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

                     A S I A   P A C I F I C

           Tuesday, April 20, 2010, Vol. 13, No. 076

                            Headlines



A U S T R A L I A

GEELONG GREYHOUND: Placed Under Administration
PALAMEDIA LIMITED: Placed in Voluntary Administration
STORM FINANCIAL: ASIC Launches Storm Investor Web site


C H I N A

CHINA SOUTHERN: Expects First-Quarter Profit to Rise 400%
HUNAN TAIZINAI: Cayman Islands Court Bankruptcy Order Not Binding


H O N G  K O N G

AFK FAR EAST: To Declare Final Dividend on April 30
AFK HONG KONG: Creditors' Proofs of Debt Due April 30
AMCOR HOLDINGS: Court to Hear Wind-Up Petition on May 5
ARCHCORP DESIGN: Members' Final Meeting Set for April 30
BORTEX (H.K.): Commences Wind-Up Proceedings

CAMPION INTERNATIONAL: Court Enters Wind-Up Order
CARTOON FACTORY: Lam and Jong Appointed as Liquidators
FREIGHT-TRANS INT'L: Creditors' Proofs of Debt Due May 7
GALLERIA (HK): Creditors and Contributories to Meet on April 27
GARWIN ENTERPRISES: Court to Hear Wind-Up Petition on April 28

HANG FOOK: Court to Hear Wind-Up Petition on April 28
MAN LUNG HONG: Creditors' Proofs of Debt Due April 30
UNIQUE INTERNATIONAL: Annual Meetings Set for April 20
YOGA YOGA: Creditors' Meeting Set for April 26

* HONG KONG: Bankruptcies Up 38% in March


I N D I A

HALLMARK AUTOMOTIVES: CRISIL Rates INR76.9MM Term Loan at 'BB'
HWASEUNG AUTO: ICRA Assigns 'LBB+' Rating on INR50MM LT Loan
JET AIRWAYS: May Earn INR100cr/Year on Proposed Additional Floors
KALYAN JEWELLERS: ICRA Assigns 'LBB+' Rating on INR7MM Term Loans
KALYAN JEWELLERS: ICRA Places 'LBB+' Rating on INR10.6M Term Loan

KALYAN JEWELLERS: ICRA Assigns 'LBB+' Rating on INR12.4M Term Loan
KALYAN JEWELLERS: ICRA Places 'LBB+' Rating on INR22.1M Term Loans
KG FABRIKS: ICRA Revises Rating on INR501.1MM Term Loan to 'LC+'
LALL CONSTRUCTION: ICRA Assigns 'LBB+' Rating on INR30MM Bank Debt
MARAL OVERSEAS: CARE Assigns 'CARE BB-' Rating on INR474cr Loan

PINAX PAPER: Low Net Worth Prompts CRISIL 'BB' Ratings
RAJKAMAL TEXTILES: CRISIL Assigns 'B' Ratings on INR10.67 Loan
SAMA JEWELLERY: ICRA Assigns 'LBB+' Rating on INR50MM Bank Debts
SHRINIWAS MACHINE: CRISIL Rates INR85 Million Term Loan at 'BB-'
SOWBHAGYA POLYMERS: ICRA Places 'LBB+' Rating on Bank Debt

SRI KANNAPIRAN: ICRA Reaffirms 'LBB' Rating on INR482.7M Term Loan
SRIKARA PARENTERALS: Delays in Loan Repayment Cues Junk Ratings
TATA MOTORS: Global Sales Up 39% in March
UNIVERSAL AUTOFOUNDRY: ICRA Rates INR127.5MM Bank Debts at 'LB+'
VRV TEXTILES: ICRA Rates Various Bank Facilities at 'LBB'

WEST COAST: CRISIL Rates INR43.5 Million Term Loan at 'BB+'


I N D O N E S I A

MERPATI NUSANTARA: To Receive More Funds From Government
UOB BUANA: To Merge With UOB Indonesia


J A P A N

ALL NIPPON AIRWAYS: To Double Bond Sale to JPY20 Billion
DAIEI INC: Aims to Return to Profit Next Fiscal Year
JAPAN AIRLINES: High Number of Early Retirement Applications Filed
JAPAN AIRLINES: Mulls Stopping Membership Fees to Industry Group


K O R E A

GENERAL MOTORS: GM Daewoo Faces Union Lawsuit Over Back Pay
HYNIX SEMICONDUCTOR: Creditors Ready to Resume Hynix Stake Sale
KUMHO ASIANA: KDB Proposes Suspension of Two Units' Debt Repayment
KUMHO ASIANA: Kumho Tire Reaches Pact with Labor Union


N E W  Z E A L A N D

BLUE CHIP: May Face Fresh Legal Stoush Over Investors' False Info
CBD CONSTRUCTION: Under Liquidation; Faces Insolvent Trading Probe
PROVENCOCADMUS LTD: ANZ May Face Shortfall on Firm's Debt
RURAL PORTFOLIO: Breaches Trust Deed; May Sell PGG Wrightson Stake

* NEW ZEALAND: Retail Sales Fell 0.6% in February 2010


P H I L I P P I N E S

BAYAN TELECOM: Annual Loss Narrows to PHP505 Million in 2009
BENPRES HOLDINGS: Posts PHP11.9 Bil. Net Income in 2009


S I N G A P O R E

ASH I PTE: Creditors' Proofs of Debt Due May 16
BABCOCK & BROWN: Creditors' Proofs of Debt Due May 16
BABCOCK & BROWN STORAGE: Creditors' Proofs of Debt Due May 16
ESCOLSING PTE: Creditors' Meeting Slated for May 3
GMP DEVELOPMENT: Court Enters Wind-Up Order

KIAT SENG: Court to Hear Wind-Up Petition on April 30
OSCELMARINE PTE: Creditors Get 3.4335% Recovery on Claims
PINNAKELL ASSET: Creditors' Proofs of Debt Due May 17
RALTRON SINGAPORE: Court to Hear Wind-Up Petition on April 30
SAMSCO PTE: Creditors' Proofs of Debt Due April 29

SELCO (HOLDINGS): Creditors' Meeting Slated for May 3
SUISSELAB (SINGAPORE): Court Enters Wind-Up Order
TERA DISPLAY: Creditors' Proofs of Debt Due May 14
WBG NETWORK: Creditors' Proofs of Debt Due May 3


S R I  L A N K A

* SRI LANKA: ADB, Japan to Support Sri Lanka with Fiscal Reforms


T A I W A N

ROYAL BANK: ANZ Banking Completes Acquisition of Taiwan Unit




                         - - - - -


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


GEELONG GREYHOUND: Placed Under Administration
----------------------------------------------
Greyhound Racing Victoria has placed Geelong Greyhound Racing Club
into the hands of administrators with its current board of
directors immediately suspended, according to the Geelong
Advertiser.

The report relates GRV chairman Nick Caley said he had appointed
GRV chief executive officer John Stephens as the administrator,
entitling him to exercise all the powers and duties of the GGRC.

According to the Advertiser, GRV wanted a settled club to ensure
work on the AU$8 million two-track and grandstand development at
Beckley Park went ahead smoothly.

GRV said it was concerned a number of directors at Geelong had
resigned, the report notes.

"By way of background, given recent resignations, at Monday,
April 12, the GGRC Directorate which is constituted to total nine,
comprised only five directors; with one of these five on extended
leave overseas," the Advertiser cited GRV as saying said in a
statement.

"While acknowledging the dedicated and tireless work of GGRC
chairman Maurie Blair, GRV was not convinced there was appropriate
cohesion within the remaining directorate to appropriately govern
the club given the scale and complexity of the current
redevelopment."

Mr. Caley said the GRV board "has acted decisively to ensure our
decision to invest such significant industry and government funds
has the greatest impact for the people of Geelong."


PALAMEDIA LIMITED: Placed in Voluntary Administration
-----------------------------------------------------
Palamedia Limited has been placed in voluntary administration.
Christopher Darin and Gavin Moss of insolvency firm Worrells
Solvency & Forensic Accountants were appointed voluntary
administrators on April 15, 2010.

According to SmartCompany, Palamedia has not turned a profit since
2005-06 and has been attempting to restructure its business,
including examining the option of exiting the publishing sector
completely.

The report says the company's cashflow statement for the December
quarter, which showed negative net operating cashflows for the
quarter of AU$267,000, and AU$142,000 in the bank at December 31,
sparked a query from the ASX about the company's viability.

The company said a "rationalization of the company's products and
services has been initiated to stem losses and bring the company
back to an operating surplus" but admitted in a brutal assessment
that "the company has been unsuccessful over a number of years to
execute an effective growth strategy to provide adequate returns
to shareholders," according to SmartCompany.

SmartCompany notes Palamedia reported just over AU$91,000 profit
in 2005-06, but lost $1.02 million in 2007-09 and $431,799 in
2008-09.

Australia-based Palamedia Limited (ASX:PMX) --
http://www.palamedia.com.au/-- engages in the business of
publishing.  The Company operates in two divisions: Insto and
Corporate Communications.  Insto includes Australian Finance and
Capital Markets, providing news and analysis of Australian debt,
equity and mergers and acquisitions markets.  Corporate
Communications segment is engaged in taking the clients' messages
to their targeted audiences through print and new media.  The
company operates in the publishing segment in Australia.  The
Company's subsidiaries include E-Transact Pty Ltd, Channel E Pty
Ltd, AMTL Pty Ltd, Brandframe Pty Ltd, Money & Business Channel
Pty Ltd and The Wealth Channel Pty Ltd.


STORM FINANCIAL: ASIC Launches Storm Investor Web site
------------------------------------------------------
The Australian Securities & Investments Commission has launched a
new Web site for Storm investors ASIC believes have suffered loss
as a result of their Storm investments.

The website will help keep investors informed of the progress of
ASIC's investigations and the outcome of commercial resolution
discussions.

In March, ASIC announced that a major phase of the investigations
into Storm had been completed.  ASIC has entered into confidential
discussions with some parties to see if a commercial resolution
can be reached which will be acceptable to ASIC and which ASIC
would be prepared to recommend to investors.

The Web site has a public area containing general information
about the investigations and also features a password protected
secure, personal web page for investors who have suffered
financial loss as a result of a Storm investment.

The personal web page provides these investors with a personal
extract of their Storm investments based on information from
Storm's computer system.

In the future, ASIC expects to include information on the personal
web pages that identifies legal proceedings (if any) that ASIC
proposes to commence to recover monies for Storm investors who
suffered loss as a result of their investment. If legal action is
commenced by ASIC, the personal web page will also include a
hypothetical snapshot of funds that potentially may be returned to
Storm investors, if ASIC's action is successful.

Should investors choose not to use the Web site, the information
will be available via a hard copy sent by mail.

