TCRAP_Public/091006.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

           Tuesday, October 6, 2009, Vol. 12, No. 197

                            Headlines

A U S T R A L I A

BABCOCK AND BROWN: Moody's Reviews 'B1' Corporate Family Rating
HEDLEY LEISURE: Posts AU$178.67 Mil. Net Loss in FY2009
TRINITY LIMITED: Sells Stakes in Trust for AU$10 Million


C H I N A

CHINA LOGISTICS: Amends 2009 Quarterly Report; 2008 Annual Report
RADIENT PHARMACEUTICALS: To Deconsolidate JPI Venture in China


H O N G  K O N G

ATHABASCA COMPANY: Ying Hing Chiu Steps Down as Liquidator
BESTFIT TRANSPORTATION: Members and Creditors to Meet on Nov. 3
BEP MANAGEMENT: Placed Under Voluntary Wind-Up
CHINA AURAL-LASERPUNTURE: Creditors' Proofs of Debt Due Oct. 19
EF TECHNOLOGY: Appoints Tang and Man as Liquidators

GROWTH LINK: Members' Final Meeting Set for November 9
LOGISTICS (HOLDINGS): Yu and Chiong Step Down as Liquidators
OASIS HK: Commences Wind-Up Proceedings
OPL LIMITED: Creditors' Proofs of Debt Due on November 2
PARENT EDUCATION: Creditors' Proofs of Debt Due on November 6

PROFIT HARBOUR: Appoints Middleton and Cowley as Liquidators
PROSPEROUS CENTURY: Members' Final Meeting Set for November 5
SAIMA AVANDERO: Creditors' Proofs of Debt Due on November 4
STUBBINGTON LIMITED: Creditors' Proofs of Debt Due on October 30
TR INTERNATIONAL: Members' Final Meeting Set for November 3

TOPASIA INTERNATIONAL: Placed Under Voluntary Wind-Up
TN MEDIA: Arboit and Richard Step Down as Liquidators
YUEN HUNG: Placed Under Voluntary Wind-Up
WUI SHING: Members' Final General Meeting Set for November 3


I N D I A

ANUGRAHA FASHION: Loan Default Prompts CRISIL 'D' Ratings
ARCEE ISPAT: CRISIL Assigns 'B+' and 'P4' for Various Bank Debts
ARMSTRONG SPINNING: CRISIL Lifts Ratings on Various Debts to 'C'
BOUTIQUE HOTELS: CRISIL Downgrades Ratings on Bank Debts to 'BB+'
FREEWORLD EXPORTS: ICRA Assigns 'LBB' Rating on INR85MM Term Loan

NATIONAL INDUSTRIAL: ICRA Rates INR120MM Fund Based Limit at 'LBB'
NIRU IMPEX: CARE Cuts Ratings on Bank Facilities to 'CARE D'
NORTH WESTERN: ICRA Assigns 'LBB+' Rating on INR1 Bil. Term Loan
QUILON EXPORT: CRISIL Assigns 'B+' Rating on INR20MM Cash Credit
SILVASSA LUBRICANTS: CRISIL Places 'D' Rating on INR30MM Term Loan

SUN PAPER: CRISIL Assigns 'BB' on INR125.2 Million Long Term Loan


I N D O N E S I A

BAKRIE LIFE: Bakrie Group Denies IDR500 Billion Capital Infusion
PT ADARO: Fitch Assigns 'BB+' Long-Term Foreign Currency Rating
PT ADARO: Moody's Assigns 'Ba1' Initial Senior Unsecured Rating


J A P A N

AIFUL CORP: Bankruptcy Event Ruling Sought; Credit Default Swap Up
AKAI HOLDINGS: Liquidators Get Settlement Payment from Grande
CSK HOLDINGS: JCR Affirms 'BB' Rating on Senior Debts & Bonds
ELPIDA MEMORY: IDB Defends TMC's Investment in Firm
GMAC INC.: JCR Withdraws Rating on FC Long-Term Senior Debts

JLOC 37: S&P Keeps CreditWatch Negative on Various Classes
PIONEER CORPORATION: Moody's Downgrades Issuer Rating to 'B2'


K O R E A

* KOREA: Local Lenders to Weed Out 66 Ailing Firms


N E W  Z E A L A N D

BLUE CHIP: EUFA Renews Call to Stop Banks from Recovering Money
CRAFAR FARMS: Placed in Receivership; KordaMentha Appointed


S I N G A P O R E

AFFINITY PRECISION: Court to Hear Wind-Up Petition on October 16
CHINA PLANT: Court to Hear Wind-Up Petition on October 16
CMS TEXTILE: Court to Hear Wind-Up Petition on October 16
INTERACTIVE KNOWLEDGE: Creditors' Proofs of Debt Due on October 16
LEWEI INDUSTRIES: Creditors' Proofs of Debt Due on October 23

MINERAL CAPITAL: Court Enters Wind-Up Order
WEIXIYU PTE: Court Enters Wind-Up Order


X X X X X X X X

* BOND PRICING: For the Week September 28 to October 2, 2009


                         - - - - -


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


BABCOCK AND BROWN: Moody's Reviews 'B1' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has placed Babcock and Brown
Infrastructure Group's B1 corporate family rating on review with
direction uncertain.  In addition, the B2 senior secured rating of
BBI Finance Pty Ltd is on review with direction uncertain.

"The review considers BBI's equity recapitalization proposal
involving a potential cornerstone investor," says Clement Chong, a
Moody's VP/Senior Analyst, adding, "At the same time, the review
considers the uncertainty of the outcome in respect of the
proposal and the impact this could have on BBI's credit profile."

"Should the recapitalization proceeds, Moody's expects BBI's
liquidity and financial profile to improve materially, and its
ratings could be upgraded by more than one notch," says Chong.

"If the proposal does not go ahead, and in the absence of any
other imminent recapitalization or asset sale initiatives, BBI's
ratings could be downgraded due to the looming refinancing
challenges," Chong follows.

The review would focus on the outcome of the recapitalization
discussions and the impact that a proposal, or absence thereof,
would have on BBI's financial leverage and liquidity position.

The last rating action with respect to BBI was taken on 8
September, 2009, when the outlook on the group's B1 corporate
family rating and B2 senior secured rating was changed to negative
due to refinancing concerns.

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

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

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


HEDLEY LEISURE: Posts AU$178.67 Mil. Net Loss in FY2009
-------------------------------------------------------
Hedley Leisure & Gaming Property Fund disclosed its final audited
financial results for the year ended June 30, 2009.

The company reported a net loss of AU$178.67 million for the year
ended June 30, 2009, compared with a net loss of AU$88.17 million
in the prior year.

The company reported total revenue of AU$107 million, operating
cash flow of AU$16.9 million and underlying profit from operations
of AU$8.2 million.

A full-text copy of HLG's audited financial results announcement
is available at no charge at http://ResearchArchives.com/t/s?463b

                       About Hedley Leisure

Based in Queensland, Australia, Hedley Leisure & Gaming Property
Fund (ASX:HLG) -- http://www.hlg.com.au--  is a property fund
which invests in the Australian Pub freehold market.  HLG owns 52
Pub, 15 bottle shop, and ancillary retail freeholds, and a 21.3%
stake in ALE Property Group, which owns 99 Pub freeholds.  HLG has
contracts to acquire a further 34 Pub freeholds.  HLG receives
approximately 82% of its income from Coles Group Limited and
National Leisure and Gaming Limited.  HLG consists of Hedley
Leisure & Gaming Property Trust (the Trust) and Hedley Leisure &
Gaming Property Partners Limited (the Company).  HLG Management
Pty Ltd is the manager of the Company.  Hedley Leisure & Gaming
Property Services Pty Ltd is a wholly owned subsidiary of the
Company, holds the assets of the Trust.


TRINITY LIMITED: Sells Stakes in Trust for AU$10 Million
--------------------------------------------------------
Anthony Klan at The Australian reports that Trinity Ltd. has sold
off much of its holding in the Trinity Property Trust -- the fund
in which Queensland-based superannuation firm Sunsuper
controversially invested AU$100 million.

Citing Trinity Group's financial accounts released on Sept. 30,
The Australian relates that Trinity management sold 10.5 million
units in the Trinity Property Trust in the year to June, reducing
its stake in the fund from 17% to 10% for about AU$10 million.

Sunsuper declined to comment on whether it had been aware Trinity
had sold part of its holding in the Trinity Property Trust, the
report says.

As reported in the Troubled Company Reporter-Asia Pacific on
September 28, 2009, The Australian said Sunsuper's AU$100 million
controversial investment into troubled property group Trinity
Limited has been frozen indefinitely.

The Australian said Trinity also had 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.

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

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

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

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

The Australian, meanwhile, reported that Trinity Limited is taking
legal action against Mr. Daley in a bid to recover a secret
AU$1 million fee it paid him to secure a AU$100 million investment
from Sunsuper.  Trinity alleged Mr. Daley engaged in misleading
and deceptive conduct by claiming he could influence Sunsuper's
investment decisions.

Trinity in June engaged accounting firm Deloitte to investigate
the payment to Mr. Daley.

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
=========


CHINA LOGISTICS: Amends 2009 Quarterly Report; 2008 Annual Report
-----------------------------------------------------------------
China Logistics Group, Inc., posted a net loss of US$411,825
compared with a net income of US$327,538 for the same period in
2008.

The Company's balance sheet at March 31, 2009, showed total assets
of US$6,786,119, total liabilities of US$5,451,568 and a
stockholders' equity of US$1,334,551.

The Company filed with the Securities and Exchange Commission an
amendment to its quarterly report the period ended March 31, 2009,
to correct the accounting treatment accorded certain transactions
and to restate its consolidated balance sheets at March 31, 2009,
and Dec. 31, 2008, and its consolidated statements of operations,
and consolidated statements of cash flows for the three month
period ended March 31, 2009, and add its consolidated statement of
changes in equity (deficit) for the year ended Dec. 31, 2008, and
the three month period ended March 31, 2009.

