TCRAP_Public/090727.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 27, 2009, Vol. 12, No. 146

                                   Headlines

A U S T R A L I A

GENERAL MOTORS: Holden Chairman Mark Reuss to Step Down
TIMBERCORP LTD: Investors Launch Class Action Lawsuit


H O N G  K O N G

CORNHILL DEVELOPMENT: Creditors' Proofs of Debt Due on August 21
EAST GLORY: Creditors' Proofs of Debt Due on August 21
FOOD THERAPY: Placed Under Voluntary Wind-Up
HOME GOURMET: Gilligan Steps Down as Liquidator
LBQ HONG KONG: Creditors Must File Claims by August 14

LEHMAN BROTHERS ASIA: Creditors Must File Claims by August 14
LEHMAN BROTHERS ASIA: Creditors Must File Claims by Augyst 14
LEHMAN BROTHERS ASIA: Creditors Must File Claims by August 14
LEHMAN BROTHERS COMMERCIAL: Creditors Must File Claims by Aug. 14
LEHMAN BROTHERS FUTURES: Creditors Must File Claims by August 14

LEHMAN BROTHERS NOMINEES: Creditors Must File Claims by August 14
LEHMAN BROTHERS SECURITIES: Creditors Must File Claims by Aug. 14
LUCKY GROUP: Creditors' Proofs of Debt Due on August 21
OMAX LIMITED: Placed Under Voluntary Wind-Up
RESONANCE FUNDING: S&P Downgrades Ratings on Class G Notes

SMI ENTERTAINMENT: Creditors' Proofs of Debt Due on August 21
STANDARD ACCIDENT: Creditors' Proofs of Debt Due on August 31
UNIVERSE LINK: Creditors' Proofs of Debt Due on August 21
WIDE TREASURE: Creditors' Proofs of Debt Due on August 21


I N D I A

ALPINE INTERNATIONAL: Low Net Worth Cues CRISIL 'P4' Ratings
ANANDHA INN: Delay in Loan Repayment Prompts CRISIL 'D' Rating
CEMEX ENGINEERS: Delays in Loan Repayment Cue CRISIL 'C' Rating
CM SMITH: CRISIL Downgrades Rating on INR420.6MM Term Loan to 'D'
FOOTWEAR KLICK: CRISIL Rates INR122 Million Cash Credit at 'BB+'

GEETASTAR HOTELS: CRISIL Assigns 'B' Rating on INR145MM Term Loan
JAY BHARAT: CRISIL Assigns 'BB' Rating on INR61.4 Mln Term Loan
JET AIRWAYS: Incurs INR2.25 Billion First Quarter Loss
KOHINOOR FEEDS: CRISIL Rates INR198.50 Mln Cash Credit at 'BB-'
LAXMI MEMORIAL: ICRA Rates INR330 Million Bank Loan at 'LBB+'

MAYTAS INFRA: Andra Pradesh Police Files Case Against Promoters
MAYTAS INFRA: Sells 50% Stake in Two Projects to Terra
PIX TRANSMISSIONS: ICRA Assigns 'LBB' Ratings on Various Loans
PRAMUKH GEMS: ICRA Places 'LBB' Rating on INR11.25 Million LT Loan
TATA MOTORS: Plans to Introduce Nano Cars in Latin America

WESTERN UP: CRISIL Reaffirms 'BB-' Rating on INR3.85 Bln Term Loan


I N D O N E S I A

PT GAJAH: S&P Downgrades Long-Term Corporate Credit Rating to 'SD'


J A P A N

SOFTBANK CORP: April-June Operating Profit Likely Increases 20%


K O R E A

HYUNDAI MOTOR: Inks 3-Year Wage Settlement Contract with Workers
SSANGYONG MOTOR: Refuses to Talk with Strikers


N E W  Z E A L A N D

AIR NEW ZEALAND: Passenger Traffic Down 5.50% in June 2009
AIR NEW ZEALAND: To Lodge Objection on Virgin Blue-Delta Tie-up


P H I L I P P I N E S

CE CASECNAN: Moody's Upgrades Senior Unsec. Bond Rating to 'Ba3'
NATIONAL POWER: Moody's Upgrades Ratings on Senior Debt to 'Ba3'
POWER SECTOR: Moody's Upgrades Senior Unsec. Bond Ratings to 'Ba3'
* PHILIPPINES: Moody's Upgrades Government Bond Ratings to 'Ba3'


S I N G A P O R E

PAITON ENERGY: S&P Affirms 'B' Rating on US$180 Mil. Senior Bonds


X X X X X X X X

* Emerging East Asia Economies Set to Recover, ADB Says
* S&P Downgrades Ratings on 25 Asia-Pacific Synthetic CDO Deals


                         - - - - -


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


GENERAL MOTORS: Holden Chairman Mark Reuss to Step Down
-------------------------------------------------------
GM Holden Ltd chairman and managing director Mark Reuss will step
down from the position at the end of August, The Sydney Morning
Herald reports.

Mr. Reuss, who has an engineering background, will return to GM's
Detroit headquarters to assume a senior position in global product
development, the report said.  According to the Herald, Mr. Reuss
will be replaced by Alan Batey, currently head of sales at Holden,
and was previously vice president of commercial operations of GM
Daewoo.

GM Holden Ltd is the Australian arm of General Motors Corporation.

                       About General Motors

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- was founded in 1908.  GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries.  In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

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).  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, is the Debtors'
restructuring officer.  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.

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.

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)


TIMBERCORP LTD: Investors Launch Class Action Lawsuit
-----------------------------------------------------
ABC Rural reported that Timbercorp Ltd investors who lost more
than AU$240 million when the agribusiness collapsed have commenced
a class action.

Macpherson and Kelley Solicitors is representing 1,600 people
across Australia who lost money when the company went under, the
report said.

According to ABC Rural, lawyer Ron Willemsen said his clients want
the court to declare their investment loans invalid, because
Timbercorp finance failed to disclose to investors that the
company was on the verge of collapse.

Mr. Willemsen, as cited by the report, said he is also preparing a
class action on behalf of 1,000 investors who lost money in Great
Southern Investments scheme.

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


CORNHILL DEVELOPMENT: Creditors' Proofs of Debt Due on August 21
----------------------------------------------------------------
The creditors of Cornhill Development Limited are required to file
their proofs of debt by August 21, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 10, 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


EAST GLORY: Creditors' Proofs of Debt Due on August 21
------------------------------------------------------
The creditors of East Glory Development Limited are required to
file their proofs of debt by August 21, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 10, 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


FOOD THERAPY: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on July 17, 2009, the
members of Food Therapy Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

          Chiu Tak Sing
          Wellbourne Commercial Centre
          Room 1108, 11th Floor
          8 Java Road, North Point
          Hong Kong


HOME GOURMET: Gilligan Steps Down as Liquidator
-----------------------------------------------
On July 20, 2009, Philip Brendan Gilligan stepped down as
liquidator of Home Gourmet International Limited.


LBQ HONG KONG: Creditors Must File Claims by August 14
------------------------------------------------------
In a legal notice dated July 24, 2009, the joint and several
liquidators of LBQ Hong Kong Funding Limited announced that
creditors of the Company are required, on or before the close of
business on August 14, 2009, to send in their names and addresses,
and the particulars of their debts or claims (including
establishing any title they may have to priority under Section 265
of the Companies Ordinance), and the names and address of their
solicitors, if any, addressed to:

     Edward Middleton
     Patrick Cowley
     27th Floor, Alexandra House
     18 Chater Road, Central
     Hong Kong

Creditors, if so required by notice in writing, are personally or
by their solicitors to come in and prove their debts or claims at
such time and place as will be specified in such notice, or in
default thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.


LEHMAN BROTHERS ASIA: Creditors Must File Claims by August 14
-------------------------------------------------------------
In a legal notice dated July 24, 2009, the joint and several
liquidators of Lehman Brothers Asia Limited announced that
creditors of the Company are required, on or before the close of
business on August 14, 2009, to send in their names and addresses,
and the particulars of their debts or claims (including
establishing any title they may have to priority under Section 265
of the Companies Ordinance), and the names and address of their
solicitors, if any, addressed to:

     Paul Brough
     Edward Middleton
     Patrick Cowley
     27th Floor, Alexandra House
     18 Chater Road, Central
     Hong Kong

Creditors, if so required by notice in writing, are personally or
by their solicitors to come in and prove their debts or claims at
such time and place as will be specified in such notice, or in
default thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.