ASIC will write to eligible Storm investors this month with
details of the website, the terms and conditions of its use and an
application form with proof of identity requirements.

The Web site will be available for viewing seven days a week
between 6:00 a.m. and midnight and can be found at
https://storm.asic.gov.au


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


CHINA SOUTHERN: Expects First-Quarter Profit to Rise 400%
---------------------------------------------------------
Bloomberg News reports that China Southern Airlines Co. said
first-quarter profit probably jumped about 400% from a year
earlier, because economic recovery boosted demand and the carrier
booked a gain from the sale of a 50% stake in an aviation engine
repair unit.

Bloomberg says China Southern reported first-quarter net income of
CNY222 million, or CNY0.03 per share, last year.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- operates airlines, as well as
perform aircraft maintenance and air catering operations in the
People's Republic of China and internationally.  It provides
commercial airlines, cargo services, logistics operations, air
catering, utility service, hotel operation, travel services,
aircraft leasing, and Internet services.

                          *     *     *

China Southern Airlines Co. continues to carry Fitch Ratings 'B+'
Long-term foreign and local currency Issuer Default Ratings.


HUNAN TAIZINAI: Cayman Islands Court Bankruptcy Order Not Binding
-----------------------------------------------------------------
Bloomberg News, citing the South China Morning Post, reports that
Hunan Taizinai said bankruptcy proceedings ordered by a Cayman
Islands court aren't binding.

According to Bloomberg, the Morning Post reported that Taizinai
said in a statement "British or American legal systems do not
apply to the Chinese one."  The dairy's holding company is
incorporated in the Cayman Islands, Bloomberg adds.

As reported in the Troubled Company Reporter-Asia Pacific on
April 16, 2010, Dow Jones Newswires said Hunan Taizinai Group,
backed by U.K. private equity firm Actis, Morgan Stanley, and
Goldman Sachs Group Inc., has gone into provisional liquidation
leaving its equity holders with a potential loss on their stakes.

Dow Jones' source said the company also owes creditors more than
CNY300 million.  The report says the company has a syndicate loan
with five banks: Royal Bank of Scotland Group PLC, Singapore's DBS
Group Holdings and Citigroup Inc., as well as two domestic banks.

                      About Hunan Taizinai

Hunan Taizinai Group Co., Ltd. produces probiotic dairy products,
drinking yogurt, milk-based health drinks, and lactobacillus dairy
drinks in China.  The company was founded in 1996 and is based in
Hunan, China.


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


AFK FAR EAST: To Declare Final Dividend on April 30
---------------------------------------------------
AFK Far East Limited, which is in liquidation, will pay the
dividend to its creditors on April 30, 2010.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


AFK HONG KONG: Creditors' Proofs of Debt Due April 30
-----------------------------------------------------
AFK Hong Kong Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by April 30,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


AMCOR HOLDINGS: Court to Hear Wind-Up Petition on May 5
-------------------------------------------------------
A petition to wind up the operations of Amcor Holdings Limited
will be heard before the High Court of Hong Kong on May 5, 2010,
at 9:30 a.m.

Chiaphua Industries Limited filed the petition against the company
on March 3, 2010.

The Petitioner's solicitors are:

          DLA Piper Hong Kong
          17th Floor, Edinburg Tower
          The Landmark
          15 Queen's Road
          Central, Hong Kong


ARCHCORP DESIGN: Members' Final Meeting Set for April 30
--------------------------------------------------------
Members of Archcorp Design & Contracting Limited will hold their
final meeting on April 30, 2010, at 10:00 a.m., at the 25/F,
Eastern Commercial Centre, 83 Nam On Street, Shaukeiwan, in Hong
Kong.

At the meeting, Seto Sau Kuen Christine, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BORTEX (H.K.): Commences Wind-Up Proceedings
--------------------------------------------
Members of Bortex (H.K.) Limited, on April 8, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Hue Yat Lun Sansom
         Room 509 Bank of America Tower
         12 Harcourt Road
         Central, Hong Kong


CAMPION INTERNATIONAL: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on March 31, 2010, to
wind up the operations of Campion International Development
Limited.

The official receiver is E T O' Connell.


CARTOON FACTORY: Lam and Jong Appointed as Liquidators
------------------------------------------------------
Rainier Hok Chung Lam and Victor Yat Kit Jong on March 18, 2010,
were appointed as liquidators of The Cartoon Factory HK Limited.

The liquidators may be reached at:

         Rainier Hok Chung Lam
         Victor Yat Kit Jong
         c/o PricewaterhouseCoopers
         22/F Prince's Building
         5 Ice House Street
         Central, Hong Kong


FREIGHT-TRANS INT'L: Creditors' Proofs of Debt Due May 7
--------------------------------------------------------
Creditors of Freight-Trans International Co Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 7, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 31, 2010.

The company's liquidators are:

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


GALLERIA (HK): Creditors and Contributories to Meet on April 27
---------------------------------------------------------------
Creditors and contributories of Galleria (Hong Kong) Limited will
hold their first meetings on April 27, 2010, at 2:30 p.m., and
3:30 p.m., respectively at the Official Receiver's Office, 10th
Floor, Queensway Government Offices, 66 Queensway, in Hong Kong.

At the meeting, E T O'Connell, the company's official receiver and
provisional liquidator, will give a report on the company's wind-
up proceedings and property disposal.


GARWIN ENTERPRISES: Court to Hear Wind-Up Petition on April 28
--------------------------------------------------------------
A petition to wind up the operations of Garwin Enterprises Limited
will be heard before the High Court of Hong Kong on April 28,
2010, at 9:30 a.m.

The Petitioner's solicitors are:

          Rowdget W. Young & Co.
          3rd Floor, Wings Building
          110-116 Queen's Road Central
          Hong Kong


HANG FOOK: Court to Hear Wind-Up Petition on April 28
-----------------------------------------------------
A petition to wind up the operations of Hang Fook Dyeing &
Finishing Factory Limited will be heard before the High Court of
Hong Kong on April 28, 2010, at 9:30 a.m.

Colour Star Chemical Company Limited filed the petition against
the company on February 12, 2010.

The Petitioner's solicitors are:

          K. C. & Fong
          18th Floor, Henley Building
          No. 5 Queen's Road Central
          Hong Kong


MAN LUNG HONG: Creditors' Proofs of Debt Due April 30
-----------------------------------------------------
Man Lung Hong Securities Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by April 30, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Patrick Cowley
         27th Floor, Alexandra House
         10 Chater Road
         Central, Hong Kong


UNIQUE INTERNATIONAL: Annual Meetings Set for April 20
------------------------------------------------------
Members and creditors of Unique International (HK) Limited will
hold their annual meetings today, April 20, 2010, at 11:00 a.m.,
and 11:30 a.m., respectively at the Suites 2305-2309, Jardine
House, 1 Connaught Place, Central, in Hong Kong.

At the meeting, Wong Ka Lam King, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


YOGA YOGA: Creditors' Meeting Set for April 26
----------------------------------------------
Creditors of Yoga Yoga International Limited will hold their first
meeting on April 26, 2010, at 2:00 p.m., for the purposes provided
for in Sections 241, (as modified by Section 228A(8)), 242, 243,
244 and 255A of the Companies Ordinance.

The meeting will be held at the Community Hall, 5/F., Caritas
House, No. 2-8 Caine Road, Central, in Hong Kong.


* HONG KONG: Bankruptcies Up 38% in March
-----------------------------------------
Bloomberg News, citing the Official Receiver's Office, reports
that the number of bankruptcy petitions in Hong Kong rose to 935
in March from 677 in February.  The number of compulsory winding-
up petitions climbed to 54 from 51, Bloomberg says.

Reuters relates Hong Kong bankruptcy petitions in March were down
50.1% from 1,872 a year earlier when the economy was hit hard by
the global financial crisis.


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I N D I A
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HALLMARK AUTOMOTIVES: CRISIL Rates INR76.9MM Term Loan at 'BB'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Hallmark Automotives Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR160.0 Million Channel Financing    BB/Stable (Assigned)
   INR76.9 Million Term Loan             BB/Stable (Assigned)
   INR15.0 Million Cash Credit           BB/Stable (Assigned)
   INR3.0 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect Hallmark's prudent plough-back policies,
efficient working capital management practices followed by its
promoters, and the expected benefits the company would derive from
its recently opened showroom at Thane, near Mumbai.  These rating
strengths are partially offset by Hallmark's average financial
risk profile marked by a small net worth and high gearing, and its
exposure to intense competition in the automobile-dealership
business.

Outlook: Stable

CRISIL believes that Hallmark will maintain its stable business
risk profile on the back of steady demand for the products of its
principal, Honda Siel India Ltd.  The outlook may be revised to
'Positive' if Hallmark's financial risk profile improves, most
likely because of equity infusion, or significant improvement in
its sales volumes and operating margin.  Conversely, the outlook
may be revised to 'Negative' if Hallmark's financial risk profile
deteriorates, most likely because of deterioration in debt
servicing ability, driven by a significant decline in its cash
accruals, with lower-than-expected accruals from its Thane
operations resulting in weakening of debt protection indicators
and thereby impacting its debt servicing ability.

                    About Hallmark Automotives

Hallmark, promoted by Mr. Jignesh Mehta along with his father Mr.
Harshad Mehta, is an authorized dealer for Honda.  Hallmark has
its registered office and showroom at Navi Mumbai under the name
of Hallmark Honda, and has recently set up its second showroom in
Thane.

Hallmark reported a provisional profit after tax (PAT) of
INR11 million on net sales of INR1.65 billion for 2009-10 (refers
to financial year, April 1 to March 31), against a PAT of
INR9.6 million on net sales of INR1.23 billion for 2008-09.


HWASEUNG AUTO: ICRA Assigns 'LBB+' Rating on INR50MM LT Loan
------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR50.0 million long
term fund based facilities of Hwaseung Auto Parts (India) Private
Limited.  The outlook on the long-term rating is stable.

The assigned rating factors in the strong ties and technical
support from HSI Automotives Limited (rated LBBB), the sole
supplier of non-tyre rubber products to Hyundai Motors India
Limited.  Having begun production in June 2009, HSAPI is a captive
vendor to HSI and manufactures the same products as HSI. These
products are sold to HSI who in turn sells them to the OEMs. With
HSI witnessing an increase in demand from OEMs for non tyre rubber
products, HSAPI stands to benefit since the surplus demand will be
met by HSAPI.

The rating is, however, constrained by the company's limited
operating history, high customer concentration with HSI accounting
for 100% of its sales and the lack of any volume commitment from
HSI.  Moreover, HSAPI is also exposed to cyclicality in the
passenger car industry.  Going forward, the company's ability to
secure orders and achieve projected levels of cash flows remains
the key rating sensitivities.