The March 31, 2009 and Dec. 21, 2008, financial statements
included in its Form 10-Q contained errors and were restated to
correct the previous accounting treatment to:

  -- properly record the changes in the components of equity as a
     result of the reverse recapitalization transaction with
     Shandong Jiajia completed Dec. 31, 2007;

  -- correct the classification in the consolidated statements of
     cash flows of advances to and from related parties; and

  -- correct the presentation of its unaudited balance sheets,
     unaudited consolidated statements of income, unaudited
     consolidated statements of cash flows and include its
     unaudited statements of changes in (deficit) equity to
     present the financial statements after adoption of FAS 160
     Noncontrolling Interests in Consolidated Financial
     Statements—an amendment of ARB No. 51

Additionally, the March 31, 2008, financial statements included in
its Form 10-Q, on a comparative basis, for the quarter ended
March 31, 2009, and Form 10-Q for the quarter ended March 31,
2008, contained errors and, accordingly, were restated to correct
the previous accounting treatment to:

  -- recognize adjustment to the initially reported carrying
     values of assets and liabilities of MediaReady, Inc. as of
     Dec. 31, 2007;

  -- correct the classification of US$380,978 in recovery of bad
     debt in the consolidated statements of operations from a
     component of other income (expense) to a component of
     operating income;

  -- recognize US$25,060 in professional fee expense incorrectly
     omitted;

  -- correct and erroneous over-accrual of professional fees in
     the amount of US$137,149;

  -- correct the classification in the consolidated statement of
     cash flows of US$64,945 in advances to related parties from
     cash flows from operating activities to cash flows from
     investing activities;

  -- correct components of equity as initially recorded in the
     reverse recapitalization transaction with Shandong Jiajia;
     and

  -- correct the classification in the consolidated statements of
     cash flows of advances to and from related parties.

A full-text copy of the Company's Form 10-Q/A is available for
free at
http://ResearchArchives.com/t/s?4641

A full-text copy of the Company's Form 10-Q is available for free
at
http://ResearchArchives.com/t/s?4640

In a separate filing, the Company filed an amendment to its annual
report for period ended Dec. 31, 2008.

A full-text copy of the Company's Form 10-K/A is available for
free at
http://ResearchArchives.com/t/s?4642

A full-text copy of the Company's Form 10-K is available for free
at
http://ResearchArchives.com/t/s?4643

China Logistics Group Inc. (OTC BB: CHLO) through its subsidiary,
Shandong Jiajia International Freight & Forwarding Co. Ltd.,
operates as a non-asset based international freight forwarder and
logistics management company in the People's Republic of China.
The Company was founded in 1997 and is based in Fort Lauderdale,
Florida.

                        Going Concern Doubt

On May 18, 2009, Sherb & Co., LLP, in Boca Raton, Florida,
expressed substantial doubt about China Logistics Group Inc.'s
ability to continue as a going concern after auditing the
Company's financial statements for the fiscal years ended Dec. 31,
2008 and 2007.  The auditors noted that the Company has incurred a
loss and has negative cash flows from operations for the year
ended Dec. 31, 2008.


RADIENT PHARMACEUTICALS: To Deconsolidate JPI Venture in China
--------------------------------------------------------------
Radient Pharmaceuticals Corporation reports that during the second
quarter of 2009, its management became aware of internal
management disputes in China that resulted in a deterioration of
both operational and financial controls by JPI's management over
the operating entity JJB.

"We are in the process of reclassifying our China pharmaceutical
manufacturing and distribution business operations JJB, which is
conducted through JPI) as a business investment, rather than a
consolidated operating subsidiary of our Company, based on the
nature of the current relationship," Radient Pharmaceuticals said.

"On September 29, 2009, upon the Board's approval, we entered into
a binding agreement among and with Mr. Henry Jia, Mr. Frank Zheng,
Mr. Yuan Da Xia -- China Shareholders -- which detailed the rights
and duties of the parties and outlined the Company's limited role
in JPI's future operations and JPI's plan to raise money and
become a public company on a Chinese Exchange. Pursuant to the
Agreement, we are obligated to complete various agreements with
the China Shareholders relating to the plan for the
deconsolidation, including agreements that will reduce our
interest in JPI/JJB to a minority ownership interest."

The Agreement contemplates:

     -- Debt Conversion Agreement with the China Shareholders to
        convert certain accrued salaries and expenses currently
        owed to the China Shareholders into shares of JPI at a
        pre-conversion valuation of US$28 million for JPI;

     -- Share Exchange Agreement for the exchange of certain
        shares of the Company's stock currently held by the China
        Shareholders or their affiliates for stock of JPI at a
        pre-conversion valuation of US$28 million for JPI, subject
        to an independent valuation;

     -- Debt Conversion Agreement between the Company and JPI to
        restructure certain debts of JPI/JJB that are owed to the
        Company; and

     -- JPI will agree to use its best efforts to complete an IPO
        on the Shenzhen Stock Exchange, Hong Kong Stock Exchange,
        Shanghai Stock Exchange or a similar exchange by September
        30, 2012.

The parties will use their best efforts to complete the plan of
Deconsolidation in accordance with this timeline:

     October 2009         Entry into Definitive Agreements between
                          JPI, ADL and the China Shareholders.

     October 2009         Completion and approval of Equity
                          Incentive Plan for JPI.

     October 2009         Complete independent valuation of JPI.

     November -           Commence and close private placement of
     December 2009        JPI stock.

     Prior to             Complete IPO of JPI stock on Shenzhen,
     September 30, 2012   Hong Kong, Shanghai or similar stock
                          exchange.

Despite the loss of control and deconsolidation of JPI, the
Company still believes JPI has a promising future.  Yet, the
deconsolidation process of JPI and JJB is anticipated to
materially and adversely affect the Company's 2009 earnings and
sales.  The Company may record a loss excluding one-time charges
from the deconsolidation of JPI and JJB of a yet to be determined
amount.  In addition, there can be no assurance that the Company
will ever realize any significant value from its interest in JPI
and JJB.

A full-text copy of the Deconsolidation Agreement is available at
no charge at http://ResearchArchives.com/t/s?4652

                   Going Concern Qualification

On April 15, 2009, AMDL filed with the SEC an Annual Report on
Form 10-K in which included an audit opinion with a "going
concern" explanatory paragraph which expresses doubt, based upon
current financial resources, as to whether AMDL can meet its
continuing obligations without access to additional working
capital.  The Company intends to raise additional capital and
pursue expense reductions to ensure its ongoing financial
viability.  This disclosure is in compliance with the NYSE
Alternext US Company Guide Rule 610(b) requiring a public
announcement of the receipt of an audit opinion that contains a
going concern qualification and does not reflect any change or
amendment to the consolidated financial statements as filed.
Further information regarding the going concern qualification is
contained in AMDL's Annual Report on Form 10-K for the year ended
December 31, 2008.

                   About Radient Pharmaceuticals

Headquartered in Tustin, CA with operations in China, Radient
Pharmaceuticals, fka AMDL Inc., along with its subsidiary, JPI, is
a pharmaceutical company devoted to the research, development,
manufacturing, and marketing of diagnostic, pharmaceutical,
nutritional supplement, and cosmetic products.  The Company
employs over 510 people in the U.S. and China.  The Company had
assets of US$35,240,702 against debts of US$7,727,742 as of
June 30, 2009.


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


ATHABASCA COMPANY: Ying Hing Chiu Steps Down as Liquidator
------------------------------ ---------------------------
Ying Hing Chiu stepped down as liquidator of Athabasca Company
Limited on September 28, 2009.


BESTFIT TRANSPORTATION: Members and Creditors to Meet on Nov. 3
---------------------------------------------------------------
Members and creditors of Bestfit Transportation Limited will hold
their final meeting on November 3, 2009, at 2:00 p.m., and
2:15 p.m., respectively, at the Room 801-803, China Merchants
Building, 303-307 Des Voeux Road, in Central, Hong Kong.

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


BEP MANAGEMENT: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on September 23, 2009,
the members of BEP Management Services Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Johnson Kong Chi How
         Wing On Centre
         Room 1302, 13th Floor
         111 Connaught Road
         Central, Hong Kong


CHINA AURAL-LASERPUNTURE: Creditors' Proofs of Debt Due Oct. 19
---------------------------------------------------------------
China Aural-Laserpunture Physiotherapy Association (HK) Limited,
which is in creditors' voluntary liquidation, requires its
creditors to file their proofs of debt by October 19, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

         Lau Yui Wing
         Hong Kong Trade Centre, 2201
         161 Des Vouex Road
         Central, Hong Kong


EF TECHNOLOGY: Appoints Tang and Man as Liquidators
---------------------------------------------------
Alan C W Tang and Wong Kwok Man on September 22, 2009, were
appointed as liquidators of EF Technology (HK) Limited.

The company's liquidators are:

         Alan C W Tang
         Wong Kwok Man
         Nexxus Building, 6th Floor
         41 Connaught Road
         Central, Hong Kong


GROWTH LINK: Members' Final Meeting Set for November 9
------------------------------------------------------
Members of Growth Link Limited will hold their final meeting on
November 9, 2009, at 9:00 a.m., at the 27/F of Alexandra House,
18 Chater Road, in Central, Hong Kong.

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


LOGISTICS (HOLDINGS): Yu and Chiong Step Down as Liquidators
------------------------------------------------------------
Fok Hei Yu and Desmond Chung Seng Chiong stepped down as
liquidators of Logistics (Holdings) Limited.


OASIS HK: Commences Wind-Up Proceedings
---------------------------------------
Oasis HK Association Limited on September 24, 2009, commenced
wind-up proceedings.

The company's liquidator is:

         Robert Jeffrey Ward
         Leyburn Villa, House B9
         Cheung Sha
         South Lantau
         Hong Kong


OPL LIMITED: Creditors' Proofs of Debt Due on November 2
--------------------------------------------------------
Creditors of OPL Limited are required to file their proofs of debt
by November 2, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on September 23, 2009.

The company's liquidator is:

         Lee Wan Sze
         East Town Building
         Unit 1004, 10/F
         16 Fenwick Street
         Wanchai, Hong Kong


PARENT EDUCATION: Creditors' Proofs of Debt Due on November 6
-------------------------------------------------------------
Creditors of Parent Education Promoters Limited are required to
file their proofs of debt by November 6, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

         Lau Kai Tai
         Pico Tower, 13/F
         66 Gloucester Road
         Wanchai, Hong Kong


PROFIT HARBOUR: Appoints Middleton and Cowley as Liquidators
------------------------------------------------------------
On September 24, 2009, Edward Simon Middleton and Patrick Cowley
were appointed as liquidators of Profit Harbour Limited.

