TCRAP_Public/090713.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           A S I A   P A C I F I C

                Monday, July 13, 2009, Vol. 12, No. 136

                                 Headlines

A U S T R A L I A

CENTRO SHOPPING: Fitch Downgrades Ratings on Four Classes of Notes
RYAN HOTEL: Mounting Debts Prompt Lenders to Call in Receivers
TIMBERCORP LTD: ITC Keen on Acquiring Timber Assets
TIMBERCORP LTD: Plan to Rescue Almond Groves Gets Growers' Support


H O N G  K O N G

EASTMAN GLORY: Creditors' Proofs of Debt Due on Aug. 15
FAME COURTS: Creditors' Proofs of Debt Due on August 10
FINE HAN: Creditors' and Members' Meeting Set for August 12
FXMARKETSPACE ASIA: Creditors' Proofs of Debt Due on July 31
G & P DEVELOPMENT: Creditors' Proofs of Debt Due on August 10

GOLDLY HOLDINGS: Placed Under Volunatry Wind-Up
ICHIYOSHI INTERNATIONAL: Creditors' Proofs of Debt Due on Aug. 10
JMI DESIGN: Commences Wind-Up Proceedings
LEUNG CHIK: Placed Under Members' Voluntary Liquidation
LISCO ENGINEERING: Creditors' and Members' Meeting Set for Aug. 14

MOBIL OIL: Philip John Kass Step Down as Liquidator
NCA ASIA-PACIFIC: Creditors' Proofs of Debt Due on August 12
OCTAGON GREATER: Appoints Arboit and Blade as Liquidators
PICTURE INDUSTRIES: Placed Under Voluntary Wind-Up
UNICITY INVESTMENT: Placed Under Voluntary Wind-Up


I N D I A

ANTONY GARAGES: CRISIL Assigns 'BB' Ratings on Various Bank Loans
BANGALORE ELEVATED: CRISIL Downgrades Rating on Term Loan to 'D'
CYBERABAD EXPRESSWAYS: CRISIL Rates Term Loan Facility at 'B+'
FLAMINGO PHARMA: CRISIL Reaffirms 'BB+' Ratings on Various Loans
JET AIRWAYS: Sacks 50 Trainee Engineers to Cut Costs

NAYAK INDUSTRIES: Weak Liquidity Prompts CRISIL 'D' Ratings
POKARNA LIMITED: ICRA Cuts Rating on INR1.62BB Term Loans to 'LB+'
SATYAM COMPUTER: Fraud Scam an Aberration, Minister Says
SATYAM ENTERPRISES: ICRA Rates INR51.5 Million Term Loans at 'LBB'
SONAM BUILDERS: ICRA Assigns 'LBB+' Rating on LT Bank Limits

STAREX DEVELOPERS: ICRA Places 'LBB' Rating on Fund Based Limits
SUDAL INDUSTRIES: CRISIL Rates INR130.0 Mln Bank Overdraft at 'B+'
SUMAN CREATION: Delays in Loan Payment Cue CRISIL 'P5' Ratings
SYNDICATE JEWELLERS: CRISIL Rates INR130 Mln Cash Credit at 'BB-'
WINWIND POWER: ICRA Rates INR5.58BB Fund Based Limits at 'LBB+'


J A P A N

NORINCHUKIN BANK: Fitch Affirms Individual Rating at 'C/D'


M A L A Y S I A

IDAMAN UNGGUL: Syarikat Unit Faces Lembaga Hasil Windup Petition
PECD BERHAD: Affin Files Application to Appoint Private Liquidator


N E W  Z E A L A N D

AUSTRAL PACIFIC: Genesis Has No Financial Exposure to Receivership


N I G E R I A

UNITED BANK: Fitch Affirms Issuer Default Rating at 'B+'


T A I W A N

SINOPAC FINANCIAL: Moody's Withdraws Ratings on Business Reasons


X X X X X X X X

* S&P Puts Ratings on 22 Asia-Pacific Tranches on Negative Watch


                         - - - - -


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A U S T R A L I A
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CENTRO SHOPPING: Fitch Downgrades Ratings on Four Classes of Notes
------------------------------------------------------------------
Fitch Ratings has downgraded four classes of notes, affirmed three
classes of notes and revised the Outlook from Stable of Centro
Shopping Centre Securities Limited: CMBS Series 2006-1 due
June 2013:

Classes of Centro Shopping Centre Securities Limited: CMBS Series
2006-1

  -- AU$250,000,000 Class A1 downgraded to 'AA+' from 'AAA';
     Outlook Negative;

  -- AU$300,000,000 Class A2 downgraded to 'AA+' from 'AAA';
     Outlook Negative;

  -- EUR100,000,000 Class A3 downgraded to 'AA+' from 'AAA';
     Outlook Negative;

  -- AU$37,000,000 Class B affirmed at 'AA'; Outlook Negative;

  -- AU$62,000,000 Class C downgraded to 'A-' from 'A'; Outlook
     Negative;

  -- AU$52,800,000 Class D affirmed at 'BBB-'; Outlook Negative;
     and

  -- AU$28,000,000 Class E affirmed at 'BB+'; Outlook Negative;

  * Class A2 and A3 notes in aggregate amount to AU$470,000,000.

Centro CMBS is the securitization of a portfolio of 13 non cross-
collateralized and non cross-defaulted real estate-backed debt
facilities to 12 Centro-managed ownership funds.  Each financing
is backed by between one and 11 retail properties located in major
Australian cities and regional centres.

Information provided by Centro, as at December 31, 2008, indicates
the underlying properties continue to perform in line with
expectations with occupancies high at 99.2% across the portfolio,
and incremental increases in property income.  This has resulted
in the Fitch stressed weighted average portfolio debt service
coverage ratio at December 31, 2008, remaining stable at 1.38x.

Property values, based on a mix of independent and directors
valuations, have fallen from a peak portfolio value to AU$1,725.4
million at December 31, 2008, from AU$1,916.79 million yoy, a
decline from peak values of 9.98%. These values remain above those
at closing of AU$1,670.1 million.  Given there has been no change
in the outstanding loan balance of AU$899.8 million since
origination the reported loan-to-value ratio is now 52.2% up, from
at 46.9% at December 31, 2007, and marginally lower than the
initial issuance level of 53.9%.

Whilst the underlying properties supporting these obligor loans
have generally seen rises in incomes, their capitalization rates
have begun to widen and, consequently property values have begun
to fall leading to rising LVRs both at the property level and
across the portfolio at the loan note level.

"In analyzing this transaction Fitch has taken account of the
stable performance of the portfolio's income, while also taking a
prospective view as to the direction of Australian property
prices.  This has resulted in LVRs becoming the driver of ratings
rather than debt service cover ratios (DSCR) at the more senior
classes of notes," comments David Carroll, Director at the
agency's Structured Finance team.  "Fitch anticipates further
negative movements in Australian property values in the
forthcoming reporting season and during the remainder of calendar
2009," adds Mr. Carroll.

Approximately 41% of the obligor loans amounting to AU$370 million
are due for refinancing in December 2009, another 25% in
December 2010, and 34% in December 2011.  Given the extremely
tight liquidity conditions in financial markets, and in particular
the Australian property market, Fitch anticipates the underlying
obligors will have considerable difficulties in completing the
refinancing of the upcoming maturing loans within the required
timeframes.  In the event that loans are not repaid on schedule
the obligors are required to proceed to commence to sell
sufficient properties to fully repay their outstanding obligation
within 18 months of the due date.

A Negative Outlook has been assigned to all classes of notes due
primarily to the lack of liquidity within the property finance
markets, the potential uncertainty this brings to the ability of
obligors to repay their outstanding loans on their scheduled
maturity dates and the consequential effect on the values of the
underlying security properties if they are required to be realized
in the course of the transaction.

Fitch will continue to monitor the servicing and performance of
this transaction.

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


RYAN HOTEL: Mounting Debts Prompt Lenders to Call in Receivers
--------------------------------------------------------------
The Ryan Hotel Group has gone into receivership, the Sunshine
Coast Daily reports.  McGrath Nicol and Ernest and Young were
appointed as receiver-managers to the hotel.

