TCRAP_Public/090928.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, September 28, 2009, Vol. 12, No. 191

                            Headlines

A U S T R A L I A

BANK OF AMERICA: Appoints Drummond as Head of Australian Operation
KLEENMAID GROUP: ASIC Approves Funding for Kleenmaid Probe
FINANCIAL PLANNING: Placed in Voluntary Liquidation
SONS OF GWALIA: Creditors Approve AU$125-Mln Settlement Deal
TIMBERCORP LTD: Gunns Proposal to Acquire Forestry Assets Failed

TRINITY LIMITED: Sunsuper $100-Mln Investment Indefinitely Frozen


C H I N A

AGRICULTURAL BANK: To List in Shanghai Only; Scraps Dual-Listing
ASAT HOLDINGS: Scraps Cayman Scheme, to Explore Other Options
CHINA EASTERN: Set Up Shanghai Joint Venture with UTC
FORD MOTOR: Geely Holdings Is Leading Bidder for Volvo, WSJ Says


H O N G  K O N G

ALTIKAY (HK): Members' Final Meeting Set for October 20
ASM INTERNATIONAL: Creditors' Meeting Set for September 28
CDS INTRA-CITY: Sutton and Chiong Step Down as Liquidators
CHEUNG SHING: Creditors' Meeting Set for September 29
CITYCELL BATTERY: Creditors' Meeting Set for September 25

GC HONG KONG: Members' Final Meeting Set for October 19
GETRONICS (HK): Creditors' Meeting Set for September 30
GUANGSHUI CIVIL: Contributories and Creditors to Meet on Sept. 30
HONG KONG PROFESSIONAL: Creditors' Meeting Set for September 28
INNOPRISE INVESTMENT: Members' Final Meeting Set for October 23

JINJIA GLOBAL: Creditors' Proofs of Debt Due on October 19
LEHMAN BROTHERS: HK Agency Reviewing 522 Non-Minibond Cases
LISCO ENGINEERING: Sutton and Chiong Step Down as Liquidators
LUSANGER LIMITED: Inability to Pay Debts Prompts Wind-Up
MINDCHAMPS (HONG KONG): Creditors' Meeting Set for September 29

SPLENDID BONUS: Commences Wind-Up Proceedings
TRUMP GRAND: Creditors' Proofs of Debt Due on October 6


I N D I A

AIR INDIA: Trims Incentive Pay for Over 7,000 Staff by Up to 50%
CATHOLIC SYRIAN: Fitch Puts 'D/E' Individual Rating
HI-TECH CONSTRUCTION: Low Net Worth Prompts CRISIL 'BB' Ratings
HIGHRISE ROLLER: CRISIL Reaffirms 'BB+' Rating on Bank Debts
FEDERAL BANK: Fitch Puts 'D' Individual rating

FERTILISERS AND CHEMICALS: CRISIL Rates Bank Debts at 'BB-'
ICICI BANK: S&P Affirms 'BB' Rating on Hybrid Tier 1 Notes
MADHAV INDUSTRIAL: CRISIL Puts 'B+' Rating on INR50MM Cash Credit
MADHAV STEELS: Low Net Worth Prompts CRISIL 'B+' Rating
ROHAN RAJDEEP: CRISIL Reaffirms 'BB+' Rating on Proposed LT Loan

SHARDA SPUNTEX: CRISIL Cuts Ratings on INR31.6MM Term Loan to 'D'
* Logistics Sector Restructuring to Drive Growth: CRISIL Says


J A P A N

AIFUL CORP: S&P Downgrades Counterparty Credit Ratings to 'SD'
JAPAN AIRLINES: Moody's Reviews 'Ba3' Long-Term Debt Rating
WILLCOM INC: JCR Cuts Ratings on Senior Debts & Bond to 'CCC'


K O R E A

HYUNDAI MOTOR: Completes EUR1.12-Bln Auto Plant in Czech Republic


M A L A Y S I A

OILCORP BERHAD: Default in Interest Payments Trigger PN17 Listing


N E W  Z E A L A N D

BLUE CHIP: Parent Firm Ordered to Pay $280T for Abandoning Office
* NEW ZEALAND: Records NZ$725 Mil. Trade Deficit in August 2009


P A K I S T A N

PAKISTAN MOBILINK: Moody's Cuts Corporate Family Rating to 'B2'


S I N G A P O R E

JTIC INVESTMENTS: Creditors' First Meeting Set for October 2
ORPRO DIRECT: Court to Hear Wind-Up Petition on October 2


T A I W A N

NANYA TECHNOLOGY: Plans to Raise NT$8 Bil. in Private Placement


T H A I L A N D

TMB BANK: Fitch Downgrades Ratings on Tier 1 Securities to 'B'


                         - - - - -


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A U S T R A L I A
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BANK OF AMERICA: Appoints Drummond as Head of Australian Operation
------------------------------------------------------------------
Andrew Harrison at The Wall Street Journal reports that Bank of
America Merrill Lynch has appointed Craig Drummond as head its
Australian operations as part of an expansion that aims to make
the unit one of the country's top three investment banks.

The Journal notes Lucinda Horne, a spokeswoman for Merrill, said
Mr. Drummond, who left Goldman Sachs JBWere in April, will join
Merrill next month, succeeding Paul Masi, who is leaving for
personal reasons.

Brian Brille, Merrill's head of Asian-Pacific operations, said Mr.
Drummond "will be responsible for building a market-leading
operation in Australia, overseeing the strategy and direction and
working across all the businesses."

The Journal relates Ms. Horne said Merrill also hired Peter
O'Connor, from Deutsche Bank AG, to head its Australian resource
research team, replacing departing analysts.

Mr. O'Connor, who is regarded as an expert on BHP Billiton and Rio
Tinto, worked for Credit Suisse before joining Deutsche Bank.

                          About Bank of America

Based in Charlotte, North Carolina, Bank of America --
http://www.bankofamerica.com/-- is one of the world's largest
financial institutions, serving individual consumers, small and
middle market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk-management products and services.  The Company serves more
than 59 million consumer and small business relationships with
more than 6,100 retail banking offices, nearly 18,700 ATMs and
online banking with nearly 29 million active users.  Following the
acquisition of Merrill Lynch on January 1, 2009, Bank of America
is among the world's leading wealth management companies and is a
global leader in corporate and investment banking and trading
across a broad range of asset classes serving corporations,
governments, institutions and individuals around the world.  Bank
of America offers support to more than 4 million small business
owners.  The Company serves clients in more than 150 countries.
Bank of America Corporation stock is a component of the Dow Jones
Industrial Average and is listed on the New York Stock Exchange.

The bank needed the government's financial help in completing its
acquisition of Merrill Lynch.

Merrill Lynch & Co. Inc. -- http://www.ml.com/-- is a wealth
management, capital markets and advisory companies with offices in
40 countries and territories.  As an investment bank, it is a
leading global trader and underwriter of securities and
derivatives across a broad range of asset classes and serves as a
strategic advisor to corporations, governments, institutions and
individuals worldwide.  Merrill Lynch owns approximately half of
BlackRock, one of the world's largest publicly traded investment
management companies with more than $1 trillion in assets under
management.  Merrill Lynch's operations are organized into two
business segments: Global Markets and Investment Banking (GMI) and
Global Wealth Management (GWM).

As reported by the Troubled Company Reporter on March 27, 2009,
Moody's Investors Service lowered the senior debt rating of Bank
of America Corporation to A2 from A1, the senior subordinated debt
rating to A3 from A2, and the junior subordinated debt rating to
Baa3 from A2.  The preferred stock rating was downgraded to B3
from Baa1.  The holding company's short-term rating was affirmed
at Prime-1.


KLEENMAID GROUP: ASIC Approves Funding for Kleenmaid Probe
----------------------------------------------------------
The Australian Securities and Investments Commission has approved
funding for an investigation into the collapse of Kleenmaid Group.

Joint Liquidator and Deloitte Partner Richard Hughes said, "This
funding approval marks the beginning of the next crucial stage of
the liquidation process.  The investigation will focus on
insolvent trading."

"We will provide a detailed report to ASIC and then it is their
decision whether or not they will bring a criminal case against
the directors."

"At the same time the Liquidators will use the findings of the
investigation as the basis for any civil action that we may bring
to recoup monies on behalf of creditors."

"We will be providing an update on the investigation in the next
few months as it is a very complex matter that will take some time
to fully investigate.  At this stage I would ask the creditors and
consumers who have lost money to be patient while we continue our
enquiries."

Responding to creditor inquiries about the offence of insolvent
trading, Mr. Hughes highlighted the following from the ASIC
website which states that:

"If dishonesty is found to be a factor in insolvent trading, a
director may also be subject to criminal charges (which can lead
to a fine of up to AU$220,000 or imprisonment for up to five
years, or both).  Being found guilty of the criminal offence of
insolvent trading will also lead to a director's
disqualification."

The Troubled Company Reporter-Asia Pacific reported on April 13,
2009, that Kleenmaid Group has been placed into administration.
The company appointed Deloitte partners John Greig, Richard Hughes
and David Lombe as voluntary administrators.  A TCR-AP report on
May 26, 2009, said the creditors of Kleenmaid Group voted to wind
up the company at a meeting in Brisbane.

The TCR-AP, citing a report posted at news.com.au, said that the
administrators had recommended that Kleenmaid be put into
liquidation, saying the company may have been insolvent as early
as June 2007.  The administrators said Kleenmaid creditors are now
owed AU$102 million, which included AU$3 million owed to Kleenmaid
employees.

Founded in 1985, Kleenmaid Group -- http://www.kleenmaid.com.au/
-- sells kitchen and laundry appliances.


FINANCIAL PLANNING: Placed in Voluntary Liquidation
---------------------------------------------------
Liam Egan at Money Management reports Financial Planning & Life, a
South Australia based dealer group, has gone into voluntary
liquidation.

The report notes liquidator Hamish Mackinnon of chartered
accountants Bent & Cougle said a resolution had been taken at a
meeting on July 16 to wind up FP&L voluntarily in accordance with
the Corporations Act 2001.

FP&L director Stephen Heald said the decision of the directors to
wind up FP&L was due to the “professional indemnity insurer
denying liability due to false representation made by Matthew
Leech, one of its authorized representatives, about committing
frauds and, therefore, all entities were not insured".