The Liquidators can be reached at:

         Edward Simon Middleton
         Patrick Cowley
         Prince's Building, 8th Floor
         10 Chater Road
         Central, Hong Kong


PROSPEROUS CENTURY: Members' Final Meeting Set for November 5
-------------------------------------------------------------
Members of Prosperous Century Limited will hold their final
meeting on November 5, 2009, at 10:00 a.m., at the 35th Floor, One
Pacific Place, in 88 Queensway, Hong Kong.

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


SAIMA AVANDERO: Creditors' Proofs of Debt Due on November 4
-----------------------------------------------------------
Creditors of Saima Avandero Hong Kong Limited are required to file
their proofs of debt by November 4, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

         Leslie Chang Shuk Chien
         3 Lockhart Road, 12/F
         Wanchai, Hong Kong


STUBBINGTON LIMITED: Creditors' Proofs of Debt Due on October 30
----------------------------------------------------------------
Creditors of Stubbington Limited are required to file their proofs
of debt by October 30, 2009, to be included in the company's
dividend distribution.

The company's liquidators are:

         James Anthony Frank Wadham
         Andrew Morrison Paul
         Tung Hip Commercial Building, 23/F
         244 Des Voeux Road
         Central, Hong Kong


TR INTERNATIONAL: Members' Final Meeting Set for November 3
-----------------------------------------------------------
Members of TR International Limited will hold their final meeting
on November 3, 2009, at 10:00 a.m., at the 29th Floor of Caroline
Centre, Lee Gardens Two, 28 Yun Ping Road, in Hong Kong.

At the meeting, Wong Poh Weng and Wong Tak Man Stephen, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


TOPASIA INTERNATIONAL: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On September 23, 2009, the members of Topasia International
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Liu Chi Lai
         Wah Kit Commercial Centre, 13/F
         302 Des Voeux Road
         Central, Hong Kong


TN MEDIA: Arboit and Richard Step Down as Liquidators
-----------------------------------------------------
Bruno Arboit and Simon Richard stepped down as liquidators of TN
Media Limited.


YUEN HUNG: Placed Under Voluntary Wind-Up
-----------------------------------------
On September 18, 2009, members of Yuen Hung Industries Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Yiu Wing Tsang
         Flat C, 7/F
         66 Broadway
         Mei Fu Sun Chuen
         Kowloon


WUI SHING: Members' Final General Meeting Set for November 3
------------------------------------------------------------
Members of Wui Shing Watch Straps Limited will hold their final
general meeting on November 3, 2009, at 5:00 p.m., at it
registered office.

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


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I N D I A
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ANUGRAHA FASHION: Loan Default Prompts CRISIL 'D' Ratings
---------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to Anugraha Fashion Mill
Pvt Ltd's  bank facilities.  The ratings reflect default by AFMPL
on its term loan obligations, owing to weak liquidity.

   Facilities                                Ratings
   ----------                                -------
   INR30.0 Million Cash Credit               D (Assigned)
   INR346.60 Million Term Loan*              D (Assigned)
   INR150.00 Million Packing Credit          P5 (Assigned)
   INR100.00 Million Foreign Bill Purchase   P5 (Assigned)

   *includes proposed limit of INR 12.60 Million

Set up as a partnership firm under the name Fab-N-Fabrics in 1988,
AFMPL converted to a private limited company in October 2008.
AFMPL, based in Tirupur, manufactures and exports knitted
garments.  The company has vertically-integrated operations, with
all processes, including spinning, knitting, processing and
garmenting being carried out in-house.  AFMPL reported a profit
after tax (PAT) of INR27.6 million on net sales of INR457 million
for 2008-09 (refers to financial year, April 1 to March 31), as
against a PAT of INR70.7 million on net sales of INR576 million
for 2007-08.


ARCEE ISPAT: CRISIL Assigns 'B+' and 'P4' for Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Arcee Ispat Udyog Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR375.0 Million Cash Credit    B+/Stable(Assigned)
   INR70.8 Million Term Loan       B+/Stable(Assigned)
   INR60.0 Million Bank Guarantee  P4 (Assigned)
           /Letter of Credit

The ratings reflect AIUL's weak financial risk profile, marked by
weak debt protection measures and high gearing, and small scale of
operations in the electric resistance welded (ERW) and galvanized
pipes industry.  These weaknesses are, however, partially offset
by its moderate business risk profile.

Outlook: Stable

CRISIL believes that AIUL will maintain a stable business risk
profile, supported by strong customer relationships, and the
promoters' experience in the pipes segment.  However, the
company's financial risk profile may remain constrained by high
gearing and low margins, leading to weak financial risk profile.
The outlook may be revised to 'Positive' if the company's margins
and debt protection measures improve substantially.  Conversely,
the outlook may be revised to 'Negative' if the company undertakes
large, debt-funded capital expenditure, or its operating margins
decline considerably.

                         About Arcee Ispat

AIUL, set up in 1987 by Mr. R C Gupta, manufactures ERW and
galvanised pipes, which are used in water pipe lines, sewerage
system and in the construction sector.  It has two units at Hisar
(Haryana) with a cumulative capacity of nearly 70,000 tonnes per
annum (tpa).  The company sells its products through a network of
around 80 dealers located mainly in Uttar Pradesh, Delhi, Punjab,
and Haryana.  AIUL is expected to report a profit after tax (PAT)
of INR6.32 million on net sales of INR1197.4 million for 2008-09
(refers to financial year, April 1 to March 31), as against a PAT
of INR1.21 million on net sales of INR406.42 million for 2007-08.


ARMSTRONG SPINNING: CRISIL Lifts Ratings on Various Debts to 'C'
----------------------------------------------------------------
CRISIL has revised its ratings on the bank facilities of Armstrong
Spinning Mills Pvt Ltd to 'C/P4' from 'D/P5'.

   Facilities                          Ratings
   ----------                          -------
   INR161.90 Million Long-Term Loan    C (Upgraded from D)
   INR115.00 Million Cash Credit       C (Upgraded from D)
   INR10.00 Million Foreign Bill       P4 (Upgraded from P5)
                    Purchase
   INR7.50 Million Bill Purchase-      P4 (Upgraded from P5)
                   Purchase
   INR12.50 Million Letter of Credit   P4 (Upgraded from P5)
   INR2.00 Million Bank Guarantee      P4 (Upgraded from P5)

The rating revision follows ASMPL's receipt of sanction from the
banker in June 2009 for rescheduling its term debt obligations,
resulting in improved financial flexibility for the company; there
is now no current overdue in ASMPL's term loan account, and
neither has the company overdrawn its cash credit limits.

The ratings continue to reflect ASMPL's weak financial risk
profile, and its exposure to risks relating to unfavorable
business conditions in the textile industry.

                      About Armstrong Spinning

Set up in 1996, ASMPL manufactures cotton yarn; it has an
installed capacity of 26,000 spindles.  The company is part of the
Tirupur-based Armstrong group, which has a presence in spinning,
processing, and knitting.  ASMPL posted a provisional profit after
tax of INR19 million on sales of INR460 million in 2008-09 (refers
to financial year, April 1 to March 31), against a reported net
loss of INR23 million on net sales of INR394 million in 2007-08.


BOUTIQUE HOTELS: CRISIL Downgrades Ratings on Bank Debts to 'BB+'
----------------------------------------------------------------
CRISIL has downgraded its rating on Boutique Hotels India Pvt
Ltd's bank facilities to 'BB+/Negative' from 'BBB-/Negative'.

   Facilities                       Ratings
   ----------                       -------
   INR816 Million Term Loans        BB+/Negative (Downgraded from
                                                  'BBB-/Negative')

   INR84 Million Proposed Long-     BB+/Negative (Downgraded from
   Term  Bank Loan Facility                       'BBB-/Negative')

The downgrade follows BHIL's decision to undertake a debt-funded
hotel project in Amer.  The company is currently working on three
hotel projects, in Amer, Jaipur and Ernakulum; these projects are
in their initial stage of implementation.  CRISIL believes that
new projects, especially given the current slowdown in the hotel
industry, will lead to a sharp deterioration in BHIL's financial
risk profile over the medium term.  The rating continues to
reflect BHIL's vulnerability to cyclicality in the hotel industry,
because of its low market share and high geographic concentration
in revenue profile. The impact of these weaknesses is mitigated by
the company's track record in operating the hotel resort in
Devigarh.

Outlook: Negative

CRISIL expects a sharp deterioration in BHIL's financial risk
profile over the medium term if the company undertakes the debt-
funded Amer project.  CRISIL also believes that BHIL's earnings
and cash flows from its Devigarh resort will be less than
projected, given the slowdown in the hotel industry.  The rating
may be downgraded in case of delays in commissioning of the hotels
in Jaipur and Ernakulum, resulting in delay in cash flows from the
projects, or if there is a steeper-than-expected decline in the
company's profitability. Conversely, the outlook may be revised to
'Stable' if cash accruals from the upcoming projects exceed
expectations.

                       About Boutique Hotels

BHIL, formerly Heritage Palaces & Sarais Ltd, is a closely held
private limited company promoted by the Poddar family.  The family
has interests in the paper and hospitality segments.  BHIL owns
and operates the Devi Garh Palace in Udaipur; in 2006, the hotel
received the award for ambience and design from Conde Nast
Traveller.  BHIL is developing three luxury resorts –in Amer,
Jaipur and Ernakulam. The total cost of the projects is estimated
at INR1.58 billion, to be funded in a debt-to-equity ratio of
1.85.

In 2008-09 (refers to financial year, April 1 to March 31), BHIL
reported a profit after tax (PAT) of INR32.3 million on revenue of
INR157.1 million, against a PAT of INR40.3 million on revenue of
INR170 million in the previous year.


FREEWORLD EXPORTS: ICRA Assigns 'LBB' Rating on INR85MM Term Loan
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR 85.0 million term
loan program of Freeworld Exports Private Limited.  ICRA has also
assigned an A4 rating to the INR 8.0 million bank guarantees'
facilities and INR 308.0 million packing credit/foreign currency
denominated bills' purchasing.

