EUR201m Class A-2 notes affirmed at 'AAA'; Outlook Stable;
     Loss Severity Rating 'LS-1';

  -- AUD269m Class A-3 notes affirmed at 'AAA'; Outlook Stable;
     Loss Severity Rating 'LS-1';

  -- AUD51m Class B notes affirmed at 'AA+'; Outlook Stable; Loss
     Severity Rating 'LS-1'; and

  -- AUD22m Class C notes affirmed at 'AA-'; Outlook Stable; Loss
     Severity Rating 'LS-2'.

Crusade EURo Trust No. 1E of 2006:

  -- EUR208m Class A-1 notes affirmed at 'AAA'; Outlook Stable;
     Loss Severity Rating 'LS-1';

  -- AUD501m Class A-2 notes affirmed at 'AAA'; Outlook Stable;
     Loss Severity Rating 'LS-1';

  -- AUD33m Class B notes affirmed at 'AA+'; Outlook Stable; Loss
     Severity Rating 'LS-1'; and

  -- AUD15m Class C notes affirmed at 'AA-'; Outlook Stable; Loss
     Severity Rating 'LS-2'.

Crusade Global Trust No. 1 of 2007:

  -- US$741m Class A-1 affirmed at 'AAA'; Outlook Stable; Loss
     Severity Rating 'LS-1';

  -- EUR307m Class A-2 affirmed at 'AAA'; Outlook Stable; Loss
     Severity Rating 'LS-1';

  -- AUD351m Class A-3 affirmed at 'AAA'; Outlook Stable; Loss
     Severity Rating 'LS-1';

  -- AUD65m Class B affirmed at 'AA+'; Outlook Stable; Loss
     Severity Rating 'LS-1'; and

  -- AUD30m Class C affirmed at 'AA-'; Outlook Stable; Loss
     Severity Rating 'LS-2'.

Crusade EURo Trust No. 1E of 2007:

  -- EUR290m Class A-1 notes affirmed at 'AAA'; Outlook Stable;
     Loss Severity Rating 'LS-1';

  -- AUD782m Class A-2 notes affirmed at 'AAA'; Outlook Stable;
     Loss Severity Rating 'LS-1';

  -- AUD29m Class B notes affirmed at 'AA+'; Outlook Stable; Loss
     Severity Rating 'LS-2'; and

  -- AUD18m Class C notes affirmed at 'AA-'; Outlook Stable; Loss
     Severity Rating 'LS-2'.

Crusade ABS Series 2008-1:

  -- EUR33m Class A-2 affirmed at 'AAA'; Outlook Stable; Loss
     Severity Rating 'LS-1';

  -- AUD23m Class A-3 affirmed at 'AAA'; Outlook Stable; Loss
     Severity Rating 'LS-1';

  -- AUD5m Class B affirmed at 'AA'; Outlook Stable; Loss Severity
     Rating 'LS-2';

  -- AUD2m Class C affirmed at 'A'; Outlook Stable; Loss Severity
     Rating 'LS-3'.

  -- AUD2m Class D affirmed at 'BBB'; Outlook Stable; Loss
     Severity Rating 'LS-3'; and

  -- AUD1.0m Class E affirmed at 'BB'; Outlook Stable; Loss
     Severity Rating 'LS-4'.

Crusade Trust No. 2P of 2008:

  -- AUD10.959m Class A affirmed at 'AAA'; Outlook Stable; Loss
     Severity Rating 'LS-1'.

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


NUKORC PTY: Goes Into Administration; Assets Up for Sale
--------------------------------------------------------
South Australian manufacturer NuKorc Pty Ltd. has been offered for
sale by administrators PPB after collapsing into administration
last week, according to SmartCompany.

The report says NuKorc, which has been in business for 10 years,
has subsidiaries in the U.S. and Spain, although these are not
under the control of administrators.

According to the report, administrator Mark Hall said the company
has been hit by the downturn in the wine industry and the strong
Australian dollar.

Headquartered in Australia, Nukorc Pty Ltd. is the world's second
largest manufacturer of synthetic wine closures.


WESTPOINT GROUP: Federal Court Approves AU$13.5MM Settlement
------------------------------------------------------------
The Australian Securities & Investments Commission has obtained
court approval of a AU$13,500,000 settlement on behalf of
Westpoint Group investors.  This is the fourth settlement of
ASIC's Westpoint compensation proceedings approved by the Federal
Court.

The class action, initiated by ASIC against Melbourne-based
trustee company, State Trustees Ltd, relates to investments made
in Mezzanine Notes issued by Market Street Mezzanine Ltd
(Mezzanine Notes), a company in the failed Westpoint group.

The settlement with State Trustees allows approximately 525
eligible investors to submit a proof of claim to participate in
the distribution of the AU$13.5 million.  It is estimated that
Group Members should ultimately recover approximately 71 cents for
every dollar they invested in the Mezzanine Notes.

The settlement is now binding upon Group Members.  Under the terms
of the settlement, State Trustees has until March 15, 2010, to pay
the settlement sum to ASIC.

The settlement was reached without any admission of liability by
State Trustees.

The settlement resulted from the global mediation initiated by
ASIC to resolve the litigation it commenced seeking compensation
on behalf of Westpoint investors.  ASIC has previously reached
settlements with Masu Financial Management Pty Ltd, Professional
Investment Services Pty Ltd and Bongiorno Financial Advisers Pty
Ltd and Bongiorno Financial Advisers (Aust) Ltd.

ASIC said it will distribute the settlement sum, along with
interest earned, to those Group Members who submit a valid proof
of claim.  ASIC expects to be able to distribute the settlement
sum in the last week in August.


WORLDWIDE ONLINE: Placed Into Administration
--------------------------------------------
WA Business News reports that Perth-based printing franchisor
Worldwide Online Printing has been placed into administration.

The report says that Malaysian investment fund Navis Capital
Partners together with a group of directors and shareholders
called in administrators McGrathNicol last week.  Navis Capital
Partners acquired the company in 2006.

According to the report, the franchisor in administration controls
the digital and offset hub operations at the heart of the
business, which has operations in Perth, Adelaide, Brisbane and
Sydney.

A person close to the matter who did not want to be identified
told WA Business News that Worldwide Online Printing had the wrong
assets in the printing side of the business which needed to be
corrected.

WA Business' source said the franchising part of the business was
sustainable and ongoing and that a restructure of the business was
being considered with a number of options on the table.

Worldwide Online Printing -- http://www.worldwide.com.au/--
provides design and printing services in Australia.


YORK FAIRMONT: Placed in Receivership; Deloitte Appointed
---------------------------------------------------------
The York Fairmont Resort in the Blue Mountains in New South Wales
has gone into receivership, a report posted at TradingMarkets.com
says.

The Commonwealth Bank of Australia on February 26 appointed
Deloitte as receiver to the operator, Brighten, which bought the
210-room resort for over AU$45 million in 2006.  However, the
report says, trading had slowed and the hotel had fallen into
disrepair.

The company's directors were already trying to sell the operation,
the report adds.

Located in the World Heritage Listed, Blue Mountains National
Park, The York Fairmont Resort features 210 deluxe accommodation
rooms.  It also features onsite activities including indoor and
outdoor heated pool & spa, games room, 3 tennis courts, 1 squash
court, massage and beauty rooms.


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


MARTIN (FAR EAST): Creditors Get 2% Recovery on Claims
------------------------------------------------------
Martin (Far East) Optical Company Limited, which is in creditors'
liquidation, paid the second interim dividend to its creditors on
February 26, 2010.

The company paid 2% for ordinary claims.

The company's liquidators are:

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


MAXGEAR INVESTMENT: Members' Final Meeting Set for March 31
-----------------------------------------------------------
Members of Maxgear Investment Limited will hold their final
meeting on March 31, 2010, at 2:00 p.m., at the 11th Floor, Lai
Sun Commercial Centre, 680 Cheung Sha Wan Road, Kowloon, in Hong
Kong.

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


MAX PACIFIC: Members' Final Meeting Set for March 31
----------------------------------------------------
Members of Max Pacific Trading Limited will hold their final
meeting on March 31, 2010, at 12:00 p.m., at the 11th Floor, Lai
Sun Commercial Centre, 680 Cheung Sha Wan Road, Kowloon, in Hong
Kong.

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


MOS INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on February 17, 2010,
creditors of Mos International Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Choi Wai Lung Edward
         Wing Tat Commercial Building
         Room C, 2/F
         121-125 Wing Lok Street
         Central, Hong Kong


MOUNTAIN DEVELOPMENT: Members' Final Meeting Set for March 31
-------------------------------------------------------------
Members of Mountain Development Limited will hold their final
meeting on March 31, 2010, at 2:30 p.m., at the 11th Floor, Lai
Sun Commercial Centre, 680 Cheung Sha Wan Road, Kowloon, in Hong
Kong.

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


NENG HUA: Liu Kam Lung Steps Down as Liquidator
-----------------------------------------------
Liu Kam Lung stepped down as liquidator of Neng Hua (Hong Kong)
Limited on February 10, 2010.


OAKMAN DEAN: Members' Final Meeting Set for March 31
----------------------------------------------------
Members of Oakman Dean Limited will hold their final general
meeting on March 31, 2010, at 9:00 a.m., at the Atlantic Hotel, le
Mont de la Puente, St Brelade, Jersey JE38HE, in Channel Islands.

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


OPULENT INDUSTRIAL: Creditors' Proofs of Debt Due March 26
----------------------------------------------------------
Opulent Industrial (H.K.) Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by March 26, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 11, 2010

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         18/F, 1801 Wing On House
         71 Des Voeux Road
         Central, Hong Kong


PEAKSTAR COMPANY: Members' Final Meeting Set for March 31
---------------------------------------------------------
Members of Peakstar Company Limited will hold their final meeting
on March 31, 2010, at 3:00 p.m., at the 11th Floor, Lai Sun
Commercial Centre, 680 Cheung Sha Wan Road, Kowloon, in Hong Kong.

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


PI GOLD: Creditors' Proofs of Debt Due March 26
-----------------------------------------------
Creditors of Pi Gold Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 26, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on February 12, 2010.