According to the report, Mr. Leech was charged by the Australian
Securities and Investments Commission (ASIC) and found guilty of
the theft of AU$1.3 million from FP&L between July 1998 and
November 2005.

Financial Planning & Life had 24 member planning firms, mainly in
NSW, Victoria, and South Australia prior to its liquidation,
according to Money Management.


SONS OF GWALIA: Creditors Approve AU$125-Mln Settlement Deal
------------------------------------------------------------
IMF (Australia) Ltd. disclosed that Sons of Gwalia's creditors on
Wednesday voted overwhelmingly in favor of the AU$125 million
settlement negotiated by the company's administrators, Ferrier
Hodgson, and former auditors, Ernst & Young.

"IMF expects that its clients will receive payment of a further
dividend from the SOG administrator of approximately AU$55 million
by December," IMF said in a statement on Thursday.

"IMF expects to receive revenue of approximately AU$18 million
from the dividend to be paid by SOG and generate a profit after
capitalized overheads of approximately AU$17 million (before
tax)."

The settlement being reached is unconditional, the litigation
funder said.

As reported in the Troubled Company Reporter-Asia Pacific on
September 8, 2009, The Australian said audit firm Ernst &
Young agreed to pay the administrators of Sons of Gwalia Ltd.
AU$125 million, to settle a AU$1.3 billion damages case based on
an inadequate audit of the miner.

Citing a statement from Ferrier Hodgson on September 4, The
Australian noted that the new agreement "will allow for a
significant dividend to be paid by December 2009 and will assist
in bringing this long-running administration to a close".

According to The Australian, Ernst & Young's chief executive for
Oceania, Gerard Dalbosco, said the decision to settle "is a
commercial one and after four years of litigation we want to bring
this matter to a close".

                       About Sons of Gwalia

Headquartered in Perth, Western Australia, Sons of Gwalia Ltd. --
http://sog.com.au/-- is a mining company listed on the
Australian Stock Exchange for over 20 years.  The Company had
two operating divisions, Gold and Advanced Minerals.  Sons of
Gwalia is the world's single biggest producer of Tantalum.

In August 2004, Gwalia announced a strategic review, which
included AU$10 million in cost savings for 2003-04 and the loss
of 100 jobs from the gold division and Perth head office, after
the Company failed to meet its hedging commitments due to the
serious deterioration of its gold reserves and resources.

The Company collapsed with AU$862 million in debt, and called in
joint and several administrators Andrew Love, Garry Trevor and
Darren Weaver of Ferrier Hodgson.  The Company was also unable
to obtain agreement of all creditor counterparties to a
standstill agreement.  In February 2006, Gwalia announced that
it will undertake an operational restructure following recent
agreements reached with its two major customers for reduced
sales volumes in return for production and product specification
flexibility.  The operational restructure will maximize tantalum
production at Gwalia's lower cost Wodgina mine.

The Company is operating under a Deed of Company Arrangement.


TIMBERCORP LTD: Gunns Proposal to Acquire Forestry Assets Failed
----------------------------------------------------------------
Gunns Limited said it has not been selected as the preferred
bidder by the liquidator of Timbercorp Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on
September 22, 2009, Gunns submitted a conditional proposal to the
liquidator of Timbercorp to acquire certain forestry assets from
the company.  The assets include land, trees and a forestry
operations business.

In a statement to the Australian Securities Exchange on Friday,
September 25, Gunns said it would continue to assess opportunities
to participate in the consolidation of the Australian forestry
sector.

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

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

On June 29, 2009, the creditors voted unanimously to wind up the
41 companies in the Timbercorp Group and put them into
liquidation.


TRINITY LIMITED: Sunsuper $100-Mln Investment Indefinitely Frozen
-----------------------------------------------------------------
Queensland-based superannuation firm Sunsuper's $100 million
controversial investment into troubled property group Trinity
Limited has been frozen indefinitely, Anthony Klan at The
Australian reports.

According to the report, Trinity also warned that the value of the
now frozen Trinity Property Trust was in danger of "significant
negative capital reversion" weeks before Sunsuper made the
investment in August last year.

The Australian notes Trinity said it froze the trust because it
was "not in the best interests of unitholders" to allow investors
to withdraw funds.

"Trinity Property Trust has no mandatory requirement to make a
withdrawal offer," the group said.  "In accordance with the
trust's constitution and (the) Corporations Act, unitholders can
only withdraw from the fund if the manager chooses at its
discretion to make a withdrawal offer."

The Australian previously revealed that former Queensland lobbyist
Ross Daley was paid a secret $1 million fee after Sunsuper made
the investment.

Since Sunsuper invested $100 million in Trinity, the report notes,
the value of the trust has slumped 26%, with the investment --
provided by the group's superannuation holders -- now worth just
$74 million.

Trinity said it would continue to pay distributions on investments
in the Trinity Property Trust despite the freeze, The Australian
discloses.

                           Legal Action

The Australian, meanwhile, reports that Trinity Limited is taking
legal action against Mr. Daley in a bid to recover a secret $1
million fee it paid him to secure a $100 million investment from
Sunsuper.

According to The Australian, Trinity alleges Mr. Daley engaged in
misleading and deceptive conduct by claiming he could influence
Sunsuper's investment decisions.

The report says the property group also claims the payment was
made "by mistake" because it and Mr. Daley had not entered into a
binding agreement stipulating the type of services that would
trigger the payment.

According to the report, the claim against Mr. Daley and Veritate
-- Mr. Daley's private company that received the $1 million -- was
filed by Trinity in the Queensland Supreme Court on September 23.

Trinity in June engaged accounting firm Deloitte to investigate
the payment to Mr. Daley.  Sunsuper has denied any knowledge of
the payment.

Headquartered in Brisbane, Australia, Trinity Limited (ASX:TCQ) --
http://www.trinity.com.au/-- along with its subsidiaries, is
principally engaged in investment in commercial, retail and
industrial properties; funds management including property and
project management, and property development. The Company operates
four business segments: funds and property management, which is
engaged in the establishment and management of property investment
vehicles; property investment, which is engaged in investment and
management of income producing properties; co-investment, which is
engaged in investment in unlisted and listed property securities
managed within the Group, and property development and project
management, which is engaged in the participation in and
management of property development projects through participation
agreements.


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C H I N A
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AGRICULTURAL BANK: To List in Shanghai Only; Scraps Dual-Listing
----------------------------------------------------------------
Bloomberg News, citing the South China Morning Post, reports that
the Agricultural Bank of China will hold its initial public
offering in Shanghai only, scrapping a plan to dual-list on the
Hong Kong stock exchange.

Bloomberg relates the Hong Kong-based newspaper said the bank, the
second-biggest Chinese lender by assets, probably won’t sell
strategic stakes to foreign investors before the share sale.

According to Bloomberg, the newspaper said Agricultural Bank may
opt to sell stakes to domestic financial institutions including
China Life Insurance Co.

Agricultural Bank of China -- http://www.abchina.com/-- one of
China's largest state-owned commercial banks, specializes in
financing and providing services to agricultural, industrial,
commercial, and transportation enterprises in rural areas.  The
bank also offers personal banking, credit cards, and foreign
exchange services.  Founded in 1951, ABC operates approximately
31,000 branches and banking offices, as well as more than 30
provincial-level offices, serving every county in China.  Overseas
it operates branches in Hong Kong and Singapore, and
representative offices in London, New York, and Tokyo.

                           *     *     *

Agricultural Bank of China continues to carry Moody's BFSR 'E'
rating and Fitch's "E" Individual Rating.


ASAT HOLDINGS: Scraps Cayman Scheme, to Explore Other Options
-------------------------------------------------------------
The Board of Directors of ASAT Holdings Limited has commenced a
formal process to seek strategic alternatives, which could include
the sale of the company or one of more of its subsidiaries.

Interested stakeholders in ASAT Holdings have agreed that this
course of action accelerates the process to create a financially
stronger business.

ASAT has hired Macquarie Capital to provide strategic advisory
services and explore other alternatives to maximize value for the
Company's stakeholders.

"For several months we worked in collaboration with our creditors
to develop an equitable solution that would be in the best
interest of the Company, creditors, shareholders, customers and
employees.  Recently, it became clear the best path to pursue was
to explore other strategic alternatives. The restructuring options
we were previously considering, combined with challenging industry
conditions, would have continued to put pressure on our capital
requirements.  These factors were the primary reason the Board is
seeking strategic alternatives in lieu of proceeding with the
previously announced scheme of arrangement in the Cayman Islands
that was scheduled for September 21, 2009.  We are committed to
expediting this process and are confident we can reach a favorable
outcome for stakeholders," said Eric E. Thompson, Chief
Restructuring Officer and CEO of ASAT Holdings Limited.

"ASAT has a world class manufacturing center in Dongguan, which is
one of the largest and most advanced semiconductor assembly and
test operations in mainland China," said Mr. Thompson. "This
facility offers room for considerable expansion, and will remain
an important part of our future plans."

The Company does not intend to provide updates or make any further
comment until the outcome of the process is determined or until
there are significant developments.

ASAT Holdings said August 31 it has received an Extension of
Forbearance Period under the Forbearance Agreements dated as of
March 2, 2009, with certain of the Noteholders under the 9.25%
Senior Notes due 2011 issued by New ASAT (Finance) Limited and the
lenders under the Purchase Money Loan Facility.  The extended
duration of the Forbearance Agreements is for an additional period
of 30 consecutive days, commencing at 7:01 pm (New York City time)
on August 30, 2009, and expiring at 7:00 pm (New York City time)
on September 29, 2009.  The same terms and conditions of the
original Forbearance Period will stay in effect for the Additional
Forbearance Period.

Under the terms of the Forbearance Agreements, the Noteholders and
PMLA Lenders agree to forbear from exercising their rights and
remedies against the Company with respect to certain designated
defaults until after September 29, 2009, subject to certain early
termination events.

On July 1, 2009, ASAT reached an agreement in principle with a
majority of its creditors on the terms of a consensual financial
restructuring of the obligations of New ASAT (Finance) Limited
under the Notes and the Company under the PMLA.  The restructuring
of the Notes was to be implemented through a creditor scheme of
arrangement in the Cayman Islands courts.