The ratings are constrained by the fragmented industry structure,
rising global competition, the current global slowdown in the
realty and construction sector especially in the USA and the
European markets; and, the vulnerability of earnings to
fluctuations in the Rupee-Dollar parity.  The ratings are further
constrained by the company's lack of diversification in the global
markets; weak financial risk profile with steadily declining
credit metrics and tight liquidity position.  The ratings,
however, favorably factor in the preference of the global granite
markets for Indian varieties, the sustainable availability of
granite in the country, the company's adequate granite varieties
and dedicated supply arrangements with other mining entities, and,
the demonstrated increase in operating income and capacity
utilization levels.

Freeworld Exports Private Limited, earlier known as Freeworld
Exports, was incorporated as a partnership entity in 1992 with a
capital of INR 2.0 million by the promoters Mr. Shankar and
Mr. Ramesh.  In 2005, the entity was reconstituted as a private
limited company with equal stake of the promoters.  Until 2004,
the company was into trading that included procuring granite
blocks from quarries in India and exporting them. From 2004, the
company started mining of granite blocks from patta and government
leased land and subsequent export of the same predominantly to
China. However, the company continues with its trading operations.


NATIONAL INDUSTRIAL: ICRA Rates INR120MM Fund Based Limit at 'LBB'
------------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR 120 million fund based
limit of National Industrial Corporation Limited.

The rating takes into account NICOL's experienced management, its
long and successful track record in the paramilitary Indian Made
Foreign Liquor (IMFL) segment, its profitable bottling operations
and the positive outlook for IMFL segment in India.  The rating is
however constrained by the highly regulated nature of the alcohol
industry, high competitive intensity in the industry, moderate
profitability indicators of the company, and vulnerability of
liquor business to fluctuations in raw material prices.  The
rating also factor in the impact of excise policies of government
of Uttar Pradesh on the main distillery at Bilari, regular
production cuts at the main distillery and the continuing losses
in the Country Liquor (CL) segment.  Going forward, ICRA expects
NICOL's profitability to remain under pressure owing to its foray
into newer regions for its IMFL products which is expected to
result in modest cash accruals in the short to medium term.

National Industrial Corporation Limited was established in the
year 1943 by Seth family.  At the time of inception it was engaged
in the manufacturing and trading of sugar, alcohol, textile, etc.
Currently, the company is manufacturing Extra Neutral Alcohol
(ENA), Rectified Spirits (RS), Indian Made Foreign Liquor (IMFL)
and Country Liquor (CL).  The main distillery of the company is
located at Bilari in Uttar Pradesh with a capacity of 60 KLPD and
the company's bottling plants are located in Punjab, Rajasthan,
West Bengal, Goa, Jammu and Kashmir and Maharashtra.  NICOL has
brands like Black & Gold Premium Whisky, Black & Gold Napoleon
Brandy, Black Bull Rum Kremlin Vodka, Dimpy Deluxe Whisky and
Silver Anchor Gin. In FY 2009 the company recorded operating
income of INR 821.56 million and net profit of INR 6.87 million.


NIRU IMPEX: CARE Cuts Ratings on Bank Facilities to 'CARE D'
------------------------------------------------------------
CARE has downgraded the rating assigned to the Bank facilities
aggregating INR214.15 crore of M/s Niru Impex from 'CARE BB+' to
'CARE D'.  Facilities with this rating are of the lowest category.
They are either in default or are likely to be in default soon.

The revision of the rating takes into account continued defaults
in Post Shipment Credit (PSC) bills which forms a part of the
rated facilities.  Due to the global economic slowdown, NI was
unable to realize dues from its customers leading to a liquidity
crunch which further caused delays in servicing of debt
obligations for the firm.


NORTH WESTERN: ICRA Assigns 'LBB+' Rating on INR1 Bil. Term Loan
----------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR1.0 billion fund based
limit of North Western Karnataka Road Transport Corporation.

The rating reflects NWKRTC's weak financial performance,
characterised by losses suffered during the last five years
because of a significant proportion of loss making schedules,
leading to the erosion of its networth, and a large capital
expenditure programme of the corporation, to be part funded by
substantial quantum of debt.  NWKRTC follows a fare revision
mechanism, which is linked to its fuel and employee expenses.
However, the past experience of tariff revisions by NWKRTC shows a
lower average growth rate of fare as against the average growth in
expense levels during the period 2004-05 to 2008-09, leading to
losses and consequently increasing its dependence on grants and
subsidies from the state Government of Karnataka (GoK).  The
rating also takes into consideration the adequate credit quality
of the GoK and NWKRTC's strategic importance to the former for
delivering public transport services in the North Western region
of Karnataka. NWKRTC has reported operating profits in the last
three years, largely because of increases in subsidy released by
the GoK and substantial income from the Infrastructure Development
Fee (IDF), which was introduced in 2007-08.  As on March 31, 2009,
NWKRTC had an outstanding long term debt of INR 3.14 billion,
which was availed primarily to purchase new buses.  The
corporation also has an ambitious plan to increase the number of
buses significantly, the funding pattern of which is not yet
finalized.  However, ICRA believes that any fresh debt contracted
for new bus procurement plans would further impact NWKRTC's debt
service capability unless the profitability of the corporation's
operations improve following its capital expenditure program.

NWKRTC, which was incorporated in 1997, was bifurcated from the
Karnataka State Road Transport Corporation by the GoK in the year
1997.  It is the sole provider of public road transport services
in the whole of the North Western Region of the State of
Karnataka, covering seven revenue districts.  During 2008-09,
NWKRTC operated around 4,484 schedules daily through its fleet
size of 4,789 buses, which were managed through 53 depots located
across the region.  Out of the total schedules operated by NWKRTC,
mofussil services contribute around 91%, followed by city
services, contributing around 9%.

In 2008-09, NWKRTC reported a turnover of INR 9.95 billion and a
net loss of INR 685.7 million.


QUILON EXPORT: CRISIL Assigns 'B+' Rating on INR20MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Quilon Export Enterprises.

   Facilities                               Ratings
   ----------                               -------
   INR 20.00 Million Cash Credit            B+/Stable (Assigned)
   INR 1.00 Million Overdraft Facility      B+/Stable (Assigned)
   INR 95.00 Million Packing Credit         P4(Assigned)
   INR 30.00 Million Foreign Bill Purchase  P4(Assigned)
   INR 30.00 Million Letter of Credit       P4(Assigned)

The ratings reflect QEE's below-average financial risk profile,
and its exposure to risks related to volatility in raw material
prices, the fragmented nature of the cashew industry, and the
proprietorship nature of its business.  The impact of these
weaknesses is mitigated by QEE's track record in the cashew
industry.

Outlook: Stable

CRISIL expects QEE to maintain its credit risk profile over the
medium term on the back of its track record in the cashew
industry.  The outlook may be revised to 'Positive' in case of an
improvement in the company's scale of operations, resulting in
more-than-expected cash accruals, or a significant and sustainable
increase in its operating margins and debt protection measures,
resulting in an improvement in its financial risk profile.
Conversely, any adverse movement in cashew kernel prices,
resulting in decline in the company's margins, decline in its net
worth because of withdrawals by the proprietor, or any large debt-
funded capex, may trigger an outlook revision to 'Negative'.

                        About Quilon Export

Quilon Export is a proprietorship firm established in 1985 by Mr.
Parameswaran Bharathan. Based in Kollam, Kerala, QEE is engaged in
processing of raw cashew nuts and export of cashew kernels. QEE is
part of the K Parameswaran Pillai (KPP) group of Quilon, which
began cashew processing operations in 1925. The firm has a total
processing capacity of 35.2 tonnes per day.

QEE posted a profit after tax (PAT) of INR8.4 million on net sales
of INR495.2 million in 2008-09 (refers to financial year, April 1
to March 31), against a PAT of INR4.8 million on net sales of
INR306.7 million in the previous year.


SILVASSA LUBRICANTS: CRISIL Places 'D' Rating on INR30MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Silvassa Lubricants Pvt Ltd, as the company's cash credit facility
had been overdrawn for more than 30 consecutive days.  In
August 2009, a part of the overdrawn amount was converted into
term loans.  The remaining part was repaid by the company.

   Facilities                         Ratings
   ----------                         -------
   INR30 Million Rupee Term Loan      D (Assigned)

   INR100 Million Cash Credit/        D (Assigned)
                  Packing Credit

   INR600 Million Letter of Credit    P5 (Assigned)

Promoted by the Garodia family, Silvassa Lubricants formulates,
manufactures, and markets lubricants and value-added base oils.
For the financial year ended March 31, 2009, Silvassa Lubricants
reported a provisional profit after tax (PAT) of INR15.4 million
on net sales of INR1.5 billion, against a PAT of INR11.8 million
on net sales of INR639.3 million in the previous year.


SUN PAPER: CRISIL Assigns 'BB' on INR125.2 Million Long Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Sun Paper Mill Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR50.0 Million Cash Credit        BB/Stable (Assigned)
   INR125.2 Million Long Term Loan    BB/Stable (Assigned)
   INR2.5 Million Short Term Loan     P4+ (Assigned)

The ratings reflect SPML's low operating efficiency because of the
uneconomical scale of its operations and its vintage facilities,
and its sub-par financial risk profile.  The impact of these
weaknesses is mitigated by the strong business support SPML
receives from its group company, The Daily Thanthi.

Outlook: Stable

CRISIL expects SPML to maintain a stable business risk profile on
the back of continued newsprint off-take by The Daily Thanthi.
CRISIL also expects SPML's profitability to increase over the
medium term, given the expected rise in newsprint prices.  The
outlook may be revised to 'Negative' if recovery in newsprint
prices takes longer than expected, or if the company undertakes a
large, significantly debt-funded capital expenditure program.
Conversely, the outlook could be revised to 'Positive' in case of
a significant increase in newsprint prices, which could lead to an
increase in SPML's cash accruals and improvement in its debt
protection metrics.

                         About Sun Paper

Incorporated in 1961, SPML has a newsprint manufacturing facility
in Cheranmahadevi, Tamil Nadu.  SPML was promoted by Dr. Sivanthi
Adityan, currently the company's Chairperson and Managing
Director, as a backward integration initiative to supply newsprint
grade paper to the group's flagship company, The Daily Thanthi.
The group's main interests are in printing and publishing.  The
group's flagship newspaper, Dhina Thanthi, published from 14
centers, is the leading Tamil newspaper with a daily circulation
of over 1 million.

