TCRAP_Public/090910.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

           Thursday, September 10, 2009, Vol. 12, No. 179

                            Headlines

A U S T R A L I A

ACL GROUP: Receivers to Examine Legality of Directors' Payout
BABCOCK AND BROWN: Moody's Gives Negative Outlook on 'B1' Rating
CITY PACIFIC: Creditors Give Nod for Unit's DOCA
COCKATOO RIDGE: May Dispose, Lease Monash Winery
ENERGY METALS: Gets AU$83.6-Mln Takeover Offer from China Uranium

GREAT NORTHERN: ASIC Seeks to Wind Up Managed Scheme


C H I N A

GENERAL MOTORS: Talks with Tenzhong Heavy Still Ongoing


H O N G  K O N G

ANDIGILOG INTERNATIONAL: Members and Creditors to Meet on Oct. 8
F. PRECISION: Placed Under Voluntary Wind-Up
FORTRESS CAPITAL: Members and Creditors to Hold Meeting on Oct. 5
FREDERIQUE ACADEMY: Inability to Pay Debts Prompts Wind-Up
FREDERIQUE HOLISTIC: Inability to Pay Debts Prompts Wind-Up

HONG KONG RESIDENTS: Members' Final Meeting Set for October 5
JACOBS & TURNER: Members' Final Meeting Set for October 9
KATUN (HONG KONG): Commences Wind-Up Proceedings
KONGSONIC ELECTRONICS: Yu and Sutton Step Down as Liquidators
PAUA GROUP: Inability to Pay Debts Prompts Wind-Up

PAUA GROUP: Inability to Pay Debts Prompts Wind-Up
PROFIT MAKING: Commences Wind-Up Proceedings
SILKY SKIN: Placed Under Members' Voluntary Liquidation
VCK VANAIR: Creditors' Proofs of Debt Due on October 5
WRENTMORE COMPANY: Creditors' Proofs of Debt Due on October 5


I N D I A

AMINES & PLASTICIZERS: CRISIL Sets 'BB+/P4' Ratings on Bank Debts
AMR POWER: CRISIL Downgrades Term Loans Rating to 'D'
CHIRAYU CHARITABLE: CRISIL Sets 'BB-/P4' Rating on Bank Debts
DEVKIRAN PAPER: CRISIL Puts 'B' Ratings on Various Bank Facilities
ELITE HOMES: CRISIL Assigns 'B' Rating on INR730.5 Mln Term Loan

GENUS PAPER: Fitch Assigns National Long-Term Rating at 'B'
INDIAMCO: CRISIL Assigns 'P4' Rating on Bank Facilities
JSS STEELITALIA: CRISIL Puts 'BB-' Rating on INR150MM Cash Credit
JYOTI CNC: ICRA Assigns 'LBB+' Rating on INR888.9 Mln Term Loans
KHYATI ISPAT: CRISIL Assigns 'B+' Rating on INR98 Mln Term Loan

KHYATI STEELS: CRISIL Rates INR40.00 Million Cash Credit at 'B+'
MODERN STEELS: CRISIL Cuts Bank Debt Rating to 'B+/Stable'
NAGPUR PALLOTTINE: CRISIL Slashes Bank Facilities Ratings to 'D'
NEXUS ELECTRO: CRISIL Assigns 'BB-' & 'P4' Ratings on Bank Debts
RAVIKIRAN POWER: CRISIL Downgrades Rating to 'BB+/Negative'

RITHWIK ENERGY: CRISIL Downgrades Rating to 'B/Negative'
SAMRAT PLYWOOD: ICRA Rates INR219.5MM FB Facilities at 'LBB-'
SATISH KUMAR: CRISIL Places 'BB+' Rating on INR38.50MM Cash Credit
SHREE GOVARDHAN: CRISIL Rates INR23.5 Million Term Loan at 'B'
SHRI ASHUTOSH: Weak Liquidity Cues CRISIL 'B+' Ratings

SONALI AUTO: Low Net Worth Prompts CRISIL to Assign 'BB-' Rating
TATA POWER: Plans To Bid for More Ultra Mega Power Projects
THERMO CABLES: CRISIL Assigns 'BB+' Rating on INR134.2MM Term Loan
WITMANS INDUSTRIES: CRISIL Reaffirms 'BB' Ratings on Bank Loans


J A P A N

JAPAN AIRLINES: May Cut More Than 1,000 Jobs; Seeks Addt'l Loan
SANYO ELECTRIC: Japan Fair Trade Commission OKs Panasonic Bid
* JAPAN: Corporate Bankruptcies Fell 1.0% in August


M A L A Y S I A

MECHMAR CORP: To Sell 100% Stake in Bell Mktg. for MYR2.7 Million
NEPLINE BHD: Bursa to Suspend Securities Trading on September 11


N E W  Z E A L A N D

CRAFAR FARMS: May Sell Dairy Farm Business to a Chinese Group
MONTECRISTO CONSTRUCTION: Court Winds Up Three Henderson Firms
PROPERTY VENTURES: Court to Hear Wind Up Petition on October 20
RMB TRUSTEE: Fitch Puts 'BB+' Note Rating on Negative Watch


P A K I S T A N

PAKISTAN MOBILE: Orascom Rating Action Won't Move S&P's B- Rating


P H I L I P P I N E S

PHILIPPINE LONG: Fitch Affirms 'BB+' Issuer Default Ratings
* PHILIPPINES: Four MEPZ Garment Factories Sack 700 Workers


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Fitch Puts 'BB-' Rating on Negative Watch


X X X X X X X X

AMERICAN INT'L: Asset Sales Rise to US$9.8 Billion on Pacific Deal


                         - - - - -


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


ACL GROUP: Receivers to Examine Legality of Directors' Payout
-------------------------------------------------------------
The receivers of Tasmanian car parts manufacturer Automotive
Components Limited, known as ACL Group, will examine the legality
of redundancy payments made to the company's directors at the it
sought a taxpayer bailout and cuts to workers' wages, The
Australian reports.

The report says that receiver managers Grant Thornton has
confirmed two directors were paid a combined $665,000 in
redundancy payments between July last year and the end of June.

According to The Australian, Greg Keith, co-receiver manager, said
that during this time ACL was seeking a taxpayer bail-out and
workers agreed to cut their pay by 20% by shifting to a four-day
week.

Mr. Keith, as cited by The Australian, said that as well as
"moral" outrage at directors taking these funds at such a time,
there was a question around the legality of payments to one
director, John Capuano.

"His employment contract is in the name of ACL but his role was
really with National Parts, a wholly owned subsidiary," the report
quoted Mr. Keith as saying.  "If there are any issues with that,
we would follow that up and-or report that to the Australian
Securities & Investments Commission."

The Australian notes that former ACL chairman Ivan James told ABC
radio that the directors were entitled to the payouts under their
contracts.

                            About ACL

Automotive Components Limited (ACL) supplies critical components
including engine bearings and gaskets to the automotive industry.
The compnay employs over 300 people across its two sites in
Tasmania and Queensland, Australia.

The Troubled Company Reporter-Asia Pacific reported on Aug. 27,
2009, that ACL Group has been placed into voluntary
administration.  Greg Keith and Matt Byrnes of Grant Thornton
Melbourne have been appointed receivers and managers of the
company.


BABCOCK AND BROWN: Moody's Gives Negative Outlook on 'B1' Rating
----------------------------------------------------------------
Moody's Investors Service has revised the outlook on Babcock and
Brown Infrastructure Group's B1 corporate family rating to
negative from stable.  The outlook on the B2 senior secured rating
of BBI Finance Pty Ltd has also been changed to negative from
stable.

"The change in outlook reflects heightened refinancing risk faced
by BBI Finance in respect of GBP 82 million in corporate debt
maturing in February 2010," says Clement Chong, a Moody's
VP/Senior Analyst, adding, "Given the challenging environment for
asset sale, Moody's see heightened risk that BBI's projected cash
flows or current asset sales programs are unlikely to realize
sufficient funds to meet this debt maturity."

The ratings could be downgraded if the refinancing challenges are
not resolved in coming weeks.

BBI has recently announced that it is in discussions with
potential investors regarding capital management initiatives.  To
the extent that a transaction is consummated, the likelihood of
which is currently uncertain, then any rating impact will be
assessed based on the proposed transaction and intended use of
proceeds.  Moody's acknowledges that any equity injection would
alleviate the current liquidity pressures constraining the rating.

The last rating action with respect to BBI was taken on Feb. 27,
2009, when the company's B1 corporate family rating and B2 senior
secured rating was confirmed with stable outlook.

BBI ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as BBI's i)
business risk and competitive position versus other companies
within the industry; ii) capital structure and financial risk;
iii) projected performance over the near to intermediate term; and
iv) management's track record and tolerance for risk.

These attributes were compared with other issuers both within and
outside BBI's core industry; its ratings are believed to be
comparable with those of other issuers of similar credit risk.

BBI, based in Sydney, is an infrastructure fund which owns a
series of infrastructure assets.


CITY PACIFIC: Creditors Give Nod for Unit's DOCA
------------------------------------------------
Bridget Carter at The Australian reports that creditors of CP1
Limited, a listed property development arm of City Pacific
Limited, have voted to keep CP1 alive until the property developer
can be sold as a going concern by administrators.

The Australian relates that the CP1 creditors this week passed a
resolution for a deed of company arrangement where administrators
William Colwell and Peter McCluskey of Ferrier Hodgson would try
to keep the shell of the business in order so that it could be
sold.

The report states that expressions of interest would be sought by
parties to recapitalize the corporate shell.  Any proceeds after
costs would be distributed to creditors, The Australian notes.

                      About CP1 Limited

Based in Australia, CP1 Limited -- http://www.cp1.com.au/--
engages in property development and hotel operations.  The
company's hotel activities are carried on by its subsidiaries and
associates.  CP1 holds a 100% shareholding in Marina Cove Pty Ltd
which owns, and is in the process of developing, premium land at
Mount Martha on the Mornington Peninsula in Victoria.  The company
holds a 51% shareholding in Danimel Pty Ltd, which owns an
amalgamated site in Surfers Paradise in Queensland.  It holds a
50% shareholding in Lake Views Estates Pty Ltd, which owns and is
in the process of developing land at Braeside in Victoria for
industrial and residential uses.  CP1 holds a 50% shareholding in
Cira International Pty Ltd, which acquired the Gold Coast
International Hotel and adjoining land during the fiscal year
ended June 30, 2007.

Ian Carson, Daniel Bryant and Grant Sparks of PPB were appointed
as receivers of CP1 Limited and its wholly owned subsidiary Marina
Cove Pty Ltd by their secured lender on August 4, 2009.

                        About City Pacific

City Pacific Limited (ASX:CIY) -- http://www.citypac.com.au/
-- is a diversified financial services company, providing
finance and investment products.  City Pacific, a non-bank loan
provider, has AU$5 billion in mortgage assets under advice,
comprising over AU$1 billion funds under management in the City
Pacific First Mortgage Fund, City Pacific Income Fund, City
Pacific Managed Fund and City Pacific Private Fund, a residential
loan book of AU$3.3 billion and commercial mortgage assets under
management of approximately AU$800 million.  City Pacific
originates nearly AU$3 billion per annum in loans to fund
residential property, property development, commercial
property investment, plant & equipment and business
finance.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Aug. 4,
2009, that receivers and managers have been appointed to City
Pacific Ltd following the loss of its AU$630 million mortgage fund
to Balmain Trilogy.

City Pacific's banker, the Commonwealth Bank, called in Ian Carson
and Daniel Bryant from PPB to act as receivers and managers
because the company is unable to pay debts of more than AU$100
million.  PPB partner Ian Carson said City Pacific's loss of the
fund had had a "significant impact upon (its) ability to service
its debts and remain viable".

The TCR-AP reported on Aug. 31, 2009, that City Pacific Ltd has
been put into liquidation after a federal court judge ordered
liquidator Andrew Wily and David Hurst of Sydney insolvency firm
Armstrong Wily to wind up the company.  The application to have
Armstrong Wily appointed was made by creditor Hlbc Commercial on a
debt of AU$3,060.