                   About ASAT Holdings Limited

ASAT Holdings Limited (OTC Bulletin Board: ASTTY) --
http://www.asat.com/-- is a global provider of semiconductor
package design, assembly and test services. With 20 years of
experience, the Company offers a definitive selection of
semiconductor packages and world-class manufacturing lines. ASAT's
advanced package portfolio includes standard and high thermal
performance ball grid arrays, leadless plastic chip carriers, thin
array plastic packages, system-in-package and flip chip. ASAT was
the first company to develop moisture sensitive level one
capability on standard leaded products.  The Company has
operations in the United States, Asia and Europe.


CHINA EASTERN: Set Up Shanghai Joint Venture with UTC
-----------------------------------------------------
China Daily reports that China Eastern Airlines has set up an
aircraft engine maintenance joint venture in Shanghai with the
Chinese unit of United Technologies Corporation.

The Daily, citing company officials, says the engine maintenance
plant in Minhang district is expected to lower maintenance costs
for carriers.

According to the report, work on the new unit called Shanghai
Pratt & Whitney Aircraft Engine Maintenance Co Ltd began in 2007.
The unit, the Daily relates, is spread over an area of 25,555 sq.
meters, or equivalent to about five standard U.S. football fields.

China Eastern will hold a 51% stake in the venture, with the
balance 49% to be held by the UTC unit, according to the contract
obtained by China Daily.

Li Yangmin, vice-president of China Eastern and also the chairman
of the new engine maintenance shop, told China Daily that the new
joint venture involves a total investment of $98 million.

"The plant will cut carrier's maintenance costs by more than
US$500,000 for each engine, even after deducting the taxation and
cost of transportation, raw material and labor," the report quoted
Mr. Li as saying.

Based in Connecticut, United Technologies Corporation provides
high technology products and services to the building systems and
aerospace industries.

                        About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- provides civil
aviation services, including passenger transportation, cargo
transportation and mail delivery services.  The company operates
its businesses in domestic and overseas markets.  As of Dec. 31,
2008, the company operated 423 airlines, of which 332 were
domestic passenger transportation lines, one domestic cargo
transportation line, 75 international passenger transportation
lines, 14 international cargo transportation lines, 16 regional
passenger transportation lines and one regional cargo
transportation line.  The company also involves in operation of
five Taiwan chartered flight passenger transportation lines and
one cargo transportation line.  As of December 31, 2008, the
company operated roughly 240 aircrafts, including 214 jumbo
jets and 11 cargo jets.

                          *     *     *

China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua Far
East China Ratings' BB+ issuer credit rating with a stable
outlook.


FORD MOTOR: Geely Holdings Is Leading Bidder for Volvo, WSJ Says
----------------------------------------------------------------
China's Geely Holding Group Co. has emerged as the leading
contender to acquire Swedish auto maker Volvo from Ford Motor Co.,
The Wall Street Journal reports.

Citing several people familiar with the matter, the Journal
discloses that Ford is in the process of analyzing a recent Geely
bid to acquire 100% of Volvo for approximately US$2.5 billion.
According to the Journal, the offer is higher than Ford or
outsiders had expected for a brand that has lost more than US$1
billion in recent years.

The Journal notes the people said the deal may nonetheless be
worth far less to Ford, given Geely's proposal to leave behind
Volvo pension obligations, unwanted inventory and other
substantial restructuring liabilities with Ford.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 11, 2009, The Financial Times said Geely is interested in
acquiring Volvo, Ford Motor Co.'s Swedish car brand.

Gui Shengyue, Geely's chief executive, said in Hong Kong the
carkmaker may work with Chinese state investment companies on a
bid.  According to the FT, Geely said it wanted to buy all of
Volvo, which Ford wants to sell in its entirety.

Geely made an offer for Volvo in August and is talking to banks
and other government entities about financing, the FT disclosed
citing two people close to Geely.

                           About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                           *     *     *

As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'.  The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit.  S&P said that the outlook on all entities is
negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring in
order to achieve the same UAW concessions that General Motors and
Chrysler are likely to achieve as a result of the recently-
approved government bailout loans.  Such a balance sheet
restructuring would likely entail a loss for bond holders and
would be viewed by Moody's as a distressed exchange and
consequently treated as a default for analytic purposes.


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H O N G  K O N G
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ALTIKAY (HK): Members' Final Meeting Set for October 20
-------------------------------------------------------
The members of Altikay (HK) Limited will hold their final meeting
on October 20, 2009, at 11:30 a.m., at the 12th Floor, 3 Lockhart
Road, in Wanchai, Hong Kong.

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


ASM INTERNATIONAL: Creditors' Meeting Set for September 28
----------------------------------------------------------
The creditors of ASM International Limited will hold their meeting
today, September 28, 2009, at 4:00 p.m., for the purposes provided
for in Sections 241, 242, 243, 244 and 251 of the Companies
Ordinance.

The meeting will be held at the office of Messrs. Tam, Pun & Yipp,
Solicitors, Room 1601, 16th Floor of Ginza Square, in No. 565
Nathan Road, Kowloon.


CDS INTRA-CITY: Sutton and Chiong Step Down as Liquidators
----------------------------------------------------------
On June 29, 2009, Roderick John Sutton and Desmond Chung Seng
Chiong stepped down as liquidators of CDS Intra-City Logistics
Company Limited.


CHEUNG SHING: Creditors' Meeting Set for September 29
-----------------------------------------------------
The creditors of Cheung Shing Engineering Limited will hold their
meeting on September 29, 2009, at 2:45 p.m., for the purposes
mentioned in Sections 241, 242, 243, 244, 251, 255A(2) and 283 of
the Companies Ordinance.

The meeting will be held at Unit A, 14th Floor of JCG Building, 16
Mongkok Road, Mongkok, in Kowloon, Hong Kong.


CITYCELL BATTERY: Creditors' Meeting Set for September 25
---------------------------------------------------------
The creditors of Citycell Battery Company Limited will hold their
meeting on September 25, 2009, at 3:00 p.m., to appoint liquidator
and to consider further matters relevant to the creditors'
voluntary wind-up.

The meeting will be held at Founder's Room, 3rd Floor of South
Tower, 41 Salisbury Road, YMCA of Hong Kong, Tsimshatsui, Kowloon,
Hong Kong.


GC HONG KONG: Members' Final Meeting Set for October 19
-------------------------------------------------------
The members of GC Hong Kong Limited will hold their final meeting
on October 19, 2009, at 10:00 a.m., at Level 28 of Three Pacific
Place, 1 Queen's Road East, Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GETRONICS (HK): Creditors' Meeting Set for September 30
-------------------------------------------------------
The creditors of Getronics (HK) Limited will hold their meeting on
September 30, 2009, at 10:00 a.m., for the purpose of seeking the
sanction to compromise a claim.

The meeting will be held at Room 202 of Duke of Windsor Social
Service Building, 15 Hennessy Road, in Wanchai, Hong Kong.


GUANGSHUI CIVIL: Contributories and Creditors to Meet on Sept. 30
-----------------------------------------------------------------
The contributories and creditors of Guangshui Civil Engineering
Company Limited will hold their annual meeting on September 30,
2009, at 3:00 p.m., at the office of Ferrier Hodgson Limited, 14th
Floor of The Hong Kong Club Building, 3A Chater Road, in Central,
Hong Kong.

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


HONG KONG PROFESSIONAL: Creditors' Meeting Set for September 28
---------------------------------------------------------------
The creditors of Hong Kong Professional Art Supplies Limited will
hold their meeting today, September 28, 2009, at 3:00 p.m., for
the purposes provided for in Sections 241, 242, 243, 244 and 251
of the Companies Ordinance.

The meeting will be held at the office of Messrs. Tam, Pun & Yipp,
Solicitors, Room 1601, 16th Floor of Ginza Square, in No. 565
Nathan Road, Kowloon.


INNOPRISE INVESTMENT: Members' Final Meeting Set for October 23
---------------------------------------------------------------
The members of Innoprise Investment (HK) Limited will hold their
final meeting on October 23, 2009, at 3:45 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.


JINJIA GLOBAL: Creditors' Proofs of Debt Due on October 19
----------------------------------------------------------
The creditors of Jinjia Global Printing Company Limited are
required to file their proofs of debt by October 19, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on September 18, 2009.

The company's liquidator is:

          Ng Chi Leung, Danny
          Malaysia Building
          Unit 1602, 16th Floor
          50 Gloucester Road
          Wanchai, Hong Kong


LEHMAN BROTHERS: HK Agency Reviewing 522 Non-Minibond Cases
-----------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced Sept. 18 that
there are currently 522 Lehman-Brothers-related non-minibond cases
under disciplinary consideration.  These are cases which have gone
through detailed investigation by the HKMA.

Since 17 October 2008 the HKMA has referred a total of 334 Lehman-
Brothers-related non-minibond cases (unchanged from last week) to
the Securities and Futures Commission (SFC) for further action.
These cases have been reviewed by the HKMA, which has determined
that there are sufficient grounds for referring them to the SFC to
facilitate its investigations into banks.

The HKMA has, up to 17 September 2009, received 21,660 complaints
concerning Lehman-Brothers-related products, of which 7,767 relate
to non-minibond products.  In respect of the Lehman- Brothers-
related non-minibond complaints, 7,692 cases have gone
through the preliminary assessment process and, as a result, the
HKMA is currently investigating 2,586 cases and seeking further
information on 2,964 cases.  A total of 1,620 Lehman-Brothers-
related non-minibond complaints have been closed as there was not
sufficient prima facie evidence found after the preliminary
assessment process or no sufficient grounds and evidence found
after detailed investigations.  Of the minibond complaints,
13,115 cases are eligible for the Lehman-Brothers Minibonds
Repurchase Scheme or the voluntary offer made by the distributing
banks to customers with whom they had reached settlements before
the Scheme was introduced.  Seven hundred and forty minibond
complaints involving customers who are not eligible for, or have
indicated that they do not accept, the repurchase offer under the
Scheme or whose cases require clarification from the banks will
continue to be handled by the HKMA if the complaints cannot be
resolved by the enhanced complaint handling system introduced by
the distributing banks as agreed by the regulators.

"The HKMA has received 446 minibond complaints involving customers
who are not eligible for the Scheme.  The HKMA has referred these
complaints to the distributing banks and required them to handle
all these cases under the enhanced complaint handling system as
soon as possible.  Complainants do not need to re-lodge their
complaints with the distributing banks as the banks will contact
them directly and explain to them the arrangement of the system.
If there is any case which cannot be resolved under the enhanced
complaint handling system within one month since our referral,
distributing banks are required to submit to the HKMA all relevant
information in relation to such cases and the HKMA will then
follow up these cases shortly," said an HKMA spokesperson.