RHG, founded by Denis Ryan in October 2006, was placed in
receivership on July 8 after two of its lenders, Suncorp and
Bankwest, responded to its mounting debts and moved in, the report
said.

According to the Daily, several of Ryan Group's assets are now
controlled by receiver McGrath Nicol.

Mr. Ryan however insisted that a number of blue-chip Coast
commercial properties owned by his other company, the Ryan Group,
were not part of the receivership process, the report relates.

The Daily says that the only confirmed Ryan Group-owned Coast
property under receivership is the Suncorp building opposite
Sunshine Plaza at Maroochydore.

It is unclear at this stage if more of the Ryan Group's Coast
assets have been placed in receivership including the IGA building
on Maud Street, the Medicine on Second building and shops on
Aerodrome Road and the Key Bar building on Horton Parade.

Mr. Ryan said he was trying to offload a number of the Ryan
Group's properties, including the IGA building.

Ryan Hotel Group -- http://www.ryanhotelgroup.com.au/-- is a
Queensland-based hotel.  The company owns the Woombye Pub and five
other hotels across Queensland, along with the Grinning Dog and
Duporth Tavern pubs.


TIMBERCORP LTD: ITC Keen on Acquiring Timber Assets
---------------------------------------------------
ITC Limited has confirmed its interest in acquiring the timber
assets of Timbercorp and Great Southern Limited, ABC News reports.

The report, citing Adam Redman from ITC, says their plantations
are of interest to the corporation, which has a history of
managing forestry projects of failed companies.

"We're in discussions with the administrators of each company and
the farmers and landowners," ABC News quoted Mr. Redman as saying.

ITC Limited said it will look at land leases case-by-case, the
report says.

                         About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp called in voluntary administrators to
the company and its subsidiaries.  The company appointed Mark
Korda and Leanne Chesser of KordaMentha as voluntary
administrators.  "The company had been hurt by the combined impact
of declining global asset values, tightening credit, the economic
downturn and drought," according to a statement issued by
Kordamentha.

Administrator Mark Korda had recommended that the 40 companies,
excluding the managing entity Timbercorp Securities Ltd, be placed
in liquidation because they had no money and could not trade.
Creditors of Timbercorp Ltd. voted to wound up the Timbercorp
entities.


TIMBERCORP LTD: Plan to Rescue Almond Groves Gets Growers' Support
------------------------------------------------------------------
Align Funds Management has won the support of the Timbercorp
Growers Committee with its plan to restructure and save
Timbercorp's 12,000ha of almond groves from being sold by
liquidator Mark Korda, the Herald Sun reports.

According to the report, Align representatives Trevor Moyle,
Sam Baillieu and Andrew Ashbolt were seeking to seal a heads of
agreement to take charge of the almond business with one of
Timbercorp's biggest creditors, ANZ Bank.

Growers Committee spokesman Chris Garnaut said that his group
would withdraw from a legal challenge this week to a plan
Mr. Korda has to seize and sell the olive groves in which grower-
investors have injected tens of millions of dollars to offset
their tax commitments, the Herald Sun relates.

Mr. Garnaut, as cited by the report, said the bank had pushed for
a situation where the growers could be taken out of the picture,
which would make the almond properties far more valuable because
they could be sold unencumbered.

The Herald Sun meanwhile reports that an Australian Securities and
Investments Commission taskforce examining the Timbercorp collapse
has received about 800 submissions from growers concerned about
the possible loss of their almond and olive grove investments.

ASIC plans to present their views to Justice Ross Robson who is to
preside over Mr. Korda's application to the Supreme Court this
week for an order to wind up the projects, the Herald Sun adds.

The TCR-AP reported on April 24, 2009, that Timbercorp called in
voluntary administrators to the company and its subsidiaries.  The
company appointed Mark Korda and Leanne Chesser of KordaMentha as
voluntary administrators.  "The company had been hurt by the
combined impact of declining global asset values, tightening
credit, the economic downturn and drought," according to a
statement issued by Kordamentha.

                         About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp called in voluntary administrators to
the company and its subsidiaries.  The company appointed Mark
Korda and Leanne Chesser of KordaMentha as voluntary
administrators.  "The company had been hurt by the combined impact
of declining global asset values, tightening credit, the economic
downturn and drought," according to a statement issued by
Kordamentha.

Administrator Mark Korda had recommended that the 40 companies,
excluding the managing entity Timbercorp Securities Ltd., be
placed in liquidation because they had no money and could not
trade.  Creditors of Timbercorp Ltd. voted to wind up the
Timbercorp entities.


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


EASTMAN GLORY: Creditors' Proofs of Debt Due on Aug. 15
-------------------------------------------------------
The creditors of Eastman Glory Apparel (HK) Limited are required
to file their proofs of debt by August 15, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

          Wong Kit Sang
          Tern Centre, Tower 1, 8th Floor
          237 Queen's Road Central
          Hong Kong


FAME COURTS: Creditors' Proofs of Debt Due on August 10
-------------------------------------------------------
The creditors of Fame Courts Estate Limited are required to file
their proofs of debt by August 10, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Leung Kowk On
          Highgrade Building
          Room 402, 4th Floor
          117 Chatham Road, TST, KLN


FINE HAN: Creditors' and Members' Meeting Set for August 12
-----------------------------------------------------------
The creditors and members of Fine Han Investment Limited will hold
their meeting on August 12, 2009, at 2:00 p.m. and 2:30 p.m.,
respectively, at Room 204, 6-14 Gresson Street, in Wanchai,
Hong Kong.

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


FXMARKETSPACE ASIA: Creditors' Proofs of Debt Due on July 31
------------------------------------------------------------
The creditors of Fxmarketspace Asia Limited are required to file
their proofs of debt by July 31, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

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


G & P DEVELOPMENT: Creditors' Proofs of Debt Due on August 10
-------------------------------------------------------------
The creditors of G & P Development Limited are required to file
their proofs of debt by August 10, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Leung Kowk On
          Highgrade Building
          Room 402, 4th Floor
          117 Chatham Road, TST, KLN


GOLDLY HOLDINGS: Placed Under Volunatry Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on June 29, 2009, the
members of Goldly Holdings Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

          Mak Kay Lung, Dantes
          China Insurance Group Building, Rooms 2101-3
          141 Des Voeux Road
          Central, Hong Kong


ICHIYOSHI INTERNATIONAL: Creditors' Proofs of Debt Due on Aug. 10
-----------------------------------------------------------------
The creditors of Ichiyoshi International (H.K.) Limited are
required to file their proofs of debt by August 10, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 2, 2009.

The company's liquidators are:

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


JMI DESIGN: Commences Wind-Up Proceedings
-----------------------------------------
On July 6, 2009, a special resolution was passed to voluntarily
wind up the operations of JMI Design Limited.

The company's liquidator is:

          Ha Man Kit Marcus
          East Town Building, Room 602
          41 Lockhart Road
          Wanchai, Hong Kong


LEUNG CHIK: Placed Under Members' Voluntary Liquidation
-------------------------------------------------------
At an extraordinary general meeting held on July 3, 2009, the
members of Leung Chik Agriculture Foundation Limited resolved to
voluntarily liquidate the company's business.

The company's liquidator is:

           Lam Chin Chiu
           The Kwangtung Provincial Bank Building
           Room 2301-02, 23rd Floor
           409-415 Hennessy Road, Causeway Bay
           Hong Kong


LISCO ENGINEERING: Creditors' and Members' Meeting Set for Aug. 14
------------------------------------------------------------------
The creditors and members of Lisco Engineering Limited will hold
their final meeting on August 14, 2009, at 3:00 p.m., at Ferrier
Hodgson Limited, 14th Floor of The Hong Kong Club Building, in 3A
Chater Road, Hong Kong.

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


MOBIL OIL: Philip John Kass Step Down as Liquidator
---------------------------------------------------
On July 1, 2009, Philip John Kass stepped down as liquidator of
Mobil Oil Hong Kong Limited.