LEHMAN BROTHERS ASIA: Creditors Must File Claims by Augyst 14
-------------------------------------------------------------
In a legal notice dated July 24, 2009, the joint and several
liquidators of Lehman Brothers Asia Holdings Limited announced
that creditors of the Company are required, on or before the close
of business on August 14, 2009, to send in their names and
addresses, and the particulars of their debts or claims (including
establishing any title they may have to priority under Section 265
of the Companies Ordinance), and the names and address of their
solicitors, if any, addressed to:

     Paul Brough
     Edward Middleton
     Patrick Cowley
     27th Floor, Alexandra House
     18 Chater Road, Central
     Hong Kong

Creditors, if so required by notice in writing, are personally or
by their solicitors to come in and prove their debts or claims at
such time and place as will be specified in such notice, or in
default thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.


LEHMAN BROTHERS ASIA: Creditors Must File Claims by August 14
-------------------------------------------------------------
In a legal notice dated July 24, 2009, the joint and several
liquidators of Lehman Brothers Asia Capital Company announced that
creditors of the Company are required, on or before the close of
business on August 14, 2009, to send in their names and addresses,
and the particularS of their debts or claims (including
establishing any title they may have to priority under Section 265
of the Companies Ordinance), and the names and address of their
solicitors, if any, addressed to:

     Paul Brough
     Edward Middleton
     Patrick Cowley
     27th Floor, Alexandra House
     18 Chater Road, Central
     Hong Kong

Creditors, if so required by notice in writing, are personally or
by their solicitors to come in and prove their debts or claims at
such time and place as will be specified in such notice, or in
default thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.


LEHMAN BROTHERS COMMERCIAL: Creditors Must File Claims by Aug. 14
-----------------------------------------------------------------
In a legal notice dated July 24, 2009, the joint and several
liquidators of Lehman Brothers Commercial Corporation Asia Limited
announced that creditors of the Company are required, on or before
the close of business on August 14, 2009, to send in their names
and addresses, and the particulars of their debts or claims
(including establishing any title they may have to priority under
Section 265 of the Companies Ordinance), and the names and address
of their solicitors, if any, addressed to:

     Paul Brough
     Edward Middleton
     Patrick Cowley
     27th Floor, Alexandra House
     18 Chater Road, Central
     Hong Kong

Creditors, if so required by notice in writing, are personally or
by their solicitors to come in and prove their debts or claims at
such time and place as will be specified in such notice, or in
default thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.


LEHMAN BROTHERS FUTURES: Creditors Must File Claims by August 14
----------------------------------------------------------------
In a legal notice dated July 24, 2009, the joint and several
liquidators of Lehman Brothers Futures Asia Limited announced that
creditors of the Company are required, on or before the close of
business on August 14, 2009, to send in their names and addresses,
and the particulars of their debts or claims (including
establishing any title they may have to priority under Section 265
of the Companies Ordinance), and the names and address of their
solicitors, if any, addressed to:

     Paul Brough
     Edward Middleton
     Patrick Cowley
     27th Floor, Alexandra House
     18 Chater Road, Central
     Hong Kong

Creditors, if so required by notice in writing, are personally or
by their solicitors to come in and prove their debts or claims at
such time and place as will be specified in such notice, or in
default thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.


LEHMAN BROTHERS NOMINEES: Creditors Must File Claims by August 14
-----------------------------------------------------------------
In a legal notice dated July 24, 2009, the joint and several
liquidators of Lehman Brothers Nominees (H.K.) Limited announced
that creditors of the Company are required, on or before the close
of business on August 14, 2009, to send in their names and
addresses, and the particulars of their debts or claims (including
establishing any title they may have to priority under Section 265
of the Companies Ordinance), and the names and address of their
solicitors, if any, addressed to:

     Edward Middleton
     Patrick Cowley
     27th Floor, Alexandra House
     18 Chater Road, Central
     Hong Kong

Creditors, if so required by notice in writing, are personally or
by their solicitors to come in and prove their debts or claims at
such time and place as will be specified in such notice, or in
default thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.


LEHMAN BROTHERS SECURITIES: Creditors Must File Claims by Aug. 14
-----------------------------------------------------------------
In a legal notice dated July 24, 2009, the joint and several
liquidators of Lehman Brothers Securities Asia Limited announced
that creditors of the Company are required, on or before the close
of business on August 14, 2009, to send in their names and
addresses, and the particulars of their debts or claims (including
establishing any title they may have to priority under Section 265
of the Companies Ordinance), and the names and address of their
solicitors, if any, addressed to:

     Paul Brough
     Edward Middleton
     Patrick Cowley
     27th Floor, Alexandra House
     18 Chater Road, Central
     Hong Kong

Creditors, if so required by notice in writing, are personally or
by their solicitors to come in and prove their debts or claims at
such time and place as will be specified in such notice, or in
default thereof, they will be excluded from the benefit of any
distribution made before such debts are proved.


LUCKY GROUP: Creditors' Proofs of Debt Due on August 21
-------------------------------------------------------
The creditors of Lucky Group Investments Limited are required to
file their proofs of debt by August 21, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 10, 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


OMAX LIMITED: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on July 14, 2009, the
members of Omax Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

          Chan Wai Chun, Heather
          China Insurance Gloup Building
          Room 1101, 11th Floor
          141 Des Voeux Road Central
          Hong Kong


RESONANCE FUNDING: S&P Downgrades Ratings on Class G Notes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered the rating on Class G
of Series 2006-1 notes issued by Resonance Funding Pty Ltd.  At
the same time, the Class F and G notes remain on CreditWatch with
negative implications, where they were initially placed on
April 8, 2009.

The actions are a result of a scenario analysis S&P conducted on
defaulted entities referenced in the portfolio.  Class G was
downgraded because its synthetic rated overcollateralization
(SROC) score is less than 100%, indicating that the current credit
enhancement may be insufficient to maintain the previous tranche
rating.  Class F notes remain on CreditWatch negative due to the
possibility of a downgrade arising from potentially low recovery
levels on the defaulted reference names in the portfolio.  As the
two tranches have been on CreditWatch negative for longer than 90
days and the relative credit quality has not improved since the
CreditWatch placement to a level sufficient to affirm the ratings,
S&P has assessed the current portfolio credit quality and not run
scenarios 90 days into the future for the transaction.

The rating actions taken on the affected transaction are:

  Deal Name                       Rating To        Rating From
  ---------                       ---------        -----------
  Resonance Funding Pty Ltd.
  Series 2006-1
   Class  F                       BBB-/Watch Neg   BBB-/Watch Neg
  Resonance Funding Pty Ltd.
  Series 2006-1
   Class  G                       B-/Watch Neg     B+/Watch Neg


SMI ENTERTAINMENT: Creditors' Proofs of Debt Due on August 21
-------------------------------------------------------------
The creditors of SMI Entertainment Limited are required to file
their proofs of debt by August 21, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 10, 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


STANDARD ACCIDENT: Creditors' Proofs of Debt Due on August 31
-------------------------------------------------------------
The creditors of Standard Accident Claim Limited are required to
file their proofs of debt by August 31, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 13, 2009.

The company's liquidator is:

          Chau Kam Hung
          Hing Yip Commercial Centre
          Unit 501, 5th Floor
          272-284 Des Voeux Road Central
          Hong Kong


UNIVERSE LINK: Creditors' Proofs of Debt Due on August 21
---------------------------------------------------------
The creditors of Universe Link Industries Limited are required to
file their proofs of debt by August 21, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 10, 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


WIDE TREASURE: Creditors' Proofs of Debt Due on August 21
---------------------------------------------------------
The creditors of Wide Treasure Limited are required to file their
proofs of debt by August 21, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 10, 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


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


ALPINE INTERNATIONAL: Low Net Worth Cues CRISIL 'P4' Ratings
------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Alpine International.

   Facilities                          Ratings
   ----------                          -------
   INR230.0 Million Packing Credit     P4 (Assigned)
   INR120.0 Million Foreign Demand     P4 (Assigned)
                     Bill Purchase
   INR250.0 Million Proposed Short     P4 (Assigned)
            Term Bank Loan Facility

The ratings reflect Alpine International's weak financial risk
profile, marked by high gearing and low net worth, and exposure to
fluctuations in iron ore prices, and in the value of the Indian
rupee.  These weaknesses are, however, partially offset by the
benefits that the company derives from efficient logistic
operations and healthy relationships with suppliers and
international customers.

                    About Alpine International

Set up in 1993 as a proprietorship firm by Mr. Gagan Shukla,
Alpine International initially traded in marble and granite
stones.  In 2003, Alpine began trading in iron ore, and over the
past few years, has been focused on trading in mineral ore, which
now constitutes almost its entire revenues.

Alpine International reported a profit after tax (PAT) of INR31
million on net revenue of INR2059 million for the year ended
March 31, 2009, as against a PAT of INR 21 million on net revenue
of INR 1166 million for the year ended March 31, 2008.