COCKATOO RIDGE: May Dispose, Lease Monash Winery
------------------------------------------------
Cockatoo Ridge Wines Limited is looking to dispose of or lease its
Monash winery after making a AU$58 million loss in the year to
June 30, from a AU$3.9 million loss in the previous year as
revenue slumped 53% to AU$17.6 million, Meredith Booth at The
Advertiser reports.

The report says the company was left with net assets worth
AU$7.6 million and just AU$104,000 in cash, down from AU$3.57
million previously after making significant write downs on its
brands, inventory and goodwill in the first half.

However, The Advertiser notes that the group was in breach of its
banking covenants and financier GE Commercial Finance reclassified
AU$8.59 million as current debt on its balance sheet.

Managing director Peter Perrin said in a statement to the
Australian Securities Exchange that the low ebb of Australia's
wine industry, significant oversupply of bulk wine on the
Australian market and the global economic downturn weighed heavily
on the group, the report states.

"Cockatoo is focusing on long term cost saving strategies in all
areas of the business including the lease or possible disposal of
the Monash winery,” The Advertiser quoted Mr. Perrin as saying.

The report relates that the company will also work closely with GE
Commercial Finance to reduce its debt.  However, it expected to
have positive pre-tax earnings this financial year, the report
notes.

                       About Cockatoo Ridge

Based in Melbourne, Australia, Cockatoo Ridge Wines Limited
(ASX:CKR) -- http://www.cockatooridge.com.au/--  is engaged in
the distribution of bottled and bulk wine within Australia and
overseas.   CKR produces and sells Australian table and sparkling
wines domestically through an Australia-wide distribution
agreement and abroad, with a focus on Western Europe and Asian
markets.  The company operates in three segments: packaged wine,
this includes the bottling and packaging of wine into the various
labels under the CKR control for sale in Australia and overseas;
bulk wines, after the crushing and processing of grapes at the
Monash winery bulk wines sales are made to customers in Australia
and overseas, and other, which includes storage and processing
fees for the use of facilities in Barossa Valley and Monash
winery.  CKR's subsidiaries include Cockatoo Ridge Pty Ltd,
Cockatoo Ridge Sales Pty Ltd, Cockatoo Ridge IP Pty Ltd, Playford
Wine Holdings Pty Ltd, International Vintners (Europe) Ltd and
Australian Commercial Wines Pty Ltd.


ENERGY METALS: Gets AU$83.6-Mln Takeover Offer from China Uranium
-----------------------------------------------------------------
Bloomberg News reports that Energy Metals Ltd. has received an
AU$83.6 million (US$72.1 million) takeover offer from a unit of
state-controlled China Guangdong Nuclear Power Holding Co.

The report, citing a statement released by the Sydney stock
exchange, says China Uranium Development Co. offered AU$1.02 in
cash for 70% of Energy Metals's shares, and the Australian
company's board recommended that the deal be accepted.  According
to Bloomberg, the statement said the offer represents a 19%
premium to Energy Metals's closing price on Aug. 26.

“The Energy Metals board believes that China Guangdong Nuclear
Power Holding Co.'s financial resources, technical expertise and
strategic intent to develop its uranium portfolio will greatly
assist Energy Metals in its transition from explorer to developer
and producer,” Chairman Oscar Aarmodt was quoted by Bloomberg as
saying.

The proposed takeover has to be agreed by Australian and Chinese
regulators, Bloomberg notes.

                       About Energy Metals

Energy Metals Limited (ASX:EME) -- http://www.energymetals.net/--
is an Australia-based company engaged in uranium exploration.  The
Company has eight projects located in the Northern Territory and
Western Australia covering over 4,000 square kilometers.  The
Bigrlyi project comprises 10 granted exploration retention
licenses located approximately 390 kilometers northwest of Alice
Springs.  The Ngalia Regional project comprises 10 wholly owned
exploration licenses located in the Ngalia Basin, between 180 and
350 kilometers northwest of Alice Springs in the Northern
Territory.  The Anketell project is located 100 kilometers east of
Mount Magnet and includes granted exploration licenses E 58/289
and E 58/292.  Lake Mason project consists of one granted
exploration license (E 57/590) with an area of 64 square
kilometers centered 25 kilometers north-northeast of Sandstone and
80 kilometers southwest of the Yeelirrie deposit.  Other projects
include Mopoke Well project, Lakeside project, Manyingee and
Rawlinson Project.

                           *     *     *

Energy Metals Limited reported a net loss of AU$272,216 for the
year ended June 30, 2008, its third consecutive annual loss.  In
2007, the company posted a net loss of AU$1.82 million.  Energy
Metals reported a net loss of AU$1.19 million for the year ended
June 30, 2006.


GREAT NORTHERN: ASIC Seeks to Wind Up Managed Scheme
----------------------------------------------------
The Australian Securities & Investments Commission has commenced
civil proceedings in the Supreme Court of New South Wales against
Great Northern Developments Pty Ltd.

The corporate regulator said it is seeking to obtain declarations
of contravention of various provisions of the Corporations Act
2001 against Great Northern, orders winding up Great Northern and
the schemes it is operating, and the appointment of a liquidator
to the company.

ASIC alleges that the company has been raising, and is continuing
to raise, funds from investors in contravention of the provisions
of the Corporations Act 2001 and that it is just and equitable
that Great Northern be wound up by the Court.

As at June 30, 2008, Great Northern owed in excess of $24 million
to investors.

The commencement of proceedings arises from an ASIC investigation
into the conduct of Great Northern.

The matter returns to the Supreme Court of New South Wales on
September 28, 2009.

Great Northern Developments Pty Ltd. -- http://www.gnd.com.au/--
is a Penrith-based company which operates a property development
and loan business.  It raises funds from investors through loan
agreements and promissory notes to finance its property
development activities in Queensland.


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


GENERAL MOTORS: Talks with Tenzhong Heavy Still Ongoing
-------------------------------------------------------
China's Sichuan Tengzhong Heavy Industrial Machinery said
Wednesday that its talks with General Motors Corp. on a proposed
deal to buy the GM's Hummer sport-utility vehicle business were
ongoing, the AFP reports.

A spokeswoman for Tengzhong told AFP that "We continue to discuss
with GM on the deal . . . and we are still proceeding with getting
approval from the commerce ministry."

According to the report, the spokeswoman rejected a report in The
Legal Evening News, a semi-official Chinese newspaper, on Monday
that said the ministry had already rejected Tengzhong's
application to acquire Hummer because it lacked information.

China's commerce ministry, one of the government departments
tasked with approving overseas acquisitions by Chinese firms, said
Wednesday it had yet to receive any formal application from
Tengzhong, the AFP relates.

                        About General Motors

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- as 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).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

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

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


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


ANDIGILOG INTERNATIONAL: Members and Creditors to Meet on Oct. 8
----------------------------------------------------------------
The members and creditors of Andigilog International Limited will
hold their final meetings on October 8, 2009, at 10:00 a.m. and
10:30 a.m., respectively, at the 5th Floor of Ho Lee Commercial
Building, 38-44 D' Aguilar Street, in Central, Hong Kong.

At the meeting, Yuen Tsz Chun Frank, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


F. PRECISION: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on August 31, 2009, the
members of F. Precision Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

          Leung Hok Lim
          Leong Ting Kwok David
          Citicorp Centre, 26th Floor
          18 Whitfield Road
          Causeway Bay, Hong Kong


FORTRESS CAPITAL: Members and Creditors to Hold Meeting on Oct. 5
-----------------------------------------------------------------
The members and creditors of Fortress Capital Overseas Limited
will hold their final meetings on October 5, 2009, at 10:00 a.m.
and 11:30 a.m., respectively, at the 35th Floor of One Pacific
Place, in 88 Queensway, Hong Kong.

At the meeting, Mark Chapman, Lai Kar Yan (Derek) and Darach E.
Haughey, the company's liquidators, will give a report on the
company's wind-up proceedings and property disposal.


FREDERIQUE ACADEMY: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------------
At an extraordinary general meeting held on August 13, 2009, the
members of Frederique Academy of Holistic Health & Beauty Limited
resolved to voluntarily wind up the company's operations due to
its inability to pay debts when it fall due.

The company's liquidator is:

          Donald Charles Meyer
          Golden Centre, Room 502
          188 Des Voeux Road
          Central, Hong Kong


FREDERIQUE HOLISTIC: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------------
At an extraordinary general meeting held on August 13, 2009, the
members of Frederique Holistic Health & Beauty Spa Limited
resolved to voluntarily wind up the company's operations due to
its inability to pay debts when it fall due.

The company's liquidator is:

          Donald Charles Meyer
          Golden Centre, Room 502
          188 Des Voeux Road
          Central, Hong Kong


HONG KONG RESIDENTS: Members' Final Meeting Set for October 5
-------------------------------------------------------------
The members of Hong Kong Residents of Tiu Yeong Sing Tshang
Village Association Limited will hold their final meeting on
October 5, 2009, at 10:00 a.m., at the 26th Floor of Wyler Centre,
Phase II, 200 Tai Lin Pai Road, Kwai Chung, in New Territories,
Hong Kong.

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


JACOBS & TURNER: Members' Final Meeting Set for October 9
---------------------------------------------------------
The members of Jacobs & Turner (Far East) Limited will hold their
final meeting on October 9, 2009, at 2:01 p.m., at Level 28 of
Three Pacific Place, in 1 Queen's Road East, Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


KATUN (HONG KONG): Commences Wind-Up Proceedings
------------------------------------------------
On August 26, 2009, the shareholders of Katun (Hong Kong) Trading
Co Limited passed a resolution that voluntarily winds up the
company's operations.

The company's liquidators are:

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


KONGSONIC ELECTRONICS: Yu and Sutton Step Down as Liquidators
-------------------------------------------------------------
On August 20, 2009, Fok Hei Yu and Roderick John Sutton stepped
down as liquidators of Kongsonic Electronics Company Limited.


PAUA GROUP: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on August 13, 2009, the
members of Paua Group Limited resolved to voluntarily wind up the
company's operations due to its inability to pay debts when it
fall due.

The company's liquidator is:

          Donald Charles Meyer
          Golden Centre, Room 502
          188 Des Voeux Road
          Central, Hong Kong


PAUA GROUP: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on August 13, 2009, the
members of Paua Group International Limited resolved to
voluntarily wind up the company's operations due to its inability
to pay debts when it fall due.

The company's liquidator is:

          Donald Charles Meyer
          Golden Centre, Room 502
          188 Des Voeux Road
          Central, Hong Kong


PROFIT MAKING: Commences Wind-Up Proceedings
--------------------------------------------
At an extraordinary general meeting held on September 4, 2009, the
members of Profit Making 28.Com Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

          Li Ming Shu
          Fee Tat Commercial Centre, 21st Floor
          No. 613 Nathan Road, Kowloon
          Hong Kong


SILKY SKIN: Placed Under Members' Voluntary Liquidation
-------------------------------------------------------
At an extraordinary general meeting held on August 28, 2009, the
shareholders of Silky Skin Institute of Laser Dermatology Co.,
Limited resolved to voluntarily liquidate the company's business.

The company's liquidators are:

          Li Fat Chung
          Chan Chi Bor
          Malaysia Building
          Unit 402, 4th Floor
          No. 50 Gloucester Road
          Wanchai, Hong Kong


VCK VANAIR: Creditors' Proofs of Debt Due on October 5
------------------------------------------------------
The creditors of VCK Vanair Logistics International Limited are
required to file their proofs of debt by October 5, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Leigh Man Sung Camballaw
          Dominion Centre
          Unit 1801, 18th Floor
          43-59 Queen's Road East
          Wanchai, Hong Kong


WRENTMORE COMPANY: Creditors' Proofs of Debt Due on October 5
-------------------------------------------------------------
The creditors of Wrentmore Company Limited are required to file
their proofs of debt by October 5, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

          Wong Lung Tak Patrick
          China Insurance Group Building
          Room 1101, 11th Floor
          141 Des Voeux Road Central
          Hong Kong


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


AMINES & PLASTICIZERS: CRISIL Sets 'BB+/P4' Ratings on Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4' ratings to the bank
facilities of Amines & Plasticizers Ltd.  The ratings reflect
APL's weak financial risk profile, marked by low cash accruals,
high gearing, and weak debt protection measures.  The impact of
this rating weakness is mitigated by the company's healthy market
position in the gas-treatment business.