The company's liquidator is:

         Cheung Ming Tak Rickael
         Shum Tower, Room 102, 1/F
         268 Des Voeux Road
         Central, Hong Kong


POLYGRACE INTERNATIONAL: Pui Chiu Wing Appointed as Liquidator
--------------------------------------------------------------
Pui Chiu Wing on February 2, 2010, was appointed as liquidator of
Polygrace International Limited.

The liquidator may be reached at:

         Pui Chiu Wing
         Neil Collins Corporate Advisory Sevices Limited
         Room 10, 16/F
         Parklane Centre
         25 Kin Wing Street
         Tuen Mun, N.T.


PRINCE'S HOLDINGS: Ying and Chan Step Down as Liquidators
---------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Prince's Holdings Limited on February 23, 2010.


PROFIT CENTURY: Middleton and Cowley Step Down as Liquidators
-------------------------------------------------------------
Edward Simon Middleton and Patrick Cowley stepped down as
liquidators of Profit Century Limited on February 22, 2010.


PROSPERITY HANDBAGS: Members' Final Meeting Set for April 30
------------------------------------------------------------
Members of Prosperity Handbags & Footwear Limited will hold their
final general meeting on April 30, 2010, at 11:00 a.m., at the 6th
Floor, CNT Commercial Building, 302 Queen's Road Central, in Hong
Kong.

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


REO LIMITED: Members' Final Meeting Set for March 31
----------------------------------------------------
Members of Reo Limited will hold their final meeting on March 31,
2010, at 3:30 p.m., at the 11th Floor, Lai Sun Commercial Centre,
680 Cheung Sha Wan Road, Kowloon, in Hong Kong.

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


RICORE INTERNATIONAL: Members' Final Meeting Set for March 26
-------------------------------------------------------------
Members of Ricore International Limited will hold their final
general meeting on March 26, 2010, at Rm 1202, Printing House, 6
Duddell Street, Central, in Hong Kong.

At the meeting, Hazel Delfina Chang Tak Ping, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


SILVER RAY: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on February 12, 2010,
creditors of Silver Ray Investment Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Tam Kan Wing
         Unit 2002, 20/F
         Millennium City 3
         370 Kwun Tong Road
         Kowloon, Hong Kong


SOLID BLISS: Members' Final Meeting Set for March 31
----------------------------------------------------
Members of Solid Bliss Company Limited will hold their final
meeting on March 31, 2010, at 4:00 p.m., at the 11th Floor, Lai
Sun Commercial Centre, 680 Cheung Sha Wan Road, Kowloon, in Hong
Kong.

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


SONY OPTIARC: Members' Final Meeting Set for March 26
-----------------------------------------------------
Members of Sony Optiarc Hong Kong Limited will hold their final
meeting on March 26, 2010, at 9:30 a.m., at the 25th Floor,
Tower 1, The Gateway, 25 Canton Road, Tsimshatsui, Kowloon, in
Hong Kong.

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


STARRY LINE: Members' Final General Meeting Set for March 29
------------------------------------------------------------
Members of Starry Line Limited will hold their final general
meeting on March 29, 2010, at 10:00 a.m., at the Flat C, 4/F.,
Good Luck Industrial Building, 105 How Ming Street, Kwun Tong,
Kowloon, in Hong Kong.

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


START II: Fitch Affirms Ratings on 12 Classes of Notes
------------------------------------------------------
Fitch Ratings has affirmed the ratings of 12 notes issued by START
II, III and IV CLO Limited, and assigned them Loss Severity
Ratings.  The agency also revised the Outlooks to Stable from
Negative for classes D and E of START III and IV CLO Limited.  The
rating actions are listed at the end of this comment.

Each of these three transactions is a synthetic balance sheet CLO
referencing a diverse pool of predominantly senior unsecured
corporate loans originated and managed by Standard Chartered Bank
(SCB, 'A+'/Outlook Stable/'F1').  Each portfolio has material
exposure to the Asia-Pacific region and emerging markets.

The affirmations reflect the relatively stable performance of
these reference portfolios with limited defaults to date, and the
continued de-leveraging of the transactions following the end of
the replenishment periods.  With a weighted average life of less
than a year, each portfolio is expected to amortize quickly.  This
is expected to result in further increases in the credit
enhancement levels and to provide further protection to the rated
notes against defaults of the underlying loans in the reference
portfolio.

The revision of the Outlook to Stable from Negative of classes D
and E of START III and IV CDO Limited reflects the substantial
surplus credit enhancements at the respective rating stresses of
each note to withstand negative migration and defaults for the
remaining lives of the respective transactions.

The replenishment period of START II CLO Limited ended in December
2009, and the portfolio has amortized to US$1,270m at 79% of the
closing portfolio balance per the 31 January 2010 investor report.
With a WAL of 0.67 years, the transaction is expected to de-
leverage quickly.  As of January 2010, the portfolio performance
has remained relatively stable with the weighted average rating at
'BBB-' since December 2008, while total defaults represented 0.6%
of the closing pool balance.  The portion of the assets rated in
the 'CCC', 'CC' or 'C' category was limited at 0.8%.  The
portfolio contained 535 obligations and did not exhibit
significant obligor concentration risk.  The top obligor group
exposure was at 1.6% of the pool balance as of January 2010.  The
portfolio was mainly concentrated in Hong Kong (18%), followed by
United Arab Emirates (10%) and China (7%).  The top three
industries were Banking & Finance (15%), Real Estate (11%) and
Metals & Mining (11%).  Asia Pacific exposures accounted for 53%,
while emerging market exposures accounted for 38% of the
portfolio.

START III CLO Limited's replenishment period ended in June 2009
and the portfolio has amortized to US$1,230 million as of December
2009, representing 82% of the closing portfolio balance.  With a
WAL of 0.38 years, the portfolio is expected to fully amortize by
June 2010.  As of December 2009, the portfolio has experienced
three credit events whose notional represented 0.03% of the
closing pool balance.  The WAR of the portfolio has lowered to
'BB+/BB' from 'BB+' in December 2008.  The portion of the sub-
investment grade assets increased to 69% from 50% in December
2008, although assets rated at 'B+' or lower remained largely
unchanged at 6%.  The portfolio contained 917 assets with the top
obligor group exposure at 1.2% of the current pool balance.  The
single group entity with exposure less than 0.5%, in total,
represented 86% of the current pool balance.  The portfolio was
regionally concentrated in the Asia Pacific at 80%, while emerging
market exposures accounted for 58% of the portfolio.  The top
three countries were Hong Kong (22%), China (13%) and the United
Arab Emirates (11%), while the top three industries were Building
& Materials (10%), Business Services (9%) and Banking & Finance
(9%).

START IV CLO Limited has become static since January 2010
following the end of the replenishment period.  The portfolio has
amortized to US$1,368m at 91% of the closing pool balance as of 31
January 2010.  With a WAL of 0.5 years, the portfolio is expected
to amortize fully by December 2010.  As of January 2010, the
portfolio had three assets rated at 'D', whose exposures
represented 0.08% of the closing pool balance.  The WAR has
remained unchanged at 'BB+' since December 2008.  The portion of
the assets rated in the 'CCC' or 'CC' category was limited at 1.4%
though this represents an increase from 0.1% in December 2008.
The portfolio contained 997 assets and the top obligor group
exposure stood at 1.1% of the current portfolio balance.  Asia
Pacific exposures accounted for 62% of the portfolio and emerging
market exposures accounted for 53% of the portfolio.  The top
three countries were Hong Kong (16%), China (12%) and India (11%),
while the top three industries were Food, Beverage & Tobacco
(15%), Banking & Finance (14%) and Building & Materials (9%).

SCB is the swap counterparty and the portfolio manager for all
three transactions.  To mitigate any failure to pay note interest
by SCB, it posts the next period's note interest in advance.  The
proceeds from the issuance of the notes in each transaction remain
deposited with the account bank, Deutsche Bank AG ('AA-'/Negative
Outlook/'F1+'/Support Rating at '1').

For this rating review, Fitch used its Portfolio Credit Model,
where SCB's internal rating scales were mapped to the equivalent
Fitch Long-term ratings to derive an assessment for the unrated
loans.  Fitch used the actual maturity of each loan since the
transactions have become static.

START II CLO Limited's notes due 2012:

  -- US$108m Class A notes (ISIN XS0258649721) affirmed at 'AAA';
     Outlook Stable; LS Rating assigned at 'LS-2'; and

  -- US$24m Class B notes (ISIN XS0258651545) affirmed at 'AAA';
     Outlook Stable; LS Rating assigned at 'LS-3'.

START III CLO Limited's notes due 2011:

  -- US$56.25m Class A notes (ISIN XS0276011623) affirmed at
     'AAA'; Outlook Stable; LS Rating assigned at 'LS-3';

  -- US$41.25m Class B notes (ISIN XS0276013918) affirmed at
     'AAA'; Outlook Stable; LS Rating assigned at 'LS-3';

  -- US$22.5m Class C notes (ISIN XS0276015020) affirmed at 'A+';
     Outlook Stable; LS Rating assigned at 'LS-4';

  -- US$37.5m Class D notes (ISIN XS0276016184) affirmed at
     'BBB+'; Outlook revised to Stable from Negative; LS Rating
     assigned at 'LS-3'; and

  -- US$30.0m Class E notes (ISIN XS0276016770) affirmed at 'BB+';
     Outlook Revised to Stable from Negative; LS Rating assigned
     at 'LS-3'.

START IV CLO Limited's notes due 2011:

  -- US$82.5m Class A notes (ISIN XS0305184979) affirmed at 'AAA';
     Outlook Stable; LS Rating assigned at 'LS-3';

  -- US$30.0m Class B notes (ISIN XS0305186750) affirmed at 'AAA';
     Outlook Stable; LS Rating assigned at 'LS-4';

  -- US$26.25m Class C notes (ISIN XS0305187485) affirmed at 'AA-
     '; Outlook Stable; LS Rating assigned at 'LS-4';

  -- US$26.25m Class D notes (ISIN XS0305187568) affirmed at
     'BBB+'; Outlook revised to Stable from Negative; LS Rating
     assigned at 'LS-4'; and

  -- US$22.5m Class E notes (ISIN XS0305188293) affirmed at 'BB+';
     Outlook revised to Stable from Negative; LS Rating assigned
     at 'LS-4'.