NCA ASIA-PACIFIC: Creditors' Proofs of Debt Due on August 12
------------------------------------------------------------
The creditors of NCA Asia-Pacific Limited are required to file
their proofs of debt by August 12, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 30, 2009.

The company's liquidators are:

          Messrs. Darach Eoghan Haughey
          Lai Kar Yan, Derek
          One Pacific Place, 35th Floor
          88 Queensway, Hong Kong


OCTAGON GREATER: Appoints Arboit and Blade as Liquidators
---------------------------------------------------------
At an extraordinary general meeting held on July 3, 2009, the
members of Octagon Greater China Limited appointed Bruno Arboit
and Simon Richard Blade as the company's liquidators.

The Liquidators can be reached at:

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


PICTURE INDUSTRIES: Placed Under Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on July 3, 2009, the
shareholders of Picture Industries Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Li Wai Sang
          Shun Feng International Centre, 26th Floor
          182 Queen's Road East
          Wan Chai
          Hong Kong


UNICITY INVESTMENT: Placed Under Voluntary Wind-Up
--------------------------------------------------
On June 26, 2009, the sole member of Unicity Investment Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

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


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ANTONY GARAGES: CRISIL Assigns 'BB' Ratings on Various Bank Loans
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Antony Garages Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR11.6 Million Rupee Term Loan     BB/Stable (Assigned)
   INR75.0 Million Cash Credit         BB/Stable (Assigned)
   INR60.0 Million Bank Guarantee      P4 (Assigned)

The ratings reflect Antony Garages' exposure to risks relating to
the tender-based nature of its business and working capital
intensive nature of its operations.  These weaknesses are,
however, partially offset by Antony Garages' satisfactory
financial risk profile.

Outlook: Stable

CRISIL believes that Antony Garages will maintain a stable credit
risk profile on the back of healthy debt protection measures.  The
outlook may be revised to 'Negative' if the company undertakes
large, debt-funded capital expenditure leading to material
deterioration of financial risk profile.  Conversely, the outlook
may be revised to 'Positive' if the company reduces its reliance
on tender-based contracts, and reports sustained growth in
revenues, while sustaining its profitability.

                     About Antony Garages

Incorporated in 1983 by Mr. Jacob Ouseph Kallarakkal, Antony
Garages offers body-building services for buses, trucks,
ambulances and refrigerated vans.  Its facilities are located at
Rabale and Patalganga in Maharashtra and have a combined capacity
to assemble around 1,800 bus bodies per annum.

Antony Garages reported a profit after tax of INR 8.8 million on
net sales of INR 226.2 million for the year ended March 31, 2008,
as against a PAT of INR 14.6 million on net sales of INR 420.8
million for the year ended March 31, 2007.


BANGALORE ELEVATED: CRISIL Downgrades Rating on Term Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on Bangalore Elevated Tollway
Ltd.'s term loan to 'D' from 'C', as the company has not paid its
June 2009 term loan installment.  BETL has submitted a proposal to
its bankers for rescheduling the term loan.

   Facility                   Rating
   --------
   INR6.0 Billion Term Loan   D (Downgraded from 'C')

                     About Bangalore Elevated

BETL has been promoted by Soma Enterprises Ltd (33.5 per cent
stake), Nagarjuna Construction Company Ltd (33.5 per cent), and
Maytas Infra Ltd (33 per cent) for undertaking the construction
and maintenance of the Bangalore elevated tollway project on a
build, operate, and transfer (BOT) basis.  The company has signed
a 20-year BOT concession agreement with the National Highways
Authority of India Ltd (NHAI, rated 'AAA/Stable' by CRISIL) for
the project. The project completion has been delayed by five
months and is now expected to be commissioned in September 2009.


CYBERABAD EXPRESSWAYS: CRISIL Rates Term Loan Facility at 'B+'
--------------------------------------------------------------
CRISIL has assigned its rating of 'B+(so)/Stable' to the term loan
facility of Cyberabad Expressways Ltd.

The rating reflects Cyberabad Expressways' exposure to risks of
time and cost overruns in its project, and the fact that Maytas
Infra Ltd., whose corporate and financial status still remains
unresolved, continues to be the engineering, procurement, and
construction contractor for the project and a shareholder in the
company.  Nonetheless, the project execution risk has been partly
mitigated by the recent change in the shareholding pattern of
Cyberabad Expressways following the inclusion of a new investor,
Terra Projects Pvt Ltd., and the EPC work being sub-contracted to
its group company. The rating also factors in Cyberabad
Expressways' revenue visibility because of the build, operate, and
transfer nature of its contract and by the strength of the escrow
mechanism supporting the repayment of the rated instrument. CRISIL
believes that Gayatri Projects Ltd., Cyberabad Expressways' co-
promoter, will support the project in all aspects, if necessary.

Outlook: Stable

CRISIL expects Cyberabad Expressways' sponsors to meet the time
and cost overruns in its ongoing project.  The outlook may be
revised to 'Positive' if the project is commissioned on schedule.
Conversely, the outlook may be revised to 'Negative' if Cyberabad
Expressways has to bear the impact of time and cost overruns, if
any.

                    About Cyberabad Expressways

Cyberabad Expressways was promoted by GP and MIL in 2006-07 to
design, construct, develop and maintain the 11.7-kilometre Kollur-
Patancheru section of the eight-lane Hyderabad outer ring road.
GP, MIL, and TPPL are the joint venture partners with
shareholdings of 50 per cent, 14 per cent, and 36 per cent,
respectively; the EPC contract was awarded to MIL and was sub-
contracted to Terra Infra Development Pvt Ltd (TIDPL), a TPPL
group company.  The project entails development of the section on
a BOT annuity basis, with an annuity of INR395 million, payable
semi-annually. The annuity is to be deposited in an escrow
account, from which holders of the rated debt will be paid.


FLAMINGO PHARMA: CRISIL Reaffirms 'BB+' Ratings on Various Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Flamingo
Pharmaceuticals Ltd. continue to reflect Flamingo's weak financial
risk profile, marked by its high gearing, and its revenue
concentration.  The impact of these weaknesses is mitigated by
Flamingo's first-mover advantage in the semi-regulated markets,
and its improved business prospects following the Medicines and
Healthcare Products Regulatory Agency, UK, approval for its Taloja
facility; the facility was approved in 2001.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit*      BB+/Stable (Reaffirmed)
   INR290 Million Term Loans        BB+/Stable (Reaffirmed)
   INR425 Million Packing Credit**  P4 (Reaffirmed)

   *Interchangeable with bank guarantee.
   **Interchangeable with export packing credit.

Outlook: Stable

CRISIL expects Flamingo to maintain its business and financial
risk profiles over the medium term on the back of increased
revenues from contract manufacturing from its UK MHRA-approved
facility.  The outlook could be revised to 'Positive' in case of a
significant and sustainable improvement in Flamingo's financial
risk profile, especially in its capital base.  Conversely, the
outlook could be revised to 'Negative' in case of further
deterioration in the company's capital structure or more delays in
the domestic division attaining break-even point.

                          About Flamingo

Incorporated in 1985 by Mr. Ashwin Thacker, Flamingo is engaged in
the business of manufacture of various pharmaceutical formulations
and also undertakes contract manufacturing of the same.  The
company has two facilities in Maharashtra -- at Rabale, set up in
1995, and at Taloja, set up in 2001.  Export of formulations to
the semi-regulated markets of Southeast Asia, Africa, Central and
Latin America, and Ukraine contributed nearly 65 per cent to
Flamingo's revenues for 2008-09 (refers to financial year, April 1
to March 31); contract manufacturing and sales of formulation in
the domestic market accounted for the remainder.  The company's
main products in the formulations and contract manufacturing
segments include ibuprofen, simvastatin, amoxycillin,
azithromycin, and metformin.

The company reported a profit after tax (PAT) of INR72 million on
net sales of INR1.86 billion for the year ended March 31, 2009,
against a PAT of INR52 million on net sales of INR1.46 billion for
the year ended March 31, 2008.