ANANDHA INN: Delay in Loan Repayment Prompts CRISIL 'D' Rating
--------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the various bank
facilities of Anandha Inn Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------

   INR188.0 Million Long Term Loan     D (Assigned)
   INR6.5 Million Overdraft Facility   D (Assigned)
   INR0.5 Million Bill Purchase-       P5 (Assigned)
             Discounting Facility
   INR0.3 Million Bank Guarantee       P5 (Assigned)

The ratings reflect delay by Anandha Inn in servicing of its term
loan obligations, owing to weak liquidity on account of expansion
to construct convention centre, estimated to cost INR 24 crore and
the impact of slowdown in the global economy on the hotel
industry.

                        About Anandha Inn

Set up in 1990 by Mr. P Thirunavukkarasu, Anandha Inn is in the
hotel business and has a four-star hotel, Anandha Inn at
Pondichery with a capacity of 70 rooms.  The company has their own
brand 'Anandha Inn' since the start of hotel in 1993.  It also has
a marriage hall, Anandha Thirumananilayam.  The company also has
three restaurant-cum-bars, under its Asian House division.  For
the year ended March 31, 2008, Anandha Inn reported a profit after
tax (PAT) of INR4.1 million on net sales of INR78.5 million, as
against a PAT of INR5.0 million on net sales of INR68.0 million in
the prior year.


CEMEX ENGINEERS: Delays in Loan Repayment Cue CRISIL 'C' Rating
---------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the bank facilities
of Cemex Engineers.

   Facilities                      Ratings
   ----------                      -------
   INR70 Million Cash Credit*      C (Assigned)
   INR50 Million Bank Guarantee    P4 (Assigned)

   *includes Proposed Cash Credit limit of INR20.00 Million

The ratings reflect instances of delay by Cemex in its repayment
of term loan obligations, owing to weak liquidity.  The ratings
also reflect Cemex's below-average financial risk profile, and
exposure to risks relating to small scale of operations in the
construction industry, and geographical concentration in its
revenue profile.  However, these weaknesses are partially offset
by the benefits that Cemex derives from the experience of its
promoters in the construction industry.

                       About Cemex Engineers

Cemex, promoted by Mr. Santhosh Sebastian Anthony as a
proprietorship firm in 1987, later converted to a partnership
firm, with his wife being inducted as partner. The firm undertakes
contracts in construction of residential and commercial buildings.
Its activities are limited to Kerala. Cemex reported a profit
after tax (PAT) of INR16.5 million on net sales of INR548 million
for the year ended March 31, 2009, as against a PAT of INR15.4
million on net sales of INR549 million in the prior year.


CM SMITH: CRISIL Downgrades Rating on INR420.6MM Term Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings to the various bank facilities
of C M Smith and Sons Ltd to 'D/P5'.

   Facilities                          Ratings
   ----------                          -------
   INR159.0 Million Cash Credit *      D (Downgraded from
                                          BB+/Stable)
   INR420.6 Million Term Loan          D (Downgraded from
                                          BB+/Stable)
   INR1.5 Million Bank Guarantee       P5 (Downgraded from P4)

   *Fungible with Export Packing Credit up to INR40.0 million

The downgrade reflects delays by CMS in repayment of its term loan
obligations owing to its weak liquidity position caused by decline
in sales volumes and time and cost overruns at its Ahmedabad
project.

                         About C M Smith

Set up in 1943, CMS is a closely-held public limited company.  It
manufactures automotive components such as brake drums, and clutch
housing for large, commercial vehicles.  It also manufactures a
range of non-automotive components.  CMS reported a profit after
tax (PAT) of INR43.6 million on net sales of INR666.2 million for
2006-2008, as against a PAT of INR22.6 million on net sales of
INR598.8 million in the previous year.


FOOTWEAR KLICK: CRISIL Rates INR122 Million Cash Credit at 'BB+'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the cash credit
facility of Footwear (Klick) India Pvt Ltd.

   Facility                       Ratings
   --------                       -------
   INR122.0 Million Cash Credit   BB+/Stable (Assigned)

The ratings reflect FKI's moderate financial risk profile, and
small scale of operations in the footwear industry.  These
weaknesses are, however, partially offset by FKI's diversified
product profile, and established marketing network.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of FKI and Nu Fashion Footwear Pvt Ltd
(NFF). This is because both entities are under a common
management, and have strong operational linkages. Also, NFF's
entire sales are to FKI. The products of both companies are
marketed through a common marketing network, under a common brand,
Lancer.

Outlook: Stable

CRISIL believes that FKI will maintain stable business and
financial risk profiles over the medium term on the back of a
diversified product profile and established marketing network. The
outlook may be revised to 'Positive' if the company's
profitability improves on the back of higher-than expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the company undertakes large, debt-funded capital expenditure
leading to deterioration in its financial risk profile.

                          About the Group

Incorporated in 1994, NFF manufactures footwear mainly for the
summer season. FKI purchases the entire produce of NFF and markets
it under the same brand through its dealer network. NFF's plant in
Delhi has a capacity of 30,000 pairs of footwear per day (PPD).

The NFF-FKI combine reported a profit after tax (PAT) of INR14
million on net sales of INR856 million for the year ended
March 31, 2009, as against a PAT of INR9 million on net sales of
INR609 million for the year ended March 31, 2008.

                      About Footwear (Klick)

Incorporated in 1989, FKI manufactures a variety of footwear,
mainly for the winter season, which includes sports shoes, school
shoes and casual footwear for people of all ages. It sells
products in the domestic market under its brand, Lancer, through a
network of 300 dealers. The company's plant in Delhi has capacity
to manufacture 20,000 PPD.

FKI reported a profit after tax (PAT) of INR9 million on net sales
of INR895 million for the year ended March 31, 2009, as against a
PAT of INR6 million on net sales of INR562 million in the prior
year.


GEETASTAR HOTELS: CRISIL Assigns 'B' Rating on INR145MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Negative' rating to the term loan
facility of Geetastar Hotels & Resorts Pvt Ltd.

   Facility                          Rating
   --------                          -------
   INR145.0 Million Term Loan        B/Negative (Assigned)

The rating reflects Geetastar's weak financial risk profile,
marked by high gearing and the low cash accruals expected in its
initial years of operations, geographical concentration in
revenues, and exposure to risks related to small scale of
operations in the hospitality industry.  The impact of these
weaknesses is mitigated by the benefits Geetastar derives from the
experience of its promoters in the construction and hospitality
businesses.

Outlook: Negative

CRISIL believes that Geetastar will post low cash accruals in its
initial years of operations, as the ramp up in sales and
profitability is expected to be gradual.  As a result, the
company's accruals may be inadequate to service its debt -
payments begin from February 2010.  The rating may be downgraded
if the company posts cash accruals that are lower than expected.
Conversely, the outlook may be revised to 'Stable' if revenues,
profitability, and cash accruals improve sooner than expected.

                      About Geetastar Hotels

Geetastar is constructing a three-star hotel in Jaipur (Rajasthan)
which is expected to be completed by July 2009.  The company is a
part of the Udai Kant Misra & Sons (UKM) group, which has
interests in housing and commercial real estate construction in
Jaipur since 1978.  The UKM group has built, and has been
managing, The Wall Street, Jaipur, since July 2005.


JAY BHARAT: CRISIL Assigns 'BB' Rating on INR61.4 Mln Term Loan
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Jay Bharat Dyeing & Printing Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR50.0 Million Cash Credit Limit   BB/Stable (Assigned)
   INR61.4 Million Term Loan           BB/Stable (Assigned)

The rating reflects JBDPPL's limited financial flexibility, small
scale of operations in the dyeing industry, and exposure to risks
relating to geographic concentration in its revenue profile.
These weaknesses are, however, partially offset by the benefits
that JBDPPL derives from the experience of its promoters in the
textile industry and JBDPPL's average financial risk profile.

Outlook: Stable

CRISIL expects JBDPPL to maintain a stable credit risk profile
over the medium term, backed by the established track record of
its promoters, and average financial risk profile.  The outlook
may be revised to 'Positive' if JBDPPL's cash accruals improve
significantly, backed by scale-up in operations with stabilization
of additional capacities, and a stronger capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates due to lower than
expected profitability.

                          About Jay Bharat

JBDPPL, incorporated in 1986, is promoted by the Arya family and
has been in the textile industry business since the 1970s.  JBDPPL
undertakes job works in dyeing and printing of grey polyester
fabric.  The company's plant at Surat has a processing capacity of
1.5 lakh metres per day.  The company uses gas-based and wind-
based power to meet its power requirements.  Processing houses in
Kadodara region have collectively invested in an effluent
treatment plant (Palsana Enviro Protection Ltd), Asia's biggest,
to help these units meet pollution control norms.  The company is
also enhancing its fabric-printing capacity to 1.85 lakh metres
per day.