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


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


DINABANDHU STEEL: CRISIL Reaffirms 'D' Ratings on Various Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dinabandhu Steel &
Power Ltd continue to reflect the delay in term loan servicing by
DSPL; the delay has been caused by weak liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR104.4 Million Cash Credit       D (Reaffirmed)
   INR870 Million Term Loan           D (Reaffirmed)
   INR93.3 Million Letter of Credit   P5 (Reaffirmed)
                and Bank Guarantee

Incorporated in 2003 by the Sahoo family, DSPL produces sponge
iron, billets, and thermo-mechanically treated (TMT) bars. It
began commercial production in July 2004. It has an installed
capacity to produce 60,000 tonnes per annum (tpa) of sponge iron,
40,000 tpa of billets/ingots, and 50,000 tpa of TMT bars.  The
company had undertaken a capacity expansion programme in 2007-08
(refers to financial year, April 1 to March 31) to commission
three direct reduced iron (DRI) units with capacity to produce 100
tonnes per day of sponge iron, enhance billets/ingots making
capacity by 70,000 tpa, and commission a 10-megawatts power plant,
for an estimated cost of INR1.44 billion.  The programme was
delayed for over 12 months because of subdued market conditions,
coupled with strained liquidity of the company. The company recast
its expansion plan in 2009, by canceling the commissioning of the
third DRI plant, thereby reducing the total outlay to INR1.37
billion. The power plant has been successfully commissioned and
trial runs and synchronisation process with the power grid is
under way; commercial production is expected by the end of first
quarter of 2010-11.

For 2008-09, DSPL reported a profit after tax of INR22.3 million
on net sales of INR703.1 million, against INR8.2million and
INR491.6 million for the year 2007-08.


EMPEROR TEXTILES: CRISIL Puts 'B+' Rating on INR127.5MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Emperor Textiles
Pvt Ltd's bank facilities.

   Facilities                                Ratings
   ----------                                -------
   INR127.50 Million Term Loan               B+/Stable (Assigned)
   INR30.00 Million Cash Credit              B+/Stable (Assigned)
   INR120.00 Million Packing Credit/FOUBP*   P4 (Assigned)
   INR2.50 Million Letter of Credit          P4 (Assigned)

   *Packing Credit and FOUBP are fully interchangeable.

   Note: Maximum limit individually for both Packing Credit
         and FOUBP is INR80.00 Million; but combined limit
         cannot exceed INR120.00 Million

The ratings reflect ETPL's weak financial risk profile and
customer concentration in its revenue profile.  These rating
weaknesses are partially offset by ETPL's moderate business risk
profile marked by moderate operating efficiencies and backed by
promoters' experience in the textile industry.

Outlook: Stable

CRISIL believes that ETPL will maintain its business risk profile
over the medium term, on the back of its promoters' industry
experience.  The outlook may be revised to 'Positive' if
diversification in customer profile results in healthy cash
accruals and improved financial risk profile for ETPL.
Conversely, the outlook may be revised to 'Negative' if company's
cash accruals decline, or if the company undertakes large, debt-
funded expansion plan, thereby weakening its financial profile
significantly.

                       About Emperor Textiles

Tirupur-based ETPL is a vertically integrated textiles
manufacturer. It was incorporated in 2005 by amalgamating Emperor
Trading Company, Perumal Colour Company, and Emperor Sizing.  ETC
was set up in 1966 by Mr. A Palanisamy.  The firm commenced the
production of home textile products for the export market in 1968.
Later, the promoters set up PCC, to undertake dyeing work, and
Emperor Sizing, for sizing yarn.  In 2008, ETPL acquired its
associate entity, Karthi Krishna Exports, which manufactured home
textiles. Currently, ETPL has a fabric production capacity of 13.8
million metres per annum.

ETPL reported a net loss of INR20 million on net sales of INR332
million for 2008-09 (refers to financial year, April 1 to
March 31) against a PAT of INR9 million on net sales of INR361
million for 2007-08.


GALLANT ISPAT: Fitch Assigns 'BB-' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has assigned India's Gallant Ispat Limited a
National Long-term rating of 'BB-(ind)' with a Stable Outlook.
The agency has also assigned 'BB-(ind)' ratings to GIL's long-term
loans of INR1,240 million.  At the same time, Fitch has also
assigned a 'F4(ind)' rating to its non-fund credit facilities of
INR20 million.

The ratings reflect GIL's project execution risks for its capex
plan to set up an integrated steel plant and power plant; however,
the risks are partially mitigated by the experience of the
founding promoters.  The INR3,080 million capex is proposed to be
funded by equity capital of INR1,421 million, with the rest
financed through INR423 million in subsidy from the State
Government of Uttar Pradesh, and term loans of INR1,240 million.
The company has spent around INR1,670 million up till January 2010
on the projects.  Fitch expects GIL to exhibit higher leverage
until some of its new capacities become operational in 2010, The
ratings are contingent on the expected deleveraging in FY11 when
higher capacity utilization levels are likely to be achieved.

The project is set up under the State Government of Uttar
Pradesh's Heavy Industrial Investment Promotion Policy.  The
initiative provides various incentives to industrial companies for
any investment of above INR1,000 million, including capital
subsidy, infrastructure subsidy, transport subsidy and interest
free loan in lieu of trade tax.  Fitch believes these subsidies
will support GIL's cash flows; however, any material delay in the
receipt of the subsidies could impact company's debt protection
measures and scheduled term loan repayments.

GIL's ratings are constrained by raw material price volatilities,
specifically in coal and iron ore, as the company has no long-term
sourcing contracts.  Furthermore, any slowdown in the demand for
the company's products could impact the operating margins.

Fitch believes that the timely completion and stabilization of the
new steel plant, along with sound operating performance will be
positive for GIL's ratings.  Conversely, any delays in project
completion or stabilization, postponing revenue generation, could
have a negative impact on the ratings.

Incorporated in 2006, GIL is setting up an integrated steel plant
with production capacities of 99,000 MTPA for sponge iron, 162,380
MTPA for M.S billets, and 167,400 MTPA for re-rolled products at
Gorakhpur (UP), and apart from the steel operations, GIL also has
a flour mill with a capacity of 180,000 MTPA.  Additionally, GIL
is planning to set up a power plant (16MW) for its captive
consumption in 2011.  The flour mill, the MS billets plant and the
rolling mill has reported capacity utilization of 46%, 20% and 21%
respectively in December 2009.  Meanwhile, the sponge iron unit is
expected to be in commercial operation by June 2010.

In FY09, GIL reported net sales of INR31 million, with an EBITDA
margin of 9.0% and a negative profit after tax of INR1.26 million.
GIL has reported negative free cash flows for FY09 - a trend
expected to continue in FY10, due to the ongoing capex programme
and increased working capital requirements.


GURPREET GALVANISING: CRISIL Reaffirms 'BB+' Ratings
----------------------------------------------------
CRISIL's ratings on the bank facilities of Gurpreet Galvanising
Pvt Ltd continue to reflect GGPL's small scale of operations in
the fragmented galvanized telecommunication tower industry, large
working capital requirements, concentration in revenue profile,
and susceptibility of margins to volatility in raw material
prices.  These weaknesses are partially offset by the benefits
that GGPL derives from its promoters' experience in the
telecommunication towers business, and by its comfortable gearing
and debt protection indicators.

   Facilities                         Ratings
   ----------                         -------
   INR100.0 Million Cash Credit       BB+/Stable (Reaffirmed)
   INR10.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR20.0 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that GGPL will maintain its stable business risk
profile backed by steady revenues and cash accruals over the
medium term.  The outlook may be revised to 'Positive' if GGPL
adds clients, or diversifies into the power transmission sector,
thereby strengthening its business risk profile.  Conversely, the
outlook may be revised to 'Negative' if there is disruption in
GGPL's order flow, resulting in lower revenues and profitability,
or if its receivables are stretched further.

                    About Gurpreet Galvanising

Incorporated in 1998, GGPL is in the business of fabrication of
telecommunication line towers and sub-station structures used for
transmission of telecommunication signals.  The company also
undertakes jobwork for galvanizing fabricated steel structures,
and trades in allied steel components.  GGPL has installed
fabrication capacity of up to 1200 tonnes per month (tpm), and
galvanizing capacity of 3000 tpm.  The company has two plants,
Unit I and Unit II, in Ranga Reddy district, Andhra Pradesh.

GGPL reported a profit after tax (PAT) of INR16.1 million on sales
of INR524 million for 2008-09 (refers to financial year, April 1
to March 31), against a PAT of INR29.2 million on sales of INR579
million for 2007-08.


GEE KAY: CRISIL Assigns 'P4+ Ratings on Various Bank Facilities
---------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of Gee
Kay International.

   Facilities                             Ratings
   ----------                             -------
   INR120 Million Export Packing Credit   P4+ (Assigned)
   INR100 Million Post Shipment Credit    P4+ (Assigned)
   INR20 Million Letter of Credit         P4+ (Assigned)

The rating reflects Geekay's small net worth, average gearing,
weak debt protection metrics, large working capital requirements,
and small scale of operations in the intensely competitive leather
goods industry.  The rating also factors in the vulnerability of
the firm's operating margin to volatility in raw material prices
and fluctuation in the foreign exchange rates.  These rating
weaknesses are partially offset by the promoters' experience in
the leather goods industry.

For arriving at its rating, CRISIL has considered Geekay's
unsecured loans (of INR75 million, from promoters and their
relatives) as quasi equity.  Of the unsecured loans, INR52 million
is interest free while for the remaining the management has given
an undertaking not to withdraw the interest.  Geekay's management
has also provided an undertaking for non-withdrawal (or
replacement by partners' capital) of these loans.

                           About Gee Kay

Established in 1990 as partnership concern, Geekay manufactures
leather products. The firm has four partners, Mr. Ranbir Singh and
his nephews Mr. Gunjeet Singh, Mr. Harmeet Singh, and Mr. Daman
Pal Singh.  Geekay's products are exported mainly to Germany,
France, Denmark, Norway, the UK, and the US. The tanning and
manufacturing unit of the firm is located in Jalandhar; the unit
has an installed capacity to manufacture around 1000 leather
products per day.

Geekay reported a profit before tax (PBT) of INR4.0 million on net
sales of INR605.5 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PBT of INR9.3 million on net sales
INR420.4 million for 2007-08.