JET AIRWAYS: Sacks 50 Trainee Engineers to Cut Costs
----------------------------------------------------
Jet Airways has terminated the services of more than 50 trainee
engineers as part of its cost-cutting measures, The Hindu reports.

"As a part of our cost restructuring exercise and in order to meet
the challenges of the downturn in the aviation sector, Jet Airways
has found it necessary to issue notices of termination to trainee
junior technicians," the report quoted Jet Airways spokesperson
Ragini Chopra as saying in a statement.

"These personnel are on fixed term contracts and the notices are
being issued in accordance with the terms of their contracts and
in compliance with law.  This trimming of the workforce has been
necessitated by the ongoing rationalization of the airline's
operations," Mr. Chopra said.

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 income increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- is engaged in providing air transportation business.  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.


NAYAK INDUSTRIES: Weak Liquidity Prompts CRISIL 'D' Ratings
-----------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of Nayak
Industries Ltd.  The rating reflects delays in term loan servicing
because of weak liquidity.

   Facilities                              Ratings
   ----------                              -------
   INR67.4 Million Cash Credit Limit       D (Assigned)
   INR52.6 Million Term Loan               D (Assigned)

                      About Nayak Industries

Incorporated in 1989, Nayak is engaged in the business of
manufacture of refined and unrefined wheat flour, and wheat bran.
Nayak reported a net loss of INR5 million on net sales of INR245.7
million, for the year ended March 31, 2008.


POKARNA LIMITED: ICRA Cuts Rating on INR1.62BB Term Loans to 'LB+'
------------------------------------------------------------------
ICRA has revised the long term rating of Pokarna Limited from LBB+
to LB+ for the INR 1.62 billion term loans and INR 480.0 million
fund-based bank limits.  The revised rating indicates risk-prone-
credit quality in the long term.  ICRA has also revised the short
term ratings from A4+ to A4 for the INR 720 million fund based
limits and INR 300 million non-fund loans of Pokarna.  A4 is the
risk-prone-credit-quality rating assigned by ICRA to short-term
debt instruments.

The revision in ratings reflects the current delays in servicing
interest portion of major term loans of the Company.  Owing to the
sharp decline in global demand for granites, especially from
United States coupled with the company specific liquidity issues,
Pokarna has been unable to maintain timely servicing of its debt.
ICRA also notes that Pokarna has restructured its major term
loans, whereby the principal commitments of such loans were
deferred by a year.

ICRA notes that the financial profile of the company has been
stressed by the overall drop in operating income, declining
profitability, high gearing levels and negative cashflows during
2008-09.  On the granite segment, Pokarna, like most of the Indian
players experienced significant drop in utilisation rates due to
the demand contraction for granites from overseas markets. The
apparel division continued to operate at losses in 2008-09 with
lower capacity utilisation rates and high inventory levels.
However tie-up with Swiss based apparel major is likely to provide
impetus to the division"s business volumes. The new venture on
Engineered Stones, which involved project and cost overruns, was
completed in March 2009 and the company is currently awaiting
orders.

Recent Results

Pokarna's profit after taxes for the financial year 2008-09 stood
at INR6.1 million on an operating income of INR 1.46 billion.  For
the financial year 2007-08, Pokarna reported an operating income
of INR1.59 billion with net profit of INR 45.3 million.

                      About Pokarna Granites

Incorporated in 1991 as a partnership firm, M/s Pokarna Granites,
the entity was converted into a limited company in 1995 by the
name Pokarna Granites Limited.  Later in 2002, the name was
changed to Pokarna Limited.  The company is engaged in the
business of quarrying, processing and exporting of granite
products. Pokarna has diversified its business by venturing into
Apparel segment, whereby the company sells garments under its own
brand name –STANZA & also through sells other private labels.
Pokarna has recently set up a green field project for
manufacturing of Engineered Stone.  The division was hived off
from Pokarna Limited into a separate company (subsidiary) --
Pokarna Engineered Stones Limited.  For this project, Pokarna has
entered into a contract with BRETON S.p.A., Italy, with the latter
expected to provide patented plant & technology, subject to the
terms.


SATYAM COMPUTER: Fraud Scam an Aberration, Minister Says
--------------------------------------------------------
The Serious Fraud Investigation Office has completed its probe
into Satyam Computer Services Ltd. and the Indian government is
taking steps to prosecute those found involved of criminal
wrongdoing, Bloomberg News reports citing Salman Khurshid,
minister for corporate affairs.

"Satyam scam is an aberration and the events are specific to the
company in question," Bloomberg quoted Mr. Khurshid as saying in a
written reply to a question in parliament in New Delhi.  "No other
scam of this nature has come to notice since then."

                    Company Law Board Approval

Meanwhile, Satyam disclosed on July 8 that it had received an
order passed by the Hon'ble Company Law Board, Principal Bench,
New Delhi on July 6, 2009 and a corrigendum to the Order dated
July 7, 2009, authorizing the board of directors of Satyam to make
a preferential allotment of 198,658,498 equity shares of INR2 each
at a premium of INR56 each to Venturbay Consultants Private
Limited, a subsidiary controlled by Tech Mahindra Limited, without
shareholder approval.

The CLB had previously passed an order (i) on February 19, 2009,
authorizing the Board of Directors of Satyam to make a
preferential allotment of equity shares at par or at a premium to
one or more strategic investors without shareholder approval, and
(ii) on April 16, 2009, authorizing Venturbay to acquire a
controlling stake in Satyam.

On May 5, 2009, Satyam issued 302,764,327 equity shares to
Venturbay, or 31% of the share capital of Satyam, after giving
effect to the issuance of the Initial Shares at a price of INR58
per share, pursuant to a share subscription agreement dated
April 13, 2009, among Satyam, Venturbay and Tech Mahindra.  As a
result of the Preferential Allotment, in accordance with the
requirements of the SEBI (Substantial Acquisition of Shares and
Takeovers) Regulations, 1997, Venturbay made a mandatory cash
tender offer to acquire 19,90,79,413 equity shares of Satyam,
being 20% of the Enhanced Share Capital and convertible
instruments, at a minimum price of INR58 per share.

As disclosed by Venturbay in its letter of offer sent to Satyam's
shareholders in connection with the Public Offer, in the event the
Public Offer was not fully subscribed, Venturbay intended to
acquire such number of additional shares from Satyam that would,
together with the shares acquired under the Public Offer, equal
the Offer Size.

The Public Offer closed on July 1, 2009.  On July 6, 2009, Tech
Mahindra announced that a total of 420,915 equity shares of Satyam
(including 268,656 shares underlying American Depositary Shares)
were validly tendered and not withdrawn in the Public Offer,
representing less than 0.1% of the outstanding equity shares.  As
a result and pursuant to the terms of the Share Subscription
Agreement, on July 6, 2009, Venturbay gave notice to Satyam,
exercising its option to subscribe to the Additional Shares by way
of a preferential allotment.

Accordingly, Satyam will issue and allot to Venturbay the
Additional Shares upon:

   (i) transfer of subscription amount aggregating to
       INR11,52,21,92,884/- currently lying in the public
       offer escrow account to Satyam's account; and

  (ii) fulfillment of certain closing conditions including
       in-principle approval from the stock exchanges.

Following the allotment of the Additional Shares, the outstanding
share capital of Satyam will be 1,175,455,935 equity shares
(including equity shares underlying ADSs) and Venturbay will hold
approximately 43% of the outstanding share capital.

In addition, the Order also permitted the Board to appoint a
statutory auditor for the financial year 2009-10 subject to such
appointment being ratified by the shareholders as and when the
next annual general meeting of Satyam's shareholders is held.

                         Fraud Revelation

As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts.  Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:

  (1) inflated (non existent) cash and bank
      balances of 50.40 billion rupees (US$1.04 billion)
      (as against 53.61 billion reflected in the books);

  (2) an accrued interest of 3.76 billion rupees which
      is non existent;

  (3) an understated liability of 12.30 billion rupees
      on account of funds arranged by Mr. Raju; and

  (4) an overstated debtors position of
      4.90 billion rupees (as against 26.51 billion
      reflected in the books).

Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and the Securities and Exchange
Board of India.  Several groups also considered filing class
action suits against the company.

A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for re-
evaluation of the software company's books.

Mr. Raju was later found to have invented more than one quarter of
Satyam's workforce and used fictitious names to siphon INR200
million (US$4.1 million) a month out of the company.

The TCR-AP reported on March 9, 2009, that Satyam won approval to
sell stake in itself, as the company seeks to restore investor
confidence and stem client defections.

Satyam said it received approval from the Securities and Exchange
Board of India to facilitate a global competitive bidding process
which, subject to receipt of all approvals, contemplates the
selection of an investor to acquire a 51% interest in the company.

On April 14, 2009, the TCR-AP, citing the Financial Express,
reported that Tech Mahindra Limited emerged as the top bidder with
an offer of INR58 a share for a 31 per cent stake in Satyam
Computer Services Limited, beating strong rival L&T.  Tech
Mahindra would acquire the stake in an all-cash deal, followed by
an open offer for a 20 percent stake to take management control
of the company.

On June 21, 2009, Satyam unveiled its new brand identity,
"Mahindra Satyam."

                        About Satyam

Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance.  It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services.  Satyam operates in two
segments: IT services and BPO services.  On January 4, 2008, the
Company acquired Nitor global Solutions Ltd.  On April 4, 2008, it
acquired Bridge Strategy Group LLC.  In November 2008, it
announced the takeover of Motorola Inc.'s software development
center in Malaysia.


SATYAM ENTERPRISES: ICRA Rates INR51.5 Million Term Loans at 'LBB'
------------------------------------------------------------------
ICRA has assigned an LBB rating, indicating inadequate-credit-
quality, to the INR 51.5 million term loans of Satyam Enterprises.
ICRA has also assigned an A4 rating, indicating risk-prone-credit-
quality, to the INR 398 million short-term fund based limits and
to the INR 0.5 million short-term non-fund based limits.

The ratings take into account its relatively small size of
operations, high level of fragmentation in guar gum exports
business, agro-climatic risks related to guar seed production,
vulnerability of its profitability to the partial/complete
withdrawal of various export incentives extended by Government of
India and volatility in foreign currency exchange rates.  ICRA
also notes that the firm has been servicing its term loans with a
delay of few days.  The ratings are also constrained by high
financial risk profile characterised by high gearing, low coverage
indicators and high working capital intensity.  However, the
ratings favorably factor in the long and established presence of
Satyam in the manufacture and export of Guar Gum powder,
geographical diversification of revenues and demonstrated growth
in operations of the firm.

                      About Satyam Enterprises

Satyam Enterprises was promoted as a partnership concern between
Mr. Ramesh Singhal and Mr. Anand Sharda in 1981.  Initially, the
firm was involved in exports of Guar Gum.  Later in 1987, the firm
entered into the business of manufacturing of guar gum powder and
set up the plant with a capacity of 3000 metric tones per annum
(MTPA) at Jodhpur.  The firm has gone through two capacity
expansions, one in 1991 when the capacity was expanded to 6000
MTPA and again in 1997, during which year a new plant with a
capacity of 6000 MTPA was commissioned at a site adjacent to the
existing site.  Total capacity of these two units of Satyam is now
12000 MTPA.  The firm offers a variety of guar gum powder for
specific application as per customer's requirement.


SONAM BUILDERS: ICRA Assigns 'LBB+' Rating on LT Bank Limits
---------------------------------------------------------------
ICRA has assigned an LBB+ rating to the long term sanctioned bank
limits of M/s. Sonam Builders.  LBB+ is the inadequate-credit-
quality rating assigned by ICRA to long term debt instruments.
The rating takes into account the availability of large inventory
of ready-for-possession flats, moderate gearing, and good track
record of Sonam Builders in the Mira-Bhayandar area.  The rating
also takes into account the tax exemptions enjoyed by Sonam
Builders under Section 80IB (10), and the land bank on the books
of the firm.

The rating is constrained, among other factors, by the declining
prices, overdependence on sales of Phase XIV & Phase XV for
funding the ongoing developments, and the repayment of INR 125
million of debt due in FY10.  Moreover, the Construction of Phase
XV is running behind schedule. The firm has also rescheduled the
repayment of its Cash Credit in FY09 on account of liquidity
constraints.

While the firm previously managed to sell about 90% of its flats
prior to completion, sales in Phase XIV have been slow and the
selling price has also declined in the last 12 months, although
the current prices are above price levels in FY 08.  Large numbers
of builders in the vicinity are facing similar problems and the
firm might come under pressure to further lower its selling price.

In the recent years, Mira-Bhayandar region has seen significant
increase in population accompanied by improvements in connectivity
by rail and road.  However, lack of infrastructure, safety, and
amenities such as good drinking water distribution system,
drainage systems, entertainment places etc. continue to affect the
movement of populace to this region.

Other factors which considered for the rating are inherent risks
of a partnership firm including the capital infusion that needs to
take place, complete dependence on small geographic area within
the Mumbai region, and firms' focus on affordable housing for the
middle income groups -- the segment which is expected to generate
demand going forward.

                       About Sonam Builders

Sonam Builders is a closely held partnership firm of Mr. Mithalal
R. Jain who holds 60% stake, and his son Mr. Bharat M. Jain
holding 40%. Since incorporation in 1991, the firm has firm has
completed 23 projects (Geeta Nagar, Sneha Sadan, and Golden Nest
Phase I to XIV) consisting of 172 buildings and a total saleable
area of 2.67 million. sq. ft.  All of these projects are located
in the Mira-Bhayandar area and have recorded good sales and
visibility in the region.

Out of the rated loan amount of INR 305 million, INR 125 million
was sanctioned for working capital needs of Phase XIV, and INR 180
million is for the construction of Phase XV.  Both the loans have
to be serviced by the accruals from the sale of flats in these
projects.


STAREX DEVELOPERS: ICRA Places 'LBB' Rating on Fund Based Limits
----------------------------------------------------------------
ICRA has assigned a LBB rating to the INR450 million fund based
limits of Starex Developers Private Limited.  LBB is the
inadequate-credit-quality rating assigned by ICRA to long-term
debt instrument.

The rating factors in the favorable location of the project, and
SDPL's tie-up with "Ramada Brand (Ramada)" which, besides brand
recognition, provides it access to Ramada"s global reservation
systems.  The rating also draws comfort from the fact that debt
has been tied-up and promoters have brought in a significant
portion of their planned contribution reducing the funding risks
to an extent.  The rating is however constrained by SDPL's limited
track record in the domestic real estate/hospitality sector that
increases the execution and operational risks for the company.
The rating also takes into consideration the current demand
slowdown being faced by the hotel industry and slowdown in real
estate sector, which increases the market risks for the project.
While assigning the rating, ICRA has also noted the fact that the
project is currently running with a delay; any further delay in
the project execution will result in time and cost overruns,
putting the overall profitability of the project under pressure.

                      About Starex Developers

SDPL is a part of Starex Group and is currently engaged in the
development of a Hotel-cum-retail project in Amritsar, Punjab.
Starex group is headed by Mr. Mohinder Singh, who has started the
group's operations in India by setting up of Starex International
School in Manesar, Gurgaon.  The promoter has also set up a small
facility to manufacture uPVC profile windows & doors.  The hotel
project in Amritsar being implemented under SDPL is being handled
by the promoter's son Mr. Ishvein Singh.


SUDAL INDUSTRIES: CRISIL Rates INR130.0 Mln Bank Overdraft at 'B+'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the various
bank facilities of Sudal Industries Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR130.0 Million Bank Overdraft     B+/Stable (Assigned)
   INR70.0 Million Letter of Credit    P4 (Assigned)
                 and Bank Guarantee

The ratings reflect Sudal's modest financial risk profile and
exposure to risk pertaining to intense competition in the
aluminium extrusion industry.  These weaknesses are, however,
partially offset by Sudal's established presence in the aluminium
extrusion industry and support from associate companies.