JBDPPL reported a profit after tax (PAT) of INR 12.7 million on
net sales of INR 206.1 million for the year ended March 31, 2008,
as against a PAT of INR 3.4 million on net sales of INR 175.4
million for the year ended March 31, 2007.


JET AIRWAYS: Incurs INR2.25 Billion First Quarter Loss
------------------------------------------------------
Jet Airways (India) Ltd. reported a first-quarter loss of INR2.25
billion (US$47 million) in the first quarter ended June 30, 2009,
compared with a net income of INR1.43 billion a year ago.

For the quarter ended June 30, the carrier posted revenue of
INR24.28 billion (US$ 506.9 million), down by 16.2% from a year
ago.

                        Domestic Operations

Domestic operations accounted for 43.1% of operating revenues
(INR10.220 billion) versus 52.0% (INR14.90 billion) in the first
quarter of the previous year.

The Company achieved a domestic seat factor of 67.3% in Q1 FY10
versus 72.3% in Q1 FY09.

The Company showed an improved performance in Q1 FY10 with an
EBITDAR margin of 8.8% vs -9.4% in Q1 FY09.

The Company recorded a pre-tax loss on domestic operations of
INR1.48 billion (US$30.9 million), compared with a a profit of
INR5.02 billion (US$ 116.7 million) in the same period a year ago.
The results have to be seen in the context of one time positive
item amounting to INR8.53 billion (US$ 198.2 million) in the Q1
FY09.

                      International Operations

The revenues from its international operations now account for
56.9 % of operating revenues (INR13.49 Billion) versus 48.0%
(INR13.77 billion) in the first quarter of last year.

The Company achieved a seat factor of 76.5% for Q1 FY10 versus
64.7% for Q1 FY09.

The Company showed an improved performance in Q1 FY10 with an
EBITDAR margin of 22.3% vs -7.4% in Q1 FY09.

The Company's international operations as a whole showed a pre-tax
loss of INR772 million (US$ 16.1 million) versus a pre tax loss of
INR2.83 billion (US$ 65.8 million) for the same period last year.

All of the Company's routes have achieved over 70% load factors
and the USA and ASEAN routes are in the 80s.  Gulf routes operate
at a seat factor of mid 70s.

This improvement in performance of international routes was
enabled by capacity reduction, elimination of loss making routes,
leasing out of aircraft and focusing on profit making routes.

As a part of its gradual expansion program on regional
international routes, Jet Airways has launched Mumbai-Jeddah and
would be launching Mumbai-Riyadh, Mumbai- Bangkok, Hyderabad
-Dubai, Mumbai-Dhaka & Cochin-Sharjah shortly.

The Company said it has taken comprehensive network/cost
initiatives which include:

   * Network restructuring;
   * rationalizing Personnel costs;
   * restructuring of aircraft leases;
   * debt restructuring;
   * cash conservation/Cost savings measures;
   * maximize Jet Lite –Jet airways synergies;
   * intensifying Alliances / Code Share; and
   * deferment of aircraft deliveries for next 1-2 years.

"These measures have started showing cost savings and the full
impact will be seen in the coming quarters which will lead to a
lower unit cost of operation," the company said in a statement.

"Our Jet Airways Konnect will help us improve seat factors and
overall revenues in the domestic business and this phase of
shifting additional capacity from 2 class full service model to a
single class configuration will get completed in October 2009," it
said.

                         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.

                           *     *     *

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.


KOHINOOR FEEDS: CRISIL Rates INR198.50 Mln Cash Credit at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Kohinoor Feeds & Fats Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR198.50 Million Cash Credit *     BB-/Stable (Assigned)
   INR1.50 Million Bank Guarantee      P4 (Assigned)

   * Includes proposed limit of INR 60.00 Million

The ratings reflect KFFL's moderate financial risk profile, marked
by low net worth, and moderate gearing and debt protection
measures.  The ratings also factor in the working-capital-
intensive nature, and small scale, of KFFL's operations in the
edible oil industry, and exposure to risks relating to volatility
in raw material prices, unfavourable government regulations, and
intense competition in the highly-fragmented edible oil industry.
These weaknesses are, however, partially offset by the benefits
that KFFL derives from its promoters' experience in the edible
oils business, and easy access to raw materials.

Outlook: Stable

CRISIL expects KFFL's financial risk profile to remain weak, and
its scale of operations to remain small over the near to medium
term. The outlook may be revised to 'Positive' if the company's
scale of operations and financial risk profile improve
substantially, or if its financial flexibility is enhanced by
increase in net worth through equity infusions.  Conversely, the
outlook may be revised to 'Negative' if KFFL undertakes additional
debt-funded capital expenditure, thereby weakening its capital
structure.

                       About Kohinoor Feeds

Incorporated in 1990 by Mr. Ali Mohammed Panjwani, KFFL
manufactures soya bean and sunflower oil, and by-product54s such
as de-oiled soya bean and sunflower cakes, and poultry feeds.  The
company's unit at Nanded (Maharashtra) has capacity to extract
about 250 tonnes per day (tpd) of solvents, and a refining
capacity of 50 tpd.  The company processed 26,196 tonnes of soya
seeds and refined 4132 tonnes of soya oil in 2007-08.

KFFL reported a profit after tax (PAT) of INR6.5 million on net
sales of INR930.0 million for the year ended March 31, 2008, as
against a PAT of INR5.0 million on net sales of INR636.4 million
in the prior year.


LAXMI MEMORIAL: ICRA Rates INR330 Million Bank Loan at 'LBB+'
-------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR 330 million fund based
facilities and INR 63.7 million non fund based facilities of Laxmi
Memorial Education Trust.  The rating indicates inadequate-credit-
quality rating in the long term.

ICRA's non investment grade rating factors in risks arising out of
factors like high gearing levels of the trust, below average
performance (in terms of parameters like pass percentage of
students) of a number of institutes running under the society and
stretched liquidity. The rating is also constrained by the
challenges involved in attracting high quality students and
faculty by private medical institutions, continuous need to incur
capex to maintain infrastructural facilities as well as add fresh
courses/colleges and the regulatory challenges involved in the
education sector in India. The rating is however supported by long
experience and recognized presence of promoters in the field of
education, stable cash flows arising out of its reputed and well
established medical college, dental college in Mangalore and
inherent predictability of revenues associated with educational
institutions.

                       About Laxmi Memorial

The Laxmi Memorial Education Trust (LMET) was incorporated in 1992
under the leadership of Mr. A.J.Shetty. LMET runs eight colleges
in the Mangalore region with total student strength of more than
2300 students. The most notable of LMET's colleges are the AJ
Institute of Medical Sciences, AJ Institute of Dental Sciences and
a 600 bedded hospital named AJ Hospital and Research Centre
attached to the college premises and together they account for
more than 80% of the trust's revenues.


MAYTAS INFRA: Andra Pradesh Police Files Case Against Promoters
---------------------------------------------------------------
The Andhra Pradesh Police registered a case against promoters of
Maytas Infra Ltd, a firm promoted by the kin of Satyam Computer B.
Ramalinga Raju, for allegedly failing to deliver apartments to
customers on time, Indopia.com reports citing the Press Trust of
India.

"We have booked the case following complaints from a retired
nuclear scientist and a software engineer who had purchased
property in Maytas Hills County," Deputy Commissioner (Detective)
R S Praveen Kumar told PTI.

The complainants alleged that Maytas failed to deliver the flats
or houses as promised, even though they had paid for it,
Indopia.com said.

Meanwhile, The Times of India reports that Maytas Properties is
looking for strategic partners to infuse Rs 100-150 crore required
to complete the Hill County project to mollify agitated Hill
County customers.

"We are talking to some reputed developers to bring in the
necessary funds to complete the project," Ved Jain, director,
Maytas Properties, was quoted by the Times as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 20, 2009, the Financial Express said the government called on
the Company Law Board to supercede the present boards of Maytas
Infra Ltd and Maytas Properties Ltd.  "In order to prevent
further acts of fraud against the said companies (two Maytas
companies) and to safeguard operations of these companies in
public interest, the government has moved the CLB to remove the
existing directors of these companies," the Financial Express
quoted Corporate Affairs Minister Prem Chand Gupta as saying.

The Hindu Business Line related that the application to the CLB
was based on the information given by the Serious Fraud
Investigation Office, which showed that the present management of
the two companies had worked with fraudulent intent, breached
stakeholders' trust, persistently neglected its obligations and
functions 'to the serious detriment of the business and operations
of these two companies and stakeholders'.  The board of Maytas
Infra comprises Dr. R. P. Raju (Independent director), Mr. B. Teja
Raju (Vice- Chairman and son of Mr B. Ramalinga Raju), and Mr. B.
Narasimha Rao (who was inducted on January 30, 2009).