     Facilities                          Ratings
     ----------                          -------
     INR290.0 Million Cash Credit        BB+/Stable (Assigned)
     INR30.0 Million Proposed
        Long-Term Bank Loan Facility     BB+/Stable (Assigned)
     INR90.0 Million Letter of Credit
        and Bank Guarantee               P4 (Assigned)

Outlook: Stable

CRISIL expects APL to maintain its credit risk profile on the back
of its healthy market position.  The outlook may be revised to
'Positive' in case of a significant and sustainable improvement in
the company's cash accruals and debt protection measures.
Conversely, the outlook could be revised to 'Negative' if the
company undertakes a larger-than-expected debt-funded capital
expenditure program or reports substantial deterioration in its
business performance.

Incorporated in 1974 in technical collaboration with the erstwhile
Napthachemie, France (now a part of British Petroleum Plc), APL is
engaged in the manufacturing of amines (mainly methyl
diethanolamine), morpholine oxide, and plasticizers.  APL has
manufacturing plants at Turbhe and Khopoli, both in Maharashtra.

For 2008-09 (refers to financial year, April 1 to March 31), APL
reported a net profit of INR34.8 million (INR30.8 million for the
previous year) on net sales of INR1.5 billion (INR1.0 billion).
For the three months ended June 30, 2009, APL reported a net
profit of INR9.8 million on net sales of INR305.6 million, against
a net profit of INR12.8 million on net sales of INR348.3 million
for the corresponding period of the previous year.


AMR POWER: CRISIL Downgrades Term Loans Rating to 'D'
-----------------------------------------------------
CRISIL has downgraded its rating on AMR Power Pvt. Ltd.'s term
loans to 'D' from 'BBB-/Stable', as the company has defaulted on
the facility.  The default was caused by liquidity problems
following delays in the commissioning of the company's operations.

     INR900 Million Term Loans*    D (Downgraded from
                                     'BBB-/Stable')

     * Includes proposed limit of INR220 million.

AMR has applied for rescheduling of the loans, but approval for
the same is awaited.  The earlier assigned rating centrally
factored in financial support from the Greenko Energies Pvt. Ltd.
group of companies, as per the articulation of the management of
the group.  However, the same has not been extended to support the
financial obligation of AMR.  AMR is part of the GEPL group of
companies.

GEPL was incorporated as Sri Balaji Biomass Power Pvt. Ltd. in
July 2000.  The name was changed in 2008. GEPL is a Greenko Group
Plc company; Greenko, based in Isle of Man, owns and operates
renewable energy plants in India.  The company was incorporated in
January 2006 in Luxembourg by Mr. Anil Chalamalasetty and Mr.
Mahesh Kolli.  Prior to Greenko, the promoters were engaged in
projects relating to information technology, infrastructure, and
clean energy in the UK, and also in trading in certified emission
reduction units under the clean development mechanism. In October
2007, Greenko shifted its domicile from Luxembourg to the Isle of
Man.  It acquired Balaji in 2006 and currently has eight biomass
and two hydroelectric (hydel) plants in India, with a total
installed capacity of 117 megawatts (MW).  Most plants are
registered with the United Nations Framework Convention on Climate
Change for Carbon Emission Reduction units.  Greenko recently
signed memorandums of understanding for about 300 MW of hydel
plants, taking its total installed capacity to 417 MW (including
those under construction stage).

AMR was incorporated in 2004.  The company is setting up a 24-MW
hydro power project at Pharla in Shamur village in Karnataka.  The
management was planning to commission the plant in January 2009.
The initial planned operational date was in October 2008, but
due to heavy floods in the region, the execution got delayed.
The company is now planning to commission the plant in the
second quarter of 2009-10 (refers to financial year, April 1 to
March 31).


CHIRAYU CHARITABLE: CRISIL Sets 'BB-/P4' Rating on Bank Debts
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of Chirayu Charitable Foundation.  The ratings reflect
Chirayu's exposure to risks relating to implementation of its
ongoing project (to construct a multi-specialty hospital in
Bhopal); the ratings also take into account the fact that the
project's viability depends on revenues from the medical college.
These weaknesses are, however, partly mitigated by the benefits
that Chirayu derives from the experience of its promoters.

     Facilities                          Ratings
     ----------                          -------
     INR330.0 Million Term Loan          BB-/Stable (Assigned)
     INR95.0 Million Bank Guarantee      P4 (Assigned)

Outlook: Stable

CRISIL's 'Stable' outlook reflects satisfactory progress on
Chirayu's project till date.  The outlook may be revised to
'Positive' if the project is commissioned on time, and the
foundation stabilizes operations at the hospital and medical
college successfully.  Conversely, the outlook may be revised to
'Negative' if significant delays in commissioning of the project
affect its cash flows, or if there are delays in obtaining
approvals for the medical college.

Chirayu, set up in 2001, is a society registered under Madhya
Pradesh Societies Registration Act, 1973.  Chirayu is promoted by
Dr. Ajay Goenka and his family, who are also the promoters of
Chirayu Hospital in Bhopal.  The society is setting up a medical
college of 150 seats; the project will also entail construction of
a multi-specialty hospital with an initial capacity of 350 beds,
and scaling up to 750 beds over the medium term.


DEVKIRAN PAPER: CRISIL Puts 'B' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Devkiran Paper Mills Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR97.50 Million Long-Term Loan*      B/Stable (Assigned)
   INR7.50 Million Cash Credit (Stocks)  B/Stable (Assigned)
                    Limit
   INR12.50 Million Cash Credit          B/Stable (Assigned)
           (Receivables) Limit**
   INR7.50 Million Letter of Credit      P4 (Assigned)
                           Limit
   INR5.00 Million Bank Guarantee Limit  P4 (Assigned)

   *Includes a sub-limit of INR40 million for bank guarantee.
   **Up to 50% interchangeable with cash credit (stocks)
     limit.

The ratings reflect DPMPL's weak financial risk profile
constrained by project implementation risk, its small scale of
operations in the fragmented kraft paper industry, and the
vulnerability of its operating margins to volatility in raw
material prices.  These weaknesses are partially offset by DPMPL's
established presence in the kraft paper business.

Outlook: Stable

CRISIL believes that DPMPL will maintain a stable credit risk
profile on the back of its improving scale of operations and
operating efficiency; the company's financial risk profile,
however, is likely to remain constrained by its ongoing large
debt-funded capital expenditure (capex).  The outlook may be
revised to 'Positive' if the company successfully commissions its
new capacity, leading to considerable improvement in its financial
risk profile.  On the other hand, the outlook may be revised to
'Negative' if the company undertakes additional large debt-funded
capex, or reports a significant decline in its margins or
accruals.

                       About Devkiran Paper

Established in April 1985 in Bengaluru, DPMPL manufactures kraft
paper, and has a capacity of 15 tonnes per day (tpd).  The
company's products are used in manufacturing corrugated boxes, and
are mainly sold to customers located in Bengaluru.  The company is
setting up another kraft paper manufacturing unit, with a capacity
of 100 tpd, and a 1-megawatt steam-based captive power plant, at
Bengaluru.  The estimated project cost of INR180 million is
proposed to be funded in a debt-to-equity mix of 2:1.

DPMPL posted a profit after tax (PAT) of INR4.9 million on net
sales of INR65.6 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.6 million on net
sales of INR57.4 million for 2007-08.


ELITE HOMES: CRISIL Assigns 'B' Rating on INR730.5 Mln Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable' to the bank
facilities of Elite Homes Pvt Ltd.

   INR730.5 Million Term Loan *   B/Stable (Assigned)

   * Including a proposed limit of INR0.5 million

The ratings reflect EHPL's exposure to risks relating to declining
demand in the real estate sector, implementation of its
residential project, M2K County Heights, and to cyclicality
inherent in the Indian real estate industry.  These weaknesses
are, however partially offset by the benefits that the company
derives from its promoters' experience in the construction
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of EHPL, Saraf Synfab Pvt Ltd (SSPL),
Symphony Electronics Pvt Ltd (SEPL), and Havenly Resorts Pvt Ltd
(HRPL).  This is because these entities, collectively referred to
as the M2K group, have common promoters and senior management, and
plan to merge over the near term.  Moreover, these companies have
a common line of business — to undertake group housing and
integrated township projects at Dharuhera (Haryana).

Outlook: Stable

CRISIL believes that EHPL's residential project, M2K County
Heights, will maintain a stable credit risk profile over the
medium term, backed by the experience of M2K group in real estate.
The outlook may be revised to 'Positive' if sales from M2K County
Heights increase, leading to increase in revenues.  Conversely,
the outlook may be revised to 'Negative' if there are delays in
obtaining customer advances, or EHPL faces time or cost overruns
on its project.

                        About Elite Homes

Set up in March 2005, EHPL is part of the M2K group. EHPL is
currently executing a group housing project, M2K County Heights,
at Dharuhera (Haryana).  The project is undertaken as a joint
venture with SSPL.  Apart from M2K County Heights, the company
also has plans to develop an integrated township at Dharuhera
(Haryana) over the medium to long term.


GENUS PAPER: Fitch Assigns National Long-Term Rating at 'B'
-----------------------------------------------------------
Fitch Ratings has assigned India's Genus Paper Products Limited a
National Long-term rating of 'B(ind)'.  The agency has also
assigned these ratings to its bank loans:

  -- Existing term loans amounting to INR369.02 million 'B(ind)';

  -- Fund-based working capital limits amounting to
     INR259.5 million 'B(ind)'/'F4(ind)'; and

  -- Non fund-based working capital limits amounting to
     INR88.0 million 'F4(ind)'.

The Outlook is Stable.

GPPL's ratings reflect its stretched financial profile due to
recently finished debt-funded capex, currently low capacity
utilization rates and the intense competition from unorganized
players in Kraft paper industry.  Concerns also arise from the
company's lack of operational history, a delay in the completion
of planned capex, the inherent cyclicality in the paper industry
and the volatility in raw material and final product prices.
GPPL's liquidity position has been stretched in the past two
financial years as reflected in its near-full utilization of
working capital limits on a consistent basis, and due to
substantial term loan repayment outflows during the period.

The ratings find support in the fact that the upfront capital
expenditure for commissioning of production facilities is now
complete and that GPPL does not plan to borrow further in the
near-term for capex requirements.  GPPL's location in the midst of
Uttar Pradesh's agricultural belt (resulting in easy supply of raw
materials), self-reliance for power requirements, and the
consistent revenue growth are seen as comfort factors for the
assigned ratings.

GPPL has a relatively stretched financial profile with its total
adjusted net debt/op.  EBITDAR standing at 5.94x at FY09 on
account of debt-funded capex and high working capital
requirements.  This has improved from 9.42x in FY08.  The total
debt at end of FY09 stood at INR1051.54 million and the cash and
cash equivalents totalled INR16.18 million.  For FY09, the company
reported revenues of INR928.5 million with an op.  EBITDAR and net
income of INR174.24 million and INR19.24 million, respectively.

Positive ratings triggers include a significant improvement in
GPPL's financial leverage, increased operational efficiency and
capacity utilization and a sustained track record of growth.
However, any further deterioration in financial leverage or
coverage could negatively affect the ratings.

GPPL is primarily involved in the production of single-and-multi-
layer kraft paper (a relatively low value-added paper product).
The company was bought over from the DSM group when it had a
single-layer kraft paper production facility with a capacity of
60TPD; it now has an additional 150TPD multi-layer kraft paper
production plant, a particle board plant, a 23760TPA ingot plant
and a 6MW cogen plant.  All the facilities are located in
Moradabad, Uttar Pradesh.