HIM TEKNOFORGE: CRISIL Reaffirms 'BB' Rating on INR80MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Him Teknoforge Ltd
continue to reflect HTL's high gearing, average debt protection
indicators, and customer concentration in revenue profile.

   Facilities                             Ratings
   ----------                             -------
   INR300.0 Million Cash Credit Limit     BB/Stable (Reaffirmed)
   INR80.0 Million Term Loan              BB/Stable (Reaffirmed)
   INR120.0 Million Letter of Credit      P4+ (Reaffirmed)
   INR10.0 Million Bank Guarantee         P4+ (Reaffirmed)

The ratings also reflect CRISIL's expectation of deterioration in
HTL's financial risk profile because of the company's ongoing
large debt-funded capital expenditure (capex) programme.  These
weaknesses are partially offset by HTL's established position in
the forging industry, marked by its longstanding relationships
with clients.

Outlook: Stable

CRISIL believes that HTL will maintain its strong position in the
forging market on the back of its promoters' industry experience
and relationships with customers.  The outlook may be revised to
'Positive' if HTL reports significant increase in sales, while
maintaining its operating margin.  Conversely, the outlook may be
revised to 'Negative' in case of delays in stabilization of
operations in the company's new plant, or lower-than-expected
sales and profitability, leading to steep weakening in the
company's financial risk profile.

                        About Him Teknoforge

Incorporated in 1989 by Mr. Vijay Aggarwal, HTL undertakes forging
and machining of components, and was set up as an ancillary of
Eicher Motors Ltd.  HIM Forgings Pvt Ltd, a group company in the
same line of business, was amalgamated into HTL in 1996. Over the
years, HTL has diversified into manufacturing of gears.  Its units
in Baddi (Himachal Pradesh) and Pitampura (Madhya Pradesh) have a
combined capacity to manufacture 16,500 tonnes per annum of
forgings, and 7.2 million finished components.  HTL was referred
to the Board for Industrial and Financial Reconstruction (BIFR) in
2004-05 (refers to financial year, April 1 to March 31). Following
a one-time settlement with banks in 2006-07, it came out of BIFR's
purview. HTL is currently setting up a plant in Baddi involving a
capex of INR160 million for supplying forging to Ashok Leyland
Ltd's new plant in Uttarakhand.

For 2008-09, HTL reported a profit after tax (PAT) of INR43.6
million on net sales of INR1023 million, against a PAT of INR25.3
million on net sales of INR879.1 million for 2007-08.


HS INDIA: CRISIL Assigns 'BB-' Rating on INR188.5MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'BB-/Negative/P4' ratings to H S India
Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR2.5 Million Cash Credit         BB-/Negative (Assigned)
   INR188.5 Million Long-Term Loan    BB-/Negative (Assigned)
   INR2.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect the geographical concentration in HSIL's
revenue profile and the company's susceptibility to cyclicality in
the hospitality industry.  These rating weaknesses are partially
offset by HSIL's strong track record in the hospitality industry
and its moderate financial risk profile marked by satisfactory
gearing and debt protection measures.

Outlook: Negative

CRISIL expects HSIL's cash accruals to remain constrained till the
stabilization of operations at HSIL's hotel, which is currently
under expansion phase.  The ratings may be downgraded if lower
than expected occupancy rates or average room rents (ARRs)
materially constrain HSIL's cash accruals, or if HSIL's capital
structure weakens, most likely because of additional debt-funded
capital expenditure.  Conversely, the outlook may be revised to
'Stable' if the company commercializes the upcoming capacity on
schedule and sustains growth in revenues and cash accruals.

                          About H S India

HSIL was established in 1989 by Mr. Pushpendra Bansal.  HSIL
(formerly, Hotel Silver Plaza Pvt Ltd) runs a 110-room, three-star
hotel Lord's Plaza in Surat (Gujarat) in franchise agreement with
Lords Inn and Hotels Developers Ltd (promoted by Mr. Bansal and
his associates).  HSIL is listed on the Bombay Stock Exchange
(BSE); the company made its initial public offering (IPO) in 1993.

HSIL reported a profit after tax (PAT) of INR6.8 million on net
sales of INR118.9 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR28.6 million on net
sales of INR153.7 million for 2007-08.


KAFILA FORGE: CRISIL Assigns 'BB' Rating on INR11 Mil. Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Kafila Forge Ltd, a part of the Kafila group.

   Facilities                               Ratings
   ----------                               -------
   INR93.00 Million Cash Credit Limit       BB/Stable (Assigned)
   INR11.00 Million Term Loan               BB/Stable (Assigned)
   INR10.00 Million Standby Line of Credit  BB/Stable (Assigned)
   INR10.00 Million Bill Discounting        P4+ (Assigned)
   INR25.00 Million Packing Credit          P4+ (Assigned)
   INR67.00 Million Factoring               P4+ (Assigned)
   INR2.00 Million Bank Guarantee           P4+ (Assigned)

The ratings reflect the Kafila group's expected deterioration in
financial risk profile because of large, expected debt-funded
capital expenditure (capex), and exposure to risks relating to
small scale of operations and high working capital intensity.
These weaknesses are, however, partially offset by the benefits
that the Kafila group derives from its established distribution
network, diversified revenue profile, and promoters' extensive
experience in the auto components industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KFL and its group concern, Kay Dee
Industries (KDI), collectively referred to, herein, as the Kafila
group.  This is because of strong business and operational
linkages with significant transactions between them. KDI procures
over 80 per cent of its raw material requirement from KFL. Also,
both entities have a common management, which is in the process of
merging KDI and KFL.

Outlook: Stable

CRISIL believes that the Kafila group will continue to benefit
over the medium term from its established distribution network and
promoters' extensive experience in the auto components industry.
The outlook may be revised to 'Positive' in case of substantial
equity funding of the proposed expansion project or timely ramp up
of sales from planned project.  Conversely, the outlook may be
revised to 'Negative' in case of any delay in completion of
proposed capex programme, or any significant pressure on
profitability because of delay in the ramp up of sales from
planned capacity addition.

                          About the Group

KFL was set up in 1990 as a private limited company by four
brothers, Mr. P R Malhotra, Mr. H P Malhotra, Mr. S K Malhotra,
and Mr. Anil Malhotra, in order to meet KDI's demand for forged
components.  KFL now also manufactures drive shaft components to
cater to the replacement market.  In addition, KFL merged with a
group company, Moon Papers & Machinery Pvt Ltd (Moon Paper) in
2007, which had been manufacturing water pump assemblies; this
business has now been transferred to KFL.  KFL has two
manufacturing facilities, one at Jahangirpuri, New Delhi (water
pump assemblies) and the other at Kundli, Haryana (forged
components).

KDI was set up by Mr. R L Malhotra (promoters' father), in 1967 to
manufacture auto components such as steering and suspension parts.
KDI is a partnership firm set up by Mr. R L Malhotra, Mr. P R
Malhotra, and Mr. Anil Malhotra.  KDI has one manufacturing
facility at Kundli.  The two entities cater largely to the
domestic replacement market and export to tractor original
equipment manufacturers (OEMs).

The Kafila group plans to undertake a capex of INR200 million at
Kundli to set up a new facility to manufacture bearings, drag link
assemblies, and king pin shafts in order to expand its sale to
OEMs and position in the export market.

The Kafila group reported a profit after tax (PAT) of INR34.8
million on net sales of INR543 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR7.5
million on net sales of INR247 million for 2007-08.


KAY DEE: CRISIL Assigns 'BB' Rating on INR41.00 Mil. LT Bank Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Kay Dee Industries, a part of the Kafila group.

   Facilities                                Ratings
   ----------                                -------
   INR50.00 Million Cash Credit Limit        BB/Stable (Assigned)
   INR41.00 Million LT Bank Loan Facility    BB/Stable (Assigned)
   INR25.00 Million Export Packing Credit    P4+ (Assigned)
   INR15.00 Million Foreign Bill Discounting P4+ (Assigned)
            Foreign Bill Purchase
   INR15.00 Million Export Factoring         P4+ (Assigned)
   INR2.00 Million Standby Line of Credit    P4+ (Assigned)
   INR2.00 Million Bank Guarantee            P4+ (Assigned)

The ratings reflect the Kafila group's expected deterioration in
financial risk profile because of a large, expected debt-funded
capital expenditure (capex), and exposure to risks relating to
small scale of operations and high working capital intensity.
These weaknesses are, however, partially offset by the benefits
that the Kafila group derives from its established distribution
network, diversified revenue profile, and promoters' extensive
experience in the auto components industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Kafila Forge Ltd and its group concern,
KDI, collectively referred to, herein, as the Kafila group.  This
is because of strong business and operational linkages with
significant transactions between them.  KDI procures over 80% of
its raw material requirement from KFL.  Also, both entities have a
common management, which is in the process of merging KDI and KFL.

Outlook: Stable

CRISIL believes that the Kafila group will continue to benefit
over the medium term from its established distribution network and
promoters' extensive experience in the auto components industry.
The outlook may be revised to 'Positive' in case of substantial
equity funding of the proposed expansion project or timely ramp up
of sales from planned project.  Conversely, the outlook may be
revised to 'Negative' in case of any delay in completion of
proposed capex programme, or any significant pressure on
profitability because of delay in the ramp up of sales from
planned capacity addition.

                          About the Group

KDI was set up by Mr. R L Malhotra in 1967 to manufacture auto
components such as steering and suspension parts.  KDI is a
partnership between Mr. R L Malhotra, Mr. P R Malhotra, and Mr.
Anil Malhotra.  KDI has one manufacturing facility at Kundli,
Haryana. Both KDI and KFL cater largely to the replacement market
in India and export to tractor original equipment manufacturers
(OEMs).

KFL was set up in 1990 as a private limited company by four
brothers, Mr. P R Malhotra, Mr. H P Malhotra, Mr. S K Malhotra,
and Mr. Anil Malhotra, in order to meet KDI's demand for forged
components. KFL now also manufactures drive shaft components to
cater to the replacement market. In addition, KFL merged with a
group company, Moon Papers & Machinery Pvt Ltd (Moon Paper) in
2007, which had been manufacturing water pump assemblies; this
business has now been transferred to KFL. KFL has two
manufacturing facilities, one at Jahangirpuri, New Delhi (water
pump assemblies) and the other at Kundli (forged components).