SPML supplies most of its newsprint to The Daily Thanthi, meeting
about 40 per cent of the latter's newsprint requirement.  SPML
also manufactures small quantities of un-calendered paper and
writing and printing (creamwove) paper for a dealer in Sivakasi.
SPML has a 6-megawatt captive cogeneration plant and four wind
mills, which enable it to meet its power needs and supply the
surplus power to Tamil Nadu Electricity Board.  In 2005-06 (refers
to financial year, April 1 to March 31), the company commissioned
a plant for recovery of lignin from effluents.

For 2008-09, SPML reported a loss after tax of INR69 million on
net sales of INR683 million, against adjusted loss after tax of
INR8 million (reported net profit of INR 4.8 million) on net sales
of INR800 million for 2007-08. For the quarter ended June 30,
2009, the company reported a profit after tax of INR7 million on
net sales of INR207 million.


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


BAKRIE LIFE: Bakrie Group Denies IDR500 Billion Capital Infusion
----------------------------------------------------------------
The Jakarta Post reports that Bakrie and Brothers Group denied
reports they injected IDR500 billion (US$52 million) into PT
Bakrie Life.

The Post notes Bakrie and Brothers corporate secretary R.A. Sri
Dharmayanti has filed a report to the Indonesia Stock Exchange
(IDX) authority denying a statement by Bakrie Life president
director Timoer Soetanto that it had secured IDR500 billion to
help settle outstanding debts of customers.

According to the Post, the Bakrie group's statement is another
twist to the Bakrie Life saga as investors now seem to have little
chance to get their money back any time soon.  The report, citing
Fuad Rahmany, the chairman of the Capital Market and Financial
Institutions Supervisory Agency (Bapepam-LK), says this could take
two years.

An investor, who refused to be named, told The Jakarta Post that
the statement made by the Bakrie group raised doubts that the
insurer was really serious about returning the investor's money.

The Post relates the person also said that investors were now
planning to file lawsuits against Bakrie Life.

Meanwhile, Bapepam head of division for insurance companies Isa
Rachmatawarta said Friday Bakrie Life had decided to close some of
its branch offices to cut its operational costs.

As reported in the Troubled Company Reporter-Asia Pacific on
September 24, 2009, The Jakarta Post said the Capital Market and
Financial Institutions Supervisory Agency (Bapepam-LK) granted
Bakrie Life the one month period it had requested to settle a
dispute with customers.

The supervisory body launched an investigation into Bakrie Life
after the company's customers complained to Bapepam-LK they had
not been able to cash in their investment funds since late last
year.  According to the Post, the funds are invested in an
investment product called Diamond Investa, in which 80% of the
fund is linked to the performance of shares in the capital market.

Bakrie Life is one of the Bakrie Group's units that specialize in
the life insurance sector.  It was established in 1996 in Jakarta,
Indonesia.  BNBR owns Bakrie Life through its subsidiary, Bakrie
Capital, which controls 91% of ownership in the insurance company,
the remaining 9% being owned by the company's cooperative network.


PT ADARO: Fitch Assigns 'BB+' Long-Term Foreign Currency Rating
---------------------------------------------------------------
Fitch Ratings has assigned PT Adaro Indonesia, the second largest
coalminer in Indonesia, 'BB+' Long-term foreign currency and local
currency Issuer Default Ratings.  The Outlook is Stable.  At the
same time, Fitch has assigned an expected rating of 'BB+' to the
proposed US dollar fixed-rate senior notes to be issued by Adaro
and guaranteed by its parent, PT Adaro Energy Tbk.  The final
rating is contingent upon receipt of documents conforming to
information already received.

"Adaro's ratings are supported by its large, low-cost operations,
strong track record of growth, longstanding relationships with its
leading customers and robust financials.  However, risks arising
from regulatory uncertainties in the Indonesian coalmining sector
and Adaro's single-site operations constrain its ratings," says
Jessie Wahab, Associate Director in Fitch's Corporate Ratings
team.

Adaro owns and operates the single largest coalmine in Indonesia,
with an expected production of 42 million tons (mt) in 2009.  The
large scale of this mine, the availability of coal in thick seams
close to surface, low labour costs and management's continued
focus on improving efficiencies have resulted in Adaro enjoying
among the lowest cash costs of production in the world, averaging
US$28.7/ton (excluding royalty) in H109.  Adaro has invested
significantly to grow its production to the current level from
20.8mt in 2002.  This track record bodes well for management's
plans to double its production to 80mt by 2014.  Much of the
infrastructure required for this growth is either in place or is
being developed, while its reserves of 930mt at end December 2008
allow for a mine life of more than 15 years, even at the increased
rate of production.

However, the single site operations increase Adaro's disruption
risks, particularly due to weather.  In 2008, for instance, Adaro
incurred after tax demurrage costs of US$38.5m due to weather-
related delays, though Fitch acknowledges that this amount is
small given the company's scale and is proportionately lower than
those experienced by many of its peers.

Adaro's main customers are leading power producers across the
world, particularly in developed Asia and Europe, though demand
growth is likely to emanate from high growth markets in emerging
Asia like India, China and Indonesia.  Newer power plants in these
countries are designed to burn the lower calorific value coal that
Adaro produces.  Adaro sells most of its coal via long term fixed
volume contracts with index-linked prices that typically reset
annually.  Fitch views these contracts positively as they allow
demand stability and exposure to longer term price trends but not
short term price volatility.

Adaro operates under a first generation coal contract of works (1G
CCOW) expiring in 2022, which has a lex specialis status, meaning
that it will prevail over other Indonesian laws in the event of
any conflict.  However, a new mining law introduced this year
raises some doubts as to whether the terms of the CCOW will be
upheld for its remaining tenure.  Nonetheless, Fitch believes that
the high taxes and royalties paid by the 1G CCOW concessionaires
(Adaro paid total taxes and royalties of US$293m in 2008) reduces
the risks of adverse changes to the existing scheme.

Fitch also notes that during the spot coal price spike experienced
in 2008, the Ministry of Energy and Mineral Resources required
certain coal producers, including Adaro, to renegotiate their
sales contracts to reflect the higher prevailing prices.  While
most of Adaro's clients agreed to the renegotiation, it was forced
to declare force majeure on a small number of them due to the
government's actions.

Despite incurring new debt, Adaro's credit metrics are likely to
remain robust given its high and growing cash flows.  Fitch
expects Adaro, and Adaro Energy on a consolidated basis, to
maintain low financial leverage, as measured by net debt/operating
EBITDAR, of below 1.0x even after the fundraising exercise is
completed.  Furthermore, these entities are also likely to
generate positive free cash flows on a sustained basis providing
ample liquidity and means of reducing debt.

The Stable Outlook reflects Fitch's expectations that Adaro will
maintain its growth while retaining its strong financial metrics.
A positive rating action on the local currency IDR will be
considered only when Adaro's scale of operations increases
meaningfully.  On top of this, an upgrade of Indonesia's 'BB+'
Country Ceiling is a pre-condition for a positive action on
Adaro's foreign currency IDR.

On the other hand, a negative rating action may be taken if Adaro
and Adaro Energy's financial profiles weaken such that financial
leverage is sustained above 1.0x or if they fail to generate
positive free cash flows on a sustained basis.  Events that could
lead to these weaker financial metrics include prolonged
disruption of operations and adverse changes in the global thermal
coal industry dynamics.  Other event driven negative rating
drivers include material adverse changes in the company's business
and financial policies and the regulatory environment.


PT ADARO: Moody's Assigns 'Ba1' Initial Senior Unsecured Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional Ba1 senior
unsecured bond rating to the proposed issuance by PT Adaro
Indonesia under the guarantee of parent PT Adaro Energy TbK.  At
the same time, Moody's has affirmed Adaro's Ba1 local currency
corporate family rating.  The outlook on all ratings is stable.

"Adaro's operating and financial profile has shown consistent
improvement in the last few years which has been aided by
increasing ASP's as well as efforts to improve efficiencies and
reduce costs" says Laura Acres, a Moody's Vice President, adding
"Such strengths have been manifest in Adaro's substantially
improving credit metrics and liquidity profile".

Adaro's Ba1 rating reflects: 1) Adaro's status as one of the
world's lowest-cost producers and exporters of coal, with a long
concession life (to 2022); 2) the quality of its customer base, as
represented by large utilities with excellent payment records; 3)
its well established operations, with a record of consistent
production growth and deleveraging; 4) ability to lock in
customers, in terms of volume, for substantial proportions of
forward production; and 5) strong financial profile.

At the same time, the rating recognizes key challenges such as a
lack of diversification given Adaro's single site and product, as
well as potential issues pertaining to the new Mining Law and
emerging market risks arising from operating in Indonesia as
captured by the country ceiling of Ba1/stable.

The stable outlook reflects Moody's expectation that Adaro will
maintain its operating and financial profile.

The possibility of upward pressure is limited given that Adaro is
one of the most highly rated single commodity mining companies
globally; furthermore, its revenue base remains relatively small
and the company lacks production diversity compared with similarly
rated global peers.

Adaro's financial metrics are strong for the rating level,
therefore downward pressure is most likely to come about should
Adaro experience material disruption to its operations, or
industry fundamentals deteriorate to the extent that Adaro's
ability to service its debt is compromised, Moody's considers the
likelihood of this as low over the medium term, however, such
trends could be evidenced by adjusted consolidated debt/EBITDA
rising above 2.0x.

Other negative rating trends include: 1) event risk as a result of
any adverse decision regarding the off-setting of VAT payments; 2)
any change in laws and regulations, particularly on the mining
concessions, that would affect the business; and 3) any abrupt
change in financial or operational strategy and/or dividend
policies.

The last rating action was taken on August 3, 2009, when Adaro's
local currency corporate family rating was upgraded to Ba1/stable.

Adaro is one of the largest single site coal producers in the
southern hemisphere and one of the world's largest sub-bituminous
coal companies.  It exports approximately 77% of its products to
Southeast Asia, the US and Europe, while the rest is for the
domestic market.  It is wholly owned by Adaro Energy which is
listed on the Indonesia Stock Exchange.


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


AIFUL CORP: Bankruptcy Event Ruling Sought; Credit Default Swap Up
------------------------------------------------------------------
Bloomberg News reports that Aiful Corp. debt risk surged on
Friday, October 2, as the International Swaps & Derivatives
Association was asked to rule on whether a "Bankruptcy Credit
Event" occurred at Japan's second-largest consumer lender by
assets.