INDIAMCO: CRISIL Assigns 'P4' Rating on Bank Facilities
-------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Indiamco.  The rating reflects Indiamco's small scale of
operations in the intensely-competitive diamond industry, weak
financial risk profile, and exposure to risks relating to slowdown
in the global diamond industry and to fluctuations in the prices
of diamonds and precious stones, and in the value of the Indian
rupee.  These weaknesses are however, partially offset by the
benefits that the company derives from its promoters' experience
in the polished diamond and other precious stones business.

     Facilities                          Ratings
     ----------                          -------
     INR32.5 Million Packing Credit *    P4 (Assigned)
     INR67.5 Million Foreign
        Bill Discounting *               P4 (Assigned)

     * Both of the facilities are fully interchangeable
       with each other

Set up in 1972 as a proprietorship firm by Mr. Satish Choksi,
Indiamco trades in polished white and colored diamonds, fancy
precious stones, and antique stones.  Before setting up Indiamco,
the Choksi family had been involved in diamond trading.  The firm
was a Diamond Trading Company sight-holder in the past and has won
the President's award for the highest export of polished diamonds
from India for two years.

Indiamco reported a profit before tax (PBT) of INR0.5 million on
net sales of INR98.3 million for 2007-08 (refers to financial
year, April 1 to March 31), as against a PBT of INR0.2 million on
net sales of INR44.3 million for 2006-07.


JSS STEELITALIA: CRISIL Puts 'BB-' Rating on INR150MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4' ratings to the bank
facilities of JSS Steelitalia Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR150.00 Million Cash Credit    BB-/Stable (Assigned)
   INR100.00 Million Letter of      P4 (Assigned)
       Credit and Bank Guarantee

The ratings reflect the start-up nature, and small scale, of JSS's
operations in the intensely competitive stainless steel tubes and
pipes industry, and JSS's weak financial risk profile and exposure
to risks relating to volatility in raw material prices.  The
impact of these weaknesses is mitigated by the benefits the
company derives from the experience of its promoters in the steel
industry.

Outlook: Stable

CRISIL expects JSS's scale of operations to remain small and its
cash accruals depressed over the medium term, as the company has
commenced operations relatively recently.  The outlook may be
revised to 'Positive' if the company's cash accruals improve
significantly on a sustainable basis.  Conversely, the outlook may
be revised to 'Negative' if JSS's sales and profitability do not
register the expected growth, or if the company undertakes a
large, debt-funded capital expenditure programme.

                       About JSS Steelitalia

Set up in 2007, JSS is a 61:33:16 joint venture (JV) among Inox
Market Service, S.r.l, Italy (Inox), Jindal Steelway Steel Ltd
(JSSL), and Jensita Holding Ltd (Jensita), Cyprus.  The company
started operations in October 2008 and manufactures stainless
steel tubes and pipes.  Its facility at Gurgaon (Haryana) has a
capacity to manufacture around 35,000 tonnes of stainless steel
tubes and pipes per annum.  The project cost of about INR310
million was funded by equity of about INR187.8 million from the JV
partners. JSS has procured machinery of around EUR2.2 million on
lease from Inox.

JSS reported a loss of INR27.2 million on net sales of INR38.1
million for 2008-09 (refers to financial year, April 1 to
March 31).


JYOTI CNC: ICRA Assigns 'LBB+' Rating on INR888.9 Mln Term Loans
----------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR888.90 million term
loans and INR450.00 million fund based limits of Jyoti CNC
Automation Private Limited, indicating inadequate credit quality.
ICRA has also assigned an A4+ rating to the INR210.00 million fund
based and INR160.00 million non-fund based limits of JCAPL,
indicating risk-prone credit quality in the short term.  JCAPL's
long term fund based limits (CC and term loan) up to INR150.00
million are interchangeable with short term non-fund based limits
(LC), long term fund based limits (CC) up to INR280.00 million are
interchangeable with short term fund based limits and short term
fund based limits up to INR45.00 million are interchangeable with
long term fund based limits (CC).

The ratings factor in the firm's healthy operating margins,
moderate gearing and established track record in the machine tool
industry which is characterized by significant entry barriers.
However, the firm has severe liquidity constraints on account of
high inventory and an increase in export-led receivables which
have resulted in excessive utilization of working capital limits.
The ratings are also constrained by the firm's weak cash flow
indicators, significant contingent liabilities and risk associated
with demand from key user industries over the short to medium
term.

Rajkot based JCAPL was established in the year 2001 and is a
manufacturer of CNC metal cutting machines.  JCAPL is promoted by
Mr. Parakramsinh Jadeja, whose family has a 51% shareholding in
the firm while the Virani family owns the balance 49%.  JCAPL
currently manufactures CNC Turning Lathes, Vertical Machining
Centers (VMC), Horizontal Machining Centers (HMC) and Special
Purpose Machines (SPM).  In November 2007, JCAPL acquired Huron
Grafenstadden (Huron), a French company involved in supplying high
end (4 and 5 axes) CNC milling machines to the aerospace and
general engineering industry in Europe.  In the year ending
December 2007, Huron reported a net sale of EUR33 million.  JCAPL
currently has three manufacturing units based in Rajkot spread
over a total area of 3,36,000 sq meters.  JCAPL completed backward
integration in FY08 by setting up an in-house foundry, sheet metal
plant and paint shop. Currently, the firm has a manufacturing
capacity of 1500 machines per annum.  In FY09, JCAPL sold 703
machines and reported a net income(provisional) of INR43.54
million on a net sale(provisional) of INR1.43 billion.


KHYATI ISPAT: CRISIL Assigns 'B+' Rating on INR98 Mln Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Khyati Ispat Pvt Ltd, which is part of the Khyati
group.

   Facilities                       Ratings
   ----------                       -------
   INR270.00 Million Cash Credit    B+/Stable (Assigned)
   INR98.00 Million Term Loan       B+/Stable (Assigned)
   INR30.00 Million Bank Guarantee  P4 (Assigned)

The ratings reflect the group's weak liquidity because of its
working capital-intensive operations, reflected in its high bank
line utilization.  The ratings also factor in the group's small
scale of operations and exposure to risks relating to fluctuations
in raw material prices.  The impact of these weaknesses is
mitigated by the group's moderate financial risk profile,
improving business risk profile, and the benefits that the group
derives from its promoters' experience in the steel rolling and
galvanizing business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KIPL, Shri Ashutosh Structures Pvt Ltd
(SASPL), and Khyati Steels (KS).  These entities, collectively
referred to as the Khyati group, have strong operational and
financial linkages among them, and are under a common management.
SASPL sources the bulk of its raw materials from KS and KIPL. KS
also supplies traded goods to KIPL.  Cash flows are fungible
within the group, with the entities providing support to each
other through extended credit or advances.  Furthermore, KIPL has
extended corporate guarantees to the bank loan facilities of
SASPL, while KS has provided corporate guarantees to the bank loan
facilities of KIPL.

Outlook: Stable

CRISIL believes that the Khayti group will maintain its moderate
financial risk profile and comfortable market presence in the
rolled-steel products business.  The outlook may be revised to
'Positive' in case of substantial improvement in the group's
liquidity. Conversely, continued pressure on the group's liquidity
may lead to a revision in outlook to 'Negative'.

                          About the Group

The Khyati group, promoted by the Agrawal family, manufactures and
trades in rolled-steel products. It also manufactures galvanised
towers used by railways, electricity boards, and windmills. The
group comprises three companies - KIPL, KS, and SASPL.

KIPL manufactures hot-rolled steel products, such as channels,
joists, beams and angles, which find application primarily in
structural constructions such as transmission and railway towers,
and factory sheds.  The company has two manufacturing units at
Raipur, with a combined installed capacity of 114,000 tonnes per
annum (tpa).

KS, set up in 1995, trades in zinc and steel products such as
sheets, plates, and structures.  The firm has a memorandum of
understanding (MoU) with Hindustan Zinc Corporation for procuring
200 tonnes of zinc every month, of which more than 60% is utilised
by SASPL.

SASPL manufactures galvanized structural components used in
construction of railway and electricity towers and other
structural constructions.  It has a manufacturing unit at Raipur,
which has a fabrication and galvanizing capacities of 16,000 tpa
and 18,000 tpa, respectively.  SASPL is enhancing its fabrication
and galvanizing capacities to 40,000 tpa and 48,000 tpa,
respectively. The company sources the bulk of its raw materials
from KIPL and KS.

The Khyati group is estimated to report a profit after tax (PAT)
of INR54 million on net sales of INR2587 million for 2008-09
(refers to financial year, April 1 to March 31), against a
reported PAT of INR35 million on net sales of INR2248 million for
2007-08.


KHYATI STEELS: CRISIL Rates INR40.00 Million Cash Credit at 'B+'
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Khyati Steels, which is part of the Khyati group.

   Facilities                       Ratings
   ----------                       -------
   INR40.00 Million Cash Credit     B+/Stable (Assigned)
   INR30.00 Million Bank Guarantee  P4 (Assigned)

The ratings reflect the group's weak liquidity because of its
working capital-intensive operations, reflected in its high bank
line utilization.  The ratings also factor in the group's small
scale of operations and exposure to risks relating to fluctuations
in raw material prices.  The impact of these weaknesses is
mitigated by the group's moderate financial risk profile,
improving business risk profile, and the benefits that the group
derives from its promoters' experience in the steel rolling and
galvanizing business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KS, Shri Ashutosh Structures Pvt Ltd
(SASPL), and Khyati Ispat Pvt Ltd (KIPL).  These entities,
collectively referred to as the Khyati group, have strong
operational and financial linkages among them, and are under a
common management.  SASPL sources the bulk of its raw materials
from KS and KIPL.  KS also supplies goods to KIPL.  Cash flows are
fungible within the group, with the entities providing support to
each other through credit or advances.  Furthermore, KIPL has
extended corporate guarantees to the bank loan facilities of
SASPL, while KS has provided corporate guarantees to the bank loan
facilities of KIPL.

Outlook: Stable

CRISIL believes that the Khayti group will maintain its moderate
financial risk profile and comfortable market presence in the
rolled-steel products business.  The outlook may be revised to
'Positive' in case of substantial improvement in the group's
liquidity. Conversely, continued pressure on the group's liquidity
may lead to a revision in outlook to 'Negative'.

                          About the Group

The Khyati group, promoted by the Agrawal family, manufactures and
trades in rolled-steel products.  It also manufactures galvanized
towers used by railways, electricity boards, and windmills.  The
group comprises three companies -- KS, KIPL, and SASPL.

KS, set up in 1995, trades in zinc and steel products such as
sheets, plates, and structures.  The firm has a memorandum of
understanding with Hindustan Zinc Corporation for procuring 200
tonnes of zinc every month, of which more than 60% is utilised by
SASPL.

KIPL manufactures hot-rolled steel products, such as channels,
joists, beams and angles, which find application primarily in
structural constructions such as transmission and railway towers,
and factory sheds.  The company has two manufacturing units at
Raipur, with a combined installed capacity of 114,000 tonnes per
annum (tpa).

SASPL manufactures galvanized structural components used in
construction of railway and electricity towers and other
structural constructions.  It has a manufacturing unit at Raipur,
which has fabrication and galvanizing capacities of 16,000 tpa and
18,000 tpa, respectively.  SASPL is enhancing its capacities to
40,000 tpa and 48,000 tpa, respectively.  The company sources the
bulk of its raw materials from KIPL and KS.

The Khyati group is estimated to report a profit after tax (PAT)
of INR54 million on net sales of INR2587 million for 2008-09
(refers to financial year, April 1 to March 31), against a
reported PAT of INR35 million on net sales of INR2248 million for
2007-08.


MODERN STEELS: CRISIL Cuts Bank Debt Rating to 'B+/Stable'
----------------------------------------------------------
CRISIL has downgraded its rating on Modern Steels Ltd.'s long-term
bank facilities to 'B+/Stable' from 'BB/Stable'; the rating on the
company's short-term facility has been reaffirmed at 'P4'.  The
downgrade reflects Modern Steels's stressed liquidity, because of
significant losses on inventory, and order cancellations by key
customers, in the second half of 2008-09 (refers to financial
year, April 1 to March 31).  The company booked a net loss of
INR47 million in 2008-09 because of low operating profitability,
slowdown in demand from the automotive components industry, and
high interest costs.