HSAPI began production in June 2009 as a captive vendor to HSI for
non-tyre rubber products which include weather strips and hoses.
HSAPI's manufacturing facility is located in close proximity to
HIS's manufacturing facility in Sriperumbudur, Chennai.  The
company was started by Mr. Seo Yoo Chul- a former Managing
Director at HSI. HSI does not have any shareholding in HSAPI, even
though the two companies share the Hwaseung name.


JET AIRWAYS: May Earn INR100cr/Year on Proposed Additional Floors
-----------------------------------------------------------------
The Economic Times reports that Jet Airways has sought the civil
aviation ministry's permission to build additional floors at its
proposed commercial property in Bandra Kurla Complex in Mumbai.

Real estate experts said the application, if approved, will help
the fund-starved airline to earn a minimum of INR100 crore a year
from lease rentals, The Economic Times relates.

According to the report, the carrier has asked for permission to
use floor price index (FSI) -- a ratio of construction permitted
to the size of the plot -- of six against the permissible limit of
four.  In other words, the report notes, Jet's tower on the 2.5-
acre plot can be as high as 70 meters with area of 6.53 lakh
square feet.

Experts told The Economic Times that Jet may earn at least
INR100 crore from lease rentals a year at the current rate of
INR250 per square feet if it manages to get a 70% occupancy.
Under the terms of the agreement, Jet can not lease out more than
40% area in this property to third parties.

The Jet spokesperson confirmed the airline's application to the
ministry, the report notes.

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- provides air transportation.  The geographic segments of the
company are domestic and international.  The company has a
frequent flyer program named Jet Privilege wherein the passengers
who uses the services of the airline become services of the
airline become members of Jet Privilege and accumulates miles to
their credit.  The company's subsidiaries include Jet Lite (India)
Limited, Jetair Private Limited, Jet Airways LLC, Trans
Continental e Services Private Limited, Jet Enterprises Private
Limited, Jet Airways of India Inc., India Jetairways Pty Limited
and Jet Airways Europe Services N.V.  On April 20, 2007, the
company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


KALYAN JEWELLERS: ICRA Assigns 'LBB+' Rating on INR7MM Term Loans
-----------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR7 million term loans and
INR120 million fund based limits of Kalyan Jewellers Madurai.
The outlook on the rating is stable.

In arriving at the ratings, ICRA has taken a consolidated view of
the five entities in the group -- Kalyan Jewellers India Private
Limited, Kalyan Jewellers Salem Private Limited, Kalyan Jewellers
Kollam and Erode, Kalyan Jewellers Madurai and Kalyan Jewellers
Salem because of the common management and strong operational
linkages between the entities.

The ratings are supported by the established market position of
the Kalyan group in the jewellery retail market of Kerala and its
growing presence in the Tamil Nadu market, effective sourcing
mechanism and integrated nature of operations leading to cost
advantages. The ratings are however constrained by the weak
financial profile of the consolidated entity characterized by
stretched capital structure with high gearing and inadequate
coverage indicators, weak profitability numbers on account of low
value addition in the business and high competition in the
industry and strained liquidity position due to the high working
capital requirements in the business.  With significant expansions
envisaged by the group which are to be largely debt funded, the
capital structure is expected to remain highly leveraged in the
medium term.  The ratings also factor in the exposure of
profitability to volatility in gold prices and exchange rates and
a fragmented industry structure with low entry barriers.

The jewellery business of the Kalyan group is organized under six
entities, with four being partnership firms and the remaining two
being private limited companies; the group has 17 showrooms under
it spread across Tamilnadu and Kerala.  KJM has one showroom under
it which commenced operations in May 2008.  Going forward, all the
new showrooms coming up would be under either of the private
limited companies and the four partnership companies would also be
merged with the two limited companies.  However, the entity to be
merged and exact nature of merger is yet to be finalized.

For the first nine months of 2009-10, KJM has reported a Profit
after Tax of INR16 million on an operating income of
INR2.71 billion as against INR1 million and INR1.64 billion
respectively for 2008-09.


KALYAN JEWELLERS: ICRA Places 'LBB+' Rating on INR10.6M Term Loan
-----------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR10.6 million term loans
and INR280 million fund based limits of Kalyan Jewellers Kollam
and Erode.  The outlook on the rating is stable.

In arriving at the ratings, ICRA has taken a consolidated view of
the five entities in the group -- Kalyan Jewellers India Private
Limited, Kalyan Jewellers Salem Private Limited, Kalyan Jewellers
Kollam and Erode, Kalyan Jewellers Madurai and Kalyan Jewellers
Salem because of the common management and strong operational
linkages between the entities.

The ratings are supported by the established market position of
the Kalyan group in the jewellery retail market of Kerala and its
growing presence in the Tamil Nadu market, effective sourcing
mechanism and integrated nature of operations leading to cost
advantages.  The ratings are however constrained by the weak
financial profile of the consolidated entity characterized by
stretched capital structure with high gearing and inadequate
coverage indicators, weak profitability numbers on account of low
value addition in the business and high competition in the
industry and strained liquidity position due to the high working
capital requirements in the business.  With significant expansions
envisaged by the group which are to be largely debt funded, the
capital structure is expected to remain highly leveraged in the
medium term.  The ratings also factor in the exposure of
profitability to volatility in gold prices and exchange rates and
a fragmented industry structure with low entry barriers.

The jewellery business of the Kalyan group is organized under six
entities, with four being partnership firms and the remaining two
being private limited companies; the group has 17 showrooms under
it spread across Tamilnadu and Kerala.  KJKE has two showrooms
under it which commenced operations in FY08.  Going forward, all
the new showrooms coming up would be under either of the
private limited companies and the four partnership companies would
also be merged with the two limited companies.  However, the
entity to be merged and exact nature of merger is yet to be
finalized.

For the first nine months of 200910, KJKE has reported a Profit
After Tax of INR11 million on an operating income of
INR1.76 billion as against INR6 million and INR1.17 billion
respectively for 2008-09.


KALYAN JEWELLERS: ICRA Assigns 'LBB+' Rating on INR12.4M Term Loan
------------------------------------------------------------------
ICRA has assigned LBB+ rating to the INR12.4 million term loans
and INR220 million fund based limits of Kalyan Jewellers Salem.
The outlook on the rating is stable.

In arriving at the ratings, ICRA has taken a consolidated view of
the five entities in the group -- Kalyan Jewellers India Private
Limited, Kalyan Jewellers Salem Private Limited, Kalyan Jewellers
Kollam and Erode, Kalyan Jewellers Madurai and Kalyan Jewellers
Salem because of the common management and strong operational
linkages between the entities.

The ratings are supported by the established market position of
the Kalyan group in the jewellery retail market of Kerala and its
growing presence in the Tamil Nadu market, effective sourcing
mechanism and integrated nature of operations leading to cost
advantages. The ratings are however constrained by the weak
financial profile of the consolidated entity characterized by
stretched capital structure with high gearing and inadequate
coverage indicators, weak profitability numbers on account of low
value addition in the business and high competition in the
industry and strained liquidity position due to the high working
capital requirements in the business.  With significant expansions
envisaged by the group which are to be largely debt funded, the
capital structure is expected to remain highly leveraged in the
medium term.  The ratings also factor in the exposure of
profitability to volatility in gold prices and exchange rates and
a fragmented industry structure with low entry barriers.

The jewellery business of the Kalyan group is organized under six
entities, with four being partnership firms and the remaining two
being private limited companies; the group has 17 showrooms under
it spread across Tamilnadu and Kerala. KJS has a single showroom
under it which commenced operations in June 2008. Going forward,
all the new showrooms coming up would be under either of
the private limited companies and also the four partnership
companies would also be merged with the two limited companies.
However, the entity to be merged with and exact nature of merger
is yet to be finalized.

For the first nine months of 2009-10, KJS has reported a Profit
after Tax of INR 15 million on an operating income of
INR2.27 billion as against INR2 million and INR1.31 billion
respectively for 2008-09.


KALYAN JEWELLERS: ICRA Places 'LBB+' Rating on INR22.1M Term Loans
------------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR22.1 million term loans
and INR740 million fund based limits of Kalyan Jewellers Salem
Private Limited.  The outlook on the rating is stable.

In arriving at the ratings, ICRA has taken a consolidated view of
the five entities in the group -- Kalyan Jewellers India Private
Limited, Kalyan Jewellers Salem Private Limited, Kalyan Jewellers
Kollam and Erode, Kalyan Jewellers Madurai and Kalyan Jewellers
Salem because of the common management and strong operational
linkages between the entities.

The ratings are supported by the established market position of
Kalyan group in the jewellery retail market of Kerala and its
growing presence in the Tamilnadu market, effective sourcing
mechanism and integrated nature of operations leading to cost
advantages. The ratings are however constrained by the weak
financial profile of the consolidated entity characterized by
stretched capital structure with high gearing and inadequate
coverage indicators, weak profitability numbers on account of low
value addition in the business and high competition in the
industry and strained liquidity position due to the high working
capital requirements in the business. With significant expansions
envisaged by the group which are to be largely debt funded, the
capital structure is expected to remain highly leveraged in the
medium term. The ratings also actors in the exposure of
profitability to volatility in gold prices and exchange rates and
a fragmented industry structure with low entry barriers.

The jewellery business of the Kalyan group is organized under six
entities, with four being partnership firms and the remaining two
being private limited companies; the group has 17 showrooms under
it spread across Tamilnadu and Kerala. KJSPL has three showrooms
under it where they commenced operations in March and April 2009.
Going forward, all the new showrooms coming up would be under
either of the private limited companies and the four partnership
companies would also be merged with the two limited companies.
However, the entity to be merged and exact nature of merger is yet
to be finalized.

For the first nine months of 2009-10, KJSPL has reported a Profit
After Tax of INR23 million on an operating income of
INR3.92 billion as against a net loss INR3 million on an operating
income of INR619 million for 2008-09.


KG FABRIKS: ICRA Revises Rating on INR501.1MM Term Loan to 'LC+'
----------------------------------------------------------------
ICRA has revised the rating outstanding on the INR501.3 million
term loans and INR128.3 million fund based facilities of KG
Fabriks Limited to 'LC+' from 'LB-'.  ICRA has re-affirmed its A4
rating to the INR83.9 million non fund based facilities of KGFL.

The revision in ratings reflect the deterioration in the financial
profile of KGFL characterized by negative net worth and very low
profitability margins, contributed by a cyclical downtrend in the
denim industry for the past few years. Realizations crashed post
FY06 for the denim industry following fall in demand in the export
markets and overcapacity situation in the domestic market. With
the company having commenced operations in 2006, the adverse
operating environment had led to consistent losses for the company
which was aggravated by the economic downturn in the recent past;
consequently, the company's net worth has eroded significantly
over  the years and turned negative in 2008-09, resulting in being
declared a sick industrial company. Though the demand-supply
dynamics have taken on a positive trend in the past few months
following improving demand conditions in the export markets,
KGFL's financial position is expected to be under distress in the
short to medium term.