The Kafila group plans to undertake a capex of INR200 million at
Kundli to set up a new facility to manufacture bearings, drag link
assemblies, and king pin shafts in order to increase its sale to
OEMs and position in the export market.

The Kafila group reported a profit after tax (PAT) of INR34.8
million on net sales of INR543 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR7.5
million on net sales of INR247 million for 2007-08.


KIRLOSKAR CONSTRUCTIONS: CRISIL Downgrades Ratings to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Kirloskar Constructions and Engineers Ltd to 'D/P5' from
'BB/Negative/P4+', as the company has delayed its term loan
servicing; the delay has been caused by weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR200 Million Cash Credit       D (Downgraded from
                                       'BB/Negative')
   INR300 Million Term Loan         D (Downgraded from
                                       'BB/Negative')
   INR750 Million Letter of Credit  P5 (Downgraded from 'P4+')
               and Bank Guarantee

KCEL specializes in mechanical and civil engineering projects.  It
undertakes contracts for construction of offshore structures, such
as jetties, naval bases, and offshore platforms (fabrication and
erection).

For 2008-09 (refers to financial year, April 1 to March 31), KCEL
reported a net loss of INR109 million on a total income of Rs1.22
billion, against a net loss of INR42 million on a total income of
INR990 million for the previous year.


MOTHER THERESSA: Delay in Loan Repayment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Mother Theressa Educational Society.

   Facilities                            Ratings
   ----------                            -------
   INR423.30 Million Long-Term Loan      D (Assigned)
   INR95.00 Million Bank Guarantee       P5 (Assigned)

The ratings reflect the delay by MTES in meeting its term loan
obligations because of weak liquidity, due to lower student
intake.

Set up in February 2002, MTES runs a hospital-cum-medical college,
Konaseema Institute of Medical Sciences.  The institution offers
medical and para-medical courses, and commenced its medical course
in the academic year 2005-06 (September 01 to October 30).  The
society is part of the Chaitanya group consisting of 14
educational institutions, which offers primary and secondary
school education along with degree courses in medicine and
engineering, management, and computer applications.  The group was
formed in 1985 by its current chairman, Mr. K V V Satyanarayana
Raju.

MTES reported a net loss of INR11 million on revenues of INR237
million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss of INR78 million on revenues of
INR137 million for 2007-08.


R. D. TEA: CRISIL Assigns 'BB+' Rating on INR40 Million Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of R. D. Tea Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR96.4 Million Cash Credit      BB+/Stable (Assigned)
   INR40 Million Term Loan*         BB+/Stable (Assigned)
   INR3.6 Million Letter of Credit  P4+ (Assigned)

   *Includes proposed amount of INR36.8 Million

The ratings reflect RDTL's small scale of operations and exposure
to risks related to limited growth prospects in the Indian tea
industry, seasonality in production, and high operating leverage
of the company.  These rating weaknesses are partially offset by
RDTL's above-average financial risk profile marked by above-
average gearing and debt protection metrics, and the benefits that
RDTL derives from its moderate operating efficiency backed by its
promoters' experience in the Indian tea industry.

Outlook: Stable

CRISIL believes that RDTL will continue to benefit over the medium
term from its promoters' experience in the tea industry.  The
outlook may be revised to 'Positive' if RDTL maintains its current
profitability, resulting in improvement in its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the company's financial risks profile deteriorates because of
larger-than-expected, additional, debt-funded capital expenditure
or acquisition.

                           About R. D. Tea

Set up in 1973, RDTL manufactures black crush, tear, curl tea.
The company has a tea estate and a tea leaf factory, with an
installed capacity of 3 million kilograms, in West Bengal.  The
company is managed by its promoter director Mr. Vijay Dhandhania,
who has been in the tea industry for over three decades.

RDTL reported a profit after tax (PAT) of INR4.80 million on net
sales of INR252.70 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.60 million on net
sales of INR214.40 million for 2007-08.


TATA MOTORS: Moody's Reviews 'B3' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has placed Tata Motors Ltd's B3
corporate family rating under review for possible upgrade.

"The review was prompted by TML's better-than-expected
consolidated results for Q3 2009-2010, which highlighted the
substantial turnaround achieved in the operating and financial
performance of the Jaguar Land Rover business," says Ivan
Palacios, a Moody's AVP/Analyst.

TML reported consolidated EBITDA of INR30.5 billion, doubling the
amount achieved in the previous quarter.  Although the Indian
business performed strongly, the substantial increase was driven
by the JLR business, which more than quadrupled its EBITDA
generation to GBP192 million versus GBP41 million in the previous
quarter.  EBITDA margin at JLR also reached 10%, only slightly
below the 13% margin reported by the Indian business.

The improvement at JLR was driven by increased volumes, cost
reductions and higher realizations linked to new product launches.
They also reflect management's efforts to bring down the breakeven
level for JLR.

"A positive trend is developing on the rating, as a result of the
company's strong execution of the turnaround at JLR, improvements
in cash flow generation, and progress on deleveraging," says Mr.
Palacios.

Moody's estimates that the company's Adjusted debt / EBITDA for
the 12 months ended December 2009 was close to 7.0x, which is the
trigger level for reflecting upward pressure on the rating.

Moody's also notes an improvement in the liquidity profile of the
group following the completion of the GBP340 million loan with EIB
at the JLR level.

The review will focus on: 1) the sustainability of the very strong
operating performance evident at the JLR level, 2) an assessment
of the impact that increased commodity prices, a potential
tightening in monetary policy and the removal of scrappage
incentives could have on car demand and profit margins, 3) the
group's long-term financial profile and strategy, and 4) the
group's liquidity profile and level of refinancing risk.

Moody's last rating action with regard to TML was taken on June 2,
2009, when the company's B3 corporate family rating was affirmed
and the outlook was changed to stable from negative.

Tata Motors Ltd, incorporated in 1945, is India's largest
manufacturer of commercial vehicles and second largest
manufacturer of passenger vehicles.  Its products include light,
medium and heavy commercial vehicles (trucks, pick-ups and buses),
utility vehicles and cars.  TML was ultimately 38.32% owned by the
Tata Group as of December 2009.


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


BANK DAGANG: Former Employees Demand Severance Fee
--------------------------------------------------
The Jakarta Post reports that dozens of former employees of the
liquidated Bank Dagang Bali held a demonstration at the Denpasar
District Court on Tuesday to support the bank's shareholders, who
filed a lawsuit against the liquidation team for seizing their
assets.

The report says the shareholders promised they would disburse the
severance pay to the former employees if they won the lawsuit.

"After the bank was liquidated on April 2004, 685 former employees
have received severance pay of a total of IDR18 billion from the
liquidation team," Dedi Sanjaya, representing the former
employees, told the Post.  "However, they have not received the
remaining IDR21 billion that should be paid by the shareholders."
PT Bank Dagang Bali was a privately owned commercial Bank.
On April 8, 2004, Bank Indonesia formally withdrew the operating
licenses of PT Bank Dagang Bali and was liquidated after having
failed to meet minimal liquidity ratios and other requirements
established by the Government.


BERAU COAL: Fitch Withdraws 'B+' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has withdrawn PT Berau Coal's Long-term foreign and
local currency Issuer Default Ratings of 'B+' and National Long-
term rating of 'A(idn)'.  The ratings were on Rating Watch
Evolving at the time of withdrawal.  Fitch will no longer provide
ratings or analytical coverage of this issuer.

The withdrawal follows Berau's full redemption of its US$325m
senior notes due 2011, issued by Empire Capital Resources Pte Ltd
and guaranteed by Berau on 28 December 2009, prior to their
maturity.  This is due to the change in Berau's controlling
shareholder.  As the company is privately owned, Berau has ceased
to make public disclosure of its financials following the
redemption.  The company took out a bridging loan to finance the
redemption and has not made public any plans to refinance the
loans and/or its new capital structure.

Fitch placed Berau's ratings on RWE on December 8, 2009, following
the company's offer via a Notice of Redemption to redeem the
senior notes.  The agency had stated then that Berau's ratings
would have to be reassessed based on the company's new financing
and business plans.  The ratings, prior to their withdrawal,
reflected the company's steady revenues and operating cash
generation supported by established long-standing relationships
with long-term contracts in place; however, its exposure to
commoditized coal prices as well as high customer concentration
risk constraints its ratings.


LIPPO KARAWACI: S&P Gives Stable Outlook; Affirms 'B' Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Indonesia-based property developer, PT Lippo Karawaci Tbk. to
stable from negative.  At the same time, S&P also affirmed the 'B'
long-term corporate credit rating and issue rating on Lippo
Karawaci's senior unsecured US$250 million notes due 2011.

The stable outlook reflects S&P's view that the company has
exhibited resilience to the economic slowdown in the second half
of 2008 and in 2009 and that its credit protection measures did
not deteriorate as S&P had earlier expected.  In the nine months
ended September 2009, Lippo Karawaci's revenue of Indonesian
rupiah (IDR) 1,961.9 trillion and net income of IDR307.6 trillion
were improvements of 8.5% and 6.1%, respectively, from the same
period in 2008.

The decline in operating margin has eased, particularly since the
second half of 2009, thus contributing to the improvement in
credit protection metrics.  Operating margin for the nine-month
period ended September 2009 increased to 20% from 18% for full-
year 2008, although this is still lower than 22% in full-year
2007.

"S&P expects operating conditions in 2010 to improve further,
supported by the company's strategy of increasingly deriving
revenue and cash flow from recurring stable business segments,
such as healthcare, hospitality, infrastructure, and fee-based
businesses," said Standard & Poor's credit analyst Wee Khim Loy.

Although S&P continues to view the company's financial risk
profile as highly leveraged, S&P believes the cushion for Lippo
Karawaci to remain at the current 'B' rating has increased, Ms.
Loy said.

The rating on Lippo Karawaci reflects the company's leading
position in the domestic property development market, large and
low-cost land bank, and increasing focus on the more stable
business segments.  These strengths are tempered by cyclicality
risks inherent in the property development business and the
company's highly leveraged financial risk profile.