     Facilities                          Ratings
     ----------                          -------
     INR350.0 Million Cash Credit        B+/Stable (Downgraded
                                           From BB/Stable)

     INR60.0 Million Standby
        Line of Credit                   B+/Stable (Downgraded
                                           From BB/Stable)

     INR150.0 Million Letter of Credit*  B+/Stable (Downgraded
                                           From BB/Stable)

     INR317.0 Million Term Loan          B+/Stable (Downgraded
                                           From BB/Stable)

     INR28.0 Million Proposed Long Term
        Bank Facility                    B+/Stable (Downgraded
                                           From BB/Stable)

     INR150.0 Million Letter of Credit   P4 (Reaffirmed)

     INR5.0 Million Bank Guarantee       P4 (Reaffirmed)

     * fungible with fund based limits.

The ratings continue to reflect Modern Steels's weak financial
risk profile, and exposure to risks relating to increase in raw
material prices, and to power shortages.  The impact of these
rating weaknesses is mitigated by the company's established
presence in the steel rolled products industry.

Outlook: Stable

CRISIL believes that Modern Steels's financial risk profile will
remain weak over the medium term, because of its large debt and
working capital requirements. The outlook may be revised to
'Positive' if Modern Steels's financial risk profile improves as a
result of infusion of substantial equity to fund incremental
working capital requirements, or if its operating margin improves
significantly. Conversely, the outlook may be revised to
'Negative' in case Modern Steels's operating margin deteriorates,
leading to reduced cash accruals.

Incorporated in 1974 by Mr. Amarjit Goyal, Modern Steels is listed
on the Bombay Stock Exchange, with promoters holding almost 60% of
the shares in the company; the company is now headed by Mr.
Krishan Kumar Goyal, son of Mr. Amarjit Goyal. Modern Steels
manufactures low alloy and carbon steel rolled products, mainly
for commercial vehicles such as trucks and tractors, and for
personal vehicles such as two-wheelers and small cars, and for
engineering companies. The company has two electric arc furnaces
with capacities of 25 tonnes each, and two induction furnaces of 6
and 8 tonnes each at Mandi Gobindgarh, Punjab.

Modern Steels reported a net loss of INR47 million on net sales of
INR2.78 billion for 2008-09, as against a profit after tax of
INR26 million on net sales of INR2.86 billion for 2007-08.


NAGPUR PALLOTTINE: CRISIL Slashes Bank Facilities Ratings to 'D'
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to the above-mentioned bank
facilities of Nagpur Pallottine Society.  The rating reflects
current delays by NPS in servicing of its term loan.  The delays
have been caused by weak liquidity and limited access to funds.

     Facilities                           Ratings
     ----------                           -------
     INR218.0 Million Long Term Loan      D (Assigned)
     INR12.0 Million Proposed
        Long Term Bank Loan Facility      D (Assigned)

NPS is part of the worldwide Pallottine movement, which was
initiated by St. Vincent Pallotti.  The society founded St.
Vincent College of Engineering and Technology in 2004 in Nagpur,
Maharashtra.  The college offers courses in engineering; the
courses have been recognized by the Directorate of Technical
Education.

NPS reported a net loss of INR19.4 million on net revenues of
INR53.4 million for 2007-08 (refers to financial year, April 1 to
March 31), against a net loss of INR21.6 million on net revenues
of INR40.4 million for 2007-08.


NEXUS ELECTRO: CRISIL Assigns 'BB-' & 'P4' Ratings on Bank Debts
----------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB-/Stable/P4' to
the various bank facilities of Nexus Electro Steel Ltd (Nexus).
The ratings reflect Nexus's weak financial risk profile, and the
working-capital-intensive nature of its operations in the
electrical laminations industry. These weaknesses are, however,
partially offset by Nexus's average business risk profile,
supported by steady demand.

     Facilities                           Ratings
     ----------                           -------
     INR150 Million Cash Credit Limits*   BB-/Stable (Assigned)
     INR200 Million Term Loan@            BB-/Stable (Assigned)
     INR85 Million Proposed
        Long Term Bank Loan Facility      BB-  /Stable (Assigned)
     INR15 Million Bank Guarantee         P4 (Assigned)
     INR550 Million Letter of Credit**    P4 (Assigned)

     * Includes Proposed Cash Credit of INR50 million
    ** Includes Proposed Letter of Credit of INR300 million
     @ Includes proposed Term Loan of INR100 million

Outlook: Stable

CRISIL expects Nexus to maintain a stable business risk profile
over the medium term, backed by regular demand for its products.
The outlook may be revised to 'Positive' if Nexus strengthens its
financial risk profile considerably, or if increase in margins
results in improved financial flexibility for the company.
Conversely, the outlook may be revised to 'Negative' if Nexus
takes on substantial debt to fund capital expenditure, or if its
debt protection measures or margins deteriorate.

Incorporated as a private limited company by Ketan C. Bagadia in
1998, Nexus converted to a closely-held public limited company in
2006. It manufactures cut, winding, core and coil assembly
laminations that are used in distribution and power transformers,
and generators. The company's manufacturing facilities are at
Pondicherry have a capacity of 3600 tonnes per shift. It set up a
new unit in Mumbai in September 2008, having a capacity of 3600
tonnes per shift.

Nexus reported a profit after tax (PAT) of INR49 million on net
sales of INR1004 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of INR41 million on net
sales of INR722 million for 2006-07.


RAVIKIRAN POWER: CRISIL Downgrades Rating to 'BB+/Negative'
-----------------------------------------------------------
CRISIL has downgraded its rating on Ravikiran Power Projects Pvt.
Ltd.'s bank facilities to 'BB+/Negative' from 'BBB-/Stable'.  The
downgrade reflects the stress on Ravikiran Power's financial risk
profile because of delays in receipts from its customer and
weakening of its liquidity.  The downgrade also reflects CRISIL's
expectation that Ravikiran Power will face significant liquidity
pressure, as the company's estimated cash accruals are only
marginally higher than its maturing debt.  The rating continues to
reflect the financial support the company receives from its
parent, Greenko Energies Pvt. Ltd. (GEPL); Ravikiran Power is a
GEPL group company.
     Facilities                         Ratings
     ----------                         -------
     INR28.5 Million Working Capital    BB+/Negative
        Demand Loan Limits              (Downgraded from
                                        'BBB-/Stable')

     INR171.5 Million Term Loan         BB+/Negative
                                        (Downgraded from
                                        'BBB-/Stable')

Outlook: Negative

CRISIL expects Ravikiran Power to face liquidity problems, given
its low cash accruals. The rating could be downgraded if there are
delays in funding support from the parent. Conversely, the outlook
may be revised to 'Stable' in case of a higher-than-expected
improvement in the company's profitability or a significant
improvement in its liquidity.

GEPL was incorporated as Sri Balaji Biomass Power Pvt. Ltd. in
July 2000. The name was changed in 2008.  GEPL is a Greenko Group
Plc (Greenko) company; Greenko, based in Isle of Man, owns and
operates renewable energy plants in India. The company was
incorporated in January 2006 in Luxembourg by Mr. Anil
Chalamalasetty and Mr. Mahesh Kolli. Prior to Greenko, the
promoters were engaged in projects relating to information
technology, infrastructure, and clean energy in the UK, and in
trading in certified emission reduction units under the clean
development mechanism. In October 2007, Greenko shifted its
domicile from Luxembourg to the Isle of Man. It acquired Balaji in
2006 and currently has eight biomass and two hydroelectric (hydel)
plants in India, with a total installed capacity of 117 megawatts
(MW). Most of the plants are registered with the United Nations
Framework Convention on Climate Change for Carbon Emission
Reduction units. Greenko recently signed memorandums of
understanding for about 300 MW of hydel plants, taking its total
installed capacity to 417 MW (including those under construction
stage).

Ravikiran Power is engaged in power generation; the company has a
total installed capacity of 8 MW.  The company produces biomass
power, using rice husk as feedstock.  It started operations in
2006-07 (refers to financial year, April 1 to March 31).  For
2008-09, Ravikiran Power reported a profit after tax (PAT) of
INR7.4 million on net sales of INR123.7 million, against a PAT of
INR7.4 million on net sales of INR153.6 million for the preceding
year.


RITHWIK ENERGY: CRISIL Downgrades Rating to 'B/Negative'
--------------------------------------------------------
CRISIL has downgraded its rating on Rithwik Energy Generation Pvt.
Ltd.'s term loans to 'B/Negative' from 'BBB-/Stable'.

     INR750 Million Term Loans*         B/Negative (Downgraded
                                        from 'BBB-/Stable')

     * Includes proposed limit of INR6.6 million.

The downgrade reflects deterioration in Rithwik Energy's liquidity
because of delays in commissioning of its project.  The rating
continues to factor in the benefits that Rithwik Energy derives
from its promoters' experience in the renewable energy industry.
The earlier assigned rating centrally factored in financial
support from the Greenko Energies Pvt. Ltd. group of companies, as
per the articulation of the management of the group.  However, the
same has not been extended to support the financial obligation of
Rithwik Energy. Rithwik Energy is part of the GEPL group of
companies.

Outlook: Negative

CRISIL expects deterioration in Rithwik Energy's liquidity, given
the delays in the commissioning of its project and absence of
funding support from its parent. The rating could be downgraded in
case of delays in completion of the company's project or in
servicing of its debt obligations. Conversely, the outlook may be
revised to 'Stable' if the company commissions its project on the
now revised schedule, or begins to receive regular and timely
support from its parent, leading to easing of its liquidity
position.

GEPL was incorporated as Sri Balaji Biomass Power Pvt. Ltd. in
July 2000. The name was changed in 2008.  GEPL is a Greenko Group
Plc company; Greenko, based in Isle of Man, owns and operates
renewable energy plants in India. The company was incorporated in
January 2006 in Luxembourg by Mr. Anil Chalamalasetty and Mr.
Mahesh Kolli.  Prior to Greenko, the promoters were engaged in
projects relating to information technology, infrastructure, and
clean energy in the UK, and in trading in certified emission
reduction units under the clean development mechanism. In October
2007, Greenko shifted its domicile from Luxembourg to the Isle of
Man.  It acquired Balaji in 2006 and currently has eight biomass
and two hydroelectric (hydel) plants in India, with a total
installed capacity of 117 megawatts (MW). Most of the plants are
registered with the United Nations Framework Convention on Climate
Change for Carbon Emission Reduction units. Greenko recently
signed memorandums of understanding for about 300 MW of hydel
plants, taking its total installed capacity to 417 MW (including
those under construction).

Rithwik Energy, incorporated in 2004, is setting up a 24-MW hydro
power project at Shambur, in Shamur village in Karnataka. The
project was initially expected to start operations in the fourth
quarter of 2008-09 (refers to financial year, April 1 to
March 31), but is now expected to be commissioned in December
2009.


SAMRAT PLYWOOD: ICRA Rates INR219.5MM FB Facilities at 'LBB-'
-------------------------------------------------------------
ICRA has assigned an LBB- rating to INR219.5 million fund based
facilities of Samrat Plywood Limited.  The rating indicates
inadequate-credit-quality in the long term.  ICRA has also
assigned an A4 rating to INR10.5 million non-fund based facilities
of SPL.  The rating indicates risk-prone-credit-quality in the
short term.

The ratings are constrained by the intensely competitive nature of
the industry and the small scale of operations of the company
which have resulted in below average profitability.  This
situation is unlikely to change materially in the medium term. The
ratings also factor in the high working capital intensity of SPL
which has led to an increase in the funding requirements and
gearing levels of the company. Relatively high gearing, coupled
with low profitability has translated into moderate debt
protection indicators and also some past delays in debt servicing.
The assigned ratings however derive comfort from the experience of
the promoter in plywood business, the company's relatively well
established brand “Samrat” and its wide-spread distribution
network.