Since 7 August 2009, 16 minibond distributing banks have begun the
issue of repurchase offer letters to eligible customers (about
25,000 customers) under the Scheme.  Up to 16 September 2009,
21,044 customers have responded to the repurchase offers, of whom
20,828 customers or 99.0% have accepted the offers.

"Eligible customers should consider carefully the terms of the
offer and his or her personal circumstances before deciding
whether to accept the offer from the distributing banks," added
the HKMA spokesperson.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed $639 billion in assets and $613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for $2
dollars plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

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


LISCO ENGINEERING: Sutton and Chiong Step Down as Liquidators
-------------------------------------------------------------
On August 14, 2009, Roderick John Sutton and Desmond Chung Seng
Chiong stepped down as liquidators of Lisco Engineering Limited.


LUSANGER LIMITED: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------------
At an extraordinary general meeting held on August 21, 2009, the
members of Lusanger Limited resolved to voluntarily wind up the
company's operations due to its inability to pay debts when it
fall due.

The company's liquidators are:

          Yuen Shu Tong
          Pang Hon Chung
          Malaysia Building, 3rd Floor
          50 Gloucester Road
          Wanchai, Hong Kong


MINDCHAMPS (HONG KONG): Creditors' Meeting Set for September 29
---------------------------------------------------------------
The creditors of Mindchamps (Hong Kong) Limited will hold their
meeting on September 29, 2009, at 2:30 p.m., for the purposes set
out in Sections 241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of
the Companies Ordinance.

The meeting will be held at Room 530, The Boys' & Girls' Clubs
Association of Hong Kong, 3 Lockhart Road, in Wanchai, Hong Kong.


SPLENDID BONUS: Commences Wind-Up Proceedings
---------------------------------------------
At an extraordinary general meeting held on September 10, 2009,
the members of Splendid Bonus Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

          Lee King Yue
          Two International Finance Centre
          72-76th Floor
          8 Finance Street, Central
          Hong Kong


TRUMP GRAND: Creditors' Proofs of Debt Due on October 6
-------------------------------------------------------
The creditors of Trump Grand Properties Limited are required to
file their proofs of debt by October 6, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 10, 2009.

The company's liquidator is:

          Chow Wai Man Grace
          The Hong Kong Parkview
          Flat 1173, Block 13
          88 Tai Tam Reservoir Road
          Hong Kong


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


AIR INDIA: Trims Incentive Pay for Over 7,000 Staff by Up to 50%
----------------------------------------------------------------
The Air India Board at its meeting held in Mumbai on Thursday last
week, accepted the recommendation of the Committee headed by
Mr. Anup Srivastava, Director-Personnel, to review Productivity
Linked Incentive paid to employees.

The cut, applicable to all officers, including top management
personnel, in various management disciplines, will range from 25%
for those getting PLI of INR10,000 or less per month and 50% for
those receiving PLI or flying related allowances of INR2.00 lakhs
or more per month.  The cut for those receiving PLI of INR10,001
to INR25,000; INR25,001 to INR50,000; and INR50,001 to INR2.00
lakhs will be 35%, 40% and 45%, respectively.

The cut will be effective from PLI payable in August 2009 onwards.
The number of employees covered by the decision will be over
7,000.

As reported in the TCR-AP on June 10, 2009, the National Aviation
Company of India Ltd., the holding company for the carrier, was
seeking INR14,000 crore in equity infusion, soft loans and grants.
The TCR-AP reported on June 19, 2009, that Air India has been
bleeding due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  Air India's losses have almost doubled to over INR4,000
crore in 2008-09 (INR2,226 crore in 2007-08), according to the
Hindustan Times.

A TCR-AP report on July 10, 2009, said NACIL is working overtime
to prepare by the month-end a business plan and a financial
restructuring plan.  NACIL is also expected to come up with plans
for the next six months, 12 months and 18 months for bringing in
cost reduction and improving revenue generation.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.


CATHOLIC SYRIAN: Fitch Puts 'D/E' Individual Rating
---------------------------------------------------
Fitch Ratings has placed on Rating Watch Negative India's The
Federal Bank Limited's 'AA-(ind)' National Long-term rating and
the 'AA-(ind)' rating of its INR6 billion subordinated Lower Tier
2 debt programme.  At the same time, the agency has placed on
Rating Watch Positive Catholic Syrian Bank Ltd's 'BBB(ind)'
National Long-term rating and the 'BBB(ind)' rating of its
INR400 million subordinated Lower Tier 2 debt programme.  The
rating actions follow FBL's announcement that it has commenced
financial due diligence of CSB for a merger consideration.  The
merger is subject to shareholders and regulatory approval.  A list
of the banks' other ratings are at the end of this release.

The RWN reflects likely deterioration in FBL's credit profile
consequent to the merger as CSB's financials remain considerably
weaker.  Fitch downgraded CSB's National Long-term ratings to
'BBB(ind)' from 'BBB+(ind)' and assigned a Negative Outlook in May
(for more information please refer to "Fitch Downgrades Catholic
Syrian Bank's National Long-term Rating to 'BBB(ind)', Outlook
Negative" published on May 26, 2009).  The merger would improve
FBL's existing branch network, help it consolidate its good
franchise in the state of Kerala and possibly help the banks
develop cost and efficiency synergies in the long-term; in the
short-term maintaining good asset quality would remain the primary
concern for the merged bank.  Given CSB's regional concentration,
small franchise and high exposure to the vulnerable textile sector
(FY09: 11% of gross loans) its asset quality could deteriorate
further (FY09 gross NPLs increased to 4.6%; FY08: 3.9%) amidst the
challenging operating environment.  Likewise, Fitch remains
concerned about FBL's asset quality given its regional
concentration; in Q110 45% of loans were sourced from Kerala, an
economy with higher reliance on inward remittances from the Gulf
countries.

The RWN on FBL's ratings would be resolved once it completes the
first phase of the integration process and will also be dependent
on long-term benefits of the merger becoming more clear.  Given
CSB's small size (its total assets were about a fifth of FBL's
total assets at FY09) and FBL's healthy Tier 1 ratio (Q110: 17.5%
and among the best for Indian banks), as such, deterioration in
FBL's credit profile appears to be moderate; indeed, if the asset
quality outlook improves FBL's rating could be affirmed at 'AA-
(ind)' and assigned a Stable Outlook.

FBL was established in Kerala in 1931 and while it is one of the
larger 'old' private banks, more than half of its 622 branches and
deposits are sourced from its home state.  FBL was the first 'old'
private bank to raise equity from the international market and the
bank's global depository receipts are listed on the London Stock
Exchange.

CSB is an "old private" bank set up in 1920 in Kerala by members
of the local community.  Over 80% of CSB's 375 branches as well as
the bulk of its deposits and loans are concentrated in the two
southern states of Kerala and Tamil Nadu.

The list of the banks' other ratings is:

FBL:

  -- Individual rating: 'D'; and
  -- Support rating: '5'

CSB:

  -- Individual rating: 'D/E'; and
  -- Support rating: '5'.


HI-TECH CONSTRUCTION: Low Net Worth Prompts CRISIL 'BB' Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to Hi-Tech
Construction's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR60 Million Cash Credit Limits    BB/Stable (Assigned)
   INR100 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect Hi-Tech Construction's small scale of
operations in the civil construction industry, low net worth, and
exposure to risks relating to geographical and customer
concentration in its revenue profile.  These weaknesses are
partially offset by healthy growth in the firm's revenues,
supported by a comfortable order book.

Outlook: Stable

CRISIL believes that Hi-Tech Construction will benefit from the
growth prospects in the civil construction industry.  The firm's
credit risk profile will, however, remain constrained because of
revenue concentration in a single state, Assam.  The outlook may
be revised to 'Positive' if Hi-Tech Construction strengthens its
business risk profile by improving diversity in its revenue
profile, while maintaining its operating margins.  Conversely, the
outlook may be revised to 'Negative' if Hi-Tech Construction
undertakes additional, debt-funded capital expenditure, leading to
the deterioration of its financial risk profile.

                    About Hi-Tech Construction

Set up in 1993, as a partnership firm by Mr. Bijoy Jain, Mr.
Subhash Jain, Mr. Mahabir Jain, Mrs. Premlata Jain, and Mrs.
Sunita Jain, Hi-Tech Construction undertakes civil construction
activities including road construction, building construction, and
bridge construction in Assam.

Hi-Tech Construction reported a profit after tax (PAT) of INR32
million on net sales of INR588 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR21
million on net sales of INR533 million for 2007-08.


HIGHRISE ROLLER: CRISIL Reaffirms 'BB+' Rating on Bank Debts
------------------------------------------------------------
CRISIL has reclassified its short-term rating on the bank
facilities of Highrise Roller Flour Mills (P) Ltd as 'P4+', from
the earlier 'P4'; the long-term rating has been reaffirmed.

   Facilities                         Ratings
   ----------                         -------
   INR80 Million Cash Credit Limits   BB+/Stable (Reaffirmed)
   INR10 Million Bank Guarantee       P4+ (Reclassified from 'P4')

The ratings continue to reflect the susceptibility of Highrise's
operating margins to fluctuations in raw material prices, its low
net worth, low pricing power and small scale of operations. These
rating weaknesses are partially offset by the company's
longstanding relationships with established clients, and its
prudent inventory management.

Outlook: Stable
CRISIL believes that Highrise will maintain a stable business risk
profile, backed by its established relationships with its
customers. The outlook may be revised to 'Positive' if Highrise's
operating margins improve considerably on account of
diversification initiatives. Conversely, the outlook may be
revised to 'Negative' if the company fails to maintain its margins
at current levels, or undertakes larger-than-expected debt-funded
capital expenditure.

Summary Update

The company plans to diversify into rice processing by setting up
a rice mill at a cost of INR45 million, of which INR25 million
will be funded through term loans and the balance through
unsecured loans and internal accruals. The plant is expected to be
commissioned by March 2010.