The stable rating outlook reflects S&P's expectation that Lippo
Karawaci continues to deliver its projects on time and rely
increasingly more on recurring businesses to mitigate the revenue
and cash flow volatility inherent in its traditional property
development business.  The stable outlook also assumes that the
company will successfully refinance the bonds due in March 2011.


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


ELPIDA MEMORY: Buys Spansion's Flash Memory R&D Business
--------------------------------------------------------
Bloomberg News reports that Elpida Memory Inc. has acquired
Spansion Inc.'s NAND flash memory assets.

Elpida spokesman Hiroshi Tsuboi said the purchase includes the
U.S. chipmakers's research and development facility in Milan,
Italy, Bloomberg News relates.

According to Bloomberg, the Nikkei newspaper has reported that
Elpida may pay about JPY3 billion to JPY5 billion.  But Mr. Tsuboi
said the acquisition was "much less" than the reported figure,
Bloomberg notes.

                     About Spansion Inc.

Spansion Inc. (Pink Sheets: SPSNQ) -- http://www.spansion.com/--
is a Flash memory solutions provider.  Spansion is a former joint
venture of AMD and Fujitsu.

Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion
International, Inc., and Cerium Laboratories LLC filed voluntary
petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead
Case No. 09-10690).  On February 9, 2009, Spansion's Japanese
subsidiary, Spansion Japan Ltd., voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. None of Spansion's
subsidiaries in countries other than the United States and Japan
are included in the U.S. or Japan filings.

Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A.
Posin, Esq., at Latham & Watkins LLP, have been tapped as
bankruptcy counsel.  Michael R. Lastowski, Esq., at Duane Morris
LLP, is the Delaware counsel.  Epiq Bankruptcy Solutions LLC, is
the claims agent.  The United States Trustee has appointed an
official committee of unsecured creditors in the case.  As of
September 30, 2008, Spansion disclosed total assets of
US$3,840,000,000, and total debts of US$2,398,000,000.

Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480).  The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes.  It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.

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

                        About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

                          *     *     *

Elpida Memory Inc. posted net losses of JPY23.54 billion and
JPY178.87 billion for the years ended March 31, 2008, and 2009,
respectively.


ELPIDA MEMORY: Declines Capital Infusion from Taiwanese Firm
------------------------------------------------------------
Bloomberg News, citing the Yomiuri newspaper, reports that
Elpida Memory Inc. has decided not to receive capital from a
Taiwanese company because businesses are improving.

Elpida President Yukio Sakamoto told Yomiuri in an interview that
Elpida had planned to receive JPY20 billion (US$225 million) from
Taiwan Innovation Memory Co., which was created to revive the
island's semiconductor industry, Bloomberg relates.

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

                          *     *     *

Elpida Memory Inc. posted net losses of JPY23.54 billion and
JPY178.87 billion for the years ended March 31, 2008, and 2009,
respectively.


JAPAN AIRLINES: Avoids 'Worst Case Scenario,' Administrator Says
----------------------------------------------------------------
Bloomberg News reports that Japan Airlines Corp. may post a
smaller than expected full-year operating loss which could help
reduce the amount it needs to borrow for turnaround plans.

Bloomberg quoted bankruptcy administrator Akitoshi Nakamura as
saying that "JAL has managed to avoid a worst-case scenario."
The carrier's operating loss in the year ending March will
probably be smaller than a previous forecast of about
JPY260 billion, he said.

According to the report, Mr. Nakamura said the carrier may not
need all of the JPY600 billion in state-backed loans it was
granted last month to help pay for restructuring.

The carrier was to pay for its turnaround using a JPY300 billion
cash injection from state-back Enterprise Turnaround Initiative
Corp. of Japan and JPY600 billion in loans from ETIC and state-
owned Development Bank of Japan, Bloomberg recalls.

                        About Japan Airlines

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

                           *     *     *

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

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

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


JLOC XXVIII: S&P Downgrades Ratings on Two Senior Trust Certs.
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on JLOC
XXVIII's class C and D senior trust certificates and its rating on
Harajuku Holding TMK's Series 4-2 floating-rate (mezzanine)
specified bonds.  At the same time, S&P removed the aforementioned
ratings from CreditWatch with negative implications, where they
had been placed on Dec. 16, 2009.  Meanwhile, Standard & Poor's
also affirmed its ratings on classes A and B issued under the JLOC
XXVIII transaction.

Through the most recent property sales plan provided by the asset
manager, Standard & Poor's confirmed that the liquidation of the
real estate properties that ultimately back the aforementioned
senior trust certificates and the mezzanine specified bonds has
been delayed, and the prices of the properties have been revised
downward.

The rating actions on the class C and D senior trust certificates
and the mezzanine bonds are based on S&P's assessment and the
opinions that were formed after S&P interviewed the asset manager
regarding the property sales plan.  Although the asset manager is
still proceeding with the liquidation of the related collateral
properties, it is S&P's view that current real estate market
conditions may cause the likely collection amount from the
collateral properties to be lower than S&P's assumption as of
April 24, 2009, when S&P downgraded the Nov. ratings on the class
D senior trust certificates and the mezzanine bonds.  It is also
S&P's opinion that full principal redemption relating to the lower
level tranches appears less likely.

S&P currently assumes that the properties' total value would be
about 68.5% of its initial underwriting value.

S&P affirmed its ratings on the class A and B senior trust
certificates because the loan-to-value ratios have improved from
initial loan-to-value ratios, reflecting progress in principal
redemption on the upper tranches.

Standard & Poor's intends to monitor progress in the sales of the
collateral properties.  S&P may again lower its ratings if S&P
sees that uncertainty continues to mount over the liquidation of
the properties.

Nakano Holding TMK's senior specified bonds, which had backed JLOC
XXVIII's senior trust certificates, and Nakano Holding TMK's
Series 3-2 floating-rate mezzanine specified bonds, were repaid in
July 2006.  The aggregate amount of the repaid specified bonds
accounts for about 49% of the initial issuance amount.

JLOC XXVIII is a property sales-type CMBS transaction.  The senior
trust certificates and mezzanine bonds issued under this
transaction were initially secured by 567 real estate properties.
Morgan Stanley Japan Securities Co.  Ltd. served as the arranger
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 2012 for the class A senior trust
certificates, and the full payment of interest and ultimate
repayment of principal by the legal final maturity date for the
class B to D senior trust certificates and mezzanine bonds.

             Ratings Lowered, Off Creditwatch Negative

               JLOC XXVIII Senior Trust Certificates
        JPY88.9 billion trust certificates due October 2012

        Class    To     From            Initial Issue Amount
        -----    --     ----            --------------------
        C        BBB-   AA-/Watch Neg   JPY8.8 bil.
        D        CCC    BB/Watch Neg    JPY7.2 bil.

                       Harajuku Holding TMK
    Series 4-2 JPY3.6 billion floating-rate specified bonds due
                          October 2012

         Class    To    From          Initial Issue Amount
         -----    --    ----          --------------------
         TMK4-2   CCC   B/Watch Neg   JPY3.6 bil.

                         Ratings Affirmed

               JLOC XXVIII Senior Trust Certificates
        JPY88.9 billion trust certificates due October 2012

               Class   Rating   Initial Issue Amount
               -----   ------   --------------------
               A       AAA      JPY62.8 bil.
               B       AAA      JPY10.1 bil.


L-JAC 7: S&P Downgrades Ratings on 13 Classes of Trust Certs.
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 13
classes of trust certificates and a trust loan issued under the L-
JAC 7 Trust Beneficial Interest and Trust Loan transaction and
removed the ratings from CreditWatch with negative implications,
where they had been kept on Feb. 1, 2010.  At the same time,
Standard & Poor's lowered its ratings on four other classes, and
affirmed its ratings on another eight classes issued under the
same transaction.

S&P has finalized its assessment of the recovery prospects of the
three loans/specified bond (two loans and one specified bond
representing a combined 44.4% of the total initial issuance amount
of the transaction) that are due to mature by the end of December
2010.  In light of current real estate conditions, S&P lowered its
assumptions with respect to the likely recovery amount from the
sale of the related collateral properties, based on the
possibility that the loans/specified bond may not be
repaid/redeemed on the maturity date, and the properties may need
to be liquidated.  The rating actions on classes A to F-2, G-1 and
G-2, and the trust loan reflect S&P's revised assumptions with
regard to the likely recovery amount.  S&P currently assumes that
the related collateral properties' total value would be about
63.9% of its initial underwriting value.

Under the L-JAC 7 CMBS transaction, the underlying loan/specified
bond pool is divided into three sub-pools.  The class D-1 to K-1
trust certificates (mezzanine tranches) are backed by those three
sub-pools.  Should the aggregate principal loss amount within the
sub-pools exceed the principal amount of applicable mezzanine
tranches, the loss would be first absorbed by the class C trust
certificates.  Hence, the sub-pool with the weakest credit quality
among the three sub-pools has the greatest impact on the rating on
class C.

One of the transaction's underlying loans (representing about 9.7%
of the total initial issuance amount of the transaction) defaulted
in March 2009.  Procedures relating to the sale of the related
collateral property (an office building located in Minato-ward,
Tokyo) have been finalized.  A principal loss was incurred on the
defaulted loan.  Accordingly, S&P lowered its ratings on four
classes (H-1, I-1, J-1, and K-1) to reflect the effective
principal loss that is being incurred.  The underlying office
building was occupied by a single tenant.  From the outset of the
transaction, the tenant had been expected to vacate the property
that had been designed according to the tenant's specific
requirements.

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

L-JAC 7 is a multi-borrower CMBS transaction initially secured by
four specified bonds and four nonrecourse loans that were
originally extended to eight obligors.  The specified bonds and
nonrecourse loans were originally backed by 16 real estate
properties and real estate beneficial interests.  The transaction
was arranged by Lehman Brothers Japan Inc. Premier Asset
Management Co.  is the transaction servicer.

The ratings reflect S&P's opinion of the likelihood of full and
timely payment of interest and the ultimate repayment of principal
by the transaction's legal final maturity date in 2014 for the
class A trust certificates and the trust loan, the full payment of
interest and ultimate repayment of principal by the legal final
maturity date for the class B to K-1 certificates, and the timely
payment of available interest for the class X certificates.