Samrat Plywood Limited is a closely held public limited company
engaged in the manufacturing of plywood and laminates.  The
business was originally carried out through a partnership firm
(promoted by Mr. Suresh Singhal, Mr. Sushil Singhal and
Mr. Sitaram Jhawar), which was dissolved in the year 1987 and
Samrat Plywood Private Limited was incorporated.  The constitution
of the company was subsequently changed to public limited in the
year 1997. The management of the company is currently vested with
Mr. Suresh Singhal and his three sons (Mr. Rajiv Singhal, Mr.
Anand Singhal and Mr. Puneet Singhal).  The company produces
plywood at its Derabassi (Punjab) unit which has an installed
annual capacity of 1200000 square metres.  Laminates are produced
at the Nalagarh (Himachal Pradesh) unit, which became operational
in 2007 and currently has an installed annual capacity of 991500
units.


SATISH KUMAR: CRISIL Places 'BB+' Rating on INR38.50MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4' ratings to the bank
facilities of Satish Kumar Contractors Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR38.50 Million Cash Credit     BB+/Stable (Assigned)
   INR70.00 Million Bank Guarantee  P4 (Assigned)

The ratings reflect SKCL's small scale of operations, geographical
concentration in revenue profile, moderately high working capital
requirements, and susceptibility of operating margins to
volatility in input prices.  The impact of these weaknesses is
mitigated by SKCL's healthy gearing, debt protection measures, and
topline growth, and its promoters' experience in the business.

Outlook: Stable

CRISIL expects SKCL's scale of operations to remain small over the
medium term.  The outlook may be revised to 'Positive' if SKCL
scales up operations successfully, and enhances its financial
flexibility by increasing its net worth.  Conversely, the outlook
may be revised to 'Negative' if SKCL makes large investments in
real estate or land, or if its operating margins decline, leading
to weakening in its financial risk profile.

                        About Satish Kumar

SKCL, set up in 1982 as a partnership concern between Mr. Satish
Kumar Jain and Mr. Ashok Garg, was reconstituted as a private
limited company in 1988, and a public limited company in 2002.
The company undertakes contracts in civil construction, and had
investments of around INR36 million in land as on March 31, 2009.
Its investments in land through group companies were liquidated in
2008-09 (refers to financial year, April 1 to March 31).

SKCL reported a profit after tax (PAT) of INR6.1 million on net
sales of INR167.8 million for 2007-08, against a PAT of INR5.2
million on net sales of INR118.6 million for 2006-07.


SHREE GOVARDHAN: CRISIL Rates INR23.5 Million Term Loan at 'B'
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable' to the bank
facilities of Shree Govardhan Cot-Gin Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR90.0 Million Cash Credit Limit     B/Stable (Assigned)
   INR23.5 Million Term Loan             B/Stable (Assigned)

The ratings reflect SGCPL's weak financial risk profile, large
working capital requirements, and susceptibility to unfavorable
changes in government policies.  The impact of these weaknesses is
mitigated by the experience of SGCPL's promoters in the cotton
bales, and crude cottonseed oil industry.

Outlook: Stable

CRISIL believes that SGCPL will maintain its stable financial risk
profile, over the medium term, on the back of its promoter's
industry experience.  The outlook may be revised to 'Positive' in
case of significant increase in the company's cash accruals and
improvement in its capital structure.  Conversely, the outlook may
have be revised to 'Negative' if SGCPL's operating margin and cash
accruals decline over the medium term.

                       About Shree Govardhan

Set up in 2006, SGCPL commenced manufacturing operations in April
2008.  It manufactures cotton bales, crude cottonseed oil and oil
cakes.  Prior to commencement of manufacturing operations the
company was involved in cotton trading activities.  The company's
plant has an installed capacity of manufacturing 400 bales of
cotton per day and 10,000 kilogram crude cottonseed oil per day.

SGCPL reported a profit after tax (PAT) of INR4 million on net
sales of INR710.5 million for 2008-09 (refers to financial year,
April 1 to March 31).


SHRI ASHUTOSH: Weak Liquidity Cues CRISIL 'B+' Ratings
------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Shri Ashutosh Structures Pvt Ltd, which is part of
the Khyati group.

   Facilities                         Ratings
   ----------                         -------
   INR210.00 Million Cash Credit      B+/Stable (Assigned)
   INR25.00 Million Term Loan         B+/Stable (Assigned)
   INR100.00 Million Bank Guarantee   P4 (Assigned)

The ratings reflect the group's weak liquidity because of its
working capital-intensive operations, reflected in its high bank
line utilization.  The ratings also factor in the group's small
scale of operations and exposure to risks relating to fluctuations
in raw material prices.  The impact of these weaknesses is
mitigated by the group's moderate financial risk profile,
improving business risk profile, and the benefits that the group
derives from its promoters' experience in the steel rolling and
galvanizing business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SASPL, Khyati Ispat Pvt Ltd (KIPL), and
Khyati Steels (KS).  These entities, collectively referred to as
the Khyati group, have strong operational and financial linkages
among them, and are under a common management.  SASPL sources the
bulk of its raw materials from KS and KIPL.  KS also supplies
traded goods to KIPL.  Cash flows are fungible within the group,
with the entities providing support to each other through credit
or advances.  Furthermore, KIPL has extended corporate guarantees
to the bank loan facilities of SASPL, while KS has provided
corporate guarantees to the bank loan facilities of KIPL.

Outlook: Stable

CRISIL believes that the Khayti group will maintain its moderate
financial risk profile and comfortable market presence in the
rolled-steel products business.  The outlook may be revised to
'Positive' in case of substantial improvement in the group's
liquidity. Conversely, continued pressure on the group's liquidity
may lead to revision in outlook to 'Negative'.

                         About the Group

The Khyati group, promoted by the Agrawal family, manufactures and
trades in rolled steel products.  It also manufactures galvanised
towers used by railways, electricity boards, and windmills. The
group comprises three companies – SASPL, KIPL, and KS.

SASPL manufactures galvanised structural components used in
construction of railway and electricity towers and other
structural constructions.  It has a manufacturing unit at Raipur,
which has a fabrication and galvanizing capacities of 16,000
tonnes per annum (tpa) and 18,000 tpa, respectively. SASPL is
enhancing its fabrication and galvanizing capacities to 40,000 tpa
and 48,000 tpa, respectively.  The company sources the bulk of its
raw materials from KIPL and KS.

KIPL manufactures hot-rolled steel products, such as channels,
joists, beams and angles, which find application primarily in
structural constructions, such as transmission and railway towers,
and factory sheds.  The company has two manufacturing units at
Raipur, with a combined installed capacity of 114,000 tpa.

KS, set up in 1995, trades in zinc and steel products, such as
sheets, plates, and structures. The firm has a memorandum of
understanding with Hindustan Zinc Corporation for procuring 200
tonnes of zinc every month, of which more than 60% is utilized by
SASPL.

The Khyati group is estimated to report a profit after tax (PAT)
of INR54 million on net sales of INR2587 million for 2008-09
(refers to financial year, April 1 to March 31), against a
reported PAT of INR35 million on net sales of INR2248 million for
2007-08.


SONALI AUTO: Low Net Worth Prompts CRISIL to Assign 'BB-' Rating
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the cash credit
facility of Sonali Auto Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR150.00 Million Cash Credit    BB-/Stable (Assigned)

The rating reflects SAPL's weak financial risk profile, marked by
low net worth and high gearing, and exposure to risks relating to
trading operations.  These weaknesses are, however, partially
offset by SAPL's strong regional presence as an automobile
dealership for Mahindra and Mahindra (M&M) in Patna and the
adjoining districts.

Outlook: Stable

CRISIL believes that SAPL will maintain a favourable business risk
profile over the medium term, supported by a strong regional
presence.  The outlook may be revised to 'Positive' if the
company's operating margins and debt protection measures improve
substantially; or to 'Negative' if the company undertakes large
debt to fund capital expenditure.

                        About Sonali Auto

Set up in 2007, SAPL is a dealer to M&M's entire range of utility
vehicles. It also sells spares, accessories, and services of
vehicles in Bihar. The promoters have experience of more than two
decades in the automobile dealership business. SAPL reported a
profit after tax (PAT) of INR2.8 million on net sales of INR1801
million for 2008-09 (refers to financial year, April 1 to
March 31), as against a PAT of INR3.3 million on net sales of
INR1437 million for 2007-08.


TATA POWER: Plans To Bid for More Ultra Mega Power Projects
-----------------------------------------------------------
Tata Power Company Ltd. said it would bid for more ultra mega
power projects but wanted complete transparency in bidding
documents to avoid a Sasan-like situation, The Economic Times
reports.

"Tata Power would be very keen to bid for the (upcoming) ultra
mega power projects (UMPPs) provided the subject matter is clear
and they are not left for subsequent dispensations," the report
quoted a company official as saying.

The report states that Tata Power had objected to the government's
decision to allow Reliance Power to divert surplus coal from the
Sasan UMPP in Madhya Pradesh to another of its project in the
state saying such parameters should be made clear in the bid
document itself for investors to take right decision before
bidding for UMPPs.

Power Ministry has planned to set up 13 such UMPPs, which would
help bring down India's electricity deficit, the report notes.
Power Finance Corp, the nodal agency for these projects, has
already allotted four such projects to the developers and would
soon invite proposals for three more UMPPs to be set up in Tamil
Nadu, Orissa and Chhattisgarh, the report says.

Tata Power's generation capacity currently stands at 3,000 MW, the
report discloses.  The company, according to the report, is also
currently executing the 4,000-MW UMPP at Mundra in Gujarat and the
first unit of the project is likely to be commissioned in the next
two years.

                         About Tata Power

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

Tata Power Company continues to carry Moody's Investors Service's
'Ba3' corporate family rating and 'B1' senior unsecured debt
rating.  The ratings outlook is stable.


THERMO CABLES: CRISIL Assigns 'BB+' Rating on INR134.2MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Thermo Cables Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR200 Million Cash Credit Limits    BB+/Stable (Assigned)
   INR134.2 Million Term Loan           BB+/Stable (Assigned)
   INR120 Million Bank Guarantee        P4 (Assigned)

The ratings reflect TCL's exposure to risks relating to the
working-capital-intensive nature of its operations, and intense
competition in the cable industry.  These weaknesses are, however,
partially offset by Thermo group's average financial risk profile,
marked by modest gearing, and healthy debt protection measures,
and the benefits that TCL derives from its established market
presence and the promoters' experience in the cable industry.

As part of this rating exercise, CRISIL has combined the financial
risk profiles of TCL, and its two associate companies,
Thermopolymers Pvt Ltd (TPPL) and Thermopads Pvt Ltd (TPL),
collectively referred to as the Thermo group.  This is because TCL
and TPPL have significant business and operational linkages with
each other and TPL has provided corporate guarantee to TCL's debt.

Outlook: Stable

CRISIL believes that the Thermo group will maintain a strong track
record of growth in revenues, and a stable business risk profile,
supported by the promoters' experience.  The outlook may be
revised to 'Positive' if TCL's working capital management and
liquidity improve. Conversely, the outlook may be revised to
'Negative' if the company undertakes large debt-funded capital
expenditure or investments, or faces significant pressure on
profitability and cash accruals.

                        About Thermo Cables

Set up in 1990, by Mr. Nand Kishore Ghurka, TCL began commercial
operations from August 2005. It manufactures a variety of cables,
including instrument signal cables, power and control cables,
flame retardant low smoke cables, and special cables for high
temperature applications.  Its manufacturing facilities are at
Jeedimetla, (Andhra Pradesh).  TCL is setting up a new facility at
Jadcherla (Andhra Pradesh) for production of signal cables,
control cables and power cables, at a capital expenditure of
INR180 million. Commercial production at the new facility is
expected to begin by November 2009.

TPL, set up in 1978, manufactures heat tracing and heating cables.
TPPL was set up, as a backward integration unit for TPL and TCL.
It manufactures polyvinyl chloride (PVC) compounds, which are key
raw materials for TPL and TCL.

The Thermo group posted a provisional net profit of INR131 million
on net sales of INR1.2 billion for 2008-09 (refers to financial
year, April 1 to March 31), as against a profit after tax (PAT) of
INR48 million on net sales of INR674 million for 2007-08.