Also the increase in cotton prices and the significant competition
in the domestic market could limit the improvement on the
financial front for the company.  The ratings also factor in KGFL
being a part of the KG group of companies which have a long
standing presence in the textile industry, its increasing focus
towards the value added fabric segment which would improve
profitability margins and the unique depot based sales model in
the denim industry which improves the sales potential of KGFL.

KG Fabriks Limited was originally a Non Banking Finance Company
engaged in the business of hire purchase and leasing from 1995.
In 1999, the name changed to Southern Technologies Limited where
its intended business areas also included trading business but the
company was not able to venture successfully into any new business
because of the recession in the economy.

Finally the company decided to move into textile business in a
large way as the group had core competence in the entire textile
chain spanning from ginning, spinning, weaving and garmenting. It
then changed the name to K G Fabriks Limited  in 2004 where  it
took up yarn processing and grey fabric manufacture as its primary
business.


LALL CONSTRUCTION: ICRA Assigns 'LBB+' Rating on INR30MM Bank Debt
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR30.0 million fund
basedbank limits of Lall Construction Company.  The outlook on the
rating is stable.  ICRA has also assigned an A4+ rating to
INR150.0 million non fund based bank limits of LLC.

The ratings take into account LLC's moderate scale of operations,
its low profitability and its high client concentration risk.
Further the ratings also take into consideration its relatively
high gearing and the risks inherent in partnership firms such as
limited ability to raise equity capital and the risk of
dissolution upon death/retirement/insolvency of partners etc.
However the ratings derive comfort from LLC's experienced
management, its long track record with Indian Railways and healthy
order book which provides visibility to its revenues going
forward.

Lall Construction Co. was started as a partnership concern in
1977.  The partners include Rajesh Kumar Meghani, Mr Rakesh Kumar,
Mr. Ravi Kumar their mother Mrs Parvati Devi and their first
cousin Mr. Behari Lal Meghani. The firm is primarily involved in
construction work for Indian Railways. Their works include
construction of bridges, laying of tracks etc. The company has
primarily done works for the North Eastern Railway, North Central
Railway and Northern Railway.

The firm reported an operating income of INR342.1 million and
profit before tax of INR7.4 million in FY2009.


MARAL OVERSEAS: CARE Assigns 'CARE BB-' Rating on INR474cr Loan
---------------------------------------------------------------
CARE has assigned a 'CARE BB-' rating to the Long-term Bank
Facilities aggregating INR474 cr of Maral Overseas Ltd.  This
rating is applicable for facilities having tenure for more than
one year.  Facilities with this rating are considered to offer
inadequate safety for timely servicing of debt obligations.  Such
facilities carry high credit risk.

Further, CARE has also assigned a 'PR4' rating to the Short-term
Bank Facilities aggregating INR17 cr of MOL.  This rating is
applicable to facilities having a tenure upto one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk.  Such facilities are susceptible to default.

CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position
within the band covered by the rating symbol.

                                Amount
   Facilities                  (INR cr)        Ratings
   ----------                  --------        -------
   Long-term Bank Facilities    359.43         CARE BB-
   Fund-based Limits            115.00         CARE BB-
   Non-Fund Based Limits         16.50         PR4

Rating Rationale

The ratings are constrained by MOL's weak financial performance in
the last three years entailing restructuring of outstanding loans
under the Corporate Debt Restructuring (CDR) mechanism, volatility
in raw material prices and risk related to exports mainly due to
competition from China, Bangladesh and other cheap imports.
However the ratings derive strength from group support,
experienced promoters and the established marketing tie-ups with
some of the leading apparel brands.

Going forward, MOL's ability to manage profitability effectively
while withstanding competitive pressures and volatility in raw
material prices would be the key rating considerations.

Incorporated in 1989, MOL is a part of the LNJ Bhilwara Group.
The company is engaged in manufacturing and sale of cotton yarn,
knitted fabrics, knitwear and ready-made garments.  The company
has manufacturing facilities at Noida (U.P), and Khargone (M.P.)
with installed capacities of 75,600 spindles, around 50,00MT/annum
capacity for knitted fabric and facilities for manufacturing 48
lakh pieces/annum of readymade garments as on September 30, 2009.

On account of non-stabilization of the expanded operations, sharp
increase in cotton prices, almost stagnant yarn realizations,
slowdown in the export market and derivative losses, MOL had got
approval for Debt Restructuring under CDR forum in March 2009.

For 18 months period March 2008-September 2009 (FY09) MOL
registered total operational income of INR519 cr and incurred net
loss of INR42 cr.  However with the improvement in the overall
exports market as well as stable cotton prices, MOL's performance
for Q1FY10 (December quarter) has improved.  The company
registered PAT of INR1.44 cr over net sales of INR96 cr during
Q1FY10.


PINAX PAPER: Low Net Worth Prompts CRISIL 'BB' Ratings
------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Pinax Paper
Mills Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR117.0 Million Term Loan         BB/Stable (Assigned)
   INR40.0 Million Cash Credit        BB/Stable (Assigned)
   INR10.0 Million Bank Guarantee     P4+ (Assigned)
   INR7.0 Million Letter of Credit    P4+ (Assigned)

The ratings reflect PPMPL's below-average financial risk profile,
marked by low net worth and high gearing, and exposure to risks
related to the limited track record of its promoters in the paper
industry.  These rating weaknesses are partially offset by
geographical advantages for PPMPL.

Outlook: Stable

CRISIL believes that PPMPL will maintain a stable business and
financial risk profile, on the back of high demand for industrial
paper, especially kraft paper, in the company's region of
operation.  The outlook may be revised to 'Positive' in case PPMPL
reports significantly higher-than-expected revenues and cash
accruals, and significant improvement in gearing over the near to
medium term.  Conversely, the outlook may be revised to 'Negative'
if the company undertakes a significantly high debt-funded capital
expenditure programme, or lower-than-expected improvement in the
debt protection indicators.

                         About Pinax Paper

Promoted by Mr. Sanjay Khemka and Mr. Vivek Banka, PPMPL
manufactures kraft paper with burst factor in the range of 14 to
20. The company currently has a kraft paper manufacturing capacity
of 100 tonnes per day.  The company has commenced operations in
July 2009.

Mr. Khemka had incorporated Adi Shakti Ispat Pvt Ltd in April 2004
for manufacturing ingots and billets. In 2004-05, Mr. Khemka
changed his plans and decided to venture into kraft paper
manufacturing.  Accordingly, the objects and the name clause were
amended and the company was renamed as Pinax Paper Mills Pvt Ltd.
Mr. Khemka and his brother-in-law, Mr. Vivek Banka, handle the
day-to-day operations of the company along with a team of
professionals.

Mr. Khemka has substantial business interests in the iron and
steel industry.  The Khemka family owns and operates Pinax Steel
Industries Pvt Ltd. rated 'BB+/Stable/P4+' by CRISIL, which is
into manufacturing of ingots, billets and structurals.


RAJKAMAL TEXTILES: CRISIL Assigns 'B' Ratings on INR10.67 Loan
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Rajkamal
Textiles' bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR10.675 Million Long Term Loan      B/Stable (Assigned)
   INR35.000 Million Cash Credit         B/Stable (Assigned)
   INR5.000 Million Letter of Credit     P4 (Assigned)
   INR0.190 Million Bank Guarantee       P4 (Assigned)

The ratings reflect Rajkamal's below-average financial risk
profile marked by large working capital requirements, small scale
of operations and vulnerability to volatility in raw material
prices.  These rating weaknesses are partially offset by the
benefits that Rajkamal derives from its promoters' experience in
the textile industry.

Outlook: Stable

CRISIL believes that Rajkamal will continue to benefit from its
promoters' experience, over the medium term.  However, the firm's
liquidity will remain constrained because of its large working
capital requirements.  The outlook may be revised to 'Positive' if
Rajkamal scales up its operations and generates higher cash
accruals resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the firm's
capacities are underutilized; resulting in poor cash flows, its
operating margin declines, or it undertakes a large, debt-funded
capital expenditure programme over the medium term, leading to
further deterioration in its financial risk profile.

                       About Rajkamal Textiles

Set up in 2002 by Mr. C Rajendran and Mrs. C Nanjammal, Rajkamal
manufactures grey melange yarn. Based in Coimbatore (Tamil Nadu),
the firm has capacity of 12 ring frames.  It produces yarn with
counts ranging from 20s to 60s.

Rajkamal reported a profit after tax (PAT) of INR0.7 million on
net sales of INR117.1 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR0.7 million on net
sales of INR94.4 million for 2007-08.


SAMA JEWELLERY: ICRA Assigns 'LBB+' Rating on INR50MM Bank Debts
----------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB+' to INR50 million
fund based facilities of Sama Jewellery Pvt. Ltd. and has assigned
Stable outlook to it.  ICRA has also assigned a short term rating
of 'A4+' to INR20 million non fund based working capital
facilities of SJPL.

The ratings take into account the long experience of the company's
promoter in the business of manufacturing high end design
jewellery and good market standing of its jewellery items as
reflected in reputed diversified client base.  The ratings are,
however, constrained by its small scale of operations and
leveraged capital structure resulting from high working capital
intensity of its operations.  Further, finished goods inventory of
unconfirmed sales orders and long lead time involved in the
execution of confirmed orders expose its margin to the volatility
in raw material prices (mainly gold).  ICRA also takes note of the
fact that the jewellery industry is highly competitive due to its
fragmented nature and is characterized by very low entry barriers.

Incorporated in April 2005, Sama Jewellery Private Limited was
promoted by Mr. Navin Jashnani with the aim to manufacture and
market high end couture jewellery.  The business of the company is
to manufacture of high end designer jewellery, which is designed
in-house, through its group company Amalya Manufacturing Company
and market it to the jewellery retailers both in the domestic and
export markets.

During FY 2009 SJPL recorded operating income of INR208.3 million
and PAT of INR6.6 million.


SHRINIWAS MACHINE: CRISIL Rates INR85 Million Term Loan at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the bank
facilities of Shriniwas Machine Craft Pvt Ltd, which is part of
the Rewale group.

   Facilities                    Ratings
   ----------                    -------
   INR60 Million Cash Credit     BB-/Stable (Assigned)
   INR85 Million Term Loan       BB-/Stable (Assigned)

The rating reflects the Rewale group's weak financial risk
profile, and exposure to risks relating to customer concentration
in revenue profile, and small scale of operations with limited
track record, in the highly fragmented generator-set canopy
industry.  These weaknesses are partially offset by the group's
strong relationships with its customers, and the benefits that
SMCPL derives from healthy growth prospects in the end-user
industry-the telecom industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SMCPL, Rewale Engineering Pvt Ltd, and
Venkatesh Engineering Equipments Pvt Ltd.  This is because the
three companies, collectively referred to as the Rewale group are
in same line of business, under the same management, and have
strong operational and financial linkages. Moreover, REPL and
VEEPL jointly hold majority stake in SMCPPL; and REPL is a
contract manufacturer for SMCPL; VEEPL has also given corporate
guarantee to the bank loan facilities of SMCPL.