                       About Highrise Roller

Incorporated in 1987, Highrise is closely held and managed by the
Saboo family.  Highrise commenced commercial wheat processing
operations in 1989, and since then, has diversified into the
business of roller flour mills.  Highrise's milling facility at
Shibrampur in West Bengal has an installed capacity of 84,000
tonnes per annum.  For 2008-09 (refers to financial year, April 1
to March 31), Highrise reported a profit after tax (PAT) of
INR4.96 million on net sales of INR675 million, as against a PAT
of INR5.05 million on net sales of INR588 million for 2007-08.


FEDERAL BANK: Fitch Puts 'D' Individual rating
----------------------------------------------
Fitch Ratings has placed on Rating Watch Negative India's The
Federal Bank Limited's 'AA-(ind)' National Long-term rating and
the 'AA-(ind)' rating of its INR6 billion subordinated Lower Tier
2 debt programme.  At the same time, the agency has placed on
Rating Watch Positive Catholic Syrian Bank Ltd's 'BBB(ind)'
National Long-term rating and the 'BBB(ind)' rating of its
INR400 million subordinated Lower Tier 2 debt programme.  The
rating actions follow FBL's announcement that it has commenced
financial due diligence of CSB for a merger consideration.  The
merger is subject to shareholders and regulatory approval.  A list
of the banks' other ratings are at the end of this release.

The RWN reflects likely deterioration in FBL's credit profile
consequent to the merger as CSB's financials remain considerably
weaker.  Fitch downgraded CSB's National Long-term ratings to
'BBB(ind)' from 'BBB+(ind)' and assigned a Negative Outlook in May
(for more information please refer to "Fitch Downgrades Catholic
Syrian Bank's National Long-term Rating to 'BBB(ind)', Outlook
Negative" published on May 26, 2009).  The merger would improve
FBL's existing branch network, help it consolidate its good
franchise in the state of Kerala and possibly help the banks
develop cost and efficiency synergies in the long-term; in the
short-term maintaining good asset quality would remain the primary
concern for the merged bank.  Given CSB's regional concentration,
small franchise and high exposure to the vulnerable textile sector
(FY09: 11% of gross loans) its asset quality could deteriorate
further (FY09 gross NPLs increased to 4.6%; FY08: 3.9%) amidst the
challenging operating environment.  Likewise, Fitch remains
concerned about FBL's asset quality given its regional
concentration; in Q110 45% of loans were sourced from Kerala, an
economy with higher reliance on inward remittances from the Gulf
countries.

The RWN on FBL's ratings would be resolved once it completes the
first phase of the integration process and will also be dependent
on long-term benefits of the merger becoming more clear.  Given
CSB's small size (its total assets were about a fifth of FBL's
total assets at FY09) and FBL's healthy Tier 1 ratio (Q110: 17.5%
and among the best for Indian banks), as such, deterioration in
FBL's credit profile appears to be moderate; indeed, if the asset
quality outlook improves FBL's rating could be affirmed at 'AA-
(ind)' and assigned a Stable Outlook.

FBL was established in Kerala in 1931 and while it is one of the
larger 'old' private banks, more than half of its 622 branches and
deposits are sourced from its home state.  FBL was the first 'old'
private bank to raise equity from the international market and the
bank's global depository receipts are listed on the London Stock
Exchange.

CSB is an "old private" bank set up in 1920 in Kerala by members
of the local community.  Over 80% of CSB's 375 branches as well as
the bulk of its deposits and loans are concentrated in the two
southern states of Kerala and Tamil Nadu.

The list of the banks' other ratings is:

FBL:

  -- Individual rating: 'D'; and
  -- Support rating: '5'

CSB:

  -- Individual rating: 'D/E'; and
  -- Support rating: '5'.


FERTILISERS AND CHEMICALS: CRISIL Rates Bank Debts at 'BB-'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of The Fertilisers and Chemicals Travancore Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR2428.5 Million Cash Credit        BB-/Stable (Assigned)

   INR164.2 Million Foreign Currency    BB-/Stable (Assigned)
                  Non Resident Loan

   INR407.3 Million Working Capital     BB-/Stable (Assigned)
                    Demand Loan

   INR539.0 Million Term Loan           BB-/Stable (Assigned)

   INR1500.0 Million Letter of Credit   P4+ (Assigned)

   INR500.0 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect FACT's low operating efficiency and weak
financial risk profile, and the high regulatory risk in the
fertilizer business.  These weaknesses are mitigated by the
company's established market position in South India.

Outlook: Stable

CRISIL expects FACT's financial risk profile to remain weak, given
the company's high gearing and weak debt protection measures.  The
company's operating efficiency will continue to be constrained by
its high fixed-cost structure, non-availability of liquefied
natural gas, working capital-intensive operations, and limited
flexibility to manufacture different grades of complex
fertilizers.  The outlook could be revised to 'Positive' in case
of a significant increase in the company's profitability,
resulting in improvement in its debt protection measures, or in
case of fresh infusion of funds by Government of India (GoI),
leading to improvement in its capital structure. Conversely, the
outlook could be revised to 'Negative' if the company undertakes a
significant debt-funded capital expenditure program, or if there
is an unfavorable change in the GoI concession policy, resulting
in decline in the company's profitability.

                            About FACT

The Fertilisers and Chemicals Travancore Ltd, incorporated in
1943, is engaged in the manufacture of complex-fertilizer-grade NP
20:20:0:13 (trade name Factamfos) and caprolactum.  The production
of caprolactum also yields ammonium sulphate, a fertilizer.  The
company has two complex-fertilizer production units, one each at
Udyogamandal and Ambalamedu, in Cochin.  The caprolactum division
is at Udyogamandal.  The company has installed capacity to
manufacture 633,500 tonnes per annum (tpa) of Factamfos, 50,000
tpa of caprolactum, and 225,000 tpa of ammonium sulphate. FACT
also has capacity to manufacture intermediates, including ammonia,
and sulphuric and phosphoric acid.  The company's urea plant has
been shut since 2003.  As on June 30, 2009, GoI held 97.38% equity
stake in the company.

Based on provisional results for 2008-09 (refers to financial
year, April 1 to March 31), FACT had profit after tax (PAT) of
INR429.5 million on net sales of INR21.36 billion, against PAT of
INR89.6 million on net sales of INR8.79 billion in the previous
year.


ICICI BANK: S&P Affirms 'BB' Rating on Hybrid Tier 1 Notes
----------------------------------------------------------
Standard & Poor's Ratings Services has affirmed the 'BBB-' rating
on ICICI Bank Ltd.'s senior unsecured notes, and the 'BB' rating
on its hybrid Tier 1 notes, under the bank's revised US$5 billion
medium-term note program.  At the same time, Standard & Poor's has
withdrawn its indicative ratings on the upper Tier 2 and the lower
Tier 2 bond tranches, which were available under the previous
version of the MTN program.  Following the recent revision to the
program, these tranches no longer exist.  There are no outstanding
rated issues under these tranches.

The bank will use proceeds from the issue to fund its
international operations, and for general corporate purposes
subject to regulatory approval.  The proposed senior notes rank on
par with the bank's unsecured and unsubordinated debt, while
hybrid Tier 1 notes, rank below senior and subordinated debt, but
above preference and common equity.  The two-notch differential in
the ratings accounts for this difference in ranking, and the
mandatory interest skip on the Tier 1 notes.

If ICICI's regulatory capital adequacy ratio falls below the
Reserve Bank of India's regulatory requirement, it would be
mandatory for ICICI to skip interest payments.  If the bank meets
the RCAR requirement, but reports a "net loss," it will need the
RBI's permission to make interest payments.  As of March 31, 2009,
ICICI Bank's RCAR stood at 14.73% compared with the minimum
regulatory requirement of 9%.  Net loss, for this program, as been
defined as net loss, or negative balance reported in the profit
and loss section of the balance sheet.  This is in line with the
generally accepted accounting principles in India.  Interest
payments due in October will take into account the profit for the
six months to Sept. 30, while interest payments due after March 31
will take into account the profit for the 12 months to March 31.
In case the RBI's guidelines conflict with the above definition of
net loss, the RBI's guidelines will prevail.


MADHAV INDUSTRIAL: CRISIL Puts 'B+' Rating on INR50MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Madhav Industrial Corporation (MIC; part of the
Madhav group).

   Facilities                           Ratings
   ----------                           -------
   INR50.0 Million Cash Credit          B+/Stable (Assigned)
   INR250.0 Million Letter of Credit    P4 (Assigned)

The ratings reflect the group's weak financial risk profile,
marked by a low net worth, small scale of operations, and
susceptibility to downturns in the ship-breaking industry,
volatility in steel scrap prices, and unfavorable government
regulations.  The impact of these rating weaknesses is mitigated
by the industry experience of the Madhav group's promoters and the
healthy growth prospects in the ship-breaking industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MIC and Madhav Steel -- Ship Breaking
Division.  This is because the two entities, collectively referred
to as the Madhav group, are in the same line of business, share
resources, and derive considerable business synergies from each
other.

Outlook: Stable

CRISIL believes that the Madhav group will maintain its stable
credit risk profile over the medium term, supported by the
expected revival in the ship-breaking industry in 2009-10 (refers
to financial year, April 1 to March 31).  The outlook may be
revised to 'Positive' if the group benefits from the expected
revival in the industry, and scales up its operations. Conversely,
the outlook may be revised to 'Negative' in case the Madhav
group's financial risk profile deteriorates because of significant
decline in steel scrap prices.

                          About the Group

Madhav Industrial Corporation was established by Mr. Jivrajbhai
Patel and his brothers in 1982 and Madhav Steel -- Ship Breaking
Division was established by Mr. Arvindbhai Patel (younger brother
of Mr. Jivrajbhai Patel) and his brothers in 1994.

The Madhav group is engaged in the ship breaking activities. It
has capacity to break ships ranging from 5,000 tonnes to 50,000
tonnes at its facility at Alang (Gujarat).  The group has
expertise in breaking various types of ships such as general
cargo, oil tankers, reefers and bulk carriers.  The Madhav group's
promoters have been in this business for over 25 years.  The
Madhav group imports ships, breaks them into iron and steel plates
and sells the same to re-rolling mills in and around the Bhavnagar
area.  The promoters, through other associate companies, have
interest in various business lines including diamond, rolling
mills and oxygen manufacturing plant.

The Madhav Industrial Corporation's profit after tax (PAT) was
INR2.87 million on net sales of INR155.9 million for 2008-09, as
against a PAT of INR0.5 million on net sales of INR4.0 million for
2007-08.