Citing CMA DataVision prices for credit-default swaps, Bloomberg
discloses that the cost of insuring bonds linked to Aiful jumped
about 2 percentage points and it now costs JPY70 million
(US$783,000) in advance and JPY5 million a year to protect
JPY100 million of debt from default for five years.

Bloomberg relates that Aozora Bank Ltd., which has JPY55.3 billion
in loans to Aiful, asked ISDA to make the bankruptcy event ruling,
which could trigger payouts on default insurance contracts.  Aiful
said Sept. 18 it was seeking to delay repayments on JPY280 billion
of its JPY915 billion of debt, Bloomberg notes.

According to Bloomberg, Aiful has been shut out of credit markets
since the start of the global financial crisis and the company
forecast full-year loss of JPY311 billion on Sept. 25.

The report says the company has been struggling to fund its
commitments since a crackdown by authorities on excessive interest
rates made Japan's consumer lenders liable to pay billions of
dollars of refunds.

Aiful Corporation (TYO:8515) -- http://www.ir-aiful.com/--  is
a Japan-based financial service provider.  The company is
engaged in the provision of small-lot uncollateralized loan for
individual consumers, business loan for individuals, as well as
mortgage collateral and credit card services, in addition to the
collection and management of debts.  Other business activities
the Company is involved in include the development, investment
and nurture of venture companies, as well as the leasing of real
estates.  Headquartered in Kyoto, the Company has 29 subsidiaries
and two associated companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 29, 2009, Moody's Investors Service downgraded to Caa1
from B3 the long-term senior unsecured debt rating and unsecured
medium-term note rating of Aiful Corporation.  At the same time,
Moody's continues to review the ratings for possible further
downgrade.  In addition, Moody's says Aiful's issuer rating
remains at Caa1, but continues to review it for possible further
downgrade.

Standard & Poor's Ratings Services also 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.


AKAI HOLDINGS: Liquidators Get Settlement Payment from Grande
-------------------------------------------------------------
John Duce and Andrea Tan at Bloomberg News report that Akai
Holdings Ltd.'s liquidator reached a settlement with Grande
Holdings Ltd. in the effort to recover creditors' money lost in
Hong Kong's biggest corporate collapse.

Citing a statement released by liquidator Borrelli Walsh Ltd. on
Monday in Hong Kong, Bloomberg says Grande and Chairman Cristopher
Ho will make a "substantial payment" to Akai creditors.

Bloomberg recalls that Grande was accused of siphoning off assets
from Akai before the consumer electronics and investment company
went bankrupt in 2000, owing creditors about US$1.1 billion.
According to Bloomberg, the liquidator's statement said Grande
admits no liability or wrongdoing under the agreement.

"This settlement involves a substantial payment to Akai and is
another significant milestone in Akai's winding-up," Bloomberg
quoted Cosimo Borrelli, managing director at Borrelli Walsh, as
saying.  "The terms of the settlement are confidential."

As reported in the Troubled Company Reporter-Asia Pacific on
September 25, 2009, Bloomberg News said Ernst & Young settled a
lawsuit over its role in Akai Holdings Ltd and suspended a partner
after the accounting firm was accused of falsifying documents.

Bloomberg, citing a statement by liquidator Borrelli Walsh, said
the firm agreed to pay a "substantial" amount to settle claims of
negligence in its auditing of Akai between 1997 and 1999.

Ernst & Young denied Mr. Walsh's allegation at the opening of
trial on Sept. 16.  Ernst & Young said it had started an internal
investigation and was "dismayed."

"This investigation has made clear that certain documents
produced for the audits in 1998 and 1999 could no longer be
relied on due to the action of the audit manager in early
2000," Bloomberg cited Ernst & Young in an e-mailed statement.

Akai Holdings declared bankruptcy in 2000 owing creditors about
$1.11 billion.  According to Bloomberg, the consumer electronics
maker at its peak employed 100,000 and had annual sales of HK$40
billion ($5.2 billion) of brands including Singer Sewing Machine
Co. of the U.S.  Its Shanghai-born, Canadian-educated owner James
Ting, jailed for six years for false accounting in 2005, was freed
the following year because of errors in the prosecution's case,
Bloomberg states.

Akai Holdings' principal activities were investment holding,
manufacturing, distribution and retailing of consumer durables,
consumer electronics, sewing machines and property development.


CSK HOLDINGS: JCR Affirms 'BB' Rating on Senior Debts & Bonds
-------------------------------------------------------------
Japan Credit Rating Agency Ltd. has removed the ratings on CSK
Holdings Corporation from Credit Monitor and has affirmed the 'BB'
ratings on senior debts and each series of outstanding bonds.  The
rating outlook is Stable.  JCR has also withdrawn the #J-3 rating
placed under Credit Monitor.

   Issues         Amount(bn)  Issue Date  Due Date  Coupon  Rating
   ------         ----------  ----------  --------  ------  ------
   Euro-yen
   convertible     JPY23      09/04/2003  09/02/2011 0.00%   'BB'
   bonds

   callable
   convertible     JPY35      07/27/2006  09/30/2013 0.25%   'BB'
   bonds no.7

Senior debts: BB/Stable

Withdrawn Rating:
CP: #J-3/Negative
Maximum: Y20 billion
Backup Line: 0%

Rationale

CSK Holdings Corporation successfully cut off drain of capital
caused by the real estate securitization business, reduced
additional loss and stabilized the financing by detaching this
business as of September 30, 2009.  JCR will observe effects of
the separation of the business on the earnings and financial
structure, order received for the information services, recovery
of cash flow owing to the cost-cutting measures and will reflect
the determinations of these factors in the rating for the Company.
JCR removed the ratings on it from Credit Monitor and affirmed
them with Stable outlook, following the end of the series of
restructuring process of it.


ELPIDA MEMORY: IDB Defends TMC's Investment in Firm
---------------------------------------------------
The China Post reports that the Industrial Development Bureau said
that Taiwan Memory Co.'s investment in Elpida Memory Inc. does not
violate the island's antitrust law and will not impede fair
competition within the World Trade Organization (WTO) framework.

The Post relates that IDB's remarks came after U.S. Senator Mike
Crapo of Idaho has asked the U.S. Trade Representative to obtain
details of TMC's investments in Elpida through WTO or other trade
organizations.

According to the report, the IDB said TMC's investment in Elpida
is not intended to impede fair competition and is not in violation
of international trading rules.

The move, the Post notes, is interpreted as an attempt by the U.S.
to intervene in TMC's investment in Elpida.

                        Government Subsidies

Mark Drajem at Bloomberg News reports that the Obama
administration pledged to press Japan and Taiwan over subsidies to
Elpida Memory Inc., following complaints from U.S. rival Micron
Technology Inc.

Bloomberg relates that U.S. Trade Representative Ron Kirk promised
in a letter to Senator Mike Crapo to use sessions at the World
Trade Organization over subsidies and a separate meeting of
countries with semiconductor production to get more information
from Japan and Taiwan about the aid.

According to Bloomberg, Sen. Crapo, a Republican, said subsidies
to overseas chipmakers are driving down prices for Boise-based
Micron, a maker of DRAM, which is used in personal computers.
Sen. Crapo, as cited by Bloomberg, said subsidies keep inefficient
makers of the chips in the market, holding prices down.

"Micron is at a severe disadvantage relative to its subsidized
competitors," Bloomberg cited Sen. Crapo in his letter to
Mr. Kirk.

                           Loan Facility

Elpida Memory said on September 30 that it contracted with
financial institutions to create a loan facility according to a
business restructuring plan that was approved last June by Japan's
Ministry of Economy, Trade and Industry in accordance with the Law
on Special Measures for Industrial Revitalization.

Elpida said it made a drawdown on the loan facility, which
consists of a JPY100 billion syndicated loan by Japanese financial
institutions arranged by the company's core bank lenders and a
loan of JPY10 billion from the Development Bank of Japan, Inc. ,
for total available loans of JPY110 billion.

The syndicated loan and the DBJ loan enable Elpida to maintain its
leading technology position in the industry and improve
productivity, by allowing the company to invest in the research &
development of its mainstay Premier DRAMs and advanced
semiconductor manufacturing equipment, as well as strengthen its
financial base.  As a result of the loan financing, Elpida
believes that it can make additional progress executing its
business restructuring plan.

The two loan arrangements come with financial covenants and
preconditions that are based on Elpida's continuance and execution
of its business restructuring plan.  Elpida said it has also
provided security for the syndicated loan.

                         About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others.  The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 23, 2009, Standard & Poor's Ratings Services lowered to 'B+'
from 'BB-' its long-term corporate credit and senior unsecured
ratings on Elpida Memory Inc., and placed the ratings on
CreditWatch with negative implications.

According to the rating agency, the downgrade and CreditWatch
placement reflect the material weakening of the company's
financial soundness, due to continued losses stemming from
deteriorating market conditions and uncertainty over the company's
short-term liquidity.


GMAC INC.: JCR Withdraws Rating on FC Long-Term Senior Debts
------------------------------------------------------------
Japan Credit Rating Agency Ltd. has, based on GMAC Inc.'s request,
withdrawn its ratings on the foreign currency long-term senior
debts of the company.

FC (Foreign Currency Long-Term Senior Debts): #CCC/Negative
                                           (Withdrawn)


JLOC 37: S&P Keeps CreditWatch Negative on Various Classes
----------------------------------------------------------
Standard & Poor's Ratings Services kept on CreditWatch with
negative implications its ratings on classes B1 to D2 of the JLOC
37 LLC transaction, where they had been placed on July 6, 2009.
At the same time, Standard & Poor's affirmed its ratings on the
class A1, A2, and X notes issued under the same transaction.

Standard & Poor's reviewed the repayment prospects of about 100
loans (total outstanding loan balance: about JPY660 billion)
backing rated CMBS transactions that are due to mature by the end
of August 2010.  Following the review, on July 6, 2009, S&P placed
the ratings on 93 tranches of 23 CMBS transactions, including
those on classes B1 to D2 of JLOC 37 LLC, on CreditWatch with
negative implications.

One of the transaction's remaining underlying nonrecourse loans
(representing about 9.5% of the total initial issuance amount of
the notes) is due to mature by the end of August 2010 and is a
"loan considered to be in default," as stated in the
aforementioned report.

In addition, another three underlying loans (representing a
combined 31.9% or so of the total initial issuance amount of the
notes) had defaulted, and collection procedures relating to the
sale of the collateral properties backing the defaulted loans are
underway, in accordance with rules specified in the servicing
agreement.