Outlook: Stable

CRISIL expects the Rewale group to benefit from its strong
relationships with its main customers and healthy growth prospects
of the end-user telecom industry over the near-to-medium term.
The outlook may be revised to 'Positive' if there is substantial
improvement in the group's capital structure and its scale of
operations, while maintaining its profitability.  The outlook may
be revised to 'Negative' if the group undertakes a large debt-
funded capex programme, or if its operating margin deteriorates
significantly.

                          About the Group

Promoted by Mr Vilas Rewale in 2003, SMCPL is part of the Rewale
group, which started operations under REPL in 1983.  SMPCL
manufactures sheet metal canopies for gensets for original
equipment manufacturers (OEMs) such as Mahindra and Mahindra Ltd
and Ashok Leyland Ltd, which ultimately find application in the
telcom industry. At present SMCPL subcontracts its entire
manufacturing operations to REPL.  SMCPL plans to manufacture and
market gensets under its 'Radix' brand, in partnership with Same
Deutz Fahr Germany. In 2005, Mr. Vilas Rewale set up VEEPL, which
does assembling for M&M's gensets on jobwork basis.

The Rewale group reported a profit after tax (PAT) of
INR66.7 million on operating income of INR1.023 billion for 2008-
09 (refers to financial year, April 1 to March 31), as against a
PAT of INR22.2 million on net sales of INR0.56 billion for 2007-
08.


SOWBHAGYA POLYMERS: ICRA Places 'LBB+' Rating on Bank Debt
----------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR55 million Fund based
limits of Sowbhagya Polymers Limited.  The rating carries a stable
outlook.  ICRA has also assigned an A4+ rating to the INR87.5
million Non-Fund based limits of SP.

The ratings are constrained by low net worth base of SP in
relation to the overall credit risk for its overall sales,
although this risk is partly mitigated by credit risk insurance
taken from United Chemicals and Industries.  The ratings also
factor in SPs low profitability as well as moderate debt coverage
indicators.  Nevertheless, the ratings take into account the
established track record of the company as a Del Credere Agent
(DCA) of Reliance Industries Limited (RIL), its diversified
customer profile, adequate risk management policies followed by
the company and healthy growth witnessed in both commission as
well as interest income in the last few years.

Sowbhagya Polymers Limited has been a Del Credere Agent (DCA) for
Reliance Industries Limited for more than 15 years.  SP is
involved in selling of polymer products namely HDPE (high
density polyethylene), LDPE (low density polyethylene) and PP/PPCP
(polypropylene/ polypropylene copolymer).  The operational
territory for the company currently covers the geographical area
of Karnataka.  During FY 2009, the company reported Profit after
Tax (PAT) of INR0.79 million on an operating income of INR15.2
million. During 11 months ending February 2010, the company earned
total commission income of 19.30 million.


SRI KANNAPIRAN: ICRA Reaffirms 'LBB' Rating on INR482.7M Term Loan
------------------------------------------------------------------
ICRA has re-affirmed the 'LBB' rating to the INR 482.7 million
term loans (outstanding being INR481.4 million) and INR71.5
million fund based facilities of Sri Kannapiran Mills Limited.
The outlook on the rating is stable.  ICRA has also re-affirmed
its A4 four) rating to the INR130 million non fund based
facilities and INR164 million fund based facilities of SKML.

The re-affirmation in ratings takes into account the recent
improvements in the operating environment with recovery witnessed
on the demand and the realization front and the established
position of the company in the domestic yarn industry.  The
ratings however are still constrained by the weak financial
profile of the company with stretched capital structure
characterized by high gearing and inadequate coverage indicators
on account of the debt funded capital expenditure over the FY04-
FY08 period coupled with the weak demand situation faced by the
textile industry in the past few years which had resulted in
significant losses.  Consequently, the company had opted for debt
re-structuring to improve its liquidity position. Despite recent
improvements in operating environment, the higher cotton costs and
intense competition in a highly fragmented yarn industry with
excess capacity in the standard count cotton yarns could limit
improvements in profitability of the sector.  The ratings also
favorably considers the company's long standing presence in the
spinning market, experienced management and its product profile
which consists of wide range of yarns produced in terms of value
additions.

Sri Kannapiran Mills Limited, the flagship company of KG Group, is
a leading producer of 100% cotton yarn in Coimbatore (Tamil Nadu).
Incorporated in 1946, the company presently has two open ends and
two ring spun yarn units that produce 80 tons of cotton yarn every
day which cater to both domestic and international markets. For
nine months 2009-10, the company has reported a net loss of 30
million on an operating income of INR1.1 billion as against a loss
of INR73 million on an operating income of INR1.49 billion for
2008-09.


SRIKARA PARENTERALS: Delays in Loan Repayment Cues Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its rating of 'D' to the bank facilities of
Srikara Parenterals Pvt Ltd.  The rating reflects delays by
Srikara in servicing of term debt repayment obligations, owing to
weak liquidity.

   Facilities                          Ratings
   ----------                          -------
   INR35.2 Million Rupee Term Loan     D (Assigned)
   INR30.0 Million Cash Credit         D (Assigned)
   INR2.8 Million Proposed Long-Term   D (Assigned)
                  Bank Loan Facility

Incorporated in 2006 by Mr. G. N. Manikyala Rao, Srikara
manufactures intravenous fluids such as Ringer's lactate solution,
saline, and sodium lactate.  These products are used for fluid and
nutrition replacement in the human body.  The company caters to
hospitals and medical stores across South India through
consignment agents. Srikara also bids for tenders floated by
government hospitals.  The company's manufacturing facility is
located at Atukuru in Krishna district (Andhra Pradesh).

Srikara reported a net loss of INR0.7 million on net sales of
INR52.0 million for 2008-09 (refers to financial year, April 1 to
March 31), as against a profit after tax (PAT) of INR4.0 million
on net sales of INR51.8 million for 2007-08.


TATA MOTORS: Global Sales Up 39% in March
-----------------------------------------
The Tata Motors Group's global sales -- comprising of Tata, Tata
Daewoo and Hispano Carrocera range of commercial vehicles, Tata
passenger vehicles along with distributed brands in India, and
Jaguar and Land Rover -- were 101,712 units in March 2010, a
growth of 39% over March 2009.  Cumulative sales for the fiscal
(April 2009 - March 2010) are 872,951 higher by 19% compared to
the corresponding period in 2008-09.

Sales of all commercial vehicles were 47,936 nos. in March 2010, a
growth of 53%. Cumulative sales for the fiscal are 413,057 nos., a
growth of 37%.

Sales of all passenger vehicles were 53,776 nos. in March 2010, a
growth of 28%.  Cumulative sales for the fiscal are 459,894 nos.,
a growth of 6%.

Tata passenger vehicle sales, including those distributed, were
30,238 nos. for the month, a growth of 18%.  Cumulative sales for
the fiscal are 265,912 nos., a growth of 24%.

Jaguar Land Rover global sales in March 2010 were 23,538 vehicles,
higher by 43%. Jaguar sales for the month were 4,642, higher by
8%, while Land Rover sales were 18,896, higher by 55%.  Cumulative
sales of Jaguar Land Rover for the fiscal are 193,982 nos., lower
by 11%. Cumulative sales of Jaguar are 47,418 nos., lower by 24%,
while cumulative sales of Land Rover are 146,564 nos., lower by
6%.

                         About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.

Tata Motors continues to carry Moody's Investor Service 'B3' LT
Corp Family Rating.


UNIVERSAL AUTOFOUNDRY: ICRA Rates INR127.5MM Bank Debts at 'LB+'
----------------------------------------------------------------
ICRA has assigned 'LB+' rating to the INR127.5 million bank
facilities of Universal Autofoundry Private Limited.

The rating factors in UAFL's small scale of operations, stretched
cash flows with weak profitability margins and net losses during
11m 2009-10, as well as adverse capital structure with gearing of
4.7 times as on March 2009 though a part of the borrowings are
from its promoters. Further UAFL is exposed to client
concentration risk with top two customers contributing over 55% of
its sales, and susceptible to fluctuation in raw material prices.
The ratings however consider the company's low customer dropout
rate and its recent plant modernization and capacity enhancement,
to help gain new business and increase its scale of operations

In 11m 2009-10, UAFL reported operating income of INR87 million
and profit before depreciation, interest and tax of INR10 million.
Further with drop in operating profitability and higher interest
expense, UAFL reported losses of INR26 million at the net level

The company was started in 1972 as a partnership firm by Mr. K.L.
Gupta and V.C. Jain and began manufacturing C.I castings finding
application in a variety of areas like stone crushing,
agricultural items, water lines, transmission line hardware etc.
In 1985 the company began manufacturing castings for the domestic
automotive industry and by 2000 also began manufacturing S.G Iron
Castings. In 2008 the company undertook a plant upgradation and
expansion exercise and installed imported moulding machines and
casting plant. Subsequently the company was converted to a Private
Limited company in Oct 2009.


VRV TEXTILES: ICRA Rates Various Bank Facilities at 'LBB'
---------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR216 million term loans
and INR55 million fund based facilities of VRV Textiles Limited.
ICRA has also assigned an A4 rating to the INR10 million fund
based and INR26.0 million non-fund based facilities of VRV.   The
outlook on the long term rating is stable.

The ratings are constrained by the relatively small scale of
operations of the company; its weak financial profile; volatility
in raw material costs affecting operating margins and surplus
capacities in a fragmented industry structure that restricts
pricing flexibility.  The rating favorably factors in the vast
experience of the promoters in cotton related businesses;
proximity to cotton growing areas besides low power and labor
costs and lately improving demand prospects for the spinning
industry especially in the domestic market.

VRV Textile Limited, promoted in the year 2006 is engaged in the
manufacturing of cotton yarn.  The company produces cotton yarn of
average 40s mainly in the combed variety.  Its primary customers
are in the hosiery segment.  Currently majority of the sales are
in the domestic segment with a small proportion of exports
directed towards Turkey.  Located at Guntur- the major cotton
growing belt of Andhra Pradesh, VRV saves on transportation cost
and is able to get other logistic advantage.  At present, VRV has
an installed capacity of 16,800 spindles.


WEST COAST: CRISIL Rates INR43.5 Million Term Loan at 'BB+'
-----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of West Coast Frozen Foods Pvt Ltd, part of the Aqua
Alliance group.