Outlook: Stable

CRISIL believes that Sudal will maintain a stable business risk
profile on the back of established market presence, long standing
experience of the promoters and expected growth in demand for
aluminium products.  The outlook may be revised to 'Positive' in
case of significant improvement in volumes, operating margins and
debt protection metrics.  Conversely, the outlook may be revised
to 'Negative' in case of deterioration in operating margins or
debt protection metrics.

                      About Sudal Industries

Incorporated in 1979 by Mr. Shriram Chokhani, Sudal manufactures
aluminium extrusions and aluminium-based alloys.  The company's
plant at Nashik (Maharashtra) has capacity to manufacture 8900
tonnes per annum (tpa) of aluminium extrusions, and 3000 tpa of
aluminium-based alloys.  The company was referred to BIFR twice
during its tenure of 30 years.  Recently, it came out of the
purview of BIFR in the year 2008 after being referred to BIFR in
the year 2001.

Sudal reported a profit after tax of INR50.3 million on net sales
of INR676.0 million for the year ended March 31, 2009, as against
a PAT of INR34.2 million on net sales of INR658.6 million for  the
year ended March 31, 2008.


SUMAN CREATION: Delays in Loan Payment Cue CRISIL 'P5' Ratings
--------------------------------------------------------------
CRISIL has assigned its 'P5' rating to the bank facilities of
Suman Creation.

   Facilities                         Ratings
   ----------                         -------
   INR52.5 Million Bill Purchase-     P5 (Assigned)
            Discounting Facility
   INR21.5 Million Packing Credit     P5 (Assigned)

The rating reflects delays in term loan servicing because of weak
liquidity.

                       About Suman Creation

Suman Creation was set up by Mr. Suman Jain in 1980 as a
proprietorship concern for manufacturing and exporting of
readymade garments.  The firm was converted into a partnership
concern in 2007-08.  For 2007-08, Suman Creation reported a profit
after tax of INR8.6 million on net sales of INR156.0 million,
against INR10.2 million and INR179.6 million, respectively, in the
previous year.


SYNDICATE JEWELLERS: CRISIL Rates INR130 Mln Cash Credit at 'BB-'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Syndicate Jewellers Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR130 Million Cash Credit      BB-/Stable (Assigned)
   INR20 Million Letter of Credit  P4 (Assigned)

The ratings reflect the Syndicate group's weak financial risk
profile, and large working capital requirements. These weaknesses
are, however, partially offset by the benefits that the group
derives from the experience of its promoters in the jewellery
business.

Outlook: Stable

CRISIL believes that the Syndicate group will maintain a stable
business risk profile over the medium term backed by the
experience of its promoters; the group's financial risk profile
may remain weak over the same term on account of high gearing.
The outlook may be revised to 'Positive' if robust growth in
revenues and profitability results in an improved financial risk
profile for the group. Conversely, the outlook would be revised to
'Negative' if the group undertakes large debt-funded capital
expenditure.

                     About Syndicate Jewellers

SJPL, incorporated in 2001, retails gold and diamond ornaments,
premium watches, platinum jewellery and other lifestyle items.
The company is promoted by Mr. Rajendra Tosawad and Mr. Amar Singh
Tosawad.  The company has showrooms in Kolkata, Brahmapur,
Visakhapatnam, and Ranchi (Jharkhand).  The promoters have been in
the jewellery business for nearly three decades.  The
proprietorship firm of Mr. Rajendra Tosawad, SJ, has been
operating a jewellery showroom in Bhubaneshwar since 1988

Syndicate group reported a profit after tax of INR11 million on
operating income of INR513 million for the year ended March 31,
2008, as against a PAT of INR12 million on operating income of
INR401 million for the year ended March 31, 2008.


WINWIND POWER: ICRA Rates INR5.58BB Fund Based Limits at 'LBB+'
---------------------------------------------------------------
ICRA has assigned a LBB+ rating to the INR 5.58 billion fund based
limits of Winwind Power Energy Private Limited indicating
inadequate credit quality in the long term.  ICRA has also
assigned an A4+ rating to the INR 4.00 billion non fund based
limits of WPEPL indicating risk-prone credit quality in the short
term.

ICRA's ratings of WPEPL take into account the high operating and
financial risk profile of the company arising out of the limited
track record of operations, lack of revenue visibility since the
company does not have any firm sales orders as on date, and
substantially debt funded capital expenditure.  The ratings also
take into account significant competitive pressures, especially
from large established manufacturers in the business.  The ratings
are however supported by WPEPL's end-to-end technological support
from its Finnish parent Winwind OY (WWO), its state of operational
readiness with the establishment of the manufacturing and assembly
plant in Vengal (close to Chennai), and firm component sourcing
agreements.  Further the ratings take into account the fact that
the technological support from WWO has allowed the company to
enter the megawatt (1 MW) wind turbine generators (WTG) segment
which has relatively higher potential.  While ICRA has derived
some comfort from the company's parentage, it however notes that
the parent company WWO's scale of operations in terms of total
installed capacity is modest.

                        About Winwind Power

Winwind Power Energy Private Limited was incorporated in India in
July 2007 as a 100% subsidiary of Winwind OY (WWO) - a Finland
based wind turbine manufacturer, established in the year 2000.
Its product portfolio includes 1 MW (WWD1) and 3 MW (WWD3) wind
turbine generators.  The company has supplied approximately 100 MW
of wind power capacity in markets such as Finland, Sweden,
Estonia, Portugal, France, and Czech Republic and is currently
targeting other high growth markets.


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


NORINCHUKIN BANK: Fitch Affirms Individual Rating at 'C/D'
----------------------------------------------------------
Fitch Ratings has affirmed Norinchukin Bank's Individual Rating at
'C/D' and Support Rating at '1'.

The ratings affirmations follow Fitch's review of Norinchukin's
ratings.  The bank's Individual Rating reflects its reinstated
capital ratios through a JPY1.4 trillion Tier 1 capital raising in
the form of Lower Dividend Rate Stocks (which is equivalent to
common equity).  This was mainly supported by JA Bank group
members, following significant net losses reported by Norinchukin
in the fiscal year to end March 2009.  The rating is also
supported by a notable reduction in high risk market investments,
the bank's reduced risk appetite, and JA Bank group's established
funding franchise (Norinchukin plays an irreplaceable role as the
group's main bank, particularly in investment activities).

Norinchukin reported large net losses in FYE09, mainly due to
revaluation and sales losses on its market investments amid the
global financial crisis. Large unrealized losses on 'Other
Securities' holdings further weakened Norinchukin's capital: its
consolidated Tier 1 capital as of FYE09 declined by about 25% y-o-
y, despite sizeable equity financing and benefits from a change in
valuation methodologies on certain securities.  The impact on its
capital ratio was offset by a reduction in high risk assets, and
its Tier 1 capital ratio increased slightly to 9.62%.  However,
the bank's high regulatory capital ratio is considered a
prerequisite buffer to the ongoing market stress affecting its
large investments, which account for about 70% of total assets.

After substantial writedowns and revaluation, Norinchukin's
exposure to high risk assets, such as subprime-related securities
and resecuritisation exposure, have become limited and manageable.
Nonetheless, a third of the bank's market investments was held in
credits and other investment trusts including alternative
investments such as hedge funds and private equity, and it has
about JPY6trn of securitization exposure.  Fitch believes the
market value of these assets is volatile and is, to some extent,
dependent on the degree of confidence in the financial markets.
The assets are also considered a material downside risk which
could potentially pressure the bank's capital.  In addition, given
the bank's reduced risk appetite and a persistent low-interest-
rate environment, the bank's profitability prospects are limited,
leading to its restricted ability for internal capital generation.

At the same time, the agency recognizes the robustness of JA Bank
group's franchise, and that Norinchukin will continue to benefit
from its pivotal role in the group, allowing it to hold relatively
long-term investments to weather short-term market downturns.
There is also the potential for further support from JA Bank
group, in the event of a significant deterioration in
Norinchukin's financial position, which would help support the
bank's Individual Rating.  Given the importance of Norinchukin to
the nationwide agricultural, fisheries and forestry's credit
system, there is an extremely high probability of support from the
state as well, which is why the Support Rating has been affirmed
at '1'.