Furthermore, S&P has learned from the servicer that another
underlying loan (property sales-type loan; representing about 11.7
% of the total initial issuance amount of the notes) defaulted on
Oct. 1, 2009, due to a credit event involving the sponsor.

Standard & Poor's intends to review its ratings on the relevant
tranches after assessing the recovery prospects of the collateral
properties backing the abovementioned "loan considered to be in
default" and the three loans that had defaulted, as well as the
loan that defaulted on Oct. 1, 2009.

S&P is considering amending the rating methodology for interest-
only certificates, which include class X of this transaction.  If
the proposal is adopted, it could affect the rating on class X.
At this point, however, Standard & Poor's has affirmed its ratings
on classes A1, A2, and X.

JLOC 37 LLC is a multi-borrower CMBS transaction.  The notes were
originally secured by loans extended to 10 obligors, which were
initially backed by 61 real estate properties and real estate
trust certificates.  The transaction was arranged by Morgan
Stanley Japan Securities Co. Ltd., and ORIX Asset Management &
Loan Services Corp. acts as the servicer for this transaction.

               Ratings Kept On Creditwatch Negative

                           JLOC 37 LLC
JPY81.22 billion notes issued on July 11, 2007, due January 2015

            Class   Rating         Initial Issue Amount
            -----   ------         --------------------
            B1      AA/Watch Neg   JPY7,900 mil.
            B2      AA/Watch Neg   EUR4.85 mil.
            C1      A/Watch Neg    JPY7,000 mil.
            C2      A/Watch Neg    EUR8.45 mil.
            D1      B/Watch Neg    JPY8,000 mil.
            D2      B/Watch Neg    EUR1.95 mil.

                         Ratings Affirmed

   Class   Rating         Initial Issue Amount
   -----   ------         --------------------
   A1      AAA      JPY53,800 mil.
   A2      AAA      EUR12.1 mil.
   X*      AAA      JPY81,220 mil.  (initial notional principal)

                         * Interest-only


PIONEER CORPORATION: Moody's Downgrades Issuer Rating to 'B2'
-------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the local
currency issuer rating for Pioneer Corporation.  The rating
outlook is negative.

The rating action reflects Moody's increasing concern with the
uncertainty over the outcome of Pioneer's plan to build financial
partnerships with potential sponsors and restore its capital
structure.

Pioneer has been trying to raise about JPY40 billion to meet the
funding needed for its restructuring and the redemption of about
JPY60 billion in convertible bonds due in March 2011.

On this matter, Pioneer considers financial support from the
Development Bank of Japan (DBJ) -- under the Revised Industrial
Recapitalization Law -- as one of its important options, although
it is negotiating -- at the same time -- with other potential
sponsors.

The law enacted in June 2009 allows DBJ to make capital injections
or new loans to companies heavily affected by the global
recession, and Pioneer is regarded as a potential candidate for
capital support.

However, the recent change in Japan's government has increased
uncertainty over how the program will be implemented and which
companies will be supported.  The Democratic Party of Japan (DPJ)
formed a new administration in September 2009 and its stance on
this issue is unclear.

Even if Pioneer succeeds in receiving financial support, the
change in government may affect the timing and method of support
as well as negotiations with other potential sponsors.  Prolonged
talks could have a negative impact on its business and financial
flexibility.

At the same time, Moody's notes that the DPJ voted for the Revised
Industrial Recapitalization Law when it was in opposition and it
is possible that it will be concerned with the problems of
relatively large companies with over 30,000 employees, for
example, such as Pioneer, due to the potential negative impact on
the economy and employment.  Pioneer is also a leading car audio
and car navigation maker and supplies major Japanese automakers.

Thus, it is still possible for Pioneer to receive some financial
support from DBJ, including new lending.  In any case, such
support may require policy justifications consistent with the
DPJ's political priorities, and consensus building among
stakeholders may require some time.

Although Moody's believes that Pioneer's restructuring measures,
including its withdrawal from the display business, will help
restore profitability from this fiscal year, it will be difficult
for the company to maintain financial flexibility without external
financial support.  Adjusted debt to capitalization was more than
70% in FYE03/2009, and without any capital injection it could
exceed 90% in FYE03/2010.

In Moody's opinion, one of the key rating factors for Pioneer is
the strong and ongoing financial support it receives from its
major lenders, and which would mitigate short-term liquidity
concerns.  At the same time, the rating also takes into account
the subordination of unsecured debt to secured loans.

The negative outlook considers the uncertainty regarding any
timely improvement in the company's financial position as well as
profitability.

Moody's will continue to monitor Pioneer's progress in
negotiations with potential sponsors.

Near-term upward rating pressure is limited, given the negative
outlook.  If Pioneer can restore profitability and keep adjusted
debt to capitalization around 75%, the outlook could change to
stable.  If financial partnerships or capital/business alliances
can be formed successfully and are deemed to have a positive
impact on financial flexibility and profitability, the outlook may
also change to stable.

If Pioneer fails to recover profitability in a timely manner and
keep adjusted debt to capitalization below 85%, the rating could
be downgraded.  Any event that could negatively affect its
financial flexibility, including the failure of negotiations with
potential sponsors or changes in its banking relationships, would
lead to a downgrade of multiple notches.

The last rating action for Pioneer took place on April 20, 2009,
when Moody's downgraded the company's issuer rating to B1 from Ba3
and changed its outlook to negative.

Pioneer Corporation, headquartered in Tokyo, is a leading
manufacturer of car electronics and home electronics products.


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


* KOREA: Local Lenders to Weed Out 66 Ailing Firms
--------------------------------------------------
South Korean banks will implement a revamp of more ailing smaller
companies in a bid to keep potential defaults from hurting the
country's economic recovery, Yonhap News Agency reports citing the
Financial Supervisory Service.

According to the news agency, the corporate overhaul drive comes
after local lenders completed a comprehensive review of the credit
risks of 1,461 small and medium enterprises (SMEs) with bank loans
between KRW3 billion (US$2.56 million) and KRW50 billion.

Yonhap notes the financial watchdog said creditor banks plan to
weed out 66 troubled firms and reschedule debts at 108 companies.

The FSS, as cited by Yonhap, added that creditor banks will
conduct credit risk reviews for SMEs with bank lending exceeding
KRW1 billion by the end of November.


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


BLUE CHIP: EUFA Renews Call to Stop Banks from Recovering Money
---------------------------------------------------------------
Catherine Harris at The Dominion Post reports that the Exposing
Unacceptable Financial Activities has renewed a call to stop banks
recovering their money while the authorities continue their
investigations into Blue Chip New Zealand Ltd.

According to the report, Suzanne Edmonds of Eufa society said news
that super-annuitants Dorothy and Bruce Bartle had lost their High
Court case against their lenders GE still left the door open for
victims to sue their financial advisers.

However, the report notes, with the court process being so choked,
"it will let recovery action prevail prematurely".

"Blue Chip victims have waited for the Bartle case for well over a
year and now face the uncertainty of their future more than ever.
Many people cannot afford to continue or begin funding legal
action and will be forced from their homes," the Post quoted
Ms. Edmonds as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 5, 2009, The National Business Review said that a Whangarei
couple has lost its bid to have its Blue Chip related mortgage
struck out.

According to NBR, retirees Bruce and Dorothy Bartle claimed their
mortgage, arranged after the couple invested with failed company
Blue Chip, was approved because of fraudulent documents.

In the judgment obtained by NBR on September 30, Justice Tony
Randerson struck out claims against GE Custodians and Tasman
Mortgages.

The High Court action, heard earlier this year, was being seen as
a test case by dozens of other victims of the Blue Chip collapse,
according to The New Zealand Herald.

                        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.


CRAFAR FARMS: Placed in Receivership; KordaMentha Appointed
-----------------------------------------------------------
The New Zealand Herald reports that Crafar Farms, New Zealand's
largest family owned dairy business, was placed in receivership by
its lenders Westpac Banking Corp., Rabobank Groep and PGG
Wrightson Finance.

The report says the banks are owed around NZ$200 million and put
KordaMentha partners Michael Stiassny and Brendon Gibson in as
receivers after Crafar Farms breached covenants on its loans.

According to the report, CraFarms' banks have been working for
almost a week with the Ministry of Agriculture and Forestry,
Federated Farmers and Fonterra to ease the Crafars out of their
business.  The report notes this follows multiple convictions for
environmental lapses and animal neglect in recent years and the
revelation on September 28, from interest.co.nz of animal neglect
on one of its large farms in the King Country near Benneydale.

The Herald relates that Agriculture Minister David Carter ordered
last week an inquiry into animal neglect into CraFarms and said
the Crafar family, including its leader Allan Crafar, needed to be
out of the industry.

The report, citing Korda Mentha's Stiassny, says the receivers'
initial priority was working with existing management to assess
the situation and address the financial and operational problems.

The Herald notes Mr. Stiassny said the receivers would also work
closely with the ongoing investigation of animal welfare on
CraFarms' properties.

Crafar Farms currently runs about 20,000 milking cows, and carries
about 10,000 of other stock.  It employs 200 staff.


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


AFFINITY PRECISION: Court to Hear Wind-Up Petition on October 16
----------------------------------------------------------------
A petition to wind up the operations of Affinity Precision (s)
Pte Ltd will be heard before the High Court of Singapore on
October 16, 2009, at 10:00 a.m.

The Petitioner's solicitors are:

         Allen & Gledhill LLP
         One Marine Boulevard
         #28-00
         Singapore 018989


CHINA PLANT: Court to Hear Wind-Up Petition on October 16
---------------------------------------------------------
A petition to wind up the operations of China Plant Nutrition
Holdings Pte Ltd will be heard before the High Court of Singapore
on October 16, 2009, at 10:00 a.m.

Firstlink Investments Corporation Limited filed the petition
against the company on September 18, 2009.

The Petitioner's solicitors are:

         Drew & Napier LLC
         20 Raffles Place
         #17-00 Ocean Towers
         Singapore 048620


CMS TEXTILE: Court to Hear Wind-Up Petition on October 16
---------------------------------------------------------
A petition to wind up the operations of CMS Textile Pte Ltd will
be heard before the High Court of Singapore on October 16, 2009,
at 10:00 a.m.

First Commercial Bank filed the petition against the company on
September 18, 2009.