   Facilities                         Ratings
   ----------                         -------
   INR43.5 Million Term Loan          BB+/Stable (Assigned)
   INR74.5 Million Proposed LT        BB+/Stable (Assigned)
           Bank Loan Facilities  
   INR110.0 Million Packing Credit*   P4+ (Assigned)
   INR2.2 Million Bank Guarantee      P4+ (Assigned)

   * Fully interchangeable with Bills Discounting

The ratings reflect the susceptibility of AAG's farm and shrimp-
processing business to changes in climatic conditions, force
majeure events, adverse government regulations, competition from
substitutes, and diversion of funds towards new initiatives of the
group.  These rating weaknesses are partially offset by the
group's healthy financial risk profile marked by adequate net
worth and healthy net cash accruals, and the benefits that the
group derives from its promoters' strong track record in the
aquaculture business.

For arriving at its ratings, CRISIL has combined the financials of
WCFFPL, West Coast Water Base Pvt Ltd, Alliance Foods Pvt Ltd
(AFPL), Western Lotus Hatcheries, and Arabian Seafood Inc (ASI),
collectively referred to as AAG.  This is because of the
significant level of operational and financial linkages, including
fungible funds, among the group companies.

Outlook: Stable

CRISIL believes that AAG will maintain its current business and
financial risk profile over the medium term, backed by its healthy
operating efficiencies, increasing demand for its product; 'Black
Tiger' variety of prawns and reasonable brand presence through
'Cambay Tiger' in the domestic market.  The outlook may be revised
to 'Positive' if the group demonstrates significant commercial
success in its domestic retail initiatives, while generating
increased revenues and net cash accruals from its traditional
businesses: prawns exports, and feed and feed supplement trading.
Conversely, the outlook may be revised to 'Negative' if AAG
undertakes a large, debt-funded capital expenditure programme,
leading to deterioration in its capital structure or debt
protection indicators, or if the group's sales volumes or margin
declines considerably, resulting in a weaker financial risk
profile.

                          About the Group

WCFFPL, incorporated in 2006-07 (refers to financial year, April 1
to March 31) by Mr. Kamlesh Gupta, processes and exports shrimps
and prawns, predominantly the black tiger variety.  The company
has a strong presence through its Cambay Tiger brand in the black
tiger prawns segment.  The company has a processing capacity of 25
tonnes per day. WCFFPL exports mainly to the European markets of
France and Germany, and to Japan and the US.  The company also
supplies products to its sister company, AFPL, which caters to
high-class restaurant chains, super markets, and malls in cities
across India.

WLH is a partnership firm with a prawn hatchery, WCWBPL is
predominantly into trading of feeds and feed supplement, ASI is
engaged in farming of shrimps and prawns, and AFPL is the group's
maiden venture into supply of farm bread shrimps and prawns,
chiefly black tiger, in the domestic market.

WCFFPL reported a standalone net loss of INR0.76 million on net
sales of INR36 million for 2008-09, against a net loss of
INR0.5 million on net sales of INR1.4 million for 2007-08.


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


MERPATI NUSANTARA: To Receive More Funds From Government
--------------------------------------------------------
The Jakarta Post reports that the government of Indonesia will
likely infuse more funds to Merpati Nusantara Airlines as it opts
to avoid liquidating the state-owned airline company due to high
costs.

The report says more funds are needed to support Merpati in
repaying its significant debt, reported at IDR1.6 trillion as of
March 2010.

"Last year the company asked for IDR1 trillion [of capital
injection] from the government, but the government only came up
with IDR300 billion," the Post quoted Said Didu, the secretary to
the state-owned enterprises minister, as saying.

The Post notes that a preliminary review of Merpati's financial
performance on Thursday by the ministry showed that the company
was facing several problems including a lack of aircraft and
funds.

                       About Merpati Nusantara

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.

Merpati Nusantra has been suffering from massive debts and soaring
costs, and is now under a restructuring program of the Asset
Management Company (PPA) -- the state-sanctioned agency tasked to
restructure ailing state firms, the Troubled Company Reporter-Asia
Pacific reported on Feb. 25, 2009, citing Jakarta Globe.

The company has a total debt of IDR2.2 trillion to two other state
firms, plus around IDR800 billion it owes as part of employee
layoff settlements, following the dismissal of up to 1,300 workers
on a voluntary basis.


UOB BUANA: To Merge With UOB Indonesia
--------------------------------------
The Jakarta Post reports that PT UOB Indonesia will merge with PT
UOB Buana to comply with the central bank's single-presence
policy, which prohibits companies from owning more than one bank.

UOB Buana president director Armand Bachtiar Arief said the merger
plan, which will become legally effective in June this year, was
approved by both banks' shareholders during an extraordinary
meeting in Jakarta on Thursday, the Post relates.

The report says Singapore-based UOB International Investment
Private Ltd owns 99% stake each in UOB Buana and UOB Indonesia.

According to the Post, UOB Buana reported net profit of
IDR443.92 billion in 2009, while UOB Indonesia booked net profit
of IDR389 billion in the same year.

Following the merger, the report notes, UOB Buana as the surviving
bank will have total assets of around IDR38 billion, and 215
branches across Indonesia.

Established in 1956, PT Bank UOB Buana Tbk is ranked among the 20
largest banks in Indonesia.  UOB first acquired a 23% stake in
Buana in June 2004 and later raised it to 98.997% in October 2008
through a tender offer.  The bank employs 5,800 workers and
operates 35 branches nationally.

                           *     *     *

PT Bank UOB Buana Tbk continues to carry Fitch Ratings 'BB'
Long-term foreign and local currency Issuer Default Ratings,
'B' foreign currency LT debt rating and 'B' ST Issuer Default
Rating.


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


ALL NIPPON AIRWAYS: To Double Bond Sale to JPY20 Billion
--------------------------------------------------------
All Nippon Airways Co. decided Friday to double the quantity of
5-year straight bond issuance slated for later this month to
JPY20 billion, as it sees larger-than-expected demand from
institutional investors, The Nikkei reports.

As reported in the Troubled Company Reporter-Asia Pacific on
April 15, 2010, Bloomberg News said All Nippon Airways Co. plans
to sell JPY10 billion of five-year bonds in its first debt
offering since 2008.

ANA last sold bonds on May 27, 2008, when it raised JPY10 billion
in five-year 1.84% notes, priced to yield 25 basis points more
than the yen swap rate, and another JPY10 billion in 10-year 2.45%
notes at a 45 basis point spread, according to data compiled by
Bloomberg.

ANA spokesman Yoshifumi Miyake told Bloomberg the company is
considering a sale of five-year bonds to repay debt and "the
schedule and the size are not decided yet."

All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The company has 112 subsidiaries and 40 associated
companies.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2009, Moody's Investors Service downgraded the long-term
debt ratings of All Nippon Airways Co., Ltd., to Ba2 from Baa3.
The outlook is stable.


DAIEI INC: Aims to Return to Profit Next Fiscal Year
----------------------------------------------------
Daiei Inc. will aim to return to the black on a net balance level
in the financial year through February 2013 by reviewing its store
structure and expanding sales of private-brand products, Kyodo
News reports, citing Michio Kuwahara, the supermarket chain's
incoming president.

Mr. Kuwahara, who will take the helm at Daiei in May, told Kyodo
News that he plans to include the target in the company's midterm
business plan to be compiled around the middle of next month.

According to the news agency, the retailer has scrambled to turn
its operations around through its capital ties with trading house
Marubeni Corp. -- its top shareholder -- and retail giant Aeon Co.
after it sought financial aid from the state-backed Industrial
Revitalization Corp. of Japan.

Kyodo News discloses that for fiscal 2009 ended in February,
Daiei's sales dropped below the JPY1 trillion mark for the first
time in 32 years on sluggish consumer demand for clothing and
other products.  According to Kyodo, the company also booked an
operating loss of JPY1.16 billion, falling into the red from a
year-earlier profit of JPY5.93 billion.  Daiei's net loss for the
latest reporting year came to JPY11.89 billion, smaller than the
previous year's loss of JPY23.67 billion, the report notes.

Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/-- is a Japan-based securities company.
The company primarily is engaged in the securities, investment,
financing and service businesses.  Daiwa Securities Group is
comprised of 46 consolidated subsidiaries and five associated
companies, which are engaged in the securities, investment
trust, information service, real estate leasing, venture
capital, financing and other businesses.  The company with its
subsidiary and associated companies has operations in both
domestic and overseas markets, including Japan, the United
Kingdom, the United States, the Netherlands, Hong Kong and
Singapore.


JAPAN AIRLINES: High Number of Early Retirement Applications Filed
------------------------------------------------------------------
Kyodo News reports that Japan Airlines Corp. has received early
retirement applications from far more than the originally planned
2,700 employees.

Kyodo News relates JAL group sources said Friday that the carrier
plans to ask some of the employees to withdraw their applications
or delay their retirement until after the end of the May deadline
as the retirement of the employees en masse would affect the
airline's services.

"With no bonuses granted last year, we saw many younger workers
were applying for the airline's early retirement program at some
divisions," the news agency quoted one of the sources as saying.
Kyodo adds that sources indicated the still unclear outlook for
the rehabilitation of Japan's largest airline was the main factor
behind the higher than expected number of applications.

As reported in the Troubled Company Reporter-Asia Pacific on
March 26, 2010, Japan Airlines Corp. said started soliciting
early-retirement applications on March 18, 2010 from rank-and-file
employees and midlevel managers aged 35 and older at its key
flight-services arm, Japan Airlines International Co.

The Japan Times said the move is part of JAL's program to
eventually eliminate 15,700 jobs, or about 30% of its group
workforce, by the business year through March 2013 as it aims to
turn itself around under a government-supervised rehabilitation
process.

The Japan Times adds that JAL also solicited 2,700 applications
from employees at its group firms, including 1,700 at Japan
Airlines International, on March 1.  The deadline for applications
ended on April 16, Kyodo News relates.

JAL officials said the airline expects to reduce its personnel
expenses by JPY18 billion in fiscal 2010, which begins April 1,
the report revealed.

                        About Japan Airlines

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

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

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

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


JAPAN AIRLINES: Mulls Stopping Membership Fees to Industry Group
----------------------------------------------------------------
Bloomberg News, citing Nikkei English News, reports that Japan
Airlines Corp. may halt payments of membership fees and
contributions to industry groups as it undergoes state-backed
restructuring.

According to Bloomberg, Nikkei said JAL is considering stopping
contributions to the Air Safety Foundation, the Association of Air
Transport Engineering and Research, and a group that helps train
pilots.

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.

                             About JAL

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)


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


GENERAL MOTORS: GM Daewoo Faces Union Lawsuit Over Back Pay
-----------------------------------------------------------
The labor union of GM Daewoo, the South Korean unit of General
Motors, is preparing to launch a lawsuit against the company for
additional compensation of KRW70 billion, claiming that management
calculation of wages was faulty.  The report says the lawsuit
would be South Korea's largest-scale legal action by the labor
union of a single company.