WITMANS INDUSTRIES: CRISIL Reaffirms 'BB' Ratings on Bank Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Witmans Industries
continue to reflect company's weak financial risk profile, its
exposure to risks relating to volatility in the lubricant oils
business, and to concentration in revenues from the textile
industry.  These weaknesses are partially offset by the benefits
that Witmans derives from its established presence in the textile
lubricants industry.

   Facilities                             Ratings
   ----------                             -------
   INR60 Million Cash Credit              BB/Stable (Reaffirmed)
   INR9.0 Million Standby Line of Credit  P4 (Reaffirmed)
   INR60 Million Letter of Credit         P4 (Reaffirmed)
   INR1.0 Million Letter of Guarantee     P4 (Reaffirmed)

The ratings will become invalid on any change in the composition
of the firm and must be revalidated by CRISIL.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Witmans, Witmans Petrochem Ltd (Witmans
Petrochem), and Ester Lub Technologies (Ester Lub).  This is
because the three entities, collectively referred to as the
Witmans group, have operational synergies, a common line of
business, fungible funds, and a common set of p romoters.

Outlook: Stable

CRISIL believes that the Witmans group's financial risk profile
will remain weak because of its expected continued low cash
accruals and moderately aggressive capital structure.  The outlook
may be revised to 'Positive' if the company is able to
substantially increase its cash accruals, resulting in an
improvement in its net worth.  Conversely, the outlook may be
revised to 'Negative' if the company undertakes a larger-than-
expected debt-funded capital expenditure programme, affecting its
capital structure.

                          About the Group

Witmans, based in Mumbai, manufactures lubricant oils that cater
to industries such as textiles, plastics, rubber, and automotive.
It also manufactures industrial paints.  The firm's lubricant oil
plant at Daman, and industrial paints facility at Wada
(Maharashtra), have annual capacities of 14,400 tonnes, and 0.5
million litres, respectively, on a single shift basis.

Witmans Petrochem trades in base oil, and sells to Witmans. Ester
Lub also trades in base oil.  RSL Petrochem FZE (Dubai), a wholly-
owned subsidiary of Witmans Petrochem, sources base oils for
Witmans Petrochem and other customers.

The Witmans group reported a profit after tax (PAT) of INR14.2
million on net sales of INR909.4 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR20.5
million on net sales of INR744.2 million for 2007-08.


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


JAPAN AIRLINES: May Cut More Than 1,000 Jobs; Seeks Addt'l Loan
---------------------------------------------------------------
Japan Airlines Corp is considering cutting more than 1,000 jobs
through an early retirement program after October, Kyodo News
reported citing sources familiar with the matter.

The company may also tap financial institutions for around JPY170
billion in additional loans, the report said.

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 11, 2009, Moody's Investors Service changed the outlook
on the Ba3 long-term debt rating and issuer rating of Japan
Airlines International Co. Ltd. to negative from positive.  The
outlook change reflects Moody's view that JALI's profitability is
likely to remain pressured amid the recent sharp decline in
airline passenger demand.

Japan Airlines continues to carry Standard & Poor's Ratings 'B+'
LT Foreign & Local Issuer Credit.  The outlook is positive.


SANYO ELECTRIC: Japan Fair Trade Commission OKs Panasonic Bid
-------------------------------------------------------------
The Japan Fair Trade Commission has approved Panasonic Corp.'s
plan to acquire a majority stake in Sanyo Electric Co., Kyodo News
reported citing sources familiar with the matter.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 22, 2008, Sanyo Electric Co.'s three major shareholders
agreed to sell their stakes in the company to Panasonic Corp.

Panasonic will buy 70% stake in Sanyo from Goldman Sachs Group
Inc., Sumitomo Mitsui Banking Corp. and Daiwa Securities SMBC Co.
for JPY131 (US$1.48) a share.  The deal values Sanyo at about
JPY800 billion (US$9.01 billion).

The Wall Street Journal reported on August 31 that Panasonic Corp.
said it is still awaiting approval from antitrust regulators in
four countries on its tender offer to acquire Sanyo Electric and
will report by late October on the progress of the deal.

                            About Sanyo

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 14, 2008, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
'BB+' Long-term foreign and local currency IDRs and senior
unsecured ratings on Rating Watch Positive.


* JAPAN: Corporate Bankruptcies Fell 1.0% in August
---------------------------------------------------
Japanese corporate bankruptcies fell 1.0% in August from a year
earlier to 1,241, the first decline in three months due in part
to positive effects from stimulus measures, Kyodo News reports
citing data from private credit-research agency Tokyo Shoko
Research.

According to Tokyo Shoko Research, the debts accumulated by the
firms fell 67.3% to a 2 1/2-year low of JPY284.21 billion, down
for the fifth straight month, as large-scale bankruptcies
decreased,

Kyodo relates that the institute said bankruptcies in the
construction sector fell 17.1% due to emergency government loan
guarantees granted to smaller contractors and the front-loading of
public works projects under the stimulus measures.

Bankruptcies in the manufacturing sector, meanwhile, remained on
an upward trend, rising 21.3% for the 12th straight month of
increase, the credit-research agency said.


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


MECHMAR CORP: To Sell 100% Stake in Bell Mktg. for MYR2.7 Million
-----------------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad said it has entered into a
share sale agreement (SSA) with Unimech Capital Sdn. Bhd., a
wholly owned subsidiary of Unimech Group Berhad, to dispose off
its entire investment of 100% shareholdings in Bells Marketing Sdn
Bhd comprising of 2,400,000 ordinary shares of MYR1.00 each for a
total cash consideration of MYR2,700,000.

Payment terms of the sale consideration are:

   -- Deposit payment of 10% (MYR270,000) of the sale
      consideration shall be paid upon signing of SSA.

   -- The balance 90% (MYR2,430,000) of the sale consideration
      shall be paid on completion date.

The net proceeds of MYR2,700,000 arising from the proposed
disposal will be fully utilized for repayment to  Omega Matrix (M)
Sdn. Bhd. or MIDF Amanah Investment Bank Berhad, HSBC Bank
Malaysia Berhad, Alliance Bank Malaysia Berhad, United Overseas
Bank Malaysia Berhad, RHB Bank Berhad and CIMB Bank Berhad
(collectively known as “Chargee”).

The proposed disposal includes two units of apartments located at
Ulu Langat and Port Dickson respectively.

                           About Mechmar

Mechmar Corporation (Malaysia) Berhad is an investment holding
company providing management services to its subsidiaries.
Through its subsidiaries, the company is engaged in the
manufacture and marketing of industrial boilers, burners, steam
generating plant, vessels, fabrication and associated product
support activities; operating of a power generation plant;
retailing of solar-heaters, and retailing and leasing of ice
machines, and investment holding.  Its manufacturing and trading
activities are located in Malaysia, Great Britain, Hong Kong,
Indonesia, Sri Lanka and Singapore.  Its power generation activity
is based in Tanzania, whereas its property development and
financing activities are located in Malaysia.  In April 2008, the
company announced that Mekmore Sdn Bhd has a 100% interest in the
company.

                           *     *     *

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

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

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


NEPLINE BHD: Bursa to Suspend Securities Trading on September 11
----------------------------------------------------------------
Bursa Malaysia Securities Berhad will suspend the trading of
Nepline Berhad's securities starting Friday, September 11, 2009,
after the company failed to submit its regularization plan to the
Securities Commission and other relevant authorities on or before
May 10, 2009.

In addition to the imposition of suspension, Bursa Securities had
commenced de-listing procedures against the company.  The Company
has been served with a notice to make representations to Bursa
Securities as to why the company's securities should not be de-
listed from the Official List of Bursa Securities.  Due process is
therefore accorded to the company prior to making a decision on
whether to de-list the company's securities from the Official List
of Bursa Securities.

Based in Kuala Lumpur, Malaysia, Nepline Berhad is engaged in the
provision of transportation of goods by sea and provision of ship
management services.  The company operates in three segments:
shipping, which involves transportation of goods by sea and
provision of ship management services; land, which involves
transportation of goods by land, and biotechnology, which is
engaged in Extraction of lecithin from vegetable oil using high-
powered ultrasound technology.  Its subsidiaries include Direct
holding Nepline Haulage Sdn. Bhd., Nepline Zenergy Sdn.Bhd.,
Nepline (Singapore) Pte. Ltd, Nepline Biotechnology Sdn. Bhd. and
Nepline SPV Sdn. Bhd.  On November 9, 2007, the Company acquired
the remaining 10% of existing issued and paid-up capital of
Nepline Zenergy Sdn Bhd (NZSB) making NZSB its 100%-owned
subsidiary.  On March 10, 2008, the company disposed of its
interest in Nepline International Limited.

                          *     *     *

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

   -- the company was unable to provide a solvency declaration;
      and

   -- the company's current situation with regards to the global
      economic scenario, which had implicated all the vessels as
      non-performing and the company is unable to generate any
      income/trades.

Nepline Berhad had on January 9, 2009, been served with a notice
for the appointment of a Receiver over the charged assets of
Nepline Berhad pursuant to three (3) Debentures dated Sept. 12,
2007, with Bank Pembangunan Malaysia Berhad.


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


CRAFAR FARMS: May Sell Dairy Farm Business to a Chinese Group
-------------------------------------------------------------
Crafarms, the owner of one of New Zealand's biggest dairy farm
business, is seeking a buyer for its operations after being
saddled with fines and costs for effluent discharges and high debt
levels, a report posted at stuff.co.nz says.

Allan Crafar, one of the principals and a member of Fonterra's
Shareholders' Council, said the family business has been in talks
with a Chinese group about a potential sale and has since opened
the sale to other potential buyers, according to stuff.co.nz.

Radio New Zealand relates that the Crafar-owned farms have been
prosecuted for a string of resource consent infringements over a
number of years, mostly for breaching effluent discharge rules.

In the most recent case, brought by Waikato Regional Council, says
Radio New Zealand, Crafarms was fined NZ$90,000 after being
convicted of 34 charges of illegally discharging dairy effluent.

Mr. Crafar, according to Radio New Zealand, has confirmed the
dairy farming operation has a high debt loading, but he says no
more than many dairy farmers have right now.

Radio New Zealand notes that Mr. Crafar said the main reason for
deciding to sell up was because they felt they were being hounded
by councils and Government red tape.


MONTECRISTO CONSTRUCTION: Court Winds Up Three Henderson Firms
--------------------------------------------------------------
The New Zealand Herald reported that three companies connected
with Christchurch developer David Henderson have been put into
liquidation at the High Court in Christchurch.

The report, citing the Press, said Associate Judge Rob Osbourne
has granted applications to liquidate Montecristo Construction
Ltd., Te Anau Ventures Ltd. and Tomanovich Holdings over debts
amounting to about NZ$900,000 (excluding costs) owed to March
Construction Ltd.

According to the Herald, the court was told a proposal designed to
forge a compromise with Montecristo Construction creditors had not
been filed.  The report says the court was also told that Te Anau
Ventures, which owns a subdivision in Te Anau, owes unsecured
creditors NZ$1.5 million and secured creditors NZ$3.2 million.

Henderson's lawyer, Dale Lester, asked for a further adjournment
on Te Anau Ventures, and Tomanovich, which owns Henderson's
holiday house near Queenstown, the report said.

Mr. Lester suggested there could be a combination of a moratorium
on The Te Anau sections were secured for more than their gross
value and Tomanovich was financed to $2.63 million.


PROPERTY VENTURES: Court to Hear Wind Up Petition on October 20
---------------------------------------------------------------
The New Zealand Herald reports that Real Estate Neuseeland GMBH
and Co.Kg has applied to liquidate Property Ventures Ltd.

FM Custodians Ltd. has joined as a supporting creditor.

A hearing on October 20 will decide the fate of Real Estate
Neuseeland's action.  Property Ventures has filed an application
to set aside Real Estate Neuseeland's action.

The Herald discloses that the Inland Revenue has moved against
three other companies connected to Christchurch developer David
Henderson.