                     Receivership Application

As reported in the TCR-AP on Feb. 18, 2009, India Infoline, citing
a report, said the Bombay High Court rejected an application made
by IDBI Bank and ICICI Bank seeking appointment of a court
receiver to oversee the administration of Maytas Infra Limited.
According to Infoline, Maytas is carrying out 62 infrastructure
projects and has INR40.45 billion debt outstanding, in term loans
and working capital facilities from various banks.  Infoline said
Maytas's financial health and its ability to complete the ongoing
projects is crucial for the banks.  On February 9, Infoline said a
High Court judge refused to grant ad-interim relief sought by the
two banks.

                       About Maytas Infra

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


MAYTAS INFRA: Sells 50% Stake in Two Projects to Terra
------------------------------------------------------
Business Standard reports that Maytas Infra Ltd, a firm promoted
by the kin of Satyam Computer B. Ramalinga Raju, is selling part
of its shareholding in Cyberabad Expressway Pvt Ltd and Hyderabad
Expressway Pvt Ltd to Terra Projects Ltd, a company owned by the
Kolkata-based Neco group.

Maytas, which owns 50 per cent in each of these two companies that
will operate on a Build, Operate, Transfer (BOT) basis, is
initially selling 36 per cent to Terra Projects, the report said.

The remaining 50 per cent in these two companies is owned by
Gayatri Projects Ltd, a Hyderabad-based infrastructure player.

According to the report, sources said the decision to divest stake
in the projects was taken by the four government-nominee directors
on Maytas Infra's six-member board.

Anil Agarwal, a government-nominated director, confirmed that the
company was "bringing in a new partner in these two projects" but
declined to discuss the size of the transaction, the Standard
states.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 20, 2009, the Financial Express said the government called on
the Company Law Board to supercede the present boards of Maytas
Infra Ltd and Maytas Properties Ltd.  "In order to prevent
further acts of fraud against the said companies (two Maytas
companies) and to safeguard operations of these companies in
public interest, the government has moved the CLB to remove the
existing directors of these companies," the Financial Express
quoted Corporate Affairs Minister Prem Chand Gupta as saying.

The Hindu Busines Line related that the application to the CLB was
based on the information given by the Serious Fraud Investigation
Office, which showed that the present management of the two
companies had worked with fraudulent intent, breached
stakeholders' trust, persistently neglected its obligations and
functions 'to the serious detriment of the business and operations
of these two companies and stakeholders'.  The board of Maytas
Infra comprises Dr. R. P. Raju (Independent director), Mr. B. Teja
Raju (Vice- Chairman and son of Mr B. Ramalinga Raju), and Mr. B.
Narasimha Rao (who was inducted on January 30, 2009).

                     Receivership Application

As reported in the TCR-AP on Feb. 18, 2009, India Infoline, citing
a report, said the Bombay High Court rejected an application made
by IDBI Bank and ICICI Bank seeking appointment of a court
receiver to oversee the administration of Maytas Infra Limited.
According to Infoline, Maytas is carrying out 62 infrastructure
projects and has INR40.45 billion debt outstanding, in term loans
and working capital facilities from various banks.  Infoline said
Maytas's financial health and its ability to complete the ongoing
projects is crucial for the banks.  On February 9, Infoline said a
High Court judge refused to grant ad-interim relief sought by the
two banks.

                       About Maytas Infra

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


PIX TRANSMISSIONS: ICRA Assigns 'LBB' Ratings on Various Loans
--------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR708.80 million term
loan, INR 200 million corporate loan and INR280 million fund based
bank facilities of Pix Transmissions Limited.  This is the
inadequate-credit-quality rating assigned by ICRA.  ICRA has also
assigned "A4" rating to the INR530 million fund based facilities
and INR303 million non fund based facilities of PTL, indicating
risk-prone-credit quality in the short term.

The ratings are constrained by its low profitability, weak
financial structure and depressing return on capital employed. It
also takes into consideration the increase in working capital
requirements which affects the cashflows adversely. The financial
risk is expected to remain high due to debt funded capex and the
success of the capex is dependent on the market acceptance of the
products. The ratings, also, reflect the long experience of the
promoters in the industry, its strong global presence through its
foreign joint venture, subsidiaries and channel partners and its
diversified client base.

                     About Pix Transmissions

Pix Transmissions Limited (PTL) was incorporated as a private
limited company in 1980-81 and was converted into public limited
company in 1989-90 and was later listed in the Bombay Stock
Exchange.  It was promoted by the Sethi brothers.  Presently the
company has its manufacturing facilities in Hingna & Bazargaon and
a new unit is coming up in Nagalwadi, Nagpur.  PTL is into
production of V-Belt, hoses and end fitting and at present it has
a V-Belt manufacturing capacity of 138 lacs p.a., hose
manufacturing capacity of 117 lac mtrs p.a. and end fitting
capacity of 103 tons p.a.


PRAMUKH GEMS: ICRA Places 'LBB' Rating on INR11.25 Million LT Loan
------------------------------------------------------------------
ICRA has assigned an LBB indicating inadequate-credit-quality
rating to the long term instruments (Long term Loans-INR 11.25
million) and an A4 indicating risk-prone-credit-quality rating to
the short term instrument (Fund Based limit-INR 276.0 million) of
Pramukh Gems (PG).

The rating is constrained by the firms' small scale of operations
and intense competition from a large number of unorganized and
organized players both in domestic and export segment.  The Cut &
Polish Diamonds (CPD) industry is currently facing slowdown in the
international markets resulting in an overall decline in the
demand for diamonds thus leading to a lower capacity utilization
across the industry.

The assigned rating also takes into account the firm's commitment
to quality and the promoter's long experience in the CPD industry;
the firm's strong distribution and marketing network of business
associates created across major diamond importing countries which
has helped them to create a toehold in those countries.

                        About Pramukh Gems

Pramukh Gems (PG) is a diamond manufacturing and exporting firm,
established in the year 2002.  The firm manufactures fair mix of
both smaller and bigger size diamonds (0.01-3 carats) in an
extensive variety of round and fancy shapes.  In fancy, they deal
in Marquise, Oval, Pear and Princess.  The firm has its diamond-
processing unit based in city of diamonds, Surat.

PG primarily imports its rough diamond requirements from miners
like Alrosa and through its established supplier network in Hong
Kong, USA and local market. The manufacturing operations are
carried from factories at Surat.  The firm has its office cum
showroom in Opera house, Mumbai from where the entire selling is
done.  For FY 09, the firm reported a PAT of INR (5.7) million on
an operating income of INR 712.4 million.


TATA MOTORS: Plans to Introduce Nano Cars in Latin America
----------------------------------------------------------
Tata Motors Ltd is planning to introduce its small car Nano in
Latin America in partnership with Italian auto maker Fiat, the
Press Trust of India reports.

The report, citing Tata Group Chairman Ratan Tata in an interview
to Italian newspaper 'La Stampa', says both Tata Motors and Fiat
are discussing plans to bring Nano into Latin America.

According to PTI, Ratan Tata said the two companies are also
talking about many things, including plans for Iveco, Ferrari and
Maserati.

The Troubled Company Reporter-Asia Pacific reported on March 25,
2009, that Tata Motors Limited launched its Tata Nano cars in
Mumbai on March 23.

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2008, Tata Motors unveiled the much-hyped world's
cheapest car, which Tata Group Chairman Ratan N. Tata hopes will
get India's masses off motorbikes and into cars.  Tata Nano cars
was launch in Mumbai on March 23.

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
March 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'.  S&P said the rating remains on CreditWatch
with negative implications, where it was placed on Dec. 12, 2008.
At the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.

S&P said the rating action follows material deterioration in Tata
Motors' cash flows and related metrics on a consolidated basis,
derived from an adverse operating environment, which, combined
with significantly high debt levels, will affect its credit
protection measures beyond those consistent with a 'BB' rating
category.


WESTERN UP: CRISIL Reaffirms 'BB-' Rating on INR3.85 Bln Term Loan
------------------------------------------------------------------
CRISIL's rating on the term loan facility of Western UP Tollway
Ltd. continues to reflect the time and cost overrun and the
revenue risk related to toll collection-based projects.

   Facilities                      Ratings
   ----------                      -------
   INR3.85 Billion Term Loan       BB-/Stable
   (Enhanced from 3.80 Billion)

Outlook: Stable

CRISIL expects WUPTL to complete the project as per the revised
completion schedule.  The outlook could be revised to 'Positive'
once the project becomes operational and generates revenues.
Conversely, it may be revised to 'Negative' in case of delays in
meeting the revised targeted commercial operation date or if there
are cost overruns.