According to the report, GM Daewoo said the union pointed out that
family allowance, summer holiday subsidy, and personal pension
payments were not counted into the ordinary wage, which serves as
the basis for other forms of remuneration.

Chosun Ilbo notes the union is demanding back pay for the last
three years.  It collected signatures of some 9,800 members, and
sent a letter warning of the lawsuit if the request is declined to
GM Daewoo CEO Mike Arcamone on April 1.

                       About General Motors

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

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

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

                    About Motors Liquidation

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

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

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


HYNIX SEMICONDUCTOR: Creditors Ready to Resume Hynix Stake Sale
---------------------------------------------------------------
Bloomberg News reports that Korea Finance Corp. President Ryu Jae
Han said the creditors of Hynix Semiconductor Inc. are open to
resuming the sale of their stake in the chipmaker and will try to
find a proper buyer.

According to the report, Korea Finance is one of nine
institutions, led by main creditor Korea Exchange Bank, seeking to
sell their stake in Hynix as they try to recoup the $4.6 billion
cost of bailing it out.

Korea Finance also holds an 11% stake in Hyundai Engineering &
Construction Co. as the largest shareholder, and owns 8% of SK
Networks Co., according to data compiled by Bloomberg.

Bloomberg says Mr. Ryu told lawmakers in Seoul on Friday that
Korea Finance will try to sell both investments.

                     About Hynix Semiconductor

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

                           *     *     *

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

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


KUMHO ASIANA: KDB Proposes Suspension of Two Units' Debt Repayment
------------------------------------------------------------------
Korea Development Bank has proposed to fellow creditors of Kumho
Asiana Group that they allow two of its units to suspend debt
repayments as part of a turnaround plan, Bloomberg News reports
citing two bankers familiar with the matter.

Bloomberg's sources said KDB, Kumho Asiana's biggest creditor, is
seeking approval for Asiana Airlines Inc. and Korea Kumho
Petrochemical Co. to suspend payments until the end of 2011.

The bankers, who asked not to be identified as the talks are
confidential, told Bloomberg News that KDB also suggested the
creditors buy KRW200 billion (US$180 million) of convertible bonds
from Korea Kumho Petrochemical.

Asiana Airlines has KRW330 billion in bonds due this year while
Korea Kumho Petrochemical has KRW355 billion in bonds and loans
maturing, according to data compiled by Bloomberg.

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

The creditors decided on 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.


KUMHO ASIANA: Kumho Tire Reaches Pact with Labor Union
------------------------------------------------------
The Korea Herald reports that Kumho Tire Co. has reached an
agreement with its union over working conditions, paving the way
for the resumption of its stalled debt-restructuring program.

The Herald relates the company said Sunday that the management
agreed to reinstate 189 fired workers and cancel its plan to
dismiss 1,006 employees in line with the restructuring plan.  The
two sides also reached a deal on salary cuts and other working
conditions, the Herald notes.

According to The Korea Times, the move came two days before the
Tuesday [April 20] deadline set by its creditors for the union to
submit an agreement on workout plans, a condition required for the
resumption of the debt rescheduling program, which has been
stalled since workers voted against a tentative agreement on
April 9.

The labor-management deal is subject to an approval by union
members.

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.


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


BLUE CHIP: May Face Fresh Legal Stoush Over Investors' False Info
-----------------------------------------------------------------
Blue Chip and its associated companies may face another legal
challenge after an investigation revealed for the first time that
mortgage documents for dozens of its investors contained false
information, the New Zealand Herald reports.

According to the report, the information has been passed to the
Serious Fraud Office and may lead to another legal challenge over
the money owed after the collapse of the finance company.

The Herald on Sunday learned that a review by Genworth Financial
has uncovered widespread misrepresentation in loan documents.
According to the Herald, Genworth Financial insured many mortgages
Blue Chip investors took out through GE Money.  If Genworth can
show the documents contain false information it could refuse to
pay insurance, the report notes.

The report recalls that mortgages were offered through a company
called Tasman Mortgages, which Blue Chip owned until 2008.  Some
loans allowed investors to borrow money without declaring income
details.  Instead, they had to sign a declaration stating they
could meet repayments.

Genworth hired international firm Risq Fraud and Security
Management, which has contracted private investigators to review
Blue Chip investors' loan files.

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division is
engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.


CBD CONSTRUCTION: Under Liquidation; Faces Insolvent Trading Probe
------------------------------------------------------------------
Christchurch-based construction company CBD Construction has been
placed in liquidation, Shane Cowlishaw at The Southland Times
reports.

Citing the first receivers' report by Andrew Oorschot of
accounting firm Ashton Wheelans and Hegan, The Southland Times
says CBD owes creditors, staff and the Inland Revenue
NZ$4.72 million.

The receivers' report said the company was trading profitably
until March 31, 2009, when it began experiencing cashflow
difficulties, according to The Southland Times.

The Southland Times adds that the receivers' report said it was
unsure how much money owed to CBD from previous contracts would be
recovered as some customers had ended their contracts because of
non-performance issues.

The liquidation should be completed within six months and will
involve an investigation into insolvent and reckless trading
issues, the report notes.


PROVENCOCADMUS LTD: ANZ May Face Shortfall on Firm's Debt
---------------------------------------------------------
The New Zealand Herald reports that the receivers of
ProvencoCadmus Ltd. said ANZ National Bank can expect a
significant shortfall on the NZ$26.8 million it's owed.

The Herald relates that Michael Stiassny and Brendon Gibson of
KordaMentha, in their second receivers' report, said the bank has
so far been given NZ$5.75 million back.

According to the report, Messrs. Stiassny and Gibson said it is
now "evident" there will be a "significant" shortfall to the bank.

The report notes Mr. Stiassny said the receivers were still
working through some issues including with debtors.  "[But] the
answer is the bank will incur a significant loss," the report
quoted Mr. Stiassny as saying.

The report says the news is even worse for other creditors,
including ProvencoCadmus employees who have logged claims for
$1.6 million, the Inland Revenue Department which is yet to lodge
a preferential claim, and other creditors owed about $2.4 million.

                        About ProvencoCadmus

Based in New Zealand, ProvencoCadmus Limited formerly Provenco
Group Limited (NZX:PVO)-- http://www.provencocadmus.com/ --
designs, builds, distributes and services payment and transaction
solutions.  In Australasia, the company supplies payments and
transaction technology, countertop, mobile and wireless retail
hardware, and globally it supplies transaction, forecourt and site
management systems for the retail oil industry.  It has operations
in 25 countries across five continents.  On May 8, 2008, Provenco
Group Limited (PVO) and Cadmus Technology Limited (CTL) completed
their merger, with the merged company adopting the interim name of
ProvencoCadmus.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 4, 2009, ANZ National Bank appointed Michael Stiassny and
Brendon Gibson at KordaMentha joint and several receivers of
ProvencoCadmus Limited.

ProvencoCadmus asked ANZ National Bank to appoint receivers to the
Company, as the Company will not have sufficient funds to meet its
working capital requirements.


RURAL PORTFOLIO: Breaches Trust Deed; May Sell PGG Wrightson Stake
------------------------------------------------------------------
Rural Portfolio Capital, the financing arm of Craig Norgate and
the McConnon family's Rural Portfolio Investments, may sell its
stake in PGG Wrightson Ltd. after the investment company warned it
does not have enough money in its account to meet the next
dividend payment to its preference shareholders, The New Zealand
Herald reports citing market commentator Arthur Lim.

Rural Portfolio Capital told the market late on Thursday it had
breached a trust deed by failing to have enough money in its
escrow account to make an October payment, the report says.

The Herald relates Rural Portfolio Capital, which has 30 days to
remedy the breach, said it planned to meet the deadline and had
also asked for an extension from its other funders to allow it to
pay them back.

Headquartered in Dunedin, New Zealand, Rural Portfolio Investments
Limited -- http://www.ruralportfolioinvestments.co.nz/-- is an
investment company owned 50 percent by Aorangi Laboratories
Limited (the McConnon family interests' investment vehicle) and 50
percent by MCN Rural Investments Limited (a Craig Norgate family
interests' investment vehicle).  RPI was formed on August 6, 2003,
with the objective of investing in Wrightson Limited and as a
vehicle for other agribusiness investments.


* NEW ZEALAND: Retail Sales Fell 0.6% in February 2010
------------------------------------------------------
Seasonally adjusted total retail sales fell 0.6% (NZ$32 million)
in February 2010, according to Statistics New Zealand.  One
quarter of the 24 retail industries recorded falls of more than
NZ$5 million, with a further seven industries recording smaller
decreases.

Seasonally adjusted core retail sales (which exclude the four
vehicle-related industries) fell 0.9% (NZ$35 million).  "This is
the second notable decrease in core retail sales in the past three
months, and follows the record drop of 2.0% in December 2009,"
business statistics manager Kathy Connolly said.

The core retail sales trend is falling for the first time since
1995, down 1.0% since October 2009.  This follows two and a half
years of slower-than-average growth.  The total retail sales trend
has flattened during the past few months, following a period of
moderate growth that began in March 2009.

Sales trends for six of the seven food and drink related
industries have been falling recently, with significant falls in
supermarket and grocery stores, fresh produce retailing, and other
food retailing.  Takeaway food retailing was the only one of these
industries to show a rising trend, growing 9.1% since December
2008.

Seasonally adjusted sales fell 1.3% in the North Island and 0.2%
in the South Island.


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


BAYAN TELECOM: Annual Loss Narrows to PHP505 Million in 2009
------------------------------------------------------------
Bayan Telecommunications, Inc., narrowed its losses last year to
PHP505 million from PHP777 million in 2008 as the peso value of
dollar debts went down due to a stronger local currency,
BusinessWorld Online reports.

According to BusinessWorld, Bayantel's revenues increased by 5% to
PHP6.63 billion from PHYP6.32 billion in 2008 due to the data and
broadband business.  Bayantel had an operating income of
PHP264 million last year, from a loss of PHP222 million in 2008.

Bayantel said the wireless landline business was flat, growing by
1% to PHP1.51 billion while subscriber base stood at about 200,000
at the end of 2009, BusinessWorld relates.

BusinessMirror reports Bayantel paid a total of PHP1.42 billion in
2009 for both principal and interest. BusinessMirror notes that
this brings total debt-related payments to more than
PHP5.92 billion since the corporate rehabilitation plan was
implemented in July 2004.

BusinessMirror reveals that Bayantel's total debts reached
$325 million, although the company is confident this will be
totally paid out by 2023.  About 92% of the debts are dollar-
denominated, BusinessMirror adds.