A hearing on December 1 will consider IRD's action against the
three unnamed companies, the report notes.

                      About Property Ventures

New Zealand-based Property Ventures Limited --
http://www.propertyventures.co.nz/-- is real estate development
and investment company.

                          *     *     *

Two secured creditors of Five Mile Holdings have placed the
company under receivership for non-payment of a loan said to be
about NZ$70 million.  Five Mile Holdings is a unit of Property
Ventures which is controlled by developer Dave Henderson.

Smith Crane and Construction, a Christchurch crane-hire company,
also filed applications in the High Court to liquidate Five Mile
and Property Ventures for unpaid debts.


RMB TRUSTEE: Fitch Puts 'BB+' Note Rating on Negative Watch
-----------------------------------------------------------
Fitch Ratings has placed the notes issued by RMB Trustee Limited,
in its capacity as issuer of the Rated Mortgage CM 2006-1 Trust
due December 2050, on Rating Watch Negative:

  -- NZ$18,850,000 Floating Rate Notes 'BB+'; placed on RWN.

The underlying assets of the transaction are 'BB+' rated mortgage-
backed securities issued from a securitization program established
by propertyfinance securities limited.  Fitch's placement of Rated
Mortgage CM 2006-1 notes on RWN reflects the recent action taken
on the underlying assets, which resulted from Fitch's concern over
the deteriorating performance of the underlying assets' commercial
mortgage pool.  The underlying assets are currently under review
and the RWN is expected be resolved within the next two months.

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


===============
P A K I S T A N
===============


PAKISTAN MOBILE: Orascom Rating Action Won't Move S&P's B- Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating on
Pakistan Mobile Communications Ltd. (B-/Stable/--) is not
immediately affected by the placement of the 'B' rating on its
parent, Orascom Telecom Holdings S.A.E., on CreditWatch with
negative implications.  The Creditwatch placement on Sept. 7,
2009, reflected limited visibility over Orascom Telecom's
liquidity, given a potential delay in the receipt of dividends
from its Algerian subsidiary.  Nevertheless, S&P believes
Mobilink's liquidity and funds from operations are sufficient to
cover its near-term debt maturities and reduced capital
expenditure.

The rating on Mobilink factors in support from Orascom Telecom as
the cross default clause at Orascom Telecom includes Mobilink, and
Mobilink is the second-largest operation of Orascom Telecom by
most financial measures.  The rating on Mobilink could come under
pressure if: (1) Orascom Telecom is downgraded by more than one
notch, as the parent's ability to support Mobilink in case of
financial or operating environment stress would diminish; or (2)
Mobilink provides extraordinary financial support to Orascom
Telecom, thereby materially weakening its liquidity position and
financial flexibility.


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


PHILIPPINE LONG: Fitch Affirms 'BB+' Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has affirmed Philippine Long Distance Telephone
Company's Long-term local currency IDR at 'BBB' and revised the
rating Outlook to Stable from Negative.  At the same time, Fitch
has affirmed PLDT's Long-term foreign currency Issuer Default
Rating and the rating of its outstanding global bonds and senior
notes at 'BB+'.  The agency also affirmed the company's National
Long-term rating at 'AAA(phl)'.  The rating Outlook is Stable.

The Outlook revision on PLDT's LC IDR reflects diminished risk
related to potential financial support for associate company
Manila Electric Company, at least over the near-term.  Under the
aegis of new major shareholders, PLDT and San Miguel Corporation,
Meralco's operating prospects appear to have improved somewhat.
Notably, the company has been able to raise distribution charges
under performance-based regulation in Q209.

PLDT's ratings reflect its position as the Philippines' incumbent
operator, with diversified and integrated telecommunications
operations, as well as growing operations in call centres and
business process outsourcing.  The company holds a leading share
of fixed-line subscribers (around 60%) and a dominant share
(approximately 67%) of the nascent broadband market.  Fitch
expects fixed-line services to remain a core contributor to
earnings and cash flow over the medium term, with strong demand
for fixed-data, offsetting substitution pressures on traditional
voice services.

PLDT's cellular business is the main driver of its consolidated
profile, accounting for 61% of revenue and 69% of EBITDA in H109.
Although the Philippines cellular market is now quite mature in
terms of the addressable populace, subscription growth remained
strong in H109.  Total subscribers increased to 38.5 million as at
H109 from 35.2m at FY08, implying an annualized growth of 19% and
a market share of 52%.  However, Fitch notes that PLDT's medium-
term growth prospects are modest since penetration of subscriber
identification modules are now at a high of approximately 82%.

The ratings also take into account rising industry risks, with
potential for increased competition from new entrant, SMC, over
the medium-term, as well as heightened regulatory risks in light
of recent directives on prepaid-cellular load extension and on the
change in the unit of billing for cellular services.  .

At H109, PLDT's net adjusted leverage (defined as total adjusted
debt net of cash by Operating EBITDAR) stood at 0.5x and FFO by
Gross Interest Expense stood at 14.0x.  "The rating factors in a
slight weakening in credit protection measures for FY09, which
mainly reflects PLDT's acquisition of an additional 20% stake in
Meralco," said Priya Gupta, Director in Fitch's Asia-Pacific
telecommunications, media and technology group.  "While this
increase in leverage can be accommodated at PLDT's current local
currency rating of 'BBB', there is virtually no headroom for
further debt-funded acquisitions of material size," she added.
The ratings are likely to come under downward pressure if the
agency expects PLDT's net adjusted leverage to exceed 1.0x on a
sustainable basis or its post-dividend FCF to turn negative.

PLDT's local currency rating of 'BBB'/Stable (which exceeds the
sovereign local currency rating by two notches) ignores foreign
currency transfer and convertibility risk, and is more reflective
of its stand-alone credit profile.  In terms of its foreign
currency IDR, PLDT remains constrained by the Philippines' country
ceiling, which is currently 'BB+'.  The National rating of
'AAA(phl)' incorporates all the above factors and is indicative of
PLDT's relative credit strength among all Philippine companies.


* PHILIPPINES: Four MEPZ Garment Factories Sack 700 Workers
-----------------------------------------------------------
About 700 workers were laid off last week by four garments
factories in the Mactan Export Processing Zone in Mactan, Cebu,
Philippines, Cebu Daily News says.

The report says Labor Director Elias Cayanong of Central Visayas
confirmed that the garment factories Metrowear, Mactan Apparel,
Fedder Apparel and Global retrenched some of their workers.

Mr. Cayanong said the retrenched workers had already received
their separation pay and prior to that signed a waiver accepting
the separation benefits from the company, the report relates.


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


CHARTERED SEMICONDUCTOR: Fitch Puts 'BB-' Rating on Negative Watch
------------------------------------------------------------------
Fitch Ratings has placed Chartered Semiconductor Manufacturing
Limited's Long-term foreign currency Issuer Default Rating and
outstanding senior unsecured debt rating of 'BB-' on Rating Watch
Evolving, following news of its proposed acquisition by Advanced
Technology Investment Corporation, which is wholly owned by the
government of Abu Dhabi.  Fitch understands that CSM's parent
Temasek, which currently owns about 62% of its shares, has signed
an irrevocable undertaking to vote in support of the transaction -
which represents a total value of US$3.9 billion, including debt
and convertible redeemable preference shares of approximately
US$2.2 billion at H109.

ATIC expects to integrate CSM's operations with Globalfoundries
(its joint-venture with Advanced Micro Devices), which owns fabs
located in Dresden and New York.

"The RWE reflects uncertainties surrounding CSM's operating
profile in light of the planned integration with Globalfoundries,
as well as its financial structure, given that the company's
outstanding senior notes and bank credit facilities incorporate
change of control clauses that would be triggered by the
acquisition," said Priya Gupta, Director in Fitch's
telecommunications, media and technology group.  "Fitch also seeks
clarity on whether ATIC intends to legally merge CSM with
Globalfoundries," she added.

Incorporated in 1987, CSM is a pure-play IC foundry based in
Singapore which provides comprehensive wafer fabrication services
and technologies to semiconductor suppliers and electronics
systems manufacturers.  Its ratings presently incorporate a two-
notch uplift for assumed parent support in light of the company's
strategic importance within Singapore's electronics and technology
sector, as well as the track record of financial support from
Temasek.  Should the proposed acquisition conclude successfully,
Fitch will re-evaluate the benefits derived from parent support
(if any), which will also involve deliberations on whether to
employ a top-down or bottom-up approach.

Fitch will continue to monitor developments and will resolve the
RWE when more details on the legal, operating and financial
aspects of the potential transaction are released.


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


AMERICAN INT'L: Asset Sales Rise to US$9.8 Billion on Pacific Deal
------------------------------------------------------------------
As reported by the Troubled Company Reporter on September 7,
American International Group Inc. has reached an agreement with
Bridge Partners LP, a company owned by Pacific Century Group, to
sell a portion of AIG Investments, its investment advisory and
asset management businesses, for an estimated US$500 million.  AIG
Investments' assets include private-equity funds, hedge funds of
funds, listed equities, and fixed income.

According to Zachary R. Mider and Hugh Son at Bloomberg News, AIG
has disclosed agreements to divest assets for about US$9.8 billion
since it was bailed out by the U.S. government in September of
2008:

                                                       Price
   Date                     Unit             Buyer  (in millions)
   ----                     ----             ----     --------
9/29/08     London Airport stake     Credit Suisse        n/a
11/26/08  Stake in Brazil venture          Unibanco        820
12/1/08             Private Bank             Aabar        308
12/19/08    German insurance unit     Augur Capital        n/a
12/22/08           Hartford Steam         Munich Re        815
1/13/09      Canadian life units  Bank of Montreal        263
1/19/09     Commodity index unit            UBS AG         15
1/23/09        Philippines units East-West Banking         49
  2/5/09               Thai units   Bank of Ayudhya         45
3/26/09   Taiwan securities unit   Bank of E. Asia         n/a
4/16/09   21st Century Insurance  Zurich Financial      2,000*
5/11/09    Japanese headquarters       Nippon Life      1,200
  6/2/09   Argentina finance unit  Banco de Galicia        n/a
  6/4/09   Transatlantic Holdings   public offering      1,136
  6/9/09    New York headquarters             Kumho        n/a
6/19/09           ForEx Platform       BNP Paribas        n/a
6/24/09          Mexican finance Afirme, Consorcio        n/a
6/29/09             Russian bank        Banque PSA        n/a
6/30/09  Taiwan credit card unit       Far Eastern        n/a
7/28/09   Life insurance finance          Wintrust        680
7/29/09  Polish consumer finance   Banco Santander        n/a
8/11/09            Energy assets   multiple buyers      1,900
8/12/09        Hong Kong finance   China Construct.        70
8/12/09   India information tech.          Mphasis        n/a
  9/5/09          AIG Investments   Pacific Century        500
                                                         ------
         TOTAL                                        US$9,801

                 About American International

Based in New York, American International Group, Inc., is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  On
September 16, 2008, the Federal Reserve Bank created an
$85 billion credit facility to enable AIG to meet increased
collateral obligations consequent to the ratings downgrade, in
exchange for the issuance of a stock warrant to the Fed for 79.9%
of the equity of AIG.  The credit facility was eventually
increased to as much as $182.5 billion.  AIG has sold a number of
its subsidiaries and other assets to pay down loans received, and
continues to seek buyers of its assets.

The Troubled Company Reporter reported on March 4, 2009, that
Moody's Investors Service confirmed the A3 senior unsecured debt
and Prime-1 short-term debt ratings of American International
Group.  AIG's subordinated debt rating has been downgraded to Ba2
from Baa1.  The rating outlook for AIG is negative.  This rating
action follows AIG's announcement of net losses of $62 billion for
the fourth quarter and $99 billion for the full year of 2008,
along with a revised restructuring plan supported by the U.S.
Treasury and the Federal Reserve.  This concludes a review for
possible downgrade that was initiated on September 15, 2008.


                         *********

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

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

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


                            *********


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

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

Copyright 2009.  All rights reserved.  ISSN: 1520-9482.

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

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





                 *** End of Transmission ***