             Ratings Lowered, Off Creditwatch Negative

          L-JAC 7 Trust Beneficial Interest and Trust Loan
        JPY38.96 billion Trust certificates due October 2014

  Class      To     From             Initial issue amount   Coupon type
  -----      --     ----             --------------------   -----------
A            AA     AA+/Watch Neg    JPY11.75 bil.          Floating Rate
Trust Loan   AA     AA+/Watch Neg    JPY8.50 bil.           Floating Rate
B            BBB+   A+/Watch Neg     JPY3.15 bil.           Floating Rate
C            B+     BBB-/Watch Neg   JPY3.14 bil.           Floating Rate
D-1          BB-    BB+/Watch Neg    JPY1.88 bil.           Floating Rate
D-2          CCC    BB/Watch Neg     JPY1.10 bil.           Floating Rate
D-3          CCC    B/Watch Neg      JPY0.60 bil.           Floating Rate
E-1          B+     BB/Watch Neg     JPY0.61 bil.           Floating Rate
E-2          CCC    BB-/Watch Neg    JPY0.56 bil.           Floating Rate
E-3          CCC    B-/Watch Neg     JPY0.27 bil.           Floating Rate
F-1          B      B+/Watch Neg     JPY0.80 bil.           Floating Rate
F-2          CCC    B+/Watch Neg     JPY0.49 bil.           Floating Rate
G-1          CCC    B-/Watch Neg     JPY0.71 bil.           Floating Rate
G-2          CCC    B-/Watch Neg     JPY0.48 bil.           Floating Rate

                         Ratings Lowered

         L-JAC 7 Trust Beneficial Interest and Trust Loan

   Class   To   From   Initial issue amount      Coupon type
   -----   --   ----   --------------------      -----------
   H-1     CC   CCC    JPY0.68 bil.              Floating Rate
   I-1     CC   CCC    JPY0.65 bil.              Floating Rate
   J-1     CC   CCC    JPY0.50 bil.              Floating Rate
   K-1     CC   CCC    JPY0.15 bil.              Floating Rate

                         Ratings Affirmed

         L-JAC 7 Trust Beneficial Interest and Trust Loan

   Class   Rating   Initial issue amount      Coupon type
   -----   ------   --------------------      -----------
   F-3     CCC      JPY0.26 bil.              Floating Rate
   G-3     CCC      JPY0.26 bil.              Floating Rate
   H-2     CCC      JPY0.64 bil.              Floating Rate
   H-3     CCC      JPY0.30 bil.              Floating Rate
   I-2     CCC      JPY0.62 bil.              Floating Rate
   I-3     CCC      JPY0.33 bil.              Floating Rate
   J-2     CCC      JPY0.53 bil.              Floating Rate
   X       AAA      JPY38.96 bil. (Initial notional principal)


TOHOKU MISAWA: JCR Withdraws 'BB+' Rating on Senior Debts
---------------------------------------------------------
Japan Credit Rating Agency, Ltd. (JCR) has withdrawn the
BB+/Negative rating on senior debts of Tohoku Misawa Homes Co.,
Ltd. at the company's request.

As reported in the Troubled Company Reporter-Asia Pacific on
March 12, 2009, JCR affirmed the BB+ rating on senior debts of the
issuer, revising the rating outlook from Stable to Negative.

Tohoku Misawa Homes Co., Ltd. is a consolidated subsidiary of
Misawa Homes Co., Ltd.  The company extended its sales territory
to the whole Tohoku area after mergers with Misawa Homes Kitanihon
in October 2007 and Misawa Homes Fukushima in October 2008.  These
mergers were carried out as a strategic measure based on the
medium management plan of the Misawa Homes Group and the measure
intensified a unity as the group.  The company strengthens its
sales structure in Miyagi and Fukushima Prefecture where there is
larger housing demand relatively in the Tohoku area and also takes
several steps including centralization of its headquarters
functions and trimming its administration units in terms of staff
and costs.  However, its earnings have been weak and JCR considers
that such mergers do not have a positive effect on its financial
performance at the moment.  Its financial structure has been
deteriorating.  JCR considered it necessary for the company to
increase its net assets by accumulating retained earnings and cut
interest bearing liabilities by promoting sales of houses and lots
for sale.


WILLCOM INC: Softbank, Advantage Partners OKd Rehabilitation Plan
-----------------------------------------------------------------
Softbank Corp. and Advantage Partners LLP have agreed on a
rehabilitation plan for Willcom Inc., Bloomberg News reports
Nikkei English News.

Bloomberg relates the Nikkei said the companies will each provide
JPY5 billion to a Willcom spinoff, which will raise an additional
JPY5 billion in capital from other investors.

WILLCOM provides wireless data and voice services to corporate and
consumer customers in Japan.  The company launched its service in
1995 and is the largest operator employing Personal Handyphone
System (PHS) technology.  PHS is a kind of stripped-down cellular
service with relatively low charges; the technology was developed
in Japan and most of its users live in Japan and China. WILLCOM
provides mobile service nationwide in Japan, serving more than 4
million subscribers.  The Carlyle Group owns 60% of WILLCOM;
Kyocera Corporation owns 30%.

Willcom filed for bankruptcy protection with the Tokyo
District Court with liabilities of JPY206 billion.

Willcom in September said it was unable to agree on a revival plan
with all creditors after failing to reschedule debt payments.
According to Bloomberg, wireless carrier Willcom has been losing
subscribers as rivals offer faster mobile-phone services.  Willcom
may seek investment from Softbank Corp., Japan's third-largest
mobile-phone company, and a Japanese investment fund, to revive
its businesses, Asahi said.

Researcher Teikoku Databank Ltd. said the filing by Willcom is the
biggest in Japan's telecommunications industry.  Heisei Denden
Co. was the previous biggest failure in October 2005 with
liabilities of JPY120 billion.


* JAPAN: Hatoyama Asks Banks to Help SMEs More to Ease Cash Flows
-----------------------------------------------------------------
Japan Today reports that Prime Minister Yukio Hatoyama and other
cabinet ministers on Tuesday asked leaders of Japanese banks to
make "more efforts" to ease cash flows for small and medium-sized
companies ahead of the March 31 book closing of fiscal 2009.

"The economy is in a very severe situation," the report quoted
Hatoyama as saying at a meeting with Japanese Bankers Association
Chairman Katsunori Nagayasu and other banking industry leaders.
"With the March end of the fiscal year coming up, we believe many
small and medium-sized companies are struggling financially."


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


KUMHO ASIANA: Creditors Offer New Option for Daewoo Investors
-------------------------------------------------------------
Creditors of Kumho Asiana Group have proposed an option to
investors who funded the group's takeover of Daewoo Engineering &
Construction Co. that they join a private equity fund for the
purchase of the builder instead of selling their stakes, Yonhap
News Agency reports citing industry sources.

"Creditors proposed that investors who do not want to sell their
stake for 18,000 won join the private equity fund instead," Yonhap
News quoted an official at a creditor bank as saying.

The news agency says the move comes as the creditors threatened to
file for court receivership for the ailing Kumho Industrial Co. if
financial investors do not agree on groupwide restructuring plans
before this weekend.

Yonhap relates that a private equity fund, led by the main
creditor Korea Development Bank, is seeking to buy 50% plus one
share in Daewoo Engineering for KRW18,000 per share.

But some of the financial investors -- altogether representing a
39% stake -- are dragging their feet in agreeing on the group's
restructuring plans, the report notes.

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

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

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

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

                        About Kumho Asiana

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


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


HO HUP: Posts MYR11.14 Mil. Net Loss in Qtr Ended Dec. 31
---------------------------------------------------------
Ho Hup Construction Company Bhd posted a net loss of MYR11.14
million on MYR16.65 million of revenues in the quarter ended
December 31, 2009, compared with a net loss of MYR37.70 million on
MYR30.25 million of revenues in the same period in 2008.

The company's unaudited balance sheet as of December 31, 2009,
showed total assets of MYR253.19 million and total liabilities of
MYR268.03 million, resulting in a shareholders' deficit of
MYR14.83 million.

As of March 31, 2009, the company's unaudited balance sheet also
showed illiquidity with current assets of MYR132.92  million
available to pay current liabilities of MYR267.98 million.

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

                           *     *     *

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


MECHMAR CORP: Incurs MYR5.93MM Net Loss in Qtr. Ended Dec. 31
-------------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad reported a net loss of
MYR5.93 million on revenue of MYR21.64 milliOn for the quarter
ended December 31, 2009, compared with a net income of MYR7.46
million on revenue of MYR40.38 in the same period last year.

The Company reported a net loss of MYR7.24 million on revenues of
MYR66.81 million for the year ended December 31, 2009, compared to
a net income of MYR19.48 million on revenues of MYR167.03 million
for the year ended December 31, 2008.

At December 31, 2009, the Company's consolidated balance sheets
showed MYR251.78 million in total assets, MYR141.25 million in
total liabilities and MYR110.52 million in total shareholders'
equity.

The Company's consolidated balance sheets at December 31, 2009,
also showed strained liquidity with MYR42.84 million in total
current assets available to pay MYR139.75 million in total current
liabilities.

The Company's securities were suspended with effect from
February 12, 2010, following Bursa Malaysia's rejection of the
Company's application for further extension of time to submit its
regularisation plan.  The Company has submitted an appeal to Bursa
Malaysia to reconsider its application for further extension of
time.

Mechmar Corporation (Malaysia) Berhad is an investment holding
company providing management services to its subsidiaries.
Through its subsidiaries, the company is engaged in the
manufacture and marketing of industrial boilers, burners, steam
generating plant, vessels, fabrication and associated product
support activities; operating of a power generation plant;
retailing of solar-heaters, and retailing and leasing of ice
machines, and investment holding.  Its manufacturing and trading
activities are located in Malaysia, Great Britain, Hong Kong,
Indonesia, Sri Lanka and Singapore.  Its power generation activity
is based in Tanzania, whereas its property development and
financing activities are located in Malaysia.

Mechmar Corporation has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as:

   -- the Company's major subsidiary, Independent Power of
      Tanzania (IPTL) has stop payment on its scheduled
      instalment to its lender; and

   -- the Company was unable to provide a solvency declaration.