                          About Bayantel

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

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

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


BENPRES HOLDINGS: Posts PHP11.9 Bil. Net Income in 2009
-------------------------------------------------------
Benpres Holdings Corporation reported a net income attributable to
parent of PHP11.9 billion in 2009, compared to PHP2.9 billion in
2008.  The increase is attributable to the recorded PHP7.5 billion
net gain from buying back an aggregate of US$7 million in debt
from certain creditors of Benpres in 2009.

Benpres also recorded PHP4.2 billion as equity in net earnings of
associates, primarily due to the sale by associate First
Philippine Holdings Corporation of a 20% stake in the Manila
Electric Company in July 2009.

Company president and chief operating officer Angel S. Ong said,
"The invigorated position of Benpres augurs well for the growth
strategies of our major investees.  FPHC is focused on the
development of clean and renewable energy through its
subsidiaries, and ABS-CBN will pursue global expansion."

Benpres will hold its annual meeting on June 10 and shareholders
as of April 27 are entitled to notice of and vote at the meeting.

                       About Benpres Holdings

Headquartered in Pasig City, Philippines, Benpres Holdings
Corporation (PSE:BPC) -- http://www.benpres-holdings.com/-- is an
investment holding company.  Benpres is a 54.61%-owned subsidiary
of Lopez, Inc.  Both entities were incorporated in the
Philippines.  Benpres Holdings and its subsidiaries are mainly
involved in investment holdings, broadcasting and entertainment,
and water distribution.  The company's associates are involved in
telecommunications, power generation and distribution, cable
television, real estate development and infrastructure.

                           *     *     *

Sycip Gorres Velayo & Co. commented on the company's financial
results for the year ended December 31, 2008, that the ability
of the company to continue operating as a going concern depends
on the success of its Balance Sheet Management Plan and related
Term Sheet circulated to its creditors.  This condition indicates
the existence of a material uncertainty, which may cast
significant doubt about the company's ability to continue
operating as a going concern.

As of December 31, 2008, the company recorded total assets of
PHP55.67 billion while total stockholders' equity at year-end
stood at PHP16.62 billion.


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


ASH I PTE: Creditors' Proofs of Debt Due May 16
-----------------------------------------------
Creditors of Ash I Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 16,
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


BABCOCK & BROWN: Creditors' Proofs of Debt Due May 16
-----------------------------------------------------
Creditors of Babcock & Brown Storage Asia Holdings Pte Ltd, which
is in creditors' voluntary liquidation, are required to file their
proofs of debt by May 16, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


BABCOCK & BROWN STORAGE: Creditors' Proofs of Debt Due May 16
-------------------------------------------------------------
Creditors of Babcock & Brown Storage Management Holdings Pte Ltd,
which is in creditors' voluntary liquidation, are required to file
their proofs of debt by May 16, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


ESCOLSING PTE: Creditors' Meeting Slated for May 3
--------------------------------------------------
Escolsing Pte Ltd, which is in creditors' voluntary liquidation,
will hold a meeting for its creditors on May 3, 2010, at 11:00
a.m., at 8 Cross Street #17-00, PWC Building, in Singapore 048424.

Agenda of the meeting include:

   a. to lay before the meeting a report of the liquidators
      showing how the winding-up was conducted;

   b. to authorize the liquidators to transfer the remaining
      receivables of the Company to its creditors;

   c. to approve the remuneration of the liquidators and
      disbursements; and

   d. discuss other matters.

The company's liquidator is:

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


GMP DEVELOPMENT: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on April 9, 2010, to
wind up the operations of GMP Development Pte Ltd.

L&M.com Pte Ltd, formerly known as L&M Holdings Pte Ltd, filed the
petition against the company.

The company's liquidator is:

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


KIAT SENG: Court to Hear Wind-Up Petition on April 30
-----------------------------------------------------
A petition to wind up the operations of Kiat Seng Engineering &
Construction Pte. Ltd will be heard before the High Court of
Singapore on April 30, 2010, at 10:00 a.m.

Jit Heng Engineering Pte. Ltd. filed the petition against the
company on March 18, 2010.

The Petitioner's solicitor is:

          WongPartnership LLP
          One George Street, #20-01
          Singapore 049145


OSCELMARINE PTE: Creditors Get 3.4335% Recovery on Claims
---------------------------------------------------------
Oscelmarine Pte Ltd will declare the second and final dividend to
creditors on April 19, 2010.

The company will pay 3.4335% to ordinary claims.

The company's liquidator is:

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


PINNAKELL ASSET: Creditors' Proofs of Debt Due May 17
-----------------------------------------------------
Creditors of Pinnakell Asset Management Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by May 17, 2010, to be included in the company's
dividend distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          Aw Eng Hai
          47 Hill Street
          #05-01
          Singapore Chinese Chamber of Commerce & Industry Bldg.
          Singapore 179365


RALTRON SINGAPORE: Court to Hear Wind-Up Petition on April 30
-------------------------------------------------------------
A petition to wind up the operations of Raltron Singapore Pte. Ltd
will be heard before the High Court of Singapore on April 30,
2010, at 10:00 a.m.

Ho Wee Kah filed the petition against the company on April 7,
2010.

The Petitioner's solicitor is:

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


SAMSCO PTE: Creditors' Proofs of Debt Due April 29
--------------------------------------------------
Creditors of Samsco Pte Ltd which is in creditors' voluntary
liquidation are required to file their proofs of debt by April 29,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

         Neo Ban Chuan
         Cameron Duncan
         30 Robinson Road
         Robinson Towers, #12-01
         Singapore 048546


SELCO (HOLDINGS): Creditors' Meeting Slated for May 3
-----------------------------------------------------
Selco (Holdings) Ltd, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on May 3, 2010,
at 11:00 a.m., at 8 Cross Street #17-00, PWC Building, in
Singapore 048424.

Agenda of the meeting include:

   a. to lay before the meeting a report of the liquidators
      showing how the winding-up was conducted;

   b. to authorize the liquidators to transfer the remaining
      receivables of the Company to its creditors;

   c. to approve the remuneration of the liquidators and
      disbursements; and

   d. discuss other matters.

The company's liquidator is:

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


SUISSELAB (SINGAPORE): Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on April 9, 2010, to
wind up the operations of Suisselab (Singapore) Private Limited.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

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


TERA DISPLAY: Creditors' Proofs of Debt Due May 14
--------------------------------------------------
Creditors of Tera Display Pte. Ltd., which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 14, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chua Keng Khng
         #08-11 Golden Wall Centre
         89 Short Street
         Singapore 188216


WBG NETWORK: Creditors' Proofs of Debt Due May 3
------------------------------------------------
Creditors of WBG Network (Singapore) Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by May 3, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

          Chian Yeow Hang
          c/o Abacus Business Advisory Ptd Ltd
          6001 Beach Road
          #09-09 Golden Mile Complex
          Singapore 199589


================
S R I  L A N K A
================


* SRI LANKA: ADB, Japan to Support Sri Lanka with Fiscal Reforms
----------------------------------------------------------------
Sri Lanka is getting a $50 million loan from Asian Development
Bank to continue with public finance management reforms aimed at
paving the way for increased investment in underdeveloped areas,
including those severely affected by conflict.

The loan for the Fiscal Management Efficiency Project will be used
to introduce new tax revenue and treasury management systems which
will strengthen public resource management, giving the government
the fiscal space to step up spending in lagging and conflict-
affected regions.

It will build on the success of ADB's earlier Fiscal Management
Reform Program in Sri Lanka and is supported by a technical
assistance grant of $2 million from the Government of Japan-
financed Japan Special Fund.

"The project will support the efforts of the Government of Sri
Lanka to promote sustainable and equitable development in the
post-conflict environment by providing greater scope for
increasing investments in reconstruction and infrastructure," said
G. Bhatta, Principal Public Sector Management Specialist in ADB's
South Asia Department.  It will also help build transparency in,
and accountability of, the public financial management system in
the country.

Sri Lanka's 30-year internal armed conflict which ended less than
a year ago has placed huge constraints on government spending to
improve the lives of people through investments in the social
sectors.  Public resource management has been caught up in a
vicious cycle of low resources, upward pressure on spending, and a
lack of modern integrated revenue and expenditure systems.

Service delivery as well as infrastructure and social development,
particularly in the conflict-affected regions of Northern Province
and Eastern Province, have suffered and the recent global economic
downturn has further drained government revenues.

"The cornerstone of the loan will be to finance a project for the
introduction of revenue administration management information and
integrated treasury management information systems, which together
will strengthen compliance, tax collection, and improve
efficiencies and decision-making on the allocation and use of
resources," added K. Shin, Senior Economist (Financial Sector) of
ADB's South Asia Department.

Capacity building opportunities will also be created to develop
the skills and knowledge of public finance managers using the new
systems.  Reforms will be carefully phased and sequenced to
complement the policy foundations established by the earlier
Fiscal Management Reform Program, and the expenditure management
system will support gender-responsive budgeting to ensure equity
in policy making and public expenditure.

Addressing the needs of vulnerable groups, especially women,
through inclusion of gender-specific needs in the allocation and
use of public funds as well as enhanced social safety nets, will
be a key benefit of the project.

The technical assistance from Japan Special Fund will be used to
help with the establishment of the two IT management information
systems, including the preparation of request for proposals to
select the international vendor.

ADB's loan from its ordinary capital resources has a 25-year term
with a 5-year grace period and interest determined in accordance
with its LIBOR-based lending facility. The Government of Sri Lanka
will provide in-kind counterpart funding of $10 million, for a
total project cost of $60 million.

The Government of Sri Lanka's Ministry of Finance and Planning is
the executing agency for the project which is due for completion
around October 2013.


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


ROYAL BANK: ANZ Banking Completes Acquisition of Taiwan Unit
------------------------------------------------------------
ANZ Banking Group Ltd. completed the acquisition of The Royal Bank
of Scotland's Taiwan businesses, and began operations Monday under
a new Chinese name -- Au Sheng Yin Hang.

ANZ said the acquisition included the ABN AMRO Private Banking
business in Taiwan.

ANZ's chief executive officer Asia Pacific, Europe and America,
Alex Thursby, said the acquisitions meant ANZ now was "a major
bank in Taiwan", with 22 branches and a substantial business
covering retail, wealth, commercial, institutional and private
banking.

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 29,
2010, Standard & Poor's Ratings Services said that it lowered its
ratings on "may pay" Tier 1 securities issued or guaranteed by The
Royal Bank of Scotland Group PLC (A/Stable/A-1) to 'C' from 'CC'.
At the same time, the rating on the RBSG-related security issued
by Argon Capital PLC was similarly lowered to 'C' from 'CC'.  The
counterparty credit ratings and stand-alone credit profiles of
RBSG and subsidiaries, and the ratings on other debt securities
issued by these entities, are unaffected.



                         *********

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

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

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


                            *********


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

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

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

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

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





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