                    About Nagarjuna Construction

WUPTL is a special purpose vehicle (SPV) jointly promoted by
Nagarjuna Construction Company Ltd (30 per cent stake), Gayatri
Projects Ltd (40 per cent), and Maytas Infra Ltd (30 per cent).
The company has signed a 20-year concession agreement with the
National Highways Authority of India (NHAI) for undertaking the
construction and maintenance of a road project on a build,
operate, transfer (BOT) basis at a total project cost of INR5.35
billion.  WUPTL has, in turn, signed a fixed-cost, fixed-duration
engineering, procurement, and construction (EPC) contract with its
promoters for the project.

The project involves widening the existing two-lane, 79-kiliometre
(km)-long stretch of National Highway 58, between Meerut and
Muzzaffarnagar, and improving the stretch. WUPTL will also collect
toll from vehicles using the stretch. This stretch forms a part of
National Highway Development Programme Phase 3A, being undertaken
by NHAI.  As per the revised schedule, the project will commence
commercial operations in December 2009.


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


PT GAJAH: S&P Downgrades Long-Term Corporate Credit Rating to 'SD'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Indonesian-based PT Gajah Tunggal Tbk. to 'SD'
(selective default) from 'CC', after the successful completion of
the exchange offer.

At the same time, S&P lowered its issue rating on the US$420
million senior unsecured notes due 2010 to 'D' from 'CC'.  These
notes were issued by GT2005 Bonds B.V. and are guaranteed by Gajah
Tunggal.

These rating actions follow the company's announcement on July 21,
2009, of completion of the exchange offer that changed the terms
of the company's bonds due 2010.

"In S&P's view, with the changed terms, the bondholders may
receive less value than that from the original securities," said
Standard & Poor's credit analyst Wee Khim Loy.  "As a result, such
a change constitutes a 'distressed exchange' tantamount to an
immediate default under Standard & Poor's criteria."

Following the completion of a distressed exchange, according to
S&P's criteria, the issuer is no longer considered to be in
selective default.  In the coming days, S&P will reassess Gajah
Tunggal's financial and liquidity position and its actual and
projected operating performances and expect to assign new ratings.

"At this stage, S&P believes the new terms of the bonds alleviate
the immediate liquidity pressure and refinancing risk of Gajah
Tunggal by capitalizing approximately US$15.2 million of the
US$21.5 million interest payment on the existing bonds into the
new bonds and extending of maturity until 2014 (beyond the
original 2010).  The remaining US$6.3 million will be paid in cash
to bondholders," Ms. Loy said.

However, the new ratings are likely to be lower than 'B', given
that after the exchange offer, S&P expects (1) debt/EBITDA to
remain above 7x; (2) FFO/total debt to be less than 5% before
improving in 2010 and beyond; and (3) global industry conditions
to stay challenging in the tire and auto markets.


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


SOFTBANK CORP: April-June Operating Profit Likely Increases 20%
---------------------------------------------------------------
Softbank Corp.'s April-June operating profit likely rose 20
percent from a year earlier to more than JPY100 billion (US$1.1
billion), Bloomberg News reports citing the Nikkei newspaper.

Bloomberg relates the newspaper said sales probably rose 5 percent
to JPY680 billion.

Softbank Corp. (TYO:9984) -- http://www.softbank.co.jp/-- is a
Japan-based company that provides digital information services.
The Company has six business segments.  The Mobile Communication
segment provides cellular phone services and sells attached
cellular phone terminals.  The Broadband and Infrastructure
segment provides high-speed Internet access services, Internet
protocol (IP) phone service, and contents.  The Fixed
Communication segment provides transmission services for audio and
data, as well as exclusive line and data center services.  The
Internet Culture segment is engaged in the Internet advertising,
broadband portal and auction businesses.  The Electronic Commerce
(E-Commerce) segment sells personal computers (PCs), peripheral
devices and software for PC use, as well as provides business-to-
business and business-to-customer e-commerce services.  The Others
segment is involved in the broadcasting media, technology service,
media marketing and overseas fund businesses.

                         *     *     *

The company continues to carry Moody's "Ba2" Issuer and Senior
Unsecured Debt Ratings.  The outlook on the ratings is stable.


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


HYUNDAI MOTOR: Inks 3-Year Wage Settlement Contract with Workers
----------------------------------------------------------------
Hyundai Motor India Ltd, a wholly owned subsidiary of Hyundai
Motor Co., said it has signed a three-year wage settlement
contract with its workers, livemint.com reports.

According to the report, the settlement comes two months after its
workers in Chennai last staged protests demanding the right to
organize a labour union, among other things.

The Hyundai Motor India Employees' Union was formed in 2007 and
has around 1,150 members but the workers said the company had not
acknowledged its existence, the report says.

According to livemint.com, the company said this is the ninth wage
settlement signed with the workers committee, which comprises of
seven members elected by the workers.

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

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The rating
agency revised the Outlook to Negative from Stable.


SSANGYONG MOTOR: Refuses to Talk with Strikers
----------------------------------------------
Yonhap News Agency reports that Ssangyong Motor Co. refused
Saturday to hold talks with laid-off workers, who have been
occupying part of the company's sole assembly plant, saying it
won't come back to the bargaining table until the strikers end
their violent behavior.

According to the news agency, the refusal came a day after
Ssangyong agreed with leaders of its labor union to resume the
talks, which are under arbitration by lawmakers from both ruling
and opposition parties.

Yonhap recalls that thousands of riot police, armed with a court-
issued eviction order, moved into Ssangyong's Pyeongtaek plant
last week where hundreds of laid-off workers remained holed up at
a paint shop inside the factory for 65 days.

The news agency relates that an estimated 900 strikers vowed to
fight to the end by shooting nuts and bolts from large slingshots
and sometimes hurling Molotov cocktails.  Police sprayed tear gas
from helicopters and electroshock guns to try to evict the
unionists.  According to Yonhap, scores of police and unionists
were reportedly injured.

"Talks would be meaningless unless violent acts are halted," the
report cited Ssangyong in a statement.

Unionized workers at Ssangyong Motor launched on May 22 a full
strike against the company's massive job-cut plan as part of a
restructuring plan.  Ssangyong won permission to enter bankruptcy
protection in return for conducting restructuring that calls for
36 percent of its workforce, or 2,646 employees, to be cut,
according to The Korea Herald.  Since then, some 1,670 workers
have left the company through voluntary retirement, while the
remaining 976 workers have gone on strike, the Herald said.

The Troubled Company Reporter-Asia Pacific reported on Jan. 12,
2009, that Ssangyong filed for receivership with a Seoul district
court in a bid to stave off a complete collapse.  On Feb. 6, 2009,
the TCR-AP reported the Seoul Central District Court accepted
Ssangyong's application to rehabilitate under court protection.
The court named former Hyundai Motor Co. executive Lee Yoo-il and
Ssangyong executive Park Young-tae to run the automaker.

The TCR-AP, citing The Auto Channel, reported on May 25, 2009,
that a South Korean court approved Ssangyong Motor's restructuring
plan.  The Auto Channel said the court confirmed a Samil
PricewaterhouseCoopers assessment that the manufacturer had a
greater value as a going concern than its liquidated value,
and ordered Ssangyong to submit its full restructuring plan by
mid-September.

                       About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.


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


AIR NEW ZEALAND: Passenger Traffic Down 5.50% in June 2009
----------------------------------------------------------
Air New Zealand Ltd. said that it carried 1.1 million passengers
in June, down 5.5% on the same month last year.  Load factors
increased across the airline as proactive capacity management
continued to reduce costs on the back of lower passenger numbers.
The airline's capacity was reduced by 12.3% on the same month last
year and the Group's passenger load factor increased by 2.0
percentage points.

Short haul passenger numbers were down 4.0% compared to June last
year.  The domestic airline's load factor increased by 2.6
percentage points and the Tasman/Pacific load factor increased by
3.8 percentage points.

Long haul airline passenger numbers decreased by 14.0% and
capacity was reduced by 14.7% on the same month last year.

Influenza A (H1N1) continued to soften demand out of Japan with
passenger numbers on Asia/Japan/UK routes down 25% on last June.
Capacity was reduced by combining flights from Osaka and Tokyo
into a single flight.  Overall the load factor on Asia/Japan/UK
routes increased slightly.

Group-wide yields for the year-to-date were up 6.1% on the
comparable period last financial year.  Short Haul and Long Haul
yields were up by 0.5% and 12.1% respectively.  Removing the
impact of foreign exchange, Group-wide yields were up 0.8%.

Air New Zealand will announce its annual results for the 12 months
to June 30, 2009, prior to the market opening on August 27, 2009.

Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                          *     *     *

As of June 29, 2009, Air New Zealand Ltd continues to carry
Moody's Investors Service "Ba1" Senior Unsecured Issuer rating
with stable outlook.


AIR NEW ZEALAND: To Lodge Objection on Virgin Blue-Delta Tie-up
---------------------------------------------------------------
Air New Zealand confirmed it will officially lodge an objection to
the proposed tie-up between Virgin Blue and Delta Airlines with
the respective authorities, a report posted at e-Travel Blackboard
says.

According to The Age, Virgin and Delta unveiled plans two weeks
ago to form a revenue-sharing agreement under which a steering
committee would manage aircraft on the trans-Pacific route.

Air NZ's general counsel John Blair, however, said the proposed
joint venture would be anti-competitive and most of the benefits
the two airlines had outlined in their regulatory filings could be
achieved through arrangements such as code sharing, the Age
relates.

The Age recalls that the Australian Competition and Consumer
Commission last year rejected plans for a "co-operation agreement"
between Air New Zealand and Air Canada on the Sydney-Vancouver
route.

"The ACCC's analysis in that instance, if consistently applied to
the Virgin-Delta proposal, indicates that this new application is
unlikely to succeed," Mr. Blair was quoted by e-Travel Blackboard
as saying.  "We would certainly hope there will be consistency
applied."

Air New Zealand's formal opposition comes days after Tiger
Airways, the low cost arm of Singapore Airlines announced that it
would be making a formal statement against the planned joint
venture, e-Travel Blackboard says.

                       About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand Ltd --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                           *     *     *

As of June 29, 2009, Air New Zealand Ltd continues to carry
Moody's Investors Service "Ba1" Senior Unsecured Issuer rating
with stable outlook.


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


CE CASECNAN: Moody's Upgrades Senior Unsec. Bond Rating to 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has upgraded the senior unsecured bond
rating of CE Casecnan Water and Energy Company, Inc.'s to Ba3 from
B1.  The rating outlook is stable, in line with the sovereign
outlook.  This rating action follows Moody's decision to upgrade
the Philippines government's long-term foreign currency rating to
Ba3 from B1.

Moody's says that the Ba3 rating continues to reflect the credit
quality of the project offtaker, National Irrigation
Administration, which is supported by a guarantee from the
Philippines government (Ba3/Stable); track record of timely
payments from NIA and the expectations of a very strong debt
service coverage ratio of over 3-4x in the next 12 months as debt
is gradually repaid.

CE Casecnan's rating reflects its close linkage to the credit
quality of NIA, whose payment obligations are guaranteed by the
Philippines government.  As such, the rating would be upgraded if
the Philippines government's rating is upgraded while at the same
time CE Casecnan maintains its strong DSCR.

Downward pressure would emerge if 1) CE Casecnan experiences
significant deterioration in water deliveries, leading to a drop
in cash flow; 2) the company undertakes more aggressive debt-
funded dividend payouts; and/or 3) the Philippines government
renegotiates the terms of the agreement, such that CE Casecnan's
operations and cash flow are materially affected with DSCR falling
below 1.5x.  The rating would also be downgraded if the
Philippines government's rating is downgraded.

The last rating action with respect to CE Casecnan was taken on 13
August 2008, when the outlook was changed to positive from stable,
in line with the sovereign outlook change.

CE Casecnan Water and Energy Company, Inc., is a privately held
Philippine corporation owned by MidAmerican Energy Holdings
Company to develop, construct, own and operate a multi-purpose
irrigation and hydroelectric power facility with a rated capacity
of 150 megawatts on the island of Luzon.


NATIONAL POWER: Moody's Upgrades Ratings on Senior Debt to 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has upgraded the senior unsecured debt
rating of National Power Corporation to Ba3 from B1.  The rating
outlook is stable, in line with the sovereign outlook.  This
rating action follows Moody's decision to upgrade the Philippines
government's long-term foreign currency rating to Ba3 from B1.

Moody's says that the Ba3 rating continues to reflect the
Philippines government's unconditional and irrevocable guarantee
for NPC's rated senior unsecured debts.

The last rating action with respect to NPC was taken on Jan. 25,
2008, when the outlook was changed to positive from stable, in
line with the sovereign outlook change.

NPC's bond rating was assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) business risk and competitive position of the company versus
others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of NPC's core industry and NPC's rating is believed to be
compared to those of other issuers of similar credit risk.

National Power Corporation, 100% owned by the Philippines
Government, is the principal supplier of electricity in the
Philippines.


POWER SECTOR: Moody's Upgrades Senior Unsec. Bond Ratings to 'Ba3'
------------------------------------------------------------------
Moody's Investors Service has upgraded the senior unsecured bond
rating of Power Sector Assets & Liabilities Management Corporation
to Ba3 from B1.  The bonds are irrevocably and unconditionally
guaranteed by the Philippines government.  The rating outlook is
stable, in line with the sovereign outlook.  This rating action
follows Moody's decision to upgrade the Philippines government's
long-term foreign currency rating to Ba3 from B1.

Moody's says that the Ba3 rating continues to reflect the
Philippines government's unconditional and irrevocable guarantee
for PSALM's rated senior unsecured debts.

As PSALM's bond rating is closely linked to that of the sovereign,
any sovereign rating movement would trigger a similar rating
movement on PSALM.

The last rating action on PSALM was on May 13, 2009, when Moody's
first assigned a B1 senior unsecured bond rating with a positive
outlook to PSALM, in line with the sovereign rating.

PSALM's bond rating was assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) business risk and competitive position of the company versus
others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of PSALM's core industry and PSALM's rating is believed to
be compared to those of other issuers of similar credit risk.

Power Sector Asset & Liabilities Corporation, wholly-owned and
controlled by the Philippines government, was established in 2001
to take ownership, manage, privatize and dispose of all
generation-related assets, liabilities, contracts with Independent
Power Producers, real estate and other disposable assets of the
National Power Corporation, including National Transmission
Corporation.

PSALM has a corporate life of 25 years.  Any remaining assets and
liabilities after this period will be assumed by the government.


* PHILIPPINES: Moody's Upgrades Government Bond Ratings to 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has upgraded the Philippines' foreign
and local currency government ratings to Ba3 from B1, the country
ceiling for foreign currency bank deposits to Ba3 from B1 and the
country ceiling for foreign currency bonds to Ba1 from Ba3.  The
change in the foreign currency bond ceiling is based on a revised
assessment of the risk of an external payments moratorium to low
from moderate.

The outlook on the ratings is stable.

The upgrade was prompted by the relatively high degree of
resiliency exhibited by both the country's financial system and
external payments position in face of the global financial and
economic crises.  International reserves of the central bank are
at a historical high and exceptional policy measures have not been
required to shield the banking system from global shocks.

"At the same time, Moody's notes that pressures have risen on the
budget and are more severe than had been originally expected this
year by the government but, at the same time, the larger fiscal
deficit should be finance-able from domestic and foreign funding
sources," says Tom Byrne, a Moody's Senior Vice President.

"The re-opening of global credit markets this year has also been
opportunistically exploited by the Philippines in its effort to
minimize both a crowding-out of the domestic markets and a rise in
government bond yields," adds Mr. Byrne.

Moreover, Moody's notes that the Philippines' larger budget
deficit is mainly a result of the collapse in economic activity, a
pattern that is evident in other regional and global economies.
Moody's expects that economic growth will be gradually restored
and, along with that, some pick-up in the government's fiscal
revenue performance will help contain the abnormally large
deficit.

Furthermore, the rating agency considers that the government's
intention to tighten fiscal policy next year and return to a path
of fiscal consolidation over the medium term will be crucial for
supporting the country's credit fundamentals and for reducing the
government's debt overhang, which is greater than those of its Ba3
rating peers.

"Moody's believes that the country's long-term fiscal outlook
would improve with more progress in shoring up government
revenues, both through tightened administration and the
introduction of new tax measures, several of which are pending
before Congress," says Mr. Byrne.  "In addition, while expenditure
control has improved in recent years and Treasury debt management
has been skilful, these measures alone will not ensure fiscal
sustainability."

Moody's also considers that a stable peso is crucial for
containing budgetary debt service payments -- about half of
public-sector debt is denominated in foreign currencies -- and so
allow for budgetary resources to be channeled into infrastructure
programs and fiscal stimulus measures.  The absence of volatility
in the peso reflects the resiliency of the balance-of-payments to
the global crisis.

"In addition, the current steady deceleration in and the likely
containment of inflation within Bangko Sentral's 2.5-4.5% formal
targeting range should help ease pressure on the exchange rate
this year, and so provide the central bank with scope to maintain
an accommodative monetary policy to cushion the effects of the
global recession," says Byrne.