MADHAV STEELS: Low Net Worth Prompts CRISIL 'B+' Rating
-------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Madhav Steels -- Ship Breaking Division, part of the
Madhav group.

   Facilities                            Ratings
   ----------                            -------
   INR50.0 Million Cash Credit           B+/Stable (Assigned)
   INR250.0 Million Letter of Credit     P4 (Assigned)

The ratings reflect the group's weak financial risk profile,
marked by a low net worth, small scale of operations, and
susceptibility to downturns in the ship-breaking industry,
volatility in steel scrap prices, and unfavorable government
regulations. The impact of these rating weaknesses is mitigated by
the industry experience of the Madhav group's promoters and the
healthy growth prospects in the ship-breaking industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Madhav Industrial Corporation and
MSSBD. This is because the two entities, collectively referred to
as the Madhav group, are in the same line of business, share
resources, and derive considerable business synergies from each
other.

Outlook: Stable

CRISIL believes that the Madhav group will maintain its stable
credit risk profile over the medium term, supported by the
expected revival in the ship-breaking industry in 2009-10 (refers
to financial year, April 1 to March 31).  The outlook may be
revised to 'Positive' if the group benefits from the expected
revival in the industry, and scales up its operations. Conversely,
the outlook may be revised to 'Negative' in case the Madhav
group's financial risk profile deteriorates because of significant
decline in steel scrap prices.

                          About the Group

Madhav Industrial Corporation was established by Mr. Jivrajbhai
Patel and his brothers in 1982 and Madhav Steels -- Ship Breaking
Division was established by Mr. Arvindbhai Patel (younger brother
of Mr. Jivrajbhai Patel) and his brothers in 1994.

The Madhav group is engaged in the ship breaking activities. It
has capacity to break ships ranging from 5,000 tonnes to 50,000
tonnes at its facility at Alang (Gujarat).  The group has
expertise in breaking various types of ships such as general
cargo, oil tankers, reefers and bulk carriers.  The Madhav group's
promoters have been in this business for over 25 years.  The
Madhav group imports ships, breaks them into iron and steel plates
and sells the same to re-rolling mills in and around the Bhavnagar
area.  The promoters, through other associate companies, have
interest in various business lines including diamond, rolling
mills and oxygen manufacturing plant.

The Madhav Steels - Ship Breaking Division's profit after tax
(PAT) was INR4.29 million on net sales of INR203.9 million for
2008-09, as against a PAT of INR1.18 million on net sales of
INR10.3 million for 2007-08.


ROHAN RAJDEEP: CRISIL Reaffirms 'BB+' Rating on Proposed LT Loan
----------------------------------------------------------------
CRISIL's rating on the proposed long-term bank facility of Rohan
Rajdeep Toll Roads Pvt Ltd continues to reflect pressure on
RRTRPL's operational and financial profiles because of the delay
in financial closure of its under-construction Amritsar-Wagah road
project.

   Facilities                           Ratings
   ----------                           -------
   INR1.89 Billion Proposed Long Term   BB+/Negative  (Reaffirmed)
                        Bank Facility

The rating also continues to factor in other project-related risks
faced by RRTRPL, especially because of the moderate work
experience of its engineering, procurement, and construction
contractor, Rohan Rajdeep Tollways Ltd.  The impact of these
weaknesses is mitigated by the expectation that RRTRPL will earn
stable revenues, in the form of annuity, from the project once it
is commissioned, given its contract with the National Highways
Authority of India (NHAI).

Outlook: Negative

CRISIL expects RRTRPL's operating and financial risk profiles to
remain under pressure over the short term, given the delays in
achieving financial closure for the project.  The outlook also
factors in the expectation that RRTRPL's parent, Rohan Builders
India Pvt Ltd, will continue to face liquidity problems.  The
rating could be downgraded in case of delays in the completion of
the project.  Conversely, the outlook could be revised to 'Stable'
in case of a significant and sustained improvement in the
operational and financial risk factors affecting the project.

                       About Rohan Rajdeep

Rohan Rajdeep Toll Roads Pvt Ltd is a special purpose vehicle
promoted by Rohan Builders (I) Pvt Ltd, a Rohan group company, and
Rajdeep Buildcon Pvt Ltd, a Rajdeep group company, to undertake
the Amritsar-Wagah road project.  The company has signed an
agreement with NHAI for undertaking the construction and
maintenance of the road on a build, operate, transfer basis.  The
Pune-based Rohan group undertakes construction contracts for
industrial and infrastructural projects.  The group also has a
presence in the real estate sector.  The Ahmednagar-based Rajdeep
group operates in the industrial and infrastructure construction
sector and has completed a number of projects in Maharashtra,
Rajasthan, and Punjab.


SHARDA SPUNTEX: CRISIL Cuts Ratings on INR31.6MM Term Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on Sharda Spuntex Pvt Ltd's bank
facilities to 'D/P5' from 'BBB-/Stable/P3'.  The downgrade
reflects delays by SSPL in servicing obligations on its bank
facilities, following a dispute between SSPL and its banker,
relating to cancellation of its forward contracts.

   Facilities                            Ratings
   ----------                            -------
   INR40.00 Million Cash Credit Limit   D (Downgraded from
                                           'BBB-/Stable')

   INR31.60 Million Term Loan           D (Downgraded from
                                           'BBB-/Stable')

   INR207.50 Million Bill Discounting   P5 (Downgraded from 'P3')
                     / Purchase Limit

   INR62.50 Million Export Packing      P5 (Downgraded from 'P3')
       Credit/ Post Shipment Credit


   INR35.00 Million Standby Line of     P5 (Downgraded from 'P3')
                             Credit

   INR310.00 Million Letter of Credit   P5 (Downgraded from 'P3')
   INR2.50 Million Bank Guarantee       P5 (Downgraded from 'P3')

As part of this rating exercise, CRISIL has combined the financial
risk profiles of SSPL and its two wholly-owned subsidiaries,
Sharda Europe Sp Z. O. and Sharda Tekstil Madecilik San Ve TIC
Ltd. This is because SSPL and its subsidiaries are in the same
line of business, and SSPL undertakes sourcing of yarn for the
subsidiaries.

                       About Sharda Spuntex

Set up in 1994, by Mr. Anil Mansinghka, SSPL trades in synthetic
blended yarn at Bhilwara (Rajasthan).  Sharda was focused on the
domestic markets till 2004; it set-up subsidiaries in 2005 and
2006 in Poland, Turkey and the UK to increase export of blended
yarn under its brand, Sharda.  These companies maintain stock of
yarn (procured directly from India or from Sharda) and sell to
overseas customers.

For 2007-08 (refers to financial year, April 1 to March 31), SSPL
reported a profit after tax (PAT) of INR2.7 million on net sales
of INR2.0 billion on a standalone basis, as against a PAT of
INR7.9 million on net sales of INR1.7 billion for 2006-07.


* Logistics Sector Restructuring to Drive Growth: CRISIL Says
------------------------------------------------------------
A CRISIL Research study of the logistics expenditure in India
reveals that the efficiency of logistics network in the country
lags behind that of many developed nations.  The proposed
implementation of Goods and Services tax and development of
logistics parks, coupled with strong economic growth are expected
to restructure the industry, bringing in greater efficiency and
drive growth for the logistics business.

CRISIL Research estimates total logistics spend covering both
primary and secondary movement to be around 10.7% of the GDP in
2008-09, which is significantly higher than the 5 to 7 percent
across developed nations.  The higher spend is largely due to
inefficient logistics operations, multiple tax structures,
inadequate logistics infrastructure and unorganized nature of the
industry.

Mr. Manoj Mohta, Head, CRISIL Research says, "The Indian logistics
industry, valued at INR3.6 trillion, is poised for strong growth
in the next five years with a CAGR of around 11 percent.  A well
developed and networked logistics industry is imperative for the
success and overall growth of the economy.  Strong growth in
economic fundamentals, favorable regulatory environment and
greater thrust on logistics infrastructure development would be
the key factors driving logistics growth".
The proposed implementation of GST and development of logistics
parks and free trade warehousing zones (FTWZs) will accelerate
formation of regional hub-based infrastructure and an environment
conducive for rationalizing the logistics network.  This will help
reduce intermediaries and streamline supply chain operations.

The government's investment-linked tax incentives for setting up
cold storages and agriculture warehousing facilities too will
provide an impetus to the logistics sector.  With strong growth in
organized retailing and food processing sector, there is a dire
need to upgrade infrastructure to ensure optimal distribution and
storage of perishables.

CRISIL Research believes that agriculture wastages can be reduced
to around 25% from current levels of 30-40 percent through an
efficient supply chain mechanism. Lower wastages would ensure
lower prices to end consumers and higher income for farmers.

Mr. Mohta further adds, "Efficiency in logistics operations can be
achieved by outsourcing it to a third party logistics (3PL)
service provider.  3PL players can integrate operations by
providing multimodal transport services and create better
logistics infrastructure.  The supply chain management needs to
transform from an activity-based function to a service-oriented
function."

As the industry becomes more organized, the value proposition of
3PL will increase.  CRISIL Research expects revenues of the 3PL
segment to grow strongly at around 27% CAGR over the next 5 years,
from an estimated INR48 billion in 2008-09 to around INR162
billion in 2013-14.

The expected implementation of GST and the higher 3PL penetration
across 8 non-bulk sectors will lead to an overall savings in the
range of 10-25 percent.  However, this will involve not only a
change in mind set of user industries but also demand greater
ability of logistics players to offer integrated solutions
encompassing modes, infrastructure and IT networking.


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


AIFUL CORP: S&P Downgrades Counterparty Credit Ratings to 'SD'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term counterparty ratings on Aiful Corp. to 'SD' from 'CC' and 'C'
respectively, after Aiful's application for ADR procedures was
officially accepted.  As a result, Aiful has temporarily suspended
principal payments on borrowings from financial institutions,
thereby breaching the terms and conditions of the original
agreements.  The 'CCC' rating on the senior unsecured bonds
remains on CreditWatch with developing implications.  S&P placed
the senior unsecured rating on CreditWatch with negative
implications on Sept. 14, 2009, based on growing concerns over
cash flow deterioration.  The CreditWatch status was revised to
developing on Sept. 18, 2009.