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


IDAMAN UNGGUL: Syarikat Unit Faces Lembaga Hasil Windup Petition
----------------------------------------------------------------
Idaman Unggul Berhad disclosed in a regulatory filing that
Syarikat Sabakina Sdn Bhd has been served with a winding up
petition by Lembaga Hasil Dalam Negeri Malaysia.

Syarikat Sabakina Sdn Bhd is a wholly-owned subsidiary of Idris
Hydraulic (Malaysia) Bhd, which in turn is a wholly-owned
subsidiary of the Company via an intermediate holding company,
Lambang Pertama Sdn Bhd.

Idaman said that Lembaga Hasil seeks payment for the outstanding
tax due for the year assessment 1997, prior to the entry of Idaman
as the new investor of IHMB.  Idaman completed the restructuring
of IHMB in November 2003.  The total claim is MYR435,210.27
inclusive of interest at the rate of 8% per annum from the date of
judgment to the date of realization and MYR264.00 costs.

The shares of Sabakina have been charged to the Universal Trustee
(Malaysia) Berhad pursuant to provisions of the Debenture dated
October 23, 2003, which form part of the security constituted
under the Security Document A of the Redeemable Secured Loan
Stocks-A.

Sabakina has ceased operations since 2002.  The winding up
proceedings will have no financial impact to the Group.

The petition will be heard on Sept. 17, 2009.

                        About Idaman Unggul

Idaman Unggul Berhad is an investment holding company, whose
principal activity is the provision of corporate, administrative
and management support to its subsidiaries.  The company
operates in two segments: insurance, which includes underwriting
of life insurance and all classes of general insurance business,
and other, which includes investment holding.  Idaman Unggul's
subsidiaries include Tahan Insurance Malaysia Berhad, F.T. Land
Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution Sdn. Bhd. and
Straight Effort Sdn. Bhd.  On July 12, 2006, the company
disposed Advanced Electronics (M) Sdn. Bhd. to Elevale Temasek
Sdn. Bhd.  On July 3, 2006, Tahan Insurance Malaysia Berhad
disposed of its Life Insurance Business to AXA Affin Life
Insurance Berhad. Waikiki Beach Hotel Sdn. Bhd., a wholly owned
subsidiary of Idaman Unggul, was also divested as part of the
Life Insurance Business disposal.  On January 17, 2007, the
company disposed IUB Asset Management Sdn Bhd to Capital
Intelligence Holdings Sdn Bhd.

                         *     *     *

As reported by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company was classified as an Affected
Listed Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' fund has dropped to MYR41.204 million
which is lower than the 25% of the paid-up share capital and
minimum issued and paid up capital of MYR60 milion required
under the Listing Requirements.


PECD BERHAD: Affin Files Application to Appoint Private Liquidator
------------------------------------------------------------------
PECD Berhad disclosed that Affin Bank Berhad had filed an
application to intervene in order to appoint a private liquidator
of the Company pursuant to Sections 221 and/or 227 of the
Companies Act, 1965, in the event of the winding up order granted
against the Company.

As reported in the Troubled Company Reporter-Asia Pacific on
July 17, 2008, PECD Berhad noted the service of a winding up
petition by F.H. Bertling (M) Sdn. Bhd. under Section 218 of the
Companies Act 1965.

The winding up petition was presented at the High Court of Shah
Alam on May 9, 2008.  F.H. Bertling asserted a US$8,631,277 claim
at April 16, 2008.  The company received a notice on April 16,
2008, from the F.H. Bertling's solicitors, Messrs. Shearn Delamore
& Co., demanding payment of US$8,631,277.00 being allegedly due
and owing pursuant to the terms of the Corporate Guarantee dated
September 27, 2007.

The hearing of the winding up petition has been adjourned to the
July 31, 2009, for mention pending the disposal of the
Intervener's Application on even date.

                         About PECD Berhad

PECD Berhad is engaged in investment holding and provision of
management services.  The company operates in four business
segments: construction, EPCC oil and gas, property development
and others.  Its wholly owned subsidiaries include Peremba
Construction Sdn. Bhd., which is engaged in general construction
and investment holding and Wong Heng Engineering Sdn. Bhd.,
which is engaged in investment holding and engineering,
procurement, construction and commissioning emphasizing in the
oil and gas, as well as the power sectors.  PECD Berhad's 70%-
owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is
engaged in property development, construction and investment
holding.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
March 7, 2008, that the company was classified as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' equity deficit reached MYR914.9 million
as at December 31, 2007.


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


AUSTRAL PACIFIC: Genesis Has No Financial Exposure to Receivership
------------------------------------------------------------------
Genesis Energy said it has no financial exposure to the
receivership of Austral Pacific, a joint venture partner with
Genesis Energy in the Cardiff Gas Prospect in Taranaki.

In a statement released on July 9, Labour Energy spokesperson
Charles Chauvel said Genesis Energy was "a major investor in oil
production company Austral- Pacific".

Genesis Energy confirmed Friday that it was not an investor in
Austral-Pacific and had no equity connections to the company,
which was placed in receivership in May 2009.

Genesis Energy and Austral Pacific had formed an unincorporated
joint venture to explore a deep gas prospect south of Stratford in
Taranaki.  A well was drilled and potential reserves of gas were
tested in 2006 and 2007.  Any financial obligations to the joint
venture relate to future work within the Cardiff joint venture,
which are not expected to be substantial.  Funds remain within the
joint venture to cover this work.

                        About Genesis Energy

Formed in April 1999, Genesis Energy is a state-owned enterprise
with a diverse electricity generation portfolio.  Genesis Energy
supplies 19 per cent of New Zealand's electricity from its thermal
and renewable power stations.  It is also a significant energy
retailer supplying electricity, gas and LPG to more than 660,000
customers across New Zealand.

                          About Austral

Based in Wellington, New Zealand, Austral Pacific Energy Ltd.
(CA:APX) -- http://www.austral-pacific.com/-- is an oil
exploration and production company.  Austral Pacific shares are
traded in the New Zealand and Toronto stock exchanges.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific, Austral
Pacific Energy was placed into receivership on May 1, 2009.

The company said it agreed with the group's senior secured
creditor, Investec Bank (Australia) Limited, to the appointment of
receivers to Austral Pacific Energy Ltd., the publicly traded
Canadian corporation, and two of its New Zealand subsidiaries,
Austral Pacific Energy (NZ) Limited and Totara Energy Limited.
The receivers are Michael Ryan and Ian Francis of Taylor Woodings
in Perth and Paul Sargison of Gerry Rea Partners in Auckland.

Investec is owed approximately US$16.8 million, which amount is
now due for payment due to the expiry of prior standstill
arrangements.


=============
N I G E R I A
=============


UNITED BANK: Fitch Affirms Issuer Default Rating at 'B+'
--------------------------------------------------------
Fitch Ratings has affirmed Nigeria-based United Bank for Africa
Plc's ratings at Long-term foreign currency Issuer Default 'B+'
with Stable Outlook.  A full set of ratings appears at the end of
this commentary.

The IDR, National and Support Ratings reflect the expected level
of support that the bank would receive from the Central Bank of
Nigeria if required in light of the bank's strong domestic
franchise and perceived systemic importance.  The Individual
Rating reflects strong credit growth and Nigeria's increasingly
difficult operating environment.  It also factors in the bank's
improving financial performance and risk management processes with
acceptable levels of liquidity.

UBA's earnings improved during FY08 on the back of enhanced net
interest and non-interest income.  However, in light of the bank's
H109 results which showed slower earnings growth of 9% yoy and
Fitch's expectation of increased impairment charges during FY09,
UBA's objective of achieving a return on assets of 3% and a return
on equity of 25% are at the upper end of the agency's xpectations.
Credit growth during FY08 was more conservative than its peers and
continued to moderate to H109.  However, Fitch notes that UBA's
NPL ratio of 4.9% at H109 was weaker than FYE08's 3.5% which may
impact on impairment charges during H209.