The Petitioner's solicitors are:

         Khattarwong
         80 Raffles Place
         #25-01 UOB Plaza 1
         Singapore 048624


INTERACTIVE KNOWLEDGE: Creditors' Proofs of Debt Due on October 16
------------------------------------------------------------------
Creditors of Interactive Knowledge Systems Pte Ltd are required to
file their proofs of debt by October 16, 2009, to be included in
the company's dividend distribution.


LEWEI INDUSTRIES: Creditors' Proofs of Debt Due on October 23
-------------------------------------------------------------
Creditors of Lewei Industries (Singapore) Pte Ltd are required to
file their proofs of debt by October 23, 2009, to be included in
the company's dividend distribution.


MINERAL CAPITAL: Court Enters Wind-Up Order
-------------------------------------------
On September 25, 2009, the High Court of Singapore entered an
order to have Mineral Capital Investment Pte Ltd's operations
wound up.

OCBC Securities Private Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         care of URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


WEIXIYU PTE: Court Enters Wind-Up Order
---------------------------------------
On September 25, 2009, the High Court of Singapore entered an
order to have Weixiyu Pte Ltd's operations wound up.

CK Building Construction Pte Ltd filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         care of URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


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


* BOND PRICING: For the Week September 28 to October 2, 2009
------------------------------------------------------------

   AUSTRALIA
   ---------
Ainsworth Game                8.000%   12/31/09   AUD       0.70
AMP Group Financ              9.803%   04/01/19   NZD       0.93
Antares Energy               10.000%   10/31/13   AUD       1.95
Aurox Resources               7.000%   06/30/10   AUD       0.77
Babcock & Brown               8.500%   11/17/09   NZD      47.25
Becton Property Group         9.500%   06/30/10   AUD       0.40
Bemax Resources               9.375%   07/15/14   USD      73.25
Bemax Resources               9.375%   07/15/14   USD      73.25
Bounty Industries Ltd        10.000%   06/30/10   AUD       0.03
Capral Aluminum              10.000%   03/29/12   AUD      65.00
CBD Energy Ltd               12.500%   01/29/11   AUD       0.10
China Century                12.000%   09/30/10   AUD       0.64
First Australian             15.000%   01/31/12   AUD       0.50
Griffin Coal Min              9.500%   12/01/16   USD      64.00
Heemskirk Consol              8.000%   04/29/11   AUD       2.18
Jpm Au Enf Nom 1              3.500%   06/30/10   USD       7.50
Jpm Au Enf Nom 2              7.000%   06/30/11   AUD      63.73
Jpm Au Enf Nom 2              7.125%   06/30/12   AUD      62.68
Macquarie Bank                6.500%   05/31/17   AUD      64.43
New S Wales Trea              1.000%   09/02/19   AUD      63.79
Nylex Ltd                    10.000%   12/08/09   AUD       0.84
Orchard Invest                9.000%   12/15/10   AUD      29.50
Resolute Mining              12.000%   12/31/12   AUD       0.70
Sun Resources NL             12.000%   06/30/11   AUD       0.40
Suncorp Metway I              6.750%   10/06/26   AUD      56.36
Timbercorp Ltd                8.900%   12/01/10   AUD      26.10
Vero Insurance                6.150%   09/07/25   AUD      45.73


   CHINA
   -----
China Govt Bond               4.860%   08/10/14   CNY       0.00
Jiangxi Copper                1.000%   09/22/16   CNY      70.06
Sichuan Changhon              0.800%   07/31/15   CNY      71.79


   HONG KONG
   ---------
Resparcs Funding              8.000%   12/29/49   USD      21.50


   INDIA
   -----
Aftek Infosys                 1.000%   06/25/10   USD      65.50
AKSH Optifibre                1.000%   01/29/10   USD      66.50
Gemini Commnica               6.000%   07/18/12   EUR      57.50
GHCL Ltd                      1.000%   03/21/11   USD      72.83
JCT Ltd                       2.500%   04/08/11   USD      37.50
Kei Industries                1.000%   11/30/11   USD      70.00
Pyramid Saimira               1.750%   07/04/12   USD       9.50
Subex Azure                   2.000%   03/09/12   USD      66.50
Wanbury Ltd                   1.000%   04/23/12   EUR      69.50


   JAPAN
   -----
Aiful Corp                    4.450%   02/16/10   USD      53.00
Aiful Corp                    4.450%   02/16/10   USD      53.00
Aiful Corp                    5.000%   08/10/10   USD      50.00
Aiful Corp                    5.000%   08/10/10   USD      50.00
Aiful Corp                    1.500%   10/20/11   JPY      43.32
Aiful Corp                    6.000%   12/12/11   USD      36.37
Aiful Corp                    6.000%   12/12/11   USD      36.37
Aiful Corp                    1.200%   01/26/12   JPY      38.67
Aiful Corp                    1.990%   03/23/12   JPY      37.56
Aiful Corp                    1.220%   04/20/12   JPY      35.35
Aiful Corp                    1.630%   11/22/12   JPY      34.39
Aiful Corp                    1.740%   05/28/13   JPY      30.32
Aiful Corp                    1.990%   10/19/15   JPY      27.10
CSK Corporation               0.250%   09/30/13   JPY      59.40
Fukoku Mutual                 4.500%   09/28/25   EUR      67.00
Japan Airlines                3.100%   01/22/18   JPY      74.17
JPN Exp Hld/Debt              0.500%   09/17/38   JPY      59.73
Nis Group                     8.060%   06/20/12   USD      53.12
Orix Corp                     2.190%   04/18/17   JPY      74.85
Promise Co Ltd                2.050%   02/15/13   JPY      65.49
Shinsei Bank                  3.750%   02/23/16   JPY      74.75
Shinsei Bank                  5.625%   12/29/49   GBP      68.50
Takefuji Corp                 9.200%   04/15/11   JPY      41.50
Takefuji Corp                 9.200%   04/15/11   USD      41.50
Takefuji Corp                 8.000%   11/01/17   USD       9.87
Takefuji Corp                 4.000%   06/05/22   JPY      56.72
Takefuji Corp                 4.500%   10/22/32   JPY      56.68


   MALAYSIA
   --------
Advance Synergy Berhad        2.000%   01/26/18   MYR       0.07
Aliran Ihsan Resources Bhd    5.000%   11/29/11   MYR       1.04
Berjaya Land                  5.000%   12/30/09   MYR       3.63
Crescendo Corp B              3.750%   01/11/16   MYR       0.73
Dutaland Bhd                  4.000%   04/11/13   MYR       0.70
Dutaland Bhd                  4.000%   04/11/13   MYR       0.42
Eastern & Orient              8.000%   07/25/11   MYR       1.33
Huat Lai Resources            5.000%   03/28/10   MYR       0.41
Kamdar Group Bhd              3.000%   11/09/09   MYR       0.24
Kretam Holdings               1.000%   08/10/10   MYR       1.05
Kumpulan Jetson               5.000%   11/27/12   MYR       1.48
Lion Diversified              4.000%   12/17/13   MYR       0.93
Mithril Bhd                   3.000%   04/05/12   MYR       0.58
Nam Fatt Corp                 2.000%   06/24/11   MYR       0.20
Olympia Industri              2.800%   04/11/13   MYR       0.20
Olympia Industri              4.000%   04/11/13   MYR       0.25
Puncak Niaga Hld              2.500%   11/18/16   MYR       0.71
Ranhill Labuan               12.500%   10/26/11   USD      72.58
Ranhill Labuan               12.500%   10/26/11   USD      72.58
Rubberex Corp                 4.000%   08/14/12   MYR       1.00
Tradewinds Corp               2.000%   02/08/12   MYR       0.70
Tradewinds Plant              3.000%   02/28/16   MYR       1.10
TRC Synergy                   5.000%   01/20/12   MYR       1.30
Wah Seong Corp                3.000%   05/21/12   MYR       3.03
Wijaya Baru Glob              7.000%   09/17/12   MYR       0.31
YTL Cement Bhd                4.000%   11/10/15   MYR       1.95


   NEW ZEALAND
   -----------
Allied Farmers                9.600%   11/15/11   NZD      43.48
Allied Nationwid             11.520%   12/29/49   NZD      41.00
BBI Ntwrks NZ Ltd             8.000%   11/30/12   NZD       0.43
Capital Prop NZ               8.000%   04/15/10   NZD      13.00
Contact Energy                8.000%   05/15/14   NZD       1.03
Fletcher Buildin              7.550%   03/15/11   NZD       7.45
Fletch Build Fin              8.850%   03/15/10   NZD       7.00
Fletcher Bui                  8.500%   03/15/15   NZD       8.75
Infrastr & Util               8.500%   09/15/13   NZD       9.20
Infratil Ltd                  8.500%   11/15/15   NZD      10.00
Infratil Ltd                 10.180%   12/29/49   NZD      57.00
Marac Finance                10.500%   07/15/13   NZD       0.80
Provencocadmus                2.000%   04/15/10   NZD       0.73
South Canterbury             10.500%   06/15/11   NZD       0.84
South Canterbury             10.430%   12/15/12   NZD       0.60
St Laurence Prop              9.250%   07/15/10   NZD      70.28
St Laurence Prop              9.250%   05/15/11   NZD      51.04
Tower Capital                 8.500%   04/15/14   NZD       0.99
Trustpower Ltd                8.500%   09/15/12   NZD       7.15
Trustpower Ltd                8.500%   03/15/14   NZD       7.65
Vector Ltd                    7.800%   10/15/14   NZD       1.00
Vector Ltd                    8.000%   12/29/49   NZD       7.70


   SINGAPORE
   ---------
Blue Ocean                   11.000%   06/28/12   USD      31.93
Blue Ocean                   11.000%   06/28/12   USD      32.45
Sengkang Mall                 4.880%   11/20/12   SGD       0.10
Sengkang Mall                 8.000%   11/20/12   SGD       0.10
WBL Corporation               2.500%   06/10/14   SGD       1.92


   SOUTH KOREA
   -----------
United Eng                    1.000%   03/03/14   SGD       1.20


   SRI LANKA
   ---------
Sri Lanka Govt                7.000%   10/01/23   LKR      70.08


   THAILAND
   --------
G Steel                      10.500%   10/04/10   USD      28.57


                         *********

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

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

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


                            *********


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

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

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

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

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





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