Principal repayments to financial institutions are likely to be
suspended until Aiful's restructuring plan is accepted at the
creditors' meeting.  Standard & Poor's understands that this
process, which will commence on Oct. 8, 2009, is expected to take
about three months.  As such, the counterparty ratings on Aiful
are likely to remain on 'SD' during that period.  If the creditors
agree to the terms of the restructuring plan, Aiful will extend
debt maturities in accordance with the aforementioned
restructuring plan.  At that point, Standard & Poor's will review
its counterparty ratings on Aiful based on the probability of debt
repayment under the new terms and conditions.  At the same time,
however, given the ongoing pressures from credit losses and the
refund of overcharged interest, as well as uncertainties over the
impact of full implementation of the amended money lending
business law, there is a possibility that Aiful's restructuring
plan may be derailed by disagreements with creditor institutions.
If Aiful approaches the courts to seek bankruptcy protection,
Standard & Poor's will revise all of its ratings on Aiful to 'D'.

Regarding the ratings on the company's senior unsecured bonds,
Standard & Poor's will continue to examine changes to the terms
and conditions of the company's bank borrowings, as well as the
progress of the ADR procedures, and remove from CreditWatch the
ratings on the senior unsecured debt after reviewing the potential
impact of these factors on financial obligations other than bank
borrowings.  Standard & Poor's currently believes that there is a
reasonable chance that the ADR process will be successful and that
the senior unsecured debt ratings may benefit from the
rescheduling of the bank borrowings.  At the end of June, Aiful
had JPY108 billion in senior unsecured bonds maturing within the
next 12 months on a consolidated basis.

                           Ratings List

              Downgraded; CreditWatch/Outlook Action

                            Aiful Corp.

                                 To                 From
                                 --                 ----
Counterparty Credit Rating      SD/SD              CC/Negative/C

                         Ratings Affirmed

                            Aiful Corp.

       Senior Unsecured                       CCC/Watch Dev


JAPAN AIRLINES: Moody's Reviews 'Ba3' Long-Term Debt Rating
-----------------------------------------------------------
Moody's Investors Service has placed the Ba3 long-term debt rating
and Ba3 issuer rating of Japan Airlines International Co., Ltd.,
on review for possible downgrade.

The review was prompted by Moody's growing concerns about the
pressured state of earnings and limited financial flexibility.

Since last October, the operating environment has been worsening.
Japan Airlines Corporation posted a JPY42 billion operating loss
in the fourth quarter of FYE 3/2009 and a JPY86 billion operating
loss in the first quarter of FYE 3/2010.  Although there has been
some recovery in passengers since July, JAL's profitability is
still pressured.  At the same time, JAL faces refinancing risk due
to its highly leveraged balance sheet.

JAL has been constructing a new medium-term corporate plan,
including refinancing and rationalization, at the initiative of
Japanese government and JAL's relationship banks.  The plan will
be announced soon.

Moody's review will focus on (1) JALI's ability to execute its
business plan (2) its refinancing and deleverage plan, in view of
the level of support from the Japanese government and JAL's
relationship banks.  Moody's believes that these factors are
important to evaluating JALI's credit quality.

Moody's last rating action with respect to JALI was taken on
February 9, 2009, when the rating outlook was changed to negative
from positive.

Headquartered in Tokyo, Japan Airlines International Co., Ltd., is
the country's largest airline, and is fully owned by Japan
Airlines Corporation.


WILLCOM INC: JCR Cuts Ratings on Senior Debts & Bond to 'CCC'
-------------------------------------------------------------
Japan Credit Rating Agency, Ltd. has downgraded the ratings on
senior debts and bonds of Willcom, Inc., from BBB to CCC, placing
them under Credit Monitor with Negative direction (#CCC/Negative).

Senior debts: #CCC/Negative

Issue       Amount     Issue Date  Due Date   Coupon  Rating
-----       ------     ----------  ---------- ------  ------
bonds no.1  JPY35 Bil. 06/27/2005  06/27/2012 2.35%  #CCC/Negative

Willcom, Inc., announced on September 24, 2009, that it has begun
consultations with the Japanese Association of Turnaround
Professionals to apply for commencement of consensual business
revitalization alternative dispute resolution procedures and that
the JATP has accepted the company's application to utilize the
business revitalization procedures.  Willcom said that it plans to
ask its financial institutions for the maintenance of its debt
balance for a certain period and then the debt rescheduling.  At
present, it does not plan debt forgiveness or debt-equity swap.

Following this announcement, JCR downgraded the ratings on senior
debs and on the bonds of the Company as well to "CCC," placing
them under Credit Monitor with Negative direction.  Its primary
financing methods are bond issue and syndicated loan.  Concerning
the syndicated loan, it was in a state where assistance from
financial institutions was necessary because of the increasing
principal debt repayment beginning in the current fiscal year.  If
the repayment amount is leveled thanks to the ADR procedures, its
tightened financing will be mitigated.

On the other hand, there is a chance that its placing more
emphasis on debt repayment than before will have an impact on
business expansion of its eXtended Global Platform (XGP), for
which it plans a launch of commercial services in October 2009,
and will then lead to further delay in its profit and financial
structure in the medium and long term.  JCR will hereafter
ascertain future developments such as ADR procedure, financial
assistance and prospect for improvement in the earnings power and
financial structure by means of business expansion of XGP and will
then assign a new rating for the Company.


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


HYUNDAI MOTOR: Completes EUR1.12-Bln Auto Plant in Czech Republic
-----------------------------------------------------------------
Yonhap News reports that Hyundai Motor Co said Thursday it has
completed building a EUR1.12-billion factory in the Czech
Republic, reinforcing its move to win more sales in the European
market.

Hyundai Motor Manufacturing Czech (HMMC) has the current capacity
to build 200,000 vehicles annually, which will be increased by
100,000 to reach 300,000 units per year in 2011.

Yonhap reported last week that Hyundai Motor aims to sell 17.2%
more vehicles in 2009 in the European market than last year due to
rising demand for small cars.  The news agency, citing company
officials, said Hyundai plans to sell 336,000 vehicles in Europe
this year, compared with 286,610 units sold in 2008.
Meanwhile, Yonhap News reports that Hyundai Motor's labor union
has elected Lee Kyung-hun as its new leader in a tightly contested
race.

Lee Kyung-hun, who sought to represent centrist and pragmatic
forces in the Hyundai Motor union while vowing to improve workers'
welfare, won 52.56% of 40,288 votes cast, defeating rival
candidate Kwon O-il, who grabbed 46.98% of the votes, Yonhap
relates citing company and union officials.

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

                           *     *     *

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


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


OILCORP BERHAD: Default in Interest Payments Trigger PN17 Listing
-----------------------------------------------------------------
Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.

Oilcorp disclosed on September 18 that it failed to meet its
interest payment of MYR1,643,806.85 due and payable on Sept. 17,
2009, in respect of the Facility Agreement between EON Bank
Berhad, CAPONE Berhad and OILCORP under a Primary Collateralized
Loan Obligation Transaction.

The Company said it did not have sufficient funds to settle the
interest payment due as the receipt of certain large receivables
had been delayed from its clients.

As an affected listed issuer, Oilcorp Berhad is required to
formulate and implement a plan to regularize its financial
condition within a timeframe stipulated by relevant authorities.
In the event the Company fails to comply with all the provisions
of PN 17/2005, Bursa Securities may commence delisting proceedings
against the company.

Oilcorp said that although it does not have a formal
regularization plan yet, it continues to be in negotiation with
its lenders and will appoint a Principal Adviser shortly to
formulate a regularization plan.

Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries.  Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.


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


BLUE CHIP: Parent Firm Ordered to Pay $280T for Abandoning Office
-----------------------------------------------------------------
The New Zealand Herald reports that Blue Chip founder Mark Bryers'
Northern Crest Investments has been ordered to pay Sir Robert
Jones' property company more than $280,000.

The Herald relates that Robert Jones Holdings applied to have a
High Court summary judgment made against Northern Crest over "loss
of bargain" damages and related costs over Northern Crest's
abandonment of offices in Auckland's Qantas House, part-way
through the lease period last year.

According to the report, High Court judge Justice Warwick Gendall
ordered Northern Crest to pay Robert Jones $268,773.96 for loss of
rental income from October 1 last year to September 14 this year,
rates costs of $14,056.95, cleaning costs of $2126 and interest
costs of $2126.

Northern Crest, the Herald notes, was also ordered to pay up for
legal costs, future damages from September 14 onwards, "make-good"
redecoration and interest on the amounts claimed, although exact
amounts have yet to be set.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the BusinessDay said that the High Court in
Auckland dismissed an application by the Registrar of Companies to
wound up Northern Crest Investments.

The BusinessDay said the decision was made on the grounds that to
do so would, among other things, significantly harm the interests
of the firm's new crop of 2,000 shareholders.

According to the BusinessDay, Justice Peter Christiansen said the
picture had changed markedly since proceedings to liquidate NCI
were first brought by Registrar Neville Harris, based on claims it
traded while insolvent, and persistently or seriously failed to
keep accounting records.

Northern Crest Investments, formerly Blue Chip Financial
Solutions, changed its name after the group collapsed early last
year.  It is listed on the Australian Stock Exchange, but trading
in its shares has been suspended since the collapse.

                       About Blue Chip NZ

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

                        *     *     *

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


* NEW ZEALAND: Records NZ$725 Mil. Trade Deficit in August 2009
---------------------------------------------------------------
The value of merchandise exports and imports in New Zealand both
fell in August 2009 compared with August 2008, down 23.2% and
21.6%, respectively, according to the country's statistics agency.
Export values have now returned to a level similar to what they
were in August 2007, before the large value rises observed in
dairy and crude oil exports in the latter half of 2007 and during
2008.

Statistics New Zealand said most export commodity categories
decreased in August 2009, with an overall decrease of NZ$830
million in export values.  Exports of crude oil were the largest
contributor, down NZ$177 million (50.9 percent) mainly due to
lower prices.  The next largest contributions came from meat and
edible offal, down NZ$125 million (32.2%) on lower quantities, and
milk powder, butter and cheese, down NZ$118 million (24.8%)
despite quantities being up almost 30%.

Similarly, most import categories decreased in August 2009, with
an overall decrease of NZ$953 million in import values.  The
largest contribution came from petroleum and products, down NZ$424
million (45.1%), led by crude oil, again mainly due to lower
prices. Vehicles, parts, and accessories was the next largest
decrease, down NZ$151 million (34.3%) with significant decreases
in imports of passenger cars and goods transport vehicles.