At FYE08, UBA's tier 1 capital adequacy ratio improved to 20.9% at
FYE08 (FYE07: 20.3%).  However, Fitch notes that this calculation
excluded the expected final dividend payment of NGN12.9 billion
for FY08 and the unamortised portion of the warehoused assets of
Continental Trust Bank of NGN14.1 billion.  If these were deducted
from tier 1 capital, the ratio would have weakened to an estimated
18.1%. UBA's unprovided-for portion of margin lending amounted to
NGN23.5bn at H109.  A 50% impairment of this against FYE08 capital
would result in an estimated tier 1 ratio of 17%.  Fitch views
capital as moderate in light of expected impairment charges,
especially pertaining to margin lending, and UBA's aggressive
Africa expansion strategy which may result in increased
operational risk.  Fitch is of the opinion that UBA would need to
raise fresh capital if it were to pursue any material acquisition.

UBA is one of Nigeria's largest banks. Established in 1961, UBA is
a universal bank offering retail, commercial, corporate and
merchant bank services in Nigeria.  UBA had branches in every
state of Nigeria at FYE08 and operations in Burkina Faso,
Cameroon, Ghana, Ivory Coast, Liberia, Sierra Leone, Uganda,
London and New York.

United Bank for Africa Plc

  -- Long-term foreign currency IDR: affirmed at 'B+'; Outlook
     Stable

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '4'

  -- National Long-term Rating: affirmed at 'A+(nga)'

  -- National Short-term Rating: affirmed at 'F1(nga)'

  -- Support Rating Floor: affirmed at 'B+'


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


SINOPAC FINANCIAL: Moody's Withdraws Ratings on Business Reasons
----------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings on SinoPac
Financial Holding Company and Bank SinoPac for business reasons.
At the same time, SinoPac Card Services' ratings have been
withdrawn as it has been merged into Bank SinoPac since June 1,
2009.

These ratings have been withdrawn:

* SinoPac FHC -- foreign currency issuer rating of Baa2 with a
  negative outlook;

* Bank SinoPac -- bank financial strength rating of D+ with a
  stable outlook; local and foreign currency long-term deposit
  ratings of Baa1 with a negative outlook; and local and foreign
  currency short-term deposit rating of P-2 with a negative
  outlook.

* SinoPac Card Services -- National Scale Ratings (NSR): long-
  term/short-term issuer ratings of A3.tw/TW-2 and senior
  unsecured debt rating of A3.tw. All ratings have a stable
  outlook.

Moody's last rating action for SinoPac FHC was taken on June 18,
2009, when its foreign currency issuer rating of Baa2 was
confirmed with a negative outlook.

Moody's last rating action for Bank SinoPac was taken on December
22, 2008, when the outlook on its Baa1/P-2 global local and
foreign currency deposit ratings was changed to negative from
stable.  The bank's D+ bank financial strength rating was
unaffected.

Moody's last rating action for SinoPac Card Services was taken on
October 4, 2006, when its NSR A3.tw long-term and TW-2 short-term
issuer ratings and A3.tw senior unsecured debt rating were
affirmed with a stable outlook.

SinoPac FHC, headquartered in Taipei, Taiwan, had assets of
NTD1.08 trillion as of end-March 2009 on a consolidated basis.

Bank SinoPac, headquartered in Taipei, Taiwan, had assets of
NTD1.03 trillion as of end-March 2009 on a consolidated basis.

SinoPac Card Services, headquartered in Taipei, Taiwan, had assets
of NTD17.1 billion as of end-2008.


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


* S&P Puts Ratings on 22 Asia-Pacific Tranches on Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on 22
tranches of Asia-Pacific (excluding Japan) synthetic
collateralized debt obligations on CreditWatch with negative
implications.  In addition, the ratings on five other CDO tranches
were taken off CreditWatch negative and affirmed.

The 22 transactions in the list below have been placed on
CreditWatch negative due to a fall in their SROC (synthetic rated
overcollateralization) levels to below 100% at the current rating
level in the analysis as of end-June 2009.  This reflects the
negative rating migration within the portfolios.

                                        Rating
                                        ------
  Deal Name                       To              From   SROC
  ---------                       --              ----   ----
  Athenee CDO PLC Series 2007-2   BBB/Watch Neg   BBB    99.7076%
  Athenee CDO PLC Series 2007-3   BBB/Watch Neg   BBB    99.9181%
  Athenee CDO PLC Series 2007-4   BBB-/Watch Neg  BBB-   99.8018%
  Athenee CDO PLC Series 2007-5   BBB-/Watch Neg  BBB-   99.9869%
  Athenee CDO PLC Series 2007-6   BBB-/Watch Neg  BBB-   99.8018%
  Athenee CDO PLC Series 2007-7   BBB-/Watch Neg  BBB-   99.8018%
  Athenee CDO PLC Series 2007-8   BBB/Watch Neg   BBB    99.9181%
  Athenee CDO PLC Series 2007-9   BBB/Watch Neg   BBB    99.7076%
  Athenee CDO PLC Series 2007-11  BBB/Watch Neg   BBB    99.9321%
  Athenee CDO PLC Series 2007-14  BBB-/Watch Neg  BBB-   99.8029%
  Athenee CDO PLC Series 2007-15  BBB/Watch Neg   BBB    99.8566%
  Echo Funding Pty Ltd.
   Series 18                      CCC/Watch Neg   CCC    99.3610%
  Echo Funding Pty Ltd.
   Series 20                      CCC/Watch Neg   CCC    99.7460%
  Echo Funding Pty Ltd.
   Series 21                      CCC+/Watch Neg  CCC+   99.9018%
  Eirles Two Ltd. Series 148      A+/Watch Neg    A+     96.7376%
  Morgan Stanley ACES SPC
   Series 2006-31                 B-/Watch Neg    B-     99.4636%
  Morgan Stanley ACES SPC
   2007-29                        BB-/Watch Neg   BB-    99.9652%
  Morgan Stanley ACES SPC
   2007-38 Class I                BB+/Watch Neg   BB+    99.4588%
  Obelisk Trust 2005-1            BB+/Watch Neg   BB+    99.1209%
  Sceptre Capital B.V.
   Series 2007-2                  CCC+/Watch Neg  CCC+   97.8328%
  SELECT ACCESS Investments Ltd.
   Series 2005-2                  B/Watch Neg     B      99.8964%
  Zenesis SPC Series 2006-5       BBB/Watch Neg   BBB    99.7938%

The ratings on these CDO tranches were taken off CreditWatch
negative as their SROC levels rose above 100% at the current
rating level during the SROC analysis as of end-June 2009.  This
reflects a reduction in the credit risk of the underlying
portfolios due to positive rating migration within them.

Deal Name                          Rating To  Rating From       SROC
---------                          ---------  -----------       ----
Castle Finance I Ltd. Series 2     BB         BB/Watch Neg      100.0001%
Dragon A (CDS BNP)                 BBB-srp    BBB-srp/Watch Neg 100.1547%
Magnolia Finance I PLC
Series 2006-21                    CCC        CCC/Watch Neg     100.0929%
Magnolia Finance I PLC
Series 2006-22                    CCC        CCC/Watch Neg     100.0929%
Zenesis SPC Series 2005-4          AAA        AAA/Watch Neg     101.4556%

Note: Where the final price on defaulted reference names in CDO
portfolios is not known, S&P's analysis takes into consideration
the auction results for these names from the International Swaps
and Derivatives Association, Inc.

The Global SROC Report with the SROC analysis as at June 1, 2009
will be published shortly.  In the week following the publication
of the report, a full review of the affected tranches of Asia-
Pacific synthetic CDOs will be performed and appropriate rating
actions, if any, will be taken.  The Global SROC Report provides
SROC and other performance metrics on more than 3,000 individual
CDO tranches.


                         *********

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 C. Tumanda, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2009.  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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