"For the Philippines' rating to move upwards, Moody's will assess
prospects for the continued resiliency of the country's balance of
payments, the health of the financial system, and progress towards
the achievement of the new, fiscal consolidation goal by 2013.
All these will likely require policy prudence and additional
fiscal reform.  Moreover, continued improvement in the investment
environment will be required to place the economy on a path of
strong, sustainable growth," says Byrne.

In the current environment, a key concern will be the resiliency
of exports of both manufactures and services, as well as inflows
of overseas worker remittances.  Moody's noted that earlier
concerns that remittance inflows would collapse have not played
out.  To the contrary, such inflows may eke out a small gain this
year from last year's level which amounted to about 20% of current
account receipts and 10% of GDP.

On the other hand, downward pressure on the rating would arise
from an inability to improve government finances as the global
economy recovers or from a structural weakening in the balance of
payments.

The last rating action on Philippines was taken on 12 February
2009, when Moody's affirmed the positive outlook on the government
of the Philippines' B1 rating.


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


PAITON ENERGY: S&P Affirms 'B' Rating on US$180 Mil. Senior Bonds
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it has affirmed its 'B'
rating on the US$180 million senior secured bonds issued by Paiton
Energy Funding B.V.  The outlook is stable.  The bonds are
guaranteed by PT Paiton Energy.

The rating affirmation reflects Paiton's stable operating and
financial performance, which continues to meet S&P's expectations.
Actual availability for Paiton's units 7 and 8 coal-fired power
plants for fiscal year 2008 and the first three months of 2009 was
above the average minimum contracted requirement of about 85%.
Despite the scheduled plant outage, Paiton's stable performance
translated to a debt service coverage ratio of 1.3x for
2008 and for the 12 months ended February 28, 2009.  DSCR is
projected to be above 1.4x for 2009.

S&P believes Paiton's 815 MW coal-fired power expansion project
(P3) is not likely to have a material adverse impact on the
rating.  There are measures in place to minimize the impact of the
expansion on existing lenders' interests in the P7/8 project.

These measures include:

* proper segregation of interests and cash flows under separate
  power purchase agreement (PPA) schedules and separate monthly
  invoicing and collection accounts;

* exclusive collateral claims by  lenders on hard assets such as
  power stations, coal stockpile and insurance contracts;

* any shared security arrangement limited to pledging of shares
  and PPA assignment;

* provisions which disallow new lenders to initiate enforcement on
  the shared security during construction phase of P3;

* P7/8 lenders to retain the lien over the shared facilities at
  all times, subject to a "non-disturbance agreement" to P3
  secured parties; and

* substantial additional support from the sponsors, including
  approximately US$115 million additional reserve for debt service
  to provide additional collateral to existing P7/8 lenders from
  financial close of new project until six months after the new
  project commence operations.

The shared facilities were originally sized to accommodate four
operating units, so there is minimal risk of activity overlap.
The sponsors have also put in place US$180 million of contingent
equity to deal with cost overruns and any other contingencies that
could arise from the expansion project.


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


* Emerging East Asia Economies Set to Recover, ADB Says
-------------------------------------------------------
Emerging East Asia has already entered the transition from
recession to recovery amid continuing slow economic growth this
year, the Asia Development Bank said Friday citing the July issue
of its Asia Economic Monitor report.

The ADB said deep recessions in the US, Europe, and Japan will
continue to hurt emerging East Asian economies, especially the
smaller ones that are highly reliant on exports.  But larger
economies in the region that have implemented major fiscal
packages are beginning to see results from the domestic stimulus,
most notably the People's Republic of China.

"Emerging East Asia could see a V-shaped recovery, with growth
dipping sharply in 2009 before regaining last year's pace in
2010," said Jong-Wha Lee, ADB Chief Economist and Head of the
Office of Regional Economic Integration.

However, given the tentative nature of the expected recovery, it
is critical that authorities stay the course in supporting
domestic demand and growth.  Monetary and fiscal policies in the
region need to remain accommodative until the recovery gains
substantial traction, the ADB relates citing the AEM report.

It is also important that the region looks beyond the crisis and
focuses on longer-term issues related to financial regulatory
reform.  In a special chapter, the AEM underscores the need to
maintain financial stability in the region.

"Regulatory reform should eliminate gaps and overlaps, avoid
regulatory arbitrage, increase transparency, and improve
coordination among relevant authorities," Mr. Lee said.  "Emerging
East Asia should reinforce cooperation in enhancing financial
stability by accelerating regional initiatives, and actively
participate in designing the new global financial architecture."

Emerging East Asia covers the 10 members of the Association of
Southeast Asian Nations plus the PRC; Hong Kong, China; Republic
of Korea; and Taipei, China.


* S&P Downgrades Ratings on 25 Asia-Pacific Synthetic CDO Deals
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on 25 Asia-
Pacific (excluding Japan) synthetic collateralized debt
obligations; five of which remain on CreditWatch with negative
implications.

The downgrades listed below reflect the increased credit risk of
the underlying portfolios in the respective transactions.  The
synthetic rated overcollateralization levels for the downgraded
tranches fell below 100% at their previous rating levels during
the SROC analysis for the month of July.  This indicates that the
available credit enhancement for each of the tranches is lower
than the level required to maintain the previous ratings.  Where
the SROC is less than 100%, scenarios that project the current
portfolio 90 days into the future are run, assuming no asset
rating migration.  Where this projection indicates that the SROC
would return to a level above 100%, the rating is maintained, but
placed on CreditWatch negative.  If the projection indicates that
the SROC would remain below 100%, the rating is immediately
lowered.

In addition, if the rating on a tranche is lowered to 'CCC-' and
the SROC at 'CCC-' continues to be less than 100%, the rating is
not placed on CreditWatch negative if S&P's assessment of
aggregate loss is lower than the available subordination in the
respective portfolios.  The SROC being lower than 100% reflects
the implicit negative bias within the 'CCC-' rating.

  Deal Name             Rating To        Rating From       SROC
  ---------             ---------        -----------       ----
Athenee CDO PLC
Series 2007-2        BBB-             BBB/Watch Neg     100.3998%
Athenee CDO PLC
Series 2007-4        BB+              BBB-/Watch Neg    100.0477%
Athenee CDO PLC
Series 2007-6        BB+              BBB-/Watch Neg    100.0443%
Athenee CDO PLC
Series 2007-7        BB+              BBB-/Watch Neg    100.0443%
Athenee CDO PLC
Series 2007-9        BBB-             BBB/Watch Neg     100.3948%
Athenee CDO PLC
Series 2007-14       BB+              BBB-/Watch Neg    100.0475%
Athenee CDO PLC
Series 2007-15       BBB-             BBB/Watch Neg     100.5493%
Chess II Ltd.
Series 2004-6        AA+              AAA/Watch Neg     100.0727%
Chess II Ltd.
Series 2004-7        AA-              AA/Watch Neg      100.0393%
Castle Finance I Ltd.
Series 1             B+/Watch Neg     BB-/Watch Neg     99.8423%
Echo Funding Pty Ltd.
Series 16            CCC-             B/Watch Neg       100.0000%
Echo Funding Pty Ltd.
Series 18            CCC-             CCC/Watch Neg     100.2840%
Echo Funding Pty Ltd.
Series 20            CCC-             CCC/Watch Neg     100.1055%
Echo Funding Pty Ltd.
Series 21            CCC              CCC+/Watch Neg    100.1708%
Morgan Stanley
ACES SPC
Series 2006-31       CCC+/Watch Neg   B-/Watch Neg      99.9482%
Morgan Stanley
ACES SPC
2007-21 Class I      CCC+             B-/Watch Neg      100.0540%
Morgan Stanley
ACES SPC
2007-29              B+               BB-/Watch Neg     100.0999%
Morgan Stanley
ACES SPC
2007-38 Class I      BB-/Watch Neg    BB+/Watch Neg     99.9678%
Obelisk Trust
2006-3 Eden          CCC-             CCC/Watch Neg     100.0274%
Sceptre Capital B.V.
Series 2007-2        CCC              CCC+/Watch Neg    109.2475%
SELECT ACCESS
New Zealand
Series 2004-3        BBB+             A+/Watch Neg      100.2305%
SELECT ACCESS
Investments Ltd.
Series 2005-2        B-               B/Watch Neg       100.0527%
Xelo PLC Series 2006
(Spinnaker III
Asia Mezz)
Tranche A            CCC+             B/Watch Neg       100.4138%
Zenesis SPC
Series 2006-1        BB/Watch Neg     BBB-/Watch Neg    99.9891%
Zenesis SPC
Series 2006-5        BB+/Watch Neg    BBB/Watch Neg     99.9811%

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.


                         *********

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

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

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


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

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

Copyright 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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