STAMFORD COLLEGE: Posts MYR2.32MM Net Loss in Year Ended Dec. 31
----------------------------------------------------------------
Stamford College Berhad posted a net loss of MYR2.32 million for
the year ended December 31, 2009, compared with a net loss of
MYR1.32 million for 2008.  Total revenues were MYR20.35 million
for 2009 from MYR28.51 million for 2008.

For the three months ended December 31, 2009, Stamford College
reported a net loss of MYR2.35 million on revenues of MYR4.35
million, compared with a net loss of MYR0.98 million on revenues
of MYR3.79 million for the same period ended December 31, 2008.

At December 31, 2009, Stamford College had total assets of
MYR44.47 million against total liabilities of MYR24.05 million,
resulting in MYR20.42 million in shareholders' equity.

The company's unaudited consolidated balance sheet at December 31,
2009, showed strained liquidity with MYR8.51 million in total
current assets available to pay MYR20.97 in total current
liabilities.

A full-text copy of Stamford College's annual report is
available at no charge at http://ResearchArchives.com/t/s?5600

                      About Stamford College

Based in Malaysia, Stamford College Berhad (KUL:STAMCOL) --
http://www.stamford.edu.my/-- is an investment holding and
management company.  It principally engaged in the provision of
executive training.  The Company offers over 50 courses of study,
which include full Undergraduate Degrees, Masters Degrees and
North American Degree Program.  The disciplines offered by
Stamford range from Accounting to Business Administration,
Engineering, Computer Science, Hospitality Management and
Executive Secretaryship.  Foreign students have also been part of
Stamford's landscape, and Stamford has more than 1,500 foreign
students from over 40 countries pursuing their higher education.

Stamford College Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as it has triggered Paragraph 2.1(e) of
PN 17/2005.

According to the Company's disclosure statement with the bourse,
it triggered the PN 17/2005 listing since auditors have expressed
a modified opinion with emphasis on the Company's going concern
status in the latest audited accounts for the financial year ended
December 31, 2008 and the Company's shareholders equity on a
consolidated basis is equal to or less than 50% of the issued and
paid-up capital of the company.


SYARIKAT KAYU: Posts MYR0.65-Mil. Net Loss in Fourth Quarter 2009
-----------------------------------------------------------------
For the fourth quarter ended December 31, 2009, Syarikat Kayu
Wangi Berhad reported a net loss of MYR0.65 million on MYR4.61
million of revenue.  For the 12 months ended December 31, 2009,
the Group reported a net loss of MYR4.80 million on MYR15.99
million of revenue.

The Group's turnover was mainly generated from its timber division
involved in timber saw milling, kiln drying and roof truss
fabrication.  The timber division contributed 82% of the total
revenue with the remaining 18% was contributed by the property
division.

The Group posted a loss before taxation of MYR0.65 million for the
current quarter under review as compared to a loss before taxation
of MYR1.238 million in the immediate preceding quarter.  The lower
loss was mainly due to increase in revenue and other operating
income as well as decrease in various operating costs and
expenses.

In prior year, the financial year-end of the Group has been
changed from November 30 to December 31 commencing from financial
year ended December 31, 2008.  Due to change in the financial
year-end, there are no comparative figures for the current quarter
and current period ended December 31, 2009 against the preceding
year corresponding quarter and period.

As of December 31, 2009, the Group's consolidated balance sheet
showed MYR86.43 million of total assets, MYR77.93 million of total
liabilities and total shareholders' equity of MYR8.50 million.

A full-text copy of the Group's Fourth Quarter Results for 2009 is
available for free at: http://ResearchArchives.com/t/s?55ff

                        About Syarikat Kayu

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

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


WONDERFUL WIRE: Incurs MYR2.98MM Net Loss in Qtr. Ended Dec. 31
---------------------------------------------------------------
Wonderful Wire & Cable Berhad incurred a net loss of MYR2.98
million for the quarter ended December 31, 2009, compared with the
MYR8.59-million net loss recorded for the same period in 2008.

Revenues for the quarter in review totaled MYR5.26 million, higher
than the MYR3.24-million revenue recorded in the same quarter of
2008.  The higher turnover was achieved due to increase in sales.

As of December 31, 2009, the company's balance sheet showed
strained liquidity with MYR9.67 million of current assets
available to pay MYR90.95 million of current liabilities coming
due within the next twelve months.

The company's balance sheet as of end-December also showed
MYR40.22 million in total assets and MYR96.89 million in total
liabilities, resulting in a shareholders' deficit of MYR56.67
million.

                        About Wonderful Wire

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

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


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


PENINSULA ROAD: Two Kawarau Falls Stages in Receivership
--------------------------------------------------------
Peninsula Road Ltd., the company behind stages two and three of
Queenstown's hotel/apartment development, Kawarau Falls Station,
has been placed in receivership, Philip Chandler writes for
www.scene.co.nz

Mr. Chandler relates that Tim Downes and Richard Simpson of Grant
Thornton New Zealand Ltd. were appointed receivers and managers of
Peninsula Road on March 2.  Stages two and three were mortgaged to
Fortress Credit Corporation (Australia) Pty Limited.

The report states that the receivership is another blow for
Peninsula Road shareholder/director and high-profile Auckland
developer Nigel McKenna.

According to the report, two McKenna companies behind stage one of
Kawarau Falls Station were also placed in receivership by Bank of
Scotland International last May, which was concerned payments on
its $117 million loan weren't up to date.

Its receivers however have allowed stage one to continue to
completion stage ? due mid-May ? and BOSI has since lent another
NZ$63 million, the report says.


PGG WRIGHTSON: Applies for Guarantee Scheme Extension
-----------------------------------------------------
PGG Wrightson Finance has applied to join the Crown's extended
retail deposit guarantee scheme, The National Business Review
reports.

NBR says the finance company received a BB rating from Standard &
Poor's last month.  Finance companies must have a BB rating or
above to be eligible for the extension of the scheme.

According to the report, all finance companies are required to
have a credit rating by March 1 under new Reserve Bank of
New Zealand non-bank deposit taking regulations.

PGG Wrightson Finance is a moderate-sized New Zealand-based
finance company specializing in rural finance.  The company is a
wholly owned subsidiary of PGG Wrightson, a rural services company
based in New Zealand.

As reported in the Troubled Company Reporter-Asia Pacific on
February 18, 2010, Standard & Poor's Ratings Services said that it
had assigned its 'BB/B' counterparty credit ratings to PGG
Wrightson Finance Ltd.  The outlook is stable.


SOUTH CANTERBURY: S&P Downgrades Long-Term Rating to 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term rating on New Zealand finance company, South Canterbury
Finance Ltd. to 'BB' from 'BB+', and affirmed the 'B' short-term
rating.  At the same time, the 'BB' long-term rating was placed on
CreditWatch with negative implications.

"The downgrade reflects S&P's view that SCF's asset quality
experience has deteriorated to a level that is not consistent with
the 'BB+' rating level," Standard & Poor's credit analyst Derryl
D'silva said.  "Although the capital injection into SCF will help
absorb these bad debt charges, it does not, by itself, restore
financial strength to a level that S&P consider is consistent with
the 'BB+' rating.  Further, SCF's financial flexibility and, in
particular, further shareholder support of SCF, is diminished
following the capital injection.  That said, but for strong
shareholder support evidenced in SCF's announcement concerning
high loan-loss provisions of late yesterday, it is likely that the
rating would have been downgraded by more than one notch."

Stakeholder reaction to SCF's asset quality difficulties will be
integral to the resolution of the CreditWatch and forward
direction of the rating.  Liquidity is currently weaker than many
New Zealand nonbank deposit takers in the 'BB' rating category,
and should it deteriorate further it is likely to result in the
rating being lowered.  That said, debenture investors in SCF have
remained relatively loyal to the company in recent times even
considering the difficulties SCF has encountered prior to
yesterday's announcement by the company.  Should debenture
investors and other liability stakeholders continue to show
relative support for SCF it is likely that Standard & Poor's will
become less concerned regarding SCF's liquidity, which could
contribute to the rating being removed from CreditWatch Negative.

A further concern is that the announcement of high loan-loss
provisions by SCF could retard or even scuttle further
recapitalization initiatives being considered by SCF.  If further
capital is not injected -- should liquidity or further asset
quality pressures emerge -- it is likely to cause the rating to be
lowered.

"The rating could be taken off CreditWatch Negative within a
matter of months if liquidity concerns moderate such that SCF has
sufficient excess cash to manage potential volatility given the
confluence of negative developments affecting SCF, and, more
generally, the continuing difficult market for New Zealand nonbank
deposit takers," Mr. D'Silva said.  Further, the rating could be
taken off CreditWatch Negative if SCF is successful in further
strengthening its capital base, and restructuring its business so
that Standard & Poor's concerns regarding liquidity and other
rating factors ameliorate.  Initially, should Standard & Poor's
concerns ameliorate, it is likely that the rating could be
affirmed with a negative outlook.

Conversely, should liquidity deteriorate it is likely that the
rating will be lowered -- and potentially by more than one notch -
- depending on the severity of the deterioration.  Further, should
new asset quality concerns emerge, or recapitalization strategies
prove difficult to execute or insufficient to placate Standard &
Poor's concerns at the 'BB' rating level, the rating is likely to
be lowered.  A downgrade associated with either asset quality or
capital difficulties, absent an intensification of liquidity
concerns, is more likely to be limited to one notch.


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


RENEWABLE ENERGY: Court to Hear Wind-Up Petition on March 12
------------------------------------------------------------
A petition to wind up the operations of Renewable Energy Holdings
Private Limited will be heard before the High Court of Singapore
on March 12, 2010, at 10:00 a.m.

Bob Yap Cheng Ghee and Chay Fook Yuen filed the petition against
the company on February 17, 2010.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          No. 9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


RM SHIPPING: Creditors' Proofs of Debt Due April 1
--------------------------------------------------
RM Shipping Pte Ltd, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by April 1,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


WOOD DOCTOR: Court to Hear Wind-Up Petition on March 12
-------------------------------------------------------
A petition to wind up the operations of Wood Doctor (Far East) Pte
Ltd will be heard before the High Court of Singapore on March 12,
2010, at 10:00 a.m.

Dbs Bank Ltd filed the petition against the company on Feb. 14,
2010.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          No. 9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


                         *********

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

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

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


                            *********


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

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

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

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

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***