The trends for merchandise exports and imports both peaked in the
latter half of 2008 and have been declining since then.  The
exports trend has been declining since October 2008, and is down
10.5% since that time, while the trend for imports has been
declining since August 2008, and is down 20.7% since then.  This
is the largest fall seen in the exports trend since the 16.5% fall
that occurred from June 2001 to June 2003.  The fall in the
imports trend is the largest since the series began in 1988.

The trade balance for August 2009 was a deficit of NZ$725 million
or 26.4% of the value of exports.  This compares with an average
August deficit of 34.1% of exports for the previous five years.


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


PAKISTAN MOBILINK: Moody's Cuts Corporate Family Rating to 'B2'
---------------------------------------------------------------
Moody's Investors Service has downgraded Pakistan Mobilink
Communications Limited B1 local currency corporate family rating
to B2; at the same time Mobilink's B3 senior unsecured bond rating
has been downgraded to Caa1; the outlook on both ratings is
negative.

"The rating action has been prompted by the downgrade of
Mobilink's parent, Orascom Telecom Holdings (rated B1/negative)
due, in part, to concerns over its weak liquidity profile, and the
evolving business risk within the group," says Laura Acres, a
Moody's Vice President, adding "Concerns over Orascom's liquidity
and its ability to provide financial support have negative
implications on Mobilink given the recent history of reliance on
equity injections from Orascom to ensure covenant compliance under
Mobilink's loan agreements.".

"However, on a stand-alone basis, Mobilink's financial metrics are
strongly positioned within the current B2 rating, reflecting the
company's established brand, leading market position and extensive
network coverage as well as its moderate leverage and strong
margins.  The combined financial and operational profile of
Mobilink is expected to remain strong for the current rating
level, in the absence of any resumption of dividends or material
re-leveraging of the company to fund capex, which at this time are
not expected," says Acres, also Moody's Lead Analyst for Mobilink.

The outlook on Mobilink's ratings is negative reflecting its weak
liquidity profile and inability to meet financial covenants on a
standalone basis.  These risks are partially mitigated by the
track record of cash injections in the past from Orascom to ensure
that Mobilink is fully compliant with its covenants.  In the
absence of covenant amendments it is expected that such financial
support, either in the form of equity injections or reduced
management fees, from Orascom should continue, given the cross
default and cross acceleration clauses that exist between the two
entities.

Upward pressure on the rating is unlikely given the negative
outlook and the degree of reliance on financial support from
Orascom.  However, the outlook could revert to stable should
Mobilink deliver on its financial projections and develop a
sustainable cushion under its bank loan covenants.  Moody's would
also like for Mobilink to demonstrate an ability to become self
funding, evidenced by improving free cash flows as well as the
ability to cover its capex and interest, evidenced by (EBITDA-
capex)/interest exceeding 1.5x.  Moody's would also like to see
adjusted debt/EBITDA improve such that it returns to less than
3.0x.

Downward pressure on the ratings could emerge should Mobilink: a)
experience a significant deterioration in market share such that
it loses its market leadership status; b) resume the payment of
dividends or management fees thereby reducing available retained
cash flow, such that retained cash flow/adjusted debt falls below
10%; and c) is unable to access finances to fund ongoing growth or
repay/refinance lines as and when they fall due.  Moody's would
also be concerned if Mobilink did not delever in line with
expectations such that adjusted debt/EBITDA increases above 4.0x.

Furthermore, given the reliance on financial support from the
parent to aid covenant compliance, Moody's would also be concerned
about any further deterioration in Orascom's credit profile,
although any further downward rating action on Orascom would not
automatically trigger a downgrade in Mobilink's ratings.

The last rating action was on 17th April 2009 when Mobilink's
corporate family and senior unsecured bond rating were affirmed at
B1 and B3 respectively, each with a negative outlook.

Mobilink is the largest mobile operator in Pakistan with more than
29.5 million customers and a subscriber market share of 30.8% as
at June 2009 (source: PTA).  Mobilink is indirectly 100%-owned by
Orascom - itself rated B1/negative.


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


JTIC INVESTMENTS: Creditors' First Meeting Set for October 2
------------------------------------------------------------
JTIC Investments Pte Ltd, which is in provisional liquidation,
will hold a meeting for its creditors on October 2, 2009, at
4:00 p.m.

The company's provisional liquidator is:

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


ORPRO DIRECT: Court to Hear Wind-Up Petition on October 2
---------------------------------------------------------
A petition to wind up the operations of Orpro Direct (S) Pte Ltd
will be heard before the High Court of Singapore on October 2,
2009, at 10:00 a.m.

Jan Willem Holst filed the petition against the company on
September 10, 2009.

The Petitioner's solicitor is:

          M/S Malkin & Maxwell LLP
          111 North Bridge Road
          #13-01 Peninsula Plaza
          Singapore 179098


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


NANYA TECHNOLOGY: Plans to Raise NT$8 Bil. in Private Placement
---------------------------------------------------------------
Nanya Technology Corp said Thursday that the board has approved a
plan to issue 800 million ordinary shares, China Knowledge reports
citing sources.

The report, citing Nanya in an exchange filing, says the company
plans to raise NT$8 billion from the private placement.  The
proceeds from the share issuance will be used to purchase
equipment for Nanya's 12-inch plant and repay corporate bonds,
China Knowledge relates.

Separately, MarketWatch reports that Nanya Technology said a U.S.
International Trade Commission judge ruled in favor of the company
in a patent violation case brought by LSI Corp.

According to MarketWatch, a Nanya public relations official said
that LSI alleged in April last year that chip companies, including
Nanya, United Microelectronics Corp. and Powerchip Semiconductor
Corp., infringed on its patent in chip production technology and
requested an injunction.

Nanya, according to MarketWatch, said the initial determination is
subject to review by the full Commission on January 21, 2010.

Nanya reported a net loss of NT$6.5 billion for the second quarter
ended June 30, 2009, compared with a net loss of NT$7.29 billion
in the period in 2008.

For the 2008 fiscal year, the company posted a net loss of
NT$35.23 billion, or NT$7.54 per diluted share, compared with a
net loss of NT$12.46 billion in the prior year.  The company
reported net sales of NT$36.31 billion in the fiscal year ended
Dec. 31, 2008, compared with a net sales of NT$52.89 billion in
fiscal year 2007.

Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products.  The company
primarily offers dynamic random access memory (DRAM) chips,
including double data rate (DDR) DRAM chips, DDR2 DRAM chips and
DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline
(SO) dual in-line memory modules (DIMMs), 184-pin registered and
unbuffered DDR synchronous dynamic random access memory (SDRAM)
DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered
DDR2 SDRAM DIMMs and others.  DRAMs are used as data storage units
for computer, communications and consumer (3C) products.


===============
T H A I L A N D
===============


TMB BANK: Fitch Downgrades Ratings on Tier 1 Securities to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded TMB Bank Public Company Limited's
foreign currency hybrid Tier 1 securities rating to 'B' from 'B+'.
At the same time, the agency has affirmed TMB's Long-term foreign
currency Issuer Default Rating at 'BBB-' with a Negative Outlook,
Short-term foreign currency IDR at 'F3', Individual Rating at
'C/D', Support Rating at '3', National Long-term Rating at 'A+
(tha)' with a Stable Outlook, National Short-term Rating at
'F1(tha)', foreign currency subordinated debt at 'BB+' and
National subordinated debt rating at 'A(tha)'.  The support rating
floor was revised to 'BB+' from 'BB' due to a reassessment of its
systemic importance and partial state ownership.

The downgrade of TMB's foreign currency hybrid Tier 1 rating
reflects the heightened risk of the bank reporting a loss in H209,
based on its weak H109 performance, and possible additional
provisioning and charges in H209.  As TMB still has large negative
retained earnings, the Bank of Thailand may not approve a coupon
payment if TMB reports a loss.  The risk of coupon non-payment
should decline in 2010 as TMB plans to restructure its capital and
offset this against negative retained earnings.

TMB's IDR and other ratings reflect significant improvement in the
bank's capital after the recapitalization by ING Bank NV (ING;
rated 'A+'/'F1+'/'Stable Outlook') in December 2007.  While its
2009 performance has been affected by ongoing operational
restructuring and the weak economic environment, the outlook
should improve in 2010 on the back of an economic recovery and the
bank's refocus on business growth.  Nonetheless, downside risks
persist due to the weak economy and asset quality overhang which
is reflected in the Negative Outlook.

Due to the integration with ING and more stringent provisioning
policy, TMB reported a negligible net profit of THB0.5 billion in
2008.  For H109, TMB reported a small net profit of THB0.8 billion
due to falling revenues as its loan book continued to contract
sharply (down 13.7% ytd) and still high provisioning costs.  NIM
also remained weak at 2.4%, although this should improve in 2010
with a further fall in impaired loans and a pick-up in loan
growth.

TMB's non-performing loans declined to THB70.6 billion at end-2008
or 16.5% of loans (2007: THB78 billion or 16.6% of loans) due
mainly to NPL sales and write-offs.  The bank's NPLs dropped
further to THB59.9 billion at end-June 2009 due to THB14.9 billion
NPL sales in H109, although the NPL ratio remained flat at about
16% due to its shrinking loan book.  However, there was a large
jump in watch-list loans due to tougher classification.  TMB's
loan loss reserves and LLR coverage ratio stood at THB35.9 billion
and 59.9% at end-June 2009, respectively.  The LLR coverage is
still moderately lower compared to peers, implying further
provisioning risks, although earnings should now mostly offset
this risk.  TMB also faces additional charges on foreclosed
properties.

Liquidity and capital measures remained generally stable in the
past year, despite market volatility.  Tier 1 and total capital
ratios have strengthened significantly since the capital raising
in December 2007 and now stand at 11% and 15% of risk-weighted
assets, respectively, at end-June 2009.  This should provide a
reasonable buffer against the weak operating environment and
enable TMB to absorb any additional provisioning.

TMB is currently the sixth-largest commercial bank in Thailand
with assets of THB568.7 billion (US$16.7 billion).  ING is the
largest shareholder at 30%, followed by the Ministry of Finance at
26% and Singapore's DBS Bank at 7%.  Fitch believes the
probability of external support from the Thai government, if
required, is moderate, though this support would not extend to
more junior debt such as hybrid securities.


                         *********

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
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Information contained herein is obtained from